Blackstone Real Estate Dealmakers Earned 18% Less Carry in 2024

Blackstone Inc.’s real estate executives pocketed less in deal profits last year, while their private equity counterparts benefitted from an uptick in investment sales.

The contrast highlights how a tentative recovery is buoying some dealmakers’ cash paydays and leaving others wanting, shifting the balance of power across Wall Street and inside firms.

In Blackstone’s real estate business, the amount of money that dealmakers and executives took home from profitable exits — known as carried interest — fell 18% in 2024 from the prior year, the firm said Thursday, when it reported fourth-quarter results. Cash compensation tied to fees ...