Blackstone (BX, Financials), an alternative asset manager with investments in private equity, real estate, credit and infrastructure, declared a quarterly variable dividend of $1.29 per share.
That compared with $1.16 in the prior quarter, up 13 cents, or almost 11 percent. At the current share price the dividend corresponds to a forward yield of around 4.2%.
The ex-dividend date of this dividend is Monday, August 3rd. Blackstone's dividend payment will be made on Friday, August 10th to stockholders of record on Monday, August 3rd. The ex-dividend date is also August 3.
The boost gives shareholders a bigger payout in the immediate term, while Blackstone's dividend is flexible and could change from quarter to quarter.
Unlike fixed dividend-paying corporations, Blackstone distributes its distributions dependent on its earnings, investment performance and realized gains.
That setup gives investors more direct exposure to the firm's changing financial performance, but it also means future dividends may not stay at current levels.
Now investors will be searching Blackstone's upcoming reports for signs that earnings and investment activity can support the larger payout.