Amid a big run for his stock and the private-equity industry in general, Blackstone (BX) President (and putative successor to CEO Stephen Schwarzman) Tony James sold 3.25M shares last week, netting him and his family $88.6M.
James began the year owning over 10M common shares of Blackstone, but a big sale in February and a smaller divestiture this summer combined with this week's exit to leave him with 3M.
Up 71% YTD, the stock - needless to say - has cruised right through his earlier sales. Insider buys are always more interesting as execs have any number of reasons to sell, but buy for just one reason.
Blackstone has made plenty of headlines of late for prepping exits from a number of high-profile real estate deals, and is near bringing to market an ABS backed by rental payments from part of its now-$7B empire of single-family properties.
"We're in the middle of an epic credit bubble ... the likes of which I haven't seen in my career," said Blackstone global head of P-E Joe Baratta last month. "Valuations we have to pay relative to the growth prospects are out of whack right now."