Blackstone
Q4 2022 Earnings Call
Jan 26, 2023, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day and welcome, everyone, to the Blackstone fourth quarter and full year 2022 investor call. [Operator instructions] I'd like to advise all parties that this conference is being recorded. And with that, let me hand it to Weston Tucker, head of shareholder relations. Weston, please go ahead.
Weston Tucker -- Head of Shareholder Relations
Terrific. Thanks, Matt, and good morning and welcome to Blackstone's fourth quarter conference call. Joining today are Steve Schwarzman, chairman and CEO; Jon Gray, president and chief operating officer; and Michael Chae, chief financial officer. Earlier this morning, we issued a press release and slide presentation, which are available on our website.
We expect to file our 10-K report next month. I'd like to remind you that today's call may include forward-looking statements which are uncertain and outside of the firm's control and may differ from actual results materially. We do not undertake any duty to update these statements. For a discussion of some of the risks that could affect results, please see the risk factors section of our 10-K.
We'll also refer to certain non-GAAP measures, and you'll find reconciliations in the press release on the shareholders page of our website. Also, please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund. This audio cast is copyrighted material of Blackstone and may not be duplicated without consent. On results, we reported GAAP net income for the quarter of $743 million.
Distributable earnings were 1.3 billion or $1.07 per common share, and we declared a dividend of $0.91 per share, which will be paid to holders of record as of February 6. With that, I'll now turn the call over to Steve.
Steve Schwarzman -- Chairman and Chief Executive Officer
Well, thank you, Weston. And good morning and thank you, everybody, for joining the call. 2022 represented the most challenging market environment since the global financial crisis. Central banks around the world embarked one of the most aggressive tightening cycles in history, combat the highest inflation in a generation.
In the United States, we saw the highest level of inflation since 1981. Federal funds rate here rose from basically zero at the start of the year to 4.5%, the largest increase in 50 years. Equity markets fell sharply as a result, with the S&P down 18% for the year, Nasdaq down 33%, public REIT index, not to be forgotten, down 25%. The intrayear movements were even more extreme.