I like BX and keep buying more when the price goes down. But I get the sense that some of the posters don't understand the dividend. The way BX explains it on the website is that they pay a conservative dividend three times to start the fiscal year and then the balance of the annual net income is paid out in March. The .22 this past March was the big one. The May divvy will be .10. If the next two are also 0.10 the yield is only 3.9% = (.22+.1+.1+.1)/13.34.
Other than the explanation on the website, the dividend policy doesn't seem to get much airplay. As a consequence of that I'm not 100% sure I know what I'm talking about. But the last conference call did mention that the next dividend is 0.10, so they seem to be carrying on with the stated policy.
I think there will be some large March dividends in 2013 or 2014. They will be based on mark to markets of investments made in the opportunity-rich 2008 and 2009 real estate and distressed debt markets.
The issue of carried interest being changed to regular income rates ala the Buffet rule will effect all of private equity. Obama is either a fool or only cares about his re election, the US economy be damned. Either way, its being priced in.