Like Gray, Schwarzman got off to a fast career start. Schwarzman has made it easy for Gray in other ways as well. Thanks for contacting us. In Hilton, Blackstone and Gray had a number of gut checks in which the firm doubled down and convinced limited partners to follow suit. Gray points to last-mile logistics warehouses as the poster child for thematic investing. Jonathan Gray led Blackstone global real estate from 2011, in 2018 he was promoted to President and COO of Blackstone General Partners while continuing to act as chairman of the board for Hilton Hotels. The new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment. Added James, also a billionaire, One of my most important responsibilities is succession, and I am blessed to have a spectacular leader and investor like Jon Gray to whom I can hand the reins.. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. In 1992, Gray joined Blackstone's mergers and acquisitions and private equity group, and was offered a position in the company's newly formed real estate private equity group shortly . [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. Gray was born in Highland Park, Illinois to a Jewish family. Said Schwarzman, Tony James has had a bigger impact on Blackstone than anyone in the firms history He has put in place the internal processes that are the bedrock of the institutionalization of our firm.. Mr. Gray received a BS in Economics from the Wharton School, as well as a BA in English from the College of Arts and Sciences at the University of Pennsylvania. Gray met his wife, Mindy, at a romantic poetry class at UPenn and once worked a stint as a guard at a graduate student dorm. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. He attended the University of Oklahoma, where he was a unanimous All-Big 12 selection. Mr. Gray received a BS in Economics from the Wharton School, as well as a BA in English from the College of Arts and Sciences at the University of Pennsylvania. Like Schwarzman, who is worth $12.8 billion according to Forbes, Gray has built a massive fortune in his years running real estate for the company. But with strong guidance from Gray, deals increasingly involve much longer-term investments. Although the successor choice went smoothly, Blackstone isnt exempt from the usual tensions at other corporate levels. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. The 5 best supplements for healthy aging, according to a longevity expert, Elon Musk says he learned a lot today after cancelling SpaceXs giant rocket launch at last minute. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. Today it has nearly 3,800 employees and manages assets worth $731 billion. It also bundled logistics and warehouse assets together, building Logicor the largest logistics and distribution company in Europe. Kravis is worth $7.2 billion and his cousin, Roberts, is worth $7.4 billion, according to Forbes. Jon Gray is the second most powerful man at private-equity giant Blackstone. KKR decided to convert to a C-corporation and saw its share price shoot up. And if Nick is looking at a company, he can ask our BioMed team about space for them.. Reporting by Chibuike Oguh in New York; Editing by Dan Grebler. According to a new report, with only 4 licensed cannabis dispensaries in the Empire State and more than 1,400 unlicensed pot shops, the Wild West of Weed will lose billions in revenue if it doesn't stop the lawlessness soon. Though Alnylam would still have to raise $1 billion in the equity market, it was a more palatable solution for shareholders. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. With Gray guiding investment strategy, Blackstone has piled up one record-breaking earnings quarter after another. Over the last 16 years, insiders at Blackstone Inc have traded over $2,308,931,535 worth of Blackstone Inc stock and bought 906,721 units worth $30,000,792 Many bank CEOs took pay cuts in a tough year for financial markets. Donald Trumps real net worth? In October, McCormick stepped down from that role, leaving the other cohead, Joseph Dowling, in charge. KKR & Co Inc co-founders and co-Chief Executives Henry Kravis and George Roberts collected at least $81.3 million and $85.4 million respectively, primarily from their holdings in the firm, a regulatory filing showed. Afterwards, Gray helpedcreate Invitation Homes and Logicor, and oversaw mega deals like GEs real estate portfolio, the Willis Tower in Chicago and Peter Cooper Stuyvesant Town in Manhattan. It turned out to be a 'perfectly preserved' 30,000-year-old squirrel. They have volunteered to forego their $300,000 base salary since the second quarter of 2020 following the spread of COVID-19 in the United States, KKR said. Gray says his most difficult management decisions involve personnel. . His net worth has been growing significantly in 2021-2022. KKR co-founders and co-Chief Executives Henry Kravis and George Roberts collected at least $81.3 million and $85.4 million respectively, primarily from their holdings in the firm, a regulatory filing showed. If you're happy with cookies click proceed. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. By 2005, at age 34, Gray was running Blackstones real estate business. Individual Investors & Financial Advisors. Beginning in 2012, Blackstone bought $125 million worth of houses a week. Claris founder Nicholas Galakatos became head of Blackstone Life Sciences and was also appointed to BioMeds board. A case in point: In 2019, when Blackstone raised an industry-record $26 billion private equity fund, Schwarzman didnt make a single presentation to investors. 2, took home at least $216.1 million in 2020, consisting of $123.2 million in compensation and $92.8 million in dividends from the. The most recent stock trade was executed by Joseph Baratta on 1 April 2023, trading 85,000 units of BX stock currently worth $7,337,200. . That is an increase from the prior year. To view recent press releases,click here. But Schwarzman prides himself on learning from past errors. Three years later, Blackstone acquired Claris, an investment firm that financed medical products. Blackstone is one of the worlds leading investment firms. Mr. Gray and his wife, Mindy, established the Basser Center for BRCA at the University of Pennsylvania School of Medicine focused on the prevention and treatment of certain genetically caused cancers. All Rights Reserved. As in life, not everything about propaganda is black or white. All rights reserved. Schwarzman can occasionally arouse the ire of rivals and critics with intemperate remarks. [27][29] In May 2012, Gray and his wife, Mindy Gray, founded the Basser Research Center,[30] named in honor of Mindy's sister, Faith Basser, who died of ovarian cancer at age 44. It seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. its $619 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. His heir apparent as CEO, Blackstone President Jon Gray, collected $479.2 million in 2022. That advice has served Gray well in the occasional disagreements that have arisen with Schwarzman and other senior partners. Grays seminal deals like thetakeovers of Equity Office Properties andHiltonsucceeded, a contrast to competitors troubles withCaesars and Archstone. Schwarzman still rues the lost opportunity to combine the worlds largest asset manager and largest alternative-asset manager under one roof. Paradigm Shifts From Economic Disruptions, Modern Slavery Act Transparency Statement. These are properties used by Amazon and other e-commerce retailers as distribution hubs for the final stage in the delivery of products to nearby consumers. When women dont get promoted or feel underutilized, these feelings of inadequacy make many women hide their true selves, and their fears become a self-fulfilling prophecy. April 22, 2021 01:34 PM. Outdoor and nature enthusiasts will love the endless adventures waiting in British Columbia. Chairman, CEO & Co-Founder Jonathan Gray* President & Chief Operating Officer Michael Chae Chief Financial Officer John G. Finley Chief Legal Officer Christine Anderson Global Head of Corporate Affairs Joseph Baratta* Global Head of Private Equity Wayne Berman Global Head of Government Relations David Blitzer Global Head of Tactical Opportunities FORTUNE may receive compensation for some links to products and services on this website. Investment giant recorded $3.4B net income in Q1. All rights reserved.For reprint rights. [41] In 2021 the Gray Foundation contributed $15 million to a program that opens a college savings account with $100 for every child enrolled in New York City public kindergartens. For such long-term investments, Blackstone charges a 1 to 1.25 percent management fee and a 10 to 12.5 percent performance fee lower than the 1.25 to 1.75 percent management fee and 20 percent performance fee that the firm charges for more-traditional, shorter-term investments. All quotes delayed a minimum of 15 minutes. We spoke to 50 insiders to break down how Gray went from an analyst in 1992 to the pinnacle of one of the most. Corner Office. If we dont fund a particular product, then the industry is going to have to do it on their own or share the risk by joining us in the development process.. Jonathan D. Gray is the Gen. McCormick had been sole head from 2018 until Dowling, the former Brown University endowment chief, was hired by Blackstone last January to improve the performance of the hedge fund unit. We've received your submission. In 2007, he acquired Equity Office Properties from real estate mogul Sam Zell for $39 billion. The annual haul, up from about $1.1 billion a year earlier, underscores Schwarzmans status as one of Wall Streets highest earners with a net worth of $30.6 billion, according to the Bloomberg Billionaires Index. But by then, Gray will have had enough time to devise new formulas for Blackstone and maybe even start thinking about his own successor. Washington, D.C-based Carlyle Group Inc has not yet filed regulatory reports containing information on the compensation and dividends of its chief executive, Kewsong Lee, and its founders David Rubenstein, William Conway and Daniel DAniello. $2.5 billion, according to our most recent tally. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. Blackstone's Jon Gray (Getty) Blackstone Group's president and COO Jon Gray thinks . Instead it leverages its brand to negotiate long-term franchise and management contracts with some 6,700 hotels and resorts around the world while spending very little of its own capital. What happens often in these transitions is a fight for power, he notes. Real estate accounts for 45 percent of Blackstones earnings. He currently resides in Oklahoma, United States. The first was to use commercial mortgage-backed securities rather than just bank loans to acquire large properties. in English from the School of Arts & Sciences and a B.S. That was the point. Since then, its share price has risen 400 percent. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. Schwarzman often gets asked by heads of other corporations how Blackstone avoided a rocky transition to new leadership. With the firm enjoying a ten-year head start in thematic investing, its moat looks impregnable for now. Jon Grays rise to the top of the worlds largest alternative-asset management firm felt inevitable. His talent and self-confidence impressed executives many years his senior. Meanwhile, Gray, whose net worth was estimated at a mere $550 million last year by Forbes, has kept a low profile since his 40.6 million shares of Blackstone hit the billion-dollar mark. But it was a valuable experience at a relatively young age as an investor.. [11], In 2013, Gray helped create a business venture through Blackstone called Invitation Homes to buy foreclosed single-family houses and turn them into rentals. Copyright 2023. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest. There are 21 older and 3 younger executives at Blackstone Inc. At the time, it seemed to me a devastating loss, recalls Gray. Today its $160 billion market cap is larger than the combined total of its three largest competitors: Brookfield Asset Management, KKR, and Apollo Global Management. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. With Blackstones shuffle, theres been change atop most major financial institutions. Even when the boss steps down gracefully, the successor is frequently chosen after an undignified bake-off between rival executives, with the talented losers being shown the door. The bottled Grey Goose Classic Martini Cocktail features just three ingredients: Grey Goose vodka, dry French vermouth, and a dash of orange bitters. Blackstone Group Chief Executive Stephen Schwarzman pocketed at least $610.5 million in 2020 from dividends and compensation, more than any other private equity executive and up 20 percent from last year despite the impact of the COVID-19 pandemic, regulatory filings showed. Language links are at the top of the page across from the title. To view recent press releases, click here. It seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. Above all, Schwarzman wanted to avoid the painful succession struggles seen at so many other prominent firms. Ultimately it panned out, leading to an over $10 billion profit. Marc Rowan, Apollos incoming CEO, pocketed at least $92.6 million, comprising $72.3 million in dividends and $20.3 million in distributions from his fund investments. Gray will replace longtime president Tony James, who will become executivevice chairman and continuewith a full-time role. Even attempts to make the process orderly and transparent can go awry. But his words bring to mind the well-publicized case of John McCormick, cohead of Blackstones hedge fund business, which manages $81 billion. According to ratings agency Morningstar, Blackstone posts annual retention rates above 90 percent, compared with the 70 to 80 percent rate registered by more-traditional asset managers. All Rights Reserved. Gray has also occasionally had to manage upward gently cajoling Schwarzman to accept moves he initially resisted. Wallmine is a radically better financial terminal. Ive learned over the last 26 years that Jon Gray has great judgment, enormous energy and unique personal charisma, which has enabled him to garner enormous respect within the global financial community, he further said. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Real estate accounts for 45 percent of Blackstone's. Complicated deals like Alnylam were unheard of a decade ago among alternative-asset managers. For him, the greatest comfort zone is overseeing investment strategy. A drug to stave off heart failure is among those products. That tumult proved to be an opportunity for the head of Blackstones real estate business, billionaire Jonathan Gray. 2, took home at least $216.1 million in 2020, consisting of $123.2 million in compensation and $92.8 million in dividends from the companys shares he owns, the filing showed. By the time it sold its last stake in Invitation Homes in 2019, Blackstone had earned more than $7 billion, or better than twice its investment. He also sits on the firms Management Committee and previously served as Global Head of Real Estate, which he helped build into the largest real estate platform in the world. Under 74-year-old cofounder, chairman, and CEO Stephen Schwarzman, there has been a slow-motion, drama-free passing of the baton to Jonathan Gray, 51, now the president and COO, without ruffling feathers among colleagues. [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. He is very tough-minded and determined, says John Waldron, Goldman Sachs president and COO. Blackstone Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Grays real estate team scoured the lists of upcoming foreclosure auctions put out by local courthouses around the country. More negative surprises lie ahead for investors, warns Morgan Stanleys chief strategist. Today the portfolio has grown to $230 billion. It vanished when the dot-com bubble burst, and Blackstone lost some $20 million chump change in todays private equity world. Or Chuck Schwab, who tossed aside his first successor after less than a year and keeps his current CEO, Walt Bettinger, on a tight leash, expecting multipage, single-spaced memos from him every other Friday. But thematic investments are growing at a much faster pace, leaping by 70 percent to $200 billion AUM in the first three quarters of this year compared with the same period in 2020. Times Internet Limited. His father owned a small auto parts manufacturer (named Blackstone Manufacturing, ironically). The eight-person group meets on Wednesday mornings at 8:30 to cover issues from deals in the making to personnel problems to media coverage to government relations. Kravis, 77, received $42 million in compensation and $39.3 million in dividends from his KKR shares, while Roberts, also 77, took home $42 million in compensation and $85.4 million in dividends from his KKR shares. After the crisis, Grays unit oversaw the creation of Invitation Homes, the nations largest single family home rental firm, which now carries a market cap exceeding $11 billion. On average, Blackstone Inc executives and independent directors trade stock every 59 days with the average trade being worth of $44,370,666. When private equity giant Blackstone Groupwent public in 2007, fewerthan a quarter of its $79 billion in assets under management were tied to real estate. Jonathan Gray Net Worth: Jonathan Gray is an American businessman who has a net worth of $1.6 billion. The Grays donated $25million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers. The firm like private equity rivals KKR & Co. and the Carlyle Group still acquires undervalued businesses, chops head count and other costs, and unloads them five to seven years later at handsome profits for Blackstone and its clients. Blackstone partners who resisted the change feared a dilution of their holdings, a weakening of their control over the firm, and an increase in the firms taxes. Blackstone began buying warehouses in 2010 and soon noticed that e-commerce firms were renting these spaces at a frenzied pace. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154. He currently serves as Chairman of the board of directors of Hilton Worldwide Holdings Inc. and Nevada Property 1 LLC (The Cosmopolitan of Las Vegas). Gray was under consideration as heir apparent well before this real estate bonanza became fully clear. Mr. Gray previously served as the firms Global Head of Real Estate, which he helped to build into the largest real estate platform in the world. In private equity, firms like KKR, Carlyle, Apollo Global and Ares have all announced or set the stage for a second generation of leadership. 2, took home at least $216.1 million in 2020, consisting of $123.2 million in compensation and $92.8 million in dividends from the. Guest speakers chosen from within Blackstone might include the chief economist, the head of government relations, or the leading executive of a business unit involved in a key deal. A month ago, JPMorgan named two co-presidents and co-COOs, sharpening its succession plans for when CEO Jamie Dimon steps down. Alternatives are only a small portion of its business today, but with $9.4 trillion AUM more than twice the size of Germanys GDP BlackRock has deeper pockets than any other financial entity. Jonathan Gray, Blackstone's president, said during an analyst earnings call on . In 2018, Jonathan Gray, 50, the manager who built the real estate business, was named president and COO, and he's slated to eventually succeed longtime CEO and cofounder Steve Schwarzman. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. In return, investors allow Blackstone to lock up their capital for many years. The houses were renovated, put up for rent, and maintained by Invitation Homes, a company created by Blackstone. His net worth nearly doubled from $3.9 billion last year. He kept a very steady hand on the wheel.. Last year, the firm sold Logicor for $14 billion in its biggest-ever real estate sale. Now Blackstone, the industrys biggest player, is also laying out its succession plans. Mr Gray is 52, he's been the Gen. Powered and implemented by Interactive Data Managed Solutions. For press inquiries, contact[emailprotected]. There are no executives at Blackstone Inc getting paid more. Over the last 16 years, insiders at Blackstone Inc have traded over $2,308,931,535 worth of Blackstone Inc stock and bought 906,721 units worth $30,000,792 At Lehman Brothers, under chairman and CEO Peterson, Schwarzman quickly rose to become head of mergers and acquisitions. In 1992, Gray joined Blackstone's mergers and acquisitions and private equity group,[5] and joined its newly formed real estate private equity group the following year. Last year, Blackstones shares delivered total losses of 40%, when accounting for dividends. He ranks as the 495th wealthiest person in the world. 2, took home at least $216.1 million in 2020, consisting of $123.2 million in compensation and $92.8 million in dividends from the. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. As bad as it got during the financial crisis, Jon never lost confidence, he recalls. Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. Jonathan Gray was born in Manhattan, New York in February 1970. Im still somewhat mystified, he says about those queries. The most active insiders traders include James Breyer, Hamilton E James, and International Group Incaig . [28], The Grays have donated over $150 million to BRCA cancer research. Gray went on to craft three deals that transformed not only Blackstone but the real estate industry and made him the prohibitive favorite to someday succeed Schwarzman. Black, 69, received $423,687 in compensation, $182.3 million in dividends from his Apollo shares and $2.5 million from his personal investments in the firms funds. That included $182.7 million from dividends tied to a roughly 3% stake in the firm. Stone. It's unclear exactly how many millions of dollars someone will need to participate in the fund. Before Fame He received his education from the University of Pennsylvania, graduating with degrees in both English and business. His net worth is currently pegged by Forbes at $22.3 billion. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. The majority of the windfall stemmed from Schwarzmans 19.3 percent stake in Blackstone. They also established NYC Kids RISE in partnership with the City of New York to accelerate college savings for low income children. Blackstone's Jonathan Gray's $7.4 billion claimed him the 120th spot on the list. Then there is the case of Blackstone Inc., the worlds largest private equity and alternative-asset management firm. Across Wall Street, succession planning has been a major story for the past 18-months. Jonathan's mailing address filed with the SEC is C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK, NY, 10154 . Neil Bluhm, who owns 900 North Michigan Avenue. The only time Gray ever lost money on a deal was back in 2000. Blackstone President Jonathan Gray, Schwarzman's No. We have been in this space longer and operating at a scale that gives us a meaningful competitive advantage, says Gray. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. To receive email alerts from Blackstone, sign up below. In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers. But were not resting on our laurels.. [2] Early life [ edit] Gray was born in Highland Park, Illinois to a Jewish family. The pandemic hasn't changed their philanthropic strategy, but rather has them doubling down, Jon Gray, Blackstone's chief operating officer and president, said in an interview. Since Blackstones conversion, Schwarzman has almost tripled his personal worth, to $37 billion, elevating him to the 19th-wealthiest person in the world, according to Forbes. And so are real estate deals for laboratory space. Ice expert Jonathan Baker makes the case that, thanks to modern technology and boundless creativity, modern ice is much more than just a thing that chills your drink. Its distributable earnings jumped 16 percent year-over-year in 2020 as the worlds largest manager of alternative assets such as real estate and private equity capitalized on the capital markets rally following the Federal Reserves moves to support the US economy during the pandemic. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. According to JLL, a leading real estate services company, life sciences real estate investments account for about a third of worldwide spending on commercial properties this year. Partner, Pres, and COO & Director of Blackstone Inc since . [3][4] His father Allen Gray owned a small auto parts manufacturer on the West Side of Chicago (coincidentally named Blackstone Manufacturing); his mother Susan, remarried to his stepfather James Florsheim, ran a catering business. Sales of plum holdings, such as The Cosmopolitan of Las Vegas, lifted profits available to shareholders. The main tenant was a technology startup called Gobash.com (for Go big or stay home). Indeed, Blackstone lowered Grays latest stock bonus, saying it will pay him $30 million for 2022, down from $38 million in the prior year. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. [5] In August 2013, Bloomberg estimated his net worth at just over $1.0billion due to his owning 40.6million Blackstone shares valued at $913million combined with over $120million in bonuses and salary. Partner, Pres, and COO & Director of Blackstone Inc, the total compensation of Mr Gray at Blackstone Inc is $86,366,606. Clients agree to put up capital for indefinite periods while accepting steady, predictable returns for themselves and generous fee-earning income for Blackstone. That is an. But he communicates and listens well, so hes hard not to like even when youre disagreeing with him.. Our main competitor is not another investor its the pharmaceuticals industry, says Galakatos. Jon Gray has been a strong performer for many years, says Steven Kaplan, a University of Chicago business professor who does research on corporate successions. Gray, 51, has a net worth of $4.5 billion, according to Forbes. And Schwarzman has become a billionaire many times over. I own a lot of stock, and I invest in all of our funds, so the firm is my family office, Schwarzman, 76, said at an industry conference this year. [1] He is also chairman of Hilton Worldwide.[2]. He ranks as the 495th richest person in the world and the 159th in the US. There was no argument, however, about the profitability of Blackstones rental house gamble. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. He got caught up in the dot-com frenzy and bought two single-story buildings in Silicon Valley. BlackRock elbowed out competitors in passive management by relentlessly cutting fees. But though Gray maintains a low profile, Schwarzman splashes his name across his projects, such as the renovation of the New York Public Librarys Beaux Arts main building. To be sure, great investment returns arent the only predictor of success in running a firm as big and complex as Blackstone. BREIT contributes about 17% to Blackstone's earnings and is marketed to mostly high-net worth individuals. The oldest executive at Blackstone Inc is BrianMulroney, 81, who is the Independent Director of the General Partner. 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