Blackstone Group LP co-founder and Chief Executive Stephen Schwarzman collected about $690 million in dividends, compensation and fund payouts for 2014, according to a Friday regulatory filing, representing the highest annual payout ever notched by a founder of a publicly traded private-equity firm.

The amount represents a nearly 50% increase over Mr. Schwarzman's 2013 payout and also tops the $546 million received last year by Leon Black, who co-founded Apollo Global Management LLC, according to an analysis of securities filings by The Wall Street Journal.

Blackstone is the world's largest private-equity firm with $290 billion under management in businesses that include corporate buyouts, credit investing, real estate and hedge funds. Mr. Schwarzman, 68, started Blackstone in 1985 with former Lehman Brothers Holdings Inc. chairman Peter Peterson as a merger-advisory firm.

Mr. Schwarzman, who took Blackstone public in a 2007 stock offering, derives much of his annual take home from his roughly 20% ownership of the firm's stock. That stock pile paid Mr. Schwarzman $570.5 million in dividends during the year as the firm set numerous records for profitability during 2014.

Blackstone's shares rose 8.2% in 2014, the only of its U.S. publicly traded rivals to see a rise in the value of its shares during the year.

The firm paid a record dividend of $2.09 per common share as it cashed out of investments into the rising stock market and renewed market for corporate mergers. Among its big divestitures were stakes in Texas oil fields that the firm helped closely held GeoSouthern Energy Corp. drill, and blocks of stock in hotelier Hilton Worldwide Holdings Inc. and SeaWorld Entertainment Inc.

Mr. Schwarzman and other Blackstone employees hold a special class of shares that paid out an even richer dividend of $2.46 a share.

Mr. Schwarzman also collected $84.8 million of so-called carried interest, which is a portion of the firm's cut of deal profits, and $33.5 million in profits and returned capital from his investments in and alongside Blackstone's funds.

Like his rivals at Apollo, KKR & Co. and Carlyle Group LP, which Thursday night said its three founders together reaped more than $800 million last year, Mr. Schwarzman's annual salary is relatively modest. As it has been every year since Blackstone went public, Mr. Schwarzman was paid $350,000.

The firm said it also paid $8,842 for security for its CEO and reimbursed him $2.9 million for use of his airplane. Mr. Schwarzman was also awarded shares of Blackstone Mortgage Trust Inc., a real estate finance company that is managed by a subsidiary of Blackstone, valued at $61.4 million.

Write to Ryan Dezember at ryan.dezember@wsj.com

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