Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-16

BLACKSTONE MORTGAGE TRUST, INC. (BXMT)

CEO Timothy Johnson was paid $1,130,503 in fiscal year 2025 (SEC filing 0001193125-26-191913 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,293,171
F. Austin Peña total, FY2025
President and Director — highest-paid officer; CEO Timothy Johnson: $1,130,503
—
CEO (Timothy Johnson) pay percentile vs peers
—
CEO-to-median pay ratio
93.56%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Timothy Johnson (Chief Executive Officer and Chair of the Board of Directors), FY2025 total compensation $1,130,503 (base salary $0) [exec_comp, SEC accession 0001193125-26-191913, filed 2026-04-29]

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BXMT's next annual pay disclosure, estimated April 28, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
F. Austin Peña$0$0$1,293,171$0$0$0$0$1,293,171
President and Director
Katharine Keenan001,171,74300001,171,743
Former Chief Executive Officer and President
Timothy Johnson001,130,50300001,130,503
Chief Executive Officer and Chair of the Board of Directors
Anthony Marone00298,0620000298,062
Former Chief Financial Officer, Treasurer and Assistant Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
F. Austin Peña$1,293,171———
Katharine Keenan1,171,743990,8541,167,400↑ +180,889
Timothy Johnson1,130,503———
Anthony Marone298,062229,320269,400↑ +68,742

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$1,293,171 F. Austin Peña total, FY2025

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Data as of October 16, 2026 · Source: 0001193125-26-191913 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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Companies that benchmark against BXMT
5 companies name BXMT as a compensation peer

Each company listed discloses BXMT in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named BXMT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Gilda Perez-AlvaradoIndependent Director$217,500
Henry N. NassauIndependent Director$235,000
Jean HsuIndependent Director$44,525
Leonard W. CottonLead Independent Director$257,500
Lynne B. SagalynIndependent Director$230,000
Michael B. NashDirector$210,000
Nnenna LynchIndependent Director$227,500
Thomas E. DobrowskiFormer director (through FY2025)$4,623
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Marcin UrbaszekChief Financial Officer2026-06-17D1,352$18$24,809CommonForm 4 ↗
Fernando Austin PenaDirector2026-06-25D2,3981741,917CommonForm 4 ↗
Michael B. NashDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Lynne B. SagalynDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Henry N. NassauDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Leonard W. CottonDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Nnenna LynchDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Gilda Perez-AlvaradoDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Jean HsuDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Fernando Austin PenaDirector2026-06-30D1,6701728,509CommonForm 4 ↗
Lynne B. SagalynDirector2026-07-15A3,9391767,436CommonForm 4 ↗
Leonard W. CottonDirector2026-07-15A1,8311731,347CommonForm 4 ↗
Nnenna LynchDirector2026-07-15A1,1471719,637CommonForm 4 ↗
Henry N. NassauDirector2026-07-15A3,0441752,113CommonForm 4 ↗
Jean HsuDirector2026-07-15A181173,099CommonForm 4 ↗
Henry N. NassauDirector2026-08-04A10,00014143,357CommonForm 4 ↗
Fernando Austin PenaDirector2026-09-17D1,1271315,129CommonForm 4 ↗
Marcin UrbaszekChief Financial Officer2026-09-17D8641311,597CommonForm 4 ↗
Fernando Austin PenaDirector2026-09-30D1,7251220,091CommonForm 4 ↗
Henry N. NassauDirector2026-10-15A4,9671153,544CommonForm 4 ↗
Leonard W. CottonDirector2026-10-15A2,9891132,221CommonForm 4 ↗
Nnenna LynchDirector2026-10-15A1,8721120,180CommonForm 4 ↗
Jean HsuDirector2026-10-15A295113,180CommonForm 4 ↗
Lynne B. SagalynDirector2026-10-15A6,4281169,294CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Timothy JohnsonRSU2025-12-15——54,799—$1,130,503
Anthony MaroneRSU2025-12-15——14,448—298,062
Katharine KeenanRSU2025-12-15——56,798—1,171,743
F. Austin PeñaRSU2025-12-15——36,843—760,071
F. Austin PeñaRSU2025-01-01——30,000—533,100
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Timothy Johnson$1,130,503$0$00.0%
Anthony Marone298,062000.0%
Katharine Keenan1,171,743000.0%
F. Austin Peña1,293,171000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
F. Austin PeñaRSU36,843—$704,807
Timothy JohnsonRSU33,233—635,747
Katharine KeenanRSU56,798—1,086,546
Timothy JohnsonRSU54,799—1,048,305
Katharine KeenanRSU34,567—661,267
F. Austin PeñaRSU20,000—382,600
Katharine KeenanRSU17,333—331,580
Timothy JohnsonRSU16,667—318,840
Anthony MaroneRSU14,448—276,390
Anthony MaroneRSU8,000—153,040
F. Austin PeñaRSU7,603—145,445
Anthony MaroneRSU4,000—76,520
05

Incentive-plan design — the Compensation Discussion & Analysis

The company is externally managed. Named Executive Officers (NEOs) do not receive cash compensation from the company. Compensation is determined by affiliates of the Manager (Blackstone) based on Blackstone's compensation philosophy, which emphasizes variable, performance-based compensation (cash bonuses and performance interests) over fixed base salary. The company grants equity awards (restricted shares) to align interests with stockholders.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFPL Associates, L.P.
Clawback policytrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-2677,361,5975,326,768583,76593.56%Passed
20252025-06-2782,129,5294,752,643528,10094.53%Passed
20242024-06-2174,495,8354,298,984636,16794.54%Passed
20232023-06-2362,826,1923,880,676597,10994.18%Passed
20222022-06-1677,210,3672,927,075491,06596.35%Passed
20212021-07-0768,953,4992,600,739589,63496.37%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-2693.56%a
20252025-06-2794.53%b
20242024-06-2194.54%c

a. Approved under the standard stated in the filing — “Abstentions and "broker non-votes," if any, will not affect the outcome of this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and "broker non-votes," if any, will not affect the outcome of this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and "broker non-votes", if any, will not affect the outcome of this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Leonard W. CottonIndependent · Lead Independent Director · Audit · Compensation (Chair) · Risk Management (Chair)$142,500$115,000$0$0$0$257,500
Henry N. NassauIndependent · Compensation · Corporate Governance120,000115,000000235,000
Lynne B. SagalynIndependent · Audit · Compensation · Corporate Governance115,000115,000000230,000
Nnenna LynchIndependent · Audit · Corporate Governance · Risk Management112,500115,000000227,500
Gilda Perez-AlvaradoIndependent · Compensation · Risk Management102,500115,000000217,500
Michael B. NashNot independent95,000115,000000210,000
Jean HsuIndependent · Compensation · Risk Management · Partial-year service · Newly elected18,47926,04600044,525
Thomas E. DobrowskiIndependent · Departed during FY4,6230—004,623
F. Austin PeñaEmployee director · Partial-year service · Newly elected000—00
Timothy S. JohnsonEmployee director · Board Chair · Newly elected000—00
Katharine A. KeenanEmployee director · Departed during FY000—00
09

Board fee structure and ownership guideline

Annual cash retainer$115,000
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline$575,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$710,602
Equity awards (grant-date value)$716,046
All other compensation$0
Total cost of the board$1,426,648

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1BLACKSTONE MORTGAGE TRUST, INC.2025Timothy Johnson$0$1,130,503$0$0$1,130,503

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10d

Frequently asked questions

Who was the highest-paid executive at BLACKSTONE MORTGAGE TRUST, INC. in fiscal 2025?
As disclosed, F. Austin Peña (President and Director) was the highest-paid executive at BLACKSTONE MORTGAGE TRUST, INC. in fiscal 2025, with total compensation of $1,293,171.
How did shareholders vote on BLACKSTONE MORTGAGE TRUST, INC.'s executive compensation?
As disclosed, 93.56% of shareholders supported BLACKSTONE MORTGAGE TRUST, INC.'s executive compensation in the latest say-on-pay vote.
How much does BLACKSTONE MORTGAGE TRUST, INC. spend in total on board compensation for fiscal 2025?
As disclosed, BLACKSTONE MORTGAGE TRUST, INC. reported total board compensation of $1,426,648 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, F. Austin PeñaDEF 14A2026-04-290001193125-26-191913Section “Summary Compensation Table”. As printed: 1,293,171. Filing ↗machine: r16 · c26 · span 370403–370412
2Section 01, Katharine KeenanDEF 14A2026-04-290001193125-26-191913Section “Summary Compensation Table”. As printed: 1,171,743. Filing ↗machine: t121 · r8 · c15 · span 356718–356727
3Section 01, Timothy JohnsonDEF 14A2026-04-290001193125-26-191913Section “Summary Compensation Table” · page 32. As printed: 1,130,503. Filing ↗machine: r4 · c27 · span 349508–349517
4Section 01, Anthony MaroneDEF 14A2026-04-290001193125-26-191913Section “Summary Compensation Table” · page 32. As printed: 298,062. Filing ↗machine: r12 · c27 · span 363384–363391
5Section 03, Timothy Johnson RSUDEF 14A2026-04-290001193125-26-191913Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r4 · c7 · span 382488–382494
6Section 03, Anthony Marone RSUDEF 14A2026-04-290001193125-26-191913Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t121 · r12 · c15 · span 363384–363391
7Section 03, Katharine Keenan RSUDEF 14A2026-04-290001193125-26-191913Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r10 · c7 · span 386393–386399
8Section 03, F. Austin Peña RSUDEF 14A2026-04-290001193125-26-191913Section “THE ELECTION OF EACH OF THE DIRECTOR NOMINEES NAMED ABOVE. &” · grants of plan-based awards table. Filing ↗machine: t126 · r6 · c11 · span 384085–384092
9Section 03, F. Austin Peña RSUDEF 14A2026-04-290001193125-26-191913Section “THE ELECTION OF EACH OF THE DIRECTOR NOMINEES NAMED ABOVE. &” · grants of plan-based awards table. Filing ↗machine: t126 · r8 · c11 · span 385320–385327
10Section 07, pay ratioDEF 14A2026-04-290001193125-26-191913Section “CEO Pay Ratio”. As printed: —. Filing ↗
11Section 08, Leonard W. CottonDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 257,500. Filing ↗machine: span 546563–546584
12Section 08, Henry N. NassauDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 235,000. Filing ↗machine: span 556422–556443
13Section 08, Lynne B. SagalynDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 230,000. Filing ↗machine: span 560688–560709
14Section 08, Nnenna LynchDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 227,500. Filing ↗machine: span 553641–553662
15Section 08, Gilda Perez-AlvaradoDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 217,500. Filing ↗machine: span 559271–559292
16Section 08, Michael B. NashDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 210,000. Filing ↗machine: span 555056–555077
17Section 08, Jean HsuDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 44,525. Filing ↗machine: span 549374–549394
18Section 08, Thomas E. DobrowskiDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 4,623. Filing ↗machine: span 547359–547364
19Section 08, F. Austin PeñaDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 0. Filing ↗
20Section 08, Timothy S. JohnsonDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 0. Filing ↗
21Section 08, Katharine A. KeenanDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 0. Filing ↗
22Section 02, Marcin Urbaszek 2026-06-17Form 42026-06-180001061630-26-000033Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Fernando Austin Pena 2026-06-25Form 42026-06-290001061630-26-000047Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Michael B. Nash 2026-06-26Form 42026-06-290001061630-26-000042Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Lynne B. Sagalyn 2026-06-26Form 42026-06-290001061630-26-000045Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Henry N. Nassau 2026-06-26Form 42026-06-290001061630-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Leonard W. Cotton 2026-06-26Form 42026-06-290001061630-26-000046Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Nnenna Lynch 2026-06-26Form 42026-06-290001061630-26-000043Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Gilda Perez-Alvarado 2026-06-26Form 42026-06-290001061630-26-000044Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Jean Hsu 2026-06-26Form 42026-06-290001061630-26-000048Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Fernando Austin Pena 2026-06-30Form 42026-07-010001061630-26-000051Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Lynne B. Sagalyn 2026-07-15Form 42026-07-160001061630-26-000060Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Leonard W. Cotton 2026-07-15Form 42026-07-160001061630-26-000057Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Nnenna Lynch 2026-07-15Form 42026-07-160001061630-26-000061Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Henry N. Nassau 2026-07-15Form 42026-07-160001061630-26-000059Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Jean Hsu 2026-07-15Form 42026-07-160001061630-26-000058Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Henry N. Nassau 2026-08-04Form 42026-08-060001061630-26-000073Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Fernando Austin Pena 2026-09-17Form 42026-09-180001061630-26-000076Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Marcin Urbaszek 2026-09-17Form 42026-09-180001061630-26-000077Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Fernando Austin Pena 2026-09-30Form 42026-10-010001061630-26-000079Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Henry N. Nassau 2026-10-15Form 42026-10-160001061630-26-000088Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Leonard W. Cotton 2026-10-15Form 42026-10-160001061630-26-000089Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Nnenna Lynch 2026-10-15Form 42026-10-160001061630-26-000085Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Jean Hsu 2026-10-15Form 42026-10-160001061630-26-000087Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Lynne B. Sagalyn 2026-10-15Form 42026-10-160001061630-26-000086Insider equity transaction reported since the proxy statement. Filing ↗
46Section 06, 2026 voteForm 8-K2026-06-260001193125-26-285668Item 5.07 · say-on-pay result. As reported: 93.56% (votes for as printed: 77,361,597). Filing ↗
47Section 06, 2025 voteForm 8-K2025-06-270001193125-25-151408Item 5.07 · say-on-pay result. As reported: 94.53% (votes for as printed: 82,129,529). Filing ↗
48Section 06, 2024 voteForm 8-K2024-06-240001193125-24-167054Item 5.07 · say-on-pay result. As reported: 94.54% (votes for as printed: 74,495,835). Filing ↗
49Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
50Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
51Section 09b board cost (computed)Computed——Cash 710,602 + equity 716,046 + all other 0 = 1,426,648, summed across the director compensation table rows.machine: formula: Σ = 1,426,648
52BLACKSTONE MORTGAGE TRUST, INC. (subject), Section 10b CEO totalDEF 14A2026-04-290001193125-26-191913CEO total compensation as printed in BLACKSTONE MORTGAGE TRUST, INC.'s own proxy. As printed: 1,130,503. Filing ↗machine: r4 · c27 · span 349508–349517

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