Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-16

Blackstone Mortgage Trust, INC. (BXMT)

Fiscal year 2025 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 Directorhighest-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
Companies that benchmark against BXMT
4 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.

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 FY20242025
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.

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 ↗
Leonard W. CottonDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Henry N. NassauDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Lynne B. SagalynDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Nnenna LynchDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Michael B. NashDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Jean HsuDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Gilda Perez-AlvaradoDirector2026-06-26A6,59717114,986CommonForm 4 ↗
Fernando Austin PenaDirector2026-06-30D1,6701728,509CommonForm 4 ↗
Nnenna LynchDirector2026-07-15A1,1471719,637CommonForm 4 ↗
Jean HsuDirector2026-07-15A181173,099CommonForm 4 ↗
Leonard W. CottonDirector2026-07-15A1,8311731,347CommonForm 4 ↗
Henry N. NassauDirector2026-07-15A3,0441752,113CommonForm 4 ↗
Lynne B. SagalynDirector2026-07-15A3,9391767,436CommonForm 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 JohnsonRSU2025-12-1554,799$1,130,503
Katharine KeenanRSU2025-12-1556,7981,171,743
F. Austin PeñaRSU2025-12-1536,843760,071
F. Austin PeñaRSU2025-01-0130,000533,100
Anthony MaroneRSU2025-12-1514,448298,062
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%
Katharine Keenan1,171,743000.0%
F. Austin Peña1,293,171000.0%
Anthony Marone298,062000.0%

% 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
Anthony MaroneRSU14,448$276,390
Anthony MaroneRSU8,000153,040
Katharine KeenanRSU56,7981,086,546
Katharine KeenanRSU17,333331,580
Katharine KeenanRSU34,567661,267
Anthony MaroneRSU4,00076,520
05

Incentive-plan design — the Compensation Discussion & Analysis

Blackstone compensates its employees, including our Named Executive Officers, in accordance with the Blackstone compensation philosophy. The compensation of senior employees of Blackstone, including our Named Executive Officers, is primarily composed of (i) annual cash bonus payments tied to Blackstone's overall performance and the performance of the applicable business unit(s) in which such employee works, (ii) performance interests (composed primarily of carried interest and/or incentive fee interests) tied to the performance of the investments made by the Blackstone-advised investment vehicles in the business unit(s) in which such employee works or for which he or she has responsibility, which include the Company and (iii) deferred equity awards reflecting the value of Blackstone's common stock and/or our class A common stock.

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 · Investment Risk Management (Chair)$142,500$115,000$0$0$0$257,500
Henry N. NassauIndependent · Compensation (Chair) · Corporate Governance (Chair)120,000115,000000235,000
Lynne B. SagalynIndependent · Audit (Chair) · Compensation · Corporate Governance115,000115,000000230,000
Nnenna LynchIndependent · Audit · Corporate Governance · Investment Risk Management112,500115,000000227,500
Gilda Perez-AlvaradoIndependent · Compensation · Investment Risk Management102,500115,000000217,500
Michael B. NashNot independent95,000115,000000210,000
Jean HsuIndependent · Compensation · Investment Risk Management · Partial-year service · Newly elected18,47926,04600044,525
Thomas E. DobrowskiIndependent · Audit · Investment Risk Management · Departed during FY4,623004,623
Timothy S. JohnsonEmployee director · Board Chair00000
Katharine A. KeenanEmployee director · Departed during FY00000
F. Austin PeñaEmployee director · Partial-year service · Newly elected00000
09

Board fee structure and ownership guideline

Annual cash retainer$95,000
Annual equity retainer$115,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)15,000 / 10,000
Stock ownership guideline5x annual cash retainer
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.

FAQ

Frequently asked questions

Who was the highest-paid executive at Blackstone Mortgage Trust, INC. in fiscal 2025?
The highest-paid executive at Blackstone Mortgage Trust, INC. in fiscal 2025 was F. Austin Peña, President and Director, with total compensation of $1,293,171.
How does Blackstone Mortgage Trust, INC.'s chief executive pay compare to its disclosed peer group?
The CEO pay percentile of disclosed peers is not disclosed in this extract.
What is Blackstone Mortgage Trust, INC.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio is not disclosed in this extract.
How did shareholders vote on Blackstone Mortgage Trust, INC.'s executive compensation?
Shareholders voted 93.56% in support of the executive compensation plan.
How much does Blackstone Mortgage Trust, INC. spend in total on board compensation for fiscal 2025?
The total board compensation for fiscal 2025 was $1,426,648.

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, 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
7Section 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
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 · r8 · c11 · span 385320–385327
9Section 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
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: t159 · r4 · c11 · span 546563–546570
12Section 08, Henry N. NassauDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 235,000. Filing ↗machine: t159 · r18 · c11 · span 556422–556429
13Section 08, Lynne B. SagalynDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 230,000. Filing ↗machine: t159 · r24 · c11 · span 560688–560695
14Section 08, Nnenna LynchDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 227,500. Filing ↗machine: t159 · r14 · c11 · span 553641–553648
15Section 08, Gilda Perez-AlvaradoDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 217,500. Filing ↗machine: t159 · r22 · c11 · span 559271–559278
16Section 08, Michael B. NashDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 210,000. Filing ↗machine: t159 · r16 · c11 · span 555056–555063
17Section 08, Jean HsuDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 44,525. Filing ↗machine: t159 · r8 · c11 · span 549374–549380
18Section 08, Thomas E. DobrowskiDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 4,623. Filing ↗machine: t159 · r6 · c3 · span 547359–547364
19Section 08, Timothy S. JohnsonDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 0. Filing ↗machine: t159 · r10 · c11 · span 550800–550807
20Section 08, Katharine A. KeenanDEF 14A2026-04-290001193125-26-191913Section “Director Compensation”. As printed: 0. Filing ↗machine: t159 · r12 · c11 · span 552278–552285
21Section 08, F. Austin PeñaDEF 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, Leonard W. Cotton 2026-06-26Form 42026-06-290001061630-26-000046Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Henry N. Nassau 2026-06-26Form 42026-06-290001061630-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Lynne B. Sagalyn 2026-06-26Form 42026-06-290001061630-26-000045Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Nnenna Lynch 2026-06-26Form 42026-06-290001061630-26-000043Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Michael B. Nash 2026-06-26Form 42026-06-290001061630-26-000042Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Jean Hsu 2026-06-26Form 42026-06-290001061630-26-000048Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Gilda Perez-Alvarado 2026-06-26Form 42026-06-290001061630-26-000044Insider 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, Nnenna Lynch 2026-07-15Form 42026-07-160001061630-26-000061Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Jean Hsu 2026-07-15Form 42026-07-160001061630-26-000058Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Leonard W. Cotton 2026-07-15Form 42026-07-160001061630-26-000057Insider 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, Lynne B. Sagalyn 2026-07-15Form 42026-07-160001061630-26-000060Insider equity transaction reported since the proxy statement. Filing ↗
37Section 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 ↗
38Section 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 ↗
39Section 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 ↗
40Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
41Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
42Section 09b board cost (computed)ComputedcomputedCash 710,602 + equity 716,046 + all other 0 = 1,426,648, summed across the director compensation table rows.machine: formula: Σ = 1,426,648
43Blackstone 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