Anthony Marone
About Anthony Marone
Anthony F. Marone, Jr. is 42 and has served as Blackstone Mortgage Trust’s Chief Financial Officer since March 2016; he is also Treasurer (since June 2022) and previously served as principal accounting officer from 2013 to 2024. He is a Managing Director at Blackstone, Head of Real Estate Finance Americas, CFO of Blackstone Real Estate Income Trust, Inc. (since March 2021) and CFO of Blackstone Private Real Estate Credit and Income Fund (since February 2025). He holds a B.S. and M.B.A. from Rutgers University, and is a CPA and CGMA. Pay-versus-performance disclosures show 2024 total shareholder return value of a fixed $100 investment at $78 versus peer group $80, with 2024 net income of $(204.1) million and distributable earnings of $(5.5) million, contextualizing the environment for equity-based awards that year .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blackstone (Real Estate) | Managing Director; Head of Real Estate Finance Americas | 2012–present | Finance, treasury, and operations leadership tied to BXMT and other Blackstone-advised vehicles . |
| Blackstone Mortgage Trust (BXMT) | Principal Accounting Officer | 2013–2024 | Led financial reporting and controls prior to and alongside CFO role . |
| Capital Trust, Inc. (predecessor to BXMT) | Vice President & Controller | Pre-2012 | Oversaw controllership at predecessor business to BXMT . |
| PricewaterhouseCoopers LLP | Real Estate Assurance | Pre-2012 | Audit and assurance experience in real estate sector . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blackstone Real Estate Income Trust, Inc. (BREIT) | Chief Financial Officer | Mar 2021–present | Finance leadership for affiliated non-traded REIT . |
| Blackstone Private Real Estate Credit and Income Fund | Chief Financial Officer | Feb 2025–present | Finance leadership for affiliated private credit fund . |
| Blackstone (Firmwide) | Managing Director | 2012–present | Broader firm responsibility; alignment with Blackstone compensation philosophy . |
Fixed Compensation
BXMT is externally managed; BXMT itself does not pay cash salary or bonus to Named Executive Officers (NEOs). Affiliates of BXMT’s Manager paid the NEOs an aggregate $2.4 million of base salary, cash bonus and Company incentive fee participation in 2024 (not broken out by individual) .
| Year | Salary ($) from BXMT | Bonus ($) from BXMT |
|---|---|---|
| 2022 | — | — |
| 2023 | — | — |
| 2024 | — | — |
Performance Compensation
BXMT grants time-vested restricted stock to align executives with shareholders; the compensation committee applies discretionary judgment without explicit metric weightings (no options are typically used) .
| Metric/Instrument | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Restricted Stock (Grant: 12,000 shares to Marone on 12/15/2024; grant date fair value $229,320) | Discretionary; committee judgment based on CFO’s performance in finance, treasury, operations | Not disclosed | Not disclosed | Equity only; no BXMT cash bonus | One-sixth on “Initial Vesting Date” (six months and one day after grant); remainder in equal quarterly installments over 10 quarters thereafter . |
| Restricted Stock (Grant: 12,000 shares to Marone on 12/15/2023; grant date fair value $269,400) | Discretionary; committee judgment | Not disclosed | Not disclosed | Equity only | Same time-vested schedule as above . |
| Shares vested in 2024 (11,834) and value realized ($219,312) | N/A | N/A | N/A | Value realized reflects NYSE closing price on vesting dates | N/A |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 66,107 shares; represents less than 1% of 171,579,492 shares outstanding as of April 14, 2025 . |
| Vested vs unvested (as of 12/31/2024) | Unvested restricted stock: 12,000 (2024 grant; market value $208,920), 8,000 (2023; $139,280), 4,000 (2022; $69,640) . |
| Options | Program has not historically included stock options . |
| Hedging/Margin/Pledging | Hedging transactions, short sales, and buying on margin are prohibited under BXMT’s policies; use of derivatives and exchange funds prohibited; pledging not specifically disclosed . |
| Ownership guidelines | Director stock ownership policy (5x annual cash retainer); executive stock ownership guidelines not disclosed; all non-employee directors in compliance . |
| Blackstone affiliation note | As employees of Blackstone, NEOs do not have voting/investment power over shares owned by Blackstone Entities . |
Outstanding/unvested equity detail:
| Grant Date | Unvested Shares (#) | Market Value ($) |
|---|---|---|
| 12/15/2024 | 12,000 | 208,920 (based on $17.41 closing price 12/31/2024) |
| 12/15/2023 | 8,000 | 139,280 |
| 11/28/2022 | 4,000 | 69,640 |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment agreements | None with NEOs; BXMT does not provide pension/retirement benefits, perquisites, or personal benefits . |
| Severance provisions | None; BXMT does not have arrangements to pay NEOs upon termination . |
| Change-of-control provisions | None; no arrangements to pay NEOs upon a change in control . |
| Retirement vesting policy | On a case-by-case basis, up to 50% of unvested equity may continue to vest on retirement if age/service conditions met; CEO determinations for participants other than CEO; Chair for CEO . |
| Clawback policy | Not disclosed in proxy. |
| Non-compete/non-solicit | Not disclosed in proxy. |
Multi-year Compensation (BXMT-paid)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Stock Awards ($) | 296,520 | 269,400 | 229,320 |
| Salary ($) | — | — | — |
| Bonus ($) | — | — | — |
| Non-Equity Incentive ($) | — | — | — |
| All Other Compensation ($) | — | — | — |
| Total ($) | 296,520 | 269,400 | 229,320 |
Additional Disclosures Relevant to Trading Signals and Governance
- Say-on-pay support was ~95% at the 2024 annual meeting, indicating broad shareholder acceptance of the externally managed, equity-heavy program .
- CFO certifications under SOX Sections 302 and 906 were executed by Marone for BXMT’s Q3 2025 Form 10-Q, reinforcing accountability over reporting controls and fair presentation .
- As CFO, Marone routinely signs BXMT’s SEC filings (e.g., 8-Ks), reflecting operational authority and disclosure responsibility .
- Section 16 administration: Marone serves as attorney-in-fact for at least one insider’s Forms (e.g., F. Austin Peña’s Form 3, with POA naming Marone), indicating involvement in insider compliance processes .
Investment Implications
- Pay-for-performance alignment: BXMT compensates Marone via time-vested restricted stock with no BXMT-paid cash salary/bonus; awards are sized using committee judgment tied to his CFO leadership across finance, treasury, and operations, aligning incentives with long-term shareholder outcomes while avoiding cash burn in a challenging cycle .
- Retention profile: Multi-tranche vesting over ~2.5 years for each grant (initial vest after ~6 months, then 10 quarterly installments) supports ongoing retention but lacks explicit performance hurdles; retirement vesting policy can mitigate forfeiture risk for eligible executives, modestly increasing retention value without cash severance/CIC entitlements .
- Ownership alignment: Direct beneficial ownership is modest relative to shares outstanding (66,107; <1%), but ongoing unvested RS stakes provide continuing exposure; strict hedging/margin prohibitions reduce misalignment risk; no executive ownership guideline disclosure limits benchmarking clarity .
- Execution risk context: 2024 TSR underperformed a $100 baseline (company $78 vs peer group $80) and reported net income/distributable earnings were negative, underscoring a tough operating backdrop for a mortgage REIT CFO; equity-only awards may compress realized comp in down cycles, preserving alignment but potentially elevating pressure on future performance and capital allocation decisions .
- Governance and signaling: High say-on-pay approval and regular CFO certifications point to strong formal controls and investor acceptance of the externally managed model, while absence of severance/CIC cash obligations reduces payout risk in downside scenarios .