F. Austin Peña
About F. Austin Peña
F. Austin Peña is President and Director of Blackstone Mortgage Trust (BXMT) effective November 10, 2025, and previously served as Executive Vice President, Investments since January 2022; age 39 as of April 30, 2025. He is a Managing Director in Blackstone Real Estate Debt Strategies (BREDS), responsible for BXMT’s investment and capital allocation strategy; prior roles include Barclays and Lehman Brothers; he graduated magna cum laude with a B.S. in Economics from the University of Pennsylvania . Company performance context during his BXMT leadership includes 2023 net income of $246.6M and distributable earnings of $526.3M, versus 2024 net income of $(204.1)M and distributable earnings of $(5.5)M; the pay-versus-performance table shows TSR value of a $100 investment at $85 (2023) and $78 (2024), indicating pressure on shareholder returns through 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blackstone Real Estate Debt Strategies (BREDS) | Managing Director; EVP, Investments (BXMT) | 2013–present; EVP since Jan 2022 | Overseen BXMT investment and capital allocation; sourcing loans across Blackstone-advised vehicles |
| Barclays | Real Estate Investment Banking | Pre-2013 | Advised REITs/real estate firms on M&A, restructurings, capital markets |
| Lehman Brothers | Real Estate Investment Banking | Prior to Barclays | Similar advisory role to real estate companies |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blackstone Real Estate Debt Strategies (BREDS) | Managing Director | 2013–present | Led over $11B of real estate credit investments since joining Blackstone |
| BXMT | President and Director | Effective Nov 10, 2025 | Leadership of investment, balance sheet and allocation strategy; elevated governance role |
Fixed Compensation
- BXMT is externally managed and has no employees; executive officers do not receive cash salary or bonus from BXMT. Affiliates of the Manager determine salaries/bonuses for executives, and BXMT’s compensation committee oversees only compensation for which BXMT is directly responsible .
- Management directors (e.g., CEO/Chair) did not receive director compensation in 2024; non-employee directors receive cash/equity retainers per policy .
Performance Compensation
- Equity awards (restricted stock) under the Stock Incentive Plan align interests via capital appreciation/dividends; awards generally vest one-sixth at six months + one day after grant, then equal quarterly installments over the subsequent ten quarters; BXMT historically does not use stock options .
- Awards to NEOs are sized based on committee judgment considering company performance, market conditions, and individual objectives; BXMT discloses no specific formulaic weightings/targets for metrics (e.g., TSR, earnings) in grants, indicating discretionary calibration rather than rigid scorecards .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Form 3) | 44,921 Class A shares, held directly by F. Austin Peña as of event date 11/10/2025 |
| Shares outstanding reference | 171,579,492 Class A shares outstanding as of April 14, 2025 |
| Ownership as % of shares outstanding | ~0.026% (computed: 44,921 / 171,579,492) |
| Vested vs unvested breakdown | Not disclosed for Peña; BXMT discloses vesting mechanics for RS awards generally |
| Options (exercisable/unexercisable) | BXMT has not historically granted options in executive program |
| Hedging/derivatives policy | Hedging, derivatives, short sales, margin trading are prohibited by Securities Trading/Insider Trading Policies |
| Pledging | No specific pledging disclosure; margin purchases prohibited |
| Stock ownership guidelines | Non-employee directors must hold ≥5x annual cash retainer within 5 years; all non-employee directors in compliance; management directors are not covered by the non-employee policy . |
Employment Terms
| Term | Detail |
|---|---|
| BXMT roles | EVP, Investments since Jan 2022; President and Director effective Nov 10, 2025 |
| Contract term/expiration | Not disclosed; BXMT is externally managed under a Management Agreement |
| Severance/change-of-control | Committee reviews any severance/termination payments proposed by BXMT; equity plans define change-in-control and vesting mechanics; committee has authority to retain consultants and approve equity grants |
| Non-compete/non-solicit/garden leave | Not disclosed by BXMT; executive employment resides with Manager/affiliates |
| Clawbacks/tax gross-ups | Not disclosed by BXMT in proxies reviewed |
Board Governance
- Board service: Peña elected Director effective Nov 10, 2025; committee assignments for him are not disclosed as of appointment .
- Independence: BXMT requires all Audit, Compensation, Corporate Governance, and Investment Risk Management committee members to be independent; independent membership and chairs are disclosed (e.g., Audit Committee chaired by Lynne B. Sagalyn; Compensation Committee chaired by Henry N. Nassau). As a management director/officer, Peña would not be independent under NYSE criteria .
- Lead Independent Director: BXMT maintains a Lead Independent Director role (e.g., Leonard W. Cotton held the role in 2024), with incremental fees, supporting independent oversight alongside committee structures .
Director Compensation
- Non-employee directors received cash retainers plus equity grants in 2024; committee chair and lead independent director roles carry additional fees. Management directors (CEO/Chair) did not receive compensation for director service in 2024; Peña’s director compensation terms are not yet disclosed, but precedent suggests management directors are not paid director fees .
- Say-on-Pay: Approximately 95% of votes cast at the 2024 annual meeting approved executive compensation, indicating broad shareholder support for the equity-centric, externally-managed pay model .
Investment Implications
- Alignment and selling pressure: Initial beneficial ownership is modest (~0.026% of shares outstanding), reducing near-term insider selling pressure risk, but BXMT’s standard RS vesting cadence (initial vest at ~6 months post-grant, then quarterly over 10 quarters) can create predictable supply windows if awards are granted to management directors; hedging and margin are prohibited, improving alignment .
- Pay-for-performance: BXMT uses discretionary equity grants without disclosed hard metric weightings; 2024 results showed negative net income and distributable earnings with TSR decline, which historically resulted in reduced grant values for NEOs (e.g., CEO grant value down in 2024 vs 2023), suggesting board sensitivity to performance in award sizing. Expect continued judgment-based calibration under independent compensation committee .
- Governance checks amid dual roles: Peña’s dual role as President and Director reduces independence but is counterbalanced by an independent Chair-led committee structure and Lead Independent Director oversight. Committee independence and related-party transaction policies mitigate conflicts with the external Manager .
- Retention risk: No employment contracts or severance specifics disclosed; equity vesting promotes retention. Elevation to President/Director and BREDS platform scale may reduce departure risk; however, macro credit conditions still drive execution risk given 2024 financial pressure and TSR trends .
Notes: Where BXMT did not disclose executive-specific compensation/contract details for Peña, items are omitted per instruction. All ownership and governance data reflect the most recent filings cited.