Jean Hsu
About Jean Hsu
Jean Hsu was appointed to Blackstone Mortgage Trust’s Board on October 22, 2025, when the Board size increased from eight to nine directors; selection was not pursuant to any arrangement, there are no family relationships with management or directors, and no transactions requiring Item 404(a) disclosure were identified . She is a seasoned institutional investor with 25+ years across fixed income, real estate, private credit, and structured products; most recently Head of Private Debt and Investment Office leadership at CalPERS until July 2024, with prior roles including Managing Investment Director & Head of Opportunistic Strategies (launched CRE lending) and Portfolio Manager leading TALF participation and building the CLO program . Education: LL.B., National Taiwan University; MBA, Wharton; Fulbright Scholar . As of her Form 3 filing (Oct 24, 2025), she reported no beneficial ownership of BXMT stock .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| California Public Employees’ Retirement System (CalPERS) | Head of Private Debt; Investment Office leadership | Until July 2024 | Led private debt strategy; oversight of global portfolios |
| CalPERS | Managing Investment Director & Head of Opportunistic Strategies | Not disclosed | Launched commercial real estate lending portfolio |
| CalPERS | Portfolio Manager, Global Fixed Income | Not disclosed | Led TALF participation during GFC; built CLO program |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Antares Private Credit Fund | Director | Since June 2025 | Current public company/registered fund board role; committee positions not disclosed |
| Prior legal practice | Banking, securities, corporate finance attorney | Not disclosed | Pre-investment career; LL.B., National Taiwan University |
Board Governance
- Appointment: Elected October 22, 2025; Board size increased from eight to nine .
- Independence/related parties: No arrangement underpinning selection; no family relationships; no transactions requiring Item 404(a); independence status typically affirmed annually by the Board—explicit determination not yet disclosed .
- Committee assignments: Not disclosed as of appointment. BXMT’s standing committees (Audit; Compensation; Corporate Governance; Investment Risk Management) are composed solely of independent directors per 2025 proxy .
- Meeting attendance: Not yet applicable for Hsu; in 2024, each incumbent director attended at least 75% of board/committee meetings .
- Executive sessions: Non-management directors hold periodic executive sessions without management .
Fixed Compensation
| Component | Amount/Terms | Citation |
|---|---|---|
| Annual cash retainer | $95,000, paid quarterly in arrears | |
| Equity grant (deferred stock units or restricted stock) | $115,000; granted at annual meeting; vests in full at next year’s annual meeting; settled upon “separation from service” (1 DSU = 1 share) | |
| Committee member fees | Audit: $10,000; Investment Risk Management: $7,500 (per annum) | |
| Committee chair fees | Audit Chair: $20,000; Compensation Chair: $15,000; Corporate Governance Chair: $10,000 | |
| Lead Independent Director fee | $30,000 per annum | |
| Expense reimbursement | Travel expenses for board/committee meetings reimbursed |
For her service, Hsu will be entitled to the non‑employee director compensation described in BXMT’s 2025 proxy (as amended or supplemented by the Board) .
Performance Compensation
| Metric linkage | Used for directors? | Notes | Citation |
|---|---|---|---|
| Performance-based metrics (e.g., TSR, Net Income, Distributable Earnings) | No | Director pay consists of fixed cash retainer and time‑based equity; no performance-conditioned elements disclosed |
Other Directorships & Interlocks
- Antares Private Credit Fund: Board member since June 2025 .
- Potential interlocks/conflicts: BXMT’s 8-K states no transactions with Hsu requiring Item 404(a) disclosure and no family relationships; selection not pursuant to any arrangement, reducing conflict risk signals .
Expertise & Qualifications
- Deep domain expertise in private credit, CRE lending, structured products (CLOs), and global fixed income (including TALF execution) .
- Strategic leadership and innovation track record at a leading institutional allocator (CalPERS) .
- Legal background in banking/securities; MBA (Wharton); Fulbright Scholar—supports governance, risk oversight, and capital markets fluency .
Equity Ownership
| Date | Security | Beneficial Ownership | Ownership Form | Notes |
|---|---|---|---|---|
| Oct 24, 2025 (Form 3) | Class A Common Stock | 0 shares | Direct (D) | Initial Section 16 statement of beneficial ownership filed by attorney‑in‑fact |
- Power of Attorney filed Oct 22, 2025 authorizing BXMT officers to file Forms 3/4/5 on Hsu’s behalf—indicates Section 16 compliance setup .
- Stock ownership policy for non‑employee directors: Must own BXMT shares equal to 5× annual cash retainer within 5 years of becoming subject to the policy; all non‑employee directors were in compliance as of 2024—Hsu will be expected to build ownership over time .
Insider Filings
| Filing | Date | Key Details | Citation |
|---|---|---|---|
| Form 3 | Oct 24, 2025 | Reported 0 shares; filed via attorney-in-fact (Anthony F. Marone, Jr.) | |
| Power of Attorney (Exhibit 24.1) | Oct 22, 2025 | Authorizes SEC filings (Forms 3/4/5) for Hsu’s BXMT holdings |
Governance Assessment
- Board effectiveness: Hsu adds institutional investor perspective and complex credit expertise (TALF/CLOs), strengthening capital allocation and risk oversight, complementary to BXMT’s real estate credit focus .
- Independence/conflict signals: No related‑party transactions requiring disclosure; no family ties; selection not via any arrangement—positive independence indicators (formal independence categorization typically reported in the next proxy) .
- Compensation and alignment: Standard non‑employee director mix—cash retainer plus time‑based equity, and mandatory ownership guideline (5× cash retainer within 5 years), alongside prohibited hedging/derivatives—good alignment, though initial Form 3 shows 0 shares, so ownership build‑up should be monitored .
- Committee participation: Not yet disclosed; committees are independent-only (Audit, Compensation, Corporate Governance, Investment Risk Management). Placement on Investment Risk Management and/or Audit would leverage her fixed income/credit risk skill set .
- Attendance/engagement: Not yet applicable; BXMT’s 2024 record shows robust attendance by incumbents; monitor Hsu’s attendance after appointment .
RED FLAGS to monitor
- Initial ownership at 0 shares—track progress toward the 5× retainer guideline over the five-year window .
- Any future related-party transactions or interlocks arising from external roles (e.g., Antares) — currently none disclosed; continue surveillance via 8-K/Proxy updates .
- Committee assignment transparency and board/committee attendance in 2025–2026—ensure alignment with governance quality expectations .
Press release confirmation of appointment and credentials provides additional context and signals investor‑facing communication of governance changes .