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 "markdown": "<a id='c21f8bd8-8a15-4eca-b5c5-7e8a6899d6e2'></a>\n\nINVESTMENT PORTFOLIO EVOLUTION\u207f\n\n<a id='ba4b74f3-28f7-4930-8727-6850608b9bb9'></a>\n\n- BXMT has repositioned its portfolio to reduce legacy office exposure and increase investment in diversified, high-conviction investment themes, which now represent ~50% of the investment portfolio\n\n<a id='51b39590-5649-4571-b559-6c523fb0c51b'></a>\n\n<::chart\nOffice Exposure ($ in billions)\n- 12/31/2019: $9.9\n- 6/30/2026: $4.9\n- Annotation: 50% reduction\n\nTarget Investments ($ in billions)\n- 12/31/2019:\n  - Residential: $1.8\n  - Industrial: $0.6\n  - Total: $2.4\n- 6/30/2026:\n  - Residential: $4.6\n  - Industrial: $4.5\n  - Net Lease JV: $0.7\n  - Bank Loan JV: $0.5\n  - Total: $10.2\n- Annotation: ~4.2x increase\n- Legend:\n  - Residential\n  - Industrial\n  - Net Lease JV\n  - Bank Loan JV\n: chart::>\n\n<a id='86eeb0d2-f895-42db-bdb9-004708ab2d65'></a>\n\nNote: Totals may not sum due to rounding.\nBlackstone Mortgage Trust, Inc.\n\n<a id='26126e66-f4e0-43af-b505-640b1776b396'></a>\n\nBlackstone |\n\n<a id='fef624a8-2189-48b9-9072-2f0b31806199'></a>\n\n9",
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