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INVESTMENT PORTFOLIO EVOLUTIONⁿ

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- 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

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<::chart
Office Exposure ($ in billions)
- 12/31/2019: $9.9
- 6/30/2026: $4.9
- Annotation: 50% reduction

Target Investments ($ in billions)
- 12/31/2019:
  - Residential: $1.8
  - Industrial: $0.6
  - Total: $2.4
- 6/30/2026:
  - Residential: $4.6
  - Industrial: $4.5
  - Net Lease JV: $0.7
  - Bank Loan JV: $0.5
  - Total: $10.2
- Annotation: ~4.2x increase
- Legend:
  - Residential
  - Industrial
  - Net Lease JV
  - Bank Loan JV
: chart::>

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Note: Totals may not sum due to rounding.
Blackstone Mortgage Trust, Inc.

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Blackstone |

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