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 "markdown": "INVESTMENT PORTFOLIO EVOLUTION<sup>(n)</sup>\n\n\n- BXMT has repositioned its portfolio to reduce legacy office exposure and increase investment in diversified,\nhigh-conviction investment themes, which now represent ~50% of the investment portfolio\n\n\n<figure type=\"CHART\">\n\n<description>The figure presents two comparative bar charts illustrating financial changes between 12/31/2019 and 6/30/2026. The left chart, titled 'Office Exposure ($ in billions)', shows a reduction in office exposure from $9.9 billion to $4.9 billion, annotated as a '50% reduction'. The right chart, titled 'Target Investments ($ in billions)', displays a growth in target investments from $2.4 billion to $10.2 billion, annotated as a '~4.2x increase'. This second chart uses a stacked bar format to detail investment types: Residential, Industrial, Net Lease JV, and Bank Loan JV.</description><table><thead><tr><th>Chart</th><th>Category</th><th>12/31/2019</th><th>6/30/2026</th></tr></thead><tbody><tr><td>Office Exposure</td><td>Total ($B)</td><td>9.9</td><td>4.9</td></tr><tr><td>Target Investments</td><td>Residential (o) ($B)</td><td>1.8</td><td>4.6</td></tr><tr><td>Target Investments</td><td>Industrial ($B)</td><td>0.6</td><td>4.5</td></tr><tr><td>Target Investments</td><td>Net Lease JV ($B)</td><td>-</td><td>0.7</td></tr><tr><td>Target Investments</td><td>Bank Loan JV ($B)</td><td>-</td><td>0.5</td></tr><tr><td>Target Investments</td><td>Total ($B)</td><td>2.4</td><td>10.2</td></tr></tbody></table></figure>\n\nNote: Totals may not sum due to rounding.\nBlackstone Mortgage Trust, Inc.\n\n\nBlackstone\n\n\n9\n\n<!-- doc_id=parse-01kzkt5d6kawmypb2nsp2cgfme -->",
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