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"text": "\n\n<::A photograph of Stephen A. Schwarzman, Chairman, CEO & Co-Founder of Blackstone, speaking. Overlayed on the image is the quote:\n“Delivering compelling\nperformance is at the\nheart of everything we do\nat Blackstone.\"\nStephen A. Schwarzman\nChairman, CEO & Co-Founder of Blackstone\n: photo::>",
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"text": "\n\nBLACKSTONE OVERVIEW",
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"text": "\n\nWorld's largest alternative asset manager(c)\n\n$1.3T+\nBlackstone AUM(d)\n\n$324B\nPrivate Wealth Channel AUM(d)\n\n40-year\ntrack record(d)",
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"text": "\n\nBusiness AUM(e)\n\n$469B\nCredit & Insurance\nWorld's largest third-party focused credit business\n\n$314B\nReal Estate\nWorld's largest owner of commercial real estate\n\n$454B\nPrivate Equity\nOne of the world's largest private equity platforms\n\n$99B\nMulti-Asset Investing\nLargest discretionary allocator to hedge funds globally",
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"text": "\n\nNote: All data as of June 30, 2026, unless otherwise indicated. Past performance does not predict future returns. Largest alternatives asset manager based on Blackstone analysis of company earnings presentations and calls, as of June 30, 2026, or latest publicly available data. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses. There can be no assurance that views and opinions expressed in this document will come to pass.",
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"text": "\n\n<:: Loan Portfolio pie chart::>\nIndustrial: 23%\nMultifamily: 21%\nUS Office: 16%\nNon-US Office: 5%\nHospitality: 9%\nRetail: 4%\nSelf-Storage: 3%\nLife Sciences / Studio: 1%\nOther Loans: 4%\nNet Lease JV: 3%\nBank Loan JV: 3%\nOther Investments: 1%\nOwned Real Estate: 7%\n<::",
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"text": "\n\nBXMT INVESTMENT PORTFOLIO(i)(j)(k)",
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"text": "\n\n- BXMT has proactively diversified its $19.7B portfolio with complementary real estate credit strategies",
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"text": "\n\nFloating Rate Mortgage Loans\n\nPredominately senior floating rate mortgage loans\nsecured by institutional-quality real estate, with\nsignificant structural protections and embedded\ncredit enhancement",
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"text": "\n\n## Bank Loan Portfolios\n---\nLeading acquirer of diversified bank loan portfolios\nat discounts to par, leveraging the scale of our\nplatform to offer comprehensive solutions to sellers",
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"text": "\n\n## Homebuilder Finance\n\nGranular single-family residential construction loans with geographical diversification and strong credit characteristics, benefiting from the structural undersupply of U.S. housing and fragmented competitive landscape",
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"text": "\n\nLOAN PORTFOLIO OVERVIEW⁽¹⁾\n---\n* 133 loans secured by institutional-quality real estate and diversified across sectors and markets",
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"text": "\n\n<::chart\nOffice Exposure ($ 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::>",
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"text": "\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",
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"text": "\n\nNote: Totals may not sum due to rounding.\nBlackstone Mortgage Trust, Inc.",
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"text": "\n\n<::An aerial view of a large, rectangular industrial building with a light gray roof and dark blue walls. On one side of the building, numerous trucks are parked at loading docks. A parking lot with several cars is visible near the building. Surrounding the building are green grassy areas, trees, and roads. In the foreground, a road runs diagonally, and a power line tower is visible. Other smaller buildings and structures are in the background.: figure::>",
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"text": "\n\n## Virginia Data Center (Risk Rated 3)\n* $405M ($26M retained net of syndication), 64% LTV(9) fixed-rate mezzanine loan originated in Q1 2026\n* 44MW turnkey data center 100% leased to an investment grade tenant\n* Located in Northern Virginia, one of the strongest data center markets in the country\n* Final maturity of January 2031",
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"text": "\n\n## Diversified US Industrial (Risk Rated 3)\n* $134M, 70% LTV(q) floating-rate first mortgage loan originated in Q1 2026\n* 24-asset industrial portfolio totaling 1.7M SF across infill locations\n* Highly diversified portfolio located in 8 distinct MSAs leased to a granular rent roll of over 80 tenants\n* Final maturity of February 2031",
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"text": "\n\nIndustry Diversification\n(based on annualized base rent)\n\n<::Pie chart showing industry diversification by annualized base rent:\nEarly Childhood Education: 18%\nCar Wash: 18%\nQuick Service Restaurant: 15%\nAuto Service: 14%\nMedical / Dental: 12%\nPet Care: 11%\nOther: 12%\n: chart::>",
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"text": "\n\nKey Metrics\n\n$661M\nportfolio size at BXMT share\n\n~3.0x\nrent coverage\n\n15 yr+\nW.A. lease term\n\n~2%\nW.A. annual rent escalators\n\n306\n# of properties",
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"text": "\n\nNET LEASE INVESTMENT STRATEGY\n\n- In Q4 2024, BXMT entered into a Net Lease JV focused on acquiring well-located net lease properties with strong in-place cash flow coverage and tenants in the essential-use and service retail sectors\n- Net lease strategy complements BXMT's floating-rate lending model with long-duration, fixed-rate cash flows, and further positions the company to capture relative value across real estate credit markets",
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"text": "\n\n<::Hexagon diagram with central hexagon labeled \"Equity\". Surrounding hexagons are:\n- Term Loan B\n- Credit Facilities\n- Secured Notes\n- Securitized Debt Obligations\n- Convertible Notes\n- Asset-Specific Financings\n\nAdjacent to the diagram are three text blocks:\n- $12.5B+\n Total corporate capital transactions\n since inception\n- $7.0B+\n Total securitized debt transactions\n since inception\n- $9.0B+\n Available credit facility capacity\n across 16 counterparties\n: figure::>\n\n$12.5B+\nTotal corporate capital transactions\nsince inception\n\n$7.0B+\nTotal securitized debt transactions\nsince inception\n\n$9.0B+\nAvailable credit facility capacity\nacross 16 counterparties\n",
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"text": "\n\n## ROBUST CAPITALIZATION\n\n- BXMT's scale and strong track record afford consistent access to a wide variety of asset-level and corporate capital options, supporting efficient execution and balance sheet stability throughout market environments",
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"text": "\n\n<::Distributable Earnings Per Share Prior to Realized Gains and Losses(1)\n\nBar chart showing Distributable Earnings Per Share:\n- 9/30/2025: $0.48\n- 12/31/2025: $0.51\n- 3/31/2026: $0.49\n- 6/30/2026: $0.48\nA horizontal line across the chart indicates a $0.47 dividend.\n\nGAAP EPS\n$0.37\n$0.24\n$(0.04)\n$(0.48)\n\nDistributable EPS(1)\n$0.24\n$(2.07)\n$0.21\n$0.31\n: chart and tables::>",
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"text": "\n\n<::Loan Portfolio Performance(d)(e)\nbar chart::>\n<::The chart displays Loan Portfolio Performance over four quarters:\n- Q3 2025: 96%\n- Q4 2025: 99%\n- Q1 2026: 98%\n- Q2 2026: 97%\n: chart::>",
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"text": "\n\nEARNINGS",
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"text": "\n\n- Q2 Distributable Earnings prior to realized gains and losses(1) of $0.48 per share\n- Loan portfolio performance of 97%(d)(e) benefiting from loan resolutions and new vintage investments",
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"text": "\n\n(1) See Appendix for definition and reconciliation to GAAP net (loss) income.",
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"text": "\n\nQ2 Investment Activity(a)\n$1.4B\nQ2 investments\n78%\nresidential, (b)\nindustrial, and net lease\n<::pie chart::>\nHomebuilder Finance: 9%\nMultifamily: 30%\nIndustrial: 28%\nHospitality: 12%\nRetail: 11%\nNet Lease: 10%\nLegend:\nLoan Portfolio\n<::>",
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"text": "\n\nLTM Investment Activity(g)\n\n$4.4B\nLTM investments\n\n80%\nresidential, (b)\nindustrial, and net lease\n\n<::pie chart\nLTM Investment Activity (g)\n\nSegments:\nIndustrial: 41%\nMultifamily: 23%\nRetail: 7%\nOther Loans (h): 6%\nNet Lease: 12%\nBank Loan Portfolio: 7%\nOther Investments (i): 4%\n\nLegend:\nLoan Portfolio\n: chart::>",
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"text": "\n\nINVESTMENT ACTIVITY",
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"text": "\n\nQ2 investment activity of $1.4B$^{(a)}$ includes $1.1B of loan originations, $0.1B of net lease properties (at share), and $0.1B of single-family homebuilder finance loans (at share)\n\nCapital allocation continues to shift towards residential, $^{(b)}$ industrial, and net lease sectors, which represent 80% of total deployment over the last twelve months",
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"text": "\n\nInvestment Portfolio by Type(j)(k)\n<::pie chart\nIndustrial: 23%\nMultifamily: 21%\nUS Office: 16%\nNon-US Office: 5%\nHospitality: 9%\nRetail: 4%\nSelf-Storage: 3%\nLife Sciences / Studio: 1%\nOther Loans: 4%\nNet Lease JV: 3%\nBank Loan JV: 3%\nOther Investments: 1%\nOwned Real Estate: 7%\nLegend: Loan Portfolio\n: chart::>",
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"text": "\n\n<::Investment Portfolio by Geography(k)\n: pie chart::>\n<::\nPie chart showing the breakdown of investment portfolio by geography:\n- US: 63%\n- Other EU: 16%\n- UK: 13%\n- AUS: 6%\n- Other: 2%\n: pie chart::>",
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"text": "\n\n- Investment portfolio of $19.7B, benefiting from diversification and duration with increasing capital allocation towards complementary real estate credit strategies",
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"text": "\n\n<::Geographic Footprint (1): map::>The map shows different regions with associated percentages.\n\n**United States & Canada:**\n* WA: 3%\n* NV: 2%\n* CA: 10%\n* AZ: 2%\n* HI: 2%\n* CO: 2%\n* TX: 4%\n* IL: 2%\n* GA: 2%\n* FL: 7%\n* VA: 3%\n* NY: 9%\n* MA: 1%\n* CAN: 2%\n\n**Europe:**\n* UK: 17%\n* IE: 6%\n* NL: 2%\n* DEU: 2%\n* FR: 1%\n* ES: 4%\n* SE: 3%\n\n**Australia:**\n* AU: 7%\n\n<::Collateral Diversification (k)(m): pie chart::>\nThis pie chart shows the breakdown of collateral diversification:\n* Industrial: 26%\n* Multifamily: 25%\n* US Office: 18%\n* Hospitality: 10%\n* Non-US Office: 7%\n* Retail: 5%\n* Other Property: 4%\n* Self-Storage: 3%\n* Life Sciences / Studio: 2%\n\n**Summary:**\n* 51% Multifamily or Industrial\n\n<::International Geographic Diversification: pie chart::>\nThis pie chart shows the international geographic diversification:\n* Sunbelt: 25%\n* Other Europe: 19%\n* UK: 17%\n* Northeast: 13%\n* West: 11%\n* Australia: 7%\n* Midwest: 3%\n* Northwest: 3%\n* Canada: 2%\n\n**Summary:**\n* 45% International",
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"text": "\n\nLOAN PORTFOLIO OVERVIEW(d)\n---\n* 133 loans secured by institutional-quality assets and diversified across sectors and markets\n* 51% secured by multifamily and industrial assets",
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"text": "\n\n88%non-MTM(f)<::Pie chart showing the breakdown of debt categories:\n- Secured Debt Agreements: 55%\n- Corporate Debt: 22%\n- Securitized Debt: 17%\n- Asset-Specific Debt: 6%::>",
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"text": "\n\nCorporate Debt Maturities(o)\n($ in billions)\n<::stacked bar chart\nX-axis: Years\nY-axis: Debt in billions of dollars\n\nLegend:\n- Convertible Notes (light gray)\n- Senior Secured Notes (teal)\n- Term Loan B (dark blue)\n\nData:\n- 2026: No data\n- 2027:\n - Convertible Notes: $0.3\n - Senior Secured Notes: $0.3\n- 2028: No data\n- 2029:\n - Senior Secured Notes: $0.5\n - Term Loan B: $0.4\n- 2030:\n - Term Loan B: $0.8\n- 2031:\n - Senior Secured Notes: $0.5\n- 2032+:\n - Term Loan B: $0.7\n: stacked bar chart::>",
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"text": "\n\nCAPITALIZATION\n\n- Well-structured balance sheet with ample liquidity of $1.2B and debt-to-equity(n) ratio of 3.9x\n- 88% non-MTM debt with no capital markets MTM provisions(f)\n- Issued $0.5B of Senior Secured Notes due 2031, further extending duration of liabilities",
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