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"text": "A medium shot portrait of Stephen A. Schwarzman, Chairman, CEO & Co-Founder of Blackstone. He is wearing a dark pinstripe suit, a white dress shirt, and a light blue patterned tie. He is speaking, with his hands gesturing in front of him. The background is slightly out of focus, suggesting an office environment. The image features the following text overlaid on the lower portion:",
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"$469B",
"Credit & Insurance
World's largest third-party focused credit business"
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"$314B",
"Real Estate
World's largest owner of commercial real estate"
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"$454B",
"Private Equity
One of the world's largest private equity platforms"
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Largest discretionary allocator to hedge funds globally"
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"text": "BLACKSTONE OVERVIEW\n",
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"text": "World's largest alternative asset manager(c)\n$1.3T+ Blackstone AUM(d)\n$324B Private Wealth Channel AUM(d)\n40-year track record(d)",
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"text": "Note: 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\npresentations 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.\nThere can be no assurance that views and opinions expressed in this document will come to pass.\n",
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"text": "# BREDS PLATFORM OVERVIEW\n\n- Blackstone Real Estate Debt Strategies (“BREDS”) is the largest alternative manager of real estate credit, investing\nacross Core, Core+ and Opportunistic debt strategies on behalf of institutional investors and insurance capital\n- BREDS’ global scale, cross-market knowledge and proprietary sourcing network provide BXMT access to attractive\nrelative value investments across global markets\n",
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"text": "Global Scale \n$78B \nInvestor capital \n165+ \nBREDS professionals ",
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"text": "Real-Time Insights\n$600B+\nBlackstone Real Estate TEV(a)\n63\nBlackstone Real Estate portfolio companies",
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"text": "Proprietary Sourcing Engine \n760+ \nBorrower bank and broker relationships \n86% \nOriginations with repeat borrowers(f) ",
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"text": "### Differentiated Access\n\n* **$155B+** Loan originations since inception(g)\n* **$24B** Bank loan portfolios acquired since Q4 2023(h)",
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"text": "A pie chart titled 'Loan Portfolio' displaying the percentage breakdown of various investment sectors. The chart is divided into several segments, with percentages provided for each category.\n\n| Category | Percentage |\n| --- | --- |\n| Industrial | 23% |\n| Multifamily | 21% |\n| US Office | 16% |\n| Hospitality | 9% |\n| Non-US Office | 5% |\n| Retail | 4% |\n| Self-Storage | 3% |\n| Life Sciences / Studio | 1% |\n| Other Loans | 4% |\n| Net Lease JV | 3% |\n| Bank Loan JV | 3% |\n| Other Investments | 1% |\n| Owned Real Estate | 7% |",
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"text": "BXMT INVESTMENT PORTFOLIO(i)(j)(k)\n",
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"text": "- BXMT has proactively diversified its $19.7B portfolio with complementary real estate credit strategies\n",
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"text": "# Floating Rate Mortgage Loans\n\nPredominately senior floating rate mortgage loans\nsecured by institutional-quality real estate, with\nsignificant structural protections and embedded\ncredit enhancement\n",
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"text": "# 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\n",
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"text": "# Net Lease Properties\n\nEssential-use retail properties generating\nlong-duration, fixed-rate cash flows with\ncontractual rent increases\n",
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"text": "# Homebuilder Finance\n\nGranular single-family residential construction\nloans with geographical diversification and strong\ncredit characteristics, benefiting from the\nstructural undersupply of U.S. housing and\nfragmented competitive landscape\n",
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"text": "The figure presents two pie charts illustrating portfolio composition. The left chart, titled 'Collateral Diversification(k)', shows the breakdown of collateral types, while the right chart, titled 'Geographic Distribution(k)(m)', displays the breakdown by geographic region, with a note highlighting '45% International'.\n\nA summary note '45% International' is placed below the Geographic Distribution chart.\n\n| Collateral Diversification(k) | Geographic Distribution(k)(m) |\n| --- | --- |\n| Industrial: 26% | Sunbelt: 25% |\n| Multifamily: 25% | Other Europe: 19% |\n| US Office: 18% | UK: 17% |\n| Hospitality: 10% | Northeast: 13% |\n| Non-US Office: 7% | West: 11% |\n| Retail: 5% | Australia: 7% |\n| Other Property: 4% | Northwest: 3% |\n| Self-Storage: 3% | Midwest: 3% |\n| Life Sciences / Studio: 2% | Canada: 2% |",
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"text": "LOAN PORTFOLIO OVERVIEW(I)\n- 133 loans secured by institutional-quality real estate and diversified across sectors and markets\n",
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"text": "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 $10.2 billion, annotated as a '~4.2x increase'. This second chart uses a stacked bar format to detail investment types: Residential, Industrial, Net Lease JV, and Bank Loan JV.\n\n| Chart | Category | 12/31/2019 | 6/30/2026 |\n| --- | --- | --- | --- |\n| Office Exposure | Total ($B) | 9.9 | 4.9 |\n| Target Investments | Residential (o) ($B) | 1.8 | 4.6 |\n| Target Investments | Industrial ($B) | 0.6 | 4.5 |\n| Target Investments | Net Lease JV ($B) | - | 0.7 |\n| Target Investments | Bank Loan JV ($B) | - | 0.5 |\n| Target Investments | Total ($B) | 2.4 | 10.2 |",
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"text": "- 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",
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"text": "Note: Totals may not sum due to rounding.\nBlackstone Mortgage Trust, Inc.\n",
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"text": "A photograph of a modern, multi-story commercial or industrial building. The structure features a mix of white paneling and dark gray metallic siding. The central section of the building has a large, recessed glass-walled entrance area with a prominent dark-framed canopy extending over the doorway. The right side of the building is composed of vertically stacked, dark gray panels with thin, rectangular glass windows arranged in a staggered pattern. The building is set against a bright blue sky with scattered white clouds. In the foreground, a manicured green lawn is separated from the building by a dark asphalt road with a single yellow line painted along the curb.",
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"text": "An aerial, high-angle photograph of a large industrial warehouse building. The structure is rectangular with a flat, light-colored roof and dark-colored siding. On the right side of the building, there is a loading dock area with multiple semi-truck trailers parked in a row. A parking lot with several cars is situated in front of the building. The surrounding area includes trees, a grassy field in the foreground, and a paved road. The perspective is slightly angled, showing the top and side of the facility.",
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"text": "# Virginia Data Center (Risk Rated 3)\n\n\n - $405M ($26M retained net of syndication), 64% LTV(q) fixed-rate mezzanine loan\noriginated 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\n",
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"text": "**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\nof over 80 tenants\n- Final maturity of February 2031\n",
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"text": "CASE STUDY: BANK LOAN PORTFOLIO ACQUISITIONS(P)\n",
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"text": "- In Q3 2025, BXMT acquired a $0.3B share in a $0.6B portfolio of low-leverage, performing loans at a discount to par\nfrom a U.S. bank; diversified across 425 primarily fixed rate loans backed by stabilized net lease properties\n- In 2025, BXMT participated in $2.0B(r) of bank loan portfolio acquisitions purchased at discounts, demonstrating the\ncompany's differentiated access to high-quality investments\n",
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"text": "This is a pie chart illustrating the distribution of annualized base rent across various industry sectors. The chart is divided into seven segments representing different industries: Early Childhood Education (18%), Car Wash (18%), Quick Service Restaurant (15%), Auto Service (14%), Medical / Dental (12%), Other (12%), and Pet Care (11%).\n\n| Industry | Percentage of Annualized Base Rent |\n| --- | --- |\n| Early Childhood Education | 18% |\n| Car Wash | 18% |\n| Quick Service Restaurant | 15% |\n| Auto Service | 14% |\n| Medical / Dental | 12% |\n| Other | 12% |\n| Pet Care | 11% |",
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"text": "# NET 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\nin-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\nfurther positions the company to capture relative value across real estate credit markets\n",
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"text": "Key Metrics \n\n[x] $661M portfolio size at BXMT share \n\n[x] ~3.0x rent coverage \n\n[x] 15 yr+ W.A. lease term \n\n[x] ~2% W.A. annual rent escalators \n\n[x] 306 # of properties ",
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"text": "The image is a diagram consisting of a cluster of seven interconnected hexagonal shapes on the left and three text blocks on the right. The central hexagon is labeled 'Equity' and is surrounded by six other hexagons, each containing a specific financial term. The surrounding hexagons are: 'Term Loan B' (top left, dark blue), 'Credit Facilities' (top right, teal), 'Securitized Debt Obligations' (middle right, light teal), 'Asset-Specific Financings' (bottom right, lime green), 'Convertible Notes' (bottom left, tan), and 'Secured Notes' (middle left, light grey). To the right of this cluster are three stacked rectangular text blocks, each containing a large monetary figure and a description: '$12.5B+ Total corporate capital transactions since inception', '$7.0B+ Total securitized debt transactions since inception', and '$9.0B+ Available credit facility capacity across 16 counterparties'.",
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"text": "**ROBUST CAPITALIZATION**\n - BXMT’s scale and strong track record afford consistent access to a wide variety of asset-level and corporate capital\noptions, supporting efficient execution and balance sheet stability throughout market environments\n",
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"text": "The figure is a bar chart titled 'Distributable Earnings Per Share Prior to Realized Gains and Losses(1)'. The chart displays four vertical teal bars representing specific fiscal periods: 9/30/2025, 12/31/2025, 3/31/2026, and 6/30/2026. Each bar has a value label on top: $0.48, $0.51, $0.49, and $0.48 respectively. A horizontal orange line crosses the chart at the $0.47 level, labeled 'dividend' on the right side. Below the chart, there are two rows of data corresponding to the fiscal periods: 'GAAP EPS' with values $0.37, $0.24, $(0.04), and $(0.48), and 'Distributable EPS(1)' with values $0.24, $(2.07), $0.21, and $0.31.\n\n| Fiscal Period | 9/30/2025 | 12/31/2025 | 3/31/2026 | 6/30/2026 |\n| --- | --- | --- | --- | --- |\n| Distributable Earnings Per Share | $0.48 | $0.51 | $0.49 | $0.48 |\n| GAAP EPS | $0.37 | $0.24 | $(0.04) | $(0.48) |\n| Distributable EPS(1) | $0.24 | $(2.07) | $0.21 | $0.31 |",
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"text": "A bar chart illustrating loan portfolio performance across four quarters. The y-axis represents percentage values, and the x-axis represents the time period from Q3 2025 to Q2 2026. Each bar is colored dark teal. Q3 2025 is at 96%, Q4 2025 rises to 99%, Q1 2026 is at 98%, and Q2 2026 is at 97%.\n\n| Quarter | Performance (%) |\n| --- | --- |\n| Q3 2025 | 96% |\n| Q4 2025 | 99% |\n| Q1 2026 | 98% |\n| Q2 2026 | 97% |",
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"text": "- 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\n",
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"text": "(1) See Appendix for definition and reconciliation to GAAP net (loss) income.\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "A pie chart illustrating the percentage breakdown of a loan portfolio. The sectors are Multifamily at 30%, Industrial at 28%, Hospitality at 12%, Retail at 11%, Net Lease at 10%, and Homebuilder Finance at 9%. Two summary boxes are positioned above the chart: one indicating $1.4B in Q2 investments and another noting 78% for residential, industrial, and net lease.\n\n| Category | Percentage |\n| --- | --- |\n| Multifamily | 30% |\n| Industrial | 28% |\n| Hospitality | 12% |\n| Retail | 11% |\n| Net Lease | 10% |\n| Homebuilder Finance | 9% |",
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"text": "The figure displays a pie chart titled 'LTM Investment Activity(g)' representing a total of $4.4B in LTM investments. A highlighted box notes that 80% of these investments are in 'residential, (b) industrial, and net lease' sectors. The pie chart is segmented into the following categories:\n\nThe chart uses a color palette dominated by shades of teal and blue-green for the main loan portfolio segments, with one segment in dark blue ('Bank Loan Portfolio') and one in tan ('Other Investments'). A legend indicates that the teal-colored segments represent the 'Loan Portfolio'.\n\n| Category | Percentage |\n| --- | --- |\n| Industrial | 41% |\n| Multifamily | 23% |\n| Net Lease | 12% |\n| Bank Loan Portfolio | 7% |\n| Retail | 7% |\n| Other Loans (h) | 6% |\n| Other Investments (i) | 4% |",
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"text": "INVESTMENT ACTIVITY\n",
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"text": "- Q2 investment activity of $1.4B(a) includes $1.1B of loan originations, $0.1B of net lease properties (at share), and\n$0.1B of single-family homebuilder finance loans (at share)\n- Capital allocation continues to shift towards residential, (b) industrial, and net lease sectors, which represent 80% of\ntotal deployment over the last twelve months\n",
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"text": "A pie chart titled 'Investment Portfolio by Type(j)(k)' displays the distribution of an investment portfolio. The chart is segmented into various categories with corresponding percentages. A legend at the bottom indicates the data represents a 'Loan Portfolio'.\n\n| Investment Type | Percentage |\n| --- | --- |\n| Industrial | 23% |\n| Multifamily | 21% |\n| US Office | 16% |\n| Hospitality | 9% |\n| Owned Real Estate | 7% |\n| Non-US Office | 5% |\n| Other Loans | 4% |\n| Retail | 4% |\n| Bank Loan JV | 3% |\n| Net Lease JV | 3% |\n| Self-Storage | 3% |\n| Life Sciences / Studio | 1% |\n| Other Investments | 1% |",
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"text": "This is a pie chart illustrating the distribution of an investment portfolio across different geographic regions. The largest portion is the US at 63%, followed by Other EU at 16%, the UK at 13%, Australia (AUS) at 6%, and Other regions at 2%.\n\n| Geography | Percentage |\n| --- | --- |\n| US | 63% |\n| Other EU | 16% |\n| UK | 13% |\n| AUS | 6% |\n| Other | 2% |",
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"text": "- Investment portfolio of $19.7B, benefiting from diversification and duration with increasing capital allocation\ntowards complementary real estate credit strategies\n",
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"text": "The figure presents a dual-component analysis titled 'Geographic Footprint' and 'Collateral Diversification'. On the left, a series of three maps (USA, Europe, and Australia) visualizes the geographic distribution of assets, with individual states or countries labeled with percentage values. On the right, two pie charts illustrate 'Collateral Diversification' by asset type and by region.\n\n| Category/Region | Value/Percentage |\n| --- | --- |\n| Geographic Footprint - US States | WA 3%, NV 2%, CA 10%, HI 2%, AZ 2%, CO 2%, TX 4%, IL 2%, NY 9%, MA 1%, VA 3%, GA 2%, FL 7%, CAN 2% |\n| Geographic Footprint - Europe/Other | UK 17%, IE 6%, SE 3%, NL 2%, DEU 2%, FR 1%, ES 4%, AU 7% |\n| Collateral Diversification (Asset Type) | Industrial 26%, Multifamily 25%, US Office 18%, Non-US Office 7%, Hospitality 10%, Retail 5%, Self-Storage 3%, Life Sciences/Studio 2%, Other Property 4% (Note: Multifamily or Industrial combined total 51%) |\n| Collateral Diversification (Region) | Sunbelt 25%, Northeast 13%, West 11%, Midwest 3%, Northwest 3%, UK 17%, Other Europe 19%, Australia 7%, Canada 2% (Note: International total 45%) |",
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"text": "LOAN PORTFOLIO OVERVIEW(d)\n- 133 loans secured by institutional-quality assets and diversified across sectors and markets\n- 51% secured by multifamily and industrial assets\n",
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"text": "This is a pie chart illustrating the composition of debt types, highlighting that 88% is non-MTM (mark-to-market). The chart is divided into four segments: Secured Debt Agreements (55%, light green), Corporate Debt (22%, dark teal), Securitized Debt (17%, tan), and Asset-Specific Debt (6%, light grey). The 88% non-MTM annotation appears on the left side of the chart, encompassing the non-MTM portions. Below the chart, a legend provides the labels for the color-coded segments.\n\n| Category | Percentage |\n| --- | --- |\n| Secured Debt Agreements | 55% |\n| Corporate Debt | 22% |\n| Securitized Debt | 17% |\n| Asset-Specific Debt | 6% |",
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"text": "A bar chart illustrating corporate debt maturities in billions of dollars across various years. The x-axis represents the years 2026 through 2032+, and the y-axis represents the dollar amount. The chart uses three categories for debt: Convertible Notes (light grey), Senior Secured Notes (teal), and Term Loan B (dark blue). \n\n- In 2027: Total debt is $0.6 billion, composed of $0.3 billion in Convertible Notes and $0.3 billion in Senior Secured Notes.\n- In 2029: Total debt is $0.9 billion, composed of $0.5 billion in Senior Secured Notes and $0.4 billion in Term Loan B.\n- In 2030: Total debt is $0.8 billion, entirely composed of Term Loan B.\n- In 2031: Total debt is $0.5 billion, entirely composed of Senior Secured Notes.\n- In 2032+: Total debt is $0.7 billion, entirely composed of Term Loan B.\n\n| Year | Convertible Notes ($B) | Senior Secured Notes ($B) | Term Loan B ($B) |\n| --- | --- | --- | --- |\n| 2026 | 0 | 0 | 0 |\n| 2027 | 0.3 | 0.3 | 0 |\n| 2028 | 0 | 0 | 0 |\n| 2029 | 0 | 0.5 | 0.4 |\n| 2030 | 0 | 0 | 0.8 |\n| 2031 | 0 | 0.5 | 0 |\n| 2032+ | 0 | 0 | 0.7 |",
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"text": "CAPITALIZATION\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\n",
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"text": "**Diversified Financing Sources**\n(outstanding balance)\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "Blackstone | 23\n",
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