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"text": "**Blackstone Mortgage Trust Reports First-Quarter 2026 Results**\nNew York, April 29, 2026 -- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) today reported its first-quarter 2026 results. The net loss\nattributable to Blackstone Mortgage Trust for the quarter was $6.3 million. First-quarter EPS, Distributable EPS, Distributable EPS prior to\nrealized gains and losses, and dividends paid per basic share were $(0.04), $0.21, $0.49, and $0.47 respectively.\n",
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"text": "Tim Johnson, Chief Executive Officer said, \u201cBXMT\u2019s first quarter results clearly demonstrate the breadth of our platform as we captured\ndifferentiated investments across diversified strategies and markets and completed over $2 billion in corporate and securitized debt\nfinancings. These initiatives on both sides of the balance sheet are driving strong earnings power and long-term shareholder value.\u201d\n",
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"text": "Blackstone Mortgage Trust issued a full presentation of its first-quarter 2026 results, which can be viewed at www.bxmt.com. An updated\ninvestor presentation may also be viewed on the website.\n",
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"text": "**Quarterly Investor Call Details**\nBlackstone Mortgage Trust will host a conference call today at 9:00 a.m. ET to discuss results. To register for the webcast, please use the\nfollowing link: https://event.webcasts.com/starthere.jsp?ei=1757309&tp_key=05eb0b62eb. For those unable to listen to the live\nbroadcast, a recorded replay will be available on the company's website at www.bxmt.com beginning approximately two hours after the\nevent.\n",
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"text": "# About Blackstone Mortgage Trust\n\nBlackstone Mortgage Trust (NYSE: BXMT) is a real estate finance company that originates, acquires and manages senior loans and other\ndebt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia. Our\ninvestment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through\ndividends generated from current income. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in\nmajor markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These loans are financed in a\nvariety of ways, depending on our view of the most prudent strategy available for each of our investments. We are externally managed\nby BXMT Advisors L.L.C., a subsidiary of Blackstone. Further information is available at www.bxmt.com.\n",
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"text": "**About Blackstone**\nBlackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual\ninvestors by strengthening the companies in which the firm invests. Blackstone's over $1.3 trillion in assets under management include\nglobal investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and\nhedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.\n",
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"text": "Blackstone Mortgage Trust, Inc.\n345 Park Avenue\nNew York, New York 10154\nT 212 655 0220\n",
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"text": "**Forward-Looking Statements and Other Matters**\nThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and\nSection 21E of the Securities Exchange Act of 1934, as amended, which reflect BXMT's current views with respect to, among other things,\nits operations and financial performance, its business plans and the impact of the current macroeconomic environment, including\ninterest rate changes. You can identify these forward-looking statements by the use of words such as \"outlook,\" \"objective,\" \"indicator,\"\n\"believes,\" \"expects,\" \"potential,\" \"continues,\" \"may,\" \"will,\" \"should,\" \"seeks,\" \"predicts,\" \"intends,\" \"plans,\" \"estimates,\"\n\"anticipates\" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various\nrisks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ\nmaterially from those indicated in these statements. BXMT believes these factors include but are not limited to those described under\nthe section entitled \"Risk Factors\" in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be\nupdated from time to time in its periodic filings with the Securities and Exchange Commission (\"SEC\") which are accessible on the SEC's\nwebsite at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other\ncautionary statements that are included in this release and in the filings. BXMT assumes no obligation to update or supplement forward-\nlooking statements that become untrue because of subsequent events or circumstances.\n",
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"text": "We refer to \u201cDistributable EPS\u201d and \u201cDistributable EPS prior to realized gains and losses,\u201d which are non-GAAP financial measures, in this\npress release. A reconciliation to net income attributable to Blackstone Mortgage Trust, the most directly comparable GAAP measure, is\nincluded in our full detailed presentation of first-quarter 2026 results and is available on our website at www.bxmt.com.\n",
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"text": "Investor Relations\nBlackstone\n+1 (888) 756-8443\nBlackstoneShareholderRelations@Blackstone.com",
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"text": "Public Affairs \nBlackstone \n+1 (212) 583-5263 \nPressInquiries@Blackstone.com ",
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"text": "Blackstone Mortgage Trust, Inc.\n345 Park Avenue\nNew York, New York 10154\nT 212 655 0220\n",
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"text": "Blackstone\nMortgage Trust, Inc.\nQ1 2026 Results\n",
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"text": "APRIL 29, 2026\n",
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"text": "BXMT HIGHLIGHTS\n - Q1 GAAP EPS of $(0.04), Distributable EPS(1) of $0.21, and Distributable EPS prior to realized gains and losses(1) of $0.49\n",
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"text": "### Earnings Power \nStrong current income supporting attractive dividend \n\n$0.49 \ndistributable EPS prior to realized gains and losses(1) \n\n$0.47 \ndividend per share, equating to a 9.4% annualized yield(a) ",
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"text": "Investment Activity \nCapturing differentiated \nopportunities across channels \n\n$0.5B \ntotal investments(b) \n\n82 \nnet lease properties acquired ",
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"text": "### Credit Performance\nWell-performing loans in high-conviction sectors\n\n98%\nperforming loan portfolio(c)(d)\n\n50%+\nloans secured by residential\nand industrial investments(c)(d)",
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"text": "Note: The information in this presentation is as of March 31, 2026, and all averages are weighted averages, unless otherwise stated. Opinions expressed reflect the current opinions of BXMT as of the date\nindicated only and are based on BXMT's opinions of the current market environment, which is subject to change. Estimates, targets, forecasts, or similar predictions or returns are necessarily speculative,\nhypothetical, and inherently uncertain in nature, and it can be expected that some or all of the assumptions underlying such estimates, targets, forecasts, or similar predictions or returns contained\nherein will not materialize and/or that actual events and consequences thereof will vary materially from the assumptions upon which such estimates, targets, forecasts, or similar predictions or returns\nhave been based. BXMT's manager is a subsidiary of Blackstone.\n(1) See Appendix for definition and reconciliation to GAAP net (loss) income.\n",
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"text": "Q1 RESULTS\n",
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"text": "Earnings\n- Q1 GAAP net loss per share of $(0.04), Distributable Earnings(1) per share of $0.21, and Distributable EPS prior to\nrealized gains and losses(1) of $0.49\n- Book value per share of $20.20, including $1.80 per share of CECL reserves and $0.57 per share of accumulated\ndepreciation and amortization of owned real estate\n- Paid Q1 dividend of $0.47 per share, equating to a 9.4% annualized dividend yield(a)\n",
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"text": "Investments\n- Total Q1 investments of $0.5B, including $0.3B of loan originations and a $0.2B share of net lease acquisitions\n- Gross loan originations were $0.8B, including the non-consolidated senior interests in loans financed through\nnon-recourse, non-MTM syndications(e)\n- 82% of investments composed of industrial and data center loans, bank loans, and net lease properties\n- $0.6B of repayments in Q1, including $0.3B or 54% in office loans\n",
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"text": "Portfolio\n- Investment portfolio of $19.7B(f)\n- Loan portfolio is 98%(c)(d) performing, with more than half concentrated in residential and industrial sectors\n- Resolved one impaired hospitality loan and sold one multifamily owned real estate property approximately in line\nwith carrying value\n- Four loan upgrades and four loan downgrades, including two new impaired loans; weighted-average risk rating\nstable at 3.0\n",
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"text": "Capitalization\nand Liquidity\n- Stable, well-structured balance sheet with strong liquidity of $1.0B and over $9.0B of availability across 16 bank\ncounterparties, including one new non-MTM facility closed in Q1\n- Issued a $1.0B reinvesting commercial real estate CLO, enhancing balance sheet structure and flexibility\n- Re-priced and upsized $0.7B of Term Loan B, reducing spread by 50bps\n- No corporate debt maturities until 2027\n",
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],
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"footnotes": []
}
],
[
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"footnotes": []
},
{
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"provenance": "unclassified",
"footnotes": []
}
],
[
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"text": "UK Bank Loan Portfolio SRT",
"provenance": "unclassified",
"footnotes": []
},
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"provenance": "unclassified",
"footnotes": []
}
],
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"footnotes": []
},
{
"text": "8%",
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"footnotes": []
}
],
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"text": "Condo",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "8%",
"provenance": "unclassified",
"footnotes": []
}
],
[
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"text": "Data Center",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "5%",
"provenance": "unclassified",
"footnotes": []
}
],
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"text": "US Office",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
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"text": "INVESTMENT ACTIVITY\n",
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"text": "- Investment activity of $0.5B(b) in Q1 includes $0.3B of loan originations and a $0.2B share of net lease property\nacquisitions, with highly-attractive credit and return characteristics\n- Gross loan originations were $0.8B, including three loans financed through syndication(e)\n- Over $1.0B of new investments closed or in closing(g) subsequent to quarter-end\n",
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"text": "**Investment Activity(b)** **Q1 2026 Investment Highlights**\n",
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"text": "# Q1 2026 Investment Highlights\n\n\n [x] 82% industrial and data center loans,\n82% industrial and data center loans,\nbank loans, and net lease assets\n [x] 68% avg. loan origination LTV(h)(i)\n+9.3% avg. levered loan spread over\n+9.3% avg. levered loan spread over\nbase rates(h)(j)\n [x] +9.3% avg. levered loan spread over\n",
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"description": "The figure displays two pie charts illustrating the composition of a $19.7B investment portfolio. The left pie chart breaks down the portfolio by asset type, while the right pie chart breaks down the portfolio by geographic location. A legend at the bottom indicates the color used for the 'Loan Portfolio' segment.",
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"provenance": "unclassified",
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{
"text": "Percentage",
"provenance": "unclassified",
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},
{
"text": "Geography (Right Chart)",
"provenance": "unclassified",
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{
"text": "Percentage",
"provenance": "unclassified",
"footnotes": []
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"text": "Industrial",
"provenance": "unclassified",
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"text": "23%",
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},
{
"text": "US",
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},
{
"text": "58%",
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],
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"text": "Multifamily",
"provenance": "unclassified",
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},
{
"text": "22%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "UK",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "18%",
"provenance": "unclassified",
"footnotes": []
}
],
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"text": "US Office",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "17%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Other Europe",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "15%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Hospitality",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "9%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Australia",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "6%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Owned Real Estate",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "7%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Other",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Non-US Office",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "6%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
}
],
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{
"text": "Net Lease",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Bank Loan Portfolios",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Other Loans",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Self-Storage",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Retail",
"provenance": "unclassified",
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},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Life Sciences / Studio",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
}
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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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"kind": "chart",
"description": "The figure consists of a 'Geographic Footprint' section featuring maps of the US, Europe, and Australia with regional percentage allocations, and a 'Collateral Diversification' section featuring two pie charts. The top pie chart breaks down collateral by asset type (e.g., Multifamily, Industrial, US Office), while the bottom pie chart breaks down collateral by geographic region (e.g., Sunbelt, West, Northeast, International).",
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"footnotes": []
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[
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"text": "WA",
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},
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"text": "3%",
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"footnotes": []
}
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[
{
"text": "CAN",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
}
],
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{
"text": "NY",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "7%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "MA",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "NV",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "CO",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "IL",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "VA",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "CA",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "9%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "AZ",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "TX",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "4%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "GA",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "FL",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "6%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "HI",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "UK",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "21%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "IE",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "7%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "NL",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "SE",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "DEU",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "FR",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "ES",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "AU",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "7%",
"provenance": "unclassified",
"footnotes": []
}
]
]
},
{
"rows": [
[
{
"text": "Collateral Diversification (Asset Type)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Percentage",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Multifamily",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "26%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Industrial",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "25%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "US Office",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "19%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Non-US Office",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "7%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Hospitality",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "10%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Retail",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "4%",
"provenance": "unclassified",
"footnotes": []
}
],
[
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"text": "Self-Storage",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
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"text": "Life Sciences / Studio",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Other Property",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "4%",
"provenance": "unclassified",
"footnotes": []
}
]
]
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"text": "Collateral Diversification (Region)",
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"text": "Percentage",
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"footnotes": []
}
],
[
{
"text": "Sunbelt",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "23%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "West",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "11%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Northeast",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "11%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Midwest",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "4%",
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"footnotes": []
}
],
[
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"text": "Northwest",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
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"text": "UK",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "21%",
"provenance": "unclassified",
"footnotes": []
}
],
[
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"text": "Other Europe",
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"footnotes": []
},
{
"text": "18%",
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"footnotes": []
}
],
[
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},
{
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"provenance": "unclassified",
"footnotes": []
}
],
[
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{
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"footnotes": []
}
]
]
}
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"page": 9,
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"text": "LOAN PORTFOLIO OVERVIEW(c)\n- 130 loans secured by institutional-quality assets and diversified across sectors and markets\n- 51% secured by multifamily or industrial assets\n",
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"kind": "chart",
"description": "A pie chart displaying the composition of non-MTM(p) assets, totaling 86% of the portfolio. The chart is divided into four colored segments representing different debt categories.\n\nThe pie chart is visually arranged with the 'Secured Debt Agreements' segment (teal) occupying the largest portion on the right, followed by 'Corporate Debt' (dark teal) at the bottom left, 'Securitized Debt' (brown) at the top left, and 'Asset-Specific Debt' (light grey) at the top. The label '86% non-MTM(p)' appears prominently on the left side of the chart.",
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{
"text": "Category",
"provenance": "unclassified",
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{
"text": "Percentage",
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}
],
[
{
"text": "Secured Debt Agreements",
"provenance": "unclassified",
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},
{
"text": "57%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Corporate Debt",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "19%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Securitized Debt",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "18%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Asset-Specific Debt",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "6%",
"provenance": "unclassified",
"footnotes": []
}
]
]
}
],
"footnotes": [],
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{
"page": 10,
"kind": "chart",
"description": "A stacked bar chart showing debt maturity profiles over time from 2026 to 2031+. The x-axis represents years, and the y-axis (implied) represents debt amounts in billions. The chart uses three colors to represent different debt instruments: light gray for Convertible Notes, green for Senior Secured Notes, and dark blue for Term Loan B.",
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"rows": [
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{
"text": "Year",
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},
{
"text": "Convertible Notes ($)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Senior Secured Notes ($)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Term Loan B ($)",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "2026",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "2027",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "0.3",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "0.3",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "2028",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "2029",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "0.5",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "0.5",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "2030",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "0.8",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "2031+",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "-",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "0.7",
"provenance": "unclassified",
"footnotes": []
}
]
]
}
],
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}
],
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"context": [
{
"page": 10,
"kind": "text",
"text": "# CAPITALIZATION\n\n- Well-structured balance sheet with ample liquidity of $1.0B and debt-to-equity(o) ratio of 3.7x\n- Strong access to diversified financing sources; 86% non-MTM debt with no capital markets MTM provisions(p)\n- No corporate debt maturities until 2027\n",
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{
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"kind": "text",
"text": "**Diversified Financing Sources**\n(outstanding balance)\n",
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"top": 0.28134,
"right": 0.36228,
"bottom": 0.35315
},
"node_id": "text-1"
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{
"page": 10,
"kind": "text",
"text": "**Corporate Debt Maturities**(q)\n($ in billions)\n",
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"top": 0.28106,
"right": 0.79587,
"bottom": 0.35478
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"node_id": "text-2"
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{
"page": 10,
"kind": "marginalia",
"text": "Blackstone Mortgage Trust, Inc.\n",
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"top": 0.92203,
"right": 0.21908,
"bottom": 0.94945
},
"node_id": "marginalia-0"
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{
"page": 10,
"kind": "marginalia",
"text": "Blackstone | 7\n",
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"right": 0.95426,
"bottom": 0.94712
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"node_id": "marginalia-1"
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},
{
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"job_id": "parse-01m3d4j6p9mcw7j2fbpfyhyz5r",
"model": "dpt-3-pro-20260710",
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{
"page": 11,
"kind": "text",
"text": "# II. Appendix\n",
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{
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"kind": "text",
"text": "Blackstone Mortgage Trust, Inc.\n",
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"kind": "marginalia",
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{
"page": 12,
"job_id": "parse-01m3d4j6s0z2npxbmr25svz49d",
"model": "dpt-3-pro-20260710",
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"cells": [
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"Property Type",
"",
"Location",
"Origination Date(r)",
"Total Commitment(s)",
"Principal
Balance",
"Net Book
Value(t)",
"Cash
Coupon(u)",
"All-in
Yield(u)",
"Maximum
Maturity(v)",
"Loan per
SQFT/Unit",
"Origination
LTV (i)"
],
[
"1",
"Mixed-Use",
"Dublin, IE",
"8/14/2019",
"$988",
"$942",
"$942",
"+3.20%",
"+3.95%",
"1/29/2027",
"$272 / sqft",
"74%"
],
[
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"Diversified, AU",
"6/24/2022",
"913",
"913",
"908",
"+4.75%",
"+4.93%",
"6/21/2030",
"$415 / sqft",
"59%"
],
[
"3",
"Mixed-Use",
"Austin",
"6/28/2022",
"675",
"539",
"536",
"+4.60%",
"+5.08%",
"7/9/2029",
"$448 / sqft",
"53%"
],
[
"4",
"Mixed-Use",
"Diversified, Spain",
"3/22/2018",
"498",
"498",
"498",
"+3.25%",
"+3.25%",
"4/15/2026",
"n / a",
"71%"
],
[
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"3/30/2021",
"489",
"489",
"489",
"+3.20%",
"+3.41%",
"5/18/2027",
"$88 / sqft",
"76%"
],
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"Diversified, CAN",
"2/20/2025",
"449",
"449",
"449",
"+3.50%",
"+3.50%",
"2/9/2030",
"$154 / sqft",
"58%"
],
[
"7",
"Industrial",
"Diversified, US",
"10/28/2025",
"419",
"419",
"415",
"+2.65%",
"+3.01%",
"11/9/2030",
"$100 / sqft",
"78%"
],
[
"8",
"Mixed-Use",
"New York",
"12/9/2021",
"385",
"384",
"383",
"+2.76%",
"+3.00%",
"12/9/2026",
"$131 / sqft",
"50%"
],
[
"9",
"Industrial",
"Diversified, UK",
"4/7/2025",
"344",
"344",
"343",
"+2.55%",
"+2.88%",
"4/7/2030",
"$341 / sqft",
"67%"
],
[
"10",
"Office",
"Chicago",
"12/11/2018",
"356",
"343",
"345",
"+1.75%",
"+1.88%",
"12/9/2026",
"$287 / sqft",
"78%"
],
[
"11",
"Multifamily",
"London, UK",
"12/23/2021",
"341",
"341",
"339",
"+4.25%",
"+4.95%",
"6/24/2028",
"$377,079 / unit",
"59%"
],
[
"12",
"Industrial",
"Diversified, UK",
"5/15/2025",
"299",
"299",
"299",
"+2.70%",
"+2.89%",
"5/15/2028",
"$141 / sqft",
"69%"
],
[
"13",
"Office",
"Seattle",
"1/26/2022",
"338",
"298",
"297",
"+4.10%",
"+4.44%",
"2/9/2027",
"$607 / sqft",
"56%"
],
[
"14",
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"9/29/2021",
"293",
"293",
"293",
"+2.81%",
"+3.05%",
"10/9/2026",
"$382 / sqft",
"66%"
],
[
"15",
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"Diversified, UK",
"5/6/2022",
"291",
"291",
"291",
"+3.50%",
"+3.71%",
"5/6/2027",
"$92 / sqft",
"53%"
],
[
"Loans 16-130",
"",
"",
"",
"11,730",
"10,797",
"10,731",
"",
"",
"",
"",
""
],
[
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"",
"",
"",
"",
"",
"(292)",
"",
"",
"",
"",
""
],
[
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"",
"",
"",
"$18,808",
"$17,639",
"$17,266",
"+3.23%",
"+3.46%",
"2.4 yrs",
"",
"65%"
]
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{
"page": 12,
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"text": "APPENDIX\n",
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"kind": "text",
"text": "**Loan Portfolio Details**\n($ in millions)\n",
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},
"node_id": "text-1"
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"page": 12,
"kind": "marginalia",
"text": "Blackstone Mortgage Trust, Inc.\n",
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"page": 12,
"kind": "marginalia",
"text": "Blackstone\n",
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"kind": "marginalia",
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"job_id": "parse-01m3d4jd7vtctvsdvvk2e2h627",
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"version": "dpt-3-pro-20260710",
"credits": 1.1,
"figures": [],
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{
"page": 13,
"cells": [
[
"",
"March 31, 2026",
"December 31, 2025"
],
[
"Assets",
"",
""
],
[
"Cash and cash equivalents",
"$549,153",
"$452,526"
],
[
"Loans receivable",
"17,557,936",
"18,069,134"
],
[
"Current expected credit loss reserve",
"(291,590)",
"(284,440)"
],
[
"Loans receivable, net",
"$17,266,346",
"$17,784,694"
],
[
"Owned real estate, net",
"1,149,085",
"1,134,975"
],
[
"Investments in unconsolidated entities",
"244,400",
"217,488"
],
[
"Other assets",
"420,824",
"413,263"
],
[
"Total Assets",
"$19,629,808",
"$20,002,946"
],
[
"Liabilities and Equity",
"",
""
],
[
"Secured debt, net",
"$9,089,438",
"$10,117,292"
],
[
"Securitized debt obligations, net",
"2,874,489",
"2,139,719"
],
[
"Asset-specific debt, net",
"959,352",
"997,746"
],
[
"Term loans, net",
"1,881,392",
"1,808,000"
],
[
"Senior secured notes, net",
"782,215",
"784,876"
],
[
"Convertible notes, net",
"265,028",
"264,745"
],
[
"Other liabilities",
"359,842",
"386,178"
],
[
"Total Liabilities",
"$16,211,756",
"$16,498,556"
],
[
"Commitments and contingencies",
"",
""
],
[
"Equity",
"",
""
],
[
"Class A common stock, $0.01 par value",
"1,687",
"1,683"
],
[
"Additional paid-in capital",
"5,436,583",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "**Reconciliation of Net Income to Distributable Earnings**\n(in thousands, except per share data)\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "Blackstone | 13\n",
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"text": "DEFINITIONS\n",
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"text": "**Bank Loan Portfolio Joint Venture:** A joint venture BXMT entered into with a Blackstone-advised investment vehicle in June 2025 to acquire portfolios of performing commercial mortgage loans. BXMT\u2019s equity interest in the joint venture is included in investments in unconsolidated entities on BXMT\u2019s balance sheet.",
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"text": "**Distributable Earnings:** Blackstone Mortgage Trust, Inc. (\u201cBXMT\u201d) discloses Distributable Earnings in this presentation. Distributable Earnings is a financial measure that is calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (\u201cGAAP\u201d). ",
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"text": "Distributable Earnings is a non-GAAP measure, which is defined as GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net\nincome (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items.\nDistributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by\nBXMT's manager, subject to approval by a majority of its independent directors. Distributable Earnings mirrors the terms of BXMT's management agreement between BXMT's\nManager and BXMT, for purposes of calculating its incentive fee expense.\n",
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"text": "BXMT's CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to its existing policy for reporting Distributable\nEarnings. BXMT expects to only recognize such potential credit losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a\nrealization event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but realization and non-recoverability may also be\nconcluded if, in BXMT's determination, it is nearly certain that all amounts due will not be collected. The timing of any such credit loss realization in BXMT's Distributable Earnings\nmay differ materially from the timing of CECL reserves or charge-offs in BXMT's consolidated financial statements prepared in accordance with GAAP. The realized loss amount\nreflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the book value of the asset, and is reflective of its\neconomic experience as it relates to the ultimate realization of the loan.\n",
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"text": "BXMT believes that Distributable Earnings provides meaningful information to consider in addition to net income (loss) and cash flow from operating activities determined in\naccordance with GAAP. BXMT believes Distributable Earnings is a useful financial metric for existing and potential future holders of its class A common stock as historically,\nover time, Distributable Earnings has been a strong indicator of its dividends per share. As a REIT, BXMT generally must distribute annually at least 90% of its net taxable income,\nsubject to certain adjustments, and therefore BXMT believes its dividends are one of the principal reasons stockholders may invest in BXMT's class A common stock. Distributable\nEarnings helps BXMT to evaluate its performance excluding the effects of certain transactions and GAAP adjustments that BXMT believes are not necessarily indicative of BXMT's\ncurrent investment portfolio and operations and is a performance metric BXMT considers when declaring its dividends.\n",
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"text": "Furthermore, BXMT believes it is useful to present Distributable Earnings prior to realized gains and losses, which include but are not limited to charge-offs of CECL reserves, to\nreflect BXMT's direct operating results and help existing and potential future holders of BXMT's class A common stock assess the performance of BXMT's business excluding such\nrealized gains or losses. BXMT may make similar adjustments with respect to other types of investments, if and when applicable transactions occur. During the period from the\nfirst quarter of 2024 to the fourth quarter of 2025, we reported this metric as Distributable Earnings prior to charge-offs of CECL reserves, as the only applicable realized gains or\nlosses during such period were charge-offs of CECL reserves. BXMT utilizes Distributable Earnings prior to realized gains and losses as an additional performance metric to consider\nwhen declaring BXMT's dividends. Distributable Earnings mirrors the terms of BXMT's Management Agreement for purposes of calculating BXMT's incentive fee expense. Therefore,\nDistributable Earnings prior to realized gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains and losses had not\noccurred.\n",
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"kind": "text",
"text": "Distributable Earnings and Distributable Earnings prior to realized gains and losses are non-GAAP measures. BXMT defines Distributable Earnings as GAAP net income (loss),\nincluding realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation\nand amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events\npursuant to changes in GAAP and certain other non-cash charges as determined by BXMT's Manager, subject to approval by a majority of BXMT's independent directors.\nDistributable Earnings mirrors the terms of BXMT's management agreement between its Manager and BXMT, or BXMT's Management Agreement, for purposes of calculating BXMT's\nincentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is calculated net of the incentive fee expense that would have been recognized if such\nrealized gains and losses had not occurred.\n",
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"kind": "text",
"text": "**Net Lease Joint Venture:** A joint venture BXMT entered into with a Blackstone-advised investment vehicle in 2024 to acquire triple net lease properties. BXMT's 75% equity interest in the joint venture is included in investments in unconsolidated entities on BXMT's balance sheet. ",
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"kind": "text",
"text": "**Net Loan Exposure:** Represents the principal balance of loans that are included in BXMT\u2019s consolidated financial statements, net of (i) asset-specific debt, (ii) participations sold, (iii) cost-recovery proceeds, and (iv) total loans receivable CECL reserve. Does not include owned real estate assets or investments in unconsolidated entities. ",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"kind": "marginalia",
"text": "Blackstone | 14\n",
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"kind": "text",
"text": "ENDNOTES\n",
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"text": "a. Dividend yield based on share price of $20.01 as of April 28, 2026.\nb. Includes $0.2B to reflect BXMT's 75% share of net lease properties acquired by its Net Lease Joint Venture and $67M of investments in debt securities.\nc. Based on Net Loan Exposure. Refer to Definitions.\nd. Excludes (i) BXMT's $0.5B share of the carrying value of investments held by BXMT's Net Lease Joint Venture, (ii) BXMT's $0.6B share of the fair value of loans held by\nBXMT's Bank Loan Portfolio Joint Venture, (iii) the $1.3B aggregate carrying value of BXMT's owned real estate assets, and (iv) BXMT's $66M fair value of investments in\ndebt securities.\ne. Gross loan originations include $0.6B of loans financed by syndicating senior loans to unaffiliated third parties. These non-recourse, non-MTM senior interests are not\nconsolidated on BXMT's balance sheet. BXMT's investment in these loans, net of non-consolidated senior interests, was $90M.\nf. Reflects, as of March 31, 2026, (i) BXMT's loan portfolio of $17.3B, which represents net book value less total loans receivable CECL reserves, (ii) BXMT's $0.5B share of\nthe carrying value of investments held by BXMT's Net Lease Joint Venture, (iii) the $0.6B share of the fair value of loans held by BXMT's Bank Loan Portfolio Joint\nVenture, (iv) the $1.3B aggregate carrying value of BXMT's owned real estate assets, and (v) BXMT's $66M fair value of investments in debt securities.\ng. Transactions not yet closed are subject to conditions, and there can be no assurance such transactions will be completed on their contemplated terms, or at all.\nh. Excludes (i) $10M of upsizes on existing loans, (ii) BXMT's $0.2B share of the investments acquired by the Net Lease Joint Venture, and (iii) $67M of investments in\ndebt securities.\ni. Reflects weighted average loan-to-value (\"LTV\") as of the date investments were originated or acquired by BXMT, excluding any loans that are impaired.\nj. For illustrative purposes only. Actual results for each investment could differ materially from the results presented. Based on completed or expected asset-level\nfinancing, as applicable. Represents BXMT's expectations of implied levered spreads over applicable base rate, based on all-in loan yield and all-in cost of maximum\nasset-level borrowings; excludes corporate-level debt as well as management fees and expenses.\nk. Investment types that represent less than 1% of our Investment Portfolio are excluded from the chart.\nl. States and countries composing less than 1% of total loan portfolio are excluded.\nm. Assets with multiple components are proportioned into the relevant collateral types and geographies based on their relative value.\nn. Geographic diversification excludes one U.S. dollar-denominated loan (0.4% of portfolio) that is located in Bermuda and allocated to \"Other International\".\no. Represents debt-to-equity ratio, which is the ratio of (i) total outstanding secured debt, asset-specific debt, term loans, senior secured notes, and convertible notes,\nin each case excluding unamortized deferred financing costs and discounts, less cash, to (ii) total equity.\np. Non-MTM debt consists of, as of March 31, 2026, $3.0B of corporate debt, $2.9B of securitized debt, and $7.9B of borrowings under non-mark-to-market master\nrepurchase agreements, credit facilities, and asset-specific debt. The margin call provisions in BXMT's non-mark-to-market master repurchase agreements and credit\nfacilities only permit valuation adjustments if the loan or collateral pledged or sold by BXMT becomes defaulted.\nq. Excludes 1.0% per annum of scheduled amortization payments under the Term Loan B.\nr. Date loan was originated or acquired by BXMT.\ns. Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment.\nt. Net book value represents outstanding principal balance, net of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery\nproceeds.\nu. The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates. Excludes loans accounted for under the cost-\nrecovery and nonaccrual methods, if any.\nv. Maximum maturity assumes all extension options are exercised; however, BXMT's loans may be repaid prior to such date. Excludes loans accounted for under the cost-\nrecovery and nonaccrual methods, if any.\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "Blackstone | 15\n",
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"text": "ENDNOTES\n",
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"text": "w. Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc.\nx. Represents realized losses related to loan principal amounts deemed non-recoverable during the applicable period.\ny. Represents depreciation of owned real estate assets and amortization of intangible owned real estate assets and liabilities.\nz. Represents an adjustment to the realized loss on the sale of a property held at depreciated cost. Because depreciation and amortization is a non-cash expense that is\nexcluded from Distributable Earnings, GAAP gains upon sale of a property are higher, and GAAP losses are lower, than the respective realized amounts reflected in\nDistributable Earnings. For Distributable Earnings, the amount is calculated as net sales proceeds less the property's carrying value prior to depreciation and\namortization.\naa. Represents realized gain (loss) on the repatriation of unhedged foreign currency. These amounts were not included in GAAP net income (loss), but rather as a\ncomponent of other comprehensive income in BXMT's consolidated financial statements.\nbb. Allocable share of adjustments related to unconsolidated entities for the three months ended March 31, 2026, reflects BXMT's share of non-cash items such as (i) $3.2\nmillion of unrealized losses recorded by such unconsolidated entities, (ii) $3.1 million of depreciation and amortization, and (iii) related adjustments for realized gains,\nif any. For the three months ended December 31, 2025, reflects BXMT's share of non-cash items such as (i) $(2.0) million of unrealized gains recorded by such\nunconsolidated entities, (ii) $2.0 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended\nSeptember 30, 2025, reflects BXMT's share of non-cash items such as (i) $(2.3) million of unrealized gains recorded by such unconsolidated entities, (ii) $1.3 million of\ndepreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended June 30, 2025, reflects BXMT's share of non-cash\nitems such as (i) $0.9 million of unrealized losses recorded by such unconsolidated entities, (ii) $0.7 million of depreciation and amortization, and (iii) related\nadjustments for realized gains, if any.\ncc. Represents (i) the non-cash income recognized under GAAP related to BXMT's Agency Multifamily Lending Partnership, in which BXMT receives a portion of origination,\nservicing, and other fees for loans BXMT refers to M&T Realty Capital Corporation for origination, offset by the related loss-sharing obligation accruals and (ii) the cash\nreceived related to such income previously recognized under GAAP.\ndd. Represents the amount included on BXMT's consolidated statement of operations.\nee. The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of BXMT's convertible notes. Consistent with the treatment of\nother unrealized adjustments to Distributable Earnings, these potentially issuable shares are excluded until a conversion occurs.\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "Blackstone | 16\n",
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"text": "FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION\n",
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"text": "References herein to \u201cBlackstone Mortgage Trust,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically\nrequires otherwise. Opinions expressed reflect the current opinions of BXMT as of the date appearing in this document only and are based on the BXMT's opinions of the current\nmarket environment, which is subject to change. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do\nnot imply, predict or guarantee, and are not necessarily indicative of, future events or results.\n",
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"text": "This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange\nAct of 1934, as amended, which reflect BXMT\u2019s current views with respect to, among other things, its operations and financial performance, its business plans and the impact of\nthe current macroeconomic environment, including interest rate changes. You can identify these forward-looking statements by the use of words such as \u201coutlook,\u201d \u201cobjective,\u201d\n\u201cindicator,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cpotential,\u201d \u201ccontinues,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cseeks,\u201d \u201cpredicts,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201canticipates\u201d or the negative\nversion of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important\nfactors that could cause actual outcomes or results to differ materially from those indicated in these statements. BXMT believes these factors include but are not limited to those\ndescribed under the section entitled \u201cRisk Factors\u201d in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to\ntime in its periodic filings with the Securities and Exchange Commission (\u201cSEC\u201d) which are accessible on the SEC\u2019s website at www.sec.gov. These factors should not be construed\nas exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in the filings. BXMT assumes no obligation to\nupdate or supplement forward-looking statements that become untrue because of subsequent events or circumstances.\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "Blackstone | 17\n",
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