{
 "markdown": "Q1 RESULTS\n\n\nEarnings\n- Q1 GAAP net loss per share of $(0.04), Distributable Earnings<sup>(1)</sup> per share of $0.21, and Distributable EPS prior to\nrealized gains and losses<sup>(1)</sup> 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<sup>(a)</sup>\n\n\nInvestments\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<sup>(e)</sup>\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\n\nPortfolio\n- Investment portfolio of $19.7B<sup>(f)</sup>\n- Loan portfolio is 98%<sup>(c)(d)</sup> 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\n\nCapitalization\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\n\n(1) See Appendix for definition and reconciliation to GAAP net (loss) income.\n\n\nBlackstone Mortgage Trust, Inc.\n\n\nBlackstone\n\n\n2\n\n<!-- doc_id=parse-01m3d4hw150tj80g795a4bgny5 -->",
 "structure": {
  "type": "document",
  "markdown": null,
  "children": [
   {
    "type": "page",
    "page": null,
    "span": null,
    "width": null,
    "height": null,
    "dpi": null,
    "grounding": {
     "page": 1,
     "range": {
      "start": 0,
      "end": 1929
     },
     "box": {
      "xmin": 0.0,
      "ymin": 0.0,
      "xmax": 1.0,
      "ymax": 1.0
     }
    },
    "markdown": null,
    "status": "ok",
    "reason": null,
    "children": [
     {
      "type": "text",
      "id": "text-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 0,
        "end": 11
       },
       "box": {
        "xmin": 0.04525,
        "ymin": 0.04335,
        "xmax": 0.14964,
        "ymax": 0.07625
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 0,
         "end": 11
        },
        "box": {
         "xmin": 0.04868,
         "ymin": 0.05028,
         "xmax": 0.14392,
         "ymax": 0.07195
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-1",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 13,
        "end": 461
       },
       "box": {
        "xmin": 0.0431,
        "ymin": 0.10932,
        "xmax": 0.95853,
        "ymax": 0.28093
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 13,
         "end": 22
        },
        "box": {
         "xmin": 0.04728,
         "ymin": 0.11577,
         "xmax": 0.18737,
         "ymax": 0.27677
        }
       },
       {
        "page": 1,
        "range": {
         "start": 22,
         "end": 151
        },
        "box": {
         "xmin": 0.2048,
         "ymin": 0.12642,
         "xmax": 0.93787,
         "ymax": 0.15282
        }
       },
       {
        "page": 1,
        "range": {
         "start": 151,
         "end": 200
        },
        "box": {
         "xmin": 0.2235,
         "ymin": 0.15254,
         "xmax": 0.4534,
         "ymax": 0.17451
        }
       },
       {
        "page": 1,
        "range": {
         "start": 200,
         "end": 312
        },
        "box": {
         "xmin": 0.20629,
         "ymin": 0.18301,
         "xmax": 0.93086,
         "ymax": 0.20661
        }
       },
       {
        "page": 1,
        "range": {
         "start": 312,
         "end": 363
        },
        "box": {
         "xmin": 0.22532,
         "ymin": 0.20661,
         "xmax": 0.55761,
         "ymax": 0.22914
        }
       },
       {
        "page": 1,
        "range": {
         "start": 363,
         "end": 461
        },
        "box": {
         "xmin": 0.20689,
         "ymin": 0.23553,
         "xmax": 0.75615,
         "ymax": 0.26228
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-2",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 463,
        "end": 922
       },
       "box": {
        "xmin": 0.04327,
        "ymin": 0.28707,
        "xmax": 0.95708,
        "ymax": 0.46561
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 463,
         "end": 475
        },
        "box": {
         "xmin": 0.04785,
         "ymin": 0.29215,
         "xmax": 0.18675,
         "ymax": 0.45865
        }
       },
       {
        "page": 1,
        "range": {
         "start": 475,
         "end": 589
        },
        "box": {
         "xmin": 0.20506,
         "ymin": 0.29245,
         "xmax": 0.95639,
         "ymax": 0.33344
        }
       },
       {
        "page": 1,
        "range": {
         "start": 589,
         "end": 701
        },
        "box": {
         "xmin": 0.21953,
         "ymin": 0.33549,
         "xmax": 0.9519,
         "ymax": 0.36146
        }
       },
       {
        "page": 1,
        "range": {
         "start": 701,
         "end": 750
        },
        "box": {
         "xmin": 0.24299,
         "ymin": 0.36059,
         "xmax": 0.51015,
         "ymax": 0.38599
        }
       },
       {
        "page": 1,
        "range": {
         "start": 750,
         "end": 854
        },
        "box": {
         "xmin": 0.22151,
         "ymin": 0.38585,
         "xmax": 0.91238,
         "ymax": 0.41715
        }
       },
       {
        "page": 1,
        "range": {
         "start": 854,
         "end": 922
        },
        "box": {
         "xmin": 0.20102,
         "ymin": 0.41795,
         "xmax": 0.65288,
         "ymax": 0.45101
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-3",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 924,
        "end": 1364
       },
       "box": {
        "xmin": 0.04461,
        "ymin": 0.46953,
        "xmax": 0.95424,
        "ymax": 0.6655
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 924,
         "end": 934
        },
        "box": {
         "xmin": 0.04722,
         "ymin": 0.47246,
         "xmax": 0.18766,
         "ymax": 0.66167
        }
       },
       {
        "page": 1,
        "range": {
         "start": 934,
         "end": 981
        },
        "box": {
         "xmin": 0.20978,
         "ymin": 0.47141,
         "xmax": 0.94769,
         "ymax": 0.51454
        }
       },
       {
        "page": 1,
        "range": {
         "start": 981,
         "end": 1105
        },
        "box": {
         "xmin": 0.20554,
         "ymin": 0.51515,
         "xmax": 0.94418,
         "ymax": 0.54404
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1105,
         "end": 1220
        },
        "box": {
         "xmin": 0.20616,
         "ymin": 0.54809,
         "xmax": 0.94688,
         "ymax": 0.5752
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1220,
         "end": 1240
        },
        "box": {
         "xmin": 0.2259,
         "ymin": 0.57446,
         "xmax": 0.35627,
         "ymax": 0.59752
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1240,
         "end": 1350
        },
        "box": {
         "xmin": 0.20817,
         "ymin": 0.60434,
         "xmax": 0.92708,
         "ymax": 0.62951
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1350,
         "end": 1364
        },
        "box": {
         "xmin": 0.22621,
         "ymin": 0.62851,
         "xmax": 0.3155,
         "ymax": 0.6506
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-4",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 1366,
        "end": 1796
       },
       "box": {
        "xmin": 0.04468,
        "ymin": 0.67026,
        "xmax": 0.95353,
        "ymax": 0.84285
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 1366,
         "end": 1381
        },
        "box": {
         "xmin": 0.07105,
         "ymin": 0.73394,
         "xmax": 0.16551,
         "ymax": 0.75712
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1381,
         "end": 1395
        },
        "box": {
         "xmin": 0.0734,
         "ymin": 0.75709,
         "xmax": 0.16274,
         "ymax": 0.77974
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1395,
         "end": 1512
        },
        "box": {
         "xmin": 0.20566,
         "ymin": 0.68664,
         "xmax": 0.93926,
         "ymax": 0.71165
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1512,
         "end": 1576
        },
        "box": {
         "xmin": 0.22642,
         "ymin": 0.71142,
         "xmax": 0.63485,
         "ymax": 0.73379
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1576,
         "end": 1683
        },
        "box": {
         "xmin": 0.20759,
         "ymin": 0.74167,
         "xmax": 0.8887,
         "ymax": 0.76722
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1683,
         "end": 1754
        },
        "box": {
         "xmin": 0.20661,
         "ymin": 0.7745,
         "xmax": 0.67849,
         "ymax": 0.79986
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1754,
         "end": 1796
        },
        "box": {
         "xmin": 0.20771,
         "ymin": 0.80673,
         "xmax": 0.48282,
         "ymax": 0.83124
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-5",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 1798,
        "end": 1876
       },
       "box": {
        "xmin": 0.04428,
        "ymin": 0.88209,
        "xmax": 0.40252,
        "ymax": 0.91121
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 1798,
         "end": 1876
        },
        "box": {
         "xmin": 0.04762,
         "ymin": 0.88561,
         "xmax": 0.40037,
         "ymax": 0.90746
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "marginalia",
      "id": "marginalia-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 1878,
        "end": 1910
       },
       "box": {
        "xmin": 0.04439,
        "ymin": 0.92313,
        "xmax": 0.22046,
        "ymax": 0.94978
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 1878,
         "end": 1910
        },
        "box": {
         "xmin": 0.04851,
         "ymin": 0.92692,
         "xmax": 0.21452,
         "ymax": 0.9445
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "marginalia",
      "id": "marginalia-1",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 1912,
        "end": 1923
       },
       "box": {
        "xmin": 0.85466,
        "ymin": 0.9209,
        "xmax": 0.92874,
        "ymax": 0.94669
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 1912,
         "end": 1923
        },
        "box": {
         "xmin": 0.85941,
         "ymin": 0.92631,
         "xmax": 0.924,
         "ymax": 0.94183
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "marginalia",
      "id": "marginalia-2",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 1925,
        "end": 1927
       },
       "box": {
        "xmin": 0.93831,
        "ymin": 0.92192,
        "xmax": 0.95517,
        "ymax": 0.94608
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 1925,
         "end": 1927
        },
        "box": {
         "xmin": 0.94249,
         "ymin": 0.92604,
         "xmax": 0.95083,
         "ymax": 0.93954
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     }
    ]
   }
  ]
 },
 "grounding": null,
 "metadata": {
  "req_id": null,
  "job_id": "parse-01m3d4hw150tj80g795a4bgny5",
  "model_version": "dpt-3-pro-20260710",
  "page_count": 1,
  "markdown_chars": null,
  "output_markdown_chars": 1976,
  "range_units": "unicode_codepoints",
  "openapi_spec": "https://api.ade.landing.ai/openapi.json",
  "failed_pages": [],
  "duration_ms": 7464,
  "billing": {
   "service_tier": "standard",
   "total_credits": 1.0
  }
 }
}