{
 "markdown": "INVESTMENT ACTIVITY\n\n\n- Investment activity of $0.5B<sup>(b)</sup> 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<sup>(e)</sup>\n- Over $1.0B of new investments closed or in closing<sup>(g)</sup> subsequent to quarter-end\n\n\n**Investment Activity<sup>(b)</sup>**   **Q1 2026 Investment Highlights**\n\n\n<figure type=\"CHART\">\n\n<description>A pie chart titled '$0.5B investments' illustrating the distribution of investment portfolios. The chart is divided into six segments, with a legend indicating these represent a 'Loan Portfolio'.</description><table><thead><tr><th>Category</th><th>Percentage</th></tr></thead><tbody><tr><td>Net Lease</td><td>36%</td></tr><tr><td>Industrial</td><td>29%</td></tr><tr><td>UK Bank Loan Portfolio SRT</td><td>12%</td></tr><tr><td>Retail</td><td>8%</td></tr><tr><td>Condo</td><td>8%</td></tr><tr><td>Data Center</td><td>5%</td></tr><tr><td>US Office</td><td>2%</td></tr></tbody></table></figure>\n\n# 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<sup>(h)(i)</sup>\n+9.3% avg. levered loan spread over\n+9.3% avg. levered loan spread over\nbase rates<sup>(h)(j)</sup>\n [x] +9.3% avg. levered loan spread over\n\n\nBlackstone Mortgage Trust, Inc.\n\n\nBlackstone | 4\n\n<!-- doc_id=parse-01m3d4j4rn25br8vyaq739spn2 -->",
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