{
 "markdown": "INVESTMENT PORTFOLIO OVERVIEW<sup>(f)</sup>\n\n\n- Investment portfolio of $19.7B, benefiting from diversification and duration with increasing capital allocation\ntowards complementary real estate credit strategies\n\n\n**Investment Portfolio by Type**<sup>(k)</sup>\n\n\n**Investment Portfolio by Geography**\n\n\n<figure type=\"CHART\">$19.7B investment portfolio \n\n<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.</description><table><thead><tr><th>Asset Type (Left Chart)</th><th>Percentage</th><th>Geography (Right Chart)</th><th>Percentage</th></tr></thead><tbody><tr><td>Industrial</td><td>23%</td><td>US</td><td>58%</td></tr><tr><td>Multifamily</td><td>22%</td><td>UK</td><td>18%</td></tr><tr><td>US Office</td><td>17%</td><td>Other Europe</td><td>15%</td></tr><tr><td>Hospitality</td><td>9%</td><td>Australia</td><td>6%</td></tr><tr><td>Owned Real Estate</td><td>7%</td><td>Other</td><td>3%</td></tr><tr><td>Non-US Office</td><td>6%</td><td>-</td><td>-</td></tr><tr><td>Net Lease</td><td>3%</td><td>-</td><td>-</td></tr><tr><td>Bank Loan Portfolios</td><td>3%</td><td>-</td><td>-</td></tr><tr><td>Other Loans</td><td>3%</td><td>-</td><td>-</td></tr><tr><td>Self-Storage</td><td>3%</td><td>-</td><td>-</td></tr><tr><td>Retail</td><td>3%</td><td>-</td><td>-</td></tr><tr><td>Life Sciences / Studio</td><td>1%</td><td>-</td><td>-</td></tr></tbody></table></figure>\n\nBlackstone Mortgage Trust, Inc.\n\n\nBlackstone\n\n\n5\n\n<!-- doc_id=parse-01m3d4j4nry96y8bps2ma3h6y4 -->",
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