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        "text": "Blackstone Mortgage Trust, Inc. ",
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        "text": "Mortgage Trust, Inc.",
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        "text": "Q2 2026 Company Presentation",
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        "text": "JULY 2026",
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        "text": "Blackstone  |",
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        "text": "Blackstone Mortgage Trust, Inc. ",
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        "text": "BLACKSTONE MORTGAGE TRUST OVERVIEW",
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        "text": "\u25aa",
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        "text": "Blackstone Mortgage Trust (BXMT) is a publicly traded commercial mortgage REIT focused on real estate credit ",
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        "text": "investments in North America, Europe, and Australia",
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        "text": "Note: The information in this presentation is as of June 30, 2026, and all averages are weighted averages, unless otherwise stated. Opinions expressed reflect the current opinions of BXMT as of the date ",
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        "text": "indicated only and are based on BXMT's opinions of the current market environment, which is subject to change. Estimates, tar",
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        "text": "gets, forecasts, or similar predictions or returns are necessarily speculative, ",
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        "text": "hypothetical, 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 ",
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        "text": "herein 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 ",
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        "text": "have been based. BXMT's manager is a subsidiary of Blackstone. ",
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        "text": "Preeminent Sponsorship",
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        "text": "BXMT is managed by Blackstone, the largest owner of commercial real ",
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        "text": "estate globally with over $600B of TEV, (a)  providing full access to the data ",
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        "text": "and resources of the Blackstone Real Estate platform",
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        "text": "investments across sectors and markets, largely focused on institutional ",
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        "text": "floating-rate, senior secured loans ",
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        "text": "Secure Balance Sheet",
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        "text": "term-matched financings, substantial liquidity, and no capital markets",
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        "text": "mark-to-market provisions (b)",
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        "text": "Blackstone  |",
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        "text": "Blackstone Mortgage Trust, Inc. ",
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        "text": "BLACKSTONE OVERVIEW ",
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        "text": "(c)",
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        "text": "Note: All data as of June 30, 2026, unless otherwise indicated. ",
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        "text": "Past performance does not predict future returns. ",
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        "text": "presentations 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. ",
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        "text": "'Delivering compelling ",
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        "text": "at discounts to par, leveraging the scale of our ",
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        "text": "contractual rent increases",
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  {
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        "text": "Blackstone  |",
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        "text": "Blackstone Mortgage Trust, Inc. ",
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        "text": "BXMT LENDING STRATEGY",
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        "text": "\u25aa",
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        "text": "Institutional Quality",
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        "text": "commercial real estate properties ",
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        "text": "with hard asset value ",
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        "text": "Protections",
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        "text": "Loans generally include performance ",
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        "text": "tests, cash sweeps, guarantees or ",
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        "text": "other structural enhancements",
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        "text": "Stringent Underwriting & ",
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        "text": "borrowers who can support assets ",
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        "text": "through periods of volatility",
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        "text": "Blackstone  |",
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        "text": "Blackstone Mortgage Trust, Inc. ",
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        "text": "BXMT TARGET LOAN INVESTMENTS",
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        "text": "Fees",
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        "text": "Prepayment",
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        "text": "$50M to $500M+",
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        "text": "First mortgages on stabilized or value-add assets",
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        "text": "All commercial property types",
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        "text": "North America, Western Europe and Australia",
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        "text": "Last dollar 50% to 75%",
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        "text": "SOFR + 2.25% and higher, scaled to risk",
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      {
        "text": "11%",
        "box": [
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      {
        "text": "Midwest",
        "box": [
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      {
        "text": "3%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Northwest",
        "box": [
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        "from_ocr": false,
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      {
        "text": "3%",
        "box": [
          473.69,
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        "from_ocr": false,
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      {
        "text": "UK",
        "box": [
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        "from_ocr": false,
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      {
        "text": "17%",
        "box": [
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          459.48,
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        "from_ocr": false,
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      {
        "text": "Other Europe",
        "box": [
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          254.26809904153356
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "19%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Australia",
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      {
        "text": "7%",
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        "from_ocr": false,
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      {
        "text": "Canada",
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        "from_ocr": false,
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      {
        "text": "2%",
        "box": [
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      {
        "text": "LOAN PORTFOLIO OVERVIEW (l)",
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          31.106334824281134
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          36.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "133 loans secured by institutional-quality real estate and diversified across sectors and markets",
        "box": [
          54.0,
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        "from_ocr": false,
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        "text": "8",
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        "from_ocr": false,
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      {
        "text": "Collateral Diversification (k)",
        "box": [
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          232.34336,
          146.22176671755722
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        "from_ocr": false,
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      {
        "text": "Geographic Distribution (k)(m)",
        "box": [
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          576.0685599999998,
          146.22176671755722
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "45% ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "International",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Industrial",
        "box": [
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          305.83599999999996,
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        "from_ocr": false,
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      {
        "text": "26%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
          251.95,
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        "confidence": 1.0
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      {
        "text": "25%",
        "box": [
          251.95,
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          266.71,
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        "from_ocr": false,
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        "text": "US Office",
        "box": [
          91.056,
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          128.56799999999998,
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      {
        "text": "18%",
        "box": [
          91.056,
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      {
        "text": "Non-US Office",
        "box": [
          29.208,
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      {
        "text": "7%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Hospitality",
        "box": [
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      {
        "text": "10%",
        "box": [
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        "from_ocr": false,
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        "text": "Retail",
        "box": [
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      {
        "text": "5%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Self-Storage",
        "box": [
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        "from_ocr": false,
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      {
        "text": "3%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Life Sciences / Studio",
        "box": [
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      {
        "text": "2%",
        "box": [
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      {
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        "box": [
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      {
        "text": "4%",
        "box": [
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        "from_ocr": false,
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  {
    "page_no": 10,
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    "cells": [
      {
        "text": "Blackstone  |",
        "box": [
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
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      {
        "text": "$1.8 ",
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      {
        "text": "$4.6 ",
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      {
        "text": "$0.6 ",
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        "text": "$4.5 ",
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        "text": "$0.7 ",
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      {
        "text": "$0.5 ",
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      {
        "text": "12/31/2019",
        "box": [
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      {
        "text": "6/30/2026",
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        "text": "Residential",
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      {
        "text": "Industrial",
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      {
        "text": "Net Lease JV",
        "box": [
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      {
        "text": "Bank Loan JV",
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      {
        "text": "$9.9 ",
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      {
        "text": "$4.9 ",
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      {
        "text": "12/31/2019",
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      {
        "text": "6/30/2026",
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      {
        "text": "INVESTMENT PORTFOLIO EVOLUTION (n)",
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        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          36.0,
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      {
        "text": "BXMT has repositioned its portfolio to reduce legacy office exposure and increase investment in diversified,         ",
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      {
        "text": "high-conviction investment themes, which now represent ~50% of the investment portfolio",
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      {
        "text": "9",
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        "text": "Target Investments",
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      {
        "text": "($ in billions)",
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        "from_ocr": false,
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      {
        "text": "Office Exposure",
        "box": [
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      {
        "text": "($ in billions)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "50% ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "reduction",
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      {
        "text": "$2.4",
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      {
        "text": "$10.2",
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      {
        "text": "~4.2x ",
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        "text": "increase",
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      {
        "text": "(o)",
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        "text": "Note: Totals may not sum due to rounding.",
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  {
    "page_no": 11,
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      {
        "text": "Blackstone  |",
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        "text": "Blackstone Mortgage Trust, Inc. ",
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      {
        "text": "BXMT SAMPLE TRANSACTIONS (p)",
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        "text": "10",
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      {
        "text": "Virginia Data Center (Risk Rated 3)",
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        "text": "\u25aa",
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      {
        "text": "$405M ($26M retained net of syndication), 64% LTV (q)  fixed-rate mezzanine loan ",
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        "text": "originated in Q1 2026",
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        "text": "44MW turnkey data center 100% leased to an investment grade tenant ",
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        "text": "Located in Northern Virginia, one of the strongest data center markets in the country",
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        "text": "Final maturity of January 2031",
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        "text": "Diversified US Industrial (Risk Rated 3)",
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        "text": "$134M, 70% LTV (q)  floating-rate first mortgage loan originated in Q1 2026 ",
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        "text": "\u25aa",
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      {
        "text": "24-asset industrial portfolio totaling 1.7M SF across infill locations",
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        "text": "\u25aa",
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        "text": "Highly diversified portfolio located in 8 distinct MSAs leased to a granular rent roll ",
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        "text": "Final maturity of February 2031",
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  {
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        "text": "Blackstone  |",
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        "text": "Blackstone Mortgage Trust, Inc. ",
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        "text": "CASE STUDY: BANK LOAN PORTFOLIO ACQUISITIONS (p)",
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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 ",
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        "text": "from a U.S. bank; diversified across 425 primarily fixed rate loans backed by stabilized net lease properties",
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        "text": "In 2025, BXMT participated in $2.0B (r)  of bank loan portfolio acquisitions purchased at discounts, demonstrating the ",
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        "text": "company's differentiated access to high",
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        "text": "-quality investments",
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        "text": "100% performing senior loans acquired at a discount",
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        "text": "52% LTV (t)",
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        "text": "Granular portfolio of essential-use retail and",
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      {
        "text": "service-oriented assets ($1.4M avg. loan size)",
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        "text": "TX",
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        "text": "36%",
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        "text": "OH",
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        "text": "8%",
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        "text": "7%",
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        "text": "Other (31)",
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        "text": "5%",
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      {
        "text": "Investment Highlights (s)",
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  {
    "page_no": 13,
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        "text": "Blackstone  |",
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        "text": "Blackstone Mortgage Trust, Inc. ",
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        "text": "Early Childhood ",
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        "text": "18%",
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        "text": "Quick Service ",
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        "text": "Restaurant",
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        "text": "15%",
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        "text": "14%",
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        "text": "Medical / ",
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        "text": "Dental",
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      {
        "text": "12%",
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        "text": "Pet Care",
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        "text": "11%",
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        "text": "12%",
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      {
        "text": "~3.0x",
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      {
        "text": "rent coverage",
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        "text": "NET LEASE INVESTMENT STRATEGY ",
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        "text": "In Q4 2024, BXMT entered into a Net Lease JV focused on acquiring well-located net lease properties with strong ",
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        "text": "in-place cash flow coverage and tenants in the essential-use and service retail sectors",
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      {
        "text": "-rate lending model with long-duration, fixed-rate cash flows, and ",
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        "text": "further positions the company to capture relative value across real estate credit markets",
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        "text": "(based on annualized base rent)",
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        "text": "Key Metrics",
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        "text": "15 yr+",
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        "text": "~2%",
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        "text": "W.A. annual rent escalators",
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        "text": "12",
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        "text": "306",
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      {
        "text": "# of properties",
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      {
        "text": "$661M",
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        "text": "portfolio size at BXMT share",
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  {
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        "text": "Blackstone  |",
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        "text": "Blackstone Mortgage Trust, Inc. ",
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      {
        "text": "$9.0B+",
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        "text": "Available credit facility capacity ",
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        "text": "across 16 counterparties",
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        "text": "$7.0B+",
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        "text": "Total securitized debt transactions ",
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        "text": "since inception",
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        "text": "Financings",
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        "text": "Term Loan",
        "box": [
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        "text": "B",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Credit",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Facilities",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Secured",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Notes",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Equity",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Securitized",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Debt",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Obligations",
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      {
        "text": "ROBUST CAPITALIZATION",
        "box": [
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          174.16559999999996,
          31.106334824281134
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          36.0,
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          42.5952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's scale and strong track record afford consistent access to a wide variety of asset",
        "box": [
          54.0,
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          67.45079872204474
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-level and corporate capital ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "options, supporting efficient execution and balance sheet stability throughout market environments",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "13",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$12.5B+",
        "box": [
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          611.5436480000002,
          194.6526226198083
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total corporate capital transactions ",
        "box": [
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          674.2471520000006,
          208.53296447284345
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        "from_ocr": false,
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      {
        "text": "since inception",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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  },
  {
    "page_no": 15,
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      {
        "text": "Blackstone  |",
        "box": [
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          666.589216,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "ROBUST CAPITALIZATION",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u25aa",
        "box": [
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        "from_ocr": false,
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      {
        "text": "BXMT's capital structure prioritizes risk management and balance sheet stability",
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      {
        "text": "1.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "No capital markets and limited credit mark-to-market provisions (b)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Prioritize lower cost over incremental leverage to optimize current income",
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      {
        "text": "3.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Term-matched: debt maturities correspond to contractual asset repayments",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4.",
        "box": [
          60.0,
          322.153,
          78.747,
          341.00889776357826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Index-matched: eliminate interest rate risk",
        "box": [
          96.384,
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          368.3687600000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5.",
        "box": [
          60.0,
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          78.75578399999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Currency-matched: hedge foreign currency exposure",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "14",
        "box": [
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        "confidence": 1.0
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  {
    "page_no": 16,
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      {
        "text": "Blackstone  |",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a.",
        "box": [
          36.0,
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          42.9426,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026.",
        "box": [
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      {
        "text": "b.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  majority  of  BXMT's  master  repurchase  agreements  and  secured  credit  facilities  are  non-mark-to-market,  which  means  the  margin  call  provisions  only  permit  valuation ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustments if the loan or collateral pledged or sold by us becomes defaulted, and the margin call provisions for the remainder are limited to collateral-specific credit marks ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally determined on a commercially reasonable basis.",
        "box": [
          54.0,
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          258.0326,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "c.",
        "box": [
          36.0,
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          42.7026,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Based on Blackstone analysis of company earnings presentations and calls, as of June 30, 2026 or latest publicly available data.",
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          54.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "d.",
        "box": [
          36.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AUM is estimated and unaudited. The AUM for Blackstone, any specific fund, account or investment strategy or business unit presented in this presentation may differ from any ",
        "box": [
          54.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comparable AUM disclosure in other non-public or public sources (including public regulatory filings) due to, among other factors, different methods for reporting net asset value ",
        "box": [
          54.0,
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          686.3278,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and capital commitment, differences in categorizing certain funds and accounts within specific investment strategies, or regulatory requirements. AUM includes non-fee-paying ",
        "box": [
          54.0,
          122.15139999999997,
          686.3278,
          129.15501916932902
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets, including co-investments and ",
        "box": [
          54.0,
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          186.4478,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone's",
        "box": [
          187.1,
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          230.53819999999993,
          138.51501916932904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " GP and side by side commitments, as applicable. Private Wealth Channel AUM represents assets under management from the ",
        "box": [
          230.54,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "private wealth channel across Blackstone funds and thus overlaps with AUM reported for various business units. All figures are subject to change. Not all strategies have been in ",
        "box": [
          54.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "existence at Blackstone for the full 40-year investment record.",
        "box": [
          54.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "e.",
        "box": [
          36.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit & Insurance: Based on Blackstone Credit and Insurance analysis of company earnings presentations and calls, as of December 31, 2025  and latest publicly available data of ",
        "box": [
          54.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone  Credit  and  Insurance  peers.  Real  Estate:  Largest  owner  based  on  estimated  market  value  per  Real  Capital  Analytics.  Private  Equity:  Based  on  Private  Equity ",
        "box": [
          54.0,
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          686.3278,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "International, as of June 2025. Represents amount of capital raised from investors over a rolling five-year period. Multi-Asset Investing: With Intelligence FoHF Billion Dollar Club, ",
        "box": [
          54.0,
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          686.3278,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of June 2025, based on AUM. Includes AUM from ",
        "box": [
          54.0,
          191.63139999999999,
          234.6878,
          198.63501916932904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMA's",
        "box": [
          234.62,
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          259.49420000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " non-fund of fund platforms.",
        "box": [
          259.49,
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          359.4326,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "f.",
        "box": [
          36.0,
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          41.7426,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects percentage of loan commitments generated by repeat borrowers, inclusive of loan portfolios and other acquisitions from existing relationships, spanning BREDS-Related ",
        "box": [
          54.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity across the Blackstone Real Estate business.",
        "box": [
          54.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "g.",
        "box": [
          36.0,
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          42.831456,
          234.7588807667732
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes loan originations across BXMT and BREDS Drawdown Funds; excludes portfolio acquisitions.",
        "box": [
          54.0,
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          402.281408,
          234.7588807667732
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "h.",
        "box": [
          36.0,
          241.09139999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes initial outstanding principal balance of the Signature Loan Portfolio at a 100% share, in which Blackstone-advised investment vehicles formed a joint venture with a ",
        "box": [
          54.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partner and acquired a 20% equity stake in a $17B portfolio.",
        "box": [
          54.0,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "i.",
        "box": [
          36.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects, as of June 30, 2026, (i) BXMT's loan portfolio of $16.9B, which represents net book value less total loans receivable CECL reserves, (ii) ",
        "box": [
          54.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          561.82,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $0.7B share of the carrying ",
        "box": [
          586.66,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of investments held by BXMT's Net Lease Joint Venture, (iii) ",
        "box": [
          54.0,
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          294.8378,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          295.49,
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          320.3564,
          280.25501916932905
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $0.5B share of the fair value of loans held by BXMT's Bank Loan Portfolio Joint Venture, (iv) ",
        "box": [
          320.33,
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          658.4878,
          280.25501916932905
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          659.26,
          273.2514,
          684.1264,
          280.25501916932905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          683.98,
          273.2514,
          686.3278,
          280.25501916932905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.1B share of the fair value of the loans held by ",
        "box": [
          54.0,
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          231.20780000000002,
          289.6150191693291
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          231.5,
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          256.36640000000006,
          289.6150191693291
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Homebuilder Finance Joint Venture, (v) the $1.4B aggregate carrying value of BXMT's owned real estate assets, and (vi) ",
        "box": [
          256.25,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          54.0,
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          78.8664,
          298.9750191693291
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $66M fair value of investments in debt securities. ",
        "box": [
          78.864,
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          257.1578,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "j.",
        "box": [
          36.0,
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          41.7426,
          312.29501916932907
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment  types  that  represent  less  than  1%  of ",
        "box": [
          54.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          233.18,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Investment  Portfolio  are  included  in  Other  Investments  in  the  chart,  which  includes  the  Homebuilder  Finance  Joint ",
        "box": [
          258.05,
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          686.3278,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture and investment in debt securities.",
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      {
        "text": "k.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Assets in ",
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        "from_ocr": false,
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      {
        "text": "BXMT's",
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      {
        "text": " loan portfolio with multiple components are proportioned into the relevant collateral types and geographies based on their relative value.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "l.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Based on Net Loan Exposure.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "m.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Excludes one U.S. dollar-denominated loan (0.4% of portfolio) that is located in Bermuda and allocated to ",
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      {
        "text": "'Other",
        "box": [
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        "confidence": 1.0
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      {
        "text": " International.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "'",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes (i) BXMT's loan portfolio, which represents net book value less total loans receivable CECL reserves, (ii) ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " share of the carrying value of investments held by BXMT's ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease Joint Venture, (iii) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " share of the fair value of loans held by BXMT's Bank Loan Portfolio Joint Venture, (iv) ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " share of the fair value of the loans held by ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Homebuilder Finance Joint Venture, and (v) the carrying value of BXMT's owned real estate assets. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "o.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes (i) multifamily and condo loans, (ii) multifamily owned real estate assets, and (iii) BXMT's share of the fair value of loans held by BXMT's Homebuilder Finance JV.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "p.",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Summary information regarding specific investment and/or transactions are examples presented for illustrative purposes only. The results stated may not be representative of any ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "specific  investment,  all  investments  of  a  given  type,  or  of  investments  generally.  Actual  results  over  the  life  of  each  investment  could  differ  materially  from  the  results ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "presented.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "q.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects loan-to-value ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "('LTV')",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " as of the date investments were originated or acquired by BXMT.",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "r.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
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      {
        "text": " share represents $0.7B in OPB acquired by its Bank Loan Portfolio JV, including $0.4B acquired in Q2 2025 and $0.3B acquired in Q3 2025.",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "s.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects underlying portfolio at time of acquisition.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "t.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects weighted average LTV as of the date investments were originated prior to acquisition by BXMT.",
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      {
        "text": "ENDNOTES RELATING TO COMPANY PRESENTATION",
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      {
        "text": "15",
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  },
  {
    "page_no": 17,
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    "cells": [
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        "text": "Blackstone  |",
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
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      {
        "text": "BXMT Q2 2026 Earnings ",
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      {
        "text": "Release",
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        "text": "16",
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  {
    "page_no": 18,
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        "text": "Blackstone  |",
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
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      {
        "text": "BXMT HIGHLIGHTS",
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      {
        "text": "Note: The information in this presentation is as of June 30, 2026, and all averages are weighted averages, unless otherwise stated. Opinions expressed reflect the current opinions of BXMT as of the date ",
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      {
        "text": "indicated only and are based on BXMT's opinions of the current market environment, which is subject to change. Estimates, tar",
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      {
        "text": "gets, forecasts, or similar predictions or returns are necessarily speculative, ",
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      {
        "text": "hypothetical, 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 ",
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      {
        "text": "herein 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 ",
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        "from_ocr": false,
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      {
        "text": "have been based. BXMT's manager is a subsidiary of Blackstone. ",
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      {
        "text": "(1)",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See Appendix for definition and reconciliation to GAAP net (loss) income.",
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      {
        "text": "17",
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      {
        "text": "\u25aa",
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        "confidence": 1.0
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      {
        "text": "Q2 GAAP EPS of $(0.48), Distributable EPS (1)  of $0.31, and Distributable EPS prior to realized gains & losses (1)  of $0.48",
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        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Continued execution on portfolio turnover, with strong repayments and active capital deployment into ",
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      {
        "text": "high-",
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        "from_ocr": false,
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      {
        "text": "conviction investment themes accessible through Blackstone's proprietary sourcing channels",
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      {
        "text": "Earnings",
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      {
        "text": "Strong current income",
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      {
        "text": "Investments",
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        "text": "Differentiated global ",
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      {
        "text": "deployment channels",
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        "text": "Repayments",
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      {
        "text": "Active portfolio turnover",
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      {
        "text": "$1.2B",
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        "text": "loan repayments",
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        "text": "99%",
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      {
        "text": "of repayments ",
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        "text": "pre-2023 originations",
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        "text": "$0.48",
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        "text": "distributable EPS prior to ",
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        "text": "realized gains and losses (1)",
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        "text": "$0.47",
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        "text": "dividend per share",
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      {
        "text": "$1.4B",
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      {
        "text": "Q2 investments (a)  ",
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        "text": "75%+",
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      {
        "text": "residential, (b)  industrial, and net lease ",
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        "text": "properties",
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  {
    "page_no": 19,
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        "text": "Blackstone  |",
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
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      {
        "text": "Q2 RESULTS",
        "box": [
          36.0,
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          31.106334824281134
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
          36.0,
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          493.88786325878596
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "See Appendix for definition and reconciliation to GAAP net (loss) income. ",
        "box": [
          54.0,
          487.63848,
          287.98496,
          493.88786325878596
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "18",
        "box": [
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          683.8429199999998,
          515.34963514377
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25aa",
        "box": [
          151.15,
          64.18799999999999,
          156.64600000000002,
          71.33025583982203
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Q2 GAAP net loss per share of $(0.48), Distributable Earnings (1)  per share of $0.31, and Distributable EPS prior to ",
        "box": [
          164.83,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "realized gains and losses (1)  of $0.48",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          151.15,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value per share of $19.31, including $2.43 per share of CECL reserves and $0.76 per share of accumulated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depreciation and amortization of owned real estate and BXMT's share of the Net Lease JV",
        "box": [
          164.83,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          151.15,
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          156.64600000000002,
          131.350255839822
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Paid Q2 dividend of $0.47 per share",
        "box": [
          164.83,
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      {
        "text": "Earnings",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          153.48,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total Q2 investments of $1.4B, (a)  including $1.1B of loan originations and $0.1B of net lease acquisitions at ",
        "box": [
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      {
        "text": "BXMT share",
        "box": [
          167.16,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Established Homebuilder Finance JV, acquiring $0.1B of loans at BXMT share",
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        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          153.48,
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        "text": "Residential, (b)  industrial, and net lease assets accounted for 78% of Q2 investments and 80% of LTM investments",
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        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          153.48,
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      {
        "text": "Collected $1.2B of loan repayments in Q2, including $1.0B in Europe",
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      {
        "text": "Investments",
        "box": [
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        "confidence": 1.0
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        "text": "\u25aa",
        "box": [
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      {
        "text": "Investment portfolio of $19.7B; (c)  loan portfolio is 97% (d)(e)  performing, with more than half concentrated in ",
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      {
        "text": "residential and industrial sectors",
        "box": [
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      {
        "text": "\u25aa",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Resolved one impaired multifamily loan via transfer to owned real estate",
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        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "23% net reduction in the watchlist (one upgrade, three downgrades), and three new impaired loans, two of which ",
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      {
        "text": "are office ",
        "box": [
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        "confidence": 1.0
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        "text": "\u25aa",
        "box": [
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      {
        "text": "CECL reserves increased by $106M quarter over quarter to $410M, including $219M of asset-specific CECL reserves",
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      {
        "text": "Portfolio",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Stable, well-structured balance sheet with strong liquidity of $1.2B and ample financing capacity across 16 bank ",
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        "confidence": 1.0
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      {
        "text": "counterparties ",
        "box": [
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        "text": "\u25aa",
        "box": [
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      {
        "text": "Issued $0.5B of Senior Secured Notes due 2031 in Q2, further extending duration of liabilities ",
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        "text": "\u25aa",
        "box": [
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        "text": "Closed one new non-MTM facility in Q2; 88% non-MTM debt with no capital markets MTM provisions (f)",
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      {
        "text": "Capitalization ",
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      {
        "text": "and Liquidity",
        "box": [
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  {
    "page_no": 20,
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        "text": "Blackstone  |",
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
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      {
        "text": "EARNINGS",
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        "text": "\u25aa",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Q2 Distributable Earnings prior to realized gains and losses (1)  of $0.48 per share",
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        "text": "\u25aa",
        "box": [
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        "confidence": 1.0
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        "text": "Loan portfolio performance of 97% (d)(e)  benefiting from loan resolutions and new vintage investments",
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "See Appendix for definition and reconciliation to GAAP net (loss) income.",
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          54.0,
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      {
        "text": "19",
        "box": [
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      {
        "text": "96%",
        "box": [
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        "text": "99%",
        "box": [
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        "text": "98%",
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        "text": "97%",
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      {
        "text": "Q3 2025",
        "box": [
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      {
        "text": "Q4 2025",
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      {
        "text": "Q1 2026",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Q2 2026",
        "box": [
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      {
        "text": "Distributable Earnings Per Share",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Prior to Realized Gains and Losses (1)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan Portfolio Performance (d)(e)",
        "box": [
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      {
        "text": "$0.48 ",
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      {
        "text": "$0.51 ",
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      {
        "text": "$0.49 ",
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        "text": "$0.48 ",
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      {
        "text": "9/30/2025",
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        "from_ocr": false,
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      {
        "text": "12/31/2025",
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        "text": "3/31/2026",
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        "text": "6/30/2026",
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        "text": "$0.37",
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        "text": "$0.24",
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      {
        "text": "$(0.04)",
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        "text": "$0.24",
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      {
        "text": "$(2.07)",
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      {
        "text": "$(0.48)",
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        "text": "$0.31",
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  {
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        "text": "Blackstone  |",
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        "text": "Blackstone Mortgage Trust, Inc. ",
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        "text": "Multifamily",
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        "text": "30%",
        "box": [
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      {
        "text": "Industrial",
        "box": [
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        "text": "28%",
        "box": [
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      {
        "text": "Hospitality",
        "box": [
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        "text": "12%",
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        "text": "Retail",
        "box": [
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      {
        "text": "11%",
        "box": [
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      {
        "text": "Net Lease",
        "box": [
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        "text": "10%",
        "box": [
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        "text": "Homebuilder ",
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        "text": "Finance",
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        "text": "9%",
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      {
        "text": "INVESTMENT ACTIVITY",
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      {
        "text": "20",
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        "text": "\u25aa",
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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 ",
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        "text": "\u25aa",
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        "text": "Q2 investments",
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        "text": "Loan Portfolio",
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      {
        "text": "41%",
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        "text": "Multifamily",
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        "text": "23%",
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        "text": "7%",
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        "text": "6%",
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        "text": "12%",
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        "text": "4%",
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      {
        "text": "INVESTMENT PORTFOLIO OVERVIEW (c)",
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        "text": "Investment portfolio of $19.7B, benefiting from diversification and duration with increasing capital allocation ",
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        "text": "towards complementary real estate credit strategies",
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        "text": "Investment Portfolio by Geography (k)",
        "box": [
          383.81,
          145.30383999999998,
          650.9533599999999,
          159.09176671755722
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 23,
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    "cells": [
      {
        "text": "Blackstone  |",
        "box": [
          619.06,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          35.88,
          508.736832,
          156.39647999999997,
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        "from_ocr": false,
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      },
      {
        "text": "Sunbelt",
        "box": [
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          642.6408799999998,
          352.13986325878597
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "25%",
        "box": [
          619.13,
          354.05048,
          630.5060799999999,
          360.299863258786
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Northeast",
        "box": [
          632.52,
          415.16048,
          662.9769599999998,
          421.40986325878595
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "13%",
        "box": [
          632.52,
          423.302792,
          643.9104319999999,
          429.57372485623
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West",
        "box": [
          605.76,
          447.94248,
          620.9954399999999,
          454.19186325878593
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11%",
        "box": [
          605.76,
          456.10248,
          617.1360799999999,
          462.35186325878595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Midwest",
        "box": [
          572.74,
          455.50248,
          598.0465599999999,
          461.75186325878593
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          572.74,
          463.66248,
          580.51604,
          469.91186325878596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Northwest",
        "box": [
          532.34,
          453.72648,
          564.356,
          459.9758632587859
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          532.34,
          461.88648,
          540.11604,
          468.13586325878595
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UK",
        "box": [
          519.48,
          433.71048,
          528.04894,
          439.95986325878596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17%",
        "box": [
          519.48,
          441.87048,
          530.8560799999999,
          448.1198632587859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other ",
        "box": [
          503.42,
          362.19048,
          523.38128,
          368.439863258786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Europe",
        "box": [
          503.42,
          370.35047999999995,
          525.0795199999999,
          376.59986325878594
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19%",
        "box": [
          503.42,
          378.39048,
          514.79608,
          384.63986325878597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Australia",
        "box": [
          539.81,
          331.06048,
          567.3228799999999,
          337.309863258786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          539.81,
          339.22047999999995,
          547.5860399999999,
          345.46986325878595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Canada",
        "box": [
          580.18,
          327.13048,
          602.8974399999997,
          333.3798632587859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          580.18,
          335.29048,
          587.9560399999999,
          341.53986325878594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LOAN PORTFOLIO OVERVIEW (d)",
        "box": [
          36.0,
          20.527472000000103,
          204.915248,
          31.106334824281134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA, 2% ",
        "box": [
          59.712,
          176.21452,
          88.18776,
          183.43363514376995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45% ",
        "box": [
          473.06,
          397.43748,
          507.5080399999999,
          411.7679623003195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "International",
        "box": [
          473.06,
          414.63048000000003,
          513.5950400000002,
          420.8798632587859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AU, 7% ",
        "box": [
          349.34,
          434.04452000000003,
          376.12003999999996,
          441.26363514377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ES, 4%",
        "box": [
          61.008,
          474.17052,
          83.472,
          481.38963514376996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "IE, 6%",
        "box": [
          44.328,
          396.96452,
          65.23200000000001,
          404.18363514376995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UK, 17%",
        "box": [
          70.464,
          372.48452,
          98.92559999999997,
          379.70363514376993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SE, 3%",
        "box": [
          156.55,
          373.97452,
          179.02120000000002,
          381.19363514376994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "DEU, 2%",
        "box": [
          144.84,
          410.73452,
          173.66400000000002,
          417.95363514376993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "TX, 4%",
        "box": [
          213.46,
          306.29452000000003,
          236.99308000000005,
          313.51363514377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NY, 9%",
        "box": [
          389.95,
          216.17452000000003,
          414.07804,
          223.39363514376998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NV, 2% ",
        "box": [
          83.4,
          244.44452,
          110.06868,
          251.66363514376997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MA, 1% ",
        "box": [
          442.66,
          220.82452,
          469.77088000000003,
          228.04363514376996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "IL, 2%",
        "box": [
          291.43,
          236.85451999999998,
          312.10084,
          244.07363514376993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GA, 2%",
        "box": [
          335.42,
          298.56452,
          359.9259200000001,
          305.78363514376997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FL, 7% ",
        "box": [
          365.52,
          320.93452,
          390.63695999999993,
          328.15363514377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CA, 10% ",
        "box": [
          63.888,
          269.66452,
          94.3998,
          276.88363514376994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VA, 3%",
        "box": [
          369.29,
          260.49452,
          393.18572,
          267.71363514377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AZ, 2%",
        "box": [
          121.51,
          283.65452,
          145.05112000000003,
          290.87363514377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CO, 2%",
        "box": [
          162.7,
          247.58452,
          187.21396,
          254.80363514376995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HI, 2% ",
        "box": [
          74.568,
          321.07452,
          98.81904,
          328.29363514376996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Geographic Footprint (l)",
        "box": [
          37.344,
          113.28384,
          205.31987999999998,
          127.07176671755724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CAN, 2% ",
        "box": [
          339.7,
          166.68452000000002,
          371.1364,
          173.90363514376998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NL, 2%",
        "box": [
          101.86,
          397.44452,
          125.4112,
          404.66363514376997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25aa",
        "box": [
          36.0,
          54.557600000000036,
          42.5952,
          63.128307007786475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133 loans secured by institutional-quality assets and diversified across sectors and markets",
        "box": [
          54.0,
          56.81600000000003,
          541.8500000000005,
          67.59079872204478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25aa",
        "box": [
          36.0,
          73.99760000000003,
          42.5952,
          82.56830700778647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51% secured by multifamily and industrial assets",
        "box": [
          54.0,
          76.25600000000003,
          312.8760000000001,
          87.03079872204478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral Diversification (k)(m)",
        "box": [
          455.57,
          113.28384,
          669.9109599999998,
          127.07176671755724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA, 3%",
        "box": [
          62.88,
          174.67452000000003,
          88.9296,
          181.89363514376998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FR, 1%",
        "box": [
          105.46,
          454.92252,
          128.764,
          462.14163514377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51% ",
        "box": [
          644.78,
          210.11979199999996,
          679.237628,
          224.47182389776356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily ",
        "box": [
          644.78,
          227.36048,
          681.8907199999998,
          233.60986325878594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or Industrial",
        "box": [
          644.78,
          235.76047999999997,
          682.79552,
          242.0098632587859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          675.43,
          508.13052,
          683.8429199999998,
          515.34963514377
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          623.9,
          169.37048,
          653.2920799999999,
          175.61986325878593
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26%",
        "box": [
          623.9,
          177.53048,
          635.2760799999999,
          183.77986325878595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          623.78,
          263.36048,
          658.7679199999998,
          269.60986325878594
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          623.78,
          271.52047999999996,
          635.1560799999999,
          277.7698632587859
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "US Office",
        "box": [
          521.98,
          266.96047999999996,
          550.9475199999999,
          273.2098632587859
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18%",
        "box": [
          521.98,
          275.12048,
          533.3560799999999,
          281.3698632587859
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-US ",
        "box": [
          500.26,
          228.37048,
          524.77456,
          234.61986325878593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          500.26,
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          242.77986325878595
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          500.26,
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          508.03603999999996,
          250.81986325878592
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          494.47,
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          528.0032800000001,
          205.90986325878595
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10%",
        "box": [
          494.47,
          207.802792,
          505.8604320000001,
          214.07372485623
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail 5%",
        "box": [
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          181.18048,
          523.5860399999999,
          187.42986325878593
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Self-Storage 3%",
        "box": [
          493.99,
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          173.41986325878594
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        "from_ocr": false,
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      {
        "text": "Life Sciences / Studio 2%",
        "box": [
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          157.97986325878594
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other Property 4%",
        "box": [
          504.5,
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          561.35604,
          146.0098632587859
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 24,
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    "cells": [
      {
        "text": "Blackstone  |",
        "box": [
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
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      {
        "text": "55%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "22%",
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        "from_ocr": false,
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        "text": "17%",
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        "confidence": 1.0
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        "text": "6%",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Secured Debt Agreements",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Debt",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized Debt",
        "box": [
          102.0,
          446.64252,
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          453.86163514376994
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-Specific Debt",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CAPITALIZATION",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "23",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          36.0,
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          42.5952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Well-structured balance sheet with ample liquidity of $1.2B and debt-to-equity (n)  ratio of 3.9x",
        "box": [
          54.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          36.0,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88% non-MTM debt with no capital markets MTM provisions (f)",
        "box": [
          54.0,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issued $0.5B of Senior Secured Notes due 2031, further extending duration of liabilities",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Debt Maturities (o)",
        "box": [
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          565.8969599999998,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in billions)",
        "box": [
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          182.08256293929713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified Financing Sources",
        "box": [
          36.12,
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          167.01606033587785
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "(outstanding balance)",
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        "text": "$0.3",
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        "text": "$0.3",
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      {
        "text": "$0.5",
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      {
        "text": "$0.5",
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      {
        "text": "$0.4",
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      {
        "text": "$0.8",
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      {
        "text": "$0.7",
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      {
        "text": "2026",
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      {
        "text": "2027",
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      {
        "text": "2028",
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        "text": "2029",
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        "text": "2030",
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        "text": "2031",
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      {
        "text": "2032+",
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        "text": "Convertible Notes",
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        "text": "Senior Secured Notes",
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      {
        "text": "Term Loan B",
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        "text": "88% ",
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  {
    "page_no": 25,
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        "text": "Blackstone  |",
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        "text": "Blackstone Mortgage Trust, Inc. ",
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        "text": "I.",
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        "text": "Appendix",
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        "text": "24",
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  {
    "page_no": 26,
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        "text": "Blackstone  |",
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
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      {
        "text": "APPENDIX",
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        "text": "25",
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      {
        "text": "Loan Portfolio Details",
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          194.81279999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "($ in millions)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Property\u00a0  Type",
        "box": [
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        "text": "Location",
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        "text": "Origination ",
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        "text": "Date",
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        "text": "(p)",
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        "text": "Total",
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        "text": "(r)",
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        "text": "6/21/2030",
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        "text": "1/29/2027",
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      {
        "text": "10/9/2026",
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        "text": "6/14/2028",
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      {
        "text": "7/19/2030",
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      {
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      {
        "text": "CECL Reserve",
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      {
        "text": "(398)",
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      {
        "text": "$18,517",
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      {
        "text": "$17,409",
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      {
        "text": "$16,937",
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      {
        "text": "+3.13%",
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      {
        "text": "+3.35%",
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      {
        "text": "2.8 yrs",
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        "text": "65%",
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      {
        "text": "Total / Wtd. Avg.",
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  },
  {
    "page_no": 27,
    "width": 720.0,
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    "cells": [
      {
        "text": "Blackstone  |",
        "box": [
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
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      },
      {
        "text": "APPENDIX",
        "box": [
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          89.5992,
          31.106334824281134
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "26",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Balance Sheets",
        "box": [
          35.88,
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          242.66111999999998,
          70.09176671755722
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands, except per share data)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
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      {
        "text": "December 31, 2025",
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      {
        "text": "Assets",
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      {
        "text": "Cash and cash equivalents",
        "box": [
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      {
        "text": "$432,833",
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          130.82079429159523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$452,526",
        "box": [
          621.5394245669105,
          122.95448799541168,
          657.0021445789697,
          130.82079429159523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable",
        "box": [
          59.72741330338853,
          134.70547862581168,
          125.43156339120716,
          142.57178492199523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,334,730",
        "box": [
          478.4329010324885,
          134.70547862581168,
          521.6837529499213,
          142.57178492199523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,069,134",
        "box": [
          613.7231227305485,
          134.70547862581168,
          656.9739746479815,
          142.57178492199523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current expected credit loss reserve",
        "box": [
          59.72741353523111,
          146.4739558494116,
          203.17271382359792,
          154.34026214559515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(397,835)",
        "box": [
          487.6655802169711,
          146.4739558494116,
          524.9504953205012,
          154.34026214559515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(284,440)",
        "box": [
          622.9558019150312,
          146.4739558494116,
          660.2407170185612,
          154.34026214559515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "    Loans receivable, net",
        "box": [
          59.884788976149196,
          158.2249464798116,
          158.82647837666553,
          166.09125277599514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$16,936,895",
        "box": [
          468.9379305274892,
          158.2249464798116,
          521.5888561619814,
          166.09125277599514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$17,784,694",
        "box": [
          604.2281522255493,
          158.2249464798116,
          656.8790778600413,
          166.09125277599514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Owned real estate, net",
        "box": [
          59.72741400236118,
          170.18577622861164,
          150.7057604310161,
          178.0520825247952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                   1,296,989",
        "box": [
          396.47538989240115,
          170.18577622861164,
          521.7095631832387,
          178.0520825247952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                   1,134,975",
        "box": [
          531.7830977248412,
          170.18577622861164,
          656.9997848812991,
          178.0520825247952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in unconsolidated entities",
        "box": [
          59.72741423902663,
          182.19906575701157,
          211.22366303249865,
          190.06537205319518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "322,060",
        "box": [
          490.8655435123066,
          182.19906575701157,
          521.6939308157686,
          190.06537205319518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                      217,488",
        "box": [
          531.7306395583666,
          182.19906575701157,
          656.9841525138287,
          190.06537205319518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          59.727414470524714,
          193.95005638741162,
          108.20831672261227,
          201.81636268359517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "415,265",
        "box": [
          490.86554374380466,
          193.95005638741162,
          521.6939310472666,
          201.81636268359517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                      413,263",
        "box": [
          531.7306397898647,
          193.95005638741162,
          656.9841527453268,
          201.81636268359517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets",
        "box": [
          59.8847899114428,
          205.70104701781162,
          108.94388868293943,
          213.56735331399517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$19,404,042",
        "box": [
          468.9379314627828,
          205.70104701781162,
          521.5888570972751,
          213.56735331399517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$20,002,946",
        "box": [
          604.2281531608428,
          205.70104701781162,
          656.879078795335,
          213.56735331399517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities and Equity",
        "box": [
          59.88479014294089,
          217.45203764821161,
          146.07111390315995,
          225.31834394439517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured debt, net",
        "box": [
          59.727415165018975,
          229.2030282786116,
          130.35499622113915,
          237.06933457479516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$8,708,944",
        "box": [
          478.4329028941189,
          229.2030282786116,
          521.6837548115517,
          237.06933457479516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$10,117,292",
        "box": [
          609.106785115859,
          229.2030282786116,
          656.9919697418891,
          237.06933457479516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitized debt obligations, net",
        "box": [
          59.72741539651706,
          240.9540189090116,
          188.3498594600329,
          248.82032520519516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,732,964",
        "box": [
          483.049242601937,
          240.9540189090116,
          521.7095645773946,
          248.82032520519516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,139,719",
        "box": [
          618.3394642999971,
          240.9540189090116,
          656.999786275455,
          248.82032520519516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-specific debt, net",
        "box": [
          59.72741562835964,
          252.72249613261164,
          153.15871698784096,
          260.58880242879513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "971,305",
        "box": [
          490.8655449016396,
          252.72249613261164,
          521.6939322051015,
          260.58880242879513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "997,746",
        "box": [
          626.1557665996996,
          252.72249613261164,
          656.9841539031618,
          260.58880242879513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term loans, net",
        "box": [
          59.72741585985773,
          264.47348676301164,
          122.00618959784379,
          272.33979305919513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,878,562",
        "box": [
          483.04924306527766,
          264.47348676301164,
          521.7095650407354,
          272.33979305919513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,808,000",
        "box": [
          618.3394647633378,
          264.47348676301164,
          656.9997867387956,
          272.33979305919513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          59.72741609135581,
          276.22447739341163,
          160.0445123637998,
          284.0907836895951
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,217,499",
        "box": [
          483.0492432967757,
          276.22447739341163,
          521.7095652722334,
          284.0907836895951
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "784,876",
        "box": [
          626.1557670626959,
          276.22447739341163,
          656.9841543661579,
          284.0907836895951
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible notes, net",
        "box": [
          59.7274163228539,
          287.97546802381163,
          147.92866734768037,
          295.8417743199951
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "265,310",
        "box": [
          490.86554559613387,
          287.97546802381163,
          521.6939328995958,
          295.8417743199951
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,745",
        "box": [
          626.1557672941939,
          287.97546802381163,
          656.984154597656,
          295.8417743199951
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          59.72741655435198,
          299.7264586542116,
          121.15641661987316,
          307.5927649503951
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "364,871",
        "box": [
          490.86554582763193,
          299.7264586542116,
          521.6939331310939,
          307.5927649503951
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "386,178",
        "box": [
          626.155767525692,
          299.7264586542116,
          656.9841548291541,
          307.5927649503951
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          59.884791999403966,
          311.6872884030116,
          123.44260652274949,
          319.5535946991952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$16,139,455",
        "box": [
          468.93793355074394,
          311.6872884030116,
          521.5888591852363,
          319.5535946991952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$16,498,556",
        "box": [
          604.228155248804,
          311.6872884030116,
          656.8790808832961,
          319.5535946991952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments and contingencies",
        "box": [
          59.72741702664942,
          323.70057793141166,
          187.3599185645103,
          331.56688422759515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          59.88479246756751,
          335.45156856181165,
          85.95619931589101,
          343.31787485799515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A common stock, $0.01 par value",
        "box": [
          59.72741748969727,
          347.2051821811916,
          212.64287592171885,
          355.0714884773751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,685",
        "box": [
          495.48188623929724,
          347.2051821811916,
          521.719743600784,
          355.0714884773751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,683",
        "box": [
          630.7721079373572,
          347.2051821811916,
          657.0099652988442,
          355.0714884773751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          59.72741772119535,
          358.9561728115916,
          159.48383858087905,
          366.8224791077751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,440,390",
        "box": [
          483.0492449266153,
          358.9561728115916,
          521.709566902073,
          366.8224791077751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,430,542",
        "box": [
          618.3394666246754,
          358.9561728115916,
          656.9997886001332,
          366.8224791077751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated other comprehensive income",
        "box": [
          59.72741795303793,
          370.72465003519164,
          227.06274715698896,
          378.59095633137514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,234",
        "box": [
          495.48188670263795,
          370.72465003519164,
          521.7197440641247,
          378.59095633137514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,113",
        "box": [
          630.7721084006979,
          370.72465003519164,
          657.0099657621848,
          378.59095633137514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated deficit",
        "box": [
          59.727418188669915,
          382.6854797839916,
          139.11555256917012,
          390.55178608017513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,191,769)",
        "box": [
          479.8492828025499,
          382.6854797839916,
          524.948611471427,
          390.55178608017513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,945,428)",
        "box": [
          615.13950450061,
          382.6854797839916,
          660.238833169487,
          390.55178608017513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     Total Blackstone Mortgage Trust, Inc. stockholders' equity",
        "box": [
          59.88479363475537,
          394.6987693123916,
          312.1974900851923,
          402.56507560857517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3,261,540",
        "box": [
          474.07885869381533,
          394.6987693123916,
          521.5785789735722,
          402.56507560857517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3,498,910",
        "box": [
          609.3690803918755,
          394.6987693123916,
          656.8688006716322,
          402.56507560857517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests",
        "box": [
          59.72741865683345,
          406.4497599427916,
          157.2148562055027,
          414.3160662389751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,047",
        "box": [
          500.0982268827534,
          406.4497599427916,
          521.7017515356432,
          414.3160662389751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,480",
        "box": [
          635.3884485808136,
          406.4497599427916,
          656.9919732337033,
          414.3160662389751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Equity",
        "box": [
          59.88479410188543,
          418.4105896915916,
          109.62721603268369,
          426.2768959877751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3,264,587",
        "box": [
          474.0788591609454,
          418.4105896915916,
          521.5785794407022,
          426.2768959877751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3,504,390",
        "box": [
          609.3690808590056,
          418.4105896915916,
          656.8688011387624,
          426.2768959877751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities and Equity",
        "box": [
          59.884794338545724,
          430.42361692109364,
          169.72461207459077,
          438.28992321727713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$19,404,042",
        "box": [
          468.9379358898857,
          430.42361692109364,
          521.588861524378,
          438.28992321727713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$20,002,946",
        "box": [
          604.2281575879457,
          430.42361692109364,
          656.8790832224379,
          438.28992321727713
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 28,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "Blackstone  |",
        "box": [
          619.06,
          508.136832,
          666.589216,
          515.377496741214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          35.88,
          508.736832,
          156.39647999999997,
          515.977496741214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "APPENDIX",
        "box": [
          36.0,
          21.193520000000035,
          89.5992,
          31.106334824281134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          675.43,
          508.13052,
          683.8429199999998,
          515.34963514377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated Statements of Operations",
        "box": [
          35.88,
          56.96575999999999,
          317.70491999999996,
          70.09176671755722
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands, except per share data)",
        "box": [
          35.88,
          76.19948,
          212.78952000000007,
          85.14256293929714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "nice",
        "box": [
          42.087649843631276,
          100.16804269744028,
          56.65535873468272,
          107.33369962217517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          400.4365035214994,
          112.67076003566308,
          416.81836321618044,
          119.83641699855684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          476.28998109052344,
          112.6707584401592,
          492.67184078520444,
          119.83641540305302
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          561.7808644546996,
          112.67075664194198,
          578.1627241493806,
          119.83641360483574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          637.6170396793875,
          112.67075504680207,
          653.9988993740685,
          119.83641200969583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments",
        "box": [
          42.1914641795915,
          125.17348964328863,
          193.66916333254375,
          132.3391494477915
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest and related income",
        "box": [
          42.08765024873905,
          137.69395005638398,
          139.58463042502171,
          144.85960872545513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$309,748",
        "box": [
          410.29884006315507,
          137.69394369938937,
          441.80900452801774,
          144.85960098049225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$359,537",
        "box": [
          486.1523176321791,
          137.6939421038855,
          517.6624820970417,
          144.85959938498843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$615,305",
        "box": [
          571.6432009963552,
          137.6939403056682,
          603.1533654612177,
          144.85959758677114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$691,594",
        "box": [
          647.4793762210433,
          137.69393871052836,
          678.9895406859058,
          144.85959599163124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Interest and related expenses",
        "box": [
          42.087650383711164,
          150.19667442132004,
          165.68348675641624,
          157.36233363935514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227,182",
        "box": [
          414.39949580575916,
          150.1966686135077,
          441.7986232563883,
          157.36232580813896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "264,727",
        "box": [
          490.2529733747832,
          150.1966670180039,
          517.6521008254123,
          157.36232421263514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "447,918",
        "box": [
          575.7438567389593,
          150.1966652197866,
          603.1429841895882,
          157.3623224144178
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "506,960",
        "box": [
          651.5973343079833,
          150.1966636242828,
          678.9964617586123,
          157.362320818914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from loans and other investments, net",
        "box": [
          49.35463513980327,
          162.69939823085042,
          218.18745077898032,
          169.86505840040115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$82,566",
        "box": [
          411.4927020922833,
          162.69939352828112,
          441.7570977649538,
          169.86505078318055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$94,810",
        "box": [
          487.34617966130736,
          162.6993919327773,
          517.6105753339779,
          169.86504918767668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$167,387",
        "box": [
          568.2692441207793,
          162.69939013456008,
          603.1014586981538,
          169.86504748553904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$184,634",
        "box": [
          644.1054193454673,
          162.69938853942017,
          678.9376339228418,
          169.86504589039913
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from owned real estate",
        "box": [
          42.08765065365538,
          175.2021244553091,
          155.88084384279964,
          182.36778346715516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                    75,497",
        "box": [
          376.4554549468554,
          175.202118440871,
          441.8193863395357,
          182.36777643405486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                    38,812",
        "box": [
          452.2916301715434,
          175.2021168453672,
          517.6728639085596,
          182.36777483891495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                   150,091",
        "box": [
          536.0349767577834,
          175.20211504758663,
          603.1429844595324,
          182.3677730774554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                    75,845",
        "box": [
          613.6359911047435,
          175.20211345164603,
          679.0172248417597,
          182.36777144519385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenue",
        "box": [
          49.35463540974749,
          187.704850230923,
          114.91321817620772,
          194.87050822820117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$158,063",
        "box": [
          406.92488345752355,
          187.70484335608114,
          441.757098034898,
          194.8705007070601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$133,622",
        "box": [
          482.77836102654754,
          187.70484176057727,
          517.610575603922,
          194.87049911155623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$317,478",
        "box": [
          568.2692443907235,
          187.70483996235998,
          603.1014589680981,
          194.870497313339
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$260,479",
        "box": [
          644.1054196154116,
          187.70483836722008,
          678.937634192786,
          194.8704957181991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          42.191464989615596,
          200.20757596941542,
          75.71043163188784,
          207.3732332927715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management and incentive fees",
        "box": [
          42.08765105857171,
          212.7102992646469,
          152.6652035528704,
          219.87595820885508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$14,641",
        "box": [
          414.39949648061975,
          212.7102931830077,
          441.7986239312488,
          219.8759503776389
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$17,036",
        "box": [
          490.2529740496438,
          212.71029158750383,
          517.6521015002728,
          219.87594878213508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$29,454",
        "box": [
          575.7438574138198,
          212.71028978928655,
          603.1429848644487,
          219.87594698391786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$34,271",
        "box": [
          651.5973349828438,
          212.71028819378273,
          678.9964624334729,
          219.87594538841404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses",
        "box": [
          42.08765119373527,
          225.23075815198706,
          171.1181539223779,
          232.39641748433507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,918",
        "box": [
          418.5001522234153,
          225.23075245805092,
          441.8193868796156,
          232.39640956686566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,526",
        "box": [
          494.35362979243934,
          225.2307508625471,
          517.6728644486395,
          232.39640797136178
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,899",
        "box": [
          579.8445131566154,
          225.23074906432987,
          603.1637478128155,
          232.39640617314456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                    26,190",
        "box": [
          613.6359916448234,
          225.230747468826,
          679.0172253818396,
          232.39640546237376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses from owned real estate",
        "box": [
          42.08765132870737,
          237.73348334626485,
          157.78842798089562,
          244.89914239823509
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,440",
        "box": [
          418.5001523583874,
          237.73347737195093,
          441.8193870145877,
          244.89913448076567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,796",
        "box": [
          494.3536299274115,
          237.7334757764471,
          517.6728645836116,
          244.8991328852618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "163,415",
        "box": [
          575.7438576839555,
          237.73347397866655,
          603.1429851345845,
          244.89913117329786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                    94,098",
        "box": [
          613.6359917797955,
          237.733472382726,
          679.0172255168118,
          244.89913037627377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses",
        "box": [
          49.35463608479949,
          250.2362093925941,
          103.95045347997014,
          257.40186715928115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$110,999",
        "box": [
          406.9248841325755,
          250.23620228716112,
          441.75709870994996,
          257.4018596381401
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$78,358",
        "box": [
          487.34618060630356,
          250.23620069165725,
          517.610576278974,
          257.4018579465567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$221,768",
        "box": [
          568.2692450657755,
          250.23619889344002,
          603.1014596431501,
          257.40185624441904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$154,559",
        "box": [
          644.1054202904636,
          250.2361972983001,
          678.937634867838,
          257.40185464927913
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in current expected credit loss reserve",
        "box": [
          42.0876515986516,
          262.73893209988387,
          208.85716267576072,
          269.9045922260351
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($134,403)",
        "box": [
          407.4439545976277,
          262.73892713981036,
          444.6690833966711,
          269.90458454112195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($45,593)",
        "box": [
          487.3980877742836,
          262.7389255438698,
          520.5433237788982,
          269.90458285936484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($189,458)",
        "box": [
          568.7883155308277,
          262.7389237460893,
          606.013444329871,
          269.90458114740085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($95,098)",
        "box": [
          648.7424487074836,
          262.7389221501487,
          681.8876847120982,
          269.90457946564374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) from unconsolidated entities",
        "box": [
          42.0876517336237,
          275.24165739389883,
          190.78572926899753,
          282.4073171399351
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,570",
        "box": [
          422.60080837093574,
          275.2416521138693,
          441.8090060129024,
          282.40730913621235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,015)",
        "box": [
          495.5993991245197,
          275.24165045755143,
          520.5537053204719,
          282.40730760075826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,953",
        "box": [
          583.9451693041359,
          275.2416487201482,
          603.1533669461024,
          282.40730574249125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                     (2,889)",
        "box": [
          612.5459444915438,
          275.2416470638303,
          681.8980662536719,
          282.4073051409019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss on disposition of owned real estate",
        "box": [
          42.08765186859581,
          287.7443822268954,
          194.63204054986247,
          294.9100420538351
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          439.0034309364358,
          287.7443770266775,
          441.86091318088245,
          294.9100337050992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          514.8569085054598,
          287.74437543117364,
          517.7143907499066,
          294.91003210959536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(160)",
        "box": [
          588.04582504674,
          287.7443735735071,
          606.031612061368,
          294.91003057013796
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          676.2012694386599,
          287.74437203745254,
          679.0587516831065,
          294.91002871587426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income, net",
        "box": [
          42.087652003567925,
          300.2471090000997,
          106.23695882386096,
          307.41276696773514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          437.75766227921594,
          300.2471019410688,
          441.83755515100097,
          307.41275864520276
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "231",
        "box": [
          505.409828632976,
          300.24710034556495,
          517.6910327200251,
          307.41275722220547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          599.102023212416,
          300.2470985473477,
          603.1819160842011,
          307.41275525148166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "321",
        "box": [
          666.754189566176,
          300.2470969518439,
          679.0353936532251,
          307.41275382848437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loss) income before income taxes",
        "box": [
          49.35463675985148,
          312.76756680255914,
          176.26733254176773,
          319.9332260903612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($78,766)",
        "box": [
          408.6378168968915,
          312.76756115868267,
          444.58862803558867,
          319.93321853319026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$7,887",
        "box": [
          491.9140001860595,
          312.7675596227373,
          517.6105769540261,
          319.93321678155706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($83,948)",
        "box": [
          569.9821778300916,
          312.76755776496157,
          605.9329889687884,
          319.93321513946916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$8,254",
        "box": [
          653.2583611192596,
          312.7675562290162,
          678.9549378872262,
          319.93321338783596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax provision",
        "box": [
          42.08765227372273,
          325.272066455151,
          114.34224229821498,
          332.4377245932731
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,501",
        "box": [
          422.6008089110348,
          325.2720595672073,
          441.80900655300144,
          332.43771658955035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "903",
        "box": [
          505.4098289031308,
          325.272057971103,
          517.6910329901799,
          332.43771484774345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,659",
        "box": [
          583.9451698442349,
          325.2720561734862,
          603.1533674862015,
          332.43771319582925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,621",
        "box": [
          659.7986474132588,
          325.2720545779824,
          679.0068450552254,
          332.43771160032543
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income",
        "box": [
          42.19146647471084,
          337.77479156077345,
          105.22736743698229,
          344.9404495049895
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($81,267)",
        "box": [
          408.63781716685486,
          337.77478442264066,
          444.588628305552,
          344.94044179714825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,984",
        "box": [
          491.9140004560229,
          337.7747828866953,
          517.6105772239894,
          344.94044004551506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($87,607)",
        "box": [
          569.982178100055,
          337.77478102891956,
          605.9329892387518,
          344.94043840342715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,633",
        "box": [
          653.258361389223,
          337.7747794929742,
          678.9549381571895,
          344.94043665179396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss (income) attributable to non-controlling interests",
        "box": [
          42.087652543666955,
          350.27751353763983,
          244.85988171512477,
          357.4431744210731
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$45",
        "box": [
          429.55635160405103,
          350.2775093944068,
          441.8375556911001,
          357.4431662710473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($15)",
        "box": [
          502.55494235763496,
          350.2775077389624,
          520.5407293722632,
          357.4431647355932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$88",
        "box": [
          590.900712537251,
          350.2775060006857,
          603.1819166243001,
          357.44316287732624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($21)",
        "box": [
          663.899303290835,
          350.27750434524125,
          681.8850903054632,
          357.44316134187216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income attributable to Blackstone Mortageg Trust, Inc.",
        "box": [
          42.19146674465506,
          362.78023775086837,
          278.1712202829809,
          369.94589933278945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($81,222)",
        "box": [
          408.6378174367991,
          362.7802342504407,
          444.5886285754962,
          369.9458916249482
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,969",
        "box": [
          491.9140007259671,
          362.78023271449524,
          517.6105774939336,
          369.9458898733151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($87,519)",
        "box": [
          569.9821783699992,
          362.7802308567196,
          605.932989508696,
          369.9458882312272
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,612",
        "box": [
          653.2583616591672,
          362.7802293207742,
          678.9549384271337,
          369.9458864795939
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per share information (basic and diluted)",
        "box": [
          42.19146687962717,
          375.2829644742859,
          192.14309926214418,
          382.44862424668946
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (loss) income per share",
        "box": [
          42.191467014599276,
          387.7856904397663,
          142.14884055546113,
          394.9513491605894
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.48)",
        "box": [
          417.77345551615133,
          387.7856840779131,
          444.60420095534283,
          394.95134126058906
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.04",
        "box": [
          496.4818199006153,
          387.78568254229526,
          517.6105777638778,
          394.9513396050354
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.52)",
        "box": [
          579.1178164493514,
          387.785680684192,
          605.9485618885426,
          394.9513378668679
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.04",
        "box": [
          657.8261808338153,
          387.78567914857416,
          678.954938697078,
          394.95133621131436
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares of common stock outstanding, basic and diluted",
        "box": [
          42.08765308374971,
          400.3064124251493,
          299.2999784739979,
          407.4720744536768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,965",
        "box": [
          414.39949850579774,
          400.30640942782935,
          441.7986259564268,
          407.4720666224606
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,894",
        "box": [
          490.2529760748218,
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          517.6521035254508,
          407.4720650269568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,021",
        "box": [
          575.7438594389978,
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          603.1429868896267,
          407.47206322873956
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "171,949",
        "box": [
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          678.9964644586508,
          407.4720616332357
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
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          99.74240873630094,
          497.998367349475,
          106.90806751919371
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          561.6770502491165,
          99.74240545192498,
          654.1442389269239,
          106.90806401519939
        ],
        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 29,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "Blackstone  |",
        "box": [
          619.06,
          508.136832,
          666.589216,
          515.377496741214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
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          508.736832,
          156.39647999999997,
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      },
      {
        "text": "APPENDIX",
        "box": [
          36.0,
          21.193520000000035,
          89.5992,
          31.106334824281134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          675.43,
          508.13052,
          683.8429199999998,
          515.34963514377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quarterly Per Share Calculations",
        "box": [
          35.88,
          56.96575999999999,
          273.5912399999999,
          70.09176671755722
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands, except per share data)",
        "box": [
          35.88,
          76.19948,
          204.5227200000001,
          85.14256293929714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Three Months Ended June 30, 2026",
        "box": [
          400.83396366943333,
          99.8652629851685,
          513.0218657483432,
          105.69736197143294
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Three Months Ended March 31, 2026",
        "box": [
          541.7142399020094,
          99.86527097430957,
          657.2080901139635,
          105.69737014805008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss",
        "box": [
          122.22367433857852,
          111.33890880453367,
          145.09901693321947,
          117.17100272599663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(v)",
        "box": [
          145.13114169568897,
          109.71595094413743,
          150.41518276922673,
          113.59237208983456
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($81,222)",
        "box": [
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          513.1448039929003,
          116.62651084260449
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($6,297)",
        "box": [
          633.1107568509141,
          110.79442502148959,
          657.3175716798853,
          116.62651901845857
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs of CECL reserves",
        "box": [
          122.22367453626447,
          121.80133245033369,
          206.15189031482868,
          127.63342983402731
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(w)",
        "box": [
          206.2047575491829,
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          212.60580666180704,
          124.0547992623857
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(28,620)",
        "box": [
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          513.1314641898251,
          127.16672202404806
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(46,451)",
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          657.317571879041,
          127.1667302006586
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase in CECL reserves ",
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          131.71924334133365,
          198.31893677245893,
          137.55134028083046
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        "confidence": 1.0
      },
      {
        "text": "134,403",
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          510.7304195530163,
          137.55135799728782
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        "confidence": 1.0
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      {
        "text": "55,055",
        "box": [
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          654.935662172546,
          137.5513661749835
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      {
        "text": "Depreciation and amortization of owned real estate",
        "box": [
          122.22367493188133,
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          273.4724258754842,
          148.57124553268915
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        "confidence": 1.0
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      {
        "text": "(x)",
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          278.87905481699903,
          144.9926149016572
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        "confidence": 1.0
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      {
        "text": "21,104",
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          148.104533769973
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        "confidence": 1.0
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      {
        "text": "21,717",
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          148.10454194658354
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        "confidence": 1.0
      },
      {
        "text": "Adjustment to realized loss on disposition of owned real estate",
        "box": [
          122.22367512956728,
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          306.4539675655066,
          159.03367104883034
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      {
        "text": "(y)",
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          311.8250490958288,
          155.4550404157826
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        "confidence": 1.0
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      {
        "text": "-",
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          158.48916988185198
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        "confidence": 1.0
      },
      {
        "text": "                                                               (1,497)",
        "box": [
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          657.3237174281697,
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      {
        "text": "Non-cash compensation expense ",
        "box": [
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          218.49236546249216,
          168.95157695163988
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        "confidence": 1.0
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      {
        "text": "6,675",
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          169.0293810608165
        ],
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        "confidence": 1.0
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      {
        "text": "6,687",
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          169.02938923742704
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized hedging and foreign currency (loss) gain, net",
        "box": [
          122.22367552493918,
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          279.29842936705063,
          179.95851680047434
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(z)",
        "box": [
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          284.5617407918863,
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        "confidence": 1.0
      },
      {
        "text": "(1,098)",
        "box": [
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          513.1376101343258,
          179.4140173063965
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        "confidence": 1.0
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      {
        "text": "4",
        "box": [
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          654.9490029657655,
          179.41402534834003
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Allocable share of adjustments related to unconsolidated entities",
        "box": [
          122.22367572262513,
          184.58883891453365,
          313.4490686286799,
          190.4209423829136
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(aa)",
        "box": [
          313.50815860459954,
          182.9658906025836,
          321.20973477631077,
          186.84231188537615
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        "confidence": 1.0
      },
      {
        "text": "508",
        "box": [
          500.51450671284647,
          184.12213514852505,
          510.7628695476155,
          189.95422835392804
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6,380",
        "box": [
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          654.9223231604595,
          189.95423652902707
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash income from Agency Multifamily Lending Partnership, net",
        "box": [
          122.22367592031108,
          195.05126256033367,
          305.6031251235808,
          200.88336558378012
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(bb)",
        "box": [
          305.6519475759175,
          193.42831380286782,
          313.6605382596136,
          197.3047351030708
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30",
        "box": [
          503.9370147700546,
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          510.7628827078765,
          200.33886446332872
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "29",
        "box": [
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          194.50677962862164,
          654.9489903970924,
          200.33887263993932
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments attributable to non-controlling interests, net ",
        "box": [
          122.22367610770854,
          204.9691734513337,
          293.1587311598722,
          210.80127576907438
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(26)",
        "box": [
          501.56459474738637,
          205.04698249967413,
          513.1581457760194,
          210.87907578136105
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "191",
        "box": [
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          654.9489776322033,
          210.87908382213857
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other items ",
        "box": [
          122.22367630539449,
          215.4315970971337,
          158.69302566322173,
          221.26369178949545
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18)",
        "box": [
          501.5645949436025,
          215.43161860907418,
          513.1581459722356,
          221.26371189076104
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          649.1732104938104,
          215.43162697977078,
          657.3439036322384,
          221.2637200673518
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings ",
        "box": [
          122.34035290743243,
          225.8940207495503,
          191.10277518764974,
          231.72611727321106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$51,736",
        "box": [
          485.4243592059284,
          225.89404133958192,
          510.6443919302923,
          231.72613539400925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$35,810",
        "box": [
          629.6104668951443,
          225.89404951619247,
          654.8304996195083,
          231.7261435706198
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Charge-offs of CECL reserves",
        "box": [
          122.22367671105486,
          236.90095714353367,
          206.15189248961906,
          242.7330545272273
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(w)",
        "box": [
          206.20475972397332,
          235.27800274654442,
          212.60580883659742,
          239.15442395558574
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$28,620",
        "box": [
          487.8745638950064,
          236.35646512432993,
          510.73042153012074,
          242.18855904468785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$46,451",
        "box": [
          632.0606715842223,
          236.35647330094048,
          654.9165292193367,
          242.18856722129846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP realized loss on disposition of owned real estate",
        "box": [
          122.22367690898578,
          247.37634537873373,
          280.50649824175764,
          253.2084469789823
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(cc)",
        "box": [
          280.5665216289122,
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          288.017710236884,
          249.6298164672986
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          508.40961125888924,
          246.83185452404632,
          510.79327141786234,
          252.663947283452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                                                   160",
        "box": [
          518.2882134940253,
          246.83185508424924,
          654.9489784217222,
          252.6639554583386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustment to realized loss on disposition of owned real estate",
        "box": [
          122.22367710667172,
          257.8387690245337,
          306.45396954261105,
          263.67087209623037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(y)",
        "box": [
          306.50757572752616,
          256.2158203155894,
          311.82505107293326,
          260.09224146318263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          508.4096114565752,
          257.2942781698463,
          510.7932716155483,
          263.126370929252
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                                                1,497",
        "box": [
          518.3271058264953,
          257.2942787322548,
          654.9223245430363,
          263.1263791026271
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments attributable to non-controlling interests",
        "box": [
          122.22367729406918,
          267.7566799155337,
          277.22653043983246,
          273.5887813297795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          508.40961165426114,
          267.7567018156463,
          510.79327181323424,
          273.58879457505196
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        "from_ocr": false,
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      },
      {
        "text": "                                                                  (249)",
        "box": [
          517.8604004067732,
          267.75670235158844,
          657.3251197198125,
          273.5888028846865
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allocable share of adjustments related to unconsolidated entities",
        "box": [
          122.22367750204361,
          278.7636163161337,
          313.4490704080984,
          284.5957197845136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(aa)",
        "box": [
          313.508160384018,
          277.14066800418357,
          321.20973655572925,
          281.01708928697616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
          503.9370163517871,
          278.2191252078111,
          510.762884289609,
          284.0512182191287
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                                                   -",
        "box": [
          519.3512657711791,
          278.21912608193355,
          648.1343639781522,
          284.0512260092904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings prior to realized gains and losses",
        "box": [
          122.34035409379308,
          288.6815272137503,
          290.88525411067127,
          294.5136293959483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$80,407",
        "box": [
          485.42436039228903,
          288.68154780378194,
          510.6443931166529,
          294.51364185820927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$83,669",
        "box": [
          629.610468081505,
          288.6815559803925,
          654.830500805869,
          294.5136500348198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares outstanding, basic",
        "box": [
          122.22367790623423,
          300.1551888261337,
          250.28532701296422,
          305.9872887125781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(dd) ",
        "box": [
          250.34733389899264,
          298.53223693241347,
          259.66559129345006,
          302.408658306886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,965",
        "box": [
          487.87456509018574,
          299.6106968069299,
          510.73042272530006,
          305.44279072728784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,078",
        "box": [
          632.0606727794017,
          299.61070498354053,
          654.916530414516,
          305.44279890389845
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings per share, basic ",
        "box": [
          122.34035450680238,
          310.5398249421503,
          241.49088212328314,
          316.37192432325634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.31",
        "box": [
          493.04721922296244,
          310.5398459644645,
          510.6551277588627,
          316.371939587218
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.21",
        "box": [
          637.2333269121783,
          310.5398541410751,
          654.8412354480786,
          316.37194776382853
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings prior to realized gains and losses per share, basic",
        "box": [
          122.34035470448833,
          321.0022485879503,
          341.2733600576301,
          326.8343536275936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.48",
        "box": [
          493.0472194206484,
          321.00226961026453,
          510.65512795654865,
          326.834363233018
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.49",
        "box": [
          637.2333271098643,
          321.00227778687514,
          654.8412356457645,
          326.83437140962855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          469.01188041147907,
          336.209731613451,
          513.0154141196628,
          342.0418267330667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          609.8921566440551,
          336.2097396025921,
          657.2081334717919,
          342.0418349100523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders",
        "box": [
          122.22367879422873,
          347.1518254011337,
          159.1606671806988,
          352.98392012001466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "' ",
        "box": [
          159.1841708839567,
          347.1518274971162,
          163.27844973522434,
          352.98392035352884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity",
        "box": [
          163.26784503627673,
          347.1518277286961,
          181.5966970746681,
          352.9839213923333
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3,261,540",
        "box": [
          478.65713004466073,
          347.1518456140209,
          510.72287854943505,
          352.98394005666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3,414,960",
        "box": [
          622.8432377338767,
          347.15185379063144,
          654.908986238651,
          352.98394823327055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares",
        "box": [
          122.22367899191467,
          357.6142490469337,
          140.98120013989524,
          363.4463427348802
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A common stock",
        "box": [
          127.59079378979263,
          368.07667299709595,
          191.52744109387635,
          373.9087692470931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,544",
        "box": [
          487.87456638384066,
          368.0766934283299,
          510.730424018955,
          373.90878734868784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,684",
        "box": [
          632.0606740730566,
          368.07670160494047,
          654.916531708171,
          373.9087955252984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred stock units",
        "box": [
          127.59079398747856,
          378.53909664289597,
          186.50032173365207,
          384.3711926078116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                                                   370",
        "box": [
          374.11507233832657,
          378.53911062297385,
          510.7628732210956,
          384.371210996328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "348",
        "box": [
          644.7006180755426,
          378.5391259675356,
          654.9489809103115,
          384.37121917293854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total outstanding",
        "box": [
          122.340355989349,
          389.00281644989025,
          175.48883070210337,
          394.8349120881039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,913",
        "box": [
          485.424362287845,
          389.0028370399219,
          510.64439501220886,
          394.83493109434926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,032",
        "box": [
          629.6104699770609,
          389.0028452165325,
          654.8305027014248,
          394.8349392709598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value per share",
        "box": [
          122.34035618703496,
          399.46524009569026,
          186.1990636530116,
          405.2973363412676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$19.31",
        "box": [
          489.235791694363,
          399.46526090186325,
          510.6497623244951,
          405.29735474045356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$20.20",
        "box": [
          633.4218993835789,
          399.4652690784738,
          654.835870013711,
          405.29736291706416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Three Months Ended June 30, 2026",
        "box": [
          400.8339696176737,
          414.67271925490843,
          513.0218716965835,
          420.50481824117287
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Three Months Ended March 31, 2026",
        "box": [
          541.7142458502498,
          414.6727272440495,
          657.2080960622038,
          420.50482641779007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss",
        "box": [
          122.22368028681888,
          426.1463650742737,
          145.0990228814598,
          431.9784589957366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(v)",
        "box": [
          145.1311476439293,
          424.5234072138774,
          150.4151887174671,
          428.39982835957466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($81,222)",
        "box": [
          485.50214724894636,
          425.60187292053297,
          513.1448099411406,
          431.43396711234453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($6,297)",
        "box": [
          633.1107627991544,
          425.60188129122963,
          657.3175776281256,
          431.4339752881986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average shares outstanding, basic and diluted",
        "box": [
          122.22368047421634,
          436.06427596527374,
          285.4232065942468,
          441.8963778443424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,965",
        "box": [
          487.8745676684564,
          436.06429670086993,
          510.73042530357066,
          441.89639062122785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "169,078",
        "box": [
          632.0606753576723,
          436.0643048774805,
          654.9165329927866,
          441.8963987978384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per share amount, basic and diluted",
        "box": [
          122.3403570764968,
          446.53953456119626,
          232.27449883680862,
          452.3716334196528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.48)",
        "box": [
          490.67480157083276,
          446.5395554489736,
          513.0500302042861,
          452.37164934207567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.04)",
        "box": [
          634.8609092600487,
          446.53956362558415,
          657.2361378935021,
          452.3716575186862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable ",
        "box": [
          62.407571014330415,
          109.93872975723866,
          103.6182605236751,
          115.77082471847575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings ",
        "box": [
          62.40757117894623,
          118.65093383403865,
          89.97878901954212,
          124.4830280217987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reconciliation",
        "box": [
          62.40757134356203,
          127.36313791083865,
          105.55376683256725,
          133.19523298183583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value ",
        "box": [
          62.4075754802691,
          346.2961591086387,
          98.08453648400712,
          352.128253756065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per Share",
        "box": [
          62.40757564488491,
          355.00836318543867,
          91.7454298159092,
          360.84045747338234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings",
        "box": [
          62.40757696257076,
          424.74618602697865,
          88.02380386397932,
          430.5782801038736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per Share",
        "box": [
          62.40757712718657,
          433.45839010377864,
          91.74543129821087,
          439.2904843917224
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 30,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "Blackstone  |",
        "box": [
          619.06,
          508.136832,
          666.589216,
          515.377496741214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
          35.88,
          508.736832,
          156.39647999999997,
          515.977496741214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "APPENDIX",
        "box": [
          36.0,
          21.193520000000035,
          89.5992,
          31.106334824281134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29",
        "box": [
          675.43,
          508.13052,
          683.8429199999998,
          515.34963514377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reconciliation of Net Income to Distributable Earnings",
        "box": [
          35.88,
          56.96575999999999,
          431.87820000000005,
          70.09176671755722
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(in thousands, except per share data)",
        "box": [
          35.88,
          76.19948,
          204.5227200000001,
          85.14256293929714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended December 31, 2025",
        "box": [
          314.3629326796608,
          104.43553266111951,
          469.0315904894486,
          111.69808514571974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended September 30, 2025",
        "box": [
          495.71688947985274,
          104.43553681985287,
          653.0952011078153,
          111.69808936658978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income",
        "box": [
          66.60562673767517,
          117.82875811456728,
          103.78133138349907,
          124.35200651598996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(v)",
        "box": [
          103.80312660389771,
          115.98102593487386,
          109.74116509923843,
          120.3298577703257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$39,560",
        "box": [
          441.0346275344143,
          117.19913290199707,
          466.6006437323598,
          123.72238103719127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$63,397",
        "box": [
          625.0847572880143,
          117.199137122558,
          650.6507734859598,
          123.72238525775214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs of CECL reserves",
        "box": [
          66.60562703292968,
          130.85733441322725,
          160.29683007427676,
          137.3805841106398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(w)",
        "box": [
          160.32589043137622,
          129.00960352969025,
          167.48447189245132,
          133.35843539313117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(433,924)",
        "box": [
          438.37074436502564,
          129.88867555559005,
          469.2984314481615,
          136.41192381373583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(42,111)",
        "box": [
          626.2471794477137,
          129.88867986389414,
          653.3388743528271,
          136.41192803407455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase (Decrease) in CECL reserves ",
        "box": [
          66.60562731428125,
          143.27242136944722,
          188.77616622276435,
          149.79567171993608
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,375",
        "box": [
          444.8609334291324,
          142.15846255322037,
          466.6200179958588,
          148.68171060111553
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(987)",
        "box": [
          636.5636738409083,
          142.15846694926773,
          653.3461397675866,
          148.68171488304114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization of owned real estate",
        "box": [
          66.60562762380457,
          156.93063146692725,
          235.65082852584928,
          163.4538828923263
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(x)",
        "box": [
          235.70572048010706,
          155.08290231196912,
          241.6873497956526,
          159.43173414842067
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,380",
        "box": [
          444.86093374194854,
          155.96197275812034,
          466.62001830867484,
          162.4852208060155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15,388",
        "box": [
          628.9110634955484,
          155.96197697868126,
          650.6701480622747,
          162.48522502657636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustment to realized loss on disposition of owned real estate",
        "box": [
          66.60562791905906,
          169.95920776558728,
          272.4705416207581,
          176.48246003532057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(y)",
        "box": [
          272.56418097075357,
          168.11147945585196,
          278.50706289056154,
          172.46031129141494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          463.99246066508135,
          168.21561558925652,
          466.65876598210525,
          174.738863199324
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          648.0587351669054,
          168.21561981018766,
          650.7250404839293,
          174.73886742025513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash compensation expense",
        "box": [
          66.60562820004476,
          182.35815026542718,
          172.03002701318388,
          188.88140023190056
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
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        "text": "Realized hedging and foreign currency loss, net",
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        "text": "(z)",
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      {
        "text": "(25)",
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        "text": "(1,511)",
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        "text": "(aa)",
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        "text": "(8)",
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        "text": "(990)",
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        "text": "Cash income from Agency Multifamily Lending Partnership, net",
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      {
        "text": "(bb)",
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        "text": "29",
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        "text": "35",
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      {
        "text": "(1)",
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        "text": "(41)",
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        "text": "(39)",
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        "text": "(46)",
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      {
        "text": "Distributable Earnings ",
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      {
        "text": "($347,954)",
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        "text": "$40,436",
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        "text": "Charge-offs of CECL reserves",
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        "text": "(w)",
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      {
        "text": "$433,924",
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        "text": "$42,111",
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        "text": "GAAP realized loss on disposition of owned real estate",
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        "text": "(cc)",
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      {
        "text": "-",
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        "text": "-",
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        "text": "Adjustment to realized loss on disposition of owned real estate",
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      {
        "text": "(y)",
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        "text": "-",
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        "text": "-",
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      {
        "text": "-",
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      {
        "text": "(aa)",
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      {
        "text": "Distributable Earnings prior to realized gains and losses",
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      {
        "text": "$85,970",
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      {
        "text": "$82,547",
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        "text": "Weighted-average shares outstanding, basic",
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      {
        "text": "(dd) ",
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        "text": "168,168",
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        "text": "171,813",
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        "text": "Distributable Earnings per share, basic ",
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      {
        "text": "($2.07)",
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      {
        "text": "$0.24",
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        "text": "Distributable Earnings prior to realized gains and losses per share, basic",
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      {
        "text": "$0.51",
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      {
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  },
  {
    "page_no": 31,
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    "cells": [
      {
        "text": "Blackstone  |",
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
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      {
        "text": "DEFINITIONS",
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        "text": "30",
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      {
        "text": "Bank Loan Portfolio Joint Venture",
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      {
        "text": ": A joint venture BXMT entered into with a Blackstone-advised investment vehicle in the second quarter of 2025 to acquire portfolios of performing ",
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      {
        "text": "commercial mortgage loans. ",
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      {
        "text": "BXMT's",
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      {
        "text": " equity interest in the joint venture is included in investments in unconsolidated entities on ",
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      {
        "text": "BXMT's",
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        "from_ocr": false,
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      {
        "text": " balance sheet.",
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      {
        "text": "Distributable Earnings: ",
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
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      {
        "text": "('BXMT')",
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      {
        "text": " discloses Distributable Earnings in this presentation. Distributable Earnings is a financial measure that is calculated and ",
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      {
        "text": "presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ",
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      {
        "text": "('GAAP')",
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      {
        "text": ".",
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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 ",
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      {
        "text": "income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable ",
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        "text": "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 ",
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      {
        "text": "BXMT's",
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        "from_ocr": false,
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      {
        "text": " manager, subject ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to approval by a majority of its independent directors. Distributable Earnings mirrors the terms of ",
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        "confidence": 1.0
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      {
        "text": "BXMT's",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " management agreement between ",
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      {
        "text": "BXMT's",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " Manager and BXMT, for purposes of ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculating its incentive fee expense.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to its existing policy for reporting Distributable Earnings. ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 realization event. This is ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 concluded if, in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "determination, it is nearly certain that all amounts due will not be collected. The timing of any such credit loss realization in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " Distributable Earnings may differ materially from ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the timing of CECL reserves or charge-offs in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " consolidated financial statements prepared in accordance with GAAP. The realized loss amount reflected in Distributable Earnings ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 economic experience as it relates to the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "ultimate realization of the loan. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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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 accordance ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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, over time, Distributable ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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, subject to certain adjustments, ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and therefore BXMT believes its dividends are one of the principal reasons stockholders may invest in ",
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        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " class A common stock. Distributable Earnings helps BXMT to evaluate its ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "performance excluding the effects of certain transactions and GAAP adjustments that BXMT believes are not necessarily indicative of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " current investment portfolio and operations ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and is a performance metric BXMT considers when declaring its dividends. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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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 reflect ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " direct operating results and help existing and potential future holders of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " class A common stock assess the performance of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " business excluding such realized gains or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses. BXMT may make similar adjustments with respect to other types of investments, if and when applicable transactions occur. During the period from the first quarter of 2024 to the ",
        "box": [
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          686.17168,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 losses during such period were ",
        "box": [
          35.88,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "charge-offs of CECL reserves. BXMT utilizes Distributable Earnings prior to realized gains and losses as an additional performance metric to consider when declaring ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " dividends. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings mirrors the terms of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          188.42,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Management Agreement for purposes of calculating ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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          329.0557111821086
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " incentive fee expense. Therefore, Distributable Earnings prior to realized ",
        "box": [
          422.93,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains and losses had not occurred.",
        "box": [
          35.88,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "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), including ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(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 pursuant to changes in GAAP and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain other non-cash charges as determined by ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Manager, subject to approval by a majority of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " independent directors. Distributable Earnings mirrors the terms of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          683.86,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "management agreement between its Manager and BXMT, or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          246.5,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Management Agreement, for purposes of calculating ",
        "box": [
          271.25,
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          389.4357111821086
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          458.47,
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          482.91544,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " incentive fee expense. Therefore, Distributable Earnings ",
        "box": [
          483.07,
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          686.17168,
          389.4357111821086
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 occurred.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Homebuilder Finance Joint Venture",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ": A joint venture BXMT entered into with a an unaffiliated third-party, alongside a Blackstone-advised investment vehicle, in the second quarter of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2026 to acquire an initial portfolio of single-family construction loans and to continue to acquire and fund such loans in the future. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 45% equity interest in the joint venture is ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "included in investments in unconsolidated entities on ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " balance sheet.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net Lease Joint Venture",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": ": A joint venture BXMT entered into with a Blackstone-advised investment vehicle in the fourth quarter of 2024 to acquire triple net lease properties. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "75% equity interest in the joint venture is included in investments in unconsolidated entities on ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " balance sheet.",
        "box": [
          395.21,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net Loan Exposure: ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Represents the principal balance of loans that are included in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " consolidated financial statements, net of (i) asset-specific debt, (ii) participations sold, (iii) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "cost-recovery proceeds, and (iv) total loans receivable CECL reserve. Does not include owned real estate assets or investments in unconsolidated entities.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 32,
    "width": 720.0,
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    "cells": [
      {
        "text": "Blackstone  |",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "ENDNOTES RELATING TO EARNINGS RELEASE",
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      {
        "text": "31",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "a.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Includes $0.1B to reflect ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " 75% share of net lease properties acquired by its Net Lease Joint Venture and $0.1B to reflect ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " 45% share of a portfolio of ",
        "box": [
          576.62,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "single-family construction loans acquired by its Homebuilder Finance Joint Venture.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "b.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes (i) multifamily and condo loans and (ii) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " share of a portfolio of single-family construction loans acquired by its Homebuilder Finance Joint Venture.",
        "box": [
          264.7,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "c.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects, as of June 30, 2026, (i) BXMT's loan portfolio of $16.9B, which represents net book value less total loans receivable CECL reserves, (ii) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          598.82,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $0.7B share of ",
        "box": [
          625.1,
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          91.60294313099041
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the carrying value of investments held by BXMT's Net Lease Joint Venture, (iii) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          357.96,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $0.5B share of the fair value of loans held by BXMT's Bank Loan Portfolio Joint ",
        "box": [
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          101.44294313099039
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Venture, (iv) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          110.83,
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          137.04335199999997,
          111.2868047284345
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $0.1B share of the fair value of the loans held by ",
        "box": [
          137.11,
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          111.2868047284345
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          330.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Homebuilder Finance Joint Venture, (v) the $1.4B aggregate carrying value of BXMT's ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned real estate assets, and (vi) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          187.27,
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          121.14294313099037
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $66M fair value of investments in debt securities. ",
        "box": [
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          400.73616,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "d.",
        "box": [
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          134.9429431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Based on Net Loan Exposure. Refer to Definitions. ",
        "box": [
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          246.03616000000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "e.",
        "box": [
          37.392,
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          44.82672000000001,
          148.8629431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes (i) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          105.67,
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          131.76568,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $0.7B share of the carrying value of investments held by BXMT's Net Lease Joint Venture, (ii) ",
        "box": [
          131.95,
          141.53608000000003,
          483.65616,
          148.8629431309904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          483.96,
          141.53608000000003,
          510.05567999999994,
          148.8629431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $0.5B share of the fair value of loans held by ",
        "box": [
          510.24,
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          683.5061599999999,
          148.8629431309904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's Bank Loan Portfolio Joint Venture, (iii) ",
        "box": [
          59.952,
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          237.39616,
          158.70294313099038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          238.3,
          151.37608,
          264.39567999999997,
          158.70294313099038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $0.1B share of the fair value of the loans held by ",
        "box": [
          264.58,
          151.37608,
          459.17616000000004,
          158.70294313099038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          460.08,
          151.37608,
          486.17567999999994,
          158.70294313099038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Homebuilder Finance Joint Venture, (iv) the $1.4B ",
        "box": [
          486.36,
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          158.70294313099038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate carrying value of BXMT's owned real estate assets, and (v) ",
        "box": [
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          168.5429431309904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          314.74,
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          340.59903999999995,
          168.5429431309904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $66M fair value of investments in debt securities.",
        "box": [
          340.66,
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          525.73472,
          168.5429431309904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "f.",
        "box": [
          37.392,
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          43.386720000000004,
          182.34294313099036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-MTM  debt  consists  of,  as  of  June  30,  2026,  $3.4B  of  corporate  debt,  $2.8B  of  securitized  debt,  and  $7.9B  of  borrowings  under  non-mark-to-market  master ",
        "box": [
          59.952,
          175.01608,
          683.5061599999999,
          182.34294313099036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase agreements, credit facilities, and asset-specific debt. The margin call provisions in BXMT's non-mark-to-market master repurchase agreements and credit ",
        "box": [
          59.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facilities only permit valuation adjustments if the loan or collateral pledged or sold by BXMT becomes defaulted. ",
        "box": [
          59.952,
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          479.57616,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "g.",
        "box": [
          37.392,
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          44.46674,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $0.5B to reflect ",
        "box": [
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          155.64616,
          215.82294313099038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          156.67,
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          182.87175999999997,
          215.82294313099038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  75% share of net lease properties acquired by its Net Lease Joint Venture, $0.3B to reflect ",
        "box": [
          182.95,
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          537.43616,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          538.46,
          208.49608,
          564.5475200000001,
          215.82294313099038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  35% share of the portfolios of ",
        "box": [
          564.74,
          208.49608,
          683.5061599999999,
          215.82294313099038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performing senior loans acquired by its Bank Loan Portfolio Joint Venture, $0.1B to reflect ",
        "box": [
          59.952,
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          399.53616,
          225.6629431309904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          399.84,
          218.33608000000004,
          425.93567999999993,
          225.6629431309904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 45% share of a portfolio of single-family construction loans acquired ",
        "box": [
          426.12,
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          225.6629431309904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by its Homebuilder Finance Joint Venture, and $67M of investments in debt securities. ",
        "box": [
          59.952,
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          381.903384,
          235.50680472843447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "h.",
        "box": [
          37.392,
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          44.82668,
          249.45294313099038
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes hospitality, condo, data center, and office loans.",
        "box": [
          59.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "i.",
        "box": [
          37.392,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes (i) ",
        "box": [
          59.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          103.39,
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          263.2529431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " share of a portfolio of single-family construction loans acquired by its Homebuilder Finance Joint Venture and (ii) investments in debt securities. ",
        "box": [
          129.31,
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          670.03616,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "j.",
        "box": [
          37.392,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment types that represent less than 1% of ",
        "box": [
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          240.99616,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          241.54,
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          277.0529431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Investment Portfolio are included in Other Investments in the chart, which includes the Homebuilder Finance ",
        "box": [
          267.82,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Joint Venture and investment in debt securities.",
        "box": [
          59.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "k.",
        "box": [
          37.392,
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          44.46676,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets in ",
        "box": [
          59.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          94.632,
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          120.49104,
          300.81294313099045
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " loan portfolio with multiple components are proportioned into the relevant collateral types and geographies based on their relative value.",
        "box": [
          120.55,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "l.",
        "box": [
          37.392,
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          42.78672000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "States and countries composing less than 1% of total loan portfolio are excluded. ",
        "box": [
          59.952,
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          360.29616,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "m.",
        "box": [
          37.392,
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          328.4129431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Geographic diversification excludes one U.S. dollar-denominated loan (0.4% of portfolio) that is located in Bermuda and allocated to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'Other",
        "box": [
          551.78,
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          576.92096,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          576.86,
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          579.31616,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "International'",
        "box": [
          579.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ".",
        "box": [
          630.98,
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          633.97472,
          328.4129431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n.",
        "box": [
          37.392,
          335.00608,
          44.82668,
          342.33294313099043
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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, ",
        "box": [
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          342.33294313099043
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in each case excluding unamortized deferred financing costs and discounts, less cash, to (ii) total equity.",
        "box": [
          59.952,
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          352.17294313099046
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "o.",
        "box": [
          37.392,
          358.66607999999997,
          44.70674,
          365.9929431309904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes 1.0% per annum of scheduled amortization payments under the Term Loan B.",
        "box": [
          59.952,
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          378.83471999999995,
          365.9929431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "p.",
        "box": [
          37.392,
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          379.7929431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date loan was originated or acquired by BXMT. ",
        "box": [
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          234.39616,
          379.7929431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "q.",
        "box": [
          37.392,
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          393.7129431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment.",
        "box": [
          59.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "r.",
        "box": [
          37.392,
          400.18607999999995,
          43.50676,
          407.5129431309904
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net book value represents outstanding principal balance, net of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery ",
        "box": [
          59.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds.",
        "box": [
          59.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "s.",
        "box": [
          37.392,
          423.82608,
          43.74672,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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-",
        "box": [
          59.952,
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          681.16472,
          431.1529431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recovery and nonaccrual methods, if any.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "t.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Maximum maturity assumes all extension options are exercised; however, ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " loans may be repaid prior to such date. Excludes loans accounted for under the cost-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "recovery and nonaccrual methods, if any.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "u.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects weighted average loan-to-value ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "('LTV')",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " as of the date investments were originated or acquired by BXMT, excluding any loans that are impaired.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "v.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc.",
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        "from_ocr": false,
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    "page_no": 33,
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        "text": "Blackstone  |",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
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        "from_ocr": false,
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      {
        "text": "ENDNOTES RELATING TO EARNINGS RELEASE",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "32",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "w.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Represents realized losses related to loan principal amounts deemed non-recoverable during the applicable period.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "x.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Represents depreciation of owned real estate assets and amortization of intangible owned real estate assets and liabilities.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "y.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "excluded from Distributable Earnings, GAAP gains upon sale of a property are higher, and GAAP losses are lower, than the respective realized amounts reflected in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable  Earnings.  For  Distributable  Earnings,  the  amount  is  calculated  as  net  sales  proceeds  less  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  carrying  value  prior  to  depreciation  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization.",
        "box": [
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          109.393528,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "z.",
        "box": [
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          44.22672,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "component of other comprehensive income in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " consolidated financial statements.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aa.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Allocable share of adjustments related to unconsolidated entities for the three months ended June 30, 2026, reflects ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          499.08,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " share of non-cash items such as (i) $(3.8) ",
        "box": [
          525.38,
          141.53608000000003,
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          148.8629431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million of unrealized gains recorded by such unconsolidated entities, (ii) $4.3 million of depreciation and amortization, and (iii) related adjustments for realized gains, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "if  any.  For  the  three  months  ended  March  31,  2026,  reflects ",
        "box": [
          59.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          306.7,
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          168.5429431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  share  of  non-cash  items  such  as  (i)  $3.2  million  of  unrealized  losses  recorded  by  such ",
        "box": [
          332.98,
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          168.5429431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unconsolidated  entities,  (ii)  $3.1  million  of  depreciation  and  amortization,  and  (iii)  related  adjustments  for  realized  gains,  if  any.  For  the  three  months  ended ",
        "box": [
          59.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025, reflects ",
        "box": [
          59.952,
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          167.52616,
          188.22294313099042
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          167.83,
          180.89608000000004,
          194.03992000000002,
          188.22294313099042
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " share of non-cash items such as (i) $(2.0) million of unrealized gains recorded by such unconsolidated entities, (ii) $2.0 million of ",
        "box": [
          194.14,
          180.89608000000004,
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          188.22294313099042
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended September 30, 2025, reflects ",
        "box": [
          59.952,
          190.73608000000002,
          602.4761599999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          602.78,
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          628.8756799999998,
          198.0629431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " share of non-",
        "box": [
          628.94,
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          680.80472,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash items such as (i) $(2.3) million of unrealized gains recorded by such unconsolidated entities, (ii) $1.3 million of depreciation and amortization, and (iii) related ",
        "box": [
          59.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustments for realized gains, if any. ",
        "box": [
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          203.31616000000002,
          217.7429431309904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bb.",
        "box": [
          37.392,
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          49.50676,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents (i) the non-cash income recognized under GAAP related to ",
        "box": [
          59.952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
          322.06,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Agency Multifamily Lending Partnership, in which BXMT receives a portion of origination, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "servicing, 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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "received related to such income previously recognized under GAAP.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cc.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Represents the amount included on ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " consolidated statement of operations. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dd.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BXMT's",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " convertible notes. Consistent with the treatment of ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "other unrealized adjustments to Distributable Earnings, these potentially issuable shares are excluded until a conversion occurs.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Blackstone  |",
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        "confidence": 1.0
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      {
        "text": "Blackstone Mortgage Trust, Inc. ",
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      {
        "text": "FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION",
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        "confidence": 1.0
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      {
        "text": "33",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "References herein to ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "'Blackstone",
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        "confidence": 1.0
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      {
        "text": " Mortgage ",
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        "confidence": 1.0
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      {
        "text": "Trust,'",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "confidence": 1.0
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      {
        "text": "'Company,'",
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        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'we,'",
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        "confidence": 1.0
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      {
        "text": " ",
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        "confidence": 1.0
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      {
        "text": "'us,'",
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        "confidence": 1.0
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      {
        "text": " or ",
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      {
        "text": "'our'",
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        "confidence": 1.0
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      {
        "text": " refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically ",
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        "confidence": 1.0
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      {
        "text": "requires 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 ",
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      {
        "text": "market 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 ",
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        "confidence": 1.0
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      {
        "text": "not imply, predict or guarantee, and are not necessarily indicative of, future events or results.",
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        "confidence": 1.0
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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 ",
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        "text": "are not limited to those described under the section entitled ",
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