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"text": "Blackstone\nMortgage Trust, Inc.\nQ2 2026 Company Presentation\n",
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"text": "# BLACKSTONE MORTGAGE TRUST OVERVIEW\n\n- Blackstone Mortgage Trust (BXMT) is a publicly traded commercial mortgage REIT focused on real estate credit\ninvestments in North America, Europe, and Australia\n",
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"text": "- BXMT is managed by Blackstone, the largest owner of commercial real\nestate globally with over $600B of TEV,(a) providing full access to the data\nand resources of the Blackstone Real Estate platform\n- BXMT\u2019s scale provides access to a global pipeline of real estate credit\ninvestments across sectors and markets, largely focused on institutional\nfloating-rate, senior secured loans\n- Strong balance sheet built for resilience through cycles with diversified,\nterm-matched financings, substantial liquidity, and no capital markets\nmark-to-market provisions(b)\n",
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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\nindicated only and are based on BXMT\u2019s opinions of the current market environment, which is subject to change. Estimates, targets, forecasts, or similar predictions or returns are necessarily speculative,\nhypothetical, and inherently uncertain in nature, and it can be expected that some or all of the assumptions underlying such estimates, targets, forecasts, or similar predictions or returns contained\nherein will not materialize and/or that actual events and consequences thereof will vary materially from the assumptions upon which such estimates, targets, forecasts, or similar predictions or returns\nhave been based. BXMT\u2019s manager is a subsidiary of Blackstone.\n",
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"text": "All data as of June 30, 2026, unless otherwise indicated. Past performance does not predict future returns. Largest alternatives asset manager based on Blackstone analysis of company earnings 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. There can be no assurance that views and opinions expressed in this document will come to pass.",
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"$469B",
"Credit & Insurance
World's largest third-party focused credit business"
],
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"$314B",
"Real Estate
World's largest owner of commercial real estate"
],
[
"$454B",
"Private Equity
One of the world's largest private equity platforms"
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"$99B",
"Multi-Asset Investing
Largest discretionary allocator to hedge funds globally"
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"page": 3,
"kind": "text",
"text": "BLACKSTONE OVERVIEW\n",
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"text": "World's largest alternative asset manager(c)\n$1.3T+ Blackstone AUM(d)\n$324B Private Wealth Channel AUM(d)\n40-year track record(d)",
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"text": "Note: All data as of June 30, 2026, unless otherwise indicated. Past performance does not predict future returns. Largest alternatives asset manager based on Blackstone analysis of company earnings\npresentations 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.\nThere can be no assurance that views and opinions expressed in this document will come to pass.\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "2\n",
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"page": 4,
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"text": "# BREDS PLATFORM OVERVIEW\n\n- Blackstone Real Estate Debt Strategies (\u201cBREDS\u201d) is the largest alternative manager of real estate credit, investing\nacross Core, Core+ and Opportunistic debt strategies on behalf of institutional investors and insurance capital\n- BREDS\u2019 global scale, cross-market knowledge and proprietary sourcing network provide BXMT access to attractive\nrelative value investments across global markets\n",
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{
"page": 4,
"kind": "text",
"text": "Global Scale \n$78B \nInvestor capital \n165+ \nBREDS professionals ",
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{
"page": 4,
"kind": "text",
"text": "Real-Time Insights\n$600B+\nBlackstone Real Estate TEV(a)\n63\nBlackstone Real Estate portfolio companies",
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"kind": "text",
"text": "Proprietary Sourcing Engine \n760+ \nBorrower bank and broker relationships \n86% \nOriginations with repeat borrowers(f) ",
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{
"page": 4,
"kind": "text",
"text": "### Differentiated Access\n\n* **$155B+** Loan originations since inception(g)\n* **$24B** Bank loan portfolios acquired since Q4 2023(h)",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "3\n",
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"page": 5,
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"text": "SUPERIOR REAL ESTATE PLATFORM\n",
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"text": "- One fully integrated real estate platform across 12 global offices\n",
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"kind": "text",
"text": "# Blackstone Advantage\n\nGlobal Business\n - 812 professionals\n - 12 global offices\n",
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"page": 5,
"kind": "text",
"text": "Scale Capital\n - $314B RE AUM\n - $27B raised in LTM\n",
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"page": 5,
"kind": "text",
"text": "Long View\n- Long-term capital commitments\n",
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{
"page": 5,
"kind": "text",
"text": "**Constant Communication**\nWeekly\n - Partners\u2019 Meeting\n - Global ICMs\n - Investment Review Committees\n",
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{
"page": 5,
"kind": "text",
"text": "Quarterly\n - Board Meetings\n - Portfolio Asset Review\n",
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"text": "Annual\n - Regional Strategy Sessions\n",
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"page": 5,
"kind": "text",
"text": "# Integrated Perspective\n\n1\nglobal real estate\nplatform\n1\ninvestment process \u2014\nsame people,\nsame process\n",
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{
"text": "Category",
"provenance": "unclassified",
"footnotes": []
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"text": "Percentage",
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}
],
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{
"text": "Industrial",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "23%",
"provenance": "unclassified",
"footnotes": []
}
],
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{
"text": "Multifamily",
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"footnotes": []
},
{
"text": "21%",
"provenance": "unclassified",
"footnotes": []
}
],
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{
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"provenance": "unclassified",
"footnotes": []
},
{
"text": "16%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Hospitality",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "9%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Non-US Office",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "5%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Retail",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "4%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Self-Storage",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Life Sciences / Studio",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Other Loans",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "4%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Net Lease JV",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Bank Loan JV",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Other Investments",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Owned Real Estate",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "7%",
"provenance": "unclassified",
"footnotes": []
}
]
]
}
],
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"context": [
{
"page": 6,
"kind": "text",
"text": "BXMT INVESTMENT PORTFOLIO(i)(j)(k)\n",
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"text": "- BXMT has proactively diversified its $19.7B portfolio with complementary real estate credit strategies\n",
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"kind": "text",
"text": "# Floating Rate Mortgage Loans\n\nPredominately senior floating rate mortgage loans\nsecured by institutional-quality real estate, with\nsignificant structural protections and embedded\ncredit enhancement\n",
"box": {
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{
"page": 6,
"kind": "text",
"text": "# Bank Loan Portfolios\n\nLeading acquirer of diversified bank loan portfolios\nat discounts to par, leveraging the scale of our\nplatform to offer comprehensive solutions to sellers\n",
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"node_id": "text-3"
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{
"page": 6,
"kind": "text",
"text": "# Net Lease Properties\n\nEssential-use retail properties generating\nlong-duration, fixed-rate cash flows with\ncontractual rent increases\n",
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{
"page": 6,
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"text": "# Homebuilder Finance\n\nGranular single-family residential construction\nloans with geographical diversification and strong\ncredit characteristics, benefiting from the\nstructural undersupply of U.S. housing and\nfragmented competitive landscape\n",
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"text": "# Virginia Data Center (Risk Rated 3)\n\n\n - $405M ($26M retained net of syndication), 64% LTV(q) fixed-rate mezzanine loan\noriginated in Q1 2026\n - 44MW turnkey data center 100% leased to an investment grade tenant\n - Located in Northern Virginia, one of the strongest data center markets in the country\n - Final maturity of January 2031\n",
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"text": "**Diversified US Industrial (Risk Rated 3)**\n- $134M, 70% LTV(q) floating-rate first mortgage loan originated in Q1 2026\n- 24-asset industrial portfolio totaling 1.7M SF across infill locations\n- Highly diversified portfolio located in 8 distinct MSAs leased to a granular rent roll\nof over 80 tenants\n- Final maturity of February 2031\n",
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"text": "CASE STUDY: BANK LOAN PORTFOLIO ACQUISITIONS(P)\n",
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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\nfrom a U.S. bank; diversified across 425 primarily fixed rate loans backed by stabilized net lease properties\n- In 2025, BXMT participated in $2.0B(r) of bank loan portfolio acquisitions purchased at discounts, demonstrating the\ncompany's differentiated access to high-quality investments\n",
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"text": "# NET LEASE INVESTMENT STRATEGY\n\n- In Q4 2024, BXMT entered into a Net Lease JV focused on acquiring well-located net lease properties with strong\nin-place cash flow coverage and tenants in the essential-use and service retail sectors\n- Net lease strategy complements BXMT\u2019s floating-rate lending model with long-duration, fixed-rate cash flows, and\nfurther positions the company to capture relative value across real estate credit markets\n",
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"text": "Key Metrics \n\n[x] $661M portfolio size at BXMT share \n\n[x] ~3.0x rent coverage \n\n[x] 15 yr+ W.A. lease term \n\n[x] ~2% W.A. annual rent escalators \n\n[x] 306 # of properties ",
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"kind": "diagram",
"description": "The image is a diagram consisting of a cluster of seven interconnected hexagonal shapes on the left and three text blocks on the right. The central hexagon is labeled 'Equity' and is surrounded by six other hexagons, each containing a specific financial term. The surrounding hexagons are: 'Term Loan B' (top left, dark blue), 'Credit Facilities' (top right, teal), 'Securitized Debt Obligations' (middle right, light teal), 'Asset-Specific Financings' (bottom right, lime green), 'Convertible Notes' (bottom left, tan), and 'Secured Notes' (middle left, light grey). To the right of this cluster are three stacked rectangular text blocks, each containing a large monetary figure and a description: '$12.5B+ Total corporate capital transactions since inception', '$7.0B+ Total securitized debt transactions since inception', and '$9.0B+ Available credit facility capacity across 16 counterparties'.",
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"text": "**ROBUST CAPITALIZATION**\n - BXMT\u2019s scale and strong track record afford consistent access to a wide variety of asset-level and corporate capital\noptions, supporting efficient execution and balance sheet stability throughout market environments\n",
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"page": 15,
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"text": "ROBUST CAPITALIZATION\n",
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"text": "- BXMT's capital structure prioritizes risk management and balance sheet stability\n",
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"text": "[x]\nNo capital markets and limited credit mark-to-market provisions(b)\n[x]\nPrioritize lower cost over incremental leverage to optimize current income\n[x]\nTerm-matched: debt maturities correspond to contractual asset repayments\n[x]\nIndex-matched: eliminate interest rate risk\n[x]\nCurrency-matched: hedge foreign currency exposure\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "Blackstone | 14\n",
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"page": 16,
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"page": 16,
"kind": "text",
"text": "ENDNOTES RELATING TO COMPANY PRESENTATION\n",
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"text": "a. As of March 31, 2026.\nb. 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\nadjustments 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\ngenerally determined on a commercially reasonable basis.\nc. Based on Blackstone analysis of company earnings presentations and calls, as of June 30, 2026 or latest publicly available data.\nd. 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\ncomparable 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\nand capital commitment, differences in categorizing certain funds and accounts within specific investment strategies, or regulatory requirements. AUM includes non-fee-paying\nassets, including co-investments and Blackstone's GP and side by side commitments, as applicable. Private Wealth Channel AUM represents assets under management from the\nprivate 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\nexistence at Blackstone for the full 40-year investment record.\ne. 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\nBlackstone Credit and Insurance peers. Real Estate: Largest owner based on estimated market value per Real Capital Analytics. Private Equity: Based on Private Equity\nInternational, 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,\nas of June 2025, based on AUM. Includes AUM from BXMA's non-fund of fund platforms.\nf. Reflects percentage of loan commitments generated by repeat borrowers, inclusive of loan portfolios and other acquisitions from existing relationships, spanning BREDS-Related\nActivity across the Blackstone Real Estate business.\ng. Includes loan originations across BXMT and BREDS Drawdown Funds; excludes portfolio acquisitions.\nh. 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\npartner and acquired a 20% equity stake in a $17B portfolio.\ni. 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) BXMT's $0.7B share of the carrying\nvalue of investments held by BXMT's Net Lease Joint Venture, (iii) BXMT's $0.5B share of the fair value of loans held by BXMT's Bank Loan Portfolio Joint Venture, (iv) BXMT's\n$0.1B share of the fair value of the loans held by BXMT's Homebuilder Finance Joint Venture, (v) the $1.4B aggregate carrying value of BXMT's owned real estate assets, and (vi)\nBXMT's $66M fair value of investments in debt securities.\nj. Investment types that represent less than 1% of BXMT's Investment Portfolio are included in Other Investments in the chart, which includes the Homebuilder Finance Joint\nVenture and investment in debt securities.\nk. Assets in BXMT's loan portfolio with multiple components are proportioned into the relevant collateral types and geographies based on their relative value.\nl. Based on Net Loan Exposure.\nm. Excludes one U.S. dollar-denominated loan (0.4% of portfolio) that is located in Bermuda and allocated to Other International.\nn. Includes (i) BXMT's loan portfolio, which represents net book value less total loans receivable CECL reserves, (ii) BXMT's share of the carrying value of investments held by BXMT's\nNet Lease Joint Venture, (iii) BXMT's share of the fair value of loans held by BXMT's Bank Loan Portfolio Joint Venture, (iv) BXMT's share of the fair value of the loans held by\nBXMT's Homebuilder Finance Joint Venture, and (v) the carrying value of BXMT's owned real estate assets.\no. 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.\np. Summary information regarding specific investment and/or transactions are examples presented for illustrative purposes only. The results stated may not be representative of any\nspecific 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\npresented.\nq. Reflects loan-to-value (LTV) as of the date investments were originated or acquired by BXMT.\nr. BXMT's 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.\ns. Reflects underlying portfolio at time of acquisition.\nt. Reflects weighted average LTV as of the date investments were originated prior to acquisition by BXMT.\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "Blackstone | 15\n",
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"page": 17,
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"page": 17,
"kind": "text",
"text": "**BXMT Q2 2026 Earnings**\n**Release**\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "Blackstone | 16\n",
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"page": 18,
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"page": 18,
"kind": "text",
"text": "# BXMT HIGHLIGHTS\n\n- Q2 GAAP EPS of $(0.48), Distributable EPS(1) of $0.31, and Distributable EPS prior to realized gains & losses(1) of $0.48\n- Continued execution on portfolio turnover, with strong repayments and active capital deployment into\nhigh-conviction investment themes accessible through Blackstone\u2019s proprietary sourcing channels\n",
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"text": "### Earnings \nStrong current income \n\n$0.48 \ndistributable EPS prior to \nrealized gains and losses(1) \n\n$0.47 \ndividend per share ",
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"text": "### Investments \nDifferentiated global deployment channels \n\n$1.4B \nQ2 investments(a) \n\n75%+ \nresidential,(b) industrial, and net lease properties ",
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"text": "Repayments\nActive portfolio turnover\n$1.2B\nloan repayments\n99%\nof repayments\npre-2023 originations",
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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\nindicated only and are based on BXMT\u2019s opinions of the current market environment, which is subject to change. Estimates, targets, forecasts, or similar predictions or returns are necessarily speculative,\nhypothetical, and inherently uncertain in nature, and it can be expected that some or all of the assumptions underlying such estimates, targets, forecasts, or similar predictions or returns contained\nherein will not materialize and/or that actual events and consequences thereof will vary materially from the assumptions upon which such estimates, targets, forecasts, or similar predictions or returns\nhave been based. BXMT\u2019s manager is a subsidiary of Blackstone.\n(1) See Appendix for definition and reconciliation to GAAP net (loss) income.\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "Q2 RESULTS\n",
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"text": "Earnings\n- Q2 GAAP net loss per share of $(0.48), Distributable Earnings(1) per share of $0.31, and Distributable EPS prior to\nrealized gains and losses(1) of $0.48\n- Book value per share of $19.31, including $2.43 per share of CECL reserves and $0.76 per share of accumulated\ndepreciation and amortization of owned real estate and BXMT's share of the Net Lease JV\n- Paid Q2 dividend of $0.47 per share\nInvestments\n- Total Q2 investments of $1.4B,(a) including $1.1B of loan originations and $0.1B of net lease acquisitions at\nBXMT share\n- Established Homebuilder Finance JV, acquiring $0.1B of loans at BXMT share\n- Residential,(b) industrial, and net lease assets accounted for 78% of Q2 investments and 80% of LTM investments\n- Collected $1.2B of loan repayments in Q2, including $1.0B in Europe\nPortfolio\n- Investment portfolio of $19.7B;(c) loan portfolio is 97%(d)(e) performing, with more than half concentrated in\nresidential and industrial sectors\n- Resolved one impaired multifamily loan via transfer to owned real estate\n- 23% net reduction in the watchlist (one upgrade, three downgrades), and three new impaired loans, two of which\nare office\n- CECL reserves increased by $106M quarter over quarter to $410M, including $219M of asset-specific CECL reserves\nCapitalization\nand Liquidity\n- Stable, well-structured balance sheet with strong liquidity of $1.2B and ample financing capacity across 16 bank\ncounterparties\n- Issued $0.5B of Senior Secured Notes due 2031 in Q2, further extending duration of liabilities\n- Closed one new non-MTM facility in Q2; 88% non-MTM debt with no capital markets MTM provisions(f)\n",
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{
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{
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{
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{
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{
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}
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{
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"description": "A bar chart illustrating loan portfolio performance across four quarters. The y-axis represents percentage values, and the x-axis represents the time period from Q3 2025 to Q2 2026. Each bar is colored dark teal. Q3 2025 is at 96%, Q4 2025 rises to 99%, Q1 2026 is at 98%, and Q2 2026 is at 97%.",
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],
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{
"text": "Q3 2025",
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},
{
"text": "96%",
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],
[
{
"text": "Q4 2025",
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},
{
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}
],
[
{
"text": "Q1 2026",
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},
{
"text": "98%",
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}
],
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{
"text": "Q2 2026",
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},
{
"text": "97%",
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]
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"text": "- Q2 Distributable Earnings prior to realized gains and losses(1) of $0.48 per share\n- Loan portfolio performance of 97%(d)(e) benefiting from loan resolutions and new vintage investments\n",
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"figures": [
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"kind": "chart",
"description": "A pie chart illustrating the percentage breakdown of a loan portfolio. The sectors are Multifamily at 30%, Industrial at 28%, Hospitality at 12%, Retail at 11%, Net Lease at 10%, and Homebuilder Finance at 9%. Two summary boxes are positioned above the chart: one indicating $1.4B in Q2 investments and another noting 78% for residential, industrial, and net lease.",
"box": {
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[
{
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},
{
"text": "30%",
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}
],
[
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"text": "Industrial",
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},
{
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}
],
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{
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}
],
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{
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}
],
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},
{
"text": "10%",
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}
],
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{
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"description": "The figure displays a pie chart titled 'LTM Investment Activity(g)' representing a total of $4.4B in LTM investments. A highlighted box notes that 80% of these investments are in 'residential, (b) industrial, and net lease' sectors. The pie chart is segmented into the following categories:\n\nThe chart uses a color palette dominated by shades of teal and blue-green for the main loan portfolio segments, with one segment in dark blue ('Bank Loan Portfolio') and one in tan ('Other Investments'). A legend indicates that the teal-colored segments represent the 'Loan Portfolio'.",
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],
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"text": "Industrial",
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{
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],
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},
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"text": "23%",
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],
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"text": "Net Lease",
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},
{
"text": "12%",
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}
],
[
{
"text": "Bank Loan Portfolio",
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},
{
"text": "7%",
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}
],
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{
"text": "Retail",
"provenance": "unclassified",
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},
{
"text": "7%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Other Loans (h)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "6%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Other Investments (i)",
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},
{
"text": "4%",
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}
]
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"marker": "(g)",
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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\n$0.1B of single-family homebuilder finance loans (at share)\n- Capital allocation continues to shift towards residential, (b) industrial, and net lease sectors, which represent 80% of\ntotal deployment over the last twelve months\n",
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"kind": "chart",
"description": "A pie chart titled 'Investment Portfolio by Type(j)(k)' displays the distribution of an investment portfolio. The chart is segmented into various categories with corresponding percentages. A legend at the bottom indicates the data represents a 'Loan Portfolio'.",
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{
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],
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},
{
"text": "5%",
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}
],
[
{
"text": "Other Loans",
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],
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"text": "Retail",
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},
{
"text": "4%",
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}
],
[
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"text": "Bank Loan JV",
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},
{
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}
],
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},
{
"text": "3%",
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}
],
[
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"text": "Self-Storage",
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},
{
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}
],
[
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"text": "Life Sciences / Studio",
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},
{
"text": "1%",
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}
],
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},
{
"text": "1%",
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}
]
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"kind": "chart",
"description": "This is a pie chart illustrating the distribution of an investment portfolio across different geographic regions. The largest portion is the US at 63%, followed by Other EU at 16%, the UK at 13%, Australia (AUS) at 6%, and Other regions at 2%.",
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],
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"text": "US",
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},
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"text": "63%",
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}
],
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"text": "Other EU",
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},
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}
],
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}
],
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},
{
"text": "6%",
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}
],
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"text": "2%",
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}
]
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"text": "- Investment portfolio of $19.7B, benefiting from diversification and duration with increasing capital allocation\ntowards complementary real estate credit strategies\n",
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"description": "The figure presents a dual-component analysis titled 'Geographic Footprint' and 'Collateral Diversification'. On the left, a series of three maps (USA, Europe, and Australia) visualizes the geographic distribution of assets, with individual states or countries labeled with percentage values. On the right, two pie charts illustrate 'Collateral Diversification' by asset type and by region.",
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],
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{
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},
{
"text": "WA 3%, NV 2%, CA 10%, HI 2%, AZ 2%, CO 2%, TX 4%, IL 2%, NY 9%, MA 1%, VA 3%, GA 2%, FL 7%, CAN 2%",
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}
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{
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{
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}
],
[
{
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},
{
"text": "Industrial 26%, Multifamily 25%, US Office 18%, Non-US Office 7%, Hospitality 10%, Retail 5%, Self-Storage 3%, Life Sciences/Studio 2%, Other Property 4% (Note: Multifamily or Industrial combined total 51%)",
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}
],
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{
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},
{
"text": "Sunbelt 25%, Northeast 13%, West 11%, Midwest 3%, Northwest 3%, UK 17%, Other Europe 19%, Australia 7%, Canada 2% (Note: International total 45%)",
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"text": "LOAN PORTFOLIO OVERVIEW(d)\n- 133 loans secured by institutional-quality assets and diversified across sectors and markets\n- 51% secured by multifamily and industrial assets\n",
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"kind": "chart",
"description": "This is a pie chart illustrating the composition of debt types, highlighting that 88% is non-MTM (mark-to-market). The chart is divided into four segments: Secured Debt Agreements (55%, light green), Corporate Debt (22%, dark teal), Securitized Debt (17%, tan), and Asset-Specific Debt (6%, light grey). The 88% non-MTM annotation appears on the left side of the chart, encompassing the non-MTM portions. Below the chart, a legend provides the labels for the color-coded segments.",
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[
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{
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}
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[
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}
],
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{
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}
],
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{
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{
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}
]
]
}
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{
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"kind": "chart",
"description": "A bar chart illustrating corporate debt maturities in billions of dollars across various years. The x-axis represents the years 2026 through 2032+, and the y-axis represents the dollar amount. The chart uses three categories for debt: Convertible Notes (light grey), Senior Secured Notes (teal), and Term Loan B (dark blue). \n\n- In 2027: Total debt is $0.6 billion, composed of $0.3 billion in Convertible Notes and $0.3 billion in Senior Secured Notes.\n- In 2029: Total debt is $0.9 billion, composed of $0.5 billion in Senior Secured Notes and $0.4 billion in Term Loan B.\n- In 2030: Total debt is $0.8 billion, entirely composed of Term Loan B.\n- In 2031: Total debt is $0.5 billion, entirely composed of Senior Secured Notes.\n- In 2032+: Total debt is $0.7 billion, entirely composed of Term Loan B.",
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"text": "2026",
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{
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},
{
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},
{
"text": "0.3",
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},
{
"text": "0",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "2028",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "0",
"provenance": "unclassified",
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},
{
"text": "0",
"provenance": "unclassified",
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},
{
"text": "0",
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}
],
[
{
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},
{
"text": "0",
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},
{
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{
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}
],
[
{
"text": "2030",
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},
{
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"provenance": "unclassified",
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},
{
"text": "0",
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},
{
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}
],
[
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},
{
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{
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},
{
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[
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"text": "2032+",
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},
{
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},
{
"text": "0",
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},
{
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"kind": "text",
"text": "CAPITALIZATION\n- Well-structured balance sheet with ample liquidity of $1.2B and debt-to-equity(n) ratio of 3.9x\n- 88% non-MTM debt with no capital markets MTM provisions(f)\n- Issued $0.5B of Senior Secured Notes due 2031, further extending duration of liabilities\n",
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"text": "**Diversified Financing Sources**\n(outstanding balance)\n",
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"",
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"Origination Date <sup>(p)</sup>",
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"Principal Balance",
"Net Book Value<sup>(r)</sup>",
"Cash Coupon<sup>(s)</sup>",
"All-in Yield<sup>(s)</sup>",
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LTV<sup>(u)</sup>"
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],
[
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"8/14/2019",
"858",
"817",
"820",
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"+3.99%",
"1/29/2027",
"$242 / sqft",
"74%"
],
[
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"556",
"553",
"+4.60%",
"+5.08%",
"7/9/2029",
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"53%"
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[
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"477",
"477",
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"+3.31%",
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"76%"
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[
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"470",
"470",
"470",
"+2.00%",
"+2.00%",
"3/15/2036",
"n / a",
"71%"
],
[
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"2/20/2025",
"440",
"440",
"440",
"+3.50%",
"+3.50%",
"2/9/2030",
"$151 / sqft",
"58%"
],
[
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"419",
"416",
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"+3.01%",
"11/9/2030",
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"78%"
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[
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"12/9/2021",
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"385",
"384",
"+2.76%",
"+3.00%",
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[
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"Chicago",
"12/11/2018",
"356",
"345",
"347",
"+1.75%",
"+1.75%",
"12/9/2026",
"$289 / sqft",
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],
[
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"345",
"345",
"345",
"+2.55%",
"+2.88%",
"4/7/2030",
"$342 / sqft",
"67%"
],
[
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"1/26/2022",
"338",
"305",
"305",
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"+4.46%",
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"56%"
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[
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"Diversified, UK",
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"300",
"300",
"300",
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"+2.89%",
"5/15/2028",
"$142 / sqft",
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"9/29/2021",
"293",
"293",
"293",
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"+3.05%",
"10/9/2026",
"$382 / sqft",
"66%"
],
[
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"Other",
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"1/11/2019",
"292",
"292",
"292",
"+5.21%",
"+5.06%",
"6/14/2028",
"$231 / sqft",
"74%"
],
[
"15",
"Industrial",
"Diversified, EUR",
"6/5/2025",
"244",
"244",
"242",
"+2.70%",
"+2.97%",
"7/19/2030",
"$66 / sqft",
"70%"
],
[
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"10,808",
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"",
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"",
"",
""
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[
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"",
"",
"",
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"",
"",
"",
""
],
[
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"",
"",
"Three Months Ended June 30, 2026",
"Three Months Ended March 31, 2026"
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[
"Distributable
Earnings
Reconciliation",
"Net loss<sup>(v)</sup>",
"($81,222)",
"($6,297)"
],
[
"",
"Charge-offs of CECL reserves<sup>(w)</sup>",
"(28,620)",
"(46,451)"
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[
"",
"Increase in CECL reserves",
"134,403",
"55,055"
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[
"",
"Depreciation and amortization of owned real estate<sup>(x)</sup>",
"21,104",
"21,717"
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[
"",
"Adjustment to realized loss on disposition of owned real estate<sup>(y)</sup>",
"",
"(1,497)"
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[
"",
"Non-cash compensation expense",
"6,675",
"6,687"
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[
"",
"Realized hedging and foreign currency (loss) gain, net<sup>(z)</sup>",
"(1,098)",
"4"
],
[
"",
"Allocable share of adjustments related to unconsolidated entities<sup>(aa)</sup>",
"508",
"6,380"
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[
"",
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"30",
"29"
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[
"",
"Adjustments attributable to non-controlling interests, net",
"(26)",
"191"
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[
"",
"Other items",
"(18)",
"(8)"
],
[
"",
"Distributable Earnings",
"$51,736",
"$35,810"
],
[
"",
"Charge-offs of CECL reserves<sup>(w)</sup>",
"$28,620",
"$46,451"
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[
"",
"GAAP realized loss on disposition of owned real estate<sup>(cc)</sup>",
"\u2013",
"160"
],
[
"",
"Adjustment to realized loss on disposition of owned real estate<sup>(y)</sup>",
"",
"1,497"
],
[
"",
"Adjustments attributable to non-controlling interests",
"",
"(249)"
],
[
"",
"Allocable share of adjustments related to unconsolidated entities<sup>(aa)</sup>",
"51",
""
],
[
"",
"Distributable Earnings prior to realized gains and losses",
"$80,407",
"$83,669"
],
[
"",
"Weighted-average shares outstanding, basic<sup>(dd)</sup>",
"168,965",
"169,078"
],
[
"",
"Distributable Earnings per share, basic",
"$0.31",
"$0.21"
],
[
"",
"Distributable Earnings prior to realized gains and losses per share, basic",
"$0.48",
"$0.49"
],
[
"",
"",
"June 30, 2026",
"March 31, 2026"
],
[
"Book Value
per Share",
"Stockholders' equity",
"$3,261,540",
"$3,414,960"
],
[
"",
"Shares",
"",
""
],
[
"",
"Class A common stock",
"168,544",
"168,684"
],
[
"",
"Deferred stock units",
"370",
"348"
],
[
"",
"Total outstanding",
"168,913",
"169,032"
],
[
"",
"Book value per share",
"$19.31",
"$20.20"
],
[
"",
"",
"Three Months Ended June 30, 2026",
"Three Months Ended March 31, 2026"
],
[
"Earnings
per Share",
"Net loss<sup>(v)</sup>",
"($81,222)",
"($6,297)"
],
[
"",
"Weighted-average shares outstanding, basic and diluted",
"168,965",
"169,078"
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[
"",
"Per share amount, basic and diluted",
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"text": "APPENDIX\n",
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"kind": "text",
"text": "**Quarterly Per Share Calculations**\n(in thousands, except per share data)\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "Blackstone | 28\n",
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"text": "APPENDIX\n",
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"kind": "text",
"text": "**Reconciliation of Net Income to Distributable Earnings**\n(in thousands, except per share data)\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "Blackstone | 29\n",
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"text": "DEFINITIONS\n",
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"text": "**Bank Loan Portfolio Joint Venture:** A joint venture BXMT entered into with a Blackstone-advised investment vehicle in the second quarter of 2025 to acquire portfolios of performing\ncommercial mortgage loans. BXMT\u2019s equity interest in the joint venture is included in investments in unconsolidated entities on BXMT\u2019s balance sheet.\n",
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"text": "**Distributable Earnings:** Blackstone Mortgage Trust, Inc. (\"BXMT\") discloses Distributable Earnings in this presentation. Distributable Earnings is a financial measure that is calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (\"GAAP\"). ",
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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 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 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 BXMT's manager, subject to approval by a majority of its independent directors. Distributable Earnings mirrors the terms of BXMT's management agreement between BXMT's Manager and BXMT, for purposes of calculating its incentive fee expense. ",
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"text": "BXMT's CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to its existing policy for reporting Distributable Earnings.\nBXMT 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\ngenerally 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 BXMT's\ndetermination, it is nearly certain that all amounts due will not be collected. The timing of any such credit loss realization in BXMT's Distributable Earnings may differ materially from\nthe timing of CECL reserves or charge-offs in BXMT's consolidated financial statements prepared in accordance with GAAP. The realized loss amount reflected in Distributable Earnings\nwill 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\nultimate realization of the loan.\n",
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"text": "BXMT believes that Distributable Earnings provides meaningful information to consider in addition to net income (loss) and cash flow from operating activities determined in accordance\nwith 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\nEarnings 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,\nand therefore BXMT believes its dividends are one of the principal reasons stockholders may invest in BXMT's class A common stock. Distributable Earnings helps BXMT to evaluate its\nperformance excluding the effects of certain transactions and GAAP adjustments that BXMT believes are not necessarily indicative of BXMT's current investment portfolio and operations\nand is a performance metric BXMT considers when declaring its dividends.\n",
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"text": "Furthermore, BXMT believes it is useful to present Distributable Earnings prior to realized gains and losses, which include but are not limited to charge-offs of CECL reserves, to reflect\nBXMT\u2019s direct operating results and help existing and potential future holders of BXMT\u2019s class A common stock assess the performance of BXMT\u2019s business excluding such realized gains or\nlosses. 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\nfourth 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\ncharge-offs of CECL reserves. BXMT utilizes Distributable Earnings prior to realized gains and losses as an additional performance metric to consider when declaring BXMT\u2019s dividends.\nDistributable Earnings mirrors the terms of BXMT\u2019s Management Agreement for purposes of calculating BXMT\u2019s incentive fee expense. Therefore, Distributable Earnings prior to realized\ngains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains and losses had not occurred.\n",
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"kind": "text",
"text": "Distributable Earnings and Distributable Earnings prior to realized gains and losses are non-GAAP measures. BXMT defines Distributable Earnings as GAAP net income (loss), including\nrealized 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,\n(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\ncertain other non-cash charges as determined by BXMT's Manager, subject to approval by a majority of BXMT's independent directors. Distributable Earnings mirrors the terms of BXMT's\nmanagement agreement between its Manager and BXMT, or BXMT's Management Agreement, for purposes of calculating BXMT's incentive fee expense. Therefore, Distributable Earnings\nprior 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.\n",
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"kind": "text",
"text": "**Homebuilder Finance Joint Venture:** A joint venture BXMT entered into with a an unaffiliated third-party, alongside a Blackstone-advised investment vehicle, in the second quarter of 2026 to acquire an initial portfolio of single-family construction loans and to continue to acquire and fund such loans in the future. BXMT\u2019s 45% equity interest in the joint venture is included in investments in unconsolidated entities on BXMT\u2019s balance sheet. ",
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"text": "**Net Lease Joint Venture:** A joint venture BXMT entered into with a Blackstone-advised investment vehicle in the fourth quarter of 2024 to acquire triple net lease properties. BXMT's 75% equity interest in the joint venture is included in investments in unconsolidated entities on BXMT's balance sheet. ",
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"text": "**Net Loan Exposure:** Represents the principal balance of loans that are included in BXMT\u2019s consolidated financial statements, net of (i) asset-specific debt, (ii) participations sold, (iii) cost-recovery proceeds, and (iv) total loans receivable CECL reserve. Does not include owned real estate assets or investments in unconsolidated entities. ",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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"text": "Blackstone | 30\n",
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"text": "ENDNOTES RELATING TO EARNINGS RELEASE\n",
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"text": "a. Includes $0.1B to reflect BXMT's 75% share of net lease properties acquired by its Net Lease Joint Venture and $0.1B to reflect BXMT's 45% share of a portfolio of\nsingle-family construction loans acquired by its Homebuilder Finance Joint Venture.\nb. Includes (i) multifamily and condo loans and (ii) BXMT's share of a portfolio of single-family construction loans acquired by its Homebuilder Finance Joint Venture.\nc. 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) BXMT's $0.7B share of\nthe carrying value of investments held by BXMT's Net Lease Joint Venture, (iii) BXMT's $0.5B share of the fair value of loans held by BXMT's Bank Loan Portfolio Joint\nVenture, (iv) BXMT's $0.1B share of the fair value of the loans held by BXMT's Homebuilder Finance Joint Venture, (v) the $1.4B aggregate carrying value of BXMT's\nowned real estate assets, and (vi) BXMT's $66M fair value of investments in debt securities.\nd. Based on Net Loan Exposure. Refer to Definitions.\ne. Excludes (i) BXMT's $0.7B share of the carrying value of investments held by BXMT's Net Lease Joint Venture, (ii) BXMT's $0.5B share of the fair value of loans held by\nBXMT's Bank Loan Portfolio Joint Venture, (iii) BXMT's $0.1B share of the fair value of the loans held by BXMT's Homebuilder Finance Joint Venture, (iv) the $1.4B\naggregate carrying value of BXMT's owned real estate assets, and (v) BXMT's $66M fair value of investments in debt securities.\nf. 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\nrepurchase agreements, credit facilities, and asset-specific debt. The margin call provisions in BXMT's non-mark-to-market master repurchase agreements and credit\nfacilities only permit valuation adjustments if the loan or collateral pledged or sold by BXMT becomes defaulted.\ng. Includes $0.5B to reflect BXMT's 75% share of net lease properties acquired by its Net Lease Joint Venture, $0.3B to reflect BXMT's 35% share of the portfolios of\nperforming senior loans acquired by its Bank Loan Portfolio Joint Venture, $0.1B to reflect BXMT's 45% share of a portfolio of single-family construction loans acquired\nby its Homebuilder Finance Joint Venture, and $67M of investments in debt securities.\nh. Includes hospitality, condo, data center, and office loans.\ni. Includes (i) BXMT's share of a portfolio of single-family construction loans acquired by its Homebuilder Finance Joint Venture and (ii) investments in debt securities.\nj. Investment types that represent less than 1% of BXMT's Investment Portfolio are included in Other Investments in the chart, which includes the Homebuilder Finance\nJoint Venture and investment in debt securities.\nk. Assets in BXMT's loan portfolio with multiple components are proportioned into the relevant collateral types and geographies based on their relative value.\nl. States and countries composing less than 1% of total loan portfolio are excluded.\nm. Geographic diversification excludes one U.S. dollar-denominated loan (0.4% of portfolio) that is located in Bermuda and allocated to \"Other International\".\nn. Represents debt-to-equity ratio, which is the ratio of (i) total outstanding secured debt, asset-specific debt, term loans, senior secured notes, and convertible notes,\nin each case excluding unamortized deferred financing costs and discounts, less cash, to (ii) total equity.\no. Excludes 1.0% per annum of scheduled amortization payments under the Term Loan B.\np. Date loan was originated or acquired by BXMT.\nq. Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment.\nr. Net book value represents outstanding principal balance, net of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery\nproceeds.\ns. The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates. Excludes loans accounted for under the cost-\nrecovery and nonaccrual methods, if any.\nt. Maximum maturity assumes all extension options are exercised; however, BXMT's loans may be repaid prior to such date. Excludes loans accounted for under the cost-\nrecovery and nonaccrual methods, if any.\nu. Reflects weighted average loan-to-value (\"LTV\") as of the date investments were originated or acquired by BXMT, excluding any loans that are impaired.\nv. Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc.\n",
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"text": "Blackstone | 31\n",
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"text": "ENDNOTES RELATING TO EARNINGS RELEASE\n",
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"text": "w. Represents realized losses related to loan principal amounts deemed non-recoverable during the applicable period.\nx. Represents depreciation of owned real estate assets and amortization of intangible owned real estate assets and liabilities.\ny. Represents an adjustment to the realized loss on the sale of a property held at depreciated cost. Because depreciation and amortization is a non-cash expense that is\nexcluded from Distributable Earnings, GAAP gains upon sale of a property are higher, than the respective realized amounts reflected in\nDistributable Earnings. For Distributable Earnings, the amount is calculated as net sales proceeds less the property's carrying value prior to depreciation and\namortization.\nz. Represents realized gain (loss) on the repatriation of unhedged foreign currency. These amounts were not included in GAAP net income (loss), but rather as a\ncomponent of other comprehensive income in BXMT's consolidated financial statements.\naa. Allocable share of adjustments related to unconsolidated entities for the three months ended June 30, 2026, reflects BXMT's share of non-cash items such as (i) $(3.8)\nmillion of unrealized gains recorded by such unconsolidated entities, (ii) $4.3 million of depreciation and amortization, and (iii) related adjustments for realized gains,\nif any. For the three months ended March 31, 2026, reflects BXMT's share of non-cash items such as (i) $3.2 million of unrealized losses recorded by such\nunconsolidated entities, (ii) $3.1 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended\nDecember 31, 2025, reflects BXMT's share of non-cash items such as (i) $(2.0) million of unrealized gains recorded by such unconsolidated entities, (ii) $2.0 million of\ndepreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended September 30, 2025, reflects BXMT's share of non-\ncash 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\nadjustments for realized gains, if any.\nbb. Represents (i) the non-cash income recognized under GAAP related to BXMT's Agency Multifamily Lending Partnership, in which BXMT receives a portion of origination,\nservicing, and other fees for loans BXMT refers to M&T Realty Capital Corporation for origination, offset by the related loss-sharing obligation accruals and (ii) the cash\nreceived related to such income previously recognized under GAAP.\ncc. Represents the amount included on BXMT's consolidated statement of operations.\ndd. The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of BXMT's convertible notes. Consistent with the treatment of\nother unrealized adjustments to Distributable Earnings, these potentially issuable shares are excluded until a conversion occurs.\n",
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"text": "Blackstone | 32\n",
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"text": "FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION\n",
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"text": "References herein to \"Blackstone Mortgage Trust,\" \"Company,\" \"we,\" \"us,\" or \"our\" refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically\nrequires otherwise. Opinions expressed reflect the current opinions of BXMT as of the date appearing in this document only and are based on the BXMT's opinions of the current\nmarket environment, which is subject to change. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do\nnot imply, predict or guarantee, and are not necessarily indicative of, future events or results.\n",
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"text": "This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange\nAct of 1934, as amended, which reflect BXMT's current views with respect to, among other things, its operations and financial performance, its business plans and their impact,\nand the impact of the current macroeconomic environment, including interest rate changes. You can identify these forward-looking statements by the use of words such as\n\u201coutlook,\u201d \u201cobjective,\u201d \u201cindicator,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cpotential,\u201d \u201ccontinues,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cseeks,\u201d \u201cpredicts,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cestimates,\u201d\n\u201canticipates\u201d or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there\nare or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. BXMT believes these factors include but\nare not limited to those described under the section entitled \u201cRisk Factors\u201d in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be\nupdated from time to time in its periodic filings with the Securities and Exchange Commission (\u201cSEC\u201d) which are accessible on the SEC's website at www.sec.gov. These factors\nshould not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in the filings. BXMT\nassumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.\n",
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"text": "Blackstone Mortgage Trust, Inc.\n",
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