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 "markdown": "<a id='a4509793-4a35-43a1-914a-8d276fa7aebf'></a>\n\nINVESTMENT PORTFOLIO EVOLUTION\u207f\n\n<a id='370f840b-14fa-48ce-826c-acfd51489a7f'></a>\n\n- BXMT has repositioned its portfolio to reduce legacy office exposure and increase investment in diversified, high-conviction investment themes, which now represent ~50% of the investment portfolio\n\n<a id='e3ceaa78-4c07-4312-b79e-15c00de4b509'></a>\n\n<::chart\nOffice Exposure ($ in billions)\n- 12/31/2019: $9.9\n- 6/30/2026: $4.9\n- Annotation: 50% reduction\n\nTarget Investments ($ in billions)\n- 12/31/2019:\n  - Residential: $1.8\n  - Industrial: $0.6\n  - Total: $2.4\n- 6/30/2026:\n  - Residential: $4.6\n  - Industrial: $4.5\n  - Net Lease JV: $0.7\n  - Bank Loan JV: $0.5\n  - Total: $10.2\n- Annotation: ~4.2x increase\n- Legend:\n  - Residential\n  - Industrial\n  - Net Lease JV\n  - Bank Loan JV\n: chart::>\n\n<a id='6a788da5-e57d-4993-b54f-4b0426d9f343'></a>\n\nNote: Totals may not sum due to rounding.\nBlackstone Mortgage Trust, Inc.\n\n<a id='7be237b9-78ad-4cae-8678-695ad396700e'></a>\n\nBlackstone |\n\n<a id='84d93c50-b005-47bb-ba1a-136bf1940099'></a>\n\n9",
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