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 "markdown": "CASE STUDY: BANK LOAN PORTFOLIO ACQUISITIONS<sup>(P)</sup>\n\n\n- 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<sup>(r)</sup> of bank loan portfolio acquisitions purchased at discounts, demonstrating the\ncompany's differentiated access to high-quality investments\n\n\n<figure type=\"CHART\">\n\n<description>The figure is a split-layout presentation containing investment highlights on the left and a geographic diversification pie chart on the right.</description>### Investment Highlights(s)\n- 100% performing senior loans acquired at a discount\n- Fully occupied with 12% in-place debt yield\n- 52% LTV(t)\n- Granular portfolio of essential-use retail and service-oriented assets ($1.4M avg. loan size)\n\n### Geographic Diversification(s)\n\n\n<description>A pie chart illustrating the geographic distribution of assets, with percentages provided for each region.</description>\n<table><thead><tr><th>Region</th><th>Percentage</th></tr></thead><tbody><tr><td>TX</td><td>36%</td></tr><tr><td>FL</td><td>18%</td></tr><tr><td>GA</td><td>10%</td></tr><tr><td>TN</td><td>8%</td></tr><tr><td>OH</td><td>8%</td></tr><tr><td>CA</td><td>8%</td></tr><tr><td>AR</td><td>7%</td></tr><tr><td>Other</td><td>5%</td></tr></tbody></table></figure>\n\nBlackstone Mortgage Trust, Inc.\n\n\nBlackstone | 11\n\n<!-- doc_id=parse-01m0ffgnea39recdtnwzks0h6y -->",
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