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 "markdown": "ENDNOTES RELATING TO COMPANY PRESENTATION\n\n\na. 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\n\nBlackstone Mortgage Trust, Inc.\n\n\nBlackstone | 15\n\n<!-- doc_id=parse-01m0ffgwx9fwzggme7ewfpgfzx -->",
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