{
 "chunks": [
  {
   "id": "3aa4d775-1c54-4766-9327-ec30f2abff3e",
   "grounding": {
    "box": {
     "bottom": 0.060627907514572144,
     "left": 0.04458169639110565,
     "right": 0.22902242839336395,
     "top": 0.029922030866146088
    },
    "page": 0
   },
   "markdown": "<a id='3aa4d775-1c54-4766-9327-ec30f2abff3e'></a>\n\nINVESTMENT ACTIVITY",
   "type": "text"
  },
  {
   "id": "297d1b58-538c-4750-b208-9613f1aa4efd",
   "grounding": {
    "box": {
     "bottom": 0.2319590002298355,
     "left": 0.04269903898239136,
     "right": 0.9559594988822937,
     "top": 0.0710592120885849
    },
    "page": 0
   },
   "markdown": "<a id='297d1b58-538c-4750-b208-9613f1aa4efd'></a>\n\nQ2 investment activity of $1.4B$^{(a)}$ includes $1.1B of loan originations, $0.1B of net lease properties (at share), and $0.1B of single-family homebuilder finance loans (at share)\n\nCapital allocation continues to shift towards residential, $^{(b)}$ industrial, and net lease sectors, which represent 80% of total deployment over the last twelve months",
   "type": "text"
  },
  {
   "id": "7b2f1578-f49a-479f-9903-6bb6eb07fcb6",
   "grounding": {
    "box": {
     "bottom": 0.853888750076294,
     "left": 0.04462577402591705,
     "right": 0.4795815348625183,
     "top": 0.25540971755981445
    },
    "page": 0
   },
   "markdown": "<a id='7b2f1578-f49a-479f-9903-6bb6eb07fcb6'></a>\n\nQ2 Investment Activity(a)\n$1.4B\nQ2 investments\n78%\nresidential, (b)\nindustrial, and net lease\n<::pie chart::>\nHomebuilder Finance: 9%\nMultifamily: 30%\nIndustrial: 28%\nHospitality: 12%\nRetail: 11%\nNet Lease: 10%\nLegend:\nLoan Portfolio\n<::>",
   "type": "figure"
  },
  {
   "id": "e8919252-a8ae-4e0f-8dde-c3025e8d4a82",
   "grounding": {
    "box": {
     "bottom": 0.8573800325393677,
     "left": 0.5234295725822449,
     "right": 0.9550542235374451,
     "top": 0.2517491579055786
    },
    "page": 0
   },
   "markdown": "<a id='e8919252-a8ae-4e0f-8dde-c3025e8d4a82'></a>\n\nLTM Investment Activity(g)\n\n$4.4B\nLTM investments\n\n80%\nresidential, (b)\nindustrial, and net lease\n\n<::pie chart\nLTM Investment Activity (g)\n\nSegments:\nIndustrial: 41%\nMultifamily: 23%\nRetail: 7%\nOther Loans (h): 6%\nNet Lease: 12%\nBank Loan Portfolio: 7%\nOther Investments (i): 4%\n\nLegend:\nLoan Portfolio\n: chart::>",
   "type": "figure"
  },
  {
   "id": "c9744762-59e7-4d3a-8383-1b97bd2ded27",
   "grounding": {
    "box": {
     "bottom": 0.9629740715026855,
     "left": 0.04507499188184738,
     "right": 0.2182762622833252,
     "top": 0.9352691173553467
    },
    "page": 0
   },
   "markdown": "<a id='c9744762-59e7-4d3a-8383-1b97bd2ded27'></a>\n\nBlackstone Mortgage Trust, Inc.",
   "type": "marginalia"
  },
  {
   "id": "1127720b-7076-48f1-8204-98def1d4c5fb",
   "grounding": {
    "box": {
     "bottom": 0.9602664709091187,
     "left": 0.85536128282547,
     "right": 0.953435480594635,
     "top": 0.9336004257202148
    },
    "page": 0
   },
   "markdown": "<a id='1127720b-7076-48f1-8204-98def1d4c5fb'></a>\n\nBlackstone | 20",
   "type": "marginalia"
  }
 ],
 "markdown": "<a id='3aa4d775-1c54-4766-9327-ec30f2abff3e'></a>\n\nINVESTMENT ACTIVITY\n\n<a id='297d1b58-538c-4750-b208-9613f1aa4efd'></a>\n\nQ2 investment activity of $1.4B$^{(a)}$ includes $1.1B of loan originations, $0.1B of net lease properties (at share), and $0.1B of single-family homebuilder finance loans (at share)\n\nCapital allocation continues to shift towards residential, $^{(b)}$ industrial, and net lease sectors, which represent 80% of total deployment over the last twelve months\n\n<a id='7b2f1578-f49a-479f-9903-6bb6eb07fcb6'></a>\n\nQ2 Investment Activity(a)\n$1.4B\nQ2 investments\n78%\nresidential, (b)\nindustrial, and net lease\n<::pie chart::>\nHomebuilder Finance: 9%\nMultifamily: 30%\nIndustrial: 28%\nHospitality: 12%\nRetail: 11%\nNet Lease: 10%\nLegend:\nLoan Portfolio\n<::>\n\n<a id='e8919252-a8ae-4e0f-8dde-c3025e8d4a82'></a>\n\nLTM Investment Activity(g)\n\n$4.4B\nLTM investments\n\n80%\nresidential, (b)\nindustrial, and net lease\n\n<::pie chart\nLTM Investment Activity (g)\n\nSegments:\nIndustrial: 41%\nMultifamily: 23%\nRetail: 7%\nOther Loans (h): 6%\nNet Lease: 12%\nBank Loan Portfolio: 7%\nOther Investments (i): 4%\n\nLegend:\nLoan Portfolio\n: chart::>\n\n<a id='c9744762-59e7-4d3a-8383-1b97bd2ded27'></a>\n\nBlackstone Mortgage Trust, Inc.\n\n<a id='1127720b-7076-48f1-8204-98def1d4c5fb'></a>\n\nBlackstone | 20",
 "metadata": {
  "credit_usage": 3.0,
  "duration_ms": 10152,
  "filename": "p21.pdf",
  "job_id": "cmsgv7vag00hpb501eganhor0",
  "org_id": "dlh8mka28ml4",
  "page_count": 1,
  "version": "dpt-2-20260410",
  "failed_pages": []
 },
 "splits": [
  {
   "chunks": [
    "3aa4d775-1c54-4766-9327-ec30f2abff3e",
    "297d1b58-538c-4750-b208-9613f1aa4efd",
    "7b2f1578-f49a-479f-9903-6bb6eb07fcb6",
    "e8919252-a8ae-4e0f-8dde-c3025e8d4a82",
    "c9744762-59e7-4d3a-8383-1b97bd2ded27",
    "1127720b-7076-48f1-8204-98def1d4c5fb"
   ],
   "class_": "full",
   "identifier": "full",
   "markdown": "<a id='3aa4d775-1c54-4766-9327-ec30f2abff3e'></a>\n\nINVESTMENT ACTIVITY\n\n<a id='297d1b58-538c-4750-b208-9613f1aa4efd'></a>\n\nQ2 investment activity of $1.4B$^{(a)}$ includes $1.1B of loan originations, $0.1B of net lease properties (at share), and $0.1B of single-family homebuilder finance loans (at share)\n\nCapital allocation continues to shift towards residential, $^{(b)}$ industrial, and net lease sectors, which represent 80% of total deployment over the last twelve months\n\n<a id='7b2f1578-f49a-479f-9903-6bb6eb07fcb6'></a>\n\nQ2 Investment Activity(a)\n$1.4B\nQ2 investments\n78%\nresidential, (b)\nindustrial, and net lease\n<::pie chart::>\nHomebuilder Finance: 9%\nMultifamily: 30%\nIndustrial: 28%\nHospitality: 12%\nRetail: 11%\nNet Lease: 10%\nLegend:\nLoan Portfolio\n<::>\n\n<a id='e8919252-a8ae-4e0f-8dde-c3025e8d4a82'></a>\n\nLTM Investment Activity(g)\n\n$4.4B\nLTM investments\n\n80%\nresidential, (b)\nindustrial, and net lease\n\n<::pie chart\nLTM Investment Activity (g)\n\nSegments:\nIndustrial: 41%\nMultifamily: 23%\nRetail: 7%\nOther Loans (h): 6%\nNet Lease: 12%\nBank Loan Portfolio: 7%\nOther Investments (i): 4%\n\nLegend:\nLoan Portfolio\n: chart::>\n\n<a id='c9744762-59e7-4d3a-8383-1b97bd2ded27'></a>\n\nBlackstone Mortgage Trust, Inc.\n\n<a id='1127720b-7076-48f1-8204-98def1d4c5fb'></a>\n\nBlackstone | 20",
   "pages": [
    0
   ]
  }
 ],
 "grounding": {
  "3aa4d775-1c54-4766-9327-ec30f2abff3e": {
   "box": {
    "bottom": 0.060627907514572144,
    "left": 0.04458169639110565,
    "right": 0.22902242839336395,
    "top": 0.029922030866146088
   },
   "page": 0,
   "type": "chunkText",
   "confidence": 1.0,
   "low_confidence_spans": []
  },
  "297d1b58-538c-4750-b208-9613f1aa4efd": {
   "box": {
    "bottom": 0.2319590002298355,
    "left": 0.04269903898239136,
    "right": 0.9559594988822937,
    "top": 0.0710592120885849
   },
   "page": 0,
   "type": "chunkText",
   "confidence": 0.103,
   "low_confidence_spans": [
    {
     "confidence": 0.103,
     "span": [
      29,
      36
     ],
     "text": "4B$^{(a"
    }
   ]
  },
  "7b2f1578-f49a-479f-9903-6bb6eb07fcb6": {
   "box": {
    "bottom": 0.853888750076294,
    "left": 0.04462577402591705,
    "right": 0.4795815348625183,
    "top": 0.25540971755981445
   },
   "page": 0,
   "type": "chunkFigure",
   "confidence": null,
   "low_confidence_spans": []
  },
  "e8919252-a8ae-4e0f-8dde-c3025e8d4a82": {
   "box": {
    "bottom": 0.8573800325393677,
    "left": 0.5234295725822449,
    "right": 0.9550542235374451,
    "top": 0.2517491579055786
   },
   "page": 0,
   "type": "chunkFigure",
   "confidence": null,
   "low_confidence_spans": []
  },
  "c9744762-59e7-4d3a-8383-1b97bd2ded27": {
   "box": {
    "bottom": 0.9629740715026855,
    "left": 0.04507499188184738,
    "right": 0.2182762622833252,
    "top": 0.9352691173553467
   },
   "page": 0,
   "type": "chunkMarginalia",
   "confidence": 0.982,
   "low_confidence_spans": []
  },
  "1127720b-7076-48f1-8204-98def1d4c5fb": {
   "box": {
    "bottom": 0.9602664709091187,
    "left": 0.85536128282547,
    "right": 0.953435480594635,
    "top": 0.9336004257202148
   },
   "page": 0,
   "type": "chunkMarginalia",
   "confidence": 0.989,
   "low_confidence_spans": []
  }
 }
}