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 "markdown": "INVESTMENT ACTIVITY\n\n\n- Q2 investment activity of $1.4B<sup>(a)</sup> 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, <sup>(b)</sup> industrial, and net lease sectors, which represent 80% of\ntotal deployment over the last twelve months\n\n\n<figure type=\"CHART\">Q2 Investment Activity(a) $1.4B Q2 investments 78% residential,(b) industrial, and net lease. The figure presents a pie chart titled \"Q2 Investment Activity\" displaying the distribution of a loan portfolio. The chart shows the following categories: Multifamily (30%), Industrial (28%), Hospitality (12%), Retail (11%), Net Lease (10%), and Homebuilder Finance (9%). \n\n<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.</description> <table><thead><tr><th>Category</th><th>Percentage</th></tr></thead><tbody><tr><td>Multifamily</td><td>30%</td></tr><tr><td>Industrial</td><td>28%</td></tr><tr><td>Hospitality</td><td>12%</td></tr><tr><td>Retail</td><td>11%</td></tr><tr><td>Net Lease</td><td>10%</td></tr><tr><td>Homebuilder Finance</td><td>9%</td></tr></tbody></table></figure>\n\n<figure type=\"CHART\">\n\n<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:</description><table><tr><th>Category</th><th>Percentage</th></tr><tr><td>Industrial</td><td>41%</td></tr><tr><td>Multifamily</td><td>23%</td></tr><tr><td>Net Lease</td><td>12%</td></tr><tr><td>Bank Loan Portfolio</td><td>7%</td></tr><tr><td>Retail</td><td>7%</td></tr><tr><td>Other Loans (h)</td><td>6%</td></tr><tr><td>Other Investments (i)</td><td>4%</td></tr></table>\n\n<description>The 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'.</description></figure>\n\nBlackstone Mortgage Trust, Inc.\n\n\nBlackstone | 20\n\n<!-- doc_id=parse-01m0ffh62r3ztnvv9txvtchd9z -->",
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