{
 "markdown": "INVESTMENT PORTFOLIO OVERVIEW<sup>(c)</sup>\n\n\n- Investment portfolio of $19.7B, benefiting from diversification and duration with increasing capital allocation\ntowards complementary real estate credit strategies\n\n\n<figure type=\"CHART\">Investment Portfolio by Type(j)(k)\n\n\n\n<description>A pie chart titled 'Investment Portfolio by Type(j)(k)' displays the distribution of an investment portfolio. The chart is segmented into various categories with corresponding percentages. A legend at the bottom indicates the data represents a 'Loan Portfolio'.</description>\n\n<table>\n  <thead>\n    <tr>\n      <th>Investment Type</th>\n      <th>Percentage</th>\n    </tr>\n  </thead>\n  <tbody>\n    <tr>\n      <td>Industrial</td>\n      <td>23%</td>\n    </tr>\n    <tr>\n      <td>Multifamily</td>\n      <td>21%</td>\n    </tr>\n    <tr>\n      <td>US Office</td>\n      <td>16%</td>\n    </tr>\n    <tr>\n      <td>Hospitality</td>\n      <td>9%</td>\n    </tr>\n    <tr>\n      <td>Owned Real Estate</td>\n      <td>7%</td>\n    </tr>\n    <tr>\n      <td>Non-US Office</td>\n      <td>5%</td>\n    </tr>\n    <tr>\n      <td>Other Loans</td>\n      <td>4%</td>\n    </tr>\n    <tr>\n      <td>Retail</td>\n      <td>4%</td>\n    </tr>\n    <tr>\n      <td>Bank Loan JV</td>\n      <td>3%</td>\n    </tr>\n    <tr>\n      <td>Net Lease JV</td>\n      <td>3%</td>\n    </tr>\n    <tr>\n      <td>Self-Storage</td>\n      <td>3%</td>\n    </tr>\n    <tr>\n      <td>Life Sciences / Studio</td>\n      <td>1%</td>\n    </tr>\n    <tr>\n      <td>Other Investments</td>\n      <td>1%</td>\n    </tr>\n  </tbody>\n</table></figure>\n\n<figure type=\"CHART\">Investment Portfolio by Geography(k) \n\n<description>This is a pie chart illustrating the distribution of an investment portfolio across different geographic regions. The largest portion is the US at 63%, followed by Other EU at 16%, the UK at 13%, Australia (AUS) at 6%, and Other regions at 2%.</description> <table><thead><tr><th>Geography</th><th>Percentage</th></tr></thead><tbody><tr><td>US</td><td>63%</td></tr><tr><td>Other EU</td><td>16%</td></tr><tr><td>UK</td><td>13%</td></tr><tr><td>AUS</td><td>6%</td></tr><tr><td>Other</td><td>2%</td></tr></tbody></table></figure>\n\nBlackstone Mortgage Trust, Inc.\n\n\nBlackstone | 21\n\n<!-- doc_id=parse-01m0ffh6ap144jxfjnhca7tbqs -->",
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