{
 "markdown": "CAPITALIZATION\n- Well-structured balance sheet with ample liquidity of $1.2B and debt-to-equity<sup>(n)</sup> ratio of 3.9x\n- 88% non-MTM debt with no capital markets MTM provisions<sup>(f)</sup>\n- Issued $0.5B of Senior Secured Notes due 2031, further extending duration of liabilities\n\n\n**Diversified Financing Sources**\n(outstanding balance)\n\n\n<figure type=\"CHART\">\n\n<description>This is a pie chart illustrating the composition of debt types, highlighting that 88% is non-MTM (mark-to-market). The chart is divided into four segments: Secured Debt Agreements (55%, light green), Corporate Debt (22%, dark teal), Securitized Debt (17%, tan), and Asset-Specific Debt (6%, light grey). The 88% non-MTM annotation appears on the left side of the chart, encompassing the non-MTM portions. Below the chart, a legend provides the labels for the color-coded segments.</description><table><tr><th>Category</th><th>Percentage</th></tr><tr><td>Secured Debt Agreements</td><td>55%</td></tr><tr><td>Corporate Debt</td><td>22%</td></tr><tr><td>Securitized Debt</td><td>17%</td></tr><tr><td>Asset-Specific Debt</td><td>6%</td></tr></table>88% non-MTM(f)</figure>\n\n<figure type=\"CHART\">Corporate Debt Maturities($ in billions)\n\n\n\n<description>A bar chart illustrating corporate debt maturities in billions of dollars across various years. The x-axis represents the years 2026 through 2032+, and the y-axis represents the dollar amount. The chart uses three categories for debt: Convertible Notes (light grey), Senior Secured Notes (teal), and Term Loan B (dark blue). \n\n- In 2027: Total debt is $0.6 billion, composed of $0.3 billion in Convertible Notes and $0.3 billion in Senior Secured Notes.\n- In 2029: Total debt is $0.9 billion, composed of $0.5 billion in Senior Secured Notes and $0.4 billion in Term Loan B.\n- In 2030: Total debt is $0.8 billion, entirely composed of Term Loan B.\n- In 2031: Total debt is $0.5 billion, entirely composed of Senior Secured Notes.\n- In 2032+: Total debt is $0.7 billion, entirely composed of Term Loan B.\n</description>\n\n<table>\n  <thead>\n    <tr>\n      <th>Year</th>\n      <th>Convertible Notes ($B)</th>\n      <th>Senior Secured Notes ($B)</th>\n      <th>Term Loan B ($B)</th>\n    </tr>\n  </thead>\n  <tbody>\n    <tr>\n      <td>2026</td>\n      <td>0</td>\n      <td>0</td>\n      <td>0</td>\n    </tr>\n    <tr>\n      <td>2027</td>\n      <td>0.3</td>\n      <td>0.3</td>\n      <td>0</td>\n    </tr>\n    <tr>\n      <td>2028</td>\n      <td>0</td>\n      <td>0</td>\n      <td>0</td>\n    </tr>\n    <tr>\n      <td>2029</td>\n      <td>0</td>\n      <td>0.5</td>\n      <td>0.4</td>\n    </tr>\n    <tr>\n      <td>2030</td>\n      <td>0</td>\n      <td>0</td>\n      <td>0.8</td>\n    </tr>\n    <tr>\n      <td>2031</td>\n      <td>0</td>\n      <td>0.5</td>\n      <td>0</td>\n    </tr>\n    <tr>\n      <td>2032+</td>\n      <td>0</td>\n      <td>0</td>\n      <td>0.7</td>\n    </tr>\n  </tbody>\n</table></figure>\n\nBlackstone Mortgage Trust, Inc.\n\n\nBlackstone | 23\n\n<!-- doc_id=parse-01m0ffhasvymn15rf6wtkw4d6j -->",
 "structure": {
  "type": "document",
  "markdown": null,
  "children": [
   {
    "type": "page",
    "page": null,
    "span": null,
    "width": null,
    "height": null,
    "dpi": null,
    "grounding": {
     "page": 1,
     "range": {
      "start": 0,
      "end": 2967
     },
     "box": {
      "xmin": 0.0,
      "ymin": 0.0,
      "xmax": 1.0,
      "ymax": 1.0
     }
    },
    "markdown": null,
    "status": "ok",
    "reason": null,
    "children": [
     {
      "type": "text",
      "id": "text-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 0,
        "end": 287
       },
       "box": {
        "xmin": 0.04265979,
        "ymin": 0.02723026,
        "xmax": 0.95457935,
        "ymax": 0.20865525
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 0,
         "end": 15
        },
        "box": {
         "xmin": 0.04650963,
         "ymin": 0.0323369,
         "xmax": 0.18147192,
         "ymax": 0.06187645
        }
       },
       {
        "page": 1,
        "range": {
         "start": 15,
         "end": 124
        },
        "box": {
         "xmin": 0.04679466,
         "ymin": 0.09867456,
         "xmax": 0.78225459,
         "ymax": 0.13055231
        }
       },
       {
        "page": 1,
        "range": {
         "start": 124,
         "end": 196
        },
        "box": {
         "xmin": 0.04676259,
         "ymin": 0.13515705,
         "xmax": 0.53020679,
         "ymax": 0.16616132
        }
       },
       {
        "page": 1,
        "range": {
         "start": 196,
         "end": 287
        },
        "box": {
         "xmin": 0.0468408,
         "ymin": 0.17074794,
         "xmax": 0.73105888,
         "ymax": 0.20281445
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-1",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 289,
        "end": 345
       },
       "box": {
        "xmin": 0.04271676,
        "ymin": 0.2754488,
        "xmax": 0.36178219,
        "ymax": 0.34750521
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 289,
         "end": 323
        },
        "box": {
         "xmin": 0.04822938,
         "ymin": 0.28199889,
         "xmax": 0.35330757,
         "ymax": 0.31285757
        }
       },
       {
        "page": 1,
        "range": {
         "start": 323,
         "end": 345
        },
        "box": {
         "xmin": 0.04948144,
         "ymin": 0.31774682,
         "xmax": 0.18790238,
         "ymax": 0.34023057
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "figure",
      "id": "figure-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 347,
        "end": 1151
       },
       "box": {
        "xmin": 0.07904078,
        "ymin": 0.43199378,
        "xmax": 0.39461541,
        "ymax": 0.85511822
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 347,
         "end": 1151
        },
        "box": {
         "xmin": 0.07904078,
         "ymin": 0.43199378,
         "xmax": 0.39461541,
         "ymax": 0.85511822
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "figure",
      "id": "figure-1",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 1153,
        "end": 2913
       },
       "box": {
        "xmin": 0.48741442,
        "ymin": 0.27250484,
        "xmax": 0.93923753,
        "ymax": 0.85470617
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 1153,
         "end": 2913
        },
        "box": {
         "xmin": 0.48741442,
         "ymin": 0.27250484,
         "xmax": 0.93923753,
         "ymax": 0.85470617
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-2",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 2915,
        "end": 2947
       },
       "box": {
        "xmin": 0.04490919,
        "ymin": 0.93459022,
        "xmax": 0.21861821,
        "ymax": 0.96353936
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 2915,
         "end": 2947
        },
        "box": {
         "xmin": 0.04815399,
         "ymin": 0.93896913,
         "xmax": 0.2150678,
         "ymax": 0.95885255
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "marginalia",
      "id": "marginalia-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 2949,
        "end": 2965
       },
       "box": {
        "xmin": 0.85541016,
        "ymin": 0.93322778,
        "xmax": 0.95308596,
        "ymax": 0.96064961
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 2949,
         "end": 2965
        },
        "box": {
         "xmin": 0.85888204,
         "ymin": 0.93778114,
         "xmax": 0.95067205,
         "ymax": 0.95541218
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     }
    ]
   }
  ]
 },
 "grounding": null,
 "metadata": {
  "req_id": null,
  "job_id": "parse-01m0ffhasvymn15rf6wtkw4d6j",
  "model_version": "dpt-3-pro-20260710",
  "page_count": 1,
  "markdown_chars": null,
  "output_markdown_chars": 3014,
  "range_units": "unicode_codepoints",
  "openapi_spec": "https://api.ade.landing.ai/openapi.json",
  "failed_pages": [],
  "duration_ms": 8446,
  "billing": {
   "service_tier": "standard",
   "total_credits": 1.3
  }
 }
}