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Distributable Earnings is a financial measure that is calculated and  presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (\"GAAP\"). \n\nDistributable Earnings is a non-GAAP measure, which is defined as GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items.  Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by BXMT's manager, subject to approval by a majority of its independent directors.  Distributable Earnings mirrors the terms of BXMT's management agreement between BXMT's Manager and BXMT, for purposes of calculating its incentive fee expense. \n\nBXMT's CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to its existing policy for reporting Distributable Earnings.\nBXMT expects to only recognize such potential credit losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization event. This is\ngenerally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but realization and non-recoverability may also be concluded if, in BXMT's\ndetermination, it is nearly certain that all amounts due will not be collected. The timing of any such credit loss realization in BXMT's Distributable Earnings may differ materially from\nthe timing of CECL reserves or charge-offs in BXMT's consolidated financial statements prepared in accordance with GAAP. The realized loss amount reflected in Distributable Earnings\nwill equal the difference between the cash received, or expected to be received, and the book value of the asset, and is reflective of its economic experience as it relates to the\nultimate realization of the loan.\n\n\nBXMT believes that Distributable Earnings provides meaningful information to consider in addition to net income (loss) and cash flow from operating activities determined in accordance\nwith GAAP. BXMT believes Distributable Earnings is a useful financial metric for existing and potential future holders of its class A common stock as historically, over time, Distributable\nEarnings has been a strong indicator of its dividends per share. As a REIT, BXMT generally must distribute annually at least 90% of its net taxable income, subject to certain adjustments,\nand therefore BXMT believes its dividends are one of the principal reasons stockholders may invest in BXMT's class A common stock. Distributable Earnings helps BXMT to evaluate its\nperformance excluding the effects of certain transactions and GAAP adjustments that BXMT believes are not necessarily indicative of BXMT's current investment portfolio and operations\nand is a performance metric BXMT considers when declaring its dividends.\n\n\nFurthermore, BXMT believes it is useful to present Distributable Earnings prior to realized gains and losses, which include but are not limited to charge-offs of CECL reserves, to reflect\nBXMT\u2019s direct operating results and help existing and potential future holders of BXMT\u2019s class A common stock assess the performance of BXMT\u2019s business excluding such realized gains or\nlosses. BXMT may make similar adjustments with respect to other types of investments, if and when applicable transactions occur. During the period from the first quarter of 2024 to the\nfourth quarter of 2025, we reported this metric as Distributable Earnings prior to charge-offs of CECL reserves, as the only applicable realized gains or losses during such period were\ncharge-offs of CECL reserves. BXMT utilizes Distributable Earnings prior to realized gains and losses as an additional performance metric to consider when declaring BXMT\u2019s dividends.\nDistributable Earnings mirrors the terms of BXMT\u2019s Management Agreement for purposes of calculating BXMT\u2019s incentive fee expense. Therefore, Distributable Earnings prior to realized\ngains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains and losses had not occurred.\n\n\nDistributable Earnings and Distributable Earnings prior to realized gains and losses are non-GAAP measures. BXMT defines Distributable Earnings as GAAP net income (loss), including\nrealized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization,\n(iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and\ncertain other non-cash charges as determined by BXMT's Manager, subject to approval by a majority of BXMT's independent directors. Distributable Earnings mirrors the terms of BXMT's\nmanagement agreement between its Manager and BXMT, or BXMT's Management Agreement, for purposes of calculating BXMT's incentive fee expense. Therefore, Distributable Earnings\nprior to realized gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains and losses had not occurred.\n\n\n**Homebuilder Finance Joint Venture:** A joint venture BXMT entered into with a an unaffiliated third-party, alongside a Blackstone-advised investment vehicle, in the second quarter of 2026 to acquire an initial portfolio of single-family construction loans and to continue to acquire and fund such loans in the future.  BXMT\u2019s 45% equity interest in the joint venture is included in investments in unconsolidated entities on BXMT\u2019s balance sheet. \n\n**Net Lease Joint Venture:** A joint venture BXMT entered into with a Blackstone-advised investment vehicle in the fourth quarter of 2024 to acquire triple net lease properties.  BXMT's 75% equity interest in the joint venture is included in investments in unconsolidated entities on BXMT's balance sheet. \n\n**Net Loan Exposure:** Represents the principal balance of loans that are included in BXMT\u2019s consolidated financial statements, net of (i) asset-specific debt, (ii) participations sold, (iii) cost-recovery proceeds, and (iv) total loans receivable CECL reserve.  Does not include owned real estate assets or investments in unconsolidated entities. \n\nBlackstone Mortgage Trust, Inc.\n\n\nBlackstone | 30\n\n<!-- doc_id=parse-01m0ffhpjaqqywwvm0ex8awnyp -->",
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