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 "markdown": "# BXMT LENDING STRATEGY\n\n- BXMT originates loans that are sized and structured to capitalize value-add business plans to drive cash flow growth\nand long-term value creation\n- BXMT's loans are repaid when borrowers sell or refinance assets, typically following execution of business plan\n\n\nBXMT Lending Strategy\n\n<table>\n<tr><td>Senior Asset-Backed Lending</td><td>Institutional Quality Real Estate</td><td>Value-Add Business Plans</td></tr>\n<tr><td>First-lien claim secured by tangible commercial real estate properties with hard asset value</td><td>Assets well-suited to attract institutional debt and equity capital</td><td>Loans designed to support business plans aimed at growing property cash flows and value over time</td></tr>\n<tr><td>Stringent Underwriting &amp; Asset Management</td><td>Sophisticated Borrowers</td><td>Structural Protections</td></tr>\n<tr><td>Rigorous processes informed by knowledge and experience of the Blackstone Real Estate platform</td><td>Experienced, well-capitalized borrowers who can support assets through periods of volatility</td><td>Loans generally include performance tests, cash sweeps, guarantees or other structural enhancements</td></tr>\n</table>\n\nBlackstone Mortgage Trust, Inc.\n\n\nBlackstone\n\n\n6\n\n<!-- doc_id=parse-01m0ffgk3pvnb8m7cbmrc02mez -->",
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