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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025
OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM ______ TO ______
Commission File Number: 001-14788
Blackstone Mortgage Trust, Inc.
(Exact name of Registrant as specified in its charter)

Maryland | 94-6181186
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)

345 Park Avenue, 24th Floor
New York, New York 10154
(Address of principal executive offices)(Zip Code)
(212) 655-0220
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading symbol(s) |  | Name of each exchange on which registered
Class A common stock, par value $0.01 per share |  | BXMT |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such
files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an
emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth
company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ |  | Accelerated filer | ☐
Non-accelerated filer | ☐ |  | Smaller reporting company | ☐
|  |  | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of the registrant’s shares of class A common stock, par value $0.01 per share, outstanding as of October 22, 2025 was 167,723,732

TABLE OF CONTENTS

|  | Page
PART I. | FINANCIAL INFORMATION |
ITEM 1. | FINANCIAL STATEMENTS | 3
| Consolidated Financial Statements (Unaudited): |
| Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 | 3
| Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 | 4
| Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024 | 5
| Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2025 and 2024, June 30, 2025 and 2024, and September 30, 2025 and 2024 | 6
| Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 | 8
| Notes to Consolidated Financial Statements | 10
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 57
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 90
ITEM 4. | CONTROLS AND PROCEDURES | 92
PART II. | OTHER INFORMATION |
ITEM 1. | LEGAL PROCEEDINGS | 93
ITEM 1A. | RISK FACTORS | 93
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 94
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES | 95
ITEM 4. | MINE SAFETY DISCLOSURES | 95
ITEM 5. | OTHER INFORMATION | 95
ITEM 6. | EXHIBITS | 96
SIGNATURES | 97

TABLE OF CONTENTS
Website Disclosure
We use our website (www.blackstonemortgagetrust.com) as a channel of distribution of company information. The
information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in
addition to following our press releases, Securities and Exchange Commission, or SEC, filings and public conference calls,
and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone Mortgage
Trust when you enroll your email address by visiting the “Contact Us and Email Alerts” section of our website at http://
ir.blackstonemortgagetrust.com. The contents of our website and any alerts are not, however, a part of this report.
3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Blackstone Mortgage Trust, Inc.
Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)

| September 30, 2025 |  | December 31, 2024
Assets |  |  |
Cash and cash equivalents | $377,921 |  | $323,483
Loans receivable | 18,066,919 |  | 19,047,518
Current expected credit loss reserve | (695,719) |  | (733,936)
Loans receivable, net | 17,371,200 |  | 18,313,582
Real estate owned, net | 933,635 |  | 588,185
Investments in unconsolidated entities (includes $104,867 and $0 at fair value as of September 30, 2025 and December 31, 2024, respectively) | 182,598 |  | 4,452
Other assets | 834,219 |  | 572,253
Total Assets | $19,699,573 |  | $19,801,955
Liabilities and Equity |  |  |
Secured debt, net | $9,540,224 |  | $9,696,334
Securitized debt obligations, net | 2,470,067 |  | 1,936,956
Asset-specific debt, net | 627,916 |  | 1,224,841
Loan participations sold, net | — |  | 100,064
Term loans, net | 1,774,913 |  | 1,732,073
Senior secured notes, net | 785,215 |  | 771,035
Convertible notes, net | 264,463 |  | 263,616
Other liabilities | 639,372 |  | 282,847
Total Liabilities | 16,102,170 |  | 16,007,766
Commitments and contingencies (Note 22) |  |  |
Equity |  |  |
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 170,720,119 and 172,792,094 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 1,707 |  | 1,728
Additional paid-in capital | 5,485,421 |  | 5,511,053
Accumulated other comprehensive income | 9,320 |  | 8,268
Accumulated deficit | (1,905,746) |  | (1,733,741)
Total Blackstone Mortgage Trust, Inc. stockholders’ equity | 3,590,702 |  | 3,787,308
Non-controlling interests | 6,701 |  | 6,881
Total Equity | 3,597,403 |  | 3,794,189
Total Liabilities and Equity | $19,699,573 |  | $19,801,955

Note: The consolidated balance sheets as of September 30, 2025 and December 31, 2024 include assets of consolidated
variable interest entities, or VIEs, that can only be used to settle obligations of each respective VIE, and liabilities of
consolidated VIEs for which creditors do not have recourse to Blackstone Mortgage Trust, Inc. As of September 30, 2025
and December 31, 2024, assets of the consolidated VIEs totaled $3.6 billion and $2.4 billion, respectively, and liabilities of
the consolidated VIEs totaled $2.5 billion and $2.0 billion, respectively. Refer to Note 20 for further discussion of the
VIEs.
See accompanying notes to consolidated financial statements.
4
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income from loans and other investments |  |  |  |  |  |  |
Interest and related income | $345,959 |  | $430,092 |  | $1,037,553 |  | $1,382,367
Less: Interest and related expenses | 247,055 |  | 321,744 |  | 754,015 |  | 1,004,854
Income from loans and other investments, net | 98,904 |  | 108,348 |  | 283,538 |  | 377,513
Revenue from real estate owned | 33,733 |  | 1,214 |  | 109,578 |  | 1,214
Gain on extinguishment of debt | — |  | 2,389 |  | — |  | 5,352
Other income | 74 |  | — |  | 395 |  | —
Total net revenues | 132,711 |  | 111,951 |  | 393,511 |  | 384,079
Expenses |  |  |  |  |  |  |
Management and incentive fees | 16,849 |  | 18,605 |  | 51,120 |  | 56,258
General and administrative expenses | 12,747 |  | 13,423 |  | 38,937 |  | 40,811
Expenses from real estate owned | 43,100 |  | 2,684 |  | 137,198 |  | 3,647
Other expenses | 6 |  | — |  | 6 |  | —
Total expenses | 72,702 |  | 34,712 |  | 227,261 |  | 100,716
Decrease (increase) in current expected credit loss reserve | 987 |  | (132,470) |  | (94,111) |  | (519,747)
Income from unconsolidated entities | 3,924 |  | — |  | 1,035 |  | —
Income (loss) before income taxes | 64,920 |  | (55,231) |  | 73,174 |  | (236,384)
Income tax provision | 1,512 |  | 613 |  | 3,133 |  | 2,832
Net income (loss) | 63,408 |  | (55,844) |  | 70,041 |  | (239,216)
Net income attributable to non-controlling interests | (11) |  | (540) |  | (32) |  | (2,063)
Net income (loss) attributable to Blackstone Mortgage Trust, Inc. | $63,397 |  | $(56,384) |  | $70,009 |  | $(241,279)
Net income (loss) per share of common stock, basic and diluted | $0.37 |  | $(0.32) |  | $0.41 |  | $(1.39)
Weighted-average shares of common stock outstanding, basic and diluted | 171,812,685 |  | 173,637,101 |  | 171,903,127 |  | 173,881,116

See accompanying notes to consolidated financial statements.
5
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Comprehensive Income (Unaudited)
(in thousands)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) | $63,408 |  | $(55,844) |  | $70,041 |  | $(239,216)
Other comprehensive (loss) income |  |  |  |  |  |  |
Unrealized (loss) gain on foreign currency translation | (25,288) |  | 91,072 |  | 181,093 |  | 49,009
Realized and unrealized gain (loss) on derivative financial instruments | 25,174 |  | (90,309) |  | (178,488) |  | (47,372)
Unrealized loss on derivative financial instruments from unconsolidated entities | (364) |  | — |  | (1,553) |  | —
Other comprehensive (loss) income | (478) |  | 763 |  | 1,052 |  | 1,637
Comprehensive income (loss) | 62,930 |  | (55,081) |  | 71,093 |  | (237,579)
Comprehensive income attributable to non- controlling interests | (11) |  | (540) |  | (32) |  | (2,063)
Comprehensive income (loss) attributable to Blackstone Mortgage Trust, Inc. | $62,919 |  | $(55,621) |  | $71,061 |  | $(239,642)

See accompanying notes to consolidated financial statements.
6
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Changes in Equity (Unaudited)
(in thousands)

| Blackstone Mortgage Trust, Inc. |  |  |  |
| Class A Common Stock |  | Additional Paid- In Capital |  | Accumulated Other Comprehensive Income (Loss) |  | Accumulated Deficit |  | Stockholders’ Equity |  | Non- Controlling Interests |  | Total Equity
Balance at December 31, 2024 | $1,728 |  | $5,511,053 |  | $8,268 |  | $(1,733,741) |  | $3,787,308 |  | $6,881 |  | $3,794,189
Shares of class A common stock issued, net | 1 |  | (1) |  | — |  | — |  | — |  | — |  | —
Repurchases of class A common stock | (18) |  | (31,629) |  | — |  | — |  | (31,647) |  | — |  | (31,647)
Restricted class A common stock earned | 5 |  | 6,787 |  | — |  | — |  | 6,792 |  | — |  | 6,792
Dividends reinvested | — |  | 213 |  | — |  | — |  | 213 |  | — |  | 213
Deferred directors’ compensation | — |  | 173 |  | — |  | — |  | 173 |  | — |  | 173
Net (loss) income | — |  | — |  | — |  | (357) |  | (357) |  | 6 |  | (351)
Other comprehensive income | — |  | — |  | 323 |  | — |  | 323 |  | — |  | 323
Dividends declared on common stock and deferred stock units, $0.47 per share | — |  | — |  | — |  | (80,837) |  | (80,837) |  | — |  | (80,837)
Distributions to non-controlling interests | — |  | — |  | — |  | — |  | — |  | (137) |  | (137)
Balance at March 31, 2025 | $1,716 |  | $5,486,596 |  | $8,591 |  | $(1,814,935) |  | $3,681,968 |  | $6,750 |  | $3,688,718
Repurchases of class A common stock | — |  | (39) |  | — |  | — |  | (39) |  | — |  | (39)
Restricted class A common stock earned | — |  | 7,131 |  | — |  | — |  | 7,131 |  | — |  | 7,131
Dividends reinvested | — |  | 160 |  | — |  | — |  | 160 |  | — |  | 160
Deferred directors’ compensation | — |  | 172 |  | — |  | — |  | 172 |  | — |  | 172
Net income | — |  | — |  | — |  | 6,969 |  | 6,969 |  | 15 |  | 6,984
Other comprehensive income | — |  | — |  | 1,207 |  | — |  | 1,207 |  | — |  | 1,207
Dividends declared on common stock and deferred stock units, $0.47 per share | — |  | — |  | — |  | (80,796) |  | (80,796) |  | — |  | (80,796)
Balance at June 30, 2025 | $1,716 |  | $5,494,020 |  | $9,798 |  | $(1,888,762) |  | $3,616,772 |  | $6,765 |  | $3,623,537
Repurchases of class A common stock | (9) |  | (16,057) |  | — |  | — |  | (16,066) |  | — |  | (16,066)
Restricted class A common stock earned | — |  | 7,130 |  | — |  | — |  | 7,130 |  | — |  | 7,130
Dividends reinvested | — |  | 156 |  | — |  | — |  | 156 |  | — |  | 156
Deferred directors’ compensation | — |  | 172 |  | — |  | — |  | 172 |  |  |  | 172
Net income | — |  | — |  | — |  | 63,397 |  | 63,397 |  | 11 |  | 63,408
Other comprehensive loss | — |  | — |  | (478) |  | — |  | (478) |  | — |  | (478)
Dividends declared on common stock and deferred stock units, $0.47 per share | — |  | — |  | — |  | (80,381) |  | (80,381) |  | — |  | (80,381)
Distributions to non-controlling interests | — |  | — |  | — |  | — |  | — |  | (75) |  | (75)
Balance at September 30, 2025 | $1,707 |  | $5,485,421 |  | $9,320 |  | $(1,905,746) |  | $3,590,702 |  | $6,701 |  | $3,597,403

7
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Changes in Equity (Unaudited)
(in thousands)

| Blackstone Mortgage Trust, Inc. |  |  |  |
| Class A Common Stock |  | Additional Paid- In Capital |  | Accumulated Other Comprehensive Income (Loss) |  | Accumulated Deficit |  | Stockholders’ Equity |  | Non- Controlling Interests |  | Total Equity
Balance at December 31, 2023 | $1,732 |  | $5,507,459 |  | $9,454 |  | $(1,150,934) |  | $4,367,711 |  | $19,793 |  | $4,387,504
Restricted class A common stock earned | 4 |  | 7,907 |  | — |  | — |  | 7,911 |  | — |  | 7,911
Dividends reinvested | — |  | 253 |  | — |  | — |  | 253 |  | — |  | 253
Deferred directors’ compensation | — |  | 201 |  | — |  | — |  | 201 |  | — |  | 201
Net (loss) income | — |  | — |  | — |  | (123,838) |  | (123,838) |  | 668 |  | (123,170)
Other comprehensive income | — |  | — |  | 416 |  | — |  | 416 |  | — |  | 416
Dividends declared on common stock and deferred stock units, $0.62 per share | — |  | — |  | — |  | (107,901) |  | (107,901) |  | — |  | (107,901)
Distributions to non-controlling interests | — |  | — |  | — |  | — |  | — |  | (627) |  | (627)
Balance at March 31, 2024 | $1,736 |  | $5,515,820 |  | $9,870 |  | $(1,382,673) |  | $4,144,753 |  | $19,834 |  | $4,164,587
Restricted class A common stock earned | — |  | 7,761 |  | — |  | — |  | 7,761 |  | — |  | 7,761
Dividends reinvested | — |  | 261 |  | — |  | — |  | 261 |  | — |  | 261
Deferred directors’ compensation | — |  | 201 |  | — |  | — |  | 201 |  | — |  | 201
Net (loss) income | — |  | — |  | — |  | (61,057) |  | (61,057) |  | 855 |  | (60,202)
Other comprehensive income | — |  | — |  | 458 |  | — |  | 458 |  | — |  | 458
Dividends declared on common stock and deferred stock units, $0.62 per share | — |  | — |  | — |  | (107,873) |  | (107,873) |  | — |  | (107,873)
Contributions from non- controlling interests | — |  | — |  | — |  | — |  | — |  | 1,245 |  | 1,245
Distributions to non-controlling interests | — |  | — |  | — |  | — |  | — |  | (1,840) |  | (1,840)
Balance at June 30, 2024 | $1,736 |  | $5,524,043 |  | $10,328 |  | $(1,551,603) |  | $3,984,504 |  | $20,094 |  | $4,004,598
Repurchases of class A common stock | (6) |  | (10,992) |  | — |  | — |  | (10,998) |  | — |  | (10,998)
Restricted class A common stock earned | — |  | 7,728 |  | — |  | — |  | 7,728 |  | — |  | 7,728
Dividends reinvested | — |  | 270 |  | — |  | — |  | 270 |  | — |  | 270
Deferred directors’ compensation | — |  | 256 |  | — |  | — |  | 256 |  | — |  | 256
Net (loss) income | — |  | — |  | — |  | (56,384) |  | (56,384) |  | 540 |  | (55,844)
Other comprehensive income | — |  | — |  | 763 |  | — |  | 763 |  | — |  | 763
Dividends declared on common stock and deferred stock units, $0.47 per share | — |  | — |  | — |  | (81,547) |  | (81,547) |  | — |  | (81,547)
Distributions to non-controlling interests | — |  | — |  | — |  | — |  | — |  | (4,829) |  | (4,829)
Balance at September 30, 2024 | $1,730 |  | $5,521,305 |  | $11,091 |  | $(1,689,534) |  | $3,844,592 |  | $15,805 |  | $3,860,397

See accompanying notes to consolidated financial statements.
8
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

| Nine Months Ended September 30,
| 2025 |  | 2024
Cash flows from operating activities |  |  |
Net income (loss) | $70,041 |  | $(239,216)
Adjustments to reconcile net income (loss) to net cash provided by operating activities |  |  |
Non-cash compensation expense | 21,570 |  | 24,058
Amortization of deferred fees on loans | (45,390) |  | (50,568)
Amortization of deferred financing costs and premiums/discounts on debt obligations | 27,331 |  | 32,185
Payment-in-kind interest | (13,448) |  | (9,612)
Increase in current expected credit loss reserve | 94,111 |  | 519,747
Straight-line rental income | 1,791 |  | —
Gain on extinguishment of debt | — |  | (5,352)
Depreciation and amortization of real estate owned | 47,960 |  | 1,214
Income from unconsolidated entities | (1,035) |  | —
Unrealized loss (gain) on derivative financial instruments, net | 3,059 |  | (6,346)
Realized gain on derivative financial instruments, net | (16,846) |  | (6,923)
Changes in assets and liabilities, net |  |  |
Other assets | (37,181) |  | 52,699
Other liabilities | (12,398) |  | (29,978)
Net cash provided by operating activities | 139,565 |  | 281,908
Cash flows from investing activities |  |  |
Principal fundings of loans receivable | (3,931,823) |  | (982,229)
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable | 4,771,001 |  | 3,135,968
Origination and other fees received on loans receivable | 46,882 |  | 26,140
Payments under derivative financial instruments | (198,264) |  | (140,566)
Receipts under derivative financial instruments | 96,102 |  | 56,767
Collateral deposited under derivative agreements | (391,380) |  | (184,220)
Return of collateral deposited under derivative agreements | 396,190 |  | 238,640
Investment in unconsolidated entities | (178,664) |  | —
Capital expenditures on real estate owned | (8,480) |  | —
Net cash provided by investing activities | 601,564 |  | 2,150,500

continued…
See accompanying notes to consolidated financial statements.
9
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

| Nine Months Ended September 30,
| 2025 |  | 2024
Cash flows from financing activities |  |  |
Borrowings under secured debt | $2,956,828 |  | $1,016,974
Repayments under secured debt | (3,299,746) |  | (2,742,691)
Proceeds from issuance of securitized debt obligations | 831,250 |  | —
Repayments of securitized debt obligations | (193,342) |  | (259,081)
Borrowings under asset-specific debt | 334,460 |  | 197,141
Repayments under asset-specific debt | (936,275) |  | —
Repayments of loan participations | (104,028) |  | (235,960)
Net proceeds from term loan borrowings | 50,000 |  | —
Repayments and repurchases of term loans | (6,310) |  | (18,797)
Repurchases of senior secured notes | — |  | (27,222)
Repayments and repurchases of convertible notes | — |  | (31,424)
Payment of deferred financing costs | (36,541) |  | (18,126)
Contributions from non-controlling interests | — |  | 1,245
Distributions to non-controlling interests | (212) |  | (7,296)
Dividends paid on class A common stock | (242,492) |  | (322,712)
Repurchases of class A common stock | (47,752) |  | (10,998)
Net cash used in financing activities | (694,160) |  | (2,458,947)
Net increase (decrease) in cash and cash equivalents | 46,969 |  | (26,539)
Cash and cash equivalents at beginning of period | 323,483 |  | 350,014
Effects of currency translation on cash and cash equivalents | 7,469 |  | (1,371)
Cash and cash equivalents at end of period | $377,921 |  | $322,104
Supplemental disclosure of cash flows information |  |  |
Payments of interest | $(736,904) |  | $(993,434)
Payments of income taxes | $(3,424) |  | $(4,653)
Supplemental disclosure of non-cash investing and financing activities |  |  |
Dividends declared, not paid | $(80,238) |  | $(81,306)
Loan principal payments held by servicer, net | $199,492 |  | $26,269
Transfer of senior loan to real estate owned | $358,088 |  | $139,239
Assumption of other assets and liabilities related to real estate owned | $48,184 |  | $16,256
Accrued capital expenditures on real estate owned | $19 |  | $100

See accompanying notes to consolidated financial statements.
10
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (Unaudited)
1. ORGANIZATION
References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust,
Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.
Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other
debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and
Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major
markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our
investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or
CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate
financing, depending on our view of the most prudent financing option available for each of our investments. We are
externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a
real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” Our
principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154.
We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal
income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders
and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an
exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding
company and conduct our business primarily through our various subsidiaries.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America, or GAAP, for interim financial information and the
instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes
thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have
made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are
presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The
operating results presented for interim periods are not necessarily indicative of the results that may be expected for any
other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should
be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for
the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission, or the SEC.
Basis of Presentation
The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our
wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the
primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation
We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate
all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do
not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk
for the entity to finance its activities without additional subordinated financial support from other parties. The entity that
consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities
that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the
obligation to absorb losses of the VIE that could be significant to the VIE. Entities that do not qualify as VIEs are generally
considered voting interest entities, or VOEs, and are evaluated for consolidation under the voting interest model. VOEs are
consolidated when we control the entity through a majority voting interest or other means.
For consolidated entities, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is
included in non-controlling interests as a component of total equity. The non-controlling partner’s interest is generally
computed as the joint venture partner’s ownership percentage.
11
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the
investment is accounted for under the equity method of accounting. Investments in unconsolidated entities for which we
have not elected the fair value option, or FVO, are initially recorded at cost and subsequently adjusted for our pro-rata
share of net income, contributions and distributions. When we elect the FVO, we record our share of the net asset value of
the entity and any related unrealized gains and losses.
We review our investments in unconsolidated entities for impairment each quarter or when there is an event or change in
circumstances that indicates a decrease in value. If there is a decrease in value due to a series of operating losses or other
factors, the investment is evaluated to determine if the loss in value is considered other than temporary. Although a curren t
fair value below the carrying value of the investment is an indicator of impairment, we will only recognize an impairment
if the loss in value is determined to be an other than temporary impairment. If an impairment is determined to be other than
temporary, we will record an impairment charge sufficient to reduce the investment’s carrying value to its fair value, which
would result in a new cost basis. This new cost basis will be used for future periods when recording subsequent income or
loss and cannot be written up to a higher value as a result of increases in fair value.
In 2017, we entered into a joint venture with Walker & Dunlop Inc., or Walker & Dunlop, to originate, hold, and finance
multifamily bridge loans, which we refer to as our Multifamily Joint Venture. Pursuant to the terms of the agreements
governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%.
We consolidate our Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests
included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned
by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are
allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint
Venture.
In 2024, we entered into a joint venture with a Blackstone-advised investment vehicle to invest in triple net lease
properties, which we refer to as our Net Lease Joint Venture. Our aggregate ownership interest in our Net Lease Joint
Venture was 75% as of September 30, 2025. We do not consolidate our Net Lease Joint Venture as we do not have a
controlling financial interest. Our investment in our Net Lease Joint Venture is accounted for under the equity method, and
is recorded in investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share of income
(loss) is recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.
In the second quarter of 2025, we entered into a joint venture with a Blackstone-advised investment vehicle to acquire
portfolios of performing commercial mortgage loans, which we refer to as our Bank Loan Portfolio Joint Venture. During
the nine months ended September 30, 2025, our Bank Loan Portfolio Joint Venture acquired two portfolios of performing
commercial mortgage loans. Our aggregate ownership interest in our Bank Loan Portfolio Joint Venture was 35% as of
September 30, 2025. We do not consolidate our Bank Loan Portfolio Joint Venture as we do not have a controlling
financial interest. Our investment in our Bank Loan Portfolio Joint Venture is accounted for using the FVO, and is recorded
as an investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share of any unrealized
gains and losses is recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of
the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results may ultimately differ materially from those estimates.
Revenue Recognition
Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest
method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these
investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally
suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery
of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized
cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually
current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses
are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in
general and administrative expenses as incurred.
12
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The sources of revenue from our REO assets, which is included in revenue from real estate owned on our consolidated
statements of operations, and the related revenue recognition policies are as follows:
Rental income primarily consists of base rent income arising from tenant leases at our office and multifamily properties.
Base rent is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions.
We begin to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased
space.
Other operating income primarily consists of income from our hospitality properties and tenant reimbursement income.
Revenue from our hospitality properties consists primarily of room revenue and food and beverage revenue. Room revenue
is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered.
Tenant reimbursement income primarily consists of amounts due from tenants for costs related to common area
maintenance, real estate taxes, and other recoverable costs included in lease agreements.
We evaluate the collectibility of receivables related to rental revenue on an individual lease basis and exercise judgment in
assessing collectability considering the length of time a receivable has been outstanding, tenant credit-worthiness, payment
history, available information about the financial condition of the tenant, and current economic trends, among other factors.
Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.
Cash and Cash Equivalents
Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or
less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash
equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not
expect, any losses on our cash or cash equivalents. As of both September 30, 2025 and December 31, 2024, we had no
restricted cash on our consolidated balance sheets.
Loans Receivable
We originate and purchase commercial real estate debt and related instruments generally to be held as long-term
investments at amortized cost.
Current Expected Credit Losses Reserve
The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB,
Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our
current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance
sheets. Changes to the CECL reserves are recognized through net income on our consolidated statements of operations.
While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves
should be based on relevant information about past events, including historical loss experience, current portfolio and
market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than
a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of
loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of
loss, regardless of credit quality, subordinate capital, or other mitigating factors.
We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which
has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1.
The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to
each of our loans over their expected remaining term, taking into consideration expected economic conditions over the
relevant time frame. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share
similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-
weighted model that considers the likelihood of default and expected loss given default for each such individual loan.
Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical
loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current
credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To
estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market
loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued
since January 1, 1999 through August 31, 2025. Within this database, we focused our historical loss reference calculations
13
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable
to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data,
which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset
to our portfolio.
Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These
future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is
recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the
same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will
similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our
internal risk rating of each loan as the primary credit quality indicator underlying our assessment.
The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar
assets. We have identified the following pools and measure the reserve for credit losses using the following methods:
•U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average
remaining maturity of our loan pool, and an economic view.
•Non-U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average
remaining maturity of our loan pool, and an economic view.
•Unique Loans: a probability of default and loss given default model, assessed on an individual basis.
•Impaired Loans: impairment is indicated when it is deemed probable that we will not be able to collect all
amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires
significant judgment from management and is based on several factors including (i) the underlying collateral
performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact
the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be
impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for
collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing
the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan.
These valuations require significant judgments, which include assumptions regarding capitalization rates, discount
rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan
sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could
ultimately differ materially from these estimates. We only expect to charge off the impairment losses in our
consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-
recoverable. This is generally at the time a loan is repaid or foreclosed, or the underlying collateral assets are
otherwise consolidated. However, non-recoverability may also be concluded if, in our determination, it is nearly
certain that all amounts due will not be collected.
Contractual Term and Unfunded Loan Commitments
Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of
our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine
the contractual term for purposes of computing our CECL reserves.
Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend
credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly,
as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in
estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans
receivable.
Credit Quality Indicator
Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a
quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including,
without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition,
cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which
ratings are defined as follows:
1 -Very Low Risk
2 -Low Risk
3 -Medium Risk
4 -High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss.
5 -Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a
principal loss.
Estimation of Economic Conditions
In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are
also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the
commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations
of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit
losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we
have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader
economic conditions may have on our loan portfolio’s performance. We generally also incorporate information from other
sources, including information and opinions available to our Manager, to further inform these estimations. This process
requires significant judgments about future events that, while based on the information available to us as of the balance
sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly
from the estimates we made as of September 30, 2025.
Real Estate Owned
We may assume legal title, physical possession, or control of the collateral underlying a loan through a foreclosure, a deed-
in-lieu of foreclosure transaction, or a loan modification in which we receive an equity interest in and/or control over
decision-making at the property, resulting in us consolidating the real estate assets as VIEs. Th ese real estate acquisitions
are classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on
the acquisition date in accordance with the ASC Topic 805, “Business Combinations,” or ASC 805.
Upon acquisition of REO assets, we assess the fair value of acquired tangible and intangible assets, which may include
land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified
intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed
liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or
capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows
are based on a number of factors including the historical operating results, known and anticipated trends, and market and
economic conditions. We capitalize acquisition-related costs associated with asset acquisitions.
Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets’
estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or
replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives.
Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary
repairs and maintenance are expensed as incurred.
Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the
asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The
impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of
anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental
rates, capital requirements and anticipated holding periods that could differ materially from actual results.
Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 “Property,
Plant, and Equipment.” Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is
reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a
real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon
reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for
investment, and (ii) its estimated fair value at the time of reclassification.
As of September 30, 2025, we had 10 REO assets that were all classified as held for investment.
Agency Multifamily Lending Partnership
In the second quarter of 2024, we entered into an agreement with M&T Realty Capital Corporation, or MTRCC, a
subsidiary of M&T Bank, that allows our borrowers to access multifamily agency financing through MTRCC’s Fannie
Mae DUS and Freddie Mac Optigo lending platforms, or the Agency Multifamily Lending Partnership. We will receive a
portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie
Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans that we refer
to MTRCC for origination under the Fannie Mae program.
Revenue Recognition
For loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs, we recognize our
allocable portion of origination, servicing, and other fees in other income when we have satisfied our performance
obligations in accordance with the “Revenue from Contracts with Customers” Topic of the FASB, or ASC 606. Our
performance obligations are generally satisfied when the loan is referred by us to MTRCC and subsequently originated and
sold under the Fannie Mae and Freddie Mac programs. A portion of the fees recognized, such as servicing fees, are variable
and will be reevaluated for collectability on a recurring basis.
Loss-sharing Obligation
Pursuant to our agreement with MTRCC, we are subject to a loss-sharing obligation with respect to MTRCC’s obligation
to partially guarantee the performance of loans that they originate and sell under the Fannie Mae program. This loss-
sharing agreement requires us to fund a fixed amount of cash into a segregated account based on the amount MTRCC is
required to fund under the Fannie Mae program, with respect to loans we referred to MTRCC.
In addition, we will recognize a liability for these loss-sharing obligations. This liability will be initially recognized at fair
value with a corresponding expense at inception, and it will subsequently be amortized on a straight-line basis over the life
of the loss-sharing obligation. This liability is included within other liabilities in our consolidated balance sheets. As of
both September 30, 2025 and December 31, 2024, our maximum loss-sharing obligation associated with the loans referred
by us to MTRCC under the Fannie Mae program was $5.5 million, and we have recorded a related liability of $32,000.
There have been no losses incurred as a result of the loss-sharing obligations.
Derivative Financial Instruments
We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets
at fair value.
On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign
operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received
or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair
value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all
derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and
designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the
hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the
effectiveness of its hedged transaction.
On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected
to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined
that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the
changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed
using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from
the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the
contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in
accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that
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Notes to Consolidated Financial Statements (continued) (Unaudited)
qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated
financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and
into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the
same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap
settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated.
To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its
fair value are included in net income concurrently.
Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of
cash flows in the same section as the underlying hedged item.
Secured Debt and Asset-Specific Debt
We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings
under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest
income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported
separately on our consolidated statements of operations.
Loan Participations Sold
In certain instances, we have executed a syndication of a non-recourse loan interest to a third party. Depending on the
particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale
will be recognized and the loan interest will no longer be included in our consolidated financial statements. When these
sales are not recognized under GAAP we reflect the transaction by recording a loan participation sold liability on our
consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the
sales are recognized, our balance sheet only includes our remaining loan interest, and excludes the interest in the loan that
we sold.
Term Loans
We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or
transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest
expense.
Senior Secured Notes
We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount
or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-
cash interest expense.
Convertible Notes
Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as
debt. Additionally, shares issuable under our convertible notes are included in diluted earnings per share in our
consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent.
Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the
convertible notes as additional non-cash interest expense.
Deferred Financing Costs
The deferred financing costs that are included as a reduction in the net book value of the related liability on our
consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as
interest expense using the effective interest method over the life of the related obligations.
Underwriting Commissions and Offering Costs
Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a
reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common
stock offering are expensed when incurred.
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Notes to Consolidated Financial Statements (continued) (Unaudited)
Fair Value Measurements
The “Fair Value Measurements and Disclosures” Topic o f the FASB, or ASC 820, defines fair value, establishes a
framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP.
Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an
asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.
ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in
measuring financial instruments. Market price observability is affected by a number of factors, including the type of
financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the
existence and transparency of transactions between market participants. Financial instruments with readily available quoted
prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment
used in measuring fair value.
Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs
used in the determination, as follows:
•Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical
financial instruments as of the reporting date.
•Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active
or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other
observable inputs, such as interest rates, yield curves, credit risks, and default rates.
•Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if
any, market activity for the financial instrument. These inputs require significant judgment or estimation by
management of third parties when determining fair value and generally represent anything that does not meet the
criteria of Levels 1 and 2.
Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a
nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further
in Note 19. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on
assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from
third parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our
estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These
valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing,
creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions
of other lenders, and other factors.
We have elected the FVO for one of our investments in an unconsolidated entity, our Bank Loan Portfolio Joint Venture,
and therefore report this investment at fair value. Given the fair value of this investment is not readily determinable, the net
asset value of the entity is used as a practical expedient.
As of September 30, 2025, we had an aggregate $505.4 million asset-specific CECL reserve related to 12 of our loans
receivable with an aggregate amortized cost basis of $1.2 billion, net of cost-recovery proceeds. The CECL reserve was
recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of September 30, 2025.
These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs,
and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the
loans receivable by considering a variety of inputs including property performance, market data, and comparable sales, as
applicable. The significant unobservable inputs employed include the exit capitalization rate assumption used to forecast
the future sale price of the underlying real estate collateral, which ranged from 6.00% to 8.00%, and the unlevered discount
rate assumption, which ranged from 7.00% to 15.00%.
During the nine months ended September 30, 2025, we acquired legal title or otherwise consolidated three REO assets
through deed-in-lieu of foreclosure transactions or loan modifications that resulted in us consolidating the collateral assets.
At the time of each acquisition, we determined the fair value of each real estate asset based on a variety of inputs including,
but not limited to, estimated cash flow projections, leasing assumptions, required capital expenditures, market data, and
comparable sales. The REO assets were measured at fair value on a nonrecurring basis using significant unobservable
inputs and are classified as Level 3 assets in the fair value hierarchy. The significant unobservable inputs employed include
(i) the exit capitalization rate assumption used to forecast the future sale price of the assets, which ranged from 6.00% to
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Notes to Consolidated Financial Statements (continued) (Unaudited)
8.55%, and (ii) the unlevered discount rate assumptions, which ranged from 7.75% to 10.55%. Refer to Notes 4 and 19 for
further information.
We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise
reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those
instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.
The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which
it is practicable to estimate that value:
•Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value.
•Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology,
taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of
major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other
lenders, and other factors.
•Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated
using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs
comprising foreign currency rates and credit spreads.
•Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit
facility would currently be priced.
•Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing
service providers. In determining the value of a particular investment, pricing service providers may use broker-
dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the
reported price.
•Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar
agreement would currently be priced.
•Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related
loan receivable asset.
•Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service
providers. In determining the value of a particular investment, pricing service providers may use broker-dealer
quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported
price.
•Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service
providers. In determining the value of a particular investment, pricing service providers may use broker-dealer
quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported
price.
•Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained
using quoted market prices.
Income Taxes
Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income.
We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally
do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were
to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and
penalties. Refer to Note 17 for further information.
Stock-Based Compensation
Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of
our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock
units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these
awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A
common stock. Refer to Note 18 for further information.
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Notes to Consolidated Financial Statements (continued) (Unaudited)
Earnings per Share
Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net
earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units,
divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common
stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a
participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these
restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or
losses.
Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net
earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees,
allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii)
the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred
stock units, and shares of class A common stock issuable under our convertible notes. Refer to Note 15 for further
discussion of earnings per share.
Foreign Currency
In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign
exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of
operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar
denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and
income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative
translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other
comprehensive income (loss).
Recent Accounting Pronouncements
In July 2025, the FASB issued Accounting Standards Update, or ASU, 2025-05, which amends the guidance in ASC 326,
Financial Instruments—Credit Losses. This update provides a practical expedient related to the estimation of expected
credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under
ASC 606. The amendment notes that in developing reasonable and supportable forecasts as part of estimating expected
credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do
not change for the remaining life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15,
2025, including interim periods within those annual periods, and early adoption is permitted. We have not early adopted
ASU 2025-05 and do not expect the adoption of ASU 2025-05 to have a material impact on our consolidated financial
statements. We recognize revenue under ASC 606 pursuant to our Agency Multifamily Lending Partnership and income
from our hospitality REO assets.
In May 2025, the FASB issued ASU 2025-03, which amends the guidance in ASC 805, Business Combinations. This
update clarifies the determination of the accounting acquirer in business combinations that are primarily effected through
the exchange of equity interests and involve the acquisition of a VIE. Specifically, entities are now required to consider the
factors outlined in ASC 805-10-55-12 through 55-15 when determining the accounting acquirer, rather than defaulting to
the primary beneficiary of the VIE as the accounting acquirer. ASU 2025-03 is effective for annual periods beginning after
December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. We have not
early adopted ASU 2025-03 and do not expect the adoption of ASU 2025-03 to have a material impact on our consolidated
financial statements.
In November 2024, the FASB issued ASU 2024-04 “Debt with Conversion and Other Options (Subtopic 470-20): Induced
Conversions of Convertible Debt Instruments,” or ASU 2024-04. ASU 2024-04 clarifies the accounting treatment for
settlement of a convertible debt instrument as an induced conversion. ASU 2024-04 is effective on a prospective basis,
with the option for retrospective application, for fiscal years beginning after December 15, 2025. We have not early
adopted ASU 2024-04 and do not expect the adoption of ASU 2024-04 to have a material impact on our consolidated
financial statements.
In November 2024, the FASB issued ASU 2024-03 “Expense Disaggregation Disclosures (Subtopic 220-40):
Disaggregation of Income Statement Expenses,” or ASU 2024-03. ASU 2024-03 requires disclosures in the notes to the
financial statements on specified information about certain costs and expenses for each interim and annual reporting period.
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Notes to Consolidated Financial Statements (continued) (Unaudited)
ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods
beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, and
early adoption is permitted. We have not early adopted ASU 2024-03 and do not expect the adoption of ASU 2024-03 to
have a material impact on our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax
Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on an entity’s effective tax rate
reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option
for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We
have not early adopted ASU 2023-09 and do not expect the adoption of ASU 2023-09 to have a material impact on our
consolidated financial statements.
3. LOANS RECEIVABLE, NET
The following table details overall statistics for our loans receivable portfolio ($ in thousands):

| September 30, 2025 |  | December 31, 2024
Number of loans | 137 |  | 130
Principal balance | $18,188,534 |  | $19,203,126
Net book value | $17,371,200 |  | $18,313,582
Unfunded loan commitments(1) | $1,532,429 |  | $1,263,068
Weighted-average cash coupon(2) | + 3.24% |  | + 3.46%
Weighted-average all-in yield(2) | + 3.46% |  | + 3.78%
Weighted-average maximum maturity (years)(3) | 2.4 |  | 2.1

(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real
estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will
generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark
rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices, as applicable to each loan. As of
September 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to
SOFR. The remaining 2% of our loans by principal balance earned a fixed rate of interest. As of December 31, 2024,
substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. In
addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan
origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the
cost-recovery and nonaccrual methods, if any.
(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid
prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of
September 30, 2025, 31% of our loans by principal balance were subject to yield maintenance or other prepayment
restrictions and 69% were open to repayment by the borrower without penalty. As of December 31, 2024, 10% of
our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were
open to repayment by the borrower without penalty.
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Notes to Consolidated Financial Statements (continued) (Unaudited)
The following table details the index rate floors for our loans receivable portfolio as of September 30, 2025 ($ in
thousands):

|  | Loans Receivable Principal Balance
Index Rate Floors |  | USD |  | Non-USD(1) |  | Total
Fixed Rate |  | $180,857 |  | $137,149 |  | $318,006
0.00% or no floor(2) |  | 1,796,816 |  | 4,966,038 |  | 6,762,854
0.01% to 1.00% floor |  | 2,628,392 |  | 972,584 |  | 3,600,976
1.01% to 2.00% floor |  | 676,479 |  | 1,371,685 |  | 2,048,164
2.01% to 3.00% floor |  | 3,791,304 |  | 139,838 |  | 3,931,142
3.01% or more floor |  | 1,313,773 |  | 213,619 |  | 1,527,392
Total(3) |  | $10,387,621 |  | $7,800,913 |  | $18,188,534

(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies.
(2)Includes all impaired loans.
(3)As of September 30, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal
balance was 1.25%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor
was 1.90%.
Activity relating to our loans receivable portfolio was as follows ($ in thousands):

| Principal Balance |  | Deferred Fees / Other Items(1) |  | Net Book Value
Loans Receivable, as of December 31, 2024 | $19,203,126 |  | $(155,608) |  | $19,047,518
Loan fundings | 3,931,823 |  | — |  | 3,931,823
Loan repayments, sales, and cost-recovery proceeds | (5,048,125) |  | (39,424) |  | (5,087,549)
Charge-offs | (208,010) |  | 79,018 |  | (128,992)
Transfer to real estate owned | (358,088) |  | — |  | (358,088)
Transfer to other assets, net(2) | (49,158) |  | — |  | (49,158)
Payment-in-kind interest | 13,448 |  | — |  | 13,448
Unrealized gain (loss) on foreign currency translation | 703,518 |  | (2,275) |  | 701,243
Deferred fees and other items | — |  | (48,716) |  | (48,716)
Amortization of fees and other items | — |  | 45,390 |  | 45,390
Loans Receivable, as of September 30, 2025 | $18,188,534 |  | $(121,615) |  | $18,066,919
CECL reserve |  |  |  |  | (695,719)
Loans Receivable, net, as of September 30, 2025 |  |  |  |  | $17,371,200

(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses,
and cost-recovery proceeds.
(2)This amount relates to intangible and other assets recorded in connection with loans that were transferred to REO,
net of liabilities recorded upon acquisition, if any, and proceeds from loan repayments that are held in escrow, all of
which are included within other assets in our consolidated balance sheets. See Note 6 for further information.
22
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio
($ in thousands):

September 30, 2025
Property Type |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1) |  | Net Loan Exposure Percentage of Portfolio
Office |  | 42 |  | $5,489,331 |  | $4,845,825 |  | 29%
Multifamily |  | 47 |  | 4,432,183 |  | 4,289,958 |  | 25
Industrial |  | 18 |  | 3,561,323 |  | 3,524,478 |  | 21
Hospitality |  | 14 |  | 2,096,519 |  | 1,994,080 |  | 12
Retail |  | 8 |  | 769,377 |  | 676,140 |  | 4
Self-storage |  | 3 |  | 653,016 |  | 488,715 |  | 3
Life Sciences / Studio |  | 3 |  | 341,730 |  | 290,881 |  | 2
Other |  | 2 |  | 723,440 |  | 683,661 |  | 4
Total loans receivable |  | 137 |  | $18,066,919 |  | $16,793,738 |  | 100%
CECL reserve |  |  |  | (695,719) |  |  |  |
Loans receivable, net |  |  |  | $17,371,200 |  |  |  |
Geographic Location |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1) |  | Net Loan Exposure Percentage of Portfolio
United States |  |  |  |  |  |  |  |
Sunbelt |  | 45 |  | $4,203,737 |  | $3,727,255 |  | 22%
Northeast |  | 23 |  | 2,768,431 |  | 2,431,400 |  | 14
West |  | 23 |  | 1,957,019 |  | 1,873,533 |  | 11
Midwest |  | 8 |  | 855,704 |  | 713,354 |  | 4
Northwest |  | 3 |  | 448,599 |  | 446,752 |  | 3
Subtotal |  | 102 |  | 10,233,490 |  | 9,192,294 |  | 54
International |  |  |  |  |  |  |  |
United Kingdom |  | 17 |  | 3,128,895 |  | 3,114,230 |  | 19
Ireland |  | 3 |  | 1,197,444 |  | 1,190,045 |  | 7
Australia |  | 5 |  | 1,107,136 |  | 1,114,282 |  | 7
Spain |  | 2 |  | 643,117 |  | 595,013 |  | 4
Sweden |  | 1 |  | 505,298 |  | 504,853 |  | 3
Canada |  | 1 |  | 448,994 |  | 284,952 |  | 2
Other Europe |  | 5 |  | 741,582 |  | 737,162 |  | 4
Other International |  | 1 |  | 60,963 |  | 60,907 |  | —
Subtotal |  | 35 |  | 7,833,429 |  | 7,601,444 |  | 46
Total loans receivable |  | 137 |  | $18,066,919 |  | $16,793,738 |  | 100%
CECL reserve |  |  |  | (695,719) |  |  |  |
Loans receivable, net |  |  |  | $17,371,200 |  |  |  |

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30,
2025, which is our principal balance net of (i) $629.9 million of asset-specific debt, (ii) $69.2 million of cost-
recovery proceeds, and (iii) our total loans receivable CECL reserve of $695.7 million. Our asset-specific debt is
structurally non-recourse and term-matched to the corresponding collateral loans.
23
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)

December 31, 2024
Property Type |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1) |  | Net Loan Exposure Percentage of Portfolio
Office |  | 41 |  | $7,386,333 |  | $5,729,418 |  | 33%
Multifamily |  | 50 |  | 5,091,767 |  | 4,934,364 |  | 29
Hospitality |  | 16 |  | 2,768,374 |  | 2,663,349 |  | 16
Industrial |  | 11 |  | 2,030,627 |  | 2,000,831 |  | 12
Retail |  | 5 |  | 555,553 |  | 532,069 |  | 3
Life Sciences/Studio |  | 3 |  | 342,817 |  | 337,687 |  | 2
Other |  | 4 |  | 872,047 |  | 836,585 |  | 5
Total loans receivable |  | 130 |  | $19,047,518 |  | $17,034,303 |  | 100%
CECL reserve |  |  |  | (733,936) |  |  |  |
Loans receivable, net |  |  |  | $18,313,582 |  |  |  |
Geographic Location |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1) |  | Net Loan Exposure Percentage of Portfolio
United States |  |  |  |  |  |  |  |
Sunbelt |  | 44 |  | $4,520,632 |  | $4,084,242 |  | 24%
Northeast |  | 21 |  | 4,614,582 |  | 3,452,961 |  | 20
West |  | 21 |  | 1,865,382 |  | 1,746,309 |  | 10
Midwest |  | 10 |  | 997,156 |  | 820,858 |  | 5
Northwest |  | 4 |  | 432,644 |  | 432,794 |  | 3
Subtotal |  | 100 |  | 12,430,396 |  | 10,537,164 |  | 62
International |  |  |  |  |  |  |  |
United Kingdom |  | 16 |  | 2,916,145 |  | 2,839,096 |  | 17
Ireland |  | 3 |  | 1,050,276 |  | 1,048,329 |  | 6
Australia |  | 3 |  | 920,182 |  | 923,507 |  | 5
Spain |  | 3 |  | 785,368 |  | 744,287 |  | 4
Sweden |  | 1 |  | 429,084 |  | 429,724 |  | 2
Other Europe |  | 3 |  | 455,417 |  | 451,245 |  | 4
Other International |  | 1 |  | 60,650 |  | 60,951 |  | —
Subtotal |  | 30 |  | 6,617,122 |  | 6,497,139 |  | 38
Total loans receivable |  | 130 |  | $19,047,518 |  | $17,034,303 |  | 100%
CECL reserve |  |  |  | (733,936) |  |  |  |
Loans receivable, net |  |  |  | $18,313,582 |  |  |  |

(1)N et loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31,
2024, which is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-recovery
p roceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior loan
interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further
discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non-
recourse and term-matched to the corresponding collateral loans.
24
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Loan Risk Ratings
As further described in Note 2, we evaluate our loan portfoli o on a quarterly basis. In conjunction with our quarterly loan
portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors
considered in the assessment include, but are not limited to, risk of loss, origination LTV, debt yield, collateral
performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings
are defined in Note 2.
The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in
thousands):

|  | September 30, 2025
Risk Rating |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1)
1 |  | 6 |  | $409,199 |  | $408,355
2 |  | 22 |  | 3,173,245 |  | 3,007,691
3 |  | 80 |  | 10,578,120 |  | 10,087,715
4 |  | 17 |  | 2,732,203 |  | 2,619,771
5 |  | 12 |  | 1,174,152 |  | 670,206
Total loans receivable |  | 137 |  | $18,066,919 |  | $16,793,738
CECL reserve |  |  |  | (695,719) |  |
Loans receivable, net |  |  |  | $17,371,200 |  |
|  | December 31, 2024
Risk Rating |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1)
1 |  | 11 |  | $1,919,280 |  | $994,056
2 |  | 21 |  | 3,346,881 |  | 3,349,347
3 |  | 65 |  | 9,246,692 |  | 8,818,346
4 |  | 20 |  | 2,707,104 |  | 2,622,877
5 |  | 13 |  | 1,827,561 |  | 1,249,677
Total loans receivable |  | 130 |  | $19,047,518 |  | $17,034,303
CECL reserve |  |  |  | (733,936) |  |
Loans receivable, net |  |  |  | $18,313,582 |  |

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30,
2025, which is our principal balance net of (i) $629.9 million of asset-specific debt, (ii) $69.2 million of cost-
recovery proceeds, and (iii) our total loans receivable CECL reserve of $695.7 million. Our net loan exposure as of
December 31, 2024 is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-
recovery proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior
loan interests that we have sold, but that remain included in our consolidated financial statements. Our asset-specific
debt and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral
loans.
Our loan portfolio had a weighted-average risk rating of 3.0 as of both September 30, 2025 and December 31, 2024.
25
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Current Expected Credit Loss Reserve
The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included
in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserves. The following table
presents the activity in our loans receivable CECL reserve by investment pool for the three and nine months ended
September 30, 2025 and 2024 ($ in thousands):

| U.S. Loans(1) |  | Non-U.S. Loans |  | Unique Loans |  | Impaired Loans |  | Total
Loans Receivable, Net |  |  |  |  |  |  |  |  |
CECL reserves as of December 31, 2024 | $80,057 |  | $26,141 |  | $47,087 |  | $580,651 |  | $733,936
Increase in CECL reserves | 17,604 |  | 13,796 |  | 1,477 |  | 16,552 |  | 49,429
Charge-offs of CECL reserves | — |  | — |  | — |  | (41,824) |  | (41,824)
CECL reserves as of March 31, 2025 | $97,661 |  | $39,937 |  | $48,564 |  | $555,379 |  | $741,541
(Decrease) increase in CECL reserves | (6,759) |  | (1,568) |  | 4,249 |  | 48,445 |  | 44,367
Charge-offs of CECL reserves | — |  | — |  | — |  | (45,057) |  | (45,057)
CECL reserves as of June 30, 2025 | $90,902 |  | $38,369 |  | $52,813 |  | $558,767 |  | $740,851
Increase (decrease) in CECL reserves | 5,134 |  | 3,302 |  | (207) |  | (11,250) |  | (3,021)
Charge-offs of CECL reserves | — |  | — |  | — |  | (42,111) |  | (42,111)
CECL reserve as of September 30, 2025 | $96,036 |  | $41,671 |  | $52,606 |  | $505,406 |  | $695,719
CECL reserves as of December 31, 2023 | $78,335 |  | $31,560 |  | $49,371 |  | $417,670 |  | $576,936
(Decrease) increase in CECL reserves | (3,807) |  | (770) |  | (5,918) |  | 245,942 |  | 235,447
Charge-offs of CECL reserves | — |  | — |  | — |  | (61,013) |  | (61,013)
CECL reserves as of March 31, 2024 | $74,528 |  | $30,790 |  | $43,453 |  | $602,599 |  | $751,370
(Decrease) increase in CECL reserves | (11,997) |  | (2,639) |  | 423 |  | 169,318 |  | 155,105
Charge-offs of CECL reserves | — |  | — |  | — |  | (12,537) |  | (12,537)
CECL reserves as of June 30, 2024 | $62,531 |  | $28,151 |  | $43,876 |  | $759,380 |  | $893,938
(Decrease) increase in CECL reserves | (9,584) |  | (1,916) |  | 4,424 |  | 141,186 |  | 134,110
Charge-offs of CECL reserves | — |  | — |  | — |  | (16,989) |  | (16,989)
CECL reserve as of September 30, 2024 | $52,947 |  | $26,235 |  | $48,300 |  | $883,577 |  | $1,011,059

(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.
During the three months ended September 30, 2025, we recorded a net decrease of $45.1 million in the CECL reserves
against our loans receivable portfolio, primarily driven by a $53.4 million decrease in our asset-specific CECL reserves,
including charge-offs of our CECL reserves of $42.1 million. This was offset by an $8.2 million increase in our general
CECL reserves, bringing our total loans receivable CECL reserve to $695.7 million as of September 30, 2025.The increase
in our general CECL reserves was primarily as a result of an increase in the historical loss rate used in reserve calculations
as a result of additional CECL charge-offs.
The charge-offs primarily related to two previously impaired loans secured by a hospitality asset in New York, NY and an
office asset in Atlanta, GA, that were resolved and transferred to REO during the three months ended September 30, 2025
pursuant to loan modifications that resulted in us consolidating the collateral assets. Refer to Notes 4 and 20 for further
information.
As of September 30, 2025, we had an aggregate $505.4 million asset-specific CECL reserve related to 12 of our loans
receivable, with a total amortized cost basis of $1.2 billion, net of cost-recovery proceeds, and a concentration in the office
sector with $382.2 million of reserves, generally driven by reduced tenant and capital markets demand in the office sector
in recent years. Impairments are each determined individually as a result of changes in the specific credit quality factors for
such loans. These factors included, among others, (i) the underlying collateral performance, (ii) discussions with the
borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual
amounts due under the terms of the loan. This CECL reserve was recorded based on our estimation of the fair value of each
26
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
loan’s underlying collateral as of September 30, 2025.
No income was recorded on our impaired loans subsequent to determining that they were impaired. During the three
months ended September 30, 2025, we received an aggregate $9.7 million of cash proceeds from such loans that were
applied as a reduction to the amortized cost basis of each respective loan.
As of September 30, 2025, all borrowers under performing loans were in compliance with the applicable contractual terms
of each respective loan, including any required payment of interest. Refer to Note 2 for further discussion of our policies on
revenue recognition and our CECL reserves.
27
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the
net book value of our loan portfolio as of September 30, 2025 and December 31, 2024, respectively, by year of origination,
investment pool, and risk rating ($ in thousands):

|  | Net Book Value of Loans Receivable by Year of Origination(1)
|  | As of September 30, 2025
Risk Rating |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
U.S. loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $151,577 |  | $203,721 |  | $53,901 |  | $409,199
2 |  | 33,314 |  | 60,963 |  | — |  | 197,274 |  | 724,262 |  | 262,235 |  | 1,278,048
3 |  | 1,147,203 |  | 273,014 |  | — |  | 1,630,283 |  | 1,883,767 |  | 691,837 |  | 5,626,104
4 |  | — |  | — |  | — |  | 367,098 |  | 338,104 |  | 1,115,549 |  | 1,820,751
5 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total U.S. loans |  | $1,180,517 |  | $333,977 |  | $— |  | $2,346,232 |  | $3,149,854 |  | $2,123,522 |  | $9,134,102
Non-U.S. loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $—
2 |  | 645,481 |  | — |  | — |  | 592,528 |  | 657,188 |  | — |  | 1,895,197
3 |  | 1,752,443 |  | — |  | — |  | — |  | 936,536 |  | 1,102,590 |  | 3,791,569
4 |  | — |  | — |  | — |  | — |  | — |  | 363,689 |  | 363,689
5 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total Non-U.S. loans |  | $2,397,924 |  | $— |  | $— |  | $592,528 |  | $1,593,724 |  | $1,466,279 |  | $6,050,455
Unique loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $—
2 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
3 |  | — |  | — |  | — |  | 869,443 |  | — |  | 291,004 |  | 1,160,447
4 |  | — |  | — |  | — |  | — |  | — |  | 547,763 |  | 547,763
5 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total unique loans |  | $— |  | $— |  | $— |  | $869,443 |  | $— |  | $838,767 |  | $1,708,210
Impaired loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $—
2 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
3 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
4 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
5 |  | — |  | — |  | — |  | 168,985 |  | 433,385 |  | 571,782 |  | 1,174,152
Total impaired loans |  | $— |  | $— |  | $— |  | $168,985 |  | $433,385 |  | $571,782 |  | $1,174,152
Total loans receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $151,577 |  | $203,721 |  | $53,901 |  | $409,199
2 |  | 678,795 |  | 60,963 |  | — |  | 789,802 |  | 1,381,450 |  | 262,235 |  | 3,173,245
3 |  | 2,899,646 |  | 273,014 |  | — |  | 2,499,726 |  | 2,820,303 |  | 2,085,431 |  | 10,578,120
4 |  | — |  | — |  | — |  | 367,098 |  | 338,104 |  | 2,027,001 |  | 2,732,203
5 |  | — |  | — |  | — |  | 168,985 |  | 433,385 |  | 571,782 |  | 1,174,152
Total loans receivable |  | $3,578,441 |  | $333,977 |  | $— |  | $3,977,188 |  | $5,176,963 |  | $5,000,350 |  | $18,066,919
CECL reserve |  |  |  |  |  |  |  |  |  |  |  |  |  | (695,719)
Loans receivable, net |  |  |  |  |  |  |  |  |  |  |  |  |  | $17,371,200
Gross charge-offs(2) |  | — |  | — |  | — |  | (168) |  | (71,853) |  | (56,971) |  | $(128,992)

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan
modifications.
(2)Represents charge-offs by year of origination during the nine months ended September 30, 2025.
28
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)

|  | Net Book Value of Loans Receivable by Year of Origination(1)
|  | As of December 31, 2024
Risk Rating |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
U.S. loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $151,674 |  | $245,289 |  | $60,240 |  | $1,381,858 |  | $1,839,061
2 |  | 60,651 |  | — |  | 197,153 |  | 1,611,856 |  | — |  | — |  | 1,869,660
3 |  | 268,408 |  | — |  | 1,599,604 |  | 2,160,837 |  | 691,097 |  | 392,470 |  | 5,112,416
4 |  | — |  | — |  | 236,780 |  | 1,019,672 |  | — |  | 726,513 |  | 1,982,965
5 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total U.S. loans |  | $329,059 |  | $— |  | $2,185,211 |  | $5,037,654 |  | $751,337 |  | $2,500,841 |  | $10,804,102
Non-U.S. loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $80,219 |  | $— |  | $— |  | $80,219
2 |  | — |  | — |  | 500,104 |  | 787,660 |  | 87,629 |  | 101,828 |  | 1,477,221
3 |  | — |  | — |  | 594,740 |  | 1,126,698 |  | — |  | 1,332,805 |  | 3,054,243
4 |  | — |  | — |  | — |  | — |  | — |  | 198,389 |  | 198,389
5 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total Non-U.S. loans |  | $— |  | $— |  | $1,094,844 |  | $1,994,577 |  | $87,629 |  | $1,633,022 |  | $4,810,072
Unique loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $—
2 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
3 |  | — |  | — |  | 814,225 |  | — |  | — |  | 265,808 |  | 1,080,033
4 |  | — |  | — |  | — |  | — |  | — |  | 525,750 |  | 525,750
5 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total unique loans |  | $— |  | $— |  | $814,225 |  | $— |  | $— |  | $791,558 |  | $1,605,783
Impaired loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $—
2 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
3 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
4 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
5 |  | — |  | — |  | 170,388 |  | 367,030 |  | 34,214 |  | 1,255,929 |  | 1,827,561
Total impaired loans |  | $— |  | $— |  | $170,388 |  | $367,030 |  | $34,214 |  | $1,255,929 |  | $1,827,561
Total loans receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $151,674 |  | $325,508 |  | $60,240 |  | $1,381,858 |  | $1,919,280
2 |  | 60,651 |  | — |  | 697,257 |  | 2,399,516 |  | 87,629 |  | 101,828 |  | 3,346,881
3 |  | 268,408 |  | $— |  | 3,008,569 |  | 3,287,535 |  | 691,097 |  | 1,991,083 |  | 9,246,692
4 |  | — |  | — |  | 236,780 |  | 1,019,672 |  | — |  | 1,450,652 |  | 2,707,104
5 |  | — |  | — |  | 170,388 |  | 367,030 |  | 34,214 |  | 1,255,929 |  | 1,827,561
Total loans receivable |  | $329,059 |  | $— |  | $4,264,668 |  | $7,399,261 |  | $873,180 |  | $6,181,350 |  | $19,047,518
CECL reserve |  |  |  |  |  |  |  |  |  |  |  |  |  | (733,936)
Loans receivable, net |  |  |  |  |  |  |  |  |  |  |  |  |  | $18,313,582
Gross charge-offs(2) |  | — |  | — |  | (52,045) |  | (255,005) |  | — |  | (77,553) |  | $(384,603)

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan
modifications.
(2)Represents charge-offs by year of origination during the year ended December 31, 2024.
29
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Loan Modifications Pursuant to ASC 326
During the twelve months ended September 30, 2025, we entered into five loan modifications that require disclosure
pursuant to ASC 326. Four of these loans were collateralized by office assets and one was collateralized by a mixed-use
asset.
Loans with a risk rating of “3” and “4” are included in the determination of our general CECL reserve and loans with a risk
rating of “5” have an asset-specific CECL reserve. Loan modifications that allow the option to pay interest in-kind increase
our potential economics and the size of our secured claim, as interest is capitalized and added to the outstanding principal
balance for applicable loans. As of September 30, 2025, no income was recorded on our loans subsequent to determining
that they were impaired and risk rated “5.”
Two of the loan modifications included term extensions combined with other-than-insignificant payment delays. The first
loan modification included a term extension of five years, the borrower repaid $6.0 million of principal, and the loan was
bifurcated into a separate senior loan and subordinate loan. We are accruing interest on the senior loan, which is paying
interest current, and deferring interest on the subordinate loan that is paying interest in-kind. The second loan modification
had a term extension of 3.8 years, the loan was bifurcated into a separate senior loan and subordinate loan, and the
borrower paid a $1.7 million fee upon closing of the modification. We are accruing interest on the senior loan, which is
paying interest current, and deferring interest on the subordinate loan that is paying interest in-kind. As of September 30,
2025, the aggregate amortized cost basis of these loans was $367.3 million, or 2.0% of our aggregate loans receivable
portfolio, with an aggregate $4.7 million of unfunded commitments. These loans were in compliance with their modified
contractual terms as of September 30, 2025.
The other three loan modifications included term extensions combined with other-than-insignificant payment delays and
interest rate reductions. The first loan modification included a term extension of 4.8 years, the interest rate decreased by
0.10%, and the loan was bifurcated into a separate senior loan and subordinate loan. The senior loan is paying interest
partially current, and partially in-kind, while the subordinate loan is paying interest in-kind. We are accruing interest on the
portion of the senior loan that is paying current and a portion that is paid in-kind, and deferring interest income recognition
on the remaining portion, including the entire subordinate loan. The second loan modification included a term extension of
one year, the interest rate on the senior loan decreased by 2.43%, the borrower repaid $25.0 million upon closing of the
modification, and the loan was bifurcated into a separate senior loan and subordinate loan. The senior loan is paying
interest partially current, and partially in-kind, while the subordinate loan is paying interest in-kind. We are accruing all of
the interest on the senior loan that is paying partially current and partially in-kind, and deferring interest on the subordinate
loan that is paying interest in-kind. The third loan modification included a term extension of 4.3 years, the interest rate
decreased by 3.56%, and the loan was bifurcated into a separate senior loan and subordinate loan. We are accruing all of
the interest on the senior loan that is paying current, and deferring interest income on the subordinate loan, which is paid-
in-kind. As of September 30, 2025, the aggregate amortized cost basis of these loans was $506.5 million, or 2.8% of our
aggregate loans receivable portfolio, with an aggregate $32.7 million of unfunded commitments. These loans were in
compliance with their modified contractual terms as of September 30, 2025.
All five of these loans had a risk rating of “5” at the time of modification. In aggregate, these modifications resulted in the
bifurcation of all five loans into separate senior and subordinate loans, or ten loans in aggregate. As of September 30, 2025,
of the five newly bifurcated senior loans, two loans had a risk rating of “4,” one loan had a risk rating of “3,” and two loans
had a risk rating of “2.” The five newly bifurcated subordinate loans all had a risk rating of “5.”
Multifamily Joint Venture
As discussed in Note 2, we entered into our Multifamily Joint Venture in April 2017. As of both September 30, 2025 and
December 31, 2024, our Multifamily Joint Venture held a $43.3 million loan, which is included in the loan disclosures
above. As of September 30, 2025 and December 31, 2024, our Multifamily Joint Venture also held an REO asset with a
carrying value of $32.1 million and $32.4 million, respectively, which is included in the REO disclosures in Note 4. Refer
to Note 2 for further discussion of our Multifamily Joint Venture.
4. REAL ESTATE OWNED, NET
As of September 30, 2025 and December 31, 2024, we had 10 and seven REO assets, respectively. During the nine months
ended September 30, 2025, we acquired three REO assets through deed-in-lieu of foreclosure transactions or loan
modifications that resulted in us consolidating the collateral assets, for a total acquisition price of $406.3 million. We
allocated $221.0 million to land and land improvements, $137.1 million to building and building improvements, $49.2
30
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
million to acquired intangible assets, and $(1.0) million to other components of the purchase price. In aggregate, we
charged off $83.9 million of CECL reserves relating to the loans that had previously been secured by these assets, as the
loans’ aggregate carrying value of $490.2 million at the time of the REO acquisitions exceeded the acquisition date fair
value noted above. See Note 2 for further discussion of RE O assets.
The acquisition of three REO assets during the nine months ended September 30, 2025 were accounted for as asset
acquisitions under ASC 805, and we recognized these properties as REO assets held for investment. The following table
presents the REO assets that were acquired during the nine months ended September 30, 2025 ($ in thousands):

Acquisition Date |  | Location |  | Property Type |  | Acquisition Date Fair Value
February 2025 |  | Chicago, IL |  | Office |  | $45,045
September 2025 |  | Atlanta, GA |  | Office |  | $132,974
September 2025 |  | New York, NY |  | Hospitality |  | $228,253
|  |  |  |  |  | $406,272

The following table presents the REO assets and liabilities included in our consolidated balance sheets ($ in thousands):

| September 30, 2025 |  | December 31, 2024
Assets |  |  |
Building and building improvements | $555,879 |  | $410,546
Land and land improvements | 402,248 |  | 181,083
Total | $958,127 |  | $591,629
Less: accumulated depreciation | (24,492) |  | (3,444)
Real estate owned, net | $933,635 |  | $588,185
Intangible real estate assets | $130,099 |  | $83,253
Less: accumulated amortization | (33,427) |  | (5,964)
Intangible real estate assets, net(1) | $96,672 |  | $77,289
Liabilities |  |  |
Intangible real estate liabilities | $4,545 |  | $1,422
Less: accumulated amortization | (317) |  | (1)
Intangible real estate liabilities, net(2) | $4,228 |  | $1,421

(1)Included within other assets on our consolidated balance sheets. Refer to Note 6 for further information.
(2)Included within other liabilities on our consolidated balance sheets. Refer to Note 6 for further information.
Revenue and expenses from real estate owned consisted of the following ($ in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Rental income | $15,263 |  | $1,037 |  | $45,803 |  | $1,037
Other operating income | 18,470 |  | 177 |  | 63,775 |  | 177
Revenue from real estate owned | $33,733 |  | $1,214 |  | $109,578 |  | $1,214
Operating expense | $28,061 |  | $1,654 |  | $89,238 |  | $2,432
Depreciation and amortization expense | 15,039 |  | 1,030 |  | 47,960 |  | 1,215
Total expenses from real estate owned | $43,100 |  | $2,684 |  | $137,198 |  | $3,647
Net loss from real estate owned | $(9,367) |  | $(1,470) |  | $(27,620) |  | $(2,433)

31
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of
September 30, 2025. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not
included ($ in thousands):

| Future Minimum Rents
2025 (remaining) | $17,836
2026 | 61,740
2027 | 50,111
2028 | 41,736
2029 | 34,329
Thereafter | 72,948
Total | $278,700

The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):

| In-place lease intangibles |  | Above-market lease intangibles |  | Below-market lease intangibles
2025 (remaining) | $9,561 |  | $1,427 |  | $(292)
2026 | 26,096 |  | 4,121 |  | (1,140)
2027 | 15,437 |  | 3,077 |  | (995)
2028 | 11,225 |  | 2,505 |  | (872)
2029 | 7,765 |  | 1,708 |  | (498)
Thereafter | 11,002 |  | 2,748 |  | (431)
Total | $81,086 |  | $15,586 |  | $(4,228)

5. INVESTMENTS IN UNCONSOLIDATED ENTITIES
As of September 30, 2025, we hold certain investments in unconsolidated entities that are accounted for under the equity
method of accounting or the FVO, as our ownership interest in each entity does not meet the requirements for
consolidation. Refer to Note 2 for further details.
The following tables detail our investments in unconsolidated entities ($ in thousands):

|  | September 30, 2025
Investments in Unconsolidated Entities |  | Number of Assets |  | Ownership Interest |  | Book Value
Unconsolidated entities carried at historical cost |  |  |  |  |  |
Net Lease Joint Venture |  | 115(1) |  | 75% |  | $77,731
Total unconsolidated entities carried at historical cost |  | 115 |  |  |  | 77,731
Unconsolidated entities carried at fair value |  |  |  |  |  |
Bank Loan Portfolio Joint Venture |  | 571(2) |  | 35%(3) |  | 104,867
Total unconsolidated entities carried at fair value |  | 571 |  |  |  | 104,867
Total |  | 686 |  |  |  | $182,598

(1)The number of assets represents the number of real estate properties held.
(2)The number of assets represents the number of commercial mortgage loans.
(3)Represents our aggregate ownership interest in our Bank Loan Portfolio Joint Venture, which owns an initial
portfolio of commercial mortgage loans acquired during the three months ended June 30, 2025, in which we hold a
29% interest, and an additional portfolio acquired during the three months ended September 30, 2025, in which we
hold a 50% interest.
32
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)

| December 31, 2024 |
Investments in Unconsolidated Entities |  | Number of Assets |  | Ownership Interest |  | Book Value
Unconsolidated entities carried at historical cost |  |  |  |  |  |
Net Lease Joint Venture |  | – |  | 75% |  | $4,452
Total unconsolidated entities carried at historical cost |  | – |  |  |  | 4,452
Total |  | – |  |  |  | $4,452

The following tables detail the activity related to our investments in unconsolidated entities during the three and nine
months ended September 30, 2025 ($ in thousands):

Investments in Unconsolidated Entities |  | June 30, 2025 |  | Contributions |  | Distributions |  | (Loss) Income From Unconsolidated Entities(1) |  | Accumulated Other Comprehensive Loss |  | September 30, 2025
Net Lease Joint Venture |  | $52,181 |  | $26,281 |  | $— |  | $(367) |  | $(364) |  | $77,731
Bank Loan Portfolio Joint Venture |  | 55,906 |  | 44,670 |  | — |  | 4,291 |  | — |  | 104,867
Total |  | $108,087 |  | $70,951 |  | $— |  | $3,924 |  | $(364) |  | $182,598

Investments in Unconsolidated Entities |  | December 31, 2024 |  | Contributions |  | Distributions |  | (Loss) Income From Unconsolidated Entities(1) |  | Accumulated Other Comprehensive Loss |  | September 30, 2025
Net Lease Joint Venture |  | $4,452 |  | $76,391 |  | $— |  | $(1,559) |  | $(1,553) |  | $77,731
Bank Loan Portfolio Joint Venture |  | — |  | 102,273 |  | — |  | 2,594 |  | — |  | 104,867
Total |  | $4,452 |  | $178,664 |  | $— |  | $1,035 |  | $(1,553) |  | $182,598

(1)Includes our share of non-cash items such as (i) depreciation and amortization, and (ii) unrealized gains recorded by
unconsolidated entities.
There was no income or loss from unconsolidated entities for the three and nine months ended September 30, 2024.
During the nine months ended September 30, 2025, our Net Lease Joint Venture and Bank Loan Portfolio Joint Venture
each entered into derivative agreements where we would be required to make payment for periodic or final settlement of
derivative contracts if either our Net Lease Joint Venture or Bank Loan Portfolio Joint Venture, as applicable, is unable to
fulfill its respective obligations.
33
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
6. OTHER ASSETS AND LIABILITIES
Other Assets
The following table details the components of our other assets ($ in thousands):

| September 30, 2025 |  | December 31, 2024
Loan portfolio payments held by servicer(1) | $429,747 |  | $113,199
Accrued interest receivable | 138,130 |  | 160,131
Accounts receivable and other assets(2) | 114,172 |  | 134,030
Real estate intangible assets, net | 96,672 |  | 77,289
Other real estate assets | 35,867 |  | 9,338
Derivative assets | 19,505 |  | 72,454
Prepaid expenses | 126 |  | 1,002
Collateral deposited under derivative agreements | — |  | 4,810
Total | $834,219 |  | $572,253

(1)Primarily represents loan principal repayments held by our third-party loan servicers as of the balance sheet date that
were remitted to us during the subsequent remittance cycle.
(2)Includes $105.2 million and $95.5 million as of September 30, 2025 and December 31, 2024, respectively, of cash
collateral held by our CLOs that was subsequently remitted by the trustee to repay a portion of the outstanding
senior CLO securities, or that was subsequently reinvested by purchasing additional collateral into our CLOs.
Other Liabilities
The following table details the components of our other liabilities ($ in thousands):

| September 30, 2025 |  | December 31, 2024
Debt repayments pending servicer remittance(1) | $335,433 |  | $3,742
Other real estate liabilities | 114,413 |  | 72,018
Accrued dividends payable | 80,238 |  | 81,214
Accrued interest payable | 64,911 |  | 77,855
Accrued management fees payable | 16,849 |  | 18,534
Current expected credit loss reserves for unfunded loan commitments(2) | 13,741 |  | 10,412
Accounts payable and other liabilities | 11,230 |  | 13,834
Derivative liabilities | 2,557 |  | 5,238
Total | $639,372 |  | $282,847

(1)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties or
CLO trustees during the subsequent remittance cycle.
(2)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the
CECL reserves.
Current Expected Credit Loss Reserves for Unfunded Loan Commitments
As of September 30, 2025, we had aggregate unfunded commitments of $1.5 billion related to 57 loans receivable. The
expected credit losses over the contractual period of our loans are impacted by our obligations to extend further credit
through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves related to our unfunded
loan commitments, and Note 22 for further discussion of our unfunded loan commitments. During the three and nine
months ended September 30, 2025, we recorded increases in the CECL reserves related to our unfunded loan commitments
of $2.0 million and $3.3 million, respectively, bringing our total unfunded loan commitments CECL reserve to
$13.7 million as of September 30, 2025. D uring the three and nine months ended September 30, 2024, we recorded
decreases in the CECL reserves related to our unfunded loan commitments of $1.6 million and $7.1 million, respectively,
bringing our total unfunded loan commitments CECL reserve to $8.3 million as of September 30, 2024.
34
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
7. SECURED DEBT, NET
Our secured debt represents borrowings under our secured credit facilities. During the nine months ended September 30,
2025, we c losed $2.2 billion of new borrowings against $2.9 billion of collateral assets.
The following table details our secured debt ($ in thousands):

| Secured Debt Borrowings Outstanding
| September 30, 2025 |  | December 31, 2024
Secured credit facilities | $9,548,332 |  | $9,705,529
Deferred financing costs(1) | (8,108) |  | (9,195)
Net book value of secured debt | $9,540,224 |  | $9,696,334

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred
and recognized as a component of interest expense over the life of each related facility.
Secured Credit Facilities
Our secured credit facilities are bilateral agreements we use to f inance diversified pools of senior loan collateral with
sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured
to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our
credit facilities are diversified across 13 counterparties, primarily consisting of top global financial institutions to minimize
our counterparty risk exposure.
The following table details our secured credit facilities as of September 30, 2025 ($ in thousands):

September 30, 2025
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recourse Limitation
Currency |  | Lenders(1) |  | Borrowings |  | Wtd. Avg. Maturity(2) |  |  | Loan Count |  | Collateral(3) |  | Wtd. Avg. Maturity(4) |  |  | Wtd. Avg. |  | Range
USD |  | 12 |  | $3,954,253 |  | July 2027 |  |  | 81 |  | $6,522,111 |  | July 2027 |  |  | 32% |  | 25% - 100%
GBP |  | 6 |  | 2,265,827 |  | August 2028 |  |  | 14 |  | 3,098,509 |  | September 2028 |  |  | 25% |  | 25%
EUR |  | 7 |  | 1,835,792 |  | September 2027 |  |  | 10 |  | 2,588,781 |  | October 2027 |  |  | 42% |  | 25% - 100%
Others(5) |  | 4 |  | 1,492,460 |  | January 2029 |  |  | 7 |  | 1,873,776 |  | January 2029 |  |  | 25% |  | 25%
Total |  | 13 |  | $9,548,332 |  | January 2028 |  |  | 112 |  | $14,083,177 |  | January 2028 |  |  | 31% |  | 25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of
facility lenders.
(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-
average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all
extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured
credit facility is used.
(3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.
(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid
prior to such date.
(5)Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.
The availability of funding under our secured credit facilities is based on the amount of approved collateral, which
collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a
mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the
limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each
facility, and therefore vary within and among the facilities.
35
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The following tables detail the spread of our secured credit facilities as of September 30, 2025 and December 31, 2024 ($
in thousands):

|  | Nine Months Ended September 30, 2025 |  | September 30, 2025
Spread(1) |  | New Financings(2) |  | Total Borrowings |  | Wtd. Avg. All-in Cost(1)(3)(4) |  |  | Collateral(5) |  | Wtd. Avg. All-in Yield(1)(3) |  |  | Net Interest Margin(6)
+ 1.50% or less |  | $1,385,800 |  | $4,547,118 |  | +1.54% |  |  | $6,600,493 |  | +2.99% |  |  | +1.45%
+ 1.51% to + 1.75% |  | 555,478 |  | 2,564,711 |  | +1.75% |  |  | 3,375,095 |  | +3.48% |  |  | +1.73%
+ 1.76% to + 2.00% |  | 104,841 |  | 935,067 |  | +2.10% |  |  | 1,766,876 |  | +3.28% |  |  | +1.18%
+ 2.01% or more |  | 137,147 |  | 1,501,436 |  | +2.63% |  |  | 2,340,713 |  | +4.24% |  |  | +1.61%
Total |  | $2,183,266 |  | $9,548,332 |  | +1.82% |  |  | $14,083,177 |  | +3.35% |  |  | +1.53%

|  | Year Ended December 31, 2024 |  | December 31, 2024
Spread(1) |  | New Financings(2) |  | Total Borrowings |  | Wtd. Avg. All-in Cost(1)(3)(4) |  |  | Collateral(5) |  | Wtd. Avg. All-in Yield(1)(3) |  |  | Net Interest Margin(6)
+ 1.50% or less |  | $165,616 |  | $3,976,192 |  | +1.53% |  |  | $6,185,925 |  | +3.18% |  |  | +1.65%
+ 1.51% to + 1.75% |  | 74,118 |  | 2,238,376 |  | +1.78% |  |  | 3,140,937 |  | +3.52% |  |  | +1.74%
+ 1.76% to + 2.00% |  | — |  | 969,541 |  | +2.09% |  |  | 1,802,431 |  | +3.67% |  |  | +1.58%
+ 2.01% or more |  | 374,407 |  | 2,521,420 |  | +2.61% |  |  | 3,678,528 |  | +4.31% |  |  | +1.70%
Total |  | $614,141 |  | $9,705,529 |  | +1.92% |  |  | $14,807,821 |  | +3.58% |  |  | +1.66%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include
SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.
(2)Represents the amount of new borrowings we closed during the nine months ended September 30, 2025 and year
ended December 31, 2024, respectively.
(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective
borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension
fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.
(4)Represents the weighted-average all-in cost as of September 30, 2025 and December 31, 2024, respectively, and is
not necessarily indicative of the spread applicable to recent or future borrowings.
(5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.
(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.
Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral
in our discretion within certain maximum/minimum amounts and frequency limitations. As of September 30, 2025, there
was an aggregate $844.1 million available to be drawn at our discretion under our credit facilities.
Financial Covenants
As of September 30, 2025, we are subject to the following financial covenants related to our secured debt and secured debt
of our unconsolidated entities: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to
fixed charges, as defined in the agreements, shall be not less than 1.3 to 1.0; (ii) our tangible net worth, as defined in the
agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of
future equity issuances subsequent to September 30, 2025; (iii) cash liquidity shall not be less than the greater of (x) $10.0
million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our
total assets. As of September 30, 2025 and December 31, 2024, we were in compliance with these covenants.
During 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to
fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the
four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter.
36
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
8. SECURITIZED DEBT OBLIGATIONS, NET
We have financed certain pools of our loans through CLOs. The CLOs are consolidated in our financial statements and
have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs.
T he following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our
CLOs ($ in thousands):

| September 30, 2025
Securitized Debt Obligations |  | Count |  | Principal Balance |  | Book Value(1) |  | Wtd. Avg. Yield/Cost(2)(3) |  | Term(4)
2025 FL5 Collateralized Loan Obligation |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding |  | 1 |  | $831,250 |  | $821,900 |  | + 2.15% |  | October 2042
Underlying Collateral Assets |  | 17 |  | 898,950 |  | 898,950 |  | + 3.50% |  | September 2028
2021 FL4 Collateralized Loan Obligation |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding |  | 1 |  | 609,741 |  | 609,741 |  | + 1.45% |  | May 2038
Underlying Collateral Assets |  | 18 |  | 759,956 |  | 759,956 |  | + 2.66% |  | March 2027
2020 FL3 Collateralized Loan Obligation |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding |  | 1 |  | 457,129 |  | 457,129 |  | + 2.51% |  | November 2037
Underlying Collateral Assets |  | 12 |  | 625,580 |  | 625,580 |  | + 2.78% |  | February 2027
2020 FL2 Collateralized Loan Obligation |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding |  | 1 |  | 581,297 |  | 581,297 |  | + 1.76% |  | February 2038
Underlying Collateral Assets |  | 12 |  | 813,742 |  | 813,742 |  | + 2.71% |  | March 2027
Total |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding(5) |  | 4 |  | $2,479,417 |  | $2,470,067 |  | + 1.95% |  |
Underlying Collateral Assets |  | 59 |  | $3,098,228 |  | $3,098,228 |  | + 3.15% |  |

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan
origination costs, purchase discounts, and accrual of exit fees.
(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.
(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all
extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt
obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents
the rated final distribution date of the securitizations.
(5)During the three and nine months ended September 30, 2025, we recorded $40.0 million and $107.8 million,
respectively, of interest expense related to our securitized debt obligations.
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)

| December 31, 2024
Securitized Debt Obligations |  | Count |  | Principal Balance |  | Book Value(1) |  | Wtd. Avg. Yield/Cost(2)(3) |  | Term(4)
2021 FL4 Collateralized Loan Obligation |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding |  | 1 |  | $785,453 |  | $785,442 |  | + 1.39% |  | May 2038
Underlying Collateral Assets |  | 22 |  | 952,764 |  | 952,764 |  | + 2.95% |  | August 2026
2020 FL3 Collateralized Loan Obligation |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding |  | 1 |  | 552,664 |  | 552,663 |  | + 1.92% |  | November 2037
Underlying Collateral Assets |  | 12 |  | 743,914 |  | 743,914 |  | + 2.92% |  | June 2026
2020 FL2 Collateralized Loan Obligation |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding |  | 1 |  | 598,850 |  | 598,851 |  | + 1.50% |  | February 2038
Underlying Collateral Assets |  | 12 |  | 855,725 |  | 855,725 |  | + 2.79% |  | August 2026
Total |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding(5) |  | 3 |  | $1,936,967 |  | $1,936,956 |  | + 1.57% |  |
Underlying Collateral Assets |  | 46 |  | $2,552,403 |  | $2,552,403 |  | + 2.98% |  |

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan
origination costs, purchase discounts, and accrual of exit fees.
(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any.
(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all
extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the
related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of
the securitizations.
(5)During the three and nine months ended September 30, 2024, we recorded $40.6 million and $123.9 million,
respectively, of interest expense related to our securitized debt obligations.
9. ASSET-SPECIFIC DEBT, NET
The following table details our asset-specific debt ($ in thousands):

| September 30, 2025
Asset-Specific Debt |  | Count |  | Principal Balance |  | Book Value(1) |  | Wtd. Avg. Yield/Cost(2) |  | Wtd. Avg. Term(3)
Financing provided |  | 3 |  | $629,890 |  | $627,916 |  | + 3.18% |  | October 2029
Collateral assets |  | 3 |  | $781,189 |  | $775,248 |  | + 4.52% |  | October 2029
| December 31, 2024
Asset-Specific Debt |  | Count |  | Principal Balance |  | Book Value(1) |  | Wtd. Avg. Yield/Cost(2) |  | Wtd. Avg. Term(3)
Financing provided |  | 2 |  | $1,228,110 |  | $1,224,841 |  | + 3.20% |  | June 2026
Collateral assets |  | 2 |  | $1,467,185 |  | $1,459,864 |  | + 4.03% |  | June 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates,
which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and
index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost
includes the amortization of deferred origination fees and financing costs.
(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all
extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case
to the corresponding collateral loans.
38
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
10. LOAN PARTICIPATIONS SOLD, NET
The sale of a non-recourse interest in a loan through a participation agreement generally does not qualify for sale
accounting under GAAP. For such transactions, we therefore present the whole loan as an asset and the loan participation
sold as a liability on our consolidated balance sheet until the loan is repaid. We generally have no obligation to pay
principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact our
stockholders’ equity or net income.
We did not have any loan participations sold as of September 30, 2025. The following table details our loan participations
sold as of December 31, 2024 ($ in thousands):

| December 31, 2024
Loan Participations Sold |  | Count |  | Principal Balance |  | Book Value(1) |  | Wtd. Avg. Yield/Cost(2) |  | Term(3)
Junior Participations |  |  |  |  |  |  |  |  |  |
Loan Participation(4) |  | 2 |  | $100,064 |  | $100,064 |  | + 9.75% |  | February 2026
Total Loan |  | 2 |  | 442,142 |  | 442,008 |  | + 6.14% |  | February 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)The weighted-average all-in yield and cost are expressed over the relevant floating benchmark rates, which include
SOFR and SONIA, as applicable. This non-debt participation sold structure is inherently matched in terms of
currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and
financing costs.
(3)The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by
the borrower. Our loan participations sold are inherently non-recourse and term-matched to the corresponding loan.
(4)During the three and nine months ended September 30, 2025, we recorded $1.6 million and $6.9 million,
respectively, of interest expense related to our loan participations sold. During the year ended December 31, 2024,
we recorded $22.6 million of interest expense related to our loan participations sold.
11. TERM LOANS, NET
During the nine months ended September 30, 2025, we borrowed an additional $1.0 billion under the B-6 Term Loan and
$453.1 million under the B-7 Term Loan. The B-6 Term Loan bears interest at SOFR plus 3.00% and matures in December
2030. The proceeds from the B-6 Term Loan were used to repay $400.0 million of the outstanding B-4 Term Loan and all
$648.4 million in principal outstanding under the B-5 Term Loan. The B-7 Term Loan bears interest at SOFR plus 2.50%
and matures in May 2029. The proceeds from the B-7 Term Loan were used, among other things, to repay all
$403.1 million in principal outstanding under the B-4 Term Loan.
The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated
balance sheets ($ in thousands):

|  | Face Value |  |  |  |  |  |
Term Loans |  | September 30, 2025 |  | December 31, 2024 |  | Interest Rate(1) |  | All-in Cost(1)(2) |  | Maturity
B-1 Term Loan |  | $309,268 |  | $309,268 |  | + 2.36% |  | + 2.53% |  | April 23, 2026
B-4 Term Loan |  | — |  | 805,169 |  | + 3.50% |  | + 3.99% |  | May 9, 2029
B-5 Term Loan |  | — |  | 650,000 |  | + 3.75% |  | + 4.27% |  | December 10, 2028
B-6 Term Loan |  | 1,045,754 |  | — |  | + 3.00% |  | + 3.55% |  | December 10, 2030
B-7 Term Loan |  | 453,105 |  | — |  | + 2.50% |  | + 3.05% |  | May 9, 2029
Total face value |  | $1,808,127 |  | $1,764,437 |  |  |  |  |  |
Deferred financing costs and unamortized discounts |  | (33,214) |  | (32,364) |  |  |  |  |  |
Net book value |  | $1,774,913 |  | $1,732,073 |  |  |  |  |  |

(1)The B-6 Term Loan and the B-7 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. The
Term Loans are indexed to one-month SOFR.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the
applicable Term Loans.
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The Term Loans are partially a mortizing, with an amount equal to 1.0% per annum of the aggregate initial principal
balance due in quarterly installments. There was no repurchase activity or gain on debt extinguishment during the nine
months ended September 30, 2025. During the three and nine months ended September 30, 2024, we repurchased an
aggregate principal amount of $2.3 million of the B-1 Term Loan at a weighted-average price of 99% of par. This resulted
in a gain on extinguishment of debt of $25,000 during the three and nine months ended September 30, 2024.
The following table details our interest expense related to the Term Loans ($ in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cash coupon | $32,898 |  | $44,242 |  | $101,041 |  | $132,906
Discount and issuance cost amortization | 2,266 |  | 2,283 |  | 8,381 |  | 6,848
Total interest expense | $35,164 |  | $46,525 |  | $109,422 |  | $139,754

The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of
September 30, 2025 and December 31, 2024, we were in compliance with this covenant. Refer to Note 2 for further
discussion of our accounting policies for the Term Loans.
12. SENIOR SECURED NOTES, NET
The following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated
balance sheets ($ in thousands):

|  | Face Value |  |  |  |  |  |
Senior Secured Notes Issuance |  | September 30, 2025 |  | December 31, 2024 |  | Interest Rate |  | All-in Cost(1) |  | Maturity
October 2021 |  | $335,316 |  | $335,316 |  | 3.75% |  | 4.06% |  | January 15, 2027
December 2024 |  | 450,000 |  | 450,000 |  | 7.75% | (2) | 8.14% |  | December 1, 2029
Total face value |  | $785,316 |  | $785,316 |  |  |  |  |  |
Deferred financing costs and unamortized discounts |  | (7,935) |  | (9,857) |  |  |  |  |  |
Hedging adjustments(3) |  | 7,834 |  | (4,424) |  |  |  |  |  |
Net book value |  | $785,215 |  | $771,035 |  |  |  |  |  |

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.
(2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts
our fixed rate exposure to a SOFR + 3.95% floating rate exposure.
(3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the
December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for further discussion.
The following table details our interest expense related to the Senior Secured Notes ($ in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cash coupon | $11,862 |  | $3,160 |  | $35,587 |  | $9,701
Discount and issuance cost amortization | 654 |  | 254 |  | 2,003 |  | 775
Total interest expense | $12,516 |  | $3,414 |  | $37,590 |  | $10,476

There was no repurchase activity or gain on debt extinguishment during the nine months ended September 30, 2025.
During the three and nine months ended September 30, 2024, we repurchased an aggregate principal amount of
$4.6 million and $30.8 million, respectively, of the October 2021 Senior Secured Notes at a weighted-average price of 92%
and 88% of par, respectively. This resulted in a gain on extinguishment of debt of $330,000 and $3.3 million during the
three and nine months ended September 30, 2024.
40
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets.
As of September 30, 2025 and December 31, 2024, we were in compliance with this covenant. Under certain
circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we
would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater.
This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released.
13. CONVERTIBLE NOTES, NET
The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated
balance sheets ($ in thousands):

|  | Face Value |  |  |  |  |  |  |  |
Convertible Notes |  | September 30, 2025 |  | December 31, 2024 |  | Interest Rate |  | All-in Cost(1) |  | Conversion Price(2) |  | Maturity
Face value |  | $266,157 |  | $266,157 |  | 5.50% |  | 5.79% |  | $36.27 |  | March 15, 2027
Deferred financing costs and unamortized discount |  | (1,694) |  | (2,541) |  |  |  |  |  |  |  |
Net book value |  | $264,463 |  | $263,616 |  |  |  |  |  |  |  |

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the
effective interest method.
(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible
Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal
amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of September 30, 2025.
Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem
the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our
class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the
applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option
of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported
sale price of our class A common stock of $18.41 on September 30, 2025, the last trading day in the nine months ended
September 30, 2025, was less than the per share conversion price of the Convertible Note s.
There was no repurchase activity during the nine months ended September 30, 2025. During the three and nine months
ended September 30, 2024, we repurchased an aggregate principal amount of $33.8 million of the Convertible Notes at a
weighted-average price of 93% of par. This resulted in a gain on extinguishment of debt of $2.0 million during the three
and nine months ended September 30, 2024, respectively.
The following table details our interest expense related to the Convertible Notes ($ in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cash coupon | $3,660 |  | $3,874 |  | $10,979 |  | $12,124
Discount and issuance cost amortization | 282 |  | 305 |  | 847 |  | 944
Total interest expense | $3,942 |  | $4,179 |  | $11,826 |  | $13,068

Accrued interest payable for the Convertible Notes was $649,000 and $4.3 million as of September 30, 2025 and
December 31, 2024, respectively. Refer to Note 2 for further discussion of our accounting policies for the Convertible
Notes.
14. DERIVATIVE FINANCIAL INSTRUMENTS
The objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our
investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair
value hedges under the hedge accounting requirements of ASC 815 – “Derivatives and Hedging.” Derivatives not
41
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other
identified risks. Refer to Note 2 for further discussion of the accounting for designated and non-designated hedges.
The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these
contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial
instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and
our affiliates also have other financial relationships.
Net Investment Hedges of Foreign Currency Risk
Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates.
These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S.
dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash
flows in terms of the U.S. dollar.
Designated Hedges of Foreign Currency Risk
The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of
foreign currency risk (notional amounts in thousands):

September 30, 2025 |  | December 31, 2024
Foreign Currency Derivatives |  | Number of Instruments |  | Notional Amount |  | Foreign Currency Derivatives |  | Number of Instruments |  | Notional Amount
Buy USD / Sell SEK Forward |  | 2 |  | kr 970,798 |  | Buy USD / Sell SEK Forward |  | 2 |  | kr 971,180
Buy USD / Sell GBP Forward |  | 7 |  | £700,195 |  | Buy USD / Sell GBP Forward |  | 5 |  | £604,739
Buy USD / Sell EUR Forward |  | 6 |  | €657,309 |  | Buy USD / Sell EUR Forward |  | 8 |  | €603,910
Buy USD / Sell AUD Forward |  | 8 |  | A$383,504 |  | Buy USD / Sell AUD Forward |  | 6 |  | A$355,703
Buy USD / Sell CAD Forward |  | 3 |  | C$120,877 |  | Buy USD / Sell CHF Forward |  | 1 |  | CHF 6,752
Buy USD / Sell CHF Forward |  | 1 |  | CHF 52 |  |  |  |  |  |

Non-designated Hedges of Foreign Currency Risk
The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign
currency risk (notional amounts in thousands):

September 30, 2025 |  | December 31, 2024
Non-designated Hedges |  | Number of Instruments |  | Notional Amount |  | Non-designated Hedges |  | Number of Instruments |  | Notional Amount
Buy GBP / Sell USD Forward |  | 4 |  | £109,300 |  | Buy GBP / Sell USD Forward |  | 3 |  | £54,400
Buy USD / Sell GBP Forward |  | 4 |  | £109,300 |  | Buy USD / Sell GBP Forward |  | 3 |  | £54,400
Buy EUR / Sell USD Forward |  | 2 |  | €35,900 |  |  |  |  |  |
Buy USD / Sell EUR Forward |  | 2 |  | €35,900 |  |  |  |  |  |
Buy CHF / Sell USD Forward |  | 1 |  | CHF 6,700 |  |  |  |  |  |
Buy USD / Sell CHF Forward |  | 1 |  | CHF 6,700 |  |  |  |  |  |

Fair Value Hedges of Interest Rate Risk
Certain of our corporate financings expose us to fluctuations in the fair value of our outstanding fixed rate debt. We use
derivative financial instruments, which include interest rate swaps, to hedge interest rate risk associated with changes in the
fair value of our fixed rate debt. The changes in the value of the interest rate swap is recognized in earnings and offset the
corresponding changes in the fair value of the debt.
42
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Designated Hedges of Interest Rate Risk
The following tables detail our outstanding interest rate derivatives that were designated as fair value hedges of interest rate
risk (notional amount in thousands):

September 30, 2025
Interest Rate Derivatives |  | Number of Instruments |  | Notional Amount |  | Fixed Rate |  | Index |  | Maturity (Years)
Interest Rate Swaps |  | 1 |  | $450,000 |  | 3.81% |  | SOFR |  | 4.2

December 31, 2024
Interest Rate Derivatives |  | Number of Instruments |  | Notional Amount |  | Fixed Rate |  | Index |  | Maturity (Years)
Interest Rate Swaps |  | 1 |  | $450,000 |  | 3.81% |  | SOFR |  | 4.9

The following tables detail the carrying amount and cumulative basis adjustments on hedged items designated as fair value
hedges ($ in thousands):

September 30, 2025
Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included |  | Carrying Amount of the Hedged Assets/ Liabilities |  | Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount
Senior secured notes, net |  | $451,189 |  | $7,834

December 31, 2024
Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included |  | Carrying Amount of the Hedged Assets/ Liabilities |  | Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount
Senior secured notes, net |  | $437,759 |  | $(4,424)

Financial Statement Impact of Hedges of Foreign Currency and Interest Rate Risks
The following table presents th e effect of our derivative financial instruments on our consolidated statements of operations
($ in thousands):

|  |  |  | Increase (Decrease) to Net Interest Income Recognized from Derivatives
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Derivatives in Hedging Relationships |  | Location of Income (Expense) Recognized |  | 2025 |  | 2024 |  | 2025 |  | 2024
Designated Hedges |  | Interest Income(1) |  | $6,174 |  | $4,442 |  | $13,820 |  | $13,309
Designated Hedges |  | Interest Expense(2) |  | (674) |  | 399 |  | (1,884) |  | 1,244
Non-Designated Hedges |  | Interest Income(1) |  | (46) |  | (22) |  | (96) |  | (32)
Non-Designated Hedges |  | Interest Expense(3) |  | 39 |  | (14) |  | (2,129) |  | (7)
Total |  |  |  | $5,493 |  | $4,805 |  | $9,711 |  | $14,514

(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate
differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates.
These forward contracts effectively convert the foreign currency rate exposure for such investments to
USD-equivalent interest rates.
(2)Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest
rate swap.
(3)Represents the realized loss on an interest rate swap related to our Bank Loan Portfolio Joint Venture that was
entered into and subsequently terminated during the three months ended June 30, 2025, and the spot rate movement
in our non-designated foreign currency hedges, which are marked to market and recognized in interest expense.
43
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Fair Value Hedges
The following table presents the net gains (losses) on derivatives and the related hedged items in fair value hedging
relationships fo r the three and nine months ended September 30, 2025 ($ in thousands):

| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
Total interest and related expenses presented in the consolidated statements of operations | $247,055 |  | $754,015
Gains (losses) on fair value hedging relationships |  |  |
Total gain on derivative instruments | $486 |  | $12,774
Fair value basis adjustment on hedged items | (494) |  | (7,834)
Derivative settlements and accruals | 674 |  | 2,116
Net gain on fair value hedging relationships(1) | $666 |  | $7,056

(1)Included within interest and related expenses presented in the consolidated statements of operations.
There were no fair value hedges outstanding during the nine months ended September 30, 2024.
Valuation and Other Comprehensive Income
The following table summarizes the fair value of our derivative financial instruments ($ in thousands):

|  | Fair Value of Derivatives in an Asset Position(1) as of |  | Fair Value of Derivatives in a Liability Position(2) as of
|  | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Derivatives designated as hedging instruments
Foreign exchange contracts |  | $9,867 |  | $69,433 |  | $2,296 |  | $—
Interest rate derivatives |  | 7,885 |  | — |  | — |  | 4,386
Total derivatives designated as hedging instruments |  | $17,752 |  | $69,433 |  | $2,296 |  | $4,386
Derivatives not designated as hedging instruments
Foreign exchange contracts |  | $1,753 |  | $3,021 |  | $261 |  | $852
Interest rate derivatives |  | — |  | — |  | — |  | —
Total derivatives not designated as hedging instruments |  | $1,753 |  | $3,021 |  | $261 |  | $852
Total derivatives |  | $19,505 |  | $72,454 |  | $2,557 |  | $5,238

(1)Included in other assets in our consolidated balance sheets.
(2)Included in other liabilities in our consolidated balance sheets.
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The following table presents the effect of our derivative financial instruments on our consolidated statements of
comprehensive income and operations ($ in thousands):

Derivatives in Hedging Relationships |  | Amount of Gain (Loss) Recognized in OCI on Derivatives |  | Location of Gain (Loss) Reclassified from Accumulated OCI into Income |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025 |  |  | Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
Net Investment Hedges |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts(1) |  | $25,174 |  | $(178,488) |  | Interest Expense |  | $— |  | $—
Total |  | $25,174 |  | $(178,488) |  |  |  | $— |  | $—

(1)During the three months ended September 30, 2025, we paid net cash settlements of $68.5 million on our foreign
currency forward contracts. During the nine months ended September 30, 2025, we paid net cash settlements of
$102.2 million on our foreign currency forward contracts. Those amounts are included as a component of
accumulated other comprehensive income on our consolidated balance sheets.
There were no cash flow hedges outstanding during the three and nine months ended September 30, 2025.
Credit–Risk Related Contingent Features
We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to
default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the
lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our
derivative counterparties require that we post collateral to secure net liability positions. As of September 30, 2025, we were
in a net asset position with one of our counterparties and in a net liability position with our other counterparty related to our
foreign exchange hedges and had no collateral posted with our counterparties. As of December 31, 2024, we were in a net
asset position with our counterparties related to our foreign exchange hedges and had $4.8 million of collateral posted with
one counterparty related to our interest rate swap.
15. EQUITY
Stock and Stock Equivalents
Authorized Capital
As of September 30, 2025 we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000
shares of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing
requirements, our board of directors is authorized to cause us to issue additional shares of authorized stock without
stockholder approval. In addition, to the extent not issued, currently authorized stock may be reclassified between class A
common stock and preferred stock. As of both September 30, 2025 and December 31, 2024, we did not have any shares of
preferred stock issued and outstanding.
Share Repurchase Program
In July 2024, our board of directors authorized the repurchase of up to $150.0 million of our class A common stock. Under
the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated
transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 under the
Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including
legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or
discontinued at any time and does not have a specified expiration date.
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
During the nine months ended September 30, 2025, we repurchased 2,653,583 shares of class A common stock at a
weighted-average price per share of $17.97, for a total cost of $47.7 million. During the nine months ended September 30,
2024 we repurchased 628,884 shares of class A common stock at a weighted-average price per share of $17.49, for a total
cost of $11.0 million. As of September 30, 2025, the amount remaining available for repurchases under the program was
$73.1 million. In October 2025, we repurchased an additional 3,336,416 shares of class A common stock at a weighted-
average price per share of $18.38, for a total cost of $61.3 million, such that the amount remaining available for
repurchases under the program was $11.6 million. Following these repurchases, our board of directors amended the
program, such that, as of the date of this filing, we are authorized to repurchase up to $150.0 million of our class A
common stock under the program, as amended.
Class A Common Stock and Deferred Stock Units
Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and
are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of
the holders of shares of outstanding preferred stock, if any.
We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 18 for further
discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units
to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the
right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid
to holders of shares of class A common stock. Each vested deferred stock unit is settled by delivery of one share of class A
common stock upon the non-employee director’s separation from service.
The following table details the movement in our outstanding shares of class A common stock, including restricted class A
common stock and deferred stock units:

|  | Nine Months Ended September 30,
Common Stock Outstanding(1) |  | 2025 |  | 2024
Beginning balance |  | 173,204,190 |  | 173,569,397
Issuance of class A common stock(2) |  | 1,778 |  | 4,647
Repurchase of class A common stock |  | (2,653,583) |  | (628,884)
Issuance of restricted class A common stock, net(3)(4) |  | 467,180 |  | 401,901
Issuance of deferred stock units |  | 32,165 |  | 42,338
Ending balance |  | 171,051,730 |  | 173,389,399

(1)Includes 331,611 and 401,802 deferred stock units held by members of our board of directors as of September 30,
2025 and 2024, respectively.
(2)Represents shares issued under our dividend reinvestment program during the nine months ended September 30,
2025 and 2024, respectively.
(3)Includes 29,140 and 41,282 shares of restricted class A common stock issued to our board of directors during the
nine months ended September 30, 2025 and 2024, respectively
(4)Net of 43,832 and 102,484 shares of restricted class A common stock forfeited under our stock-based incentive
plans during the nine months ended September 30, 2025 and 2024, respectively.
Dividend Reinvestment and Direct Stock Purchase Plan
We have adopted a dividend reinvestment and direct stock purchase plan under which an aggregate of 10,000,000 shares of
class A common stock are available for sale. Under the dividend reinvestment component of the plan, our class A common
stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common
stock. Such shares may, at our option, be newly issued shares from us, shares purchased by the plan administrator on the
open market, or a combination thereof. The direct stock purchase component of the plan allows stockholders and new
investors, subject to our approval, to purchase shares of class A common stock directly from us. During the nine months
ended September 30, 2025, we issued 1,778 shares of class A common stock and 652 shares of class A common stock were
purchased on the open market by the plan administrator under the dividend reinvestment component of the plan. During the
nine months ended September 30, 2024, we issued 4,647 shares of class A common stock under the dividend reinvestment
component of the plan. As of September 30, 2025, a total of 9,966,682 shares of class A common stock remained available
under the dividend reinvestment and direct stock purchase plan.
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
At the Market Stock Offering Program
As of September 30, 2025, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which
we may sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. Sales of
class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that
are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual
sales depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital
needs, and our determination of the appropriate sources of funding to meet such needs. During the nine months ended
September 30, 2025 or September 30, 2024, we did no t issue any shares of our class A common stock under ATM
Agreements. As of September 30, 2025, shares of our class A common stock with an aggregate sales price of
$480.9 million remained available for issuance and sale under our ATM Agreements.
Dividends
We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as
calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal
Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the
discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will
depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors
as our board of directors deems relevant.
On September 15, 2025, we declared a dividend of $0.47 per share, or $80.2 million in aggregate, that was paid on October
15, 2025 to stockholders of record as of September 30, 2025.
The following ta ble details our dividend activity ($ in thousands, except per share data):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Dividends declared per share of common stock | $0.47 |  | $0.47 |  | $1.41 |  | $1.71
Class A common stock dividends declared | $80,238 |  | $81,306 |  | $241,531 |  | $296,624
Deferred stock unit dividends declared | 143 |  | 241 |  | 483 |  | 694
Total dividends declared | $80,381 |  | $81,547 |  | $242,014 |  | $297,318

Earnings Per Share
We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested
shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted
shares have the same rights as our other shares of class A common stock, including participating in any dividends, and
therefore have been included in our basic and diluted net income per share calculation. The shares issuable under our
Convertible Notes are included in dilutive earnings per share using the if-converted method when the effect is not
antidilutive.
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The following table sets forth the c alculation of basic and diluted net income per share of class A common stock based on
the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per
share data):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Basic and Diluted Earnings |  |  |  |  |  |  |
Net income (loss)(1) | $63,397 |  | $(56,384) |  | $70,009 |  | $(241,279)
Weighted-average shares outstanding, basic and diluted(2) | 171,812,685 |  | 173,637,101 |  | 171,903,127 |  | 173,881,116
Per share amount, basic and diluted | $0.37 |  | $(0.32) |  | $0.41 |  | $(1.39)

(1)Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc.
(2)For both the three and nine months ended September 30, 2025 and September 30, 2024, our Convertible Notes were
no t included in the calculation of diluted earnings per share, as the impact is antidilutive. Refer to Note 13 for further
discussion of our convertible notes.
Other Balance Sheet Items
Accumulated Other Comprehensive Income
As of September 30, 2025, total accumulated other comprehensive income was $9.3 million, representing $93.6 million of
net realized and unrealized gains related to changes in the fair value of derivative instruments, offset by $82.8 million of
cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and
$1.5 million of unrealized losses related to the changes in the fair value of derivative instruments held by unconsolidated
entities. As of December 31, 2024, total accumulated other comprehensive income was $8.3 million, primarily representing
$272.1 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by
$263.9 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign
currencies.
Non-Controlling Interests
The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily
Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture’s consolidated equity and results of
operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint
Venture. As of September 30, 2025, our Multifamily Joint Venture’s total equity was $44.7 million, of which $38.0 million
was owned by us, and $6.7 million was allocated to non-controlling interests. As of December 31, 2024, our Multifamily
Joint Venture’s total equity was $45.9 million, of which $39.0 million was owned by us, and $6.9 million was allocated to
non-controlling interests.
16. OTHER EXPENSES
Our other expenses consist of the management and incentive fees we pay to our Manager and our general and
administrative expenses.
Management and Incentive Fees
Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a
base management fee in an amount equal to 1.50% per annum multiplied by our Equity, as defined in the Management
Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the
excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an
amount equal to 7.00% per annum multiplied by our Equity, provided that our Core Earnings over the prior three-year
period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our 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), (iv)
net income (loss) attributable to our legacy portfolio, (v) certain non-cash items, and (vi) incentive management fees.
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
During the three and nine months ended September 30, 2025, we incurred $16.8 million and $51.1 million, respectively, of
management fees payable to our Manager compared to $18.6 million and $56.3 million, respectively, during the same
periods in 2024. During the three and nine months ended September 30, 2025 and 2024, we did not incu r any incentive fees
payable to our Manager.
As of September 30, 2025 and December 31, 2024, we had accrued management fees payable to our Manager of
$16.8 million and $18.5 million, respectively.
General and Administrative Expenses
General and admin istrative expenses consisted of the following ($ in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Professional services | $3,351 |  | $3,753 |  | $11,543 |  | $11,709
Operating and other costs | 2,094 |  | 1,686 |  | 5,824 |  | 5,044
Subtotal(1) | 5,445 |  | 5,439 |  | 17,367 |  | 16,753
Non-cash compensation expenses |  |  |  |  |  |  |
Restricted class A common stock earned | 7,130 |  | 7,728 |  | 21,053 |  | 23,400
Director stock-based compensation | 172 |  | 256 |  | 517 |  | 658
Subtotal | 7,302 |  | 7,984 |  | 21,570 |  | 24,058
Total general and administrative expenses | $12,747 |  | $13,423 |  | $38,937 |  | $40,811

(1)During the three and nine months ended September 30, 2025, we recognized an aggregate $66,000 and $259,000,
respectively, of expense related to our Multifamily Joint V enture, compared to $125,000 and $668,000, respectively,
during the same periods in 2024.
17. INCOME TAXES
We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We
generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any
net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this
distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income
tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual
amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal
tax laws.
Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal
Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to
the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S.
federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification
as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on
our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full
taxable years. As of September 30, 2025 and December 31, 2024, we were in compliance with all REIT requirements.
Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a
REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely
affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders,
however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and
certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased
taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We have not made
UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future.
During the three and nine months ended September 30, 2025, we recorded a current income tax provision of $1.5 million
and $3.1 million, respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and various state
and local taxes. During the three and nine months ended September 30, 2024, we recorded a current income tax provision
o f $613,000 a nd $2.8 million, respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
various state and local taxes. We did not have any deferred tax assets or liabilities as of September 30, 2025 or
December 31, 2024.
We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in
current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the
availability of our NOLs is generally limited to $2.0 million per annum by change of control provisions promulgated by the
Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of September 30, 2025, we had
estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration. Previously, we
recorded a full valuation allowance against such NOLs as we expected that they would expire unutilized. However,
although uncertain, we may utilize a portion of NOLs prior to expiration. We do not expect the utilization of NOLs to have
a material impact on our consolidated financial statements. We have recorded a full valuation allowance against such NOLs
as it is probable that they will expire unutilized.
As of September 30, 2025, tax years 2021 through 2024 remain subject to examination by taxing authorities.
18. STOCK-BASED INCENTIVE PLANS
We are externally managed by our Manager and do not currently have any employees. However, as of September 30, 2025,
our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors
were compensated, in part, through our issuance of stock-based instruments.
Under our two current stock incentive plans, a maximum of 10,400,000 shares of our class A common stock may be issued
to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of September 30, 2025,
there were 5,980,325 shares available under our current stock incentive plans.
The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-
average grant date fair value per share:

| Restricted Class A Common Stock |  | Weighted-Average Grant Date Fair Value Per Share
Balance as of December 31, 2024 | 2,142,759 |  | $21.13
Granted | 511,012 |  | 17.88
Vested | (1,027,285) |  | 21.17
Forfeited | (43,832) |  | 19.41
Balance as of September 30, 2025 | 1,582,654 |  | $20.10

These shares generally vest in installments over a period of three years, pursuant to the terms of the respective award
agreements and the terms of our current stock incentive plans. The 1,582,654 shares of restricted class A common stock
outstanding as of September 30, 2025 will vest as follows: 304,010 shares will vest in 2025; 863,026 shares will vest in
2026; and 415,618 shares will vest in 2027. As of September 30, 2025, total unrecognized compensation cost relating to
unvested share-based compensation arrangements was $30.2 million based on the grant date fair value of shares granted.
This cost is expected to be recognized over a weighted-average period of 1.0 year from September 30, 2025.
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
19. FAIR VALUES
Assets and Liabilities Measured at Fair Value
The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

| September 30, 2025 |  | December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives | $— |  | $19,505 |  | $— |  | $19,505 |  | $— |  | $72,454 |  | $— |  | $72,454
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives | $— |  | $2,557 |  | $— |  | $2,557 |  | $— |  | $5,238 |  | $— |  | $5,238

This table excludes $104.9 million of investments in unconsolidated entities that are measured at fair value using net asset
value as a practical expedient and not classified in the fair value hierarchy as September 30, 2025. No assets were measured
at fair value using net asset value as a practical expedient as of December 31, 2024. Refer to Note 5 for further information.
Refer to Note 2 for further discussion regarding fair value measurement.
Fair Value of Financial Instruments
As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not
recognized at fair value in the statement of financial position, for which it is practicable to estimate that value.
The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($
in thousands):

| September 30, 2025 |  | December 31, 2024
| Book Value |  | Face Amount |  | Fair Value |  | Book Value |  | Face Amount |  | Fair Value
Financial assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $377,921 |  | $377,921 |  | $377,921 |  | $323,483 |  | $323,483 |  | $323,483
Loans receivable, net | 17,371,200 |  | 18,188,534 |  | 17,407,513 |  | 18,313,582 |  | 19,203,126 |  | 18,288,958
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Secured debt, net | 9,540,224 |  | 9,548,332 |  | 9,450,250 |  | 9,696,334 |  | 9,705,529 |  | 9,590,400
Securitized debt obligations, net | 2,470,067 |  | 2,479,417 |  | 2,455,101 |  | 1,936,956 |  | 1,936,967 |  | 1,838,089
Asset-specific debt, net | 627,916 |  | 629,890 |  | 619,599 |  | 1,224,841 |  | 1,228,110 |  | 1,218,639
Loan participations sold, net | — |  | — |  | — |  | 100,064 |  | 100,064 |  | 99,822
Secured term loans, net | 1,774,913 |  | 1,808,127 |  | 1,812,573 |  | 1,732,073 |  | 1,764,437 |  | 1,765,668
Senior secured notes, net | 785,215 |  | 785,316 |  | 801,487 |  | 771,035 |  | 785,316 |  | 780,931
Convertible notes, net | 264,463 |  | 266,157 |  | 262,899 |  | 263,616 |  | 266,157 |  | 257,707

Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market
prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the Term Loans, and the Senior Secured
Notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value
significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding
fair value measurement of certain of our assets and liabilities.
20. VARIABLE INTEREST ENTITIES
We have financed a portion of our loans through the CLOs, all of which are VIEs. We are the primary beneficiary of, and
therefore consolidate, the CLOs on our balance sheet as we (i) control the relevant interests of the CLOs that give us power
to direct the activities that most significantly affect the CLOs, and (ii) have the right to receive benefits and obligation to
absorb losses of the CLOs through the subordinate interests we own.
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
During the nine months ended months ended September 30, 2025, we modified two loans that included, among other
changes, control over decision making at the respective properties. Similarly, during 2024, we modified two other loa ns
that included, among other changes, an equit y interest in and/or control over decision-making at the property. As a result of
these modifications, our investments in these loans are VIEs. As of September 30, 2025, we are the primary beneficiary of,
and therefore consolidated the assets of these VIEs on our balance sheet as we (i) have the power to direct the activities that
most significantly affect the property, and (ii) have the right to receive excess sale proceeds upon exit.
The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):

| September 30, 2025 |  | December 31, 2024
Assets |  |  |
Cash and cash equivalents | $40,299 |  | $9,145
Loans receivable | 2,946,640 |  | 2,338,201
Current expected credit loss reserve | (133,345) |  | (202,400)
Loans receivable, net | 2,813,295 |  | 2,135,801
Real estate owned, net | 525,084 |  | 177,322
Other assets | 234,188 |  | 126,518
Total assets | $3,612,866 |  | $2,448,786
Liabilities |  |  |
Securitized debt obligations, net | $2,470,067 |  | $1,936,956
Other liabilities | 41,177 |  | 13,277
Total liabilities | $2,511,244 |  | $1,950,233

Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate
interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the
VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, revenues and expenses, however
it does not affect our stockholders’ equity or net income. We are not obligated to provide, have not provided, and do not
intend to provide material financial support to these consolidated VIEs.
21. TRANSACTIONS WITH RELATED PARTIES
Our Manager
We are managed by our Manager pursuant to the Management Agreement. The current term of the Management
Agreement expires on December 19, 2025, and it will be automatically renewed for a one-year term upon such date and
each anniversary thereafter unless earlier terminated.
As of September 30, 2025 and December 31, 2024, our consolidated balance sheets included $16.8 million and $18.5
million, respectively, of accrued management fees payable to our Manager. During the three and nine months ended
September 30, 2025, we paid management fees of $17.0 million and $52.8 million, respectively, to our M anager, compared
to $18.7 million and $64.0 million, respectively, during the same periods in 2024. In addition, during the three and nine
months ended September 30, 2025, we incurred expenses of $449,000 and $868,000, respectively, that were paid by our
Manager and have been or will be reimbursed by us, compared to $340,000 and $1.4 million, respectively, of such
expenses during the same periods in 2024.
As of September 30, 2025, our Manager held 828,213 shares of unvested restricted class A common stock, which had an
aggregate grant date fair value of $17.1 million. These shares vest in installments over three years from the date of
issuance. During the three and nine months ended September 30, 2025, we recorded non-cash expenses related to shares
held by our Manager of $3.6 million and $10.9 million, respectively, compared to $4.2 million and $12.6 million,
respectively, during the same periods in 2024. Refer to Note 18 for further details on our restricted class A common stock.
52
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
As of September 30, 2025, our Manager, its affiliates (including Blackstone and Blackstone-advised investment vehicles),
Blackstone employees, and our directors held an aggregate 12,874,956 shares, or 7.5%, of our class A common stock, of
which 8,234,581 shares, or 4.8%, were held by Blackstone and its subsidiaries. Additionally, our directors held 331,611 of
deferred stock units as of September 30, 2025. Certain of the parties listed above have in the past purchased or sold shares
of our class A common stock in open market transactions, and such parties may in the future purchase or sell additional
shares of our class A common stock and/or engage in derivatives transactions related to our class A common stock. Any
such transactions would be made in the sole discretion of the relevant party based on market conditions and other
considerations relevant to such parties.
Affiliate Services
We have engaged certain portfolio companies owned by Blackstone-advised investment vehicles to provide various
services. The following table details the costs incurred for these services ($ in thousands):

|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| Asset Class |  | 2025 |  | 2024 |  | 2025 |  | 2024
Brio Real Estate Services, LLC, Brio Real Estate (UK) Ltd., and Brio Real Estate (AUS) Pty Ltd.(1) | n/a |  | $1,244 |  | $— |  | $2,345 |  | $—
Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l.(1) | n/a |  | 353 |  | 384 |  | 696 |  | 945
Perform Properties, LLC(2)(3) | Office |  | 1,903 |  | 38 |  | 2,797 |  | 82
LivCor, LLC(2) | Multifamily |  | 46 |  | — |  | 322 |  | —
BRE Hotels & Resorts, LLC(2) | Hospitality |  | 284 |  | — |  | 1,153 |  | —
LendingOne, LLC(4) | Multifamily |  | — |  | — |  | 158 |  | —
Total |  |  | $3,830 |  | $422 |  | $7,471 |  | $1,027

(1)As applicable, provides management support, operational support, corporate support, and transaction support
services to certain of our investments directly.
(2)As applicable, provides management support, operational support, and corporate support services to certain of our
REO assets directly.
(3)Successor entity to EQ Management, LLC that provides the same services.
(4)Provides loan origination services related to certain of our investments.
53
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
We have engaged affiliates of our Manager to provide various services noted below. The following table details the costs
incurred for these services ($ in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
BTIG, LLC(1) | $— |  | $84 |  | $— |  | $124
Gryphon Mutual Property Americas IC(2) | 697 |  | 57 |  | 1,845 |  | 142
Blackstone internal audit services | — |  | 24 |  | — |  | 71
Lexington National Land Services(3) | 170 |  | — |  | 216 |  | —
Blackstone Securities Partners L.P.(4) | 30 |  | — |  | 109 |  | —
Total | $897 |  | $165 |  | $2,170 |  | $337

(1)Affiliates of our Manager own an interest in the controlling entity of BTIG, LLC, or BTIG. BTIG has been engaged
as a broker for repurchases of our Senior Secured Notes and Convertible Notes. D uring the nine months ended
September 30, 2025, there was no repurchase activity. During the nine months ended September 30, 2024, we
repurchased $30.8 million and $33.8 million of our Senior Secured Notes and Convertible Notes, respectively,
utilizing BTIG as a broker. Additionally, we have engaged BTIG as a sales agent to sell shares of our class A
common stock under one of our ATM Agreements. During the nine months ended September 30, 2025 and 2024, we
did not sell any shares under our ATM Agreements. Our engagements of BTIG are on terms equivalent to those of
unaffiliated third parties under similar arrangements.
(2)In the first quarter of 2024, in order to provide insurance for our REO assets, we became a member of Gryphon
Mutual Property Americas IC, or Gryphon, a captive insurance company owned by us and other Blackstone-advised
investment vehicles. A Blackstone affiliate provides oversight and advisory services to Gryphon and receives fees
based on a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance
premiums and fees paid to its manager, are paid annually and borne by us and the other Blackstone-advised
investment vehicles that are members of Gryphon pro rata based on insurance premiums paid for each party’s
respective properties. During the nine months ended September 30, 2025 and 2024, we paid $1.4 million and
$400,000, respectively, to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes,
and our pro rata share of other expenses. Of these amounts, $86,000 and $30,000, respectively, was attributable to
the fee paid to a Blackstone affiliate to provide oversight and management services to Gryphon. The amounts
included in the table above reflect the amortization of the insurance expense over the relevant periods of the
respective policies.
(3)Lexington National Land Services, or LNLS, a title agent company owned by Blackstone, acts as an agent for one or
more underwriters in issuing title policies and/or providing support services in connection with investments made by
us, Blackstone and their affiliates and related parties, and third-parties. LNLS focuses on transactions in rate-
regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated
states for us, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as
part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii)
when a third-party is paying all or a material portion of the premium or (iv) when providing only support services to
the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency
services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS
in connection with investments made by us based on its equity interest in LNLS. In each case, there will be no
related expense offset to us.
(4)During the nine months ended September 30, 2025, Blackstone Securities Partners L.P., or BSP, an affiliate of our
Manager, was engaged as a member of the syndicate for both our B-6 Term Loan and our B-7 Term Loan. These
engagements were on terms equivalent to those of unaffiliated third parties.
CT Investment Management Co., LLC, or CTIMCO, serves as the special servicer of all of our CLOs, and the Manager
serves as the collateral manager and benchmark agent for our FL5 CLO issued in the first quarter of 2025. As of
September 30, 2025, two of our assets were in special servicing under the CLOs. CTIMCO and our Manager have waived
any fees that would be payable to a third party serving in such roles pursuant to the applicable agreements, and no such fees
have been paid or will become payable to CTIMCO or our Manager.
54
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Other Transactions
During the nine months ended September 30, 2025, we invested $666.5 million in five senior loans and $123.6 million in
four mezzanine loans to unaffiliated third parties in which Blackstone-advised investment vehicles also invested at the
same level of the capital structure on a pari passu basis.
In the third quarter of 2025, Blackstone-advised investment vehicles acquired an aggregate $33.0 million participation in
our $453.1 million B-7 Term Loan. In the second quarter of 2025, Blackstone-advised investment vehicles acquired an
aggregate $83.9 million participation in our $1.0 billion B-6 Term Loan. In the fourth quarter of 2024, Blackstone-advised
investment vehicles acquired (i) an aggregate $62.5 million participation in our $650.0 million B-5 Term Loan, and (ii) an
aggregate $80.0 million of our $450.0 million December 2024 Senior Secured Notes. All of these transactions were part of
broad syndications led by third-party banks, and were on terms equivalent to those of unaffiliated third parties. BSP, an
affiliate of our Manager, was engaged as a member of the syndicate for these transactions. Our engagements of BSP are on
terms equivalent to those of unaffiliated parties. See “—Affiliate Services” for further information.
In the first quarter of 2025, as part of a broad syndication led by third-party banks, Blackstone-advised investment vehicles
acquired an aggregate $75.0 million of notes in our $1.0 billion FL5 CLO offering. All of these transactions were on terms
equivalent to those of unaffiliated third parties.
In the second quarter of 2025, we entered into our Bank Loan Portfolio Joint Venture with a Blackstone-advised
investment vehicle that concurrently acquired a $1.4 billion portfolio of performing commercial mortgage loans in which
we made an equity investment of $57.6 million and our ownership interest was 29%. In the third quarter of 2025, our Bank
Loan Portfolio Joint Venture acquired a $606.0 million portfolio of performing commercial mortgage loans in which we
made an equity investment of $44.7 million and our ownership interest was 50%. In the fourth quarter of 2024, we entered
into our Net Lease Joint Venture with a Blackstone-advised investment vehicle to invest in triple net lease properties. We
do not consolidate our Bank Loan Portfolio Joint Venture or our Net Lease Joint Venture as we do not have a controlling
financial interest. As of September 30, 2025, the aggregate value of our equity investment in our Bank Loan Portfolio Joint
Venture was $104.9 million and our ownership interest was 35%, and the aggregate value of our equity investment in our
Net Lease Joint Venture was $77.7 million and our ownership interest was 75%. We, these joint ventures, and the
Blackstone-advised investment vehicles, together, have engaged and may in the future engage in certain financing,
derivative and/or hedging arrangements related to these joint ventures. See Notes 5 and 7 for further information.
In the second quarter of 2025, two of our senior loans to borrowers controlled by a Blackstone-advised investment vehicle
were modified. The terms of the modifications (including maturity extensions and additional commitments, among other
changes) were negotiated by our third-party co-lenders. We continue to forgo all non-economic rights under the loans,
including voting rights, so long as the Blackstone-advised investment vehicle controls the applicable borrower.
During the nine months ended September 30, 2025, proceeds from four of our loans were used by the unaffiliated third-
party borrowers to repay $554.4 million of performing loans held by Blackstone-advised investment vehicles, and proceeds
from financing provided by Blackstone-advised investment vehicles were used by the unaffiliated third-party borrower to
repay $148.8 million of a performing loan of ours. During the nine months ended September 30, 2024, proceeds from a
loan held by a Blackstone-advised investment vehicle were used by the unaffiliated third-party borrower to repay
$98.6 million of a performing loan of ours, and proceeds from the sale of assets to a Blackstone-advised investment vehicle
were used by the unaffiliated third-party borrower to repay $59.0 million of a performing loan of ours to the borrower.
These transactions were initiated by the applicable unaffiliated third-party borrowers with the transaction terms and pricing
on market terms.
In the fourth quarter of 2024, pursuant to our Agency Multifamily Lending Partnership, we referred three loans to MTRCC
for origination, where the borrower was a Blackstone-advised investment vehicle. The loan terms and pricing were on
market terms negotiated by MTRCC. Pursuant to our Agency Multifamily Lending Partnership, we received $217,000 of
origination, servicing, and other fees for referring these loans during the fourth quarter of 2024.
In the fourth quarter of 2024, in connection with the modification of one of our senior loans, a Blackstone-advised
investment vehicle purchased a pari passu participation in the loan from a third party at a discount to par.
In the fourth quarter of 2024, the senior lenders negotiated a discounted payoff of a senior loan in which we held an
interest. As part of the discounted payoff, a Blackstone-advised investment vehicle’s mezzanine loan, which had been part
of the total financing, received a small repayment.
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
In the third quarter of 2024, we acquired $94.4 million of a total $560.0 million senior loan to an unaffiliated third party.
One Blackstone-advised investment vehicle holds a portion of the senior loan and another holds a mezzanine loan. We will
forgo all non-economic rights under our loan, including voting rights, so long as any Blackstone-advised investment
vehicle controls the mezzanine loan. The intercreditor agreement between the senior loan lender and the mezzanine lender
was negotiated on market terms by a third party without our involvement, and our 17% interest in the senior loan was made
on such market terms.
In 2019 and 2021, we acquired an aggregate participation of €350.0 million in a senior loan to a borrower that is partially
owned by a Blackstone-advised investment vehicle. We forgo all non-economic rights under the loan, including voting
rights, so long as the Blackstone-advised investment vehicle controls the borrower. The loan was negotiated by third parties
on market terms without our involvement, and our interest in the senior loan was subject to such market terms. In the third
quarter of 2024, the borrower completed a refinancing transaction involving new lenders and the existing lenders. We
elected to sell €232.0 million of our then remaining €347.0 million loan position to the new lenders at par and extend the
remainder on modified terms. The terms of the modification (which included, among other changes, an extension of the
maturity date, and increase in the interest rate, and additional guarantees) were negotiated by our third-party co-lender.
In the fourth quarter of 2018, we originated £148.7 million of a total £303.5 million senior loan to a borrower that is wholly
owned by a Blackstone-advised investment vehicle. The loan terms were negotiated by our third-party co-lender, and we
will forgo all non-economic rights under the loan, including voting rights, so long as a Blackstone-advised investment
vehicle controls the borrower. In the third quarter of 2024, we agreed to a refinancing transaction pursuant to which
£46.4 million of our £148.7 million participation in an existing £303.5 million loan to a borrower that is wholly owned by a
Blackstone-advised investment vehicle was repaid, and we received a £100.0 million participation in a new loan made to
the same borrower that continues to be controlled by a Blackstone-advised investment vehicle, and the terms of the loan
were modified to include, among other changes, an expanded collateral pool, an extension of the maturity date and an
increase in the interest rate. The transaction, including the terms of the modification, was negotiated by our third-party co-
lender.
22. COMMITMENTS AND CONTINGENCIES
Unfunded Commitments Under Loans Receivabl e
As of September 30, 2025, we had aggregate unfunded commitments of $1.5 billion across 57 loans receivable, and
$800.1 million of committed or identified financings for those commitments, resulting in net unfunded commitments of
$732.3 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs,
and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without
limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact
timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of
the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans,
which have a weighted-average future funding period of 2.1 years.
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Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Principal Debt Repayments
Our contractual principal debt repayments as of September 30, 2025 were as follows ($ in thousands):

Year |  | Secured Debt(1) |  | Asset-Specific Debt(1) |  | Term Loans(2) |  | Senior Secured Notes |  | Convertible Notes(3) |  | Total(4)
2025 (remaining) |  | $199,342 |  | $— |  | $3,754 |  | $— |  | $— |  | $203,096
2026 |  | 2,313,383 |  | — |  | 324,282 |  | — |  | — |  | 2,637,665
2027 |  | 2,821,019 |  | 76,549 |  | 15,015 |  | 335,316 |  | 266,157 |  | 3,514,056
2028 |  | 1,320,197 |  | — |  | 15,015 |  | — |  | — |  | 1,335,212
2029 |  | 1,162,807 |  | 390,357 |  | 448,862 |  | 450,000 |  | — |  | 2,452,026
Thereafter |  | 1,731,584 |  | 162,984 |  | 1,001,199 |  | — |  | — |  | 2,895,767
Total obligation |  | $9,548,332 |  | $629,890 |  | $1,808,127 |  | $785,316 |  | $266,157 |  | $13,037,822

(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.
Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity
date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the
maturity date of the respective debt agreement is used.
(2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance
due in quarterly installments. Refer to Note 11 for further details on our Term Loans.
(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer
to Note 13 for further details on our Convertible Notes.
(4)Total does not include $2.5 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities
will not require cash outlays from us.
Board of Directors’ Compensation
As of September 30, 2025, our six non-employee directors are entitled to annual compensation of $210,000 each, of which
$95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted
common stock. As of September 30, 2025, the other two board members, the chairperson of the board and our chief
executive officer, are not compensated by us for their service as directors. In addition, (i) the lead independent director
receives additional annual cash compensation of $30,000, (ii) the chairs of our audit, compensation, and corporate
governance committees receive additional annual cash compensation of $20,000, $15,000, and $10,000, respectively, and
(iii) the members of our audit and investment risk management committees receive additional annual cash compensation of
$10,000 and $7,500, respectively.
Litigation
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of
September 30, 2025, we were not involved in any material legal proceedings.
23. SEGMENT REPORTING
Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete
financial information is available that is evaluated on a regular basis by the chief operating decision maker, or CODM. Our
CODM is, collectively, our Chief Executive Officer and Chief Financial Officer, who decide how to allocate resources and
assess performance. A single management team reports to the CODM, who manages the entire business.
We have determined that we have one reportable segment based on how the CODM reviews and manages the business,
which originates and acquires commercial mortgage loans and related investments.
Our CODM reviews, among other things, consolidated net income (loss) that is reported on the Consolidated Statements of
Operations to make decisions, allocate resources and assess performance and does not evaluate the net income (loss) from
any separate geography or product line. The measure of segment assets is reported on the Consolidated Balance Sheets as
total consolidated assets.
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ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us,” or “our” refer to Blackstone Mortgage
Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction
with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on
Form 10-Q and with our Annual Report on Form 10-K for the year ended December 31, 2024. In addition to historical
data, this discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act, which reflect our current views with respect to, among other things, our business, operations and financial
performance. You can identify these forward-looking statements by the use of words such as “intend,” “goal,” “estimate,”
“expect,” “project,” “projections,” “plans,” “seeks,” “anticipates,” “should,” “could,” “may,” “designed to,”
“foreseeable future,” “believe,” “scheduled,” and similar expressions. Such forward- looking statements are subject to
various risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from those in this
discussion and analysis as a result of various factors, including but not limited to those discussed in Item 1A. Risk Factors
in our Annual Report on Form 10-K for the year ended December 31, 2024 and elsewhere in this Quarterly Report on
Form 10-Q.
Introduction
Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other
debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and
Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major
markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our
investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or
CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate
financing, depending on our view of the most prudent financing option available for each of our investments. We are
externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a
real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.”
We benefit from the deep knowledge, experience and information advantages of our Manager, which is a part of
Blackstone Real Estate. Blackstone Real Estate is the largest owner of commercial real estate globally with over 12,500
commercial assets and a proven track record of successfully navigating market cycles and emerging stronger through
periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone platform deeply
informs our credit and underwriting process, and we believe gives us the tools to expertly manage the assets in our
portfolio and work with our borrowers throughout periods of economic stress and uncertainty.
We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal
income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders
and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an
exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding
company and conduct our business primarily through our various subsidiaries.
Macroeconomic Environment
During the third quarter, real estate transaction activity continued to strengthen as the recovery of commercial real estate
from its cyclical downturn continued, further supported by the decline in construction starts and continuing low supply
(including in sectors in which our portfolio is concentrated, such as multifamily), as well as continuing improvement in the
cost and availability of debt.
The Federal Reserve lowered interest rates in September 2025, and interest rates are likely to continue to decline.
Continued deceleration in inflation should also encourage further lowering of interest rates, which would be constructive
for real estate values. Nevertheless, the timing, direction and extent of any future interest rate changes remain uncertain.
Earlier this year, tariff announcements in the U.S. and ongoing global trade negotiations contributed to significant
uncertainty and volatility of debt and equity markets. More recently, there has been greater clarity in the U.S. policy
environment and lower market volatility. Nevertheless, a resurfacing of policy-driven uncertainty or market volatility could
adversely affect us, our borrowers, their tenants and the value of the real estate assets related to our investments.
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I. Key Financial Measures and Indicators
As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per
share, dividends declared, Distributable Earnings, Distributable Earnings prior to charge-offs, and book value per share.
For the three months ended September 30, 2025, we recorded basic net earnings per share of $0.37, declared a dividend of
$0.47 per share, reported $0.24 per share of Distributable Earnings, and reported $0.48 per share of Distributable Earnings
prior to charge-offs. In addition, our book value as of September 30, 2025 was $20.99 per share, which is net of cumulative
CECL reserves of $4.16 per share.
As further described below, Distributable Earnings and Distributable Earnings prior to charge-offs are measures that are
not prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP.
Distributable Earnings and Distributable Earnings prior to charge-offs helps us to evaluate our performance excluding the
effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan
portfolio and operations. In addition, Distributable Earnings and Distributable Earnings prior to charge-offs are
performance metrics we consider when declaring our dividends.
Earnings Per Share and Dividends Declared
The following table sets forth the calculation of basic net income (loss) per share and dividends declared per share ($ in
thousands, except per share data):

| Three Months Ended
| September 30, 2025 |  | June 30, 2025
Net income(1) | $63,397 |  | $6,969
Weighted-average shares outstanding, basic | 171,812,685 |  | 171,893,905
Net income per share, basic | $0.37 |  | $0.04

(1)Represents net income attributable to Blackstone Mortgage Trust. Refer to Note 15 to our consolidated financial
statements for the calculation of diluted net (loss) income per share.
Distributable Earnings and Distributable Earnings Prior to Charge-Offs
Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves are non-GAAP measures. We
define Distributable Earnings 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 our Manager, subject to approval by a majority of our independent directors. Distributable Earnings mirrors
the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of
calculating our incentive fee expense. Therefore, Distributable Earnings prior to charge-offs of CECL reserves is calculated
net of the incentive fee expense that would have been recognized if such charge-offs had not occurred.
Our CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses)
pursuant to our existing policy for reporting Distributable Earnings. We expect 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 generally 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 our determination, it is nearly certain that all amounts due
will not be collected. The timing of any such credit loss realization in our Distributable Earnings may differ materially from
the timing of CECL reserves or charge-offs in our consolidated financial statements prepared in accordance with GAAP.
The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or
expected to be received, and the book value of the asset, and is reflective of our economic experience as it relates to the
ultimate realization of the loan.
We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss)
and cash flow from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a
useful financial metric for existing and potential future holders of our class A common stock as historically, over time,
Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute
annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are
one of the principal reasons stockholders may invest in our class A common stock. Refer to Note 17 to our consolidated
59
financial statements for further discussion of our distribution requirements as a REIT. Further, Distributable Earnings helps
us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not
necessarily indicative of our current loan portfolio and operations, and is a performance metric we consider when declaring
our dividends.
Furthermore, we believe it is useful to present Distributable Earnings prior to charge-offs of CECL reserves to reflect our
direct operating results and help existing and potential future holders of our class A common stock assess the performance
of our business excluding such charge-offs. We utilize Distributable Earnings prior to charge-offs of CECL reserves as an
additional performance metric to consider when declaring our dividends. Distributable Earnings mirrors the terms of our
Management Agreement for purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to
charge-offs of CECL reserves is calculated net of the incentive fee expense that would have been recognized if such
charge-offs had not occurred.
Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves do not represent net income (loss)
or cash generated from operating activities and should not be considered as alternatives to GAAP net income (loss), or
indicators of our GAAP cash flows from operations, measures of our liquidity, or indicators of funds available for our cash
needs. In addition, our methodology for calculating Distributable Earnings and Distributable Earnings prior to charge-offs
of CECL reserves may differ from the methodologies employed by other companies to calculate the same or similar
supplemental performance measures, and accordingly, our reported Distributable Earnings and Distributable Earnings prior
to charge-offs of CECL reserves may not be comparable to similar metrics reported by other companies.
60
The following table provides a reconciliation of Distributable Earnings and Distributable Earnings prior to charge-offs of
CECL reserves to GAAP net income (loss) ($ in thousands, except per share data):

| Three Months Ended
| September 30, 2025 |  | June 30, 2025
Net income(1) | $63,397 |  | $6,969
Charge-offs of CECL reserves(2) | (42,111) |  | (45,057)
(Decrease) increase in CECL reserves | (987) |  | 45,593
Depreciation and amortization of real estate owned(3) | 15,388 |  | 17,046
Non-cash compensation expense | 7,302 |  | 7,303
Realized hedging and foreign currency loss, net(4) | (1,511) |  | (703)
Allocable share of adjustments related to unconsolidated entities(5) | (990) |  | 1,665
Cash (non-cash) income from Agency Multifamily Lending Partnership, net(6) | 35 |  | (127)
Adjustments attributable to non-controlling interests, net | (41) |  | (52)
Other items | (46) |  | (11)
Distributable Earnings | $40,436 |  | $32,626
Charge-offs of CECL reserves(2) | 42,111 |  | 45,057
Distributable Earnings prior to charge-offs of CECL reserves | $82,547 |  | $77,683
Weighted-average shares outstanding, basic(7) | 171,812,685 |  | 171,893,905
Distributable Earnings per share, basic | $0.24 |  | $0.19
Distributable Earnings per share, basic, prior to charge-offs of CECL reserves | $0.48 |  | $0.45

(1)Represents net income attributable to Blackstone Mortgage Trust.
(2)Represents realized losses related to loan principal amounts deemed non-recoverable.
(3)Represents depreciation of REO assets and amortization of intangible real estate assets and liabilities.
(4)Represents realized losses on the repatriation of unhedged foreign currency. These amounts were not included in
GAAP net income, but rather as a component of other comprehensive income in our consolidated financial
statements.
(5)Allocable share of adjustments related to unconsolidated entities reflects our share of non-cash items such as (i)
$(2.3) million of unrealized gains recorded by such unconsolidated entities, (ii) $1.3 million of depreciation and
amortization, and (iii) related adjustments for realized gains, if any.
(6)Represents (i) the non-cash income recognized under GAAP related to our Agency Multifamily Lending
Partnership, in which we receive a portion of origination, servicing, and other fees for loans we refer to MTRCC for
origination, offset by the related loss-sharing obligation accruals and (ii) the cash received related to such income
previously recognized under GAAP. Refer to Note 2 to our consolidated financial statements for further information
on our Agency Multifamily Lending Partnership.
(7)The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of our
Convertible Notes then outstanding. Consistent with the treatment of other unrealized adjustments to Distributable
Earnings, these potentially issuable shares are excluded until a conversion occurs. Refer to Note 15 to our
consolidated financial statements for the calculation of diluted net income per share.
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Book Value Per Share
The following table calculates our book value per share ($ in thousands, except per share data):

| September 30, 2025 |  | June 30, 2025
Stockholders’ equity | $3,590,702 |  | $3,616,772
Shares |  |  |
Class A common stock | 170,720,119 |  | 171,593,590
Deferred stock units | 331,611 |  | 323,877
Total outstanding | 171,051,730 |  | 171,917,467
Book value per share(1) | $20.99 |  | $21.04

(1)The book value per share excludes shares issuable from a potential conversion of our Convertible Notes then
outstanding. Refer to Note 15 to our consolidated financial statements for the calculation of diluted net income per
share.
II. Investments
Loan Originations
During the three months ended September 30, 2025, we originated or acquired $945.1 million of loans, including our share
of a loan portfolio acquired by our Bank Loan Portfolio Joint Venture.
The following table details our loan origination activity ($ in thousands):

| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
Loan originations(1) | $642,063 |  | $4,376,757
Loan portfolio acquisitions(2) | 303,001 |  | 719,410
Total originations | $945,064 |  | $5,096,167

(1)Includes new loan originations and acquisitions, and additional commitments made under existing loans.
(2)Represents our share of loans that were acquired by our Bank Loan Portfolio Joint Venture. This reflects our
aggregate 35% ownership interest in the joint venture, which is included in investments in unconsolidated entities on
our consolidated balance sheets.
Loan Portfolio
Loan Portfolio Activity
During the three months ended September 30, 2025, loan fundings totaled $496.8 million and loan repayments and sales
totaled $1.6 billion. During the three months ended September 30, 2025, we generated interest income of $346.0 million
and incurred interest expense of $247.1 million, which resulted in $98.9 million of net interest income.
The following table details our loan portfolio activity ($ in thousands):

| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
Loan fundings(1) | $496,791 |  | $3,945,271
Loan repayments and sales(1) | (1,641,950) |  | (5,047,271)
Total net repayments | $(1,145,159) |  | $(1,102,000)

(1)Excludes amounts held by our Bank Loan Portfolio Joint Venture, which is included in investments in
unconsolidated entities on our consolidated balance sheets.
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The following table details overall statistics for our loans receivable portfolio ($ in thousands):

| September 30, 2025
Number of loans | 137
Principal balance | $18,188,534
Net book value | $17,371,200
Unfunded loan commitments(1) | $1,532,429
Weighted-average cash coupon(2) | + 3.24%
Weighted-average all-in yield(2) | + 3.46%
Weighted-average maximum maturity (years)(3) | 2.4
Origination loan-to-value (LTV)(4) | 64.0%

(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real
estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will
generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark
rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable to each investment. As of
September 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to
SOFR. The remaining 2% of our loans by principal balance earned a fixed rate of interest.
(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans and other
investments may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual
methods, if any. As of September 30, 2025, 31% of our loans by principal balance were subject to yield maintenance
or other prepayment restrictions and 69% were open to repayment by the borrower without penalty.
(4)Based on LTV as of the dates loans were originated or acquired by us, excluding any loans that are impaired.
The following table details the index rate floors for our loans receivable portfolio as of September 30, 2025 ($ in
thousands):

|  | Loans Receivable Principal Balance
Index Rate Floors |  | USD |  | Non-USD(1) |  | Total
Fixed Rate |  | $180,857 |  | $137,149 |  | $318,006
0.00% or no floor(2) |  | 1,796,816 |  | 4,966,038 |  | 6,762,854
0.01% to 1.00% floor |  | 2,628,392 |  | 972,584 |  | 3,600,976
1.01% to 2.00% floor |  | 676,479 |  | 1,371,685 |  | 2,048,164
2.01% to 3.00% floor |  | 3,791,304 |  | 139,838 |  | 3,931,142
3.01% or more floor |  | 1,313,773 |  | 213,619 |  | 1,527,392
Total(3) |  | $10,387,621 |  | $7,800,913 |  | $18,188,534

(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies.
(2)Includes all impaired loans.
(3)As of September 30, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal
balance was 1.25%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor
was 1.90%.
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The following table details the floating benchmark rates for our loans receivable portfolio as of September 30, 2025 (loans
receivable principal balance amounts in thousands):

Loan Count |  | Currency |  | Loans Receivable Principal Balance |  | Floating Rate Index(1) |  | Cash Coupon(2) |  | All-in Yield(2)
103 |  | $ |  | $10,387,621 |  | SOFR |  | + 3.11% |  | + 3.32%
17 |  | £ |  | £2,336,656 |  | SONIA |  | + 3.38% |  | + 3.46%
10 |  | € |  | €2,205,311 |  | EURIBOR |  | + 2.93% |  | + 3.33%
7 |  | Various |  | $2,071,333 |  | Other(3) |  | + 4.02% |  | + 4.24%
137 |  |  |  | $18,188,534 |  |  |  | + 3.24% |  | + 3.46%

(1)We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash
flows in terms of the U.S. dollar. We earn forward points on our forward contracts that reflect the interest rate
differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates.
These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-
equivalent interest rates.
(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan
origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the
cost-recovery and nonaccrual methods, if any.
(3)Includes floating rate loans indexed to STIBOR, CORRA, and BBSY indices.
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The charts below detail the geographic distribution a nd types of properties securing our loan portfolio, as of September 30,
2025:
Geographic Diversification
(Net Loan Exposure)(1)
Collateral Diversification
(Net Loan Exposure)(1)(2)
______________
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30,
2025, which is our principal balance net of (i) $629.9 million of asset-specific debt, (ii) $69.2 million of cost-
recovery proceeds, and (iii) our total loans receivable CECL reserve of $695.7 million. Our asset-specific debt is
structurally non-recourse and term-matched to the corresponding collateral loans. Geographic locations that
represent less than 1% of net loan exposure are excluded from the chart.
(2)Assets with multiple components are proportioned into the relevant collateral types based on the allocated value of
each collateral type.
Refer to section VI of this Item 2 for details of our loan portfolio, on a loan-by-loan basis.
Portfolio Management
As of September 30, 2025, 96% of our loans were performing with risk ratings of “1” through “4,” and the remaining 4%
were impaired with a risk rating of “5.” As of September 30, 2025, all borrowers under performing loans were in
compliance with the applicable contractual terms of each respective loan, including any required payment of interest. We
believe this demonstrates the overall strength of our loan portfolio and the commitment and financial wherewithal of our
borrowers generally, which are primarily affiliated with large real estate private equity funds and other strong, well-
capitalized, and experienced sponsors.
We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the
performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and
from our long-standing core business model of originating senior loans collateralized by large assets in major markets with
experienced, well-capitalized institutional sponsors. While we believe the principal amounts of our loans are generally
adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of
certain investments. As of September 30, 2025, we had an aggregate $505.4 million asset-specific CECL reserve related to
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12 of our loans receivable, with an aggregate amortized cost basis of $1.2 billion, net of cost-recovery proceeds. This
CECL reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of
September 30, 2025.
Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information
advantages derived from our position as part of Blackstone Real Estate’s real estate platform. Blackstone Real Estate is the
largest owner of commercial real estate globally with over 12,500 commercial assets and a proven track record of
successfully navigating market cycles and emerging stronger through periods of volatility. The market-leading real estate
expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and
gives us the tools to expertly asset manage our portfolio and work with our borrowers throughout periods of economic
stress and uncertainty.
As discussed in Note 2 to our consolidated financial statements, we perform a quarterly review of our loan portfolio, assess
the performance of each loan, and assign it a risk rating between “1” and “5”, from less risk to greater risk. Our loan
portfolio had a weighted-average risk rating of 3.0 as of both September 30, 2025 and December 31, 2024.
The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in
thousands):

|  | September 30, 2025
Risk Rating |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1)
1 |  | 6 |  | $409,199 |  | $408,355
2 |  | 22 |  | 3,173,245 |  | 3,007,691
3 |  | 80 |  | 10,578,120 |  | 10,087,715
4 |  | 17 |  | 2,732,203 |  | 2,619,771
5 |  | 12 |  | 1,174,152 |  | 670,206
Loans receivable |  | 137 |  | $18,066,919 |  | $16,793,738
CECL reserve |  |  |  | (695,719) |  |
Loans receivable, net |  |  |  | $17,371,200 |  |

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30,
2025, which is our principal balance net of (i) $629.9 million of asset-specific debt, (ii) $69.2 million of cost-
recovery proceeds, and (iii) our total loans receivable CECL reserve of $695.7 million. Our asset-specific debt is
structurally non-recourse and term-matched to the corresponding collateral loans.
Current Expected Credit Loss Reserve
The CECL reserves required by GAAP reflect our current estimate of potential credit losses related to our loans and notes
receivable included in our consolidated balance sheets. Other than a few narrow exceptions, GAAP requires that all
financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the
CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate
capital, or other mitigating factors.
During the three months ended September 30, 2025, we recorded a net decrease of $45.1 million in the CECL reserves
against our loans receivable portfolio, primarily driven by a $53.4 million decrease in our asset-specific CECL reserves,
including charge-offs of our CECL reserves of $42.1 million. This was offset by an $8.2 million increase in our general
CECL reserves, bringing our total loans receivable CECL reserve to $695.7 million as of September 30, 2025. The increase
in our general CECL reserves was primarily as a result of an increase in the historical loss rate used in reserve calculations
as a result of additional CECL charge-offs.
The charge-offs primarily related to two previously impaired loans secured by a hospitality asset in New York, NY and an
office asset in Atlanta, GA, that were resolved and transferred to REO during the three months ended September 30, 2025
pursuant to loan modifications that resulted in us consolidating the collateral assets. Refer to Notes 4 and 20 for further
information.
As of September 30, 2025, we had an aggregate $505.4 million asset-specific CECL reserve related to 12 of our loans
66
receivable, with an aggregate amortized cost basis of $1.2 billion, net of cost-recovery proceeds, and a concentration in the
office sector with $382.2 million of reserves, generally driven by reduced tenant and capital markets demand in the office
sector in recent years. Impairments are each determined individually as a result of changes in the specific credit quality
factors for such loans. These factors included, among others, (i) the underlying collateral performance, (ii) discussions with
the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual
amounts due under the terms of the loan. This CECL reserve was recorded based on our estimation of the fair value of each
of the loan's underlying collateral as of September 30, 2025.
No income was recorded on our impaired loans subsequent to determining that they were impaired. During the three and
nine months ended September 30, 2025, we received an aggregate $9.7 million and $39.4 million, respectively, of cash
proceeds from such loans that were applied as a reduction to the amortized cost basis of each respective loan.
As of September 30, 2025, all borrowers under performing loans were in compliance with the applicable contractual terms
of each respective loan, including any required payment of interest. Refer to Note 2 to our consolidated financial statements
for further discussion of our policies on revenue recognition and our CECL reserves.
Real Estate Owned
As part of our portfolio management strategy to maximize economic outcomes, we may hold certain real estate owned, or
REO, assets resulting from transactions in which we assume legal title, physical possession, or control of the collateral
underlying a loan through a foreclosure, a deed-in-lieu of foreclosure transaction, or a loan modification in which we
receive an equity interest in and/or control over decision-making at the property. As of September 30, 2025, we had 10
REO assets with an aggregate carrying value of $1.0 billion.
Multifamily Joint Venture
As of September 30, 2025, our Multifamily Joint Venture held a $43.3 million loan, which is included in the loan
disclosures above. As of September 30, 2025, our Multifamily Joint Venture also held a $32.1 million REO asset. Refer to
Note 2 to our consolidated financial statements for further discussion of our multifamily joint venture.
Agency Multifamily Lending Partnership
In the second quarter of 2024, we entered into our Agency Multifamily Lending Partnership that allows our borrowers to
access multifamily agency financing through MTRCC’s Fannie Mae DUS and Freddie Mac Optigo lending platforms. We
will receive a portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both
the Fannie Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans
that we refer to MTRCC for origination under the Fannie Mae program. During the nine months ended September 30,
2025, we referred one loan to MTRCC.
Net Lease Joint Venture
In the fourth quarter of 2024, we entered into our Net Lease Joint Venture with a Blackstone-advised investment vehicle to
invest in triple net lease properties. Our investment in the joint venture is recorded on our consolidated balance sheets as an
investment in unconsolidated entities. As of September 30, 2025, our investment in unconsolidated entities related to the
joint venture totaled $77.7 million. During the nine months ended September 30, 2025 we contributed $76.4 million to the
joint venture, did not receive any distributions, and recorded a $1.6 million loss from unconsolidated entities in our
consolidated statements of operations.
Bank Loan Portfolio Joint Venture
In the second quarter of 2025, we entered into our Bank Loan Portfolio Joint Venture with a Blackstone-advised
investment vehicle. In the second quarter of 2025, the Bank Loan Portfolio Joint Venture acquired a $1.4 billion portfolio
of 171 performing senior commercial real estate loans from a regional bank. The loans are secured primarily by retail and
multifamily properties located across various markets in the Mid-Atlantic region, are primarily fixed rate, and were
acquired at a discount to par. In the third quarter of 2025, the Bank Loan Portfolio Joint Venture acquired a $606.0 million
portfolio of 425 performing senior commercial real estate loans from a regional bank. The loans are secured primarily by
net lease retail assets located throughout the United States, are fixed rate, and were acquired at a discount to par. We have
an aggregate 35% ownership interest in the joint venture as of September 30, 2025.
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Our Bank Loan Portfolio Joint Venture is recorded on our consolidated balance sheets as an investment in unconsolidated
entities. As of September 30, 2025, our investment in the joint venture totaled $104.9 million. During the nine months
ended September 30, 2025, we contributed $102.3 million to the joint venture, did not receive any distributions, and
recorded $2.6 million of income from unconsolidated entities in our consolidated statements of operations.
Loan Portfolio Financing
Our loan portfolio financing consists of secured debt, securitizations, and asset-specific debt. The following table details
our portfolio financing ($ in thousands):

| Portfolio Financing Outstanding Principal Balance
| September 30, 2025 |  | December 31, 2024
Secured debt | $9,548,332 |  | $9,705,529
Securitizations | 2,479,417 |  | 1,936,967
Asset-specific debt | 629,890 |  | 1,228,110
Total loan portfolio financing | $12,657,639 |  | $12,870,606

Secured Debt
The following table details our secured credit facilities by spread over the applicable base rates as of September 30, 2025 ($
in thousands):

|  | Nine Months Ended September 30, 2025 |  | September 30, 2025
Spread(1) |  | New Financings(2) |  | Total Borrowings |  | Wtd. Avg. All-in Cost(1)(3)(4) |  |  | Collateral(5) |  | Wtd. Avg. All-in Yield(1)(3) |  |  | Net Interest Margin(6)
+ 1.50% or less |  | $1,385,800 |  | $4,547,118 |  | +1.54% |  |  | $6,600,493 |  | +2.99% |  |  | +1.45%
+ 1.51% to + 1.75% |  | 555,478 |  | 2,564,711 |  | +1.75% |  |  | 3,375,095 |  | +3.48% |  |  | +1.73%
+ 1.76% to + 2.00% |  | 104,841 |  | 935,067 |  | +2.10% |  |  | 1,766,876 |  | +3.28% |  |  | +1.18%
+ 2.01% or more |  | 137,147 |  | 1,501,436 |  | +2.63% |  |  | 2,340,713 |  | +4.24% |  |  | +1.61%
Total |  | $2,183,266 |  | $9,548,332 |  | +1.82% |  |  | $14,083,177 |  | +3.35% |  |  | +1.53%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include
SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.
(2)Represents the amount of new borrowings we closed during the nine months ended September 30, 2025.
(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective
borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension
fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.
(4)Represents the weighted-average all-in cost as of September 30, 2025 and is not necessarily indicative of the spread
applicable to recent or future borrowings.
(5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.
(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.
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Securitizations
We have financed certain pools of our loans through CLOs. The following table details our securitized debt obligations and
the underlying collateral assets that are financed by our CLOs ($ in thousands):

| September 30, 2025
Securitized Debt Obligations |  | Count |  | Principal Balance |  | Book Value(1) |  | Wtd. Avg. Yield/Cost(2)(3) |  | Term(4)
2025 FL5 Collateralized Loan Obligation |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding |  | 1 |  | $831,250 |  | $821,900 |  | + 2.15% |  | October 2042
Underlying Collateral Assets |  | 17 |  | 898,950 |  | 898,950 |  | + 3.50% |  | September 2028
2021 FL4 Collateralized Loan Obligation |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding |  | 1 |  | 609,741 |  | 609,741 |  | + 1.45% |  | May 2038
Underlying Collateral Assets |  | 18 |  | 759,956 |  | 759,956 |  | + 2.66% |  | March 2027
2020 FL3 Collateralized Loan Obligation |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding |  | 1 |  | 457,129 |  | 457,129 |  | + 2.51% |  | November 2037
Underlying Collateral Assets |  | 12 |  | 625,580 |  | 625,580 |  | + 2.78% |  | February 2027
2020 FL2 Collateralized Loan Obligation |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding |  | 1 |  | 581,297 |  | 581,297 |  | + 1.76% |  | February 2038
Underlying Collateral Assets |  | 12 |  | 813,742 |  | 813,742 |  | + 2.71% |  | March 2027
Total |  |  |  |  |  |  |  |  |  |
Senior CLO Securities Outstanding(5) |  | 4 |  | $2,479,417 |  | $2,470,067 |  | + 1.95% |  |
Underlying Collateral Assets |  | 59 |  | $3,098,228 |  | $3,098,228 |  | + 3.15% |  |

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan
origination costs, purchase discounts, and accrual of exit fees.
(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.
(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all
extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt
obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents
the rated final distribution date of the securitizations.
(5)During the three and nine months ended September 30, 2025, we recorded $40.0 million and $107.8 million,
respectively, of interest expense related to our securitized debt obligations.
Refer to Note 8 and Note 20 to our consolidated financial statements for additional details of our securitized debt
obligations.
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Asset-Specific Debt
The following table details our asset-specific debt ($ in thousands):

| September 30, 2025
Asset-Specific Debt |  | Count |  | Principal Balance |  | Book Value(1) |  | Wtd. Avg. Yield/Cost(2) |  | Wtd. Avg. Term(3)
Financing provided |  | 3 |  | $629,890 |  | $627,916 |  | + 3.18% |  | October 2029
Collateral assets |  | 3 |  | $781,189 |  | $775,248 |  | + 4.52% |  | October 2029

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)The weighted-average all-in yield and cost are expressed as a spread ov er the relevant floating benchmark rates,
which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and
index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost
includes the amortization of deferred origination fees and financing costs.
(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all
extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case
to the corresponding collateral loans.
Corporate Financing
The following table details our outstanding corporate financing ($ in thousands):

| Corporate Financing Outstanding Principal Balance
| September 30, 2025 |  | December 31, 2024
Term loans | $1,808,127 |  | $1,764,437
Senior secured notes | 785,316 |  | 785,316
Convertible notes | 266,157 |  | 266,157
Total corporate financing | $2,859,600 |  | $2,815,910

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The following table details our outstanding senior term loan facilities, or Term Loans, our outstanding Senior Secured
Notes, or Senior Secured Notes, and convertible senior notes, or Convertible Notes, as of September 30, 2025 ($ in
thousands):

Corporate Financing |  | Face Value |  | Interest Rate(1) |  | All-in Cost(1)(2) |  | Maturity
Term Loans |  |  |  |  |  |  |  |
B-1 Term Loan |  | $309,268 |  | + 2.36% |  | + 2.53% |  | April 23, 2026
B-6 Term Loan |  | 1,045,754 |  | + 3.00% |  | + 3.55% |  | December 10, 2030
B-7 Term Loan |  | 453,105 |  | + 2.50% |  | + 3.05% |  | May 9, 2029
Total term loans |  | $1,808,127 |  |  |  |  |  |
Senior Secured Notes |  |  |  |  |  |  |  |
October 2021 |  | $335,316 |  | 3.75% |  | 4.06% |  | January 15, 2027
December 2024 |  | 450,000 |  | 7.75% | (3) | 8.14% |  | December 1, 2029
Total senior secured notes |  | $785,316 |  |  |  |  |  |
Convertible Notes |  |  |  |  |  |  |  |
Convertible Notes(4) |  | $266,157 |  | 5.50% |  | 5.79% |  | March 15, 2027
Total corporate financings |  | $2,859,600 |  |  |  |  |  |

(1)The B-6 Term Loan and the B-7 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. The
Term Loans are indexed to one-month SOFR.
(2)Includes issue discounts, transaction expenses, and/or issuance costs, as applicable, that are amortized through
interest expense over the life of each respective financing.
(3)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts
our fixed rate exposure to a SOFR + 3.95% floating rate exposure. Refer to Note 12 to our consolidated financial
statements for further information.
(4)The conversion price of the Convertible Notes is $36.27, which represents the price of class A common stock per
share based on a conversion rate of 27.5702. The conversion rate represents the number of shares of class A
common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has
not been exceeded as of September 30, 2025.
Refer to Note 2, Note 11, Note 12, and Note 13 to our consolidated financial statements for further discussion of our Term
Loans, Senior Secured Notes, and Convertible Notes.
Floating Rate Loan Portfolio
Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates
will decrease net income. As of September 30, 2025, 98% of our loans by principal balance earned a floating rate of
interest, primarily indexed to SOFR, and were financed with liabilities that pay interest at floating rates, which resulted in
an amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on
certain of our floating rate loans.
Our liabilities are generally currency and index-matched to each collateral asset, resulting in a net exposure to movements
in benchmark rates that varies by currency silo based on the relative proportion of floating rate assets and liabilities.
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The following table details our investment portfolio’s exposure to interest rates by currency as of September 30, 2025
(amounts in thousands):

| USD |  | GBP |  | EUR |  | All Other(1)
Floating rate loans(2)(3)(4)(5) | $8,975,881 |  | £2,224,306 |  | €2,205,311 |  | $2,071,333
Floating rate portfolio financings(2)(5)(6) | (6,900,576) |  | (1,685,131) |  | (1,564,506) |  | (1,655,445)
Floating rate corporate financings(7) | (2,258,126) |  | — |  | — |  | —
Net floating rate exposure | $(182,821) |  | £539,175 |  | €640,805 |  | $415,888
Net floating rate exposure in USD(8) | $(182,821) |  | $724,974 |  | $751,920 |  | $415,888

(1)Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.
(2)Our floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate
relevant in each arrangement.
(3)Excludes $1.2 billion of floating rate impaired loans.
(4)Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers’
exposure to an increase in interest rates.
(5)Excludes amounts related to our investments in unconsolidated entities.
(6)Includes amounts outstanding under secured debt, securitizations, and asset-specific debt. Excludes amounts related
to the indebtedness of our unconsolidated entities.
(7)Includes amounts outstanding under Term Loans and the December 2024 Senior Secured Notes. In connection with
the issuance of the December 2024 Senior Secured Notes, we entered into an interest rate swap with a notional
amount of $450.0 million to effectively convert our fixed rate exposure to floating rate exposure for such notes.
(8)Represents the U.S. dollar equivalent as of September 30, 2025.
In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates,
there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the
cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may
contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate
stress-testing during our underwriting process, which generally includes a requirement for our borrower to purchase an
interest rate cap contract with an unaffiliated third party, provide an interest reserve deposit, and/or provide interest
guarantees or other structural protections. During the nine months ended September 30, 2025, interest rate caps on
$6.5 billion of performing loans, with a 3.7% weighted-average strike price, expired and 93% were replaced with new
interest rate caps, with a weighted-average strike price of 3.8%, or interest guarantees.
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III. Our Results of Operations
Operating Results
The following table sets forth information regarding our consolidated results of operations for the three months ended
September 30, 2025 and June 30, 2025 ($ in thousands, except per share data):

| Three Months Ended |  | Change
| September 30, 2025 |  | June 30, 2025 |  | $
Income from loans and other investments |  |  |  |  |
Interest and related income | $345,959 |  | $359,537 |  | $(13,578)
Less: Interest and related expenses | 247,055 |  | 264,727 |  | (17,672)
Income from loans and other investments, net | 98,904 |  | 94,810 |  | 4,094
Revenue from real estate owned | 33,733 |  | 38,812 |  | (5,079)
Other income | 74 |  | 231 |  | (157)
Total net revenues | 132,711 |  | 133,853 |  | (1,142)
Expenses |  |  |  |  |
Management and incentive fees | 16,849 |  | 17,036 |  | (187)
General and administrative expenses | 12,747 |  | 13,526 |  | (779)
Expenses from real estate owned | 43,100 |  | 47,796 |  | (4,696)
Other expenses | 6 |  | — |  | 6
Total expenses | 72,702 |  | 78,358 |  | (5,656)
Decrease (increase) in current expected credit loss reserve | 987 |  | (45,593) |  | 46,580
Income (loss) from unconsolidated entities | 3,924 |  | (2,015) |  | 5,939
Income before income taxes | 64,920 |  | 7,887 |  | 57,033
Income tax provision | 1,512 |  | 903 |  | 609
Net income | 63,408 |  | 6,984 |  | 56,424
Net income attributable to non-controlling interests | (11) |  | (15) |  | 4
Net income attributable to Blackstone Mortgage Trust, Inc. | $63,397 |  | $6,969 |  | $56,428
Net income per share of common stock, basic and diluted | $0.37 |  | $0.04 |  | $0.33
Weighted-average shares of common stock outstanding, basic and diluted | 171,812,685 |  | 171,893,905 |  | (81)
Dividends declared per share | $0.47 |  | $0.47 |  | $—

Income from loans and other investments, net
Income from loans and other investments, net increase d $4.1 million during the three months ended September 30, 2025
compared to the three months ended June 30, 2025. The increase was primarily driven by (i) a $555.4 million decrease in
the weighted-average principal balance of our outstanding financing arrangements during the three months ended
September 30, 2025 compared to the three months ended June 30, 2025, and (ii) a $3.8 million increase as a result of the
receipt of unaccrued default interest upon repayment of a loan that was previously in maturity default during the three
months ended September 30, 2025. This was offset by a decrease in the weighted-average principal balance of our loan
portfolio by $681.2 million during the three months ended September 30, 2025.
Revenue from real estate owned
Revenue from REO decrease d by $5.1 million during the three months ended September 30, 2025 compared to the three
months ended June 30, 2025. The decrease was primarily due to seasonality of the operations at our hospitality assets.
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Other income
Other income relates to origination, servicing, and other fees recognized in connection with our Agency Multifamily
Lending Partnership. Other income decrease d by $157,000 during the three months ended September 30, 2025 compared to
the three months ended June 30, 2025, as a result of no loan referrals pursuant to the Agency Multifamily Lending
Partnership during the three months ended September 30, 2025 that were originated and sold by MTRCC, compared to one
corresponding loan referral during the three months ended June 30, 2025.
Expenses
Expenses include management and incentive fees payable to our Manager, general and administrative expenses, expenses
from real estate owned, and other expenses. Expenses decrease d by $5.7 million during the three months ended
September 30, 2025 compared to the three months ended June 30, 2025 primarily due to (i) a decrease in expenses from
real estate owned primarily due to lower operating expenses at certain of our REO assets, and (ii) a decrease in general and
administrative expenses, primarily due to lower professional services expenses.
Changes in current expected credit loss reserve
During the three months ended September 30, 2025, we recorded a $1.0 million decrease in our CECL reserves, as
compared to a $45.6 million increase during the three months ended June 30, 2025. The decrease during the three months
ended September 30, 2025 is primarily due to a $53.4 million decrease in our asset-specific CECL reserves, primarily as a
result of the resolution of two previously impaired loans. The charge-offs primarily related to two previously impaired
loans secured by a hospitality asset in New York, NY and an office asset in Atlanta, GA, that were resolved and transferred
to REO during the three months ended September 30, 2025 pursuant to loan modifications that resulted in us consolidating
the collateral assets. This decrease was partially offset by an $8.2 million increase in our general CECL reserves driven by
an increase in the historical loss rate used in reserve calculations as a result of additional CECL charge-offs.
We may be required to record further increases to our CECL reserves in the future, depending on the performance of our
portfolio and broader market conditions, and there may be volatility in the level of our CECL reserves. In particular, our
loans secured by office buildings have experienced higher levels of CECL reserves and may continue to do so if market
conditions relevant to office buildings do not improve. Any such reserve increases are difficult to predict, but are expected
to be primarily the result of incremental loan impairments resulting from changes in the specific credit quality factors of
such loans and to be concentrated in our loans receivable with a risk rating of “4” as of September 30, 2025.
Income (loss) from unconsolidated entities
During the three months ended September 30, 2025, we recorded income from unconsolidated entities of $3.9 million
compared to a loss of $2.0 million during the three months ended June 30, 2025. This increase was primarily due to our
share of income from our Bank Loan Portfolio Joint Venture as the three months ended September 30, 2025 reflected a full
quarter of income recognition related to the portfolio our Bank Loan Portfolio Joint Venture acquired in June.
Income tax provision
The income tax provision increased by $609,000 during the three months ended September 30, 2025 compared to the three
months ended June 30, 2025 primarily due to an increase in the income tax provisions related to our taxable REIT
subsidiaries.
Dividends per share
During the three months ended September 30, 2025, we declared dividends of $0.47 per share, or $80.2 million in
aggregate. During the three months ended June 30, 2025, we declared dividends of $0.47 per share, or $80.6 million in
aggregate.
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The following table sets forth information regarding our consolidated results of operations for the nine months ended
September 30, 2025 and 2024 ($ in thousands, except per share data):

| Nine Months Ended September 30, |  | Change
| 2025 |  | 2024 |  | $
Income from loans and other investments |  |  |  |  |
Interest and related income | $1,037,553 |  | $1,382,367 |  | $(344,814)
Less: Interest and related expenses | 754,015 |  | 1,004,854 |  | (250,839)
Income from loans and other investments, net | 283,538 |  | 377,513 |  | (93,975)
Revenue from real estate owned | 109,578 |  | 1,214 |  | 108,364
Other income | 395 |  | — |  | 395
Gain on extinguishment of debt | — |  | 5,352 |  | (5,352)
Total net revenues | 393,511 |  | 384,079 |  | 9,432
Expenses |  |  |  |  |
Management and incentive fees | 51,120 |  | 56,258 |  | (5,138)
General and administrative expenses | 38,937 |  | 40,811 |  | (1,874)
Expenses from real estate owned | 137,198 |  | 3,647 |  | 133,551
Other expenses | 6 |  | — |  | 6
Total expenses | 227,261 |  | 100,716 |  | 126,545
Increase in current expected credit loss reserve | (94,111) |  | (519,747) |  | 425,636
Income from unconsolidated entities | 1,035 |  | — |  | 1,035
Income (loss) before income taxes | 73,174 |  | (236,384) |  | 309,558
Income tax provision | 3,133 |  | 2,832 |  | 301
Net income (loss) | 70,041 |  | (239,216) |  | 309,257
Net income attributable to non-controlling interests | (32) |  | (2,063) |  | 2,031
Net income (loss) attributable to Blackstone Mortgage Trust, Inc. | $70,009 |  | $(241,279) |  | $311,288
Net income (loss) per share of common stock, basic and diluted | $0.41 |  | $(1.39) |  | $1.80
Weighted-average shares of common stock outstanding, basic and diluted | 171,903,127 |  | 173,881,116 |  | (1,978)
Dividends declared per share | $1.41 |  | $1.71 |  | $(0.30)

Income from loans and other investments, net
Income from loans and other investments, net decreased $94.0 million during the nine months ended September 30, 2025
compared to the nine months ended September 30, 2024. The decrease was primarily due to (i) a decrease in average
floating rate indices during the nine months ended September 30, 2025 compared to the nine months ended September 30,
2024, (ii) a $3.9 billion decrease in the weighted-average principal balance of our loan portfolio during the nine months
ended September 30, 2025 compared to the nine months ended September 30, 2024, and (iii) a decline in interest income
related to additional loans accounted for under the cost-recovery method or loans that are now accounted for as REO assets
during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This was
offset by a $2.6 billion decrease in the weighted-average principal balance of our outstanding financing arrangements
during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.
Revenue from real estate owned
Revenue from REO increased by $108.4 million during the nine months ended September 30, 2025 compared to the nine
months ended September 30, 2024 due to the acquisition of seven additional REO assets.
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Gain on extinguishment of debt
Gain on extinguishment of debt de creased by $5.4 million during the nine months ended September 30, 2025 compared to
the nine months ended September 30, 2024. There was no debt repurchase activity during the nine months ended
September 30, 2025. During the nine months ended September 30, 2024 we recognized a gain on extinguishment of debt of
$5.4 million related to the repurchase of an aggregate principal amount of $33.8 million, $30.8 million, and $2.3 million, of
our Convertible Notes, Senior Secured Notes, and B-1 Term Loan, respectively.
Expenses
Expenses include management and incentive fees payable to our Manager, general and administrative expenses, expenses
from real estate owned, and other expenses. Expenses increased by $126.5 million during the nine months ended
September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to a $133.6 million increase in
expenses from real estate owned due to the acquisition of seven additional REO assets. This was partially offset by (i) a
$5.1 million decrease in management fees payable to our Manager, driven primarily by lower Distributable Earnings, and
(ii) a $1.9 million decrease in general and administrative expenses primarily due to a $2.3 million decrease in non-cash
restricted stock amortization related to shares awarded under our long-term incentive plans.
Changes in current expected credit loss reserve
During the nine months ended September 30, 2025, we recorded a $94.1 million increase in our CECL reserves, as
compared to a $519.7 million increase during the nine months ended September 30, 2024. The increase during the nine
months ended September 30, 2025 is primarily due to an increase in our asset-specific CECL reserves, primarily as a result
of three additional loans that were impaired during the nine months ended September 30, 2025. Two of the loans that were
impaired during the nine months ended September 30, 2025 were secured by office assets, and one was secured by a life
sciences / studio asset. The office sector has generally faced reduced tenant and capital markets demand in recent years.
Impairments are each determined individually as a result of changes in the specific credit quality factors for such loans.
These factors included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii)
borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under
the terms of the loan. Additionally, we recorded an increase in our general CECL reserves as a result of changes in the
historical loss rate.
We may be required to record further increases to our CECL reserves in the future, depending on the performance of our
portfolio and broader market conditions, and there may be volatility in the level of our CECL reserves. In particular, our
loans secured by office buildings have experienced higher levels of CECL reserves and may continue to do so if market
conditions relevant to office buildings do not improve. Any such reserve increases are difficult to predict, but are expected
to be primarily the result of incremental loan impairments resulting from changes in the specific credit quality factors of
such loans and to be concentrated in our loans receivable with a risk rating of “4” as of September 30, 2025.
Income from unconsolidated entities
Income from unconsolidated entities of $1.0 million primarily represents our share of income from our Bank Loan
Portfolio Joint Venture, offset by the acquisition costs incurred by our Bank Loan Portfolio Joint Venture in acquiring two
portfolios of commercial mortgage loans during the nine months ended September 30, 2025. Additionally, this represents
our share of the loss incurred by the Net Lease Joint Venture during the nine months ended September 30, 2025, driven by
depreciation of the underlying real estate assets owned by the Net Lease Joint Venture. There was no income or loss from
unconsolidated entities during the nine months ended September 30, 2024.
Income tax provision
The income tax provision increased by $301,000 during the nine months ended September 30, 2025 as compared to the
nine months ended September 30, 2024, due to an increase in the income tax provisions related to our taxable REIT
subsidiaries.
Dividends per share
During the nine months ended September 30, 2025, we declared dividends of $1.41 per share, or $241.5 million in
aggregate. During the nine months ended September 30, 2024, we declared dividends of $1.71 per share, or $296.6 million
in aggregate.
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IV. Liquidity and Capital Resources
Capitalization
We have capitalized our business to date primarily through the issuance and sale of shares of our class A common stock,
corporate debt, and asset-level financings. As of September 30, 2025, our capitalization structure included $3.6 billion of
common equity, $2.9 billion of corporate debt, and $12.7 billion of asset-level financings. Our $2.9 billion of corporate
debt includes $1.8 billion of Term Loan borrowings, $785.3 million of Senior Secured Notes, and $266.2 million of
Convertible Notes. Our $12.7 billion of asset-level financings includes $9.5 billion of secured debt, $2.5 billion of
securitizations, and $629.9 million of asset-specific debt, all of which are structured to produce term, currency, and index
matched funding with no margin call provisions based upon capital markets events.
As of September 30, 2025, we had $1.3 billion of liquidity that can be used to satisfy our short-term cash requirements and
as working capital for our business.
See Notes 7, 8, 9, 11, 12, and 13 to our co nsolidated financial statements for additional details regarding our secured debt,
securitized debt obligations, asset-specific debt, Term Loans, Senior Secured Notes, and Convertible Notes, respectively.
Debt-to-Equity Ratio and Total Leverage Ratio
The following table presents our debt-to-equity ratio and total leverage ratio:

| September 30, 2025 |  | December 31, 2024
Debt-to-equity ratios(1) |  |  |
Debt-to-equity ratio(2) | 3.5x |  | 3.5x
Adjusted debt-to-equity ratio(3) | 2.9x |  | 3.0x
Total leverage ratios(1) |  |  |
Total leverage ratio(4) | 4.2x |  | 4.0x
Adjusted total leverage ratio(5) | 3.5x |  | 3.4x

(1)The debt and leverage amounts included in the calculations above use gross outstanding principal balances,
excluding any unamortized deferred financing costs and discounts.
(2)Represents, in each case at period end, the ratio of (i) total outstanding secured debt, asset-specific debt, Term
Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity.
(3)Represents, in each case at period end, the ratio of (i) total outstanding secured debt, asset-specific debt, Term
Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) Adjusted Equity. Adjusted Equity is a non-
GAAP financial measure. Refer to “Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio” below for
the definition of Adjusted Equity and a reconciliation to total equity.
(4)Represents, in each case at period end, the ratio of (i) total outstanding secured debt, securitizations, asset-specific
debt, Term Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity.
(5)Represents, in each case at period end, the ratio of (i) total outstanding secured debt, securitizations, asset-specific
debt, Term Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) Adjusted Equity. Adjusted Equity is
a non-GAAP financial measure. Refer to “Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio” below
for the definition of Adjusted Equity and a reconciliation to total equity.
Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio
Our adjusted debt-to-equity and total leverage ratios are measures that are not prepared in accordance with GAAP, as they
are calculated using Adjusted Equity, which we define as our total equity, excluding the aggregate CECL reserves on our
loans receivable and unfunded loan commitments.
We believe that Adjusted Equity provides meaningful information to consider in addition to our total equity determined in
accordance with GAAP in the context of assessing our debt-to-equity and total leverage ratios. The adjusted debt-to-equity
and total leverage ratios are metrics we use, in addition to our unadjusted debt-to-equity and total leverage ratios, when
evaluating our capitalization structure, as Adjusted Equity excludes the unrealized impact of our CECL reserves, which
may vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve. We believe
these ratios, and therefore our Adjusted Equity, are useful financial metrics for existing and potential future holders of our
77
class A common stock to consider when evaluating how our business is capitalized and the relative amount of leverage in
our busines s.
Adjusted Equity does not represent our total equity and should not be considered as an alternate to GAAP total equity. In
addition, our methodology for calculating Adjusted Equity may differ from methodologies employed by other companies
to calculate the same or similar supplemental measures, and accordingly, our reported Adjusted Equity may not be
comparable to the Adjusted Equity reported by other companies.
The following table provides a reconciliation of Adjusted Equity to our GAAP total equity ($ in thousands):

| September 30, 2025 |  | December 31, 2024
Total equity | $3,597,403 |  | $3,794,189
Add back: aggregate CECL reserves | 711,608 |  | 746,495
Adjusted Equity | $4,309,011 |  | $4,540,684

Sources of Liquidity
Our primary sources of liquidity include cash and cash equivalents, available borrowings under our secured debt facilities,
and net receivables from servicers related to loan repayments, which are set forth in the following table ($ in thousands):

| September 30, 2025 |  | December 31, 2024
Cash and cash equivalents | $377,921 |  | $323,483
Available borrowings under secured debt | 844,070 |  | 1,111,206
Loan principal payments held by servicer, net(1) | 94,315 |  | 74,313
| $1,316,306 |  | $1,509,002

(1)Represents loan principal payments held by our third-party servicer as of the balance sheet date which were remitted
to us during the subsequent remittance cycle, net of the related secured debt balance.
During the nine months ended September 30, 2025, we generated cash flow from operating activities of $139.6 million and
received $4.8 billion from loan principal collections, sales proceeds, and cost-recovery proceeds. Furthermore, we are able
to generate incremental liquidity through provisions of certain of our CLOs, which allow us to effectively replace a repaid
loan in the CLO by replenishment, increasing the principal amount of existing CLO collateral assets, or reinvestment,
purchasing an equal amount of new eligible CLO collateral, to maintain the aggregate amount of collateral assets in the
CLO, and the related financing outstanding.
We have access to further liquidity through public and private offerings of equity and debt securities, syndicated term
loans, and similar transactions. To facilitate public offerings, in July 2025, we filed a shelf registration statement with the
SEC that is effective for a term of three years and expires in July 2028. The amount of securities to be issued pursuant to
this shelf registration statement was not specified when it was filed and there is no specific dollar limit on the amount of
securities we may issue. The securities covered by this registration statement include: (i) class A common stock; (ii)
preferred stock; (iii) depositary shares representing preferred stock; (iv) debt securities; (v) warrants; (vi) subscription
rights; (vii) purchase contracts; and (viii) units consisting of one or more of such securities or any combination of these
securities. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described
in detail in a prospectus supplement, or other offering materials, at the time of any offering.
We may also access liquidity through our dividend reinvestment plan and direct stock purchase plan, under which
9,966,682 shares of class A common stock were available for issuance as of September 30, 2025, and our “at the market”
stock offering program, pursuant to which we may sell, from time to time, up to $480.9 million of additional shares of our
class A common stock as of September 30, 2025. Refer to Note 15 to our consolidated financial statements for additional
details.
78
Uses of Liquidity
In addition to funding our lending and other investment activity and our general operating expenses, our primary uses of
liquidity include interest and principal payments with respect to our $9.5 billion of outstanding borrowings under secured
debt, our asset-specific debt, our Term Loans, our Senior Secured Notes, and our Convertible Notes.
In July 2024, our board of directors authorized the repurchase of up to $150.0 million of our class A common stock. Under
the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated
transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 under the
Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including
legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or
discontinued at any time and does not have a specified expiration date.
During the nine months ended September 30, 2025, we repurchased 2,653,583 shares of class A common stock at a
weighted-average price per share of $17.97, for a total cost of $47.7 million. As of September 30, 2025, the amount
remaining available for repurchases under the program was $73.1 million. In October 2025, we repurchased an additional
3,336,416 shares of class A common stock at a weighted-average price per share of $18.38, for a total cost of
$61.3 million, such that the amount remaining available for repurchases under the program was $11.6 million. Following
these repurchases, our board of directors amended the program, such that, as of the date of this filing, we are authorized to
repurchase up to $150.0 million of our class A common stock under the program, as amended.
From time to time we have repurchased and may continue to repurchase our outstanding debt or shares of our class A
common stock. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements,
contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the
aggregate, may be material.
As of September 30, 2025, we had unfunded commitments of $1.5 billion related to 57 loans receivable and $800.1 million
of committed or identified financing for those commitments resulting in net unfunded commitments of $732.3 million. The
unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and
carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, the
progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and
amounts of such future loan fundings are uncertain and will depend on the current and future performance of the
underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which
have a weighted-average future funding period of 2.1 years.
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Contractual Obligations and Commitments
Our contractual obligations and commitments as of September 30, 2025 were as follows ($ in thousands):

|  |  | Payment Timing
| Total Obligation |  | Less Than 1 Year(1) |  | 1 to 3 Years |  | 3 to 5 Years |  | More Than 5 Years
Unfunded loan commitments(2) | $1,532,429 |  | $430,678 |  | $739,088 |  | $352,038 |  | $10,625
Principal repayments under secured debt(3) | 9,548,332 |  | 1,586,786 |  | 5,013,671 |  | 2,947,875 |  | —
Principal repayments under asset-specific debt(3) | 629,890 |  | — |  | 76,548 |  | 553,342 |  | —
Principal repayments of term loans(4) | 1,808,127 |  | 324,282 |  | 30,030 |  | 460,479 |  | 993,336
Principal repayments of senior secured notes | 785,316 |  | — |  | 335,316 |  | 450,000 |  | —
Principal repayments of convertible notes(5) | 266,157 |  | — |  | 266,157 |  | — |  | —
Interest payments(3)(6) | 2,074,860 |  | 732,584 |  | 876,018 |  | 450,229 |  | 16,029
Total(7) | $16,645,111 |  | $3,074,330 |  | $7,336,828 |  | $5,213,963 |  | $1,019,990

(1)Represents known and estimated short-term cash requirements related to our contractual obligations and
commitments. Refer to “Sources of Liquidity” above for information about our sources of funds to satisfy our short-
term cash requirements.
(2)The allocation of our unfunded loan commitments is based on the earlier of the commitment expiration date or the
final loan maturity date, however we may be obligated to fund these commitments earlier than such date.
(3)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.
Therefore, the allocation of both principal and interest payments under such agreements is generally allocated based
on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
In limited instances, the maturity date of the respective debt agreement is used.
(4)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance
due in quarterly installments. Refer to Note 11 to our consolidated financial statements for further details on our
Term Loans.
(5)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer
to Note 13 to our consolidated financial statements for further details on our Convertible Notes.
(6)Represents interest payments on our secured debt, asset-specific debt, Term Loans, Senior Secured Notes, and
convertible notes. Future interest payment obligations are estimated assuming the interest rates in effect as of
September 30, 2025 will remain constant into the future. This is only an estimate as actual amounts borrowed and
interest rates will vary over time.
(7)Total does not include $2.5 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities
will not require cash outlays from us.
We are also required to settle our foreign exchange and interest rate derivatives with our derivative counterparties upon
maturity which, depending on foreign currency exchange and interest rate movements, may result in cash received from or
due to such counterparties. The table above does not include these amounts as they are not fixed and determinable. Refer to
Note 14 to our consolidated financial statements for details regarding our derivative contracts.
We are required to pay our Manager a base management fee, an incentive fee, and reimbursements for certain expenses
pursuant to our Management Agreement. The table above does not include the amounts payable to our Manager under our
Management Agreement as they are not fixed and determinable. Refer to Note 16 to our consolidated financial statements
for additional terms and details of the fees payable under our Management Agreement.
As a REIT, we generally must distribute substantially all of our net taxable income to stockholders in the form of dividends
to comply with the REIT provisions of the Internal Revenue Code. Our taxable income does not necessarily equal our net
income as calculated in accordance with GAAP, or our Distributable Earnings as described above.
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Cash Flows
The following table provides a breakdown of the net change in our cash and cash equivalents ($ in thousands):

| Nine Months Ended September 30,
| 2025 |  | 2024
Cash flows provided by operating activities | $139,565 |  | $281,908
Cash flows provided by investing activities | 601,564 |  | 2,150,500
Cash flows used in financing activities | (694,160) |  | (2,458,947)
Net increase (decrease) in cash and cash equivalents | $46,969 |  | $(26,539)

We experienced a net increase in cash and cash equivalents of $47.0 million for the nine months ended September 30,
2025, compared to a net decrease of $26.5 million for the nine months ended September 30, 2024. During the nine months
ended September 30, 2025, we (i) received $4.8 billion from loan principal collections and sales proceeds, (ii) received
$831.3 million of net proceeds from the issuance of a securitized debt obligation, and (iii) received a net $50.0 million
under our secured term loan borrowings. Also, during the nine months ended September 30, 2025, we (i) funded
$3.9 billion of loans, (ii) repaid a net $601.8 million of asset-specific financings, (iii) repaid a net $342.9 million under our
secured debt borrowings, (iv) paid $242.5 million of dividends on our class A common stock, (v) repaid $193.3 million of
securitized debt obligations, (vi) invested $178.7 million in unconsolidated entities, and (vii) paid $47.8 million to
repurchase shares of our class A common stock.
Refer to Note 3 to our consolidated financial statements for further discussion of our loan activity. Refer to Notes 7, 8, and
15 to our consolidated financial statements for further discussion of our secured debt, securitized debt obligations, and
equity, respectively.
V. Other Items
Income Taxes
We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We
generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any
net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this
distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income
tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual
amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal
tax laws.
Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal
Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to
the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S.
federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification
as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on
our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full
taxable years. As of September 30, 2025 and December 31, 2024, we were in compliance with all REIT requirements.
Furthermore, our taxable REIT subsidiaries are subject to federal, state, and local income tax on their net taxable income.
Refer to Note 17 to our consolidated financial statements for further discussion of our income taxes.
Critical Accounting Policies
Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial
statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us
to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related
disclosure of contingent assets and liabilities. Actual results could differ from these estimates. We evaluated our critical
accounting policies and believe them to be appropriate. The following is a summary of our significant accounting policies
that we believe are the most affected by our judgments, estimates, and assumptions:
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Current Expected Credit Losses
The current expected credit loss, or CECL, reserve required under the FASB Accounting Standards Codification, or ASC,
Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our current estimate of potential credit losses
related to our portfolio. We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or
WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial
Accounting Standards Board Staff Q&A Topic 326, No. 1. Estimating the CECL reserve requires judgment, including the
following assumptions:
•Historical loan loss reference data: To estimate the historic loan losses relevant to our portfolio, we have
augmented our historical loan performance with market loan loss data licensed from Trepp LLC. This database
includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through August 31,
2025. Within this database, we focused our historical loss reference calculations on the most relevant subset of
available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio
including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which
includes month-over-month loan and property performance, is the most relevant, available, and comparable
dataset to our portfolio.
•Expected timing and amount of future loan fundings and repayments: Expected credit losses are estimated over
the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan
portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for
purposes of computing our CECL reserves. Additionally, the expected credit losses over the contractual period of
our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL
reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future
funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for
unfunded loan commitments are similar to those used for the related outstanding loans receivable.
•Current credit quality of our portfolio: Our risk rating is our primary credit quality indicator in assessing our
CECL reserves. We perform a quarterly risk review of our portfolio of loans and assign each loan a risk rating
based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic
and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and
exit plan, and project sponsorship.
•Expectations of performance and market conditions: Our CECL reserves are adjusted to reflect our estimation of
the current and future economic conditions that impact the performance of the commercial real estate assets
securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or
recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for
our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have
also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that
broader economic conditions may have on our loan portfolio’s performance. We generally also incorporate
information from other sources, including information and opinions available to our Manager, to further inform
these estimations. This process requires significant judgments about future events that, while based on the
information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic
condition impacting our portfolio could vary significantly from the estimates we made as of September 30, 2025.
•Impairment: impairment is indicated when it is deemed probable that we will not be able to collect all amounts
due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant
judgment from management and is based on several factors including (i) the underlying collateral performance,
(ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s
ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we
record the impairment as a component of our CECL reserves by applying the practical expedient for collateral
dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the
estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These
valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates,
leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan
sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could
ultimately differ materially from these estimates. We only expect to charge off the impairment losses in our
consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-
recoverable. This is generally at the time a loan is repaid or foreclosed, or the underlying collateral assets are
otherwise consolidated. However, non-recoverability may also be concluded if, in our determination, it is nearly
certain that all amounts due will not be collected.
82
These assumptions vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve.
The sensitivity of each assumption and its impact on the CECL reserves may change over time and from period to period.
During the nine months ended September 30, 2025, our CECL reserves decrease d by $34.9 million, bringing our total
reserves to $711.6 million as of September 30, 2025. See Notes 2 and 3 to our consolidated financial statements for further
discussion of our CECL reserves.
Revenue Recognition
Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest
method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these
investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally
suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery
of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized
cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually
current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses
are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in
general and administrative expenses as incurred.
The sources of revenue from our REO assets, which is included in revenue from real estate owned on our consolidated
statements of operations, and the related revenue recognition policies are as follows:
Rental income primarily consists of base rent income arising from tenant leases at our office and multifamily properties.
Base rent is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions.
We begin to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased
space.
Other operating income primarily consists of income from our hospitality properties and tenant reimbursement income.
Revenue from our hospitality properties consists primarily of room revenue and food and beverage revenue. Room revenue
is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered.
Tenant reimbursement income primarily consists of amounts due from tenants for costs related to common area
maintenance, real estate taxes, and other recoverable costs included in lease agreements.
We evaluate the collectibility of receivables related to rental revenue on an individual lease basis and exercise judgment in
assessing collectability considering the length of time a receivable has been outstanding, tenant credit-worthiness, payment
history, available information about the financial condition of the tenant, and current economic trends, among other factors.
Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.
Real Estate Owned
We may assume legal title, physical possession, or control of the collateral underlying a loan through a foreclosure, a deed-
in-lieu of foreclosure transaction, or a loan modification in which we receive an equity interest in and/or control over
decision-making at the property, resulting in us consolidating the real estate assets as VIEs. These real estate acquisitions
are classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on
the acquisition date in accordance with the ASC Topic 805, “Business Combinations,” or ASC 805.
Upon acquisition of REO assets, we assess the fair value of acquired tangible and intangible assets, which may include
land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified
intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed
liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or
capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows
are based on a number of factors including the historical operating results, known and anticipated trends, and market and
economic conditions. We capitalize acquisition-related costs associated with asset acquisitions.
Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets’
estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or
replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives.
Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary
repairs and maintenance are expensed as incurred.
83
Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the
asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The
impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of
anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental
rates, capital requirements and anticipated holding periods that could differ materially from actual results.
Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 “Property,
Plant, and Equipment.” Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is
reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a
real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon
reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for
sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for
investment, and (ii) its estimated fair value at the time of reclassification.
As of September 30, 2025, we had 10 REO assets that were all classified as held for investment.
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VI. Loan Portfolio Details
The following table provides details of our loan portfolio, on a loan-by-loan basis, as of September 30, 2025 ($ in millions):

Senior Loan Portfolio(1)
|  | Property Type |  | Location |  | Origination Date(2) |  | Total Commitment(3) |  | Principal Balance |  | Net Book Value(4) |  | Cash Coupon(5) |  |  | All-in Yield(5) |  |  | Maximum Maturity(6) |  | Loan Per SQFT / Unit / Key |  | Origination LTV(2) |  | Risk Rating
1 |  | Mixed-Use |  | Dublin, IE |  | 8/14/2019 |  | $1,018 |  | $970 |  | $969 |  | +3.20 | % |  | +3.95 | % |  | 1/29/2027 |  | $280 / sqft |  | 74% |  | 3
2 |  | Hospitality |  | Diversified, AU |  | 6/24/2022 |  | 875 |  | 875 |  | 869 |  | +4.75 | % |  | +4.93 | % |  | 6/21/2030 |  | $398 / sqft |  | 59% |  | 3
3 |  | Mixed-Use |  | Diversified, Spain |  | 3/22/2018 |  | 548 |  | 548 |  | 548 |  | +3.25 | % |  | +3.31 | % |  | 3/15/2026 |  | n / a |  | 71% |  | 4
4 |  | Industrial |  | Diversified, SE |  | 3/30/2021 |  | 506 |  | 506 |  | 505 |  | +3.20 | % |  | +3.41 | % |  | 5/15/2026 |  | $92 / sqft |  | 76% |  | 2
5 |  | Mixed-Use |  | Austin |  | 6/28/2022 |  | 675 |  | 488 |  | 483 |  | +4.60 | % |  | +5.08 | % |  | 7/9/2029 |  | $405 / sqft |  | 53% |  | 3
6 |  | Self-Storage |  | Diversified, CAN |  | 2/20/2025 |  | 449 |  | 449 |  | 449 |  | +3.50 | % |  | +3.50 | % |  | 2/9/2030 |  | $157 / sqft |  | 58% |  | 2
7 |  | Mixed-Use |  | New York |  | 12/9/2021 |  | 385 |  | 382 |  | 382 |  | +2.76 | % |  | +3.00 | % |  | 12/9/2026 |  | $131 / sqft |  | 50% |  | 3
8 |  | Industrial |  | Diversified, UK |  | 4/7/2025 |  | 350 |  | 350 |  | 348 |  | +2.55 | % |  | +2.88 | % |  | 4/7/2030 |  | $347 / sqft |  | 67% |  | 3
9 |  | Multifamily |  | London, UK |  | 12/23/2021 |  | 347 |  | 347 |  | 343 |  | +4.25 | % |  | +4.95 | % |  | 6/24/2028 |  | $383,322 / unit |  | 59% |  | 3
10 |  | Office |  | Chicago |  | 12/11/2018 |  | 356 |  | 337 |  | 339 |  | +1.75 | % |  | +1.75 | % |  | 12/9/2026 |  | $282 / sqft |  | 78% |  | 4
11 |  | Industrial |  | Diversified, UK |  | 5/15/2025 |  | 304 |  | 304 |  | 303 |  | +2.70 | % |  | +2.89 | % |  | 5/15/2028 |  | $144 / sqft |  | 69% |  | 3
12 |  | Industrial |  | Diversified, UK |  | 5/6/2022 |  | 301 |  | 301 |  | 301 |  | +3.50 | % |  | +3.71 | % |  | 5/6/2027 |  | $95 / sqft |  | 53% |  | 2
13 |  | Other |  | Diversified, UK |  | 1/11/2019 |  | 291 |  | 291 |  | 291 |  | +5.17 | % |  | +5.06 | % |  | 6/14/2028 |  | $231 / sqft |  | 74% |  | 3
14 |  | Office |  | Washington, DC |  | 9/29/2021 |  | 293 |  | 288 |  | 287 |  | +2.81 | % |  | +3.07 | % |  | 10/9/2026 |  | $375 / sqft |  | 66% |  | 2
15 |  | Office |  | Seattle |  | 1/26/2022 |  | 338 |  | 286 |  | 285 |  | +4.10 | % |  | +4.77 | % |  | 2/9/2027 |  | $598 / sqft |  | 56% |  | 3
16 |  | Multifamily |  | New York |  | 2/27/2020 |  | 273 |  | 273 |  | 273 |  | +2.70 | % |  | +2.83 | % |  | 1/9/2027 |  | $600,280 / unit |  | 59% |  | 3
17 |  | Industrial |  | Diversified, EUR |  | 6/5/2025 |  | 249 |  | 249 |  | 246 |  | +2.70 | % |  | +2.97 | % |  | 7/19/2030 |  | $67 / sqft |  | 70% |  | 3
18 |  | Office |  | New York |  | 4/11/2018 |  | 243 |  | 243 |  | 242 |  | +2.25 | % |  | +2.62 | % |  | 3/7/2028 |  | $307 / sqft |  | 52% |  | 4
19 |  | Multifamily |  | London, UK |  | 7/16/2021 |  | 246 |  | 237 |  | 237 |  | +3.25 | % |  | +3.51 | % |  | 2/15/2027 |  | $243,585 / unit |  | 69% |  | 3
20 |  | Multifamily |  | Reno |  | 2/23/2022 |  | 240 |  | 230 |  | 230 |  | +2.60 | % |  | +3.07 | % |  | 3/9/2027 |  | $213,925 / unit |  | 74% |  | 3
21 |  | Office |  | Berlin, DEU |  | 6/27/2019 |  | 260 |  | 227 |  | 227 |  | +1.00 | % |  | +1.13 | % |  | 6/6/2030 |  | $475 / sqft |  | 62% |  | 4
22 |  | Mixed-Use |  | New York |  | 12/22/2016 |  | 252 |  | 222 |  | 216 |  | +10.50 | % |  | +10.50 | % |  | 6/9/2028 |  | $313 / sqft |  | n/m |  | 5
23 |  | Industrial |  | Diversified, US |  | 2/13/2025 |  | 227 |  | 210 |  | 208 |  | +3.10 | % |  | +3.49 | % |  | 3/9/2030 |  | $716,919 / acre |  | 62% |  | 3
24 |  | Industrial |  | Diversified, UK |  | 3/28/2025 |  | 206 |  | 206 |  | 204 |  | +2.45 | % |  | +2.74 | % |  | 3/28/2030 |  | $129 / sqft |  | 69% |  | 3
25 |  | Industrial |  | Diversified, UK |  | 4/11/2025 |  | 202 |  | 202 |  | 200 |  | +2.40 | % |  | +2.77 | % |  | 4/11/2030 |  | $115 / sqft |  | 69% |  | 3
26 |  | Office |  | Denver |  | 2/15/2022 |  | 191 |  | 185 |  | 169 |  | +2.90 | % |  | +2.90 | % |  | 3/9/2027 |  | $367 / sqft |  | n/m |  | 5
27 |  | Office |  | New York |  | 7/23/2021 |  | 244 |  | 184 |  | 184 |  | -1.30 | % | (7) | -1.03 | % |  | 8/9/2028 |  | $596 / sqft |  | 53% |  | 4
28 |  | Retail |  | Diversified, UK |  | 3/9/2022 |  | 182 |  | 182 |  | 181 |  | +2.75 | % |  | +2.88 | % |  | 8/15/2028 |  | $154 / sqft |  | 55% |  | 2
29 |  | Life Sciences |  | Boston |  | 5/13/2021 |  | 199 |  | 179 |  | 179 |  | +3.66 | % |  | +3.66 | % |  | 6/9/2026 |  | $897 / sqft |  | n/m |  | 5
30 |  | Multifamily |  | Dallas |  | 1/27/2022 |  | 178 |  | 178 |  | 179 |  | +3.10 | % |  | +3.24 | % |  | 2/9/2027 |  | $116,020 / unit |  | 71% |  | 4

85

Senior Loan Portfolio(1)
|  | Property Type |  | Location |  | Origination Date(2) |  | Total Commitment(3) |  | Principal Balance |  | Net Book Value(4) |  | Cash Coupon(5) |  |  | All-in Yield(5) |  |  | Maximum Maturity(6) |  | Loan Per SQFT / Unit / Key |  | Origination LTV(2) |  | Risk Rating
31 |  | Hospitality |  | Los Angeles |  | 3/7/2022 |  | $156 |  | $156 |  | $156 |  | +3.45 | % |  | +3.66 | % |  | 6/9/2026 |  | $624,000 / key |  | 64% |  | 3
32 |  | Hospitality |  | New York |  | 6/4/2018 |  | 153 |  | 153 |  | 153 |  | +4.00 | % |  | +4.40 | % |  | 11/9/2025 |  | $251,647 / key |  | 52% |  | 2
33 |  | Self-Storage |  | London, UK |  | 11/18/2021 |  | 152 |  | 152 |  | 152 |  | +3.25 | % |  | +3.51 | % |  | 11/18/2026 |  | $194 / sqft |  | 65% |  | 2
34 |  | Office |  | Fort Lauderdale |  | 1/7/2022 |  | 155 |  | 152 |  | 152 |  | +3.70 | % |  | +3.94 | % |  | 1/9/2027 |  | $392 / sqft |  | 55% |  | 1
35 |  | Multifamily |  | Dublin, IE |  | 12/15/2021 |  | 147 |  | 145 |  | 145 |  | +2.75 | % |  | +3.00 | % |  | 12/9/2026 |  | $363,877 / unit |  | 79% |  | 3
36 |  | Multifamily |  | San Jose |  | 4/2/2025 |  | 182 |  | 145 |  | 143 |  | +2.35 | % |  | +2.76 | % |  | 4/9/2030 |  | $308,851 / unit |  | 67% |  | 3
37 |  | Multifamily |  | Diversified, AU |  | 1/10/2025 |  | 142 |  | 142 |  | 141 |  | +3.85 | % |  | +4.52 | % |  | 1/10/2028 |  | $428,252 / unit |  | 76% |  | 3
38 |  | Multifamily |  | Manchester, UK |  | 6/30/2025 |  | 140 |  | 140 |  | 139 |  | +2.30 | % |  | +2.65 | % |  | 6/30/2029 |  | $300,082 / unit |  | 63% |  | 3
39 |  | Mixed-Use |  | New York |  | 1/17/2020 |  | 183 |  | 139 |  | 138 |  | +3.12 | % |  | +3.44 | % |  | 2/9/2028 |  | $109 / sqft |  | 43% |  | 3
40 |  | Office |  | London, UK |  | 12/20/2019 |  | 137 |  | 137 |  | 137 |  | 4.00 | % |  | 4.00 | % |  | 3/31/2029 |  | $696 / sqft |  | 68% |  | 4
41 |  | Office |  | Miami |  | 12/10/2021 |  | 135 |  | 135 |  | 135 |  | +3.11 | % |  | +3.36 | % |  | 1/9/2027 |  | $452 / sqft |  | 49% |  | 2
42 |  | Office |  | Diversified, UK |  | 11/23/2018 |  | 134 |  | 134 |  | 133 |  | +3.50 | % |  | +3.74 | % |  | 11/15/2029 |  | $969 / sqft |  | 50% |  | 3
43 |  | Office |  | Miami |  | 3/28/2022 |  | 130 |  | 128 |  | 128 |  | +2.55 | % |  | +2.79 | % |  | 4/9/2027 |  | $338 / sqft |  | 69% |  | 3
44 |  | Multifamily |  | San Bernardino |  | 9/14/2021 |  | 128 |  | 127 |  | 127 |  | +2.81 | % |  | +3.05 | % |  | 10/9/2026 |  | $255,906 / unit |  | 75% |  | 3
45 |  | Office |  | San Jose |  | 8/24/2021 |  | 156 |  | 126 |  | 124 |  | +2.71 | % |  | +2.71 | % |  | 9/9/2028 |  | $297 / sqft |  | n/m |  | 5
46 |  | Multifamily |  | Miami |  | 11/27/2024 |  | 125 |  | 125 |  | 124 |  | +2.80 | % |  | +3.17 | % |  | 12/9/2029 |  | $260,417 / unit |  | 71% |  | 3
47 |  | Retail |  | San Diego |  | 8/27/2021 |  | 122 |  | 122 |  | 122 |  | +3.11 | % |  | +3.36 | % |  | 9/9/2026 |  | $464 / sqft |  | 58% |  | 3
48 |  | Multifamily |  | Miami |  | 6/1/2021 |  | 120 |  | 120 |  | 120 |  | +2.96 | % |  | +3.32 | % |  | 6/9/2026 |  | $298,507 / unit |  | 61% |  | 2
49 |  | Office |  | Houston |  | 7/15/2019 |  | 136 |  | 117 |  | 117 |  | +3.01 | % |  | +3.22 | % |  | 8/9/2028 |  | $212 / sqft |  | 58% |  | 4
50 |  | Multifamily |  | Diversified, UK |  | 3/29/2021 |  | 116 |  | 116 |  | 116 |  | +4.02 | % |  | +4.28 | % |  | 3/29/2026 |  | $50,955 / unit |  | 61% |  | 3
51 |  | Multifamily |  | Phoenix |  | 12/29/2021 |  | 110 |  | 110 |  | 110 |  | +2.85 | % |  | +3.02 | % |  | 1/9/2027 |  | $189,003 / unit |  | 64% |  | 3
52 |  | Mixed-Use |  | New York |  | 3/10/2020 |  | 109 |  | 109 |  | 109 |  | +3.00 | % |  | +3.00 | % |  | 7/11/2029 |  | $668 / sqft |  | 48% |  | 2
53 |  | Hospitality |  | Napa Valley |  | 4/29/2022 |  | 106 |  | 106 |  | 106 |  | +3.50 | % |  | +3.85 | % |  | 2/18/2027 |  | $1,116,719 / key |  | 66% |  | 3
54 |  | Studio |  | Los Angeles |  | 6/28/2019 |  | 106 |  | 106 |  | 105 |  | +3.75 | % |  | +4.03 | % |  | 2/1/2026 |  | $531 / sqft |  | 48% |  | 4
55 |  | Multifamily |  | Tampa |  | 2/15/2022 |  | 106 |  | 106 |  | 105 |  | +2.85 | % |  | +3.11 | % |  | 3/9/2027 |  | $241,972 / unit |  | 73% |  | 2
56 |  | Office |  | Orange County |  | 8/31/2017 |  | 105 |  | 105 |  | 105 |  | +2.62 | % |  | +2.62 | % |  | 9/9/2026 |  | $162 / sqft |  | 58% |  | 4
57 |  | Office |  | Chicago |  | 9/30/2021 |  | 102 |  | 102 |  | 102 |  | 5.00 | % |  | 5.00 | % |  | 10/9/2029 |  | $113 / sqft |  | 43% |  | 3
58 |  | Office |  | Minneapolis |  | 11/27/2019 |  | 104 |  | 102 |  | 94 |  | +7.86 | % |  | +7.86 | % |  | 10/31/2025 |  | $93 / sqft |  | n/m |  | 5
59 |  | Multifamily |  | Diversified, NL |  | 3/27/2025 |  | 100 |  | 100 |  | 100 |  | +2.70 | % |  | +2.97 | % |  | 3/31/2028 |  | $121,020 / unit |  | 62% |  | 2
60 |  | Hospitality |  | Honolulu |  | 1/30/2020 |  | 99 |  | 99 |  | 99 |  | +3.50 | % |  | +3.66 | % |  | 2/9/2027 |  | $270,109 / key |  | 63% |  | 3

86

Senior Loan Portfolio(1)
|  | Property Type |  | Location |  | Origination Date(2) |  | Total Commitment(3) |  | Principal Balance |  | Net Book Value(4) |  | Cash Coupon(5) |  |  | All-in Yield(5) |  |  | Maximum Maturity(6) |  | Loan Per SQFT / Unit / Key |  | Origination LTV(2) |  | Risk Rating
61 |  | Industrial |  | New York |  | 6/18/2021 |  | $99 |  | $99 |  | $98 |  | +2.71 | % |  | +2.96 | % |  | 7/9/2026 |  | $51 / sqft |  | 55% |  | 1
62 |  | Hospitality |  | Honolulu |  | 3/13/2018 |  | 98 |  | 98 |  | 98 |  | +3.11 | % |  | +3.36 | % |  | 4/9/2027 |  | $152,536 / key |  | 50% |  | 3
63 |  | Industrial |  | Diversified, US |  | 5/22/2025 |  | 115 |  | 98 |  | 97 |  | +3.00 | % |  | +3.41 | % |  | 6/9/2030 |  | $830,987 / acre |  | 56% |  | 3
64 |  | Industrial |  | Diversified, BE |  | 3/7/2025 |  | 111 |  | 97 |  | 97 |  | +2.75 | % |  | +3.32 | % |  | 3/7/2030 |  | $41 / sqft |  | 57% |  | 2
65 |  | Multifamily |  | Miami |  | 3/29/2022 |  | 97 |  | 97 |  | 98 |  | +1.80 | % |  | +2.21 | % |  | 4/9/2027 |  | $271,118 / unit |  | 75% |  | 4
66 |  | Multifamily |  | San Antonio |  | 3/20/2025 |  | 97 |  | 97 |  | 96 |  | +2.80 | % |  | +3.16 | % |  | 4/9/2030 |  | $449,074 / unit |  | 72% |  | 3
67 |  | Multifamily |  | Phoenix |  | 10/1/2021 |  | 97 |  | 97 |  | 98 |  | +1.87 | % |  | +2.79 | % |  | 10/1/2026 |  | $224,302 / unit |  | 77% |  | 4
68 |  | Retail |  | New York |  | 9/24/2025 |  | 121 |  | 96 |  | 95 |  | +3.35 | % |  | +3.76 | % |  | 10/9/2030 |  | $139 / sqft |  | 56% |  | 3
69 |  | Multifamily |  | Philadelphia |  | 10/28/2021 |  | 96 |  | 96 |  | 96 |  | +3.00 | % |  | +3.24 | % |  | 11/9/2026 |  | $352,399 / unit |  | 79% |  | 3
70 |  | Hospitality |  | Diversified, Spain |  | 9/30/2021 |  | 101 |  | 95 |  | 95 |  | +4.00 | % |  | +4.31 | % |  | 9/30/2026 |  | $148,637 / key |  | 60% |  | 3
71 |  | Office |  | Washington, DC |  | 12/21/2021 |  | 103 |  | 94 |  | 94 |  | +2.70 | % |  | +2.94 | % |  | 1/9/2027 |  | $324 / sqft |  | 68% |  | 3
72 |  | Multifamily |  | Orlando |  | 10/27/2021 |  | 93 |  | 93 |  | 93 |  | +2.61 | % |  | +2.81 | % |  | 11/9/2026 |  | $155,612 / unit |  | 75% |  | 3
73 |  | Multifamily |  | Seattle |  | 9/13/2024 |  | 94 |  | 93 |  | 93 |  | +3.25 | % |  | +4.11 | % |  | 11/9/2027 |  | $500,796 / unit |  | 68% |  | 3
74 |  | Hospitality |  | Boston |  | 3/3/2022 |  | 92 |  | 92 |  | 92 |  | +2.75 | % |  | +2.99 | % |  | 3/9/2027 |  | $418,182 / key |  | 64% |  | 2
75 |  | Mixed-Use |  | San Francisco |  | 6/14/2022 |  | 106 |  | 90 |  | 90 |  | +2.95 | % |  | +3.20 | % |  | 7/9/2027 |  | $187 / sqft |  | 76% |  | 4
76 |  | Hospitality |  | San Francisco |  | 10/16/2018 |  | 88 |  | 88 |  | 88 |  | +7.36 | % |  | +7.36 | % |  | 5/9/2025 |  | $191,807 / key |  | n/m |  | 5
77 |  | Industrial |  | Dublin, IE |  | 8/17/2022 |  | 83 |  | 83 |  | 83 |  | +3.35 | % |  | +3.50 | % |  | 8/17/2027 |  | $133 / sqft |  | 72% |  | 2
78 |  | Multifamily |  | Charlotte |  | 7/29/2021 |  | 82 |  | 82 |  | 82 |  | +2.76 | % |  | +3.25 | % |  | 8/9/2026 |  | $223,735 / unit |  | 78% |  | 3
79 |  | Hospitality |  | Diversified, US |  | 8/27/2021 |  | 79 |  | 79 |  | 78 |  | +4.60 | % |  | +4.84 | % |  | 9/9/2026 |  | $116,598 / key |  | 67% |  | 3
80 |  | Multifamily |  | Tampa |  | 12/21/2021 |  | 74 |  | 74 |  | 74 |  | +2.70 | % |  | +2.94 | % |  | 1/9/2027 |  | $217,353 / unit |  | 77% |  | 3
81 |  | Retail |  | Utrecht, NL |  | 5/30/2025 |  | 73 |  | 73 |  | 73 |  | +2.80 | % |  | +3.16 | % |  | 5/30/2030 |  | $173 / sqft |  | 62% |  | 3
82 |  | Multifamily |  | Las Vegas |  | 3/31/2022 |  | 68 |  | 68 |  | 68 |  | +2.80 | % |  | +3.04 | % |  | 4/9/2027 |  | $149,295 / unit |  | 71% |  | 3
83 |  | Multifamily |  | Miami |  | 7/31/2025 |  | 68 |  | 68 |  | 67 |  | +2.60 | % |  | +2.96 | % |  | 8/9/2030 |  | $229,730 / unit |  | 72% |  | 3
84 |  | Office |  | Los Angeles |  | 4/6/2021 |  | 62 |  | 62 |  | 62 |  | 6.00 | % |  | 6.00 | % |  | 1/9/2030 |  | $254 / sqft |  | 65% |  | 2
85 |  | Office |  | Nashville |  | 6/30/2021 |  | 65 |  | 61 |  | 61 |  | +2.95 | % |  | +3.20 | % |  | 7/9/2026 |  | $252 / sqft |  | 71% |  | 3
86 |  | Hospitality |  | Bermuda |  | 4/26/2024 |  | 69 |  | 61 |  | 61 |  | +4.95 | % |  | +5.62 | % |  | 5/9/2029 |  | $693,780 / key |  | 39% |  | 2
87 |  | Office |  | Fort Lauderdale |  | 12/10/2020 |  | 61 |  | 60 |  | 60 |  | +3.30 | % |  | +3.54 | % |  | 1/9/2026 |  | $209 / sqft |  | 68% |  | 3
88 |  | Multifamily |  | Tacoma |  | 10/28/2021 |  | 60 |  | 60 |  | 60 |  | +2.66 | % |  | +3.18 | % |  | 11/9/2027 |  | $182,591 / unit |  | 70% |  | 3
89 |  | Multifamily |  | Salt Lake City |  | 7/30/2021 |  | 59 |  | 59 |  | 58 |  | +2.95 | % |  | +3.22 | % |  | 8/9/2027 |  | $212,618 / unit |  | 73% |  | 3
90 |  | Multifamily |  | Phoenix |  | 12/17/2021 |  | 58 |  | 58 |  | 58 |  | +2.65 | % |  | +2.85 | % |  | 1/9/2027 |  | $209,601 / unit |  | 69% |  | 3

87

Senior Loan Portfolio(1)
|  | Property Type |  | Location |  | Origination Date(2) |  | Total Commitment(3) |  | Principal Balance |  | Net Book Value(4) |  | Cash Coupon(5) |  |  | All-in Yield(5) |  |  | Maximum Maturity(6) |  | Loan Per SQFT / Unit / Key |  | Origination LTV(2) |  | Risk Rating
91 |  | Office |  | Miami |  | 6/14/2021 |  | $58 |  | $58 |  | $58 |  | +2.30 | % |  | +2.30 | % |  | 3/9/2027 |  | $122 / sqft |  | 65% |  | 2
92 |  | Industrial |  | Minneapolis |  | 12/12/2024 |  | 61 |  | 57 |  | 56 |  | +2.85 | % |  | +3.23 | % |  | 1/9/2030 |  | $80 / sqft |  | 59% |  | 3
93 |  | Office |  | New York |  | 5/28/2025 |  | 68 |  | 56 |  | 56 |  | +3.25 | % |  | +3.66 | % |  | 6/9/2030 |  | $367 / sqft |  | 60% |  | 3
94 |  | Multifamily |  | Atlanta |  | 3/6/2025 |  | 55 |  | 55 |  | 55 |  | +2.75 | % |  | +3.11 | % |  | 3/9/2030 |  | $187,075 / unit |  | 66% |  | 3
95 |  | Office |  | Denver |  | 8/5/2021 |  | 56 |  | 54 |  | 54 |  | +2.96 | % |  | +3.21 | % |  | 8/9/2026 |  | $205 / sqft |  | 70% |  | 3
96 |  | Office |  | Denver |  | 4/7/2022 |  | 57 |  | 54 |  | 54 |  | +3.25 | % |  | +3.50 | % |  | 4/9/2027 |  | $159 / sqft |  | 59% |  | 3
97 |  | Industrial |  | Diversified, US |  | 12/14/2018 |  | 54 |  | 54 |  | 54 |  | +3.01 | % |  | +3.41 | % |  | 1/9/2026 |  | $40 / sqft |  | 57% |  | 1
98 |  | Multifamily |  | Los Angeles |  | 7/28/2021 |  | 53 |  | 53 |  | 53 |  | +2.75 | % |  | +3.12 | % |  | 8/9/2026 |  | $299,448 / unit |  | 71% |  | 3
99 |  | Self-Storage |  | Diversified, US |  | 2/18/2025 |  | 53 |  | 53 |  | 52 |  | +3.10 | % |  | +3.47 | % |  | 3/9/2030 |  | $90 / sqft |  | 67% |  | 3
100 |  | Office |  | Los Angeles |  | 8/22/2019 |  | 52 |  | 52 |  | 52 |  | +2.66 | % |  | +2.91 | % |  | 3/9/2027 |  | $303 / sqft |  | 63% |  | 4
101 |  | Multifamily |  | Denver |  | 3/19/2025 |  | 51 |  | 51 |  | 51 |  | +2.60 | % |  | +2.92 | % |  | 5/9/2030 |  | $221,739 / unit |  | 64% |  | 3
102 |  | Hospitality |  | Waimea |  | 2/27/2025 |  | 50 |  | 50 |  | 50 |  | +2.80 | % |  | +2.92 | % |  | 2/9/2030 |  | $823,353 / key |  | 52% |  | 3
103 |  | Multifamily |  | Los Angeles |  | 7/20/2021 |  | 48 |  | 48 |  | 48 |  | +2.86 | % |  | +3.11 | % |  | 8/9/2026 |  | $366,412 / unit |  | 60% |  | 3
104 |  | Retail |  | Chicago |  | 11/30/2016 |  | 55 |  | 46 |  | 46 |  | +3.33 | % |  | +3.82 | % |  | 12/9/2025 |  | $764 / sqft |  | 54% |  | 4
105 |  | Multifamily |  | Columbus |  | 12/8/2021 |  | 48 |  | 44 |  | 44 |  | +2.75 | % |  | +2.96 | % |  | 12/9/2026 |  | $143,150 / unit |  | 69% |  | 2
106 |  | Multifamily |  | Dallas |  | 12/29/2021 |  | 43 |  | 43 |  | 43 |  | +3.05 | % |  | +3.24 | % |  | 1/1/2027 |  | $144,167 / unit |  | 73% |  | 3
107 |  | Mixed-Use |  | New York |  | 6/25/2025 |  | 221 |  | 42 |  | 40 |  | +3.75 | % |  | +4.38 | % |  | 12/25/2028 |  | $74,138 / unit |  | 44% |  | 3
108 |  | Multifamily |  | Las Vegas |  | 3/31/2022 |  | 39 |  | 39 |  | 39 |  | +2.80 | % |  | +3.04 | % |  | 4/9/2027 |  | $155,163 / unit |  | 72% |  | 3
109 |  | Multifamily |  | Melbourne, AU |  | 6/13/2025 |  | 241 |  | 36 |  | 34 |  | +4.75 | % |  | +7.19 | % |  | 8/8/2029 |  | $76,522 / unit |  | 76% |  | 3
110 |  | Multifamily |  | Austin |  | 2/26/2021 |  | 36 |  | 36 |  | 36 |  | +3.50 | % |  | +3.74 | % |  | 3/9/2026 |  | $196,228 / unit |  | 64% |  | 1
111 |  | Multifamily |  | Los Angeles |  | 3/1/2022 |  | 35 |  | 35 |  | 35 |  | +3.00 | % |  | +3.24 | % |  | 3/9/2027 |  | $376,344 / unit |  | 72% |  | 3
112 |  | Office |  | Diversified, AU |  | 5/8/2025 |  | 35 |  | 35 |  | 35 |  | +3.80 | % |  | +3.98 | % |  | 5/8/2028 |  | $398 / sqft |  | 75% |  | 3
113 |  | Multifamily |  | New York |  | 12/23/2021 |  | 35 |  | 35 |  | 35 |  | +1.71 | % |  | +2.61 | % |  | 11/15/2025 |  | $170,355 / unit |  | 68% |  | 1
114 |  | Office |  | New York |  | 12/23/2021 |  | 35 |  | 35 |  | 35 |  | +3.11 | % |  | +3.33 | % |  | 2/1/2026 |  | $247 / sqft |  | 30% |  | 1
115 |  | Office |  | Atlanta |  | 5/27/2025 |  | 41 |  | 34 |  | 33 |  | +3.65 | % |  | +4.00 | % |  | 6/9/2030 |  | $115 / sqft |  | 39% |  | 2
116 |  | Multifamily |  | Atlanta |  | 11/3/2021 |  | 32 |  | 32 |  | 32 |  | +2.71 | % |  | +2.96 | % |  | 11/9/2026 |  | $182,093 / unit |  | 53% |  | 3
117 |  | Multifamily |  | Melbourne, AU |  | 8/26/2022 |  | 28 |  | 28 |  | 28 |  | +4.50 | % |  | +4.94 | % |  | 6/23/2029 |  | $295,474 / unit |  | 68% |  | 2
118 |  | Mixed-Use |  | New York |  | 2/21/2025 |  | 24 |  | 24 |  | 24 |  | +3.25 | % |  | +3.52 | % |  | 3/9/2030 |  | $775 / sqft |  | 59% |  | 3
119 |  | Hospitality |  | Atlanta |  | 10/1/2019 |  | 23 |  | 23 |  | 23 |  | +3.80 | % |  | +4.03 | % |  | 10/9/2025 |  | $129,442 / key |  | 74% |  | 3
120 |  | Multifamily |  | Las Vegas |  | 8/4/2021 |  | 22 |  | 22 |  | 22 |  | +2.86 | % |  | +3.11 | % |  | 8/9/2026 |  | $180,000 / unit |  | 73% |  | 3
121 |  | Multifamily |  | Atlanta |  | 5/9/2025 |  | 21 |  | 21 |  | 21 |  | +2.85 | % |  | +2.94 | % |  | 5/9/2030 |  | $205,882 / unit |  | 65% |  | 3
122 |  | Office |  | Austin |  | 4/15/2021 |  | 24 |  | 20 |  | 20 |  | +3.06 | % |  | +3.14 | % |  | 12/9/2029 |  | $139 / sqft |  | 40% |  | 2
123 |  | Industrial |  | Diversified, UK |  | 8/15/2025 |  | 265 |  | 0 |  | 0 |  | +2.65 | % |  | +3.17 | % |  | 8/15/2030 |  | $0 / sqft |  | 70% |  | 3
Subtotal: Senior loan portfolio |  | $18,909 |  | $17,473 |  | $17,391 |  | +3.17 |  |  | +3.47 |  |  | 2.4 yrs |  |  |  | 64% |  | 3.0

88

Subordinate Loan Portfolio(8)
|  | Property Type |  | Location |  | Origination Date(2) |  | Total Commitment(3) |  | Principal Balance |  | Net Book Value(4) |  | Cash Coupon(5) |  |  | All-in Yield(5) |  |  | Maximum Maturity(6) |  | Loan Per SQFT / Unit / Key |  | Origination LTV(2) |  | Risk Rating
124 |  | Office |  | Chicago |  | 9/30/2021 |  | 143 |  | 110 |  | 110 |  | n/m | (9) |  | n/m |  |  | 10/9/2029 |  | $264 / sqft |  | n/m |  | 5
125 |  | Office |  | Los Angeles |  | 11/22/2019 |  | 125 |  | 109 |  | 109 |  | +2.50 | % |  | +2.50 | % |  | 12/9/2027 |  | $790 / sqft |  | 69% |  | 4
126 |  | Office |  | New York |  | 5/1/2018 |  | 102 |  | 102 |  | 86 |  | n/m | (9) |  | n/m |  |  | 3/7/2028 |  | $464 / sqft |  | n/m |  | 5
127 |  | Industrial |  | Diversified, US |  | 3/10/2025 |  | 60 |  | 60 |  | 60 |  | +5.00 | % |  | +5.12 | % |  | 3/9/2030 |  | $112 / sqft |  | 70% |  | 3
128 |  | Office |  | Orange County |  | 8/31/2017 |  | 64 |  | 58 |  | 41 |  | n/m | (9) |  | n/m |  |  | 9/9/2026 |  | $330 / sqft |  | n/m |  | 5
129 |  | Life Sciences/ |  | San Francisco |  | 11/10/2021 |  | 72 |  | 57 |  | 57 |  | +8.71 | % |  | +8.93 | % |  | 12/9/2026 |  | $529 / sqft |  | 66% |  | 4
130 |  | Multifamily |  | Miami |  | 3/29/2022 |  | 47 |  | 46 |  | 46 |  | +8.70 | % |  | +8.92 | % |  | 4/9/2027 |  | $394,414 / unit |  | 72% |  | 3
131 |  | Multifamily |  | Los Angeles |  | 12/30/2021 |  | 46 |  | 37 |  | 36 |  | +8.80 | % |  | +9.90 | % |  | 1/9/2028 |  | $523,896 / unit |  | 50% |  | 3
132 |  | Mixed-Use |  | New York |  | 3/10/2020 |  | 35 |  | 35 |  | 34 |  | n/m | (9) |  | n/m |  |  | 7/11/2029 |  | $1,057 / sqft |  | n/m |  | 5
133 |  | Multifamily |  | London, UK |  | 7/18/2025 |  | 29 |  | 29 |  | 29 |  | +8.98 | % |  | +9.38 | % |  | 7/5/2030 |  | $752,013 / unit |  | 69% |  | 3
134 |  | Office |  | Austin |  | 4/15/2021 |  | 24 |  | 24 |  | 20 |  | n/m | (9) |  | n/m |  |  | 12/9/2029 |  | $361 / sqft |  | n/m |  | 5
135 |  | Hospitality |  | Miami |  | 5/2/2025 |  | 23 |  | 17 |  | 17 |  | +9.50 | % |  | +10.33 | % |  | 5/9/2030 |  | $776,974 / key |  | 53% |  | 3
136 |  | Mixed-Use |  | New York |  | 5/20/2025 |  | 28 |  | 17 |  | 17 |  | 10.00 | % |  | 10.06 | % |  | 10/1/2034 |  | $1,038 / sqft |  | 59% |  | 3
137 |  | Office |  | London, UK |  | 12/20/2019 |  | 14 |  | 14 |  | 13 |  | n/m | (9) |  | n/m |  |  | 3/31/2029 |  | $843 / sqft |  | n/m |  | 5
Subtotal: subordinate loan portfolio |  | $812 |  | $716 |  | $676 |  | +6.42 |  |  | +6.68 |  |  | 3.0 yrs |  |  |  | 66% |  | 4.1
Subtotal: loans receivable portfolio |  | $19,721 |  | $18,189 |  | $18,067 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total CECL reserve |  |  |  |  |  | (696) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total loans receivable portfolio |  | $19,721 |  | $18,189 |  | $17,371 |  | +3.24 | % |  | +3.46 | % |  | 2.4 yrs |  |  |  | 64% |  | 3.0

(1)Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage
loans.
(2)Date loan was originated or acquired by us, and the LTV as of such date, excluding any loans that are impaired.
(3)Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment.
(4)Net book value represents outstanding principal balance, net of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery
proceeds.
(5)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR,
CORRA, and other indices as applicable to each loan. As of September 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily
indexed to SOFR. The remaining 2% of our loans by principal balance earned a fixed rate of interest. In addition to cash coupon, all-in yield includes the amortization of
deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-
recovery and nonaccrual methods, if any.
(6)Maximum maturity assumes all extension options are exercised; however, our loans may be repaid prior to such date. Excludes loans accounted for under the cost-
recovery and nonaccrual methods, if any.
(7)This loan has an interest rate of SOFR minus 1.30% with a SOFR floor of 3.50%, for an all-in rate of 3.02% as of September 30, 2025.
(8)Subordinate loans include: (i) loans in which we have previously originated a whole loan and sold a senior mortgage interest to a third party, resulting in these subordinate
interests in mortgages, (ii) mezzanine loans, and (iii) the subordinate portion of loans that have been modified that have resulted in a restructured senior loan and
subordinate loan.
(9)These subordinate loans are the result of a loan modification which resulted in a restructured senior loan and a subordinate loan. All of the subordinate loans are accounted
for under the cost-recovery method.
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VII. REO Asset Details
The following table provides details of our REO asset as of September 30, 2025 ($ in thousands):

|  | Acquisition Date |  | Location |  | Property Type |  | Acquisition Date Fair Value |  | SQFT / Units / Keys
1 |  | March 2024 |  | Mountain View, CA |  | Office |  | $60,203 |  | 150,507 sqft
2 |  | July 2024 |  | San Antonio, TX |  | Multifamily |  | 33,607 |  | 388 units
3 |  | September 2024 |  | Burlington, MA |  | Office |  | 64,628 |  | 379,018 sqft
4 |  | October 2024 |  | Washington, DC |  | Office |  | 107,016 |  | 892,480 sqft
5 |  | December 2024 |  | San Francisco, CA |  | Hospitality |  | 201,530 |  | 686 keys
6 |  | December 2024 |  | El Segundo, CA |  | Office |  | 145,363 |  | 494,532 sqft
7 |  | December 2024 |  | Denver, CO |  | Office |  | 33,337 |  | 170,304 sqft
8 |  | February 2025 |  | Chicago, IL |  | Office |  | 45,045 |  | 517,115 sqft
9 |  | September 2025 |  | Atlanta, GA |  | Office |  | 132,974 |  | 1,184,916 sqft
10 |  | September 2025 |  | New York, NY |  | Hospitality |  | 228,253 |  | 933 keys
|  |  |  |  |  |  |  | $1,051,956 |  |

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ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest Rate Risk
Investment Portfolio Net Interest Income
Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates
will decrease net income. As of September 30, 2025, 98% of our loans by principal balance earned a floating rate of
interest, primarily indexed to SOFR, and were financed with liabilities that pay interest at floating rates, which resulted in
an amount of net equity that is positively correlated to changing interest rates, subject to the impact of interest rate floors on
certain of our floating rate loans.
The following table projects the earnings impact on our interest income and expense, presented net of implied changes in
incentive fees, for the twelve-month period following September 30, 2025, of an increase in the various floating-rate
indices referenced by our portfolio, assuming no change in credit spreads, portfolio composition, or asset performance,
relative to the average indices during the three months ended September 30, 2025 ($ in thousands):

|  | Assets (Liabilities) Sensitive to Changes in Interest Rates(1) |  | Interest Rate Sensitivity as of September 30, 2025(2)(3)
|  | Increase in Rates |  | Decrease in Rates
|  | 50 Basis Points |  | 100 Basis Points |  | 50 Basis Points |  | 100 Basis Points
Floating rate assets(4)(5)(6) |  | $16,625,727 |  | $66,331 |  | $132,834 |  | $(65,964) |  | $(125,093)
Floating rate liabilities(5)(6)(7) |  | (14,915,766) |  | (59,663) |  | (119,326) |  | 59,663 |  | 119,326
Net exposure |  | $1,709,961 |  | $6,668 |  | $13,508 |  | $(6,301) |  | $(5,767)

(1)Reflects the USD equivalent value of floating rate assets and liabilities denominated in foreign currencies.
(2)Increases (decreases) in interest income and expense are presented net of theoretical impact of incentive fees. Refer
to Note 16 to our consolidated financial statements for additional details of our incentive fee calculation.
(3)Excludes income from loans accounted for under the cost-recovery method.
(4)Excludes $1.2 billion of floating rate impaired loans.
(5)Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers’
exposure to an increase in interest rates.
(6)Excludes amounts related to our investments in unconsolidated entities.
(7)Includes amounts outstanding under our secured debt, securitizations, asset-specific debt, Term Loans, and Senior
Secured Notes due 2029, for which we entered into an interest rate swap with a notional amount of $450.0 million
that effectively converts our fixed rate exposure to floating rate exposure for such notes. Excludes amounts related to
the indebtedness of our unconsolidated entities.
Investment Portfolio Value
As of September 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, so the value of such
investments is generally not impacted by changes in market interest rates. Additionally, we generally hold all of our loans
to maturity and so do not expect to realize gains or losses resulting from any mark to market valuation adjustments on our
loan portfolio.
Risk of Non-Performance
In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates,
there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the
cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may
contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate
stress-testing during our underwriting process, which generally includes a requirement for our borrower to purchase an
interest rate cap contract with an unaffiliated third party, provide an interest reserve deposit, and/or provide interest
guarantees or other structural protections. As of September 30, 2025, 92% of our performing loans had interest rate caps,
with a weighted-average strike price of 3.7%, or interest guarantees. During the nine months ended September 30, 2025,
interest rate caps on $6.5 billion of performing loans, with a 3.7% weighted-average strike price, expired and 93% were
replaced with new interest rate caps, with a weighted-average strike price of 3.8%, or interest guarantees.
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Credit Risks
Our loans are subject to credit risk, including the risk of default. The performance and value of our loans depend upon the
borrowers’ ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay
interest and principal due to us. To monitor this risk, our asset management team reviews our loan portfolios and, in certain
instances, is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as
necessary.
In addition, we are exposed to the risks generally associated with the commercial real estate market, including changes in
occupancy rates, capitalization rates, absorption rates, and other macroeconomic factors beyond our control. We seek to
manage these risks through our underwriting and asset management processes.
We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the
performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and
from our long-standing core business model of originating senior loans collateralized by large assets in major markets with
experienced, well-capitalized institutional sponsors. While we believe the principal amounts of our loans are generally
adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of
certain loans. As of September 30, 2025, we had an aggregate $505.4 million asset-specific CECL reserve related to 12 of
our loans receivable, with an aggregate amortized cost basis of $1.2 billion, net of cost-recovery proceeds, and a
concentration in the office sector with $382.2 million of reserves. This CECL reserve was recorded based on our estimation
of the fair value of each of the loan’s underlying collateral as of September 30, 2025.
Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information
advantages derived from our position as part of Blackstone’s real estate platform. Blackstone has built the world's
preeminent global real estate business, with a proven track record of successfully navigating market cycles and emerging
stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone
platform deeply informs our credit and underwriting process, and we believe gives us the tools to expertly asset manage
our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.
Capital Market Risks
We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of
our class A common stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and
our related ability to finance our business through borrowings under credit facilities or other debt instruments. As a REIT,
we are required to distribute a significant portion of our taxable income annually, which constrains our ability to
accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business. We seek
to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing, and
terms of capital we raise.
Margin call provisions under our credit facilities do not permit valuation adjustments based on capital markets events, and
are limited to collateral-specific credit marks generally determined on a commercially reasonable basis.
Counterparty Risk
The nature of our business requires us to hold our cash and cash equivalents and obtain financing from various financial
institutions. This exposes us to the risk that these financial institutions may not fulfill their obligations to us under these
various contractual arrangements. We mitigate this exposure by depositing our cash and cash equivalents and entering into
financing agreements with high credit-quality institutions.
The nature of our loans also exposes us to the risk that our counterparties do not make required interest and principal
payments on scheduled due dates. We seek to manage this risk through a comprehensive credit analysis prior to making a
loan and active monitoring of the asset portfolios that serve as our collateral, as further discussed above.
Currency Risk
Our loans that are denominated in a foreign currency are also subject to risks related to fluctuations in currency rates. We
generally mitigate this exposure by matching the currency of our assets to the currency of the financing for our assets. As a
result, we substantially reduce our exposure to changes in portfolio value related to changes in foreign currency rates. In
92
addition, substantially all of our net asset exposure to foreign currencies has been hedged with foreign currency forward
contracts as of September 30, 2025.
The following tables outline our assets and liabilities that are denominated in a foreign currency (amounts in thousands):

| September 30, 2025
| GBP |  | EUR |  | All Other(1)
Foreign currency assets | £2,402,400 |  | €2,236,903 |  | $2,115,143
Foreign currency liabilities | (1,696,528) |  | (1,572,806) |  | (1,663,414)
Foreign currency contracts – notional | (700,195) |  | (657,309) |  | (443,607)
Net exposure to exchange rate fluctuations | £5,677 |  | €6,788 |  | $8,122
Net exposure to exchange rate fluctuations in USD(2) | $7,633 |  | $7,966 |  | $8,122

(1)Includes Swedish Krona, Australian Dollar, and Canadian Dollar currencies.
(2)Represents the U.S. Dollar equivalent as of September 30, 2025.
ITEM 4.CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under
the Exchange Act) that are designed to ensure that information required to be disclosed in the company’s reports under the
Exchange Act is recorded, processed, and summarized and reported within the time periods specified in the SEC’s rules
and forms, and that such information is accumulated and communicated to the company’s management, including its Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.
Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of
achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of our disclosure
controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the
supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial
Officer. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our
disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed
or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by
SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information
required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to
our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely
decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There have been no changes in our “internal control over financial reporting” (as defined in Rule 13a–15(f) of the
Exchange Act) that occurred during our most recent quarter that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.
93
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of
September 30, 2025, we were not involved in any material legal proceedings.
ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors previously disclosed under “Part I, Item 1A. Risk Factors” of our
Annual Report on Form 10-K for the year ended December 31, 2024.
94
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table sets forth information regarding repurchases of shares of our class A common stock during the three
months ended September 30, 2025:

Period | Total Number of Shares Purchased |  | Average Price Paid per Share(1) |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program ($ in thousands)(2)
July 1 - July 31, 2025 | — |  | $— |  | — |  | $89,150
August 1 - August 31, 2025 | 105,265 |  | 18.47 |  | 105,265 |  | 87,207
September 1 - September 30, 2025 | 753,382 |  | 18.72 |  | 753,382 |  | 73,102
Total | 858,647 |  | $18.69 |  | 858,647 |  | $73,102

(1)The average price paid per share is calculated on a trade date basis and excludes associated commissions.
(2)In July 2024, our board of directors authorized the repurchase of up to $150.0 million of our class A common stock.
Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately
negotiated transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and
10b5-1 under the Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a
variety of factors, including legal requirements, price and economic and market conditions. The repurchase program
may be changed, suspended or discontinued at any time and does not have a specified expiration date. See Note 15
to our consolidated financial statements and “Part I. Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations — Liquidity and Capital Resources — Uses of Liquidity” for further
information regarding this repurchase program, including activity during October 2025.
95
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
96

ITEM 6. | EXHIBITS

10.1 |  | Twelfth Amendment to Term Loan Credit Agreement, dated as of August 6, 2025, by and among Blackstone Mortgage Trust, Inc., the subsidiary guarantors party thereto, each lender party thereto and JPMorgan Chase Bank, N.A., as administrative agent.
31.1 |  | Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2 |  | Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 + |  | Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2 + |  | Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS |  | XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

___________
+ This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the
liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the
Exchange Act.
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other
disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely
on them for that purpose. In particular, any representations and warranties made by us in these agreements or other
documents were made solely within the specific context of the relevant agreement or document and may not describe the
actual state of affairs as of the date they were made or at any other time.
97
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.

|  | BLACKSTONE MORTGAGE TRUST, INC.
October 29, 2025 |  | /s/ Katharine A. Keenan
Date |  | Katharine A. Keenan
|  | Chief Executive Officer
|  | (Principal Executive Officer)
October 29, 2025 |  | /s/ Anthony F. Marone, Jr.
Date |  | Anthony F. Marone, Jr.
|  | Chief Financial Officer
|  | (Principal Financial Officer)
October 29, 2025 |  | /s/ Marcin Urbaszek
Date |  | Marcin Urbaszek
|  | Deputy Chief Financial Officer
|  | (Principal Accounting Officer)