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Here are 1-2 brief analogies to describe Blackstone Mortgage Trust (BXMT):

• Simon Property Group for commercial real estate debt. (If Simon Property Group owns and operates large retail properties, BXMT provides the mortgages for large commercial properties across various sectors.)
• Prologis for commercial real estate loans. (Similar to how Prologis owns and manages vast industrial real estate, BXMT finances a wide range of commercial property developments by originating loans.)

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• Senior Commercial Real Estate Loans: BXMT originates and acquires senior debt secured by high-quality commercial properties, primarily in North America, Europe, and Australia.
• Floating-Rate First Mortgages: These loans feature interest rates that adjust with market benchmarks, which helps mitigate interest rate risk for the trust.

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Blackstone Mortgage Trust (BXMT) primarily sells its services (i.e., originates and acquires senior loans) to other companies and institutional investors, not to individuals.

Due to the nature of commercial real estate lending and for competitive and privacy reasons, BXMT does not publicly disclose the specific names of its individual borrowers (its "customers") or their stock symbols. Its loan portfolio is diversified across numerous projects and sponsors.

Instead, its customer base consists of a diverse range of institutional-grade sponsors who require financing for commercial real estate projects. These customers generally fall into the following categories:

• Commercial Real Estate Developers: Entities focused on developing new commercial properties or redeveloping existing ones across various asset classes (e.g., office, industrial, multifamily, hospitality, retail).
• Real Estate Private Equity Firms and Investment Funds: Investment vehicles that acquire, manage, and divest commercial real estate assets, seeking debt financing for their portfolio properties or new acquisitions.
• Large Property Owners and Institutional Sponsors: Established companies or institutions that own and manage significant portfolios of commercial real estate and require financing for acquisitions, refinancing, or property improvements.

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• Blackstone Inc. (BX)
• Deloitte & Touche LLP
• Skadden, Arps, Slate, Meagher & Flom LLP

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Timothy S. Johnson, Chief Executive Officer and Chairman of the Board

Mr. Johnson is set to become the Chief Executive Officer of Blackstone Mortgage Trust effective November 10, 2025, and also serves as the Chairman of the Board. He is the Global Head of Blackstone Real Estate Debt Strategies (BREDS). Before joining Blackstone in 2011, Mr. Johnson co-founded BroadPeak Funding, a boutique commercial real estate finance company. Prior to that, he was a Vice President in the Lehman Brothers Global Commercial Real Estate Group from 2002 to 2008.

Anthony F. Marone, Jr., Chief Financial Officer, Managing Director, Treasurer and Assistant Secretary

Mr. Marone serves as the Chief Financial Officer for Blackstone Mortgage Trust and is also a Managing Director and Chief Financial Officer of Blackstone Real Estate Debt Strategies. He joined Blackstone in 2012. Previously, Mr. Marone was the Vice President and Controller of Capital Trust, Inc., the predecessor business to BXMT, which was acquired by Blackstone in December 2012. He also worked in the Real Estate Assurance practice of PricewaterhouseCoopers LLP.

F. Austin Peña, President and Director

Mr. Peña will assume the role of President and be elected as a Director of Blackstone Mortgage Trust effective November 10, 2025. He currently serves as the Executive Vice President, Investments, and a Managing Director of Blackstone Real Estate Debt Strategies. Since joining Blackstone in 2013, Mr. Peña has been responsible for BXMT's investment strategy, loan sourcing, and has led over $11 billion in real estate credit investments.

Marcin Urbaszek, Deputy Chief Financial Officer and Principal Accounting Officer

Mr. Urbaszek is the Deputy Chief Financial Officer and Principal Accounting Officer for Blackstone Mortgage Trust and a Managing Director in Blackstone Real Estate Debt Strategies. Before joining Blackstone in 2024, he held the positions of Chief Financial Officer, Treasurer, and Head of Investor Relations at Granite Point Mortgage Trust Inc. (NYSE: GPMT) since its inception in 2017. He brings over 20 years of experience in corporate finance and strategic advisory.

Scott Mathias, Chief Compliance Officer and Secretary

Mr. Mathias serves as the Chief Compliance Officer and Secretary of Blackstone Mortgage Trust. He is also a Managing Director and Co-Chief Compliance Officer of Blackstone Real Estate and Chief Compliance Officer of BXMT Advisors L.L.C. Mr. Mathias joined Blackstone in 2016. Prior to his time at Blackstone, he was an associate in the Private Funds group at Simpson Thacher & Bartlett LLP, where he provided counsel to prominent sponsors of private equity and hedge funds.

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The key risks to Blackstone Mortgage Trust (BXMT) primarily stem from its exposure to the commercial real estate (CRE) market, particularly the office sector, coupled with its highly leveraged business model in a volatile interest rate environment.

1. Commercial Real Estate (CRE) Credit Performance and Deteriorating Asset Quality: Blackstone Mortgage Trust faces significant challenges due to ongoing credit quality issues within its commercial real estate loan portfolio, with the U.S. office segment being a major concern. Distress rates in the office sector remain high, impacted by remote work trends and declining property values. As of September 2024, the company saw a significant increase in loans with the weakest internal risk ratings (4 and 5), indicating a high risk of loss, and reported a net loss for the nine months ending September 2024, driven by a substantial increase in its Current Expected Credit Loss (CECL) reserves. This deteriorating asset quality has led to credit rating downgrades for BXMT. While BXMT has reduced its office exposure and diversified into other asset classes like multifamily and industrial, office loans still represent a notable portion of its portfolio.
2. High Leverage and Interest Rate Sensitivity: BXMT operates with a high debt-to-asset ratio and leverage, which amplifies its vulnerability to rising interest rates. Although a mortgage REIT with floating-rate loans can benefit from rising rates, the current high-interest-rate environment has also led to increased borrowing costs for BXMT and made it more difficult for its borrowers to refinance their loans, thereby increasing the risk of defaults. As of June 2025, BXMT's effective interest rate on debt had climbed to 6.51%, reflecting tighter capital markets.
3. Dividend Sustainability: Directly related to its credit quality issues and high leverage, the sustainability of BXMT's dividend has been a concern. The company's distributable earnings have frequently fallen short of its dividend payouts, with a payout ratio exceeding 200% in some periods, meaning dividends have been funded from liquidity reserves rather than earnings. This situation led to a significant 24% dividend cut in July 2024.

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Blackstone Mortgage Trust (BXMT) operates in the commercial real estate finance sector, specializing in originating and acquiring senior loans collateralized by commercial properties. Its addressable markets for these main products and services are in the U.S., Europe, and Australia.

• For the U.S., the total commercial and multifamily mortgage debt outstanding was approximately $4.79 trillion as of the fourth quarter of 2024.
• For Europe, the estimated total commercial real estate debt market was €1.5 trillion (approximately $1.6 trillion) as of 2022.
• For Australia, the commercial real estate debt held by banks reached a record of $415.7 billion in June 2025.

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• Portfolio Turnover and Redeployment into New Credit Opportunities: The company anticipates generating revenue growth by actively managing its loan portfolio, facilitating repayments, and subsequently redeploying that capital into new, high-quality credit opportunities. This strategy was evident in Q1 2025 with $1.6 billion of new originations and $2.2 billion of repayments and resolutions, which fueled portfolio turnover and capital deployment for future earnings. The company also reported a strong investment pipeline in Q3 2025, with $1.7 billion in total originations closed or in closing.
• Resolution of Impaired Loans: A significant driver of future earnings potential is the effective resolution of impaired loans. Management expects that the earnings will continue to benefit from these resolutions, unlocking capital that can then be redeployed. The Q3 2025 earnings call specifically highlighted that capital redeployment and resolutions of impaired loans, including two that closed at quarter-end, are expected to benefit earnings.
• Expansion into Diverse Investment Channels and Geographies: BXMT is diversifying its investment approach by exploring various channels, including originations, portfolio acquisitions, net lease, and bank loan portfolios. The company is also geographically diversified, with over 40% of its investments being international, which helps buffer against domestic market fluctuations and provides a natural hedge to its traditional floating-rate business. This broad approach aims to find compelling relative value and diversify the composition of its earnings.
• Optimization of the Balance Sheet and Capitalization: Strengthening the balance sheet and optimizing capitalization are crucial for unlocking future earnings potential. CEO Katie Keenan has emphasized that scale, insight, capitalization, portfolio quality, and platform are essential drivers of value, particularly during periods of market change.
• Capitalizing on Improving Market Conditions: BXMT is positioned to benefit from a recovery in market conditions, characterized by stable or improving real estate fundamentals, constrained new supply, and increasing liquidity and transaction activity. This environment supports robust repayment levels in their pre-rate hike portfolio and provides a strong pipeline for new investments.

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Share Repurchases

• Blackstone Mortgage Trust (BXMT) has repurchased approximately $140 million of shares since establishing its program in 2024.
• The company repurchased $16 million of common stock in the third quarter of 2025 and an additional $61 million in the fourth quarter of 2025 so far.
• BXMT's Board of Directors approved replenishing its share buyback capacity by $150 million in the third quarter of 2025.

Share Issuance

• As of June 30, 2025, 9,967,334 shares of Class A common stock were available for future issuance.
• An "at the market" stock offering program authorized the potential sale of up to $480.9 million of additional Class A common stock as of June 30, 2025.
• Net proceeds from the issuance of Class A common stock totaled approximately $52.155 million in the first half of 2022.

Outbound Investments

• Blackstone Mortgage Trust expects to close over $7 billion in new investments in 2025, encompassing originations, loan acquisitions, and its net lease strategy.
• In the third quarter of 2025, BXMT closed $1 billion in total investments, including the acquisition of a 50% interest in a $600 million portfolio of granular loans secured by fully occupied net lease retail assets.
• The company has strategically diversified its portfolio by reducing U.S. office exposure to 21% and increasing investments in multifamily, industrial, and self-storage sectors, which now constitute approximately 50% of its portfolio.