BLACKSTONE MORTGAGE TRUST, INC. 10-Q

ITEM 1. FINANCIAL STATEMENTS Blackstone Mortgage Trust, Inc. Consolidated Balance Sheets (Unaudited) (in thousands, except share data) March 31, 2026 December 31, 2025 Assets Cash and cash equivalents $ 549,153 $ 452,526 Loans receivable 17,557,936 18,069,134 Current expected credit loss reserve ( 291,590 ) ( 284,440 ) Loans receivable, net 17,266,346 17,784,694 Owned real estate, net 1,149,085 1,134,975 Investments in unconsolidated entities (includes $ 101,328 and $ 111,010 at fair value as of March 31, 2026 and December 31, 2025 , respectively) 244,400 217,488 Other assets 420,824 413,263 Total Assets $ 19,629,808 $ 20,002,946 Liabilities and Equity Secured debt, net $ 9,089,438 $ 10,117,292 Securitized debt obligations, net 2,874,489 2,139,719 Asset-specific debt, net 959,352 997,746 Term loans, net 1,881,392 1,808,000 Senior secured notes, net 782,215 784,876 Convertible notes, net 265,028 264,745 Other liabilities 359,842 386,178 Total Liabilities 16,211,756 16,498,556 Commitments and contingencies ( Note 21 ) Equity Class A common stock, $ 0.01 par value, 400,000,000 shares authorized, 168,683,520 and 168,259,023 shares issued and outstanding as of March 31, 2026 and December 31, 2025 , respectively 1,687 1,683 Additional paid-in capital 5,436,583 5,430,542 Accumulated other comprehensive income 7,857 12,113 Accumulated deficit ( 2,031,167 ) ( 1,945,428 ) Total Blackstone Mortgage Trust, Inc. stockholders’ equity 3,414,960 3,498,910 Non-controlling interests 3,092 5,480 Total Equity 3,418,052 3,504,390 Total Liabilities and Equity $ 19,629,808 $ 20,002,946 Note: The consolidated balance sheets as of March 31, 2026 and December 31, 2025 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 March 31, 2026 and December 31, 2025 , assets of the consolidated VIEs totaled $ 4.1 billion and $ 3.3 billion , respectively, and liabilities of the consolidated VIEs totaled $ 2.9 billion and $ 2.2 billion , respectively. Refer to Note 19 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 March 31, 2026 2025 Income from loans and other investments Interest and related income $ 305,557 $ 332,057 Less: Interest and related expenses 220,736 242,233 Income from loans and other investments, net 84,821 89,824 Revenue from owned real estate 74,594 37,033 Total net revenue 159,415 126,857 Expenses Management and incentive fees 14,813 17,235 General and administrative expenses 13,981 12,664 Expenses from owned real estate 81,975 46,302 Total expenses 110,769 76,201 Increase in current expected credit loss reserve ( 55,055 ) ( 49,505 ) Income (loss) from unconsolidated entities 1,383 ( 874 ) Net loss on disposition of owned real estate ( 160 ) — Other income, net 4 90 (Loss) income before income taxes ( 5,182 ) 367 Income tax provision 1,158 718 Net loss ( 6,340 ) ( 351 ) Net loss (income) attributable to non-controlling interests 43 ( 6 ) Net loss attributable to Blackstone Mortgage Trust, Inc. $ ( 6,297 ) $ ( 357 ) Net loss per share of common stock, basic and diluted $ ( 0.04 ) $ ( 0.00 ) Weighted-average shares of common stock outstanding, basic and diluted 169,078,373 172,004,888 See accompanying notes to consolidated financial statements. 5 Blackstone Mortgage Trust, Inc. Consolidated Statements of Comprehensive Income (Unaudited) (in thousands) Three Months Ended March 31, 2026 2025 Net loss $ ( 6,340 ) $ ( 351 ) Other comprehensive (loss) income Unrealized (loss) gain on foreign currency translation ( 28,400 ) 60,901 Realized and unrealized gain (loss) on derivative financial instruments 24,471 ( 60,394 ) Unrealized loss on derivative financial instruments from unconsolidated entities ( 327 ) ( 184 ) Other comprehensive (loss) income ( 4,256 ) 323 Comprehensive loss ( 10,596 ) ( 28 ) Comprehensive loss (income) attributable to non-controlling interests 43 ( 6 ) Comprehensive loss attributable to Blackstone Mortgage Trust, Inc. $ ( 10,553 ) $ ( 34 ) 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, 2025 $ 1,683 $ 5,430,542 $ 12,113 $ ( 1,945,428 ) $ 3,498,910 $ 5,480 $ 3,504,390 Repurchases of class A common stock ( 1 ) ( 801 ) — — ( 802 ) — ( 802 ) Restricted class A common stock earned 5 6,484 — — 6,489 — 6,489 Dividends reinvested — 160 — — 160 — 160 Deferred directors’ compensation — 198 — — 198 198 Net loss — — — ( 6,297 ) ( 6,297 ) ( 43 ) ( 6,340 ) Other comprehensive loss — — ( 4,256 ) — ( 4,256 ) — ( 4,256 ) Dividends declared on common stock and deferred stock units, $ 0.47 per share — — — ( 79,442 ) ( 79,442 ) — ( 79,442 ) Distributions to non-controlling interests — — — — — ( 2,345 ) ( 2,345 ) Balance at March 31, 2026 $ 1,687 $ 5,436,583 $ 7,857 $ ( 2,031,167 ) $ 3,414,960 $ 3,092 $ 3,418,052 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 See accompanying notes to consolidated financial statements. 7 Blackstone Mortgage Trust, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands) Three Months Ended March 31, 2026 2025 Cash flows from operating activities Net loss $ ( 6,340 ) $ ( 351 ) Adjustments to reconcile net loss to net cash provided by operating activities Non-cash compensation expense 6,687 6,965 Amortization of deferred fees on loans ( 15,430 ) ( 10,622 ) Amortization of deferred financing costs and premiums/discounts on debt obligations 9,087 9,345 Payment-in-kind interest, net of interest received ( 5,106 ) ( 3,570 ) Increase in current expected credit loss reserve 55,055 49,505 Straight-line rental income ( 1,775 ) 901 Depreciation and amortization of owned real estate 20,885 16,279 Net loss on disposition of owned real estate 160 — (Income) loss from unconsolidated entities ( 1,383 ) 874 Distributions of earnings from unconsolidated entities 12,291 — Unrealized loss on derivative financial instruments, net 3,520 2,526 Realized gain on derivative financial instruments, net ( 7,481 ) ( 5,480 ) Changes in assets and liabilities, net Other assets 99,013 36,987 Other liabilities 544 ( 2,843 ) Net cash provided by operating activities 169,727 100,516 Cash flows from investing activities Principal fundings of loans receivable ( 290,826 ) ( 1,677,727 ) Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable 599,251 1,940,914 Origination and other fees received on loans receivable 12,235 11,965 Investment in debt securities ( 66,650 ) — Payments under derivative financial instruments ( 25,866 ) ( 13,384 ) Receipts under derivative financial instruments 7,903 93,882 Collateral deposited under derivative agreements ( 89,090 ) ( 135,670 ) Return of collateral deposited under derivative agreements 107,400 70,840 Investment in unconsolidated entities ( 58,893 ) ( 25,626 ) Return of capital from unconsolidated entities 20,746 — Proceeds from disposition of owned real estate 15,148 — Capital expenditures on owned real estate ( 10,532 ) ( 4,255 ) Net cash provided by investing activities 220,826 260,939 continued… See accompanying notes to consolidated financial statements. 8 Blackstone Mortgage Trust, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands) Three Months Ended March 31, 2026 2025 Cash flows from financing activities Borrowings under secured debt $ 210,868 $ 1,029,960 Repayments under secured debt ( 1,187,050 ) ( 905,532 ) Proceeds from issuance of securitized debt obligations 880,000 831,250 Repayments of securitized debt obligations ( 133,608 ) ( 102,782 ) Borrowings under asset-specific debt 11,521 203,941 Repayments under asset-specific debt ( 48,000 ) ( 936,274 ) Net proceeds from term loan borrowings 72,117 — Repayments and repurchases of term loans — ( 3,690 ) Payment of deferred financing costs ( 16,476 ) ( 22,017 ) Distributions to non-controlling interests ( 2,345 ) ( 137 ) Dividends paid on class A common stock ( 79,082 ) ( 81,214 ) Repurchases of class A common stock ( 802 ) ( 31,647 ) Net cash used in financing activities ( 292,857 ) ( 18,142 ) Net increase in cash and cash equivalents 97,696 343,313 Cash and cash equivalents at beginning of period 452,526 323,483 Effects of currency translation on cash and cash equivalents ( 1,069 ) 1,767 Cash and cash equivalents at end of period $ 549,153 $ 668,563 Supplemental disclosure of cash flows information Payments of interest $ ( 206,004 ) $ ( 245,428 ) Payments of income taxes $ ( 1,885 ) $ ( 782 ) Supplemental disclosure of non-cash investing and financing activities Dividends declared, not paid $ ( 79,281 ) $ ( 80,644 ) Loan principal payments held by servicer, net $ 6,628 $ 577 Transfer of senior loans to owned real estate $ 30,355 $ 34,721 Assumption of other assets and liabilities related to owned real estate $ 10,727 $ 10,323 Accrued capital expenditures on owned real estate $ 356 $ — See accompanying notes to consolidated financial statements. 9 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 secured credit facilities, issuing collateralized loan obligations, or CLOs, other securitization transactions, syndicating senior loans and/or participations, and other forms of asset-level 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, 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, 2025 filed with the Securities and Exchange Commission, or the SEC. Basis of Presentation The accompanying consolidated financial statem ents have been prepared in accordance with GAAP, and includ e, 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. Certain reclassifications have been made in the presentation of the prior period statements of operations to combine other income and other expenses to conform to the current period presentation. 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. 10 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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. 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 March 31, 2026 . 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 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 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 March 31, 2026 . 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 11 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 owned real estate assets, which is included in revenue from owned real estate 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. We determine if an arrangement is a lease at contract inception, which is subject to the provisions of ASC 842. 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 collectability 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 March 31, 2026 and December 31, 2025 , 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 12 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 February 28, 2026 . 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. 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, 13 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point 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 March 31, 2026 . Owned Real Estate 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 owned real estate, 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 owned real estate 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, 15 years for land improvements, 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. Refer to Note 4 for further information. 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 14 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 March 31, 2026 and December 31, 2025 , we had 13 and 12 owned real estate assets, respectively, that were all classified as held for investment. Agency Multifamily Lending Partnership In 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 our 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 are reevaluated for collectibility 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 March 31, 2026 , 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 related liabilities of $ 32 thousand . 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 15 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 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. Debt Securities We have elected the FVO for our debt securities, which are included in other assets on our consolidated balance sheets. Refer to Note 6 for further information. 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. 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. 16 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 18 . 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 March 31, 2026 , we had an aggregate $ 84.9 million asset-specific CECL reserve related to seven of our loans receivable with an aggregate amortized cost basis of $ 372.2 million , 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 March 31, 2026 . 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 4.9 % to 8.0 % , and the unlevered discount rate assumption, which ranged from 8.0 % to 15.0 % . During the three months ended March 31, 2026 , we acquired legal title to one owned real estate asset through a foreclosure transaction . At the time of acquisition, we determined the fair value of the real estate asset based on a variety of inputs, as applicable, including, but not limited to, estimated cash flow projections, leasing assumptions, required capital expenditures, market data, and comparable sales. The owned real estate asset was measured at fair value on a nonrecurring basis using significant unobservable inputs and is classified as a Level 3 asset 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 asset, which was 6.5 % , and (ii) the unlevered discount rate assumption, which was 11.0 % . Refer to Notes 4 and 18 for further information. 17 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 and other secured debt: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced. Other secured debt is included in other liabilities in our consolidated balance sheets. • 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 16 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 17 for further information. 18 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 14 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 December 2025, the FASB issued Accounting Standards Update, or ASU, 2025-11, “Interim Reporting (Topic 270): Narrow Scope Improvements,” which amends the guidance in ASC 270, Interim Reporting. The update enhances interim disclosure requirements by clarifying the information that must be presented in quarterly periods, including improved transparency regarding significant events, accounting policy updates, and material developments that occur between annual reporting dates. ASU 2025-11 also aligns certain interim reporting requirements more closely with annual disclosure objectives to promote consistency and comparability. The amendments are effective for interim periods beginning after December 15, 2027, and early adoption is permitted. We have not early adopted ASU 2025-11 and do not expect the adoption of ASU 2025-11 to have a material impact on our consolidated financial statements. In December 2025, the FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements,” which amends the guidance in ASC 815, Derivatives and Hedging. The update refines certain hedge accounting requirements, including clarifications to the designation and documentation criteria for hedge relationships, improvements to the assessment of hedge effectiveness, and enhanced disclosures intended to provide greater transparency into an entity’s risk management activities involving derivatives. ASU 2025-09 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 2025-09 and do not expect the adoption of ASU 2025-09 to have a material impact on our consolidated financial statements. In December 2025, the FASB issued ASU 2025-08, “Financial Instruments—Credit Losses (Topic 326): Purchased Loans,” which clarifies the application of the CECL model to purchased loans, including purchased credit‑deteriorated loans, and enhances related disclosure requirements. ASU 2025-08 is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. We have not early adopted ASU 2025-08 and do not expect the adoption of ASU 2025-08 to have a material impact on our consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,” 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 19 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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. The adoption of ASU 2025-05 in 2026 did not 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 owned real estate assets. In May 2025, the FASB issued ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity,” 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. The adoption of ASU 2024-04 in 2026 did not 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. 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. 20 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 3. LOANS RECEIVABLE, NET The following table details overall statistics for our loans receivable portfolio ($ in thousands): March 31, 2026 December 31, 2025 Number of loans 130 131 Principal balance $ 17,639,430 $ 18,154,768 Net book value $ 17,266,346 $ 17,784,694 Unfunded loan commitments (1) $ 1,168,941 $ 1,185,004 Weighted-average cash coupon (2) + 3.23 % + 3.19 % Weighted-average all-in yield (2) + 3.46 % + 3.39 % Weighted-average maximum maturity (years) (3) 2.4 2.5 (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 March 31, 2026 , 97 % of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR . The remaining 3 % of our loans by principal balance earned a fixed rate of interest. As of December 31, 2025 , 97 % of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. The remaining 3 % 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 . (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 March 31, 2026 , 41 % of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 59 % were open to repayment by the borrower without penalty. As of December 31, 2025 , 40 % of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 60 % were open to repayment by the borrower without penalty. The following table details the index rate floors for our loans receivable portfolio as of March 31, 2026 ($ in thousands): Loans Receivable Principal Balance Index Rate Floors USD Non-USD (1) Total Fixed Rate $ 397,337 $ 134,916 $ 532,253 0.00% or no floor (2) 731,463 4,614,027 5,345,490 0.01% to 1.00% floor 1,636,260 1,152,196 2,788,456 1.01% to 2.00% floor 929,990 1,711,218 2,641,208 2.01% to 3.00% floor 4,764,518 364,885 5,129,403 3.01% or more floor 951,506 251,114 1,202,620 Total (3) $ 9,411,074 $ 8,228,356 $ 17,639,430 (1) Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies. (2) Includes all impaired loans. (3) As of March 31, 2026 , the weighted-average index rate floor of our floating-rate loans receivable principal balance was 1.40 % . Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 2.06 % . 21 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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, 2025 $ 18,154,768 $ ( 85,634 ) $ 18,069,134 Loan fundings 290,826 — 290,826 Loan repayments, sales, and cost-recovery proceeds ( 630,933 ) ( 859 ) ( 631,792 ) Charge-offs ( 46,957 ) 506 ( 46,451 ) Transfer to owned real estate ( 30,355 ) — ( 30,355 ) Transfer to other assets, net (2) ( 10,727 ) — ( 10,727 ) Payment-in-kind interest, net of interest received 5,106 — 5,106 Unrealized (loss) gain on foreign currency translation ( 92,298 ) 72 ( 92,226 ) Deferred fees and other items — ( 11,009 ) ( 11,009 ) Amortization of fees and other items — 15,430 15,430 Loans Receivable, as of March 31, 2026 $ 17,639,430 $ ( 81,494 ) $ 17,557,936 CECL reserve ( 291,590 ) Loans Receivable, net, as of March 31, 2026 $ 17,266,346 (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 a loan that was transferred to owned real estate, net of any liabilities recorded upon acquisition . See Note 6 for further information. 22 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) The tables below detail the property type and geographic distribution of the properties securing the loans in our loans receivable portfolio ($ in thousands): March 31, 2026 Property Type Number of Loans Net Book Value Net Loan Exposure (1) Net Loan Exposure Percentage of Portfolio Multifamily 46 $ 4,468,743 $ 4,288,075 26 % Office 34 4,557,654 4,220,106 26 Industrial 22 4,454,201 4,157,570 25 Hospitality 10 1,736,982 1,659,965 10 Retail 7 687,182 606,901 4 Self-storage 3 650,571 485,715 3 Life Sciences / Studio 4 284,571 267,040 2 Other 4 718,032 681,112 4 Total loans receivable 130 $ 17,557,936 $ 16,366,484 100 % CECL reserve ( 291,590 ) Loans receivable, net $ 17,266,346 Geographic Location Number of Loans Net Book Value Net Loan Exposure (1) Net Loan Exposure Percentage of Portfolio United States Sunbelt 44 $ 4,508,223 $ 3,722,978 23 % West 23 1,840,712 1,776,895 11 Northeast 17 1,858,340 1,759,244 11 Midwest 6 625,821 612,984 4 Northwest 3 461,906 458,229 3 Subtotal 93 9,295,002 8,330,330 52 International United Kingdom 19 3,531,479 3,520,741 21 Australia 4 1,157,051 1,161,942 7 Ireland 3 1,125,056 1,118,110 7 Spain 1 553,729 508,040 3 Sweden 1 488,587 487,427 3 Canada 1 449,123 284,674 2 Other Europe 7 896,738 894,462 5 Other International 1 61,171 60,758 — Subtotal 37 8,262,934 8,036,154 48 Total loans receivable 130 $ 17,557,936 $ 16,366,484 100 % CECL reserve ( 291,590 ) Loans receivable, net $ 17,266,346 (1) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of March 31, 2026 , which is our principal balance net of (i) $ 961.1 million of asset-specific debt, (ii) $ 20.3 million of cost-recovery proceeds, and (iii) our total loans receivable CECL reserve of $ 291.6 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) December 31, 2025 Property Type Number of Loans Net Book Value Net Loan Exposure (1) Net Loan Exposure Percentage of Portfolio Office 37 $ 4,879,422 $ 4,556,980 27 % Multifamily 46 4,457,767 4,305,534 26 Industrial 21 4,458,487 4,114,141 24 Hospitality 12 1,940,693 1,827,133 11 Retail 6 674,612 596,204 3 Self-storage 3 659,515 492,376 3 Life Sciences/Studio 4 284,079 277,373 2 Other 2 714,559 676,293 4 Total loans receivable 131 $ 18,069,134 $ 16,846,034 100 % CECL reserve ( 284,440 ) Loans receivable, net $ 17,784,694 Geographic Location Number of Loans Net Book Value Net Loan Exposure (1) Net Loan Exposure Percentage of Portfolio United States Sunbelt 45 $ 4,715,039 $ 3,918,928 23 % West 23 1,963,032 1,872,531 11 Northeast 17 1,893,877 1,800,387 11 Midwest 6 619,726 609,433 4 Northwest 3 457,215 454,507 3 Subtotal 94 9,648,889 8,655,786 52 International United Kingdom 19 3,595,424 3,582,983 21 Ireland 3 1,141,770 1,135,749 7 Australia 4 1,104,765 1,110,648 7 Spain 2 684,109 638,112 4 Sweden 1 502,124 500,917 3 Canada 1 455,407 288,504 2 Other Europe 6 875,579 872,527 4 Other International 1 61,067 60,808 — Subtotal 37 8,420,245 8,190,248 48 Total loans receivable 131 $ 18,069,134 $ 16,846,034 100 % CECL reserve ( 284,440 ) Loans receivable, net $ 17,784,694 (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, 2025 , which is our principal balance net of (i) $ 999.8 million of asset-specific debt, (ii) $ 24.5 million of cost- recovery p roceeds, and (iii) our total loans receivable CECL reserve of $ 284.4 million . See Note 2 for further discussion of loan participations sold. Our asset-specific debt is structurally non-recourse and term-matched to the corresponding collateral loans. 24 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 tables allocate the net book value and net loan exposure balances based on our internal risk ratings ($ in thousands): March 31, 2026 Risk Rating Number of Loans Net Book Value Net Loan Exposure (1) 1 2 $ 114,420 $ 114,095 2 20 2,948,977 2,778,681 3 84 11,478,398 10,646,589 4 17 2,643,985 2,541,297 5 7 372,156 285,822 Total loans receivable 130 $ 17,557,936 $ 16,366,484 CECL reserve ( 291,590 ) Loans receivable, net $ 17,266,346 December 31, 2025 Risk Rating Number of Loans Net Book Value Net Loan Exposure (1) 1 3 $ 303,971 $ 302,564 2 20 2,875,870 2,704,222 3 85 11,907,947 11,045,913 4 17 2,806,758 2,705,706 5 6 174,588 87,629 Total loans receivable 131 $ 18,069,134 $ 16,846,034 CECL reserve ( 284,440 ) Loans receivable, net $ 17,784,694 (1) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of March 31, 2026 , which is our principal balance net of (i) $ 961.1 million of asset-specific debt, (ii) $ 20.3 million of cost-recovery proceeds, and (iii) our total loans receivable CECL reserve of $ 291.6 million . Our net loan exposure as of December 31, 2025 is our principal balance net of (i) $ 999.8 million of asset-specific debt, (ii) $ 24.5 million of cost- recovery proceeds, and (iii) our total loans receivable CECL reserve of $ 284.4 million . Our asset-specific debt is structurally non-recourse and term-matched to the corresponding collateral loans. Our loan portfolio had a weighted-average risk rating of 3.0 , based on net loan exposure, as of both March 31, 2026 and December 31, 2025 . 25 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 months ended March 31, 2026 and 2025 ($ in thousands): U.S. Loans (1) Non-U.S. Loans Unique Loans Impaired Loans Total Loans Receivable, Net CECL reserves as of December 31, 2025 $ 101,180 $ 45,470 $ 50,465 $ 87,325 $ 284,440 Increase (decrease) in CECL reserves 15,673 ( 6,305 ) 182 44,051 53,601 Charge-offs of CECL reserves — — — ( 46,451 ) ( 46,451 ) CECL reserves as of March 31, 2026 $ 116,853 $ 39,165 $ 50,647 $ 84,925 $ 291,590 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 (1) Includes one U.S. dollar-denominated loan that is located in Bermuda. During the three months ended March 31, 2026 , we recorded a net increase of $ 7.2 million in the CECL reserves against our loans receivable portfolio, primarily driven by a $ 9.6 million increase in our general CECL reserve partially offset by a $ 2.4 million decrease in our asset-specific CECL reserve, bringing our total loans receivable CECL reserves to $ 291.6 million as of March 31, 2026 . The increase in our general CECL reserve was primarily driven by new loan originations. The decrease in our asset-specific reserve was driven by charge-offs of $ 46.5 million primarily related to the resolution of one previously impaired loan as a result of our acquisition of title through a foreclosure of a hospitality collateral property located in San Francisco, CA, which is now included on our consolidated balance sheet as an owned real estate asset. This was largely offset by additions to our asset-specific CECL reserve related to two additional loans with a total amortized cost basis of $ 284.8 million that were impaired during the three months ended March 31, 2026 . The income accrual was suspended on the two newly impaired loans, as the recovery of income and principal was doubtful. During the three months ended March 31, 2026 , we recorded $ 1.4 million of interest income on these loans. As of March 31, 2026 , we had an aggregate $ 84.9 million asset-specific CECL reserve related to seven of our loans receivable, with a total amortized cost basis of $ 372.2 million , net of cost-recovery proceeds. Impairments are each determined individually as a result of changes in the specific credit quality factors for each such loan. 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 asset-specific CECL reserve was recorded based on our estimation of the fair value of each loan’s underlying collateral as of March 31, 2026 . No income was recorded on our impaired loans subsequent to determining that they were impaired. During the three months ended March 31, 2026 , we received an aggregate $ 0.5 million of cash proceeds from such loans that were applied as a reduction to the amortized cost basis of each respective loan. As of March 31, 2026 , two of our performing loans with an aggregate amortized cost basis of $ 156.7 million were in default. With respect to one of these loans, the default was a technical default as a result of the non-payment of an extension fee, the loan was not past its maturity date and was current on its interest payments. The other loan was in payment default and was less than 90 days past due on its interest payment. Both of these loans had a risk rating of “4.” All other 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. 26 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 March 31, 2026 and December 31, 2025 , 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 March 31, 2026 Risk Rating 2026 2025 2024 2023 2022 Prior Total U.S. loans 1 $ — $ 60,519 $ — $ — $ — $ 53,901 $ 114,420 2 — 84,921 61,171 — 164,646 580,595 891,333 3 180,912 1,884,547 275,807 — 1,623,740 2,240,857 6,205,863 4 — — — — 190,268 1,595,708 1,785,976 5 — — — — — — — Total U.S. loans $ 180,912 $ 2,029,987 $ 336,978 $ — $ 1,978,654 $ 4,471,061 $ 8,997,592 Non-U.S. loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — 716,767 — — 469,429 871,448 2,057,644 3 32,982 2,377,080 — — — 1,664,166 4,074,228 4 — — — — — 360,357 360,357 5 — — — — — — — Total Non-U.S. loans $ 32,982 $ 3,093,847 $ — $ — $ 469,429 $ 2,895,971 $ 6,492,229 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — 908,375 289,932 1,198,307 4 — — — — — 497,652 497,652 5 — — — — — — — Total unique loans $ — $ — $ — $ — $ 908,375 $ 787,584 $ 1,695,959 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — — — 179,285 192,871 372,156 Total impaired loans $ — $ — $ — $ — $ 179,285 $ 192,871 $ 372,156 Total loans receivable 1 $ — $ 60,519 $ — $ — $ — $ 53,901 $ 114,420 2 — 801,688 61,171 — 634,075 1,452,043 2,948,977 3 213,894 4,261,627 275,807 — 2,532,115 4,194,955 11,478,398 4 — — — — 190,268 2,453,717 2,643,985 5 — — — — 179,285 192,871 372,156 Total loans receivable $ 213,894 $ 5,123,834 $ 336,978 $ — $ 3,535,743 $ 8,347,487 $ 17,557,936 CECL reserve ( 291,590 ) Loans receivable, net $ 17,266,346 Gross charge-offs (2) — — — — — ( 46,451 ) $ ( 46,451 ) (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 three months ended March 31, 2026 . 27 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) Net Book Value of Loans Receivable by Year of Origination (1) As of December 31, 2025 Risk Rating 2025 2024 2023 2022 2021 Prior Total U.S. loans 1 $ — $ — $ — $ 151,674 $ 98,329 $ 53,968 $ 303,971 2 140,513 61,068 — 105,447 611,866 170,012 1,088,906 3 1,870,372 274,866 — 1,714,538 1,928,118 456,963 6,244,857 4 — — — 367,804 582,317 961,346 1,911,467 5 — — — — — — — Total U.S. loans $ 2,010,885 $ 335,934 $ — $ 2,339,463 $ 3,220,630 $ 1,642,289 $ 9,549,201 Non-U.S. loans 1 $ — $ — $ — $ — $ — $ — $ — 2 652,289 — — 480,619 654,056 — 1,786,964 3 2,465,305 — — — 941,669 1,084,707 4,491,681 4 — — — — — 366,658 366,658 5 — — — — — — — Total Non-U.S. loans $ 3,117,594 $ — $ — $ 480,619 $ 1,595,725 $ 1,451,365 $ 6,645,303 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — 877,908 — 293,501 1,171,409 4 — — — — — 528,633 528,633 5 — — — — — — — Total unique loans $ — $ — $ — $ 877,908 $ — $ 822,134 $ 1,700,042 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — — — 31,700 142,888 174,588 Total impaired loans $ — $ — $ — $ — $ 31,700 $ 142,888 $ 174,588 Total loans receivable 1 $ — $ — $ — $ 151,674 $ 98,329 $ 53,968 $ 303,971 2 792,802 61,068 — 586,066 1,265,922 170,012 2,875,870 3 4,335,677 $ 274,866 — 2,592,446 2,869,787 1,835,171 11,907,947 4 — — — 367,804 582,317 1,856,637 2,806,758 5 — — — — 31,700 142,888 174,588 Total loans receivable $ 5,128,479 $ 335,934 $ — $ 3,697,990 $ 4,848,055 $ 4,058,676 $ 18,069,134 CECL reserve ( 284,440 ) Loans receivable, net $ 17,784,694 Gross charge-offs (2) — — — ( 54,404 ) ( 214,796 ) ( 286,916 ) $ ( 556,116 ) (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, 2025 . 28 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) Loan Modifications Pursuant to ASC 326 During the twelve months ended March 31, 2026 , we entered into four loan modifications that require disclosure pursuant to ASC 326. Three of these loans were collateralized by office assets and one was collateralized by a life sciences/studio asset. One of the loan modifications included a term extension combined with an other-than-insignificant payment delay. This 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 March 31, 2026 , the amortized cost basis of this loan was $ 242.3 million , or 1.4 % of our aggregate loans receivable portfolio, with no unfunded commitments. This loan was in compliance with its modified contractual terms as of March 31, 2026 . 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 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 and deferring interest on the subordinate loan. The second 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 on the subordinate loan, which is paid-in-kind. The third loan modification included a term extension of 4.3 years , the interest rate decreased by 4.19 % , the borrower repaid $ 12.7 million upon closing of the modification, 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 on the subordinate loan, which is paid-in-kind. As of March 31, 2026 , the aggregate amortized cost basis of these loans was $ 386.1 million , or 2.2 % of our aggregate loans receivable portfolio, with an aggregate $ 67.7 million of unfunded commitments. These loans were in compliance with their modified contractual terms as of March 31, 2026 . All four of these loans had a risk rating of “ 5 ” at the time of modification. In aggregate, these modifications resulted in the bifurcation of all four loans into separate senior and subordinate loans, or eight loans in aggregate. As of March 31, 2026 , three of the newly bifurcated senior loans had a risk rating of “4,” and one had a risk rating of “3.” The four newly bifurcated subordinate loans all had a risk rating of “5,” as collection of amounts due under the loan terms was doubtful. 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” are evaluated individually for 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 March 31, 2026 , no income was recorded on our loans subsequent to determining that they were impaired and risk rated “ 5 .” 4. OWNED REAL ESTATE, NET As of March 31, 2026 and December 31, 2025 , we had 13 and 12 owned real estate assets, respectively. During the three months ended March 31, 2026 , we acquired one owned real estate asset through a foreclosure transaction with an acquisition price of $ 41.1 million . We allocated $ 22.8 million to land and land improvements, $ 7.6 million to building and building improvements, and $ 10.7 million to other components of the purchase price, including cash held in reserves at the time of acquisition. There were no acquired intangible assets. We charged off $ 46.8 million of CECL reserves relating to the loan that had previously been secured by this asset, as the loan’s carrying value of $ 87.9 million at the time of the foreclosure exceeded the acquisition date fair value noted above. See Note 2 for further discussion of owned real estate assets. 29 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) Acquisitions The acquisition of one owned real estate asset during the three months ended March 31, 2026 was accounted for as an asset acquisition under ASC 805, and we recognized this property as an owned real estate asset held for investment. The following table presents the owned real estate asset that was acquired during the three months ended March 31, 2026 ($ in thousands): Acquisition Date Location Property Type Acquisition Date Fair Value March 2026 San Francisco, CA Hospitality $ 41,082 $ 41,082 Dispositions During the three months ended March 31, 2026 , we completed a partial sale of one owned real estate asset, a multifamily property located in San Antonio, TX. The carrying value of the asset at the time of disposition was $ 15.3 million , and we received net cash proceeds of $ 15.1 million , resulting in a net loss of $ 0.2 million , which is included in net loss on disposition of owned real estate on our consolidated statements of operations. The following table presents the assets and liabilities related to owned real estate held for investment included in our consolidated balance sheets ($ in thousands): March 31, 2026 December 31, 2025 Assets Building and building improvements $ 714,162 $ 708,097 Land and land improvements 478,920 461,585 Total $ 1,193,082 $ 1,169,682 Less: accumulated depreciation ( 43,997 ) ( 34,707 ) Owned real estate, net $ 1,149,085 $ 1,134,975 Intangible real estate assets $ 158,296 $ 161,690 Less: accumulated amortization ( 52,117 ) ( 44,601 ) Intangible real estate assets, net (1) $ 106,179 $ 117,089 Liabilities Intangible real estate liabilities $ 3,985 $ 3,985 Less: accumulated amortization ( 844 ) ( 570 ) Intangible real estate liabilities, net (2) $ 3,141 $ 3,415 (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. 30 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) Revenue and expenses from owned real estate consisted of the following ($ in thousands): Three Months Ended March 31, 2026 2025 Rental revenue $ 24,174 $ 14,334 Hospitality revenue 44,461 17,036 Other operating revenue 5,959 5,663 Revenue from owned real estate $ 74,594 $ 37,033 Operating expense $ 61,090 $ 30,089 Depreciation and amortization expense 20,885 16,213 Total expenses from owned real estate $ 81,975 $ 46,302 Loss from owned real estate $ ( 7,381 ) $ ( 9,269 ) The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of March 31, 2026 . Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included ($ in thousands) : Future Minimum Rents 2026 (remaining) $ 62,785 2027 74,967 2028 65,762 2029 50,088 2030 42,852 Thereafter 130,843 Total $ 427,297 The following table presents the estimated future amortization of lease intangibles for each of the next five years and thereafter as March 31, 2026 ($ in thousands): In-place lease intangibles Above-market lease intangibles Below-market lease intangibles 2026 (remaining) $ 20,758 $ 4,544 $ ( 675 ) 2027 18,386 4,244 ( 758 ) 2028 13,136 3,409 ( 637 ) 2029 10,005 2,517 ( 512 ) 2030 7,390 2,163 ( 302 ) Thereafter 14,526 5,101 ( 257 ) Total $ 84,201 $ 21,978 $ ( 3,141 ) 31 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 5. INVESTMENTS IN UNCONSOLIDATED ENTITIES As of March 31, 2026 , 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): March 31, 2026 Investments in Unconsolidated Entities Number of Assets Ownership Interest Book Value Unconsolidated entities carried at historical cost Net Lease Joint Venture 260 (1) 75 % $ 143,072 Total unconsolidated entities carried at historical cost 260 143,072 Unconsolidated entities carried at fair value Bank Loan Portfolio Joint Venture 508 (2) 35 % (3) 101,328 Total unconsolidated entities carried at fair value 508 101,328 Total 768 $ 244,400 December 31, 2025 Investments in Unconsolidated Entities Number of Assets Ownership Interest Book Value Unconsolidated entities carried at historical cost Net Lease Joint Venture 178 (1) 75 % $ 106,478 Total unconsolidated entities carried at historical cost 178 106,478 Unconsolidated entities carried at fair value: Bank Loan Portfolio Joint Venture 533 (2) 35 % (3) 111,010 Total unconsolidated entities carried at fair value: 533 111,010 Total 711 $ 217,488 (1) The number of assets represents the number of commercial real estate properties. (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) The following tables detail the activity related to our investments in unconsolidated entities during the three months ended March 31, 2026 and 2025 ($ in thousands): Investments in Unconsolidated Entities December 31, 2025 Contributions Distributions Income From Unconsolidated Entities (1) Accumulated Other Comprehensive Loss March 31, 2026 Net Lease Joint Venture $ 106,478 $ 58,893 $ ( 22,413 ) $ 441 $ ( 327 ) $ 143,072 Bank Loan Portfolio Joint Venture 111,010 — ( 10,624 ) 942 — 101,328 Total $ 217,488 $ 58,893 $ ( 33,037 ) $ 1,383 $ ( 327 ) $ 244,400 Investments in Unconsolidated Entities December 31, 2024 Contributions Distributions Loss From Unconsolidated Entities (1) Accumulated Other Comprehensive Income March 31, 2025 Net Lease Joint Venture $ 4,452 $ 25,626 $ — $ ( 874 ) $ ( 184 ) $ 29,020 Total $ 4,452 $ 25,626 $ — $ ( 874 ) $ ( 184 ) $ 29,020 (1) Includes our share of non-cash items such as (i) depreciation and amortization, and (ii) unrealized gains recorded by unconsolidated entities. O ur Net Lease Joint Venture and Bank Loan Portfolio Joint Venture have each entered into and may continue to enter 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) 6 . OTHER ASSETS AND LIABILITIES Other Assets The following table details the components of our other assets ($ in thousands): March 31, 2026 December 31, 2025 Accrued interest receivable $ 137,013 $ 132,975 Real estate intangible assets, net 106,179 117,089 Debt securities, at fair value (1) 66,135 — Other real estate assets 52,040 42,153 Derivative assets 35,993 10,492 Accounts receivable and other assets (2) 7,027 56,848 Collateral deposited under derivative agreements 6,990 25,300 Loan portfolio payments held by servicer (3) 6,833 27,374 Prepaid expenses 2,614 1,032 Total $ 420,824 $ 413,263 (1) Represents an investment in a significant risk transfer, or SRT, transaction with a UK financial institution structured as a credit-linked note, or the UK Bank Loan Portfolio SRT . The investment constitutes the first-loss tranche of a reference portfolio comprising a diversified, granular portfolio of low-leverage commercial real estate loans held by the UK financial institution. The SRT investment earns a floating-rate cash coupon of SONIA + 7.00 % , which is recognized in interest and related income in our consolidated statements of operations. The investment is recorded at fair value, with changes in fair value recognized in other income, net in our consolidated statements of operations. As of March 31, 2026 , no realized credit losses have been incurred with respect to the underlying reference loan portfolio. (2) Includes $ 2.6 million and $ 55.5 million as of March 31, 2026 and December 31, 2025 , 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. (3) 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. 34 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) Other Liabilities The following table details the components of our other liabilities ($ in thousands): March 31, 2026 December 31, 2025 Other real estate liabilities $ 124,838 $ 127,703 Accrued dividends payable 79,281 79,081 Accrued interest payable 63,635 58,871 Other secured debt (1) 38,825 39,475 Accrued management fees payable 14,813 16,434 Accounts payable and other liabilities 13,540 14,653 Current expected credit loss reserves for unfunded loan commitments (2) 13,071 11,617 Derivative liabilities 8,997 26,596 Debt repayments pending servicer remittance (3) 2,842 11,748 Total $ 359,842 $ 386,178 (1) Represents financing on our retained investment in the European Loan Securitization . Refer to Note 8 for further information. (2) Represents the CECL reserve related to our unfunded loan commitments. (3) Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties or CLO trustees during the subsequent remittance cycle. Current Expected Credit Loss Reserves for Unfunded Loan Commitments As of March 31, 2026 , we had aggregate unfunded commitments of $ 1.2 billion related to 52 loans. 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 21 for further discussion of our unfunded loan commitments. During the three months ended March 31, 2026 , we recorded an increase in the CECL reserves related to our unfunded loan commitments of $ 1.5 million , bringing our total unfunded loan commitments CECL reserve to $ 13.1 million as of March 31, 2026 . D uring the three months ended March 31, 2025 , we recorded an increase in the CECL reserves related to our unfunded loan commitments of $ 75 thousand , bringing our total unfunded loan commitments CECL reserve to $ 10.5 million as of March 31, 2025 . 7. SECURED DEBT, NET Our secured debt represents borrowings under our secured credit facilities. During the three months ended March 31, 2026 , we c losed $ 161.3 million of new borrowings against $ 351.0 million of collateral assets. The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding March 31, 2026 December 31, 2025 Secured credit facilities $ 9,099,002 $ 10,125,839 Deferred financing costs (1) ( 9,564 ) ( 8,547 ) Net book value of secured debt $ 9,089,438 $ 10,117,292 (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. 35 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 generally structured to provide currency, index, and term-matched financing without capital markets-based mark-to-market provisions. Our credit facilities are diversified across 16 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of March 31, 2026 ($ in thousands): March 31, 2026 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 12 $ 3,402,516 November 2027 74 $ 5,208,035 November 2027 34 % 25 % - 100 % GBP 7 2,584,533 November 2028 17 3,502,199 December 2028 25 % 25 % EUR 6 1,593,152 September 2027 9 2,265,654 November 2027 42 % 25 % - 100 % Others (5) 4 1,518,801 May 2029 6 1,904,463 May 2029 25 % 25 % Total 16 $ 9,099,002 May 2028 106 $ 12,880,351 May 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. The total number of facility lenders includes two additional lenders that had no f undings advanced as of March 31, 2026 . (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 carrying value of the collateral owned real estate 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. 36 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) The following tables detail the spread of our secured credit facilities as of March 31, 2026 and December 31, 2025 ($ in thousands): Three Months Ended March 31, 2026 March 31, 2026 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 (7) $ 59,040 $ 4,350,442 + 1.55 % $ 5,979,079 + 3.07 % + 1.52 % + 1.51% to + 1.75% — 2,141,407 + 1.75 % 2,819,823 + 3.48 % + 1.73 % + 1.76% to + 2.00% 102,261 1,086,492 + 2.07 % 1,729,600 + 2.82 % + 0.75 % + 2.01% or more — 1,520,661 + 2.61 % 2,351,849 + 4.27 % + 1.66 % Total $ 161,301 $ 9,099,002 + 1.83 % $ 12,880,351 + 3.36 % + 1.53 % Year Ended December 31, 2025 December 31, 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 (7) $ 2,018,709 $ 5,098,876 + 1.54 % $ 6,936,909 + 2.97 % + 1.43 % + 1.51% to + 1.75% 660,636 2,419,595 + 1.75 % 3,232,654 + 3.50 % + 1.75 % + 1.76% to + 2.00% 325,160 1,088,336 + 2.08 % 1,797,080 + 2.94 % + 0.86 % + 2.01% or more 153,625 1,519,032 + 2.74 % 2,371,763 + 4.25 % + 1.51 % Total $ 3,158,130 $ 10,125,839 + 1.83 % $ 14,338,406 + 3.29 % + 1.46 % (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 three months ended March 31, 2026 and year ended December 31, 2025 , 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 owned real estate assets. (4) Represents the weighted-average all-in cost as of March 31, 2026 and December 31, 2025 , 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 carrying value of the collateral owned real estate assets. (6) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. (7) Includes an interest rate swap with a $ 35.6 million notional amount that effectively converts our floating rate liability to a fixed rate liability to align with the financed fixed rate loan exposure. 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 March 31, 2026 , there was an aggregate $ 438.7 million available to be drawn at our discretion under our credit facilities. Financial Covenants As of March 31, 2026 , 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 $ 2.9 billion as of each measurement date plus 75 % to 85 % of the net cash proceeds of future equity issuances subsequent to March 31, 2026 ; (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 March 31, 2026 and December 31, 2025 , we were in compliance with these covenants. 37 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) In April 2026, we closed an amendment to one of our secured debt agreements to reduce, effective as of June 30, 2026 , the required tangible net worth under such agreement from $ 2.9 billion to $ 2.8 billion , the same required minimum tangible net worth applicable under all of our other secured debt agreements as of March 31, 2026 , following amendments to certain of those other agreements that closed during the three months ended March 31, 2026 . 38 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 8. SECURITIZED DEBT OBLIGATIONS, NET We have financed certain pools of our loans through CLOs and have also financed one of our loans through a securitization vehicle, or the European Loan Securitization . The CLOs and the European Loan Securitization are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 19 for further discussion of our CLOs and the European Loan Securitization . T he following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs and the European Loan Securitization ($ in thousands): March 31, 2026 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Term (3) CLOs 2026 FL6 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 880,000 $ 872,024 + 1.84 % August 2043 Underlying Collateral Assets 19 999,379 999,379 + 3.04 % September 2029 2025 FL5 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 831,250 822,738 + 2.15 % October 2042 Underlying Collateral Assets 19 997,984 997,984 + 3.44 % February 2029 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 516,012 516,012 + 1.60 % May 2038 Underlying Collateral Assets 14 645,605 645,605 + 3.98 % May 2027 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 475,960 475,960 + 1.88 % February 2038 Underlying Collateral Assets 10 644,610 644,610 + 2.76 % January 2027 Total CLOs Senior CLO Securities Outstanding 4 $ 2,703,222 $ 2,686,734 + 1.89 % Underlying Collateral Assets 62 3,287,578 3,287,578 + 3.27 % European Loan Securitization Financing Provided 1 $ 189,501 $ 187,755 + 1.65 % July 2030 Underlying Collateral Assets (4) 1 245,066 242,518 + 2.97 % July 2030 Total Senior CLO Securities Outstanding / Financing Provided (5) 5 $ 2,892,723 $ 2,874,489 + 1.88 % Underlying Collateral Assets 63 3,532,644 3,530,096 + 3.27 % (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, while all-in cost includes the amortization of deferred origination fees and financing costs. The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, which is SOFR for the CLOs and EURIBOR for the European Loan Securitization . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, owned real estate assets, and cash from repayment proceeds held in certain of our CLOs that may be used to add new eligible collateral assets. (3) Underlying collateral assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes owned real estate 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. (4) We financed our $ 55.8 million retained interests in the securitization under a repurchase agreement structured without capital markets-based mark-to-market provisions. The amount of the financing is included in other liabilities on our consolidated balance sheets. (5) During the three months ended March 31, 2026 , we recorded $ 34.7 million of interest expense related to our securitized debt obligations. 39 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) December 31, 2025 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) CLOs 2025 FL5 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 831,250 $ 822,243 + 2.15 % October 2042 Underlying Collateral Assets 18 944,537 944,537 + 3.49 % October 2028 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 605,613 605,613 + 1.45 % May 2038 Underlying Collateral Assets 16 736,360 736,360 + 3.18 % February 2027 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 519,967 519,967 + 1.82 % February 2038 Underlying Collateral Assets 11 691,964 691,964 + 2.84 % January 2027 Total CLOs Senior CLO Securities Outstanding 3 $ 1,956,830 $ 1,947,823 + 1.84 % Underlying Collateral Assets 45 2,372,861 2,372,861 + 3.22 % European Loan Securitization Financing Provided 1 $ 192,666 $ 191,896 + 1.53 % July 2030 Underlying Collateral Assets (5) 1 249,160 246,421 + 2.97 % July 2030 Total Senior CLO Securities Outstanding / Financing Provided (6) 4 $ 2,149,496 $ 2,139,719 + 1.82 % Underlying Collateral Assets 46 2,622,021 2,619,282 + 3.22 % (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 the relevant floating benchmark rates, which is SOFR for the CLOs and EURIBOR for the European Loan Securitization . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, owned real estate assets, and cash from repayment proceeds held in certain of our CLOs that may be used to add new eligible collateral assets. (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) We financed our $ 55.8 million retained interests in the securitization under a repurchase agreement structured without capital markets-based mark-to-market provisions. The amount of the financing is included in other liabilities on our consolidated balance sheets. (6) During the year ended December 31, 2025 , we recorded $ 140.0 million of interest expense related to our securitized debt obligations. 40 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 9. ASSET-SPECIFIC DEBT, NET The following tables detail our asset-specific debt ($ in thousands): March 31, 2026 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 4 $ 961,050 $ 959,352 + 2.72 % February 2030 Collateral assets 4 $ 1,195,137 $ 1,186,818 + 4.09 % February 2030 December 31, 2025 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 4 $ 999,810 $ 997,746 + 2.66 % February 2030 Collateral assets 4 $ 1,243,500 $ 1,234,205 + 4.02 % February 2030 (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. 10. TERM LOANS, NET During the three months ended March 31, 2026 , we borrowed an additional $ 770.8 million under a B-9 Term Loan , the proceeds of which were used, among other things, to repay all $ 695.8 million in principal outstanding under the B-6 Term Loan . The B-9 Term Loan bears interest at SOFR + 2.50 % and matures in December 2030 . 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 March 31, 2026 December 31, 2025 Interest Rate (1) All-in Cost (1)(2) Maturity B-6 Term Loan — 695,754 + 3.00 % + 3.61 % December 10, 2030 B-7 Term Loan 450,839 451,972 + 2.50 % + 2.66 % May 9, 2029 B-8 Term Loan 698,250 700,000 + 2.50 % + 2.76 % December 19, 2032 B-9 Term Loan 770,754 — + 2.50 % + 2.80 % December 10, 2030 Total face value $ 1,919,843 $ 1,847,726 Deferred financing costs and unamortized discounts ( 38,451 ) ( 39,726 ) Net book value $ 1,881,392 $ 1,808,000 (1) The B-7 Term Loan and B-9 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. 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 . 41 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) The following table details our interest expense related to the Term Loans ($ in thousands): Three Months Ended March 31, 2026 2025 Cash coupon $ 29,681 $ 34,048 Discount and issuance cost amortization 2,449 2,182 Total interest expense $ 32,130 $ 36,230 The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33 % of our total assets. As of March 31, 2026 and December 31, 2025 , we were in compliance with this covenant. Refer to Note 2 for further discussion of our accounting policies for the Term Loans. 11. 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 March 31, 2026 December 31, 2025 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 ( 6,640 ) ( 7,280 ) Hedging adjustments (3) 3,539 6,840 Net book value $ 782,215 $ 784,876 (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 13 for further discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands): Three Months Ended March 31, 2026 2025 Cash coupon $ 11,862 $ 11,862 Discount and issuance cost amortization 641 697 Total interest expense $ 12,503 $ 12,559 The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33 % of our total assets. As of March 31, 2026 and December 31, 2025 , 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. 42 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 12. 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 March 31, 2026 December 31, 2025 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 ( 1,129 ) ( 1,412 ) Net book value $ 265,028 $ 264,745 (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 March 31, 2026 . 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 $ 19.15 on March 31, 2026 , the last trading day in the three months ended March 31, 2026 , was less than the per share conversion price of the Convertible Note s. The following table details our interest expense related to the Convertible Notes ($ in thousands): Three Months Ended March 31, 2026 2025 Cash coupon $ 3,660 $ 3,660 Discount and issuance cost amortization 282 282 Total interest expense $ 3,942 $ 3,942 Accrued interest payable for the Convertible Notes was $ 0.6 million and $ 4.3 million as of March 31, 2026 and December 31, 2025 , respectively . Refer to Note 2 for further discussion of our accounting policies for the Convertible Notes. 13. 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 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. 43 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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): March 31, 2026 December 31, 2025 Foreign Currency Derivatives Number of Instruments Notional Amount Foreign Currency Derivatives Number of Instruments Notional Amount Buy USD / Sell SEK Forward 2 kr 969,136 Buy USD / Sell SEK Forward 2 kr 970,417 Buy USD / Sell GBP Forward 4 £ 791,078 Buy USD / Sell GBP Forward 6 £ 739,956 Buy USD / Sell EUR Forward 7 € 698,366 Buy USD / Sell EUR Forward 10 € 689,868 Buy USD / Sell AUD Forward 8 A$ 369,476 Buy USD / Sell AUD Forward 7 A$ 371,141 Buy USD / Sell CAD Forward 3 C$ 120,650 Buy USD / Sell CAD Forward 3 C$ 120,557 Buy USD / Sell CHF Forward 1 CHF 52 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): March 31, 2026 December 31, 2025 Non-designated Hedges Number of Instruments Notional Amount Non-designated Hedges Number of Instruments Notional Amount Buy EUR / Sell USD Forward 1 € 19,600 Buy EUR / Sell USD Forward 3 € 44,700 Buy USD / Sell EUR Forward 1 € 19,600 Buy USD / Sell EUR Forward 3 € 44,700 Buy AUD / Sell USD Forward 2 A$ 16,700 Buy AUD / Sell USD Forward 2 A$ 10,200 Buy USD / Sell AUD Forward 2 A$ 16,700 Buy USD / Sell AUD Forward 2 A$ 10,200 Buy GBP / Sell USD Forward 2 £ 86,800 Buy USD / Sell GBP Forward 2 £ 86,800 Cash Flow Hedges of Interest Rate Risk Certain of our financing transactions expose us to a fixed versus floating rate mismatch between our assets and liabilities. We use derivative financial instruments, which include interest rate swaps (and may also include interest rate caps, interest rate options, floors, and other interest rate derivative contracts) to hedge interest rate risk associated with our borrowings where there is potential for an index mismatch. 44 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amounts in thousands): March 31, 2026 Interest Rate Derivatives Number of Instruments Notional Amount Fixed Rate Index Maturity (Years) Interest Rate Swaps 1 $ 35,600 3.51 % SOFR 4.7 December 31, 2025 Interest Rate Derivatives Number of Instruments Notional Amount Fixed Rate Index Maturity (Years) Interest Rate Swaps 1 $ 35,600 3.51 % SOFR 5.0 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. 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): March 31, 2026 Interest Rate Derivatives Number of Instruments Notional Amount Fixed Rate Index Maturity (Years) Interest Rate Swaps 1 $ 450,000 3.81 % SOFR 3.7 December 31, 2025 Interest Rate Derivatives Number of Instruments Notional Amount Fixed Rate Index Maturity (Years) Interest Rate Swaps 1 $ 450,000 3.81 % SOFR 3.9 The following tables detail the carrying amount and cumulative basis adjustments on hedged items designated as fair value hedges ($ in thousands): March 31, 2026 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 $ 447,688 $ 3,539 December 31, 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 $ 450,597 $ 6,840 45 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 March 31, Derivatives in Hedging Relationships Location of Income (Expense) Recognized 2026 2025 Designated Hedges Interest Income (1) $ 3,960 $ 2,951 Designated Hedges Interest Expense (2) 139 ( 568 ) Non-Designated Hedges Interest Income (1) ( 6 ) — Non-Designated Hedges Interest Expense (3) 14 3 Total $ 4,107 $ 2,386 (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 spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and recognized in interest expense. Fair Value Hedges The following table presents the net gains (losses) on derivatives and the related hedged items in fair value hedging relationships ( $ in thousands): Three Months Ended March 31, 2026 2025 Total interest and related expenses presented in the consolidated statements of operations $ 220,736 $ 242,233 Gains (losses) on fair value hedging relationships Total (loss) gain on derivative instruments $ ( 3,294 ) $ 3,164 Fair value basis adjustment on hedged items 3,301 ( 3,108 ) Derivative settlements and accruals 139 818 Net gain on fair value hedging relationships (1) $ 146 $ 874 (1) Included within interest and related expenses presented in the consolidated statements of operations. 46 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 Derivatives designated as hedging instruments Foreign exchange contracts $ 31,991 $ 22 $ 8,239 $ 24,994 Interest rate derivatives 3,748 6,877 — 76 Total derivatives designated as hedging instruments $ 35,739 $ 6,899 $ 8,239 $ 25,070 Derivatives not designated as hedging instruments Foreign exchange contracts $ 254 $ 3,593 $ 758 $ 1,526 Total derivatives not designated as hedging instruments $ 254 $ 3,593 $ 758 $ 1,526 Total derivatives $ 35,993 $ 10,492 $ 8,997 $ 26,596 (1) Included in other assets in our consolidated balance sheets. (2) Included in other liabilities in our consolidated balance sheets. 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 Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Three Months Ended March 31, Location of Gain (Loss) Reclassified from Accumulated OCI into Income Three Months Ended March 31, 2026 2025 2026 2025 Net Investment Hedges Foreign exchange contracts (1) $ 28,189 $ ( 60,394 ) Interest Expense $ ( 3,959 ) $ — Cash Flow Hedges Interest rate derivatives 256 — Interest Expense (2) 15 — Total $ 28,445 $ ( 60,394 ) $ ( 3,944 ) $ — (1) During the three months ended March 31, 2026 and 2025 , we paid net cash settlements of $ 18.0 million and received net cash settlements of $ 80.5 million on our foreign currency forward contracts respectively. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets. 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 March 31, 2026 , we were in a net asset position with two of our counterparties and in a net liability position with one counterparty related to our foreign exchange hedges and had $ 7.0 million collateral posted with such counterparty. As of December 31, 2025 , we were in a net asset position with one of our counterparties and in a net liability position with our other two counterparties related to our foreign exchange hedges and had $ 25.3 million of collateral posted with such counterparties. 47 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 14. EQUITY Stock and Stock Equivalents Authorized Capital As of March 31, 2026 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 March 31, 2026 and December 31, 2025 , we did not have any shares of preferred stock issued and outstanding. Share Repurchase Program In October 2025, our board of directors authorized the repurchase of up to $ 150.0 million of shares of our class A common stock under our 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 three months ended March 31, 2026 , we repurchased 43,765 shares of class A common stock at a weighted- average price per share of $ 18.29 , for a total cost of $ 0.8 million . During the three months ended March 31, 2025 , we repurchased 1,792,836 shares of class A common stock at a weighted-average price per share of $ 17.63 , for a total cost of $ 31.6 million . As of March 31, 2026 , the amount remaining available for repurchases under the program was $ 148.8 million . 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 an y. We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 17 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: Three Months Ended March 31, Common Stock Outstanding (1) 2026 2025 Beginning balance 168,599,052 173,204,190 Issuance of class A common stock (2) — 1,080 Repurchase of class A common stock ( 43,765 ) ( 1,792,836 ) Issuance of restricted class A common stock, net (3) 468,262 469,464 Issuance of deferred stock units 8,193 10,662 Ending balance 169,031,742 171,892,560 (1) Includes 348,222 and 310,108 deferred stock units held by members of our board of directors as of March 31, 2026 and 2025 , respectively. (2) Represents shares issued under our dividend reinvestment program during the three months ended March 31, 2025 . (3) Net of 22,341 and 12,408 shares of restricted class A common stock forfeited under our stock-based incentive plans during the three months ended March 31, 2026 and 2025 , respectiv ely. 48 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 three months ended March 31, 2026 , 8,263 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 three months ended March 31, 2025 , we issued 1,080 shares of class A common stock under the dividend reinvestment component of the plan. As of March 31, 2026 , a total of 9,956,862 shares of class A common stock remained available under the dividend reinvestment and direct stock purchase plan. At the Market Stock Offering Program As of March 31, 2026 , 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 three months ended March 31, 2026 or March 31, 2025 , we did no t issue any shares of our class A common stock under ATM Agreements. As of March 31, 2026 , 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 March 13, 2026 , we declared a dividend of $ 0.47 per share, or $ 79.3 million in aggregate, that was paid on April 15, 2026 to stockholders of record as of March 31, 2026 . The following ta ble details our dividend activity ($ in thousands, except per share data): Three Months Ended March 31, 2026 2025 Dividends declared per share of common stock $ 0.47 $ 0.47 Class A common stock dividends declared $ 79,281 $ 80,644 Deferred stock unit dividends declared 161 193 Total dividends declared $ 79,442 $ 80,837 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. 49 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 March 31, 2026 2025 Basic and Diluted Earnings Net loss (1) $ ( 6,297 ) $ ( 357 ) Weighted-average shares outstanding, basic and diluted (2) 169,078,373 172,004,888 Per share amount, basic and diluted $ ( 0.04 ) $ ( 0.00 ) (1) Represents net loss attributable to Blackstone Mortgage Trust, Inc. (2) For both the three months ended March 31, 2026 and 2025 , our Convertible Notes were no t included in the calculation of diluted earnings per share, as the impact is antidilutive . Refer to Note 12 for further discussion of our convertible notes. Other Balance Sheet Items Accumulated Other Comprehensive Income As of March 31, 2026 , total accumulated other comprehensive income was $ 7.9 million , representing $ 111.0 million of net realized and unrealized gains related to changes in the fair value of derivative instruments, offset by $ 101.9 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and $ 1.2 million of unrealized losses related to the changes in the fair value of derivative instruments held by unconsolidated entities. As of December 31, 2025 , total accumulated other comprehensive income was $ 12.1 million , primarily representing $ 86.6 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $ 73.6 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies an d $ 0.8 million of unrealized losses related to the changes in the fair value of derivative instruments held by unconsolidated entities. 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 March 31, 2026 , our Multifamily Joint Venture’s total equity was $ 20.6 million , of which $ 17.5 million was owned by us, and $ 3.1 million was allocated to non-controlling interests. As of December 31, 2025 , our Multifamily Joint Venture’s total equity was $ 36.5 million , of which $ 31.0 million was owned by us, and $ 5.5 million was allocated to non- controlling interests. 15. 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. 50 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) During the three months ended March 31, 2026 and 2025 , we incurred $ 14.8 million and $ 17.2 million , respectively, of management fees payable to our Manager. During the three months ended March 31, 2026 and 2025 , we did not incu r any incentive fees payable to our Manager. As of March 31, 2026 and December 31, 2025 , we had accrued management fees payable to our Manager of $ 14.8 million and $ 16.4 million , respectively. General and Administrative Expenses General and admin istrative expenses consisted of the following ($ in thousands): Three Months Ended March 31, 2026 2025 Professional services $ 5,131 $ 3,911 Operating and other costs 2,163 1,788 Subtotal 7,294 5,699 Non-cash compensation expenses Restricted class A common stock earned 6,489 6,792 Director stock-based compensation 198 173 Subtotal 6,687 6,965 Total general and administrative expenses $ 13,981 $ 12,664 16. 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 March 31, 2026 and December 31, 2025 , 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 months ended March 31, 2026 and 2025 , we recorded a current income tax provision of $ 1.2 million and $ 0.7 million , respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and various state and local taxes. We did not have any deferred tax assets or liabilities as of March 31, 2026 or December 31, 2025 . 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 March 31, 2026 , we had estimated NOLs of $ 159.0 million that will expire in 2029 , unless they are utilized by us prior to expiration. Previously, we 51 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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 March 31, 2026 , tax years 2022 through 2025 remain subject to examination by taxing authorities. 17. STOCK-BASED INCENTIVE PLANS We are externally managed by our Manager and do not currently have any employees. However, as of March 31, 2026 , 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 March 31, 2026 , there were 4,599,432 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, 2025 2,174,931 $ 20.14 Granted 490,603 19.48 Vested ( 203,157 ) 20.41 Forfeited ( 22,341 ) 19.50 Balance as of March 31, 2026 2,440,036 $ 19.99 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 2,440,036 shares of restricted class A common stock outstanding as of March 31, 2026 will vest as follows: 1,106,276 shares will vest in 2026 ; 870,389 shares will vest in 2027 ; and 463,371 shares will vest in 2028 . As of March 31, 2026 , total unrecognized compensation cost relating to unvested share-based compensation arrangements was $ 44.5 million based on the grant date fair value of shares granted. This cost is expected to be recognized over a weighted-average period of 1.2 years from March 31, 2026 . 18. 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): March 31, 2026 December 31, 2025 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 35,993 $ — $ 35,993 $ — $ 10,492 $ — $ 10,492 Debt securities — — 66,135 66,135 — — — — Total $ — $ 35,993 $ 66,135 $ 102,128 $ — $ 10,492 $ — $ 10,492 Liabilities Derivatives $ — $ 8,997 $ — $ 8,997 $ — $ 26,596 $ — $ 26,596 This table excludes $ 101.3 million and $ 111.0 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 of March 31, 2026 and December 31, 2025 , respectively. Refer to Note 5 for further information. Refer to Note 2 for further discussion regarding fair value measurement. 52 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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): March 31, 2026 December 31, 2025 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 549,153 $ 549,153 $ 549,153 $ 452,526 $ 452,526 $ 452,526 Loans receivable, net 17,266,346 17,639,430 17,276,985 17,784,694 18,154,768 17,856,303 Financial liabilities Secured debt, net 9,089,438 9,099,002 9,099,002 10,117,292 10,125,839 10,029,890 Other secured debt (1) 38,825 38,825 38,825 39,475 39,475 39,475 Securitized debt obligations, net 2,874,489 2,892,723 2,878,715 2,139,719 2,149,496 2,132,667 Asset-specific debt, net 959,352 961,050 961,050 997,746 999,810 996,308 Secured term loans, net 1,881,392 1,919,843 1,915,186 1,808,000 1,847,726 1,850,327 Senior secured notes, net 782,215 785,316 801,655 784,876 785,316 810,608 Convertible notes, net 265,028 266,157 265,508 264,745 266,157 264,286 (1) Included within other liabilities on our consolidated balance sheets. See Note 6 for further information. 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. 19. VARIABLE INTEREST ENTITIES We have financed a portion of our loans through the CLOs and the European Loan Securitization , all of which are VIEs. We are the primary beneficiary of, and therefore consolidate, the CLOs and the European Loan Securitization on our balance sheet as we (i) control the relevant interests of the CLOs and the European Loan Securitization that give us power to direct the activities that most significantly affect the CLOs and the European Loan Securitization , and (ii) have the right to receive benefits and obligation to absorb losses of the CLOs and the European Loan Securitization through the subordinate interests we own. During 2025, we modified three 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 March 31, 2026 , 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. 53 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) The following table details the assets and liabilities of our consolidated VIEs ($ in thousands): March 31, 2026 December 31, 2025 Assets Cash and cash equivalents $ 48,124 $ 58,663 Loans receivable 3,337,629 2,422,505 Current expected credit loss reserve ( 37,157 ) ( 23,609 ) Loans receivable, net 3,300,472 2,398,896 Owned real estate, net 605,068 603,130 Other assets 144,469 196,840 Total assets $ 4,098,133 $ 3,257,529 Liabilities Securitized debt obligations, net $ 2,874,489 $ 2,139,719 Other liabilities 47,510 47,645 Total liabilities $ 2,921,999 $ 2,187,364 Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate interests of the securitized debt obligations 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. 20. 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, 2026 , and it will be automatically renewed for a one -year term upon such date and each anniversary thereafter unless earlier terminated. As of March 31, 2026 and December 31, 2025 , our consolidated balance sheets included $ 14.8 million and $ 16.4 million , respectively, of accrued management fees payable to our Manager. During the three months ended March 31, 2026 and 2025 , we paid management fees of $ 16.4 million and $ 18.5 million , respectively, to our Manager. We did not pay any incentive fees to our Manager during the three months ended March 31, 2026 and 2025 . In addition, during the three months ended March 31, 2026 and 2025 , we incurred expenses of $ 0.4 million and $ 0.3 million , respectively, that were paid by our Manager and have been or will be reimbursed by us. As of March 31, 2026 , our Manager held 1,234,198 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $ 25.2 million . These shares vest in installments over three years from the date of issuance. During the three months ended March 31, 2026 and 2025 , we recorded non-cash expenses related to shares held by our Manager of $ 3.5 million and $ 3.6 million , respectively. Refer to Note 17 for further details on our restricted class A common stock. As of March 31, 2026 , our Manager, its affiliates (including Blackstone and Blackstone-advised investment vehicles), Blackstone employees, and our directors held an aggregate 13,840,717 shares, or 8.2 % , of our class A common stock, of which 8,916,412 shares, or 5.3 % , were held by Blackstone and its subsidiaries . Additionally, our directors held 348,222 of deferred stock units as of March 31, 2026 . 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. 54 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) Affiliate Services We have engaged certain portfolio companies owned by Blackstone-advised investment vehicles to provide, as applicable, management, corporate support, and transaction support services. The following table details the costs incurred (refunded) for these services ($ in thousands): Three Months Ended March 31, Primary Asset Class 2026 2025 Perform Properties, LLC Office $ 1,966 $ 575 Brio Real Estate Services, LLC, Brio Real Estate (UK) Ltd., and Brio Real Estate (AUS) Pty Ltd. n/a 1,706 — BRE Hotels & Resorts, LLC Hospitality 511 489 Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l. n/a 327 ( 38 ) LivCor, LLC Multifamily 95 159 Total $ 4,605 $ 1,185 We have engaged other affiliates of our Manager to provide various services. The following table details the costs incurred for these services ($ in thousands): Three Months Ended March 31, 2026 2025 Gryphon Mutual Property Americas IC (1) $ 783 $ 547 Lexington National Land Services (2) 97 — Blackstone internal audit services — 111 Total $ 880 $ 658 (1) In order to provide insurance for our owned real estate 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 management 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 borne by us and the other Blackstone-advised investment vehicles that are members of Gryphon pro rata based on insurance premiums paid for each member’s respective properties. During the three months ended March 31, 2026 we did not make any payments to Gryphon for insurance costs. During the three months ended March 31, 2025 , we paid $ 0.2 million to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro rata share of other expenses. Of this amount, $ 29 thousand 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. (2) Lexington National Land Services, or LNLS, is a Blackstone affiliate that (i) acts as a title agent in facilitating and issuing title insurance, (ii) provides title support services for title insurance underwriters, (iii) in certain circumstances, provides courtesy title settlement services and (iv) acts as escrow agent in connection with certain investments by Blackstone-advised vehicles, including us, Blackstone-advised investment vehicles and portfolio companies owned by Blackstone-advised investment vehicles, affiliates and related parties, and third parties, including, in certain cases, Blackstone’s borrowers. In exchange for such services, LNLS earns fees which would have otherwise been paid to third parties. 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. 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 FL6 and FL5 CLOs issued in the first quarter of 2026 and 2025, respectively. As of March 31, 2026 , one of our assets was in special servicing under a CLO. 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. 55 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) Other Transactions During the three months ended March 31, 2026 , we invested $ 133.8 million in one senior loan, $ 31.0 million in two mezzanine loans to unaffiliated third parties, and $ 66.7 million in a new issuance of a debt security (see Note 6 for further discussion) in which Blackstone-advised investment vehicles also invested at the same level of the capital structure on a pari passu basis. In the first quarter of 2026, Blackstone-advised investment vehicles acquired an aggregate $ 71.4 million participation in our $ 770.8 million B-9 Term Loan . In the fourth quarter of 2025, Blackstone-advised investment vehicles acquired an aggregate $ 63.0 million participation in our $ 700.0 million B-8 Term Loan . 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 , which has subsequently been repaid in full. 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. Blackstone Securities Partners L.P., or 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. As part of broad syndications led by third-party banks, Blackstone-advised investment vehicles acquired an aggregate $ 11.0 million of notes in our $ 1.0 billion FL6 CLO offering in the first quarter of 2026 , and $ 75.0 million of notes in our $ 1.0 billion FL5 CLO offering in the first quarter of 2025. Both of these transactions were on terms equivalent to those of unaffiliated third parties. In the fourth quarter of 2025, we made a $ 75.0 million capital commitment at the initial closing of a fund managed by Blackstone Real Estate Debt Strategies, or BREDS, the BREDS-advised private fund , formed to invest in Core+ real estate debt investments in the U.S. and Canada. Blackstone affiliates, including us, do not pay management fees or carried interest with respect to their investments in the BREDS-advised private fund . Our capital commitment represented a minority of the total capital commitments the BREDS-advised private fund had received as of March 31, 2026 . As of March 31, 2026 , the BREDS-advised private fund had not called any capital or made any investments. To fund its future investments, the BREDS-advised private fund will draw down on capital commitments made by its investors, including us, on a pro rata basis. 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 , our Net Lease Joint Venture , or the BREDS-advised private fund , as we do not have a controlling financial interest. As of March 31, 2026 , the aggregate value of our equity investment in our Bank Loan Portfolio Joint Venture was $ 101.3 million and our ownership interest was 35 % , and the aggregate value of our equity investment in our Net Lease Joint Venture was $ 143.1 million and our ownership interest was 75 % . As of March 31, 2026 , we had not made an equity investment in the BREDS-advised private fund . We, these joint ventures, these Blackstone-advised investment vehicles, and other Blackstone affiliates have engaged and may in the future engage in certain investment, financing, derivative and/or hedging arrangements related to these unconsolidated entities. During April 2026, following a short-term extension of its maturity date during the three months ended March 31, 2026 , one of our senior loans to a borrower controlled by Blackstone-advised investment vehicles was modified. The terms of the modification (including, among other changes, an extension of the maturity date, a reduction in the contractual interest rate, and a meaningful additional commitment and credit support from the borrower) were negotiated by our third-party co- lenders. We continue to forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone- advised investment vehicles control the borrower. 21. COMMITMENTS AND CONTINGENCIES Unfunded Commitments Under Loans Receivabl e As of March 31, 2026 , we had aggregate unfunded commitments of $ 1.2 billion across 52 loans receivable, and $ 715.5 million of committed or identified financings for those commitments, resulting in net unfunded commitments of 56 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) $ 453.4 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 1.8 years . Principal Debt Repayments Our contractual principal debt repayments as of March 31, 2026 were as follows ($ in thousands): Year Secured Debt (1) Asset-Specific Debt (1) Term Loans (2) Senior Secured Notes Convertible Notes (3) Other Secured Debt (4) Total (5) 2026 (remaining) $ 1,416,300 $ — $ 14,429 $ — $ — $ — $ 1,430,729 2027 2,835,104 366,601 19,239 335,316 266,157 — 3,822,417 2028 1,640,516 — 19,239 — — — 1,659,755 2029 1,007,430 431,417 453,085 450,000 — — 2,341,932 2030 2,105,012 163,032 748,851 — — 38,825 3,055,720 Thereafter 94,640 — 665,000 — — — 759,640 Total obligation $ 9,099,002 $ 961,050 $ 1,919,843 $ 785,316 $ 266,157 $ 38,825 $ 13,070,193 (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 10 for further details on our Term Loans. (3) Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 12 for further details on our Convertible Notes. (4) Amounts are included in other liabilities on our consolidated balance sheets. (5) Total does not include $ 2.9 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 March 31, 2026 , our seven 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 March 31, 2026 , the other two board members are employees of affiliates of our Manager who also serve as executive officers and they 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 March 31, 2026 , we were not involved in any material legal proceedings. 22 . 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. 57 Blackstone Mortgage Trust, Inc. Notes to Consolidated Financial Statements (continued) 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. 58