BLACKSTONE MORTGAGE TRUST, INC. 10-Q

ITEM 2 . MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us,” or “our” refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q and with our Annual Report on Form 10-K for the year ended December 31, 2025 . In addition to historical data, this discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which reflect our current views with respect to, among other things, our business, operations and financial performance. You can identify these forward-looking statements by the use of words such as “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “seeks,” “anticipates,” “should,” “could,” “may,” “designed to,” “foreseeable future,” “believe,” “scheduled,” and similar expressions. Such forward- looking statements are subject to various risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from those in this discussion and analysis as a result of various factors, including but not limited to those discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 and elsewhere in this Quarterly Report on Form 10-Q. Introduction Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our investments in a variety of ways, including borrowing under 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.” We benefit from the deep knowledge, experience and information advantages of our Manager, which is a part of Blackstone Real Estate. Blackstone Real Estate was founded in 1991 and is the world’s largest owner of commercial real estate . Blackstone Real Estate operates as one globally integrated business with investments in North America, Europe, Asia and Latin America. In the United States, Blackstone Real Estate is one of the largest owners of rental housing, industrial, office, hospitality and retail assets. The market-leading real estate expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and we believe it gives us the tools to manage the assets in our portfolio and work with our borrowers throughout periods of economic stress and uncertainty. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries. 59 I. Key Financial Measures and Indicators As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per share, dividends declared, Distributable Earnings, Distributable Earnings prior to realized gains and losses , and book value per share. For the three months ended March 31, 2026 , we recorded basic net loss per share of $0.04 , declared a dividend of $ 0.47 per share, reported $0.21 per share of Distributable Earnings, and reported $0.49 per share of Distributable Earnings prior to realized gains and losses . In addition, our book value as of March 31, 2026 was $20.20 per share, which is net of cumulative CECL reserves of $1.80 per share and accumulated depreciation and amortization of owned real estate assets of $0.57 per share. As further described below, Distributable Earnings and Distributable Earnings prior to realized gains and losses are measures that are not prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. Distributable Earnings and Distributable Earnings prior to realized gains and losses helps us to evaluate our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current investments and operations. In addition, Distributable Earnings and Distributable Earnings prior to realized gains and losses are performance metrics we consider when declaring our dividends. Earnings Per Share and Dividends Declared The following table sets forth the calculation of basic net income (loss) per share and dividends declared per share ($ in thousands, except per share data): Three Months Ended March 31, 2026 December 31, 2025 Net (loss) income (1) $ (6,297) $ 39,560 Weighted-average shares outstanding, basic 169,078,373 168,167,576 Net (loss) income per share, basic $ (0.04) $ 0.24 Dividends declared per share $ 0.47 $ 0.47 (1) Represents net (loss) income attributable to Blackstone Mortgage Trust. Refer to Note 14 to our consolidated financial statements for the calculation of diluted net (loss) income per share. Distributable Earnings and Distributable Earnings Prior to Realized Gains and Losses Distributable Earnings and Distributable Earnings prior to realized gains and losses are non-GAAP measures. We define Distributable Earnings as GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by our Manager, subject to approval by a majority of our independent directors. Distributable Earnings mirrors the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains or losses had not occurred. Our CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but realization and non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The timing of any such credit loss realization in our Distributable Earnings may differ materially from the timing of CECL reserves or charge-offs in our consolidated financial statements prepared in accordance with GAAP. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the book value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flow from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our class A common stock as historically, over time, 60 Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our class A common stock. Refer to Note 16 to our consolidated financial statements for further discussion of our distribution requirements as a REIT. Further, Distributable Earnings helps us to evaluate our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current investment portfolio and operations, and is a performance metric we consider when declaring our dividends. Furthermore, we believe it is useful to present Distributable Earnings prior to realized gains and losses , which include but are not limited to charge-offs of CECL reserves, to reflect our direct operating results and help existing and potential future holders of our class A common stock assess the performance of our business excluding such realized gains or losses. We may make similar adjustments with respect to other types of investments, if and when applicable transactions oc cur. During the period from the first quarter of 2024 to the fourth quarter of 2025, we reported this metric as Distributable Earnings prior to charge-offs of CECL reserves, as the only applicable realized gains or losses during such period were charge-offs of CECL reserves. We utilize Distributable Earnings prior to realized gains and losses as an additional performance metric to consider when declaring our dividends. Distributable Earnings mirrors the terms of our Management Agreement for purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains or losses had not occurred. Distributable Earnings and Distributable Earnings prior to realized gains and losses do not represent net income (loss) or cash generated from operating activities and should not be considered as alternatives to GAAP net income (loss), or indicators of our GAAP cash flows from operations, measures of our liquidity, or indicators of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings and Distributable Earnings prior to realized gains and losses may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings and Distributable Earnings prior to realized gains and losses may not be comparable to similar metrics reported by other companies. 61 The following table provides a reconciliation of Distributable Earnings and Distributable Earnings prior to realized gains and losses to GAAP net income (loss) ($ in thousands, except per share data): Three Months Ended March 31, 2026 December 31, 2025 Net (loss) income (1) $ (6,297) $ 39,560 Charge-offs of CECL reserves (2) (46,451) (433,924) Increase in CECL reserves 55,055 18,375 Depreciation and amortization of owned real estate (3) 21,717 21,380 Adjustment to realized loss on disposition of owned real estate (4) (1,497) — Non-cash compensation expense 6,687 6,699 Realized hedging and foreign currency gain (loss), net (5) 4 (25) Allocable share of adjustments related to unconsolidated entities (6) 6,380 (8) Cash income from Agency Multifamily Lending Partnership , net (7) 29 29 Adjustments attributable to non-controlling interests, net 191 (1) Other items (8) (39) Distributable Earnings $ 35,810 $ (347,954) Charge-offs of CECL reserves (2) 46,451 433,924 GAAP realized loss on disposition of owned real estate (8) 160 — Adjustment to realized loss on disposition of owned real estate (4) 1,497 — Adjustments attributable to non-controlling interests (249) Distributable Earnings prior to realized gains and losses $ 83,669 $ 85,970 Weighted-average shares outstanding, basic (9) 169,078,373 168,167,576 Distributable Earnings per share, basic $ 0.21 $ (2.07) Distributable Earnings per share, basic, prior to realized gains and losses $ 0.49 $ 0.51 (1) Represents net (loss) income attributable to Blackstone Mortgage Trust. (2) Represents realized losses related to loan principal amounts deemed non-recoverable. (3) Represents depreciation of owned real estate assets and amortization of intangible real estate assets and liabilities. (4) Represents an adjustment to the realized loss on the sale of a property held at depreciated cost. Because depreciation and amortization is a non-cash expense that is excluded from Distributable Earnings, GAAP gains upon sale of a property are higher, and GAAP losses are lower, than the respective realized amounts reflected in Distributable Earnings. For Distributable Earnings, the amount is calculated as net sales proceeds less the property’s carrying value prior to depreciation and amortization. (5) Represents realized losses on the repatriation of unhedged foreign currency. These amounts were not included in GAAP net (loss) income , but rather as a component of other comprehensive income in our consolidated financial statements. (6) Allocable share of adjustments related to unconsolidated entities for the three months ended March 31, 2026 reflects our share of non-cash items such as (i) $3.2 million of unrealized losses recorded by such unconsolidated entities, (ii) $3.1 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended December 31, 2025 , reflects our share of non-cash items such as (i) $(2.0) million of unrealized gains recorded by such unconsolidated entities, (ii) $2.0 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. (7) Represents (i) the non-cash income recognized under GAAP related to our Agency Multifamily Lending Partnership, in which we receive a portion of origination, servicing, and other fees for loans we refer to MTRCC for origination, offset by the related loss-sharing obligation accruals and (ii) the cash received related to such income previously recognized under GAAP. Refer to Note 2 to our consolidated financial statements for further information on our Agency Multifamily Lending Partnership . (8) Represents the amount included on our consolidated statements of operations. (9) The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of our Convertible Notes then outstanding. Consistent with the treatment of other unrealized adjustments to Distributable Earnings, these potentially issuable shares are excluded until a conversion occurs. Refer to Note 14 to our consolidated financial statements for the calculation of diluted net income per share. 62 Book Value Per Share The following table calculates our book value per share ($ in thousands, except per share data): March 31, 2026 December 31, 2025 Stockholders’ equity $ 3,414,960 $ 3,498,910 Shares Class A common stock 168,683,520 168,259,023 Deferred stock units 348,222 340,029 Total outstanding 169,031,742 168,599,052 Book value per share (1) $ 20.20 $ 20.75 (1) The book value per share excludes shares issuable from a potential conversion of our Convertible Notes then outstanding. Refer to Note 14 to our consolidated financial statements for the calculation of diluted net income per share. 63 II. Investments Investment Portfolio Our Investment Portfolio consists of our Loan Portfolio , our investments in our Bank Loan Portfolio Joint Venture and Net Lease Joint Venture , our owned real estate assets, and our investments in debt securities. The chart below details the composition of our Investment Portfolio as of March 31, 2026 : Investment Portfolio (1)(2)(3) Included in our Loan Portfolio (4) ______________ (1) Our Investment Portfolio reflects the gross amount of our investments as of March 31, 2026 , which consists of (i) our Loan Portfolio , which represents net book value less total loans receivable CECL reserves, (ii) our share of the carrying value of investments held by our Net Lease Joint Venture , (iii) our share of the fair value of the loans held by our Bank Loan Portfolio Joint Venture , (iv) the aggregate carrying value of our owned real estate assets, and (v) the fair value of our investments in debt securities. (2) Assets in our Loan Portfolio with multiple components are proportioned into the relevant property types based on the allocated value of each property type. (3) Investment types that represent less than 1% of our Investment Portfolio are excluded from the chart. (4) Represents the types of properties securing the loans in our Loan Portfolio. Refer to section VII of this Item 2 for details of our Loan Portfolio , on a loan-by-loan basis. 64 Loan Portfolio Loan Originations During the three months ended March 31, 2026 , we originated or acquired $274.9 million of loans, inclusive of additional commitments made under existing loans. Loan Portfolio Activity Du ring the three months ended March 31, 2026 , loan fundings totaled $295.9 million and loan repayments and sales totaled $630.9 million . The following table details our loan portfolio activity ($ in thousands): Three Months Ended March 31, 2026 Loan fundings (1) $ 295,932 Loan repayments and sales (1) (630,932) Total net repayments $ (335,000) (1) Excludes amounts for loans held by our Bank Loan Portfolio Joint Venture , which are included in investments in unconsolidated entities on our consolidated balance sheets. The following table details overall statistics for our Loan Portfolio as of March 31, 2026 ($ in thousands): March 31, 2026 Number of loans 130 Principal balance $ 17,639,430 Net book value $ 17,266,346 Unfunded loan commitments (1) $ 1,168,941 Weighted-average cash coupon (2) + 3.23 % Weighted-average all-in yield (2) + 3.46 % Weighted-average maximum maturity (years) (3) 2.4 Origination loan-to-value (LTV) (4) 65 % (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. (3) Maximum maturity assumes all extension options are exercised by the borrower; however, our loans and other investments may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any . As of 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. (4) Based on LTV as of the dates loans were originated or acquired by us, excluding any loans that are impaired . 65 The following table details the index rate floors for our Loan Portfolio as of March 31, 2026 ($ in thousands): Loan Portfolio 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 Loan Portfolio 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% . The following table details the floating benchmark rates for our Loan Portfolio as of March 31, 2026 ( Loan Portfolio principal balance amounts in thousands): Loan Count Currency Loan Portfolio Principal Balance Floating Rate Index (1) Cash Coupon (2) All-in Yield (2) 93 $ $ 9,411,074 SOFR + 3.11% + 3.32% 19 £ £ 2,680,011 SONIA + 3.33% + 3.46% 12 € € 2,234,422 EURIBOR + 2.86% + 3.27% 6 Various $ 2,102,077 Other (3) + 4.04% + 4.26% 130 $ 17,639,430 + 3.23% + 3.46% (1) We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. We earn forward points on our forward contracts that reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD- equivalent interest rates. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any . (3) Includes floating rate loans indexed to STIBOR, CORRA, and BBSY indices . 66 The charts below detail the geographic distribution a nd types of properties securing our Loan Portfolio , as of March 31, 2026 : Geographic Diversification (Net Loan Exposure) (1) Collateral Diversification (Net Loan Exposure) (1)(2) (1) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of 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. Geographic locations that represent less than 1% of net loan exposure are excluded from the chart. (2) Assets with multiple components are proportioned into the relevant property types based on the allocated value of each property type. Refer to section VII of this Item 2 for details of our loan portfolio, on a loan-by-loan basis. 67 Portfolio Management As of March 31, 2026 , 98% of our loans, based on net loan exposure, were performing with risk ratings of “1” through “4,” and the remaining 2% were impaired with a risk rating of “5.” 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. We believe this demonstrates the overall strength of our loan portfolio and the commitment and financial wherewithal of our borrowers generally, which are primarily affiliated with large real estate private equity funds and other strong, well-capitalized, and experienced sponsors. We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and from our long-standing core business model of originating senior loans collateralized by large assets in major markets with experienced, well-capitalized institutional sponsors. While we believe the principal amounts of our loans are generally adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of certain investments. As of 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 $372.2 million , net of cost-recovery proceeds. This CECL reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of March 31, 2026 . We benefit from the deep knowledge, experience and information advantages of our Manager, which is a part of Blackstone Real Estate. Blackstone Real Estate was founded in 1991 and is the world’s largest owner of commercial real estate with investments in North America, Europe, Asia and Latin America. In the United States, Blackstone Real Estate is one of the largest owners of rental housing, industrial, office, hospitality and retail assets. As discussed in Note 2 to our consolidated financial statements, we perform a quarterly review of our loan portfolio, assess the performance of each loan, and assign it a risk rating between “1” and “5”, from less risk to greater risk. As of March 31, 2026 , our loan portfolio had a weighted-average risk rating of 3.0 , based on net loan exposure. The following table allocates the net book value and net loan exposure balances based on our internal risk ratings as of March 31, 2026 ($ 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 Loans receivable 130 $ 17,557,936 $ 16,366,484 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. Current Expected Credit Loss Reserve The CECL reserves required by GAAP reflect our current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance sheets. Other than a few narrow exceptions, GAAP requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the 68 CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. During the three months ended 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 title to 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. Refer to Note 2 to our consolidated financial statements for further discussion of our policies on revenue recognition and our CECL reserves. Owned Real Estate As part of our portfolio management strategy to maximize economic outcomes, we may hold certain owned real estate assets, resulting from transactions in which we assume legal title, physical possession, or control of the collateral underlying a loan through a foreclosure, a deed-in-lieu of foreclosure transaction, or a loan modification in which we receive an equity interest in and/or control over decision-making at the property. As of March 31, 2026 , we had 13 owned real estate assets with an aggregate carrying value of $1.3 billion . The following table provides details of our owned real estate asset as of March 31, 2026 ($ in thousands): Acquisition Date Location Property Type Acquisition Date Fair Value SQFT / Units / Keys 1 September 2025 New York, NY Hospitality $ 228,253 933 keys 2 December 2024 San Francisco, CA Hospitality 201,530 686 keys 3 December 2024 El Segundo, CA Office 145,363 494,532 sqft 4 December 2025 New York, NY Office 133,313 709,204 sqft 5 September 2025 Atlanta, GA Office 132,974 1,184,916 sqft 6 November 2025 Denver, CO Office 114,748 538,179 sqft 7 October 2024 Washington, DC Office 107,016 892,480 sqft 8 September 2024 Burlington, MA Office 64,628 379,018 sqft 9 March 2024 Mountain View, CA Office 60,203 150,507 sqft 10 February 2025 Chicago, IL Office 45,045 517,115 sqft 11 March 2026 San Francisco, CA Hospitality 41,082 459 keys 12 December 2024 Denver, CO Office 33,337 170,304 sqft 13 July 2024 San Antonio, TX Multifamily 17,491 198 units $ 1,324,983 69 Bank Loan Portfolio Joint Venture In the second quarter of 2025, we entered into a joint venture with a Blackstone-advised investment vehicle to acquire portfolios of performing commercial mortgage loans, or our Bank Loan Portfolio Joint Venture . In the second quarter of 2025, the Bank Loan Portfolio Joint Venture acquired a $1.4 billion portfolio of 171 performing senior commercial real estate loans from a regional bank. The loans are secured primarily by retail and multifamily properties located across various markets in the Mid-Atlantic region, are primarily fixed rate, and were acquired at a discount to par. In the third quarter of 2025, the Bank Loan Portfolio Joint Venture acquired a $606.0 million portfolio of 425 performing senior commercial real estate loans from a regional bank. The loans are secured primarily by net lease retail assets located throughout the United States, are fixed rate, and were acquired at a discount to par. We have an aggregate 35% ownership interest in the joint venture as of March 31, 2026 . As of March 31, 2026 , our share of the fair value of the loans held by our Bank Loan Portfolio Joint Venture was $553.4 million . Our Bank Loan Portfolio Joint Venture is recorded on our consolidated balance sheets as an investment in unconsolidated entities. As of March 31, 2026 , our investment in the joint venture totaled $101.3 million . During the three months ended March 31, 2026 , we did not make any contributions to the joint venture, received $10.6 million of distributions, and recorded $0.9 million of income from unconsolidated entities in our consolidated statements of operations. Net Lease Joint Venture In the fourth quarter of 2024, we entered into a joint venture with a Blackstone-advised investment vehicle to invest in triple net lease properties, or our Net Lease Joint Venture . Our investment in the joint venture is recorded on our consolidated balance sheets as an investment in unconsolidated entities. As of March 31, 2026 , our investment in unconsolidated entities related to the joint venture totaled $143.1 million . During the three months ended March 31, 2026 , we contributed $58.9 million to the joint venture, received $22.4 million of distributions, and recorded $0.4 million of income from unconsolidated entities in our consolidated statements of operations, inclusive of $3.1 million of depreciation and amortization expense. We have an aggregate 75% ownership interest in the joint venture as of March 31, 2026 . As of March 31, 2026 , our share of the carrying value of investments held by our Net Lease Joint Venture was $515.6 million . 70 The following table details the tenant industries and the geographic location of the assets held by our Net Lease Joint Venture as of March 31, 2026 : Tenant Industry Number of Properties % of Annualized Base Rent Early Childhood Education 40 21% Restaurants - Quick Service 68 19 Car Washes 26 18 Automotive Service 34 13 Pet Care 37 9 Medical / Dental 17 8 Home Improvement 9 4 Convenience Stores 14 3 Other Retail 2 1 Wholesale Trade 1 1 Grocery 3 1 Industrial 2 1 Casual Dining 5 1 Other Services 2 — Total 260 100% State Number of Properties % of Annualized Base Rent Florida 26 16% Texas 30 14 Illinois 26 9 Georgia 15 7 Missouri 16 6 Minnesota 17 6 Alabama 14 4 Arizona 7 4 Oklahoma 13 3 Wisconsin 13 3 All other ( 25 states) 83 28 260 100% As of March 31, 2026 , our Net Lease Joint Venture ’s leases had a weighted average remaining lease term of over 15 years (based on annualized base rent), with weighted average annual rent increases of approximately 2% , and a rent coverage ratio of approximately 3 x. Core+ Real Estate Debt Fund Investment In the fourth quarter of 2025, we made a $75.0 million capital commitment at the initial closing of a new 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. 71 Debt Securities Investment In the first quarter of 2026, we invested $66.7 million in a significant risk transfer, or SRT, transaction with a UK financial institution structured as a credit-linked note, or the UK Bank Loan Portfolio SRT . The investment constitutes the first-loss tranche of a reference portfolio comprising a diversified, granular portfolio of low-leverage commercial real estate loans held by the UK financial institution. The SRT investment earns a floating-rate cash coupon of SONIA + 7.00% . As of March 31, 2026 , no realized credit losses have been incurred with respect to the underlying reference loan portfolio. Agency Multifamily Lending Partnership In the second quarter of 2024, we entered into an agreement with M&T Realty Capital Corporation, or MTRCC, a subsidiary of M&T Bank, that allows our borrowers to access multifamily agency financing through MTRCC’s Fannie Mae DUS and Freddie Mac Optigo lending platforms, or our Agency Multifamily Lending Partnership . We will receive a portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans that we refer to MTRCC for origination under the Fannie Mae program. During the three months ended March 31, 2026 , we did not refer any loans to MTRCC. III. Financings Loan Portfolio Financings Our loan portfolio financing consists of secured debt, securitizations, and asset-specific debt. The following table details our portfolio financing ($ in thousands): Portfolio Financing Outstanding Principal Balance March 31, 2026 December 31, 2025 Secured debt $ 9,099,002 $ 10,125,839 Securitizations 2,892,723 2,149,496 Asset-specific debt 961,050 999,810 Total loan portfolio financing $ 12,952,775 $ 13,275,145 72 Secured Debt The following table details our secured credit facilities by spread over the applicable base rates as of March 31, 2026 ($ 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 % (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 . (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 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 $35.6 million notional amount that effectively converts our floating rate liability to a fixed rate liability to align with the financed fixed rate loan exposure. 73 Securitizations We have financed certain pools of our loans through CLOs and have also financed one of our loans through a securitization vehicle, or the European Loan Securitization . The following table details our securitized debt obligations and the underlying collateral assets that are financed by our CLOs and the European Loan Securitization ($ 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 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 % Securitizations 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 $34.7 million of interest expense related to our securitized debt obligations. 74 Refer to Note 8 and Note 19 to our consolidated financial statements for additional details of our securitized debt obligations. Asset-Specific Debt The following table details our asset-specific debt ($ 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 (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. Corporate Financing The following table details our outstanding corporate financing ($ in thousands): Corporate Financing Outstanding Principal Balance March 31, 2026 December 31, 2025 Term loans $ 1,919,843 $ 1,847,726 Senior secured notes 785,316 785,316 Convertible notes 266,157 266,157 Total corporate financing $ 2,971,316 $ 2,899,199 75 The following table details our outstanding senior term loan facilities, or Term Loans, our outstanding senior secured notes, or Senior Secured Notes, and convertible senior notes, or Convertible Notes, as of March 31, 2026 ($ in thousands): Corporate Financing Face Value Interest Rate (1) All-in Cost (1)(2) Maturity Term Loans B-7 Term Loan 450,839 + 2.50 % + 2.66 % May 9, 2029 B-8 Term Loan 698,250 + 2.50 % + 2.76 % December 19, 2032 B-9 Term Loan 770,754 + 2.50 % + 2.80 % December 10, 2030 Total term loans $ 1,919,843 Senior Secured Notes October 2021 $ 335,316 3.75 % 4.06 % January 15, 2027 December 2024 450,000 7.75 % (3) 8.14 % December 1, 2029 Total senior secured notes $ 785,316 Convertible Notes Convertible Notes (4) $ 266,157 5.50 % 5.79 % March 15, 2027 Total corporate financings $ 2,971,316 (1) The B-7 Term Loan and B-9 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50% . (2) Includes issue discounts, transaction expenses, and/or issuance costs, as applicable, that are amortized through interest expense over the life of each respective financing. (3) Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. Refer to Note 11 to our consolidated financial statements for further information. (4) The conversion price of the Convertible Notes is $36.27 , which represents the price of class A common stock per share based on a conversion rate of 27.5702 . The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of March 31, 2026 . Refer to Note 2 , Note 10 , Note 11 , and Note 12 to our consolidated financial statements for further discussion of our Term Loans, Senior Secured Notes, and Convertible Notes. Floating Rate Loan Portfolio Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates will decrease net income. As of March 31, 2026 , 97% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR, and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on certain of our floating rate loans. Our liabilities are generally currency and index-matched to each collateral asset, resulting in a net exposure to movements in benchmark rates that varies by currency silo based on the relative proportion of floating rate assets and liabilities. 76 The following table details our investment portfolio’s exposure to interest rates by currency as of March 31, 2026 (amounts in thousands): USD GBP EUR All Other (1) Floating rate loans (2)(3)(4)(5) $ 8,636,374 £ 2,567,661 € 2,234,422 $ 2,102,077 Floating rate portfolio financings (2)(5)(6)(7) (6,868,156) (1,953,983) (1,576,628) (1,681,832) Floating rate corporate financings (8) (2,369,843) — — — Net floating rate exposure $ (601,625) £ 613,678 € 657,794 $ 420,245 Net floating rate exposure in USD (8) $ (601,625) $ 811,712 $ 759,949 $ 420,245 (1) Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies. (2) Our floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. (3) Excludes $376.9 million of principal balance on floating rate impaired loans. (4) Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers’ exposure to an increase in interest rates . (5) Excludes amounts related to our investments in unconsolidated entities. (6) Includes amounts outstanding under secured debt, securitizations, and asset-specific debt. Excludes amounts related to the indebtedness of unconsolidated entities. (7) Excludes 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. (8) Includes amounts outstanding under Term Loans and the Senior Secured Notes due 2029 . In connection with the issuance of the Senior Secured Notes due 2029 , we entered into an interest rate swap with a notional amount of $450.0 million to effectively convert our fixed rate exposure to floating rate exposure for such notes. (9) Represents the U.S. dollar equivalent as of March 31, 2026 . In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates, there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate stress-testing during our underwriting process, which generally includes a requirement for our borrower to purchase an interest rate cap contract with an unaffiliated third party, provide an interest reserve deposit, and/or provide interest guarantees or other structural protections. 77 IV. Our Results of Operations Operating Results The following table sets forth information regarding our consolidated results of operations for the three months ended March 31, 2026 and December 31, 2025 ($ in thousands, except per share data): Three Months Ended Change March 31, 2026 December 31, 2025 $ Income from loans and other investments Interest and related income $ 305,557 $ 318,848 $ (13,291) Less: Interest and related expenses 220,736 234,932 (14,196) Income from loans and other investments, net 84,821 83,916 905 Revenue from owned real estate 74,594 75,402 (808) Total net revenues 159,415 159,318 97 Expenses Management and incentive fees 14,813 16,434 (1,621) General and administrative expenses 13,981 13,243 738 Expenses from owned real estate 81,975 78,380 3,595 Total expenses 110,769 108,057 2,712 Increase in current expected credit loss reserve (55,055) (18,375) (36,680) Income from unconsolidated entities 1,383 7,272 (5,889) Net loss on disposition of owned real estate (160) — (160) Other income, net 4 5 (1) (Loss) income before income taxes (5,182) 40,163 (45,345) Income tax provision 1,158 535 623 Net (loss) income (6,340) 39,628 (45,968) Net loss (income) attributable to non-controlling interests 43 (68) 111 Net (loss) income attributable to Blackstone Mortgage Trust, Inc. $ (6,297) $ 39,560 $ (45,857) Net (loss) income per share of common stock, basic and diluted $ (0.04) $ 0.24 $ (0.28) Weighted-average shares of common stock outstanding, basic and diluted 169,078,373 168,167,576 911 Dividends declared per share $ 0.47 $ 0.47 $ — Income from loans and other investments, net Income from loans and other investments, net increase d $0.9 million during the three months ended March 31, 2026 compared to the three months ended December 31, 2025 . The increase was primarily driven by lower financing costs, primarily due to the issuance of our FL6 CLO and B-9 Term Loan . This increase was partially offset by (i) a $490.3 million decrease in the weighted-average principal balance of our loan portfolio, and (ii) declines in floating-rate indices. Revenue from owned real estate Revenue from owned real estate decrease d by $0.8 million during the three months ended March 31, 2026 compared to the three months ended December 31, 2025 . The decrease was primarily due to the seasonality of the operations at our hospitality assets. This was partially offset by the acquisition or consolidation of two owned real estate assets during the three months ended December 31, 2025 , as the three months ended March 31, 2026 reflected a full quarter of income recognition compared to a partial period during the three months ended December 31, 2025 . 78 Expenses Expenses include management and incentive fees payable to our Manager, general and administrative expenses, and expenses from owned real estate. Expenses increase d by $2.7 million during the three months ended March 31, 2026 compared to the three months ended December 31, 2025 , primarily due to a $6.9 million increase in expenses from owned real estate mainly as a result of the acquisition or consolidation of two owned real estate assets during the three months ended December 31, 2025 , as the three months ended March 31, 2026 reflected a full quarter of expense recognition compared to a partial period during the three months ended December 31, 2025 , which was partially offset by the benefit from a $3.3 million property tax refund received by one of our owned real estate assets. This was also partially offset by a $1.6 million decrease in management fees payable to our Manager, due to lower Equity, as defined in our Management Agreement, primarily resulting from charge-offs of CECL reserves . Changes in current expected credit loss reserve During the three months ended March 31, 2026 , we recorded a $55.1 million increase in our CECL reserves, as compared to an $18.4 million increase during the three months ended December 31, 2025 . The increase during the three months ended March 31, 2026 is primarily due to (i) an increase in our asset-specific CECL reserves, driven by two additional loans that were impaired during the three months ended March 31, 2026 , and (ii) an increase in our general CECL reserves driven by new loan originations. We may be required to record further increases to our CECL reserves in the future, depending on the performance of our loan portfolio and changes in broader market conditions, and there may be volatility in the level of our CECL reserves. Any such reserve increases are difficult to predict, but are expected to be primarily the result of incremental loan impairments resulting from changes in the specific credit quality factors of such loans and to be concentrated in our loans receivable with a risk rating of “4” as of March 31, 2026 . Income from unconsolidated entities During the three months ended March 31, 2026 , we recorded income from unconsolidated entities of $1.4 million compared to $7.3 million during the three months ended December 31, 2025 . This decrease was primarily due to lower income from our Bank Loan Portfolio Joint Venture as a result of unrealized losses on the fair value adjustment of the portfolio during the three months ended March 31, 2026 , compared to unrealized gains during the three months ended December 31, 2025 . Income tax provision The income tax provision increase d by $0.6 million during the three months ended March 31, 2026 compared to the three months ended December 31, 2025 , primarily due to an increase in the income tax provisions related to our taxable REIT subsidiaries. Dividends per share During the three months ended March 31, 2026 , we declared dividends of $ 0.47 per share, or $79.3 million in aggregate. During the three months ended December 31, 2025 , we declared dividends of $ 0.47 per share, or $79.1 million in aggregate. 79 The following table sets forth information regarding our consolidated results of operations for the three months ended March 31, 2026 and 2025 ($ in thousands, except per share data): Three Months Ended March 31, Change 2026 2025 $ Income from loans and other investments Interest and related income $ 305,557 $ 332,057 $ (26,500) Less: Interest and related expenses 220,736 242,233 (21,497) Income from loans and other investments, net 84,821 89,824 (5,003) Revenue from owned real estate 74,594 37,033 37,561 Total net revenues 159,415 126,857 32,558 Expenses Management and incentive fees 14,813 17,235 (2,422) General and administrative expenses 13,981 12,664 1,317 Expenses from owned real estate 81,975 46,302 35,673 Total expenses 110,769 76,201 34,568 Increase in current expected credit loss reserve (55,055) (49,505) (5,550) Income (loss) from unconsolidated entities 1,383 (874) 2,257 Net loss on disposition of owned real estate (160) — (160) Other income, net 4 90 (86) (Loss) income before income taxes (5,182) 367 (5,549) Income tax provision 1,158 718 440 Net loss (6,340) (351) (5,989) Net loss (income) attributable to non-controlling interests 43 (6) 49 Net loss attributable to Blackstone Mortgage Trust, Inc. $ (6,297) $ (357) $ (5,940) Net loss per share of common stock, basic and diluted $ (0.04) $ (0.00) $ (0.04) Weighted-average shares of common stock outstanding, basic and diluted 169,078,373 172,004,888 (2,926,515) Dividends declared per share $ 0.47 $ 0.47 $ — Income from loans and other investments, net Income from loans and other investments, net decrease d $5.0 million during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 . The decrease was primarily due to (i) a $303.5 million decrease in the weighted-average principal balance of our loan portfolio, (ii) an $846.9 million increase in the weighted-average principal balance of our outstanding financing arrangements, (iii) a decline in interest income related to additional loans accounted for under the cost-recovery method or loans that are now accounted for as owned real estate assets during the three months ended March 31, 2026 , and (iv) declines in floating-rate indices. Revenue from owned real estate Revenue from owned real estate increase d by $37.6 million during the three months ended March 31, 2026 , primarily due to the acquisition or consolidation of five additional owned real estate assets. Expenses Expenses include management and incentive fees payable to our Manager, general and administrative expenses, and expenses from owned real estate. Expenses increase d by $34.6 million during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to a $35.7 million increase in expenses from owned real estate due to the acquisition or consolidation of five additional owned real estate assets. This was partially offset by a $2.4 million decrease in management fees payable to our Manager, due to lower Equity, as defined in our Management Agreement, primarily resulting from charge-offs of CECL reserves and repurchases of class A common shares. 80 Changes in current expected credit loss reserve During the three months ended March 31, 2026 , we recorded a $55.1 million increase in our CECL reserves, as compared to a $49.5 million increase during the three months ended March 31, 2025 . The increase during the three months ended March 31, 2026 was primarily due to (i) an increase in our asset-specific CECL reserves, driven by two additional loans that were impaired during the three months ended March 31, 2026 , and (ii) an increase in our general CECL reserves driven by new loan originations. We may be required to record further increases to our CECL reserves in the future, depending on the performance of our loan portfolio and changes in broader market conditions, and there may be volatility in the level of our CECL reserves. Any such reserve increases are difficult to predict, but are expected to be primarily the result of incremental loan impairments resulting from changes in the specific credit quality factors of such loans and to be concentrated in our loans receivable with a risk rating of “4” as of March 31, 2026 . Income (loss) from unconsolidated entities During the three months ended March 31, 2026 , we recorded income from unconsolidated entities of $1.4 million compared to a loss of $0.9 million during the three months ended March 31, 2025 . The increase was primarily due to income from our Bank Loan Portfolio Joint Venture , which did not exist during the three months ended March 31, 2025 , as well as income from our Net Lease Joint Venture , which incurred a loss during the three months ended March 31, 2025 . Income tax provision The income tax provision increase d by $0.4 million during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 , due to an increase in the income tax provisions related to our taxable REIT subsidiaries. Dividends per share During the three months ended March 31, 2026 , we declared dividends of $0.47 per share, or $79.3 million in aggregate. During the three months ended March 31, 2025 , we declared dividends of $0.47 per share, or $80.6 million in aggregate. V. Liquidity and Capital Resources Capitalization We have capitalized our business to date primarily through the issuance and sale of shares of our class A common stock, corporate debt, and asset-level financings. As of March 31, 2026 , our capitalization structure included $3.4 billion of common equity, $3.0 billion of corporate debt, and $ 13.0 billion of asset-level financings. Our $3.0 billion of corporate debt includes $1.9 billion of Term Loan borrowings, $785.3 million of Senior Secured Notes, and $266.2 million of Convertible Notes. Our $13.0 billion of asset-level financings includes $9.1 billion of secured debt, $2.9 billion of securitizations, and $961.1 million of asset-specific debt. Our asset-level financings are generally structured to provide currency, index and term-matched financing without capital markets-based mark-to-market provisions. As of March 31, 2026 , we had $991.8 million of liquidity that can be used to satisfy our short-term cash requirements and as working capital for our business. See Notes 6 , 7 , 8 , 9 , 10 , 11 , and 12 to our co nsolidated financial statements for additional details regarding our other secured debt, secured debt, securitized debt obligations, asset-specific debt, Term Loans, Senior Secured Notes, and Convertible Notes, respectively. 81 Debt-to-Equity Ratio and Total Leverage Ratio The following table presents our debt-to-equity ratio and total leverage ratio: March 31, 2026 December 31, 2025 Debt-to-equity ratio (1)(2) 3.7x 3.9x Total leverage ratio (1)(3) 4.5x 4.5x (1) The debt and leverage amounts included in the calculations above use gross outstanding principal balances, excluding any unamortized deferred financing costs and discounts. (2) Represents, in each case at period end, the ratio of (i) total outstanding secured debt, asset-specific debt, Term Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity. (3) Represents, in each case at period end, the ratio of (i) total outstanding secured debt, securitizations, asset-specific debt, Term Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity. Sources of Liquidity Our primary sources of liquidity include cash and cash equivalents, available borrowings under our secured debt facilities, and net receivables from servicers related to loan repayments, which are set forth in the following table ($ in thousands): March 31, 2026 December 31, 2025 Cash and cash equivalents $ 549,153 $ 452,526 Available borrowings under secured debt 438,678 551,552 Loan principal payments held by servicer, net (1) 3,991 15,626 $ 991,822 $ 1,019,704 (1) Represents loan principal payments held by our third-party servicer as of the balance sheet date, which were remitted to us during the subsequent remittance cycle, net of the related secured debt balance. During the three months ended March 31, 2026 , we generated cash flow from operating activities of $169.7 million and received $599.3 million from loan principal collections, sales proceeds, and cost-recovery proceeds. Furthermore, we are able to generate incremental liquidity through provisions of certain of our CLOs, which allow us to effectively replace, for a period of time, a repaid loan in the CLO with additional eligible CLO collateral to maintain the aggregate amount of collateral assets in the CLO, and the related financing outstanding. We have access to further liquidity through public and private offerings of equity and debt securities, syndicated term loans, and similar transactions. To facilitate public offerings of securities, in July 2025, we filed a shelf registration statement with the SEC that is effective for a term of three years and expires in July 2028. The amount of securities to be issued pursuant to this shelf registration statement was not specified when it was filed and there is no specific dollar limit on the amount of securities we may issue. The securities covered by this registration statement include: (i) class A common stock; (ii) preferred stock; (iii) depositary shares representing preferred stock; (iv) debt securities; (v) warrants; (vi) subscription rights; (vii) purchase contracts; and (viii) units consisting of one or more of such securities or any combination of these securities. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. We may also access liquidity through our dividend reinvestment plan and direct stock purchase plan, under which 9,956,862 shares of class A common stock were available for issuance as of March 31, 2026 , and our “at the market” common stock offering program, pursuant to which we may sell, from time to time, up to $480.9 million of additional shares of our class A common stock as of March 31, 2026 . Refer to Note 14 to our consolidated financial statements for additional details. Uses of Liquidity In addition to funding our lending and other investment activity and our general operating expenses, our primary uses of liquidity include interest and principal payments with respect to our outstanding borrowings under secured debt, our asset- specific debt, our Term Loans, our Senior Secured Notes, and our Convertible Notes. From time to time, we have repurchased and may continue to repurchase our outstanding debt or shares of our class A common stock. Such 82 repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material. 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 . As of March 31, 2026 , the amount remaining available for repurchases under the program was $148.8 million . As of March 31, 2026 , we had unfunded commitments of $1.2 billion related to 52 loans receivable and $715.5 million of committed or identified financing for those commitments resulting in net unfunded commitments of $453.4 million . The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 1.8 years . 83 Contractual Obligations and Commitments Our contractual obligations and commitments as of March 31, 2026 were as follows ($ in thousands): Payment Timing Total Obligation Less Than 1 Year (1) 1 to 3 Years 3 to 5 Years More Than 5 Years Unfunded loan commitments (2) $ 1,168,941 $ 260,622 $ 828,429 $ 69,265 $ 10,625 Principal repayments under secured debt (3) 9,099,002 3,076,162 2,879,343 3,143,497 — Principal repayments under asset-specific debt (3) 961,050 — 366,601 594,449 — Principal repayments of term loans (4) 1,919,843 19,239 38,477 1,198,877 663,250 Principal repayments of senior secured notes 785,316 — 335,316 450,000 — Principal repayments of convertible notes (5) 266,157 266,157 — — — Principal repayments of other secured debt (6) 38,825 — — 38,825 — Interest payments (3)(7) 1,945,539 698,877 858,751 387,911 — Total (8) $ 16,184,673 $ 4,321,057 $ 5,306,917 $ 5,882,824 $ 673,875 (1) Represents known and estimated short-term cash requirements related to our contractual obligations and commitments. Refer to “Sources of Liquidity” above for information about our sources of funds to satisfy our short- term cash requirements. (2) The allocation of our unfunded loan commitments is based on the earlier of the commitment expiration date or the final loan maturity date; however, we may be obligated to fund these commitments earlier than such date. (3) Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of both principal and interest payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used. (4) The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 10 to our consolidated financial statements for further details on our Term Loans. (5) Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 12 to our consolidated financial statements for further details on our Convertible Notes. (6) Amounts are included in other liabilities on our consolidated balance sheets. (7) Represents interest payments on our secured debt, asset-specific debt, Term Loans, Senior Secured Notes, Convertible Notes, and other secured debt. Future interest payment obligations are estimated assuming the interest rates in effect as of March 31, 2026 will remain constant into the future. This is only an estimate as actual amounts borrowed and interest rates will vary over time. (8) Total does not include $2.9 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities will not require cash outlays from us. We are also required to settle our foreign exchange and interest rate derivatives with our derivative counterparties upon maturity which, depending on foreign currency exchange and interest rate movements, may result in cash received from or due to such counterparties. The table above does not include these amounts as they are not fixed and determinable. Refer to Note 13 to our consolidated financial statements for details regarding our derivative contracts. We are required to pay our Manager a base management fee, an incentive fee, and reimbursements for certain expenses pursuant to our Management Agreement. The table above does not include the amounts payable to our Manager under our Management Agreement as they are not fixed and determinable. Refer to Note 15 to our consolidated financial statements for additional terms and details of the fees payable under our Management Agreement. As a REIT, we generally must distribute substantially all of our net taxable income to stockholders in the form of dividends to comply with the REIT provisions of the Internal Revenue Code. Our taxable income does not necessarily equal our net income as calculated in accordance with GAAP, or our Distributable Earnings as described above. 84 Cash Flows The following table provides a breakdown of the net change in our cash and cash equivalents ($ in thousands): Three Months Ended March 31, 2026 2025 Cash flows provided by operating activities $ 169,727 $ 100,516 Cash flows provided by investing activities 220,826 260,939 Cash flows used in financing activities (292,857) (18,142) Net increase in cash and cash equivalents $ 97,696 $ 343,313 We experienced a net increase in cash and cash equivalents of $97.7 million for the three months ended March 31, 2026 , compared to a net increase of $343.3 million for the three months ended March 31, 2025 . During the three months ended March 31, 2026 , we (i) received $880.0 million of net proceeds from the issuance of a securitized debt obligation, (ii) received $599.3 million from loan principal collections and sales proceeds, (iii) received a net $72.1 million under our secured term loan borrowings, and (iv) received aggregate distributions of $33.0 million from unconsolidated entities, primarily as a result of our Net Lease Joint Venture refinancing its portfolio through an asset-backed securitization transaction . Also, during the three months ended March 31, 2026 , we (i) repaid a net $1.0 billion of secured debt borrowings and asset-specific financings, (ii) funded $290.8 million of loans, (iii) repaid $133.6 million of securitized debt obligations, (iv) paid $79.1 million of dividends on our class A common stock, and (v) invested $58.9 million in unconsolidated entities. Refer to Note 3 to our consolidated financial statements for further discussion of our loan activity. Refer to Notes 5 , 7 , 8 , and 14 to our consolidated financial statements for further discussion of our investments in unconsolidated entities, secured debt, securitized debt obligations, and equity, respectively. VI. Other Items Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of March 31, 2026 and December 31, 2025 , we were in compliance with all REIT requirements. Furthermore, our taxable REIT subsidiaries are subject to federal, state, and local income tax on their net taxable income. Refer to Note 16 to our consolidated financial statements for further discussion of our income taxes. Critical Accounting Policies Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. We evaluated our critical accounting policies and believe them to be appropriate. The following is a summary of our significant accounting policies that we believe are the most affected by our judgments, estimates, and assumptions : 85 Current Expected Credit Losses The current expected credit loss, or CECL, reserve required under the FASB Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our current estimate of potential credit losses related to our portfolio. We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial Accounting Standards Board Staff Q&A Topic 326, No. 1. Estimating the CECL reserve requires judgment, including the following assumptions: • Historical loan loss reference data : To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through 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. • Expected timing and amount of future loan fundings and repayments : Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserves. Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans receivable. • Current credit quality of our portfolio : Our risk rating is our primary credit quality indicator in assessing our CECL reserves. We perform a quarterly risk review of our portfolio of loans and assign each loan a risk rating based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. • Expectations of performance and market conditions : Our CECL reserves are adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader economic conditions may have on our loan portfolio’s performance. We generally also incorporate information from other sources, including information and opinions available to our Manager, to further inform these estimations. This process requires significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly from the estimates we made as of March 31, 2026 . • Impairment : impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to charge off the impairment losses in our consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non- recoverable. This is generally at the time a loan is repaid or foreclosed, or the underlying collateral assets are otherwise consolidated. However, non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. 86 These assumptions vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve. The sensitivity of each assumption and its impact on the CECL reserves may change over time and from period to period. During the three months ended March 31, 2026 , our CECL reserves increase d by $8.6 million , bringing our total reserves to $304.7 million as of March 31, 2026 . See Notes 2 and 3 to our consolidated financial statements for further discussion of our CECL reserves. Revenue Recognition Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a reduction to interest income; however, expenses related to loans we acquire are included in general and administrative expenses as incurred. The sources of revenue from our 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. 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. These 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. 87 Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates, capital requirements and anticipated holding periods that could differ materially from actual results. Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 “Property, Plant, and Equipment.” Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for investment, and (ii) its estimated fair value at the time of reclassification. As of March 31, 2026 , we had 13 owned real estate assets that were all classified as held for investment. 88 VII . Loan Portfolio Details The following table provides details of our loan portfolio, on a loan-by-loan basis, as of March 31, 2026 ($ in millions): Senior Loan Portfolio (1) Property Type Location Origination Date (2) Total Commitment (3) Principal Balance Net Book Value (4) Cash Coupon (5) All-in Yield (5) Maximum Maturity (6) Loan Per SQFT / Unit / Key / Acre / MW Origination LTV (2) Risk Rating 1 Mixed-Use Dublin, IE 8/14/2019 $ 988 $ 942 $ 942 +3.20 % +3.95 % 1/29/2027 $272 / sqft 74 % 3 2 Hospitality Diversified, AU 6/24/2022 913 913 908 +4.75 % +4.93 % 6/21/2030 $415 / sqft 59 % 3 3 Mixed-Use Austin 6/28/2022 675 539 536 +4.60 % +5.08 % 7/9/2029 $448 / sqft 53 % 3 4 Mixed-Use Diversified, Spain 3/22/2018 498 498 498 +3.25 % +3.25 % 4/15/2026 n / a 71 % 4 5 Industrial Diversified, SE 3/30/2021 489 489 489 +3.20 % +3.41 % 5/18/2027 $88 / sqft 76 % 2 6 Self-Storage Diversified, CAN 2/20/2025 449 449 449 +3.50 % +3.50 % 2/9/2030 $154 / sqft 58 % 2 7 Industrial Diversified, US 10/28/2025 419 419 415 +2.65 % +3.01 % 11/9/2030 $100 / sqft 78 % 3 8 Mixed-Use New York 12/9/2021 385 384 383 +2.76 % +3.00 % 12/9/2026 $131 / sqft 50 % 3 9 Industrial Diversified, UK 4/7/2025 344 344 343 +2.55 % +2.88 % 4/7/2030 $341 / sqft 67 % 3 10 Office Chicago 12/11/2018 356 343 345 +1.75 % +1.88 % 12/9/2026 $287 / sqft 78 % 4 11 Multifamily London, UK 12/23/2021 341 341 339 +4.25 % +4.95 % 6/24/2028 $377,079 / unit 59 % 3 12 Industrial Diversified, UK 5/15/2025 299 299 299 +2.70 % +2.89 % 5/15/2028 $141 / sqft 69 % 3 13 Office Seattle 1/26/2022 338 298 297 +4.10 % +4.44 % 2/9/2027 $607 / sqft 56 % 3 14 Office Washington, DC 9/29/2021 293 293 293 +2.81 % +3.05 % 10/9/2026 $382 / sqft 66 % 2 15 Industrial Diversified, UK 5/6/2022 291 291 291 +3.50 % +3.71 % 5/6/2027 $92 / sqft 53 % 2 16 Other Diversified, UK 1/11/2019 290 290 290 +5.20 % +5.06 % 6/14/2028 $230 / sqft 74 % 3 17 Industrial Diversified, EUR 6/5/2025 245 245 243 +2.70 % +2.97 % 7/19/2030 $66 / sqft 70 % 3 18 Office New York 4/11/2018 243 243 242 +2.25 % +2.62 % 3/7/2028 $307 / sqft 52 % 4 19 Multifamily London, UK 7/16/2021 242 234 234 +3.25 % +3.51 % 2/15/2027 $239,117 / unit 69 % 2 20 Multifamily Reno 2/23/2022 240 231 231 +2.60 % +2.83 % 3/9/2027 $214,474 / unit 74 % 3 21 Industrial Diversified, UK 8/15/2025 271 227 225 +2.65 % +3.13 % 10/1/2030 $201 / sqft 70 % 3 22 Office Berlin, DEU 6/27/2019 256 225 225 +1.00 % +1.13 % 6/6/2030 $473 / sqft 62 % 4 23 Industrial Diversified, US 2/13/2025 225 208 207 +3.10 % +3.49 % 3/9/2030 $727,471 / acre 62 % 3 24 Industrial Diversified, UK 3/28/2025 202 202 201 +2.45 % +2.74 % 3/28/2030 $127 / sqft 69 % 3 25 Industrial Diversified, UK 4/11/2025 198 198 197 +2.40 % +2.77 % 4/11/2030 $113 / sqft 69 % 3 26 Office New York 7/23/2021 244 184 184 -1.30 % (7) -1.03 % 8/9/2028 $596 / sqft 53 % 4 27 Retail Diversified, UK 3/9/2022 179 179 179 +2.75 % +2.88 % 8/15/2028 $152 / sqft 55 % 2 28 Multifamily Dallas 1/27/2022 178 178 179 +8.10 % +8.10 % 2/9/2027 $116,020 / unit n/m 5 29 Industrial Diversified, EUR 12/17/2025 172 172 170 +3.25 % +3.61 % 12/17/2030 $87 / sqft 66 % 3 30 Hospitality Los Angeles 3/7/2022 156 156 156 +3.45 % +3.66 % 6/9/2026 $624,000 / key 64 % 3 89 Senior Loan Portfolio (1) Property Type Location Origination Date (2) Total Commitment (3) Principal Balance Net Book Value (4) Cash Coupon (5) All-in Yield (5) Maximum Maturity (6) Loan Per SQFT / Unit / Key / Acre / MW Origination LTV (2) Risk Rating 31 Self-Storage London, UK 11/18/2021 $ 150 $ 150 $ 149 +3.25 % +3.51 % 11/18/2026 $190 / sqft 65 % 2 32 Multifamily Melbourne, AU 1/10/2025 148 148 148 +3.85 % +4.52 % 1/10/2028 $446,837 / unit 76 % 3 33 Multifamily San Jose 4/2/2025 182 148 147 +2.35 % +2.76 % 4/9/2030 $316,910 / unit 67 % 3 34 Multifamily Dublin, IE 12/15/2021 145 143 143 +2.75 % +3.05 % 12/9/2026 $358,264 / unit 79 % 3 35 Industrial Diversified, UK 11/12/2025 151 142 140 +2.80 % +3.21 % 11/7/2029 $123 / sqft 72 % 3 36 Mixed-Use New York 1/17/2020 183 140 140 +3.12 % +3.44 % 2/9/2028 $111 / sqft 43 % 3 37 Multifamily Manchester, UK 6/30/2025 138 138 137 +2.30 % +2.65 % 6/30/2029 $295,195 / unit 63 % 3 38 Office London, UK 12/20/2019 135 135 135 4.00 % 4.00 % 3/31/2029 $685 / sqft 68 % 4 39 Industrial Diversified, US 2/2/2026 134 134 133 +2.32 % +2.68 % 2/9/2031 $126 / sqft 70 % 3 40 Office San Jose 8/24/2021 156 129 125 +2.71 % +8.31 % 9/9/2028 $302 / sqft 65 % 4 41 Office Diversified, UK 11/23/2018 128 128 127 +3.50 % +3.74 % 11/15/2029 $1,062 / sqft 50 % 3 42 Multifamily Los Angeles 9/14/2021 128 127 127 +2.81 % +3.05 % 10/9/2026 $256,954 / unit 75 % 3 43 Multifamily Miami 11/27/2024 125 125 124 +2.80 % +3.17 % 12/9/2029 $260,417 / unit 71 % 3 44 Retail San Diego 8/27/2021 122 122 122 +3.11 % +3.36 % 9/9/2026 $464 / sqft 58 % 3 45 Life Sciences/ Studio Boston 5/13/2021 143 122 122 3.25 % 3.25 % 9/9/2030 $608 / sqft 64 % 4 46 Office Houston 7/15/2019 136 122 122 +3.01 % +3.22 % 8/9/2028 $220 / sqft 58 % 3 47 Multifamily Denver 11/26/2025 120 120 119 +2.35 % +2.71 % 12/9/2030 $469,762 / unit 65 % 3 48 Multifamily Miami 6/1/2021 120 120 119 +2.65 % +2.95 % 6/9/2029 $298,507 / unit 61 % 3 49 Office Miami 3/28/2022 120 119 119 +2.55 % +2.79 % 4/9/2027 $313 / sqft 69 % 3 50 Multifamily Diversified, UK 3/29/2021 115 115 114 +4.52 % +4.40 % 12/17/2026 $50,125 / unit 61 % 3 51 Multifamily Phoenix 12/29/2021 110 110 110 +2.85 % +3.11 % 7/9/2027 $189,003 / unit 64 % 3 52 Multifamily Tampa 2/15/2022 106 106 105 +2.85 % +3.09 % 3/9/2027 $241,972 / unit 73 % 2 53 Life Sciences/ Studio Los Angeles 6/28/2019 106 106 106 +8.75 % +8.75 % 2/1/2026 $531 / sqft n/m 5 54 Industrial Diversified, FR 12/11/2025 105 105 104 +2.65 % +3.00 % 12/11/2030 $69 / sqft 68 % 3 55 Office Orange County 8/31/2017 105 105 105 +2.62 % +2.62 % 9/9/2026 $162 / sqft 58 % 4 56 Office Chicago 9/30/2021 104 104 104 5.00 % 5.00 % 10/9/2029 $115 / sqft 43 % 3 57 Multifamily Washington, DC 11/17/2025 105 104 103 +2.50 % +2.83 % 12/9/2030 $292,642 / unit 72 % 3 58 Mixed-Use New York 3/10/2020 103 103 103 +3.00 % +3.01 % 7/11/2029 $628 / sqft 48 % 2 59 Multifamily Various, TX 10/15/2025 105 102 101 +2.60 % +2.93 % 11/9/2030 $226,659 / unit 73 % 3 60 Industrial Diversified, US 5/22/2025 115 101 101 +3.00 % +3.36 % 6/9/2030 $859,363 / acre 56 % 3 90 Senior Loan Portfolio (1) Property Type Location Origination Date (2) Total Commitment (3) Principal Balance Net Book Value (4) Cash Coupon (5) All-in Yield (5) Maximum Maturity (6) Loan Per SQFT / Unit / Key / Acre / MW Origination LTV (2) Risk Rating 61 Hospitality Honolulu 1/30/2020 $ 99 $ 99 $ 99 +3.50 % +3.50 % 2/9/2027 $270,109 / key 63 % 3 62 Retail New York 9/24/2025 121 99 98 +3.35 % +3.76 % 10/9/2030 $133 / sqft 56 % 3 63 Multifamily Miami 3/29/2022 99 99 100 +6.84 % +7.68 % 4/9/2027 $276,125 / unit 75 % 4 64 Multifamily Diversified, NL 3/27/2025 99 99 99 +2.70 % +2.97 % 3/31/2028 $116,897 / unit 62 % 2 65 Hospitality Honolulu 3/13/2018 98 98 98 +3.11 % +3.36 % 4/9/2027 $152,536 / key 50 % 3 66 Industrial Diversified, BE 3/7/2025 109 98 97 +2.75 % +3.32 % 3/7/2030 $40 / sqft 57 % 2 67 Office Washington, DC 12/21/2021 103 97 97 +2.70 % +2.93 % 1/9/2027 $333 / sqft 68 % 4 68 Multifamily San Antonio 3/20/2025 97 97 96 +2.80 % +3.16 % 4/9/2030 $449,074 / unit 72 % 3 69 Multifamily Phoenix 10/1/2021 96 96 97 +2.13 % +2.66 % 1/9/2029 $221,705 / unit 77 % 4 70 Multifamily Philadelphia 10/28/2021 96 96 95 +3.00 % +3.24 % 11/9/2026 $353,704 / unit 79 % 3 71 Multifamily Seattle 9/13/2024 94 94 94 +3.25 % +3.49 % 11/9/2027 $509,389 / unit 68 % 3 72 Multifamily Orlando 10/27/2021 93 93 93 +2.61 % +2.85 % 11/9/2026 $155,612 / unit 75 % 3 73 Mixed-Use San Francisco 6/14/2022 106 90 91 +2.95 % +3.20 % 7/9/2027 $187 / sqft 76 % 4 74 Hospitality Boston 3/3/2022 89 89 89 +2.75 % +3.09 % 3/9/2027 $404,364 / key 64 % 3 75 Multifamily Charlotte 7/29/2021 82 82 82 +2.76 % +3.59 % 8/9/2027 $223,735 / unit 78 % 3 76 Hospitality Diversified, US 8/27/2021 79 79 78 +4.60 % +4.84 % 9/9/2026 $116,598 / key 67 % 3 77 Multifamily Tampa 12/21/2021 74 74 74 +2.70 % +2.94 % 1/9/2027 $217,353 / unit 77 % 3 78 Retail Utrecht, NL 5/30/2025 72 72 72 +2.80 % +3.16 % 5/30/2030 $170 / sqft 62 % 2 79 Multifamily Las Vegas 3/31/2022 68 68 68 +2.80 % +3.04 % 4/9/2027 $149,295 / unit 71 % 3 80 Multifamily Miami 7/31/2025 68 68 68 +2.60 % +2.96 % 8/9/2030 $229,730 / unit 72 % 3 81 Multifamily Melbourne, AU 6/13/2025 252 66 65 +4.75 % +6.21 % 8/8/2029 $139,135 / unit 76 % 3 82 Office Nashville 6/30/2021 65 62 62 +2.95 % +3.20 % 7/9/2026 $256 / sqft 71 % 3 83 Office Los Angeles 4/6/2021 62 62 62 6.00 % 6.00 % 1/9/2030 $254 / sqft 65 % 2 84 Hospitality Bermuda 4/26/2024 69 61 61 +4.95 % +5.62 % 5/9/2029 $693,780 / key 39 % 2 85 Office New York 5/28/2025 68 61 61 +3.25 % +3.66 % 6/9/2030 $397 / sqft 60 % 1 86 Hospitality Napa Valley 4/29/2022 60 60 59 +2.65 % +2.93 % 4/9/2028 $626,382 / key 66 % 2 87 Multifamily Seattle 10/28/2021 59 59 59 +2.95 % +3.18 % 11/9/2027 $180,070 / unit 70 % 3 88 Multifamily Phoenix 12/17/2021 58 58 58 +2.70 % +2.97 % 1/9/2028 $209,601 / unit 69 % 3 89 Office Miami 6/14/2021 58 58 58 +2.30 % +2.30 % 3/9/2027 $122 / sqft 65 % 2 90 Industrial Minneapolis 12/12/2024 61 58 57 +2.85 % +3.23 % 1/9/2030 $82 / sqft 59 % 3 91 Senior Loan Portfolio (1) Property Type Location Origination Date (2) Total Commitment (3) Principal Balance Net Book Value (4) Cash Coupon (5) All-in Yield (5) Maximum Maturity (6) Loan Per SQFT / Unit / Key / Acre / MW Origination LTV (2) Risk Rating 91 Multifamily Salt Lake City 7/30/2021 $ 58 $ 58 $ 57 +2.95 % +3.22 % 8/9/2027 $208,436 / unit 73 % 3 92 Multifamily Atlanta 10/17/2025 57 56 56 +2.30 % +2.57 % 11/9/2030 $212,121 / unit 64 % 3 93 Office Denver 8/5/2021 56 55 55 +2.96 % +3.21 % 8/9/2026 $206 / sqft 70 % 4 94 Office Denver 4/7/2022 57 55 55 +3.25 % +3.50 % 4/9/2027 $160 / sqft 59 % 3 95 Mixed-Use New York 6/25/2025 221 54 52 +3.75 % +4.36 % 12/25/2028 $96,194 / unit 44 % 3 96 Industrial Diversified, US 12/14/2018 54 54 54 +3.01 % +3.41 % 1/9/2027 $40 / sqft 57 % 1 97 Multifamily Los Angeles 7/28/2021 53 53 53 +2.75 % +3.12 % 8/9/2026 $300,083 / unit 71 % 3 98 Self-Storage Diversified, US 2/18/2025 53 53 52 +3.10 % +3.47 % 3/9/2030 $90 / sqft 67 % 3 99 Multifamily Denver 3/19/2025 51 51 51 +2.60 % +2.92 % 5/9/2030 $221,739 / unit 64 % 3 100 Hospitality Waimea 2/27/2025 50 50 50 +2.80 % +2.92 % 2/9/2030 $823,353 / key 52 % 2 101 Office Los Angeles 8/22/2019 50 50 50 +2.66 % +2.90 % 3/9/2027 $288 / sqft 63 % 4 102 Multifamily Los Angeles 7/20/2021 48 48 48 +2.86 % +3.11 % 8/9/2026 $366,412 / unit 60 % 3 103 Multifamily Dallas 12/23/2025 45 45 44 5.74 % 6.45 % 1/1/2031 $148,333 / unit 77 % 3 104 Multifamily Columbus 12/8/2021 44 44 44 +2.75 % +2.99 % 12/9/2026 $144,479 / unit 69 % 2 105 Multifamily Dublin, IE 12/8/2025 40 40 40 +2.65 % +2.87 % 12/2/2030 $351,613 / unit 73 % 3 106 Multifamily Las Vegas 3/31/2022 39 39 39 +2.80 % +3.04 % 4/9/2027 $155,163 / unit 72 % 3 107 Multifamily Savannah 10/10/2025 40 38 37 +2.85 % +2.94 % 11/9/2030 $241,935 / unit 69 % 3 108 Office Canberra, AU 5/8/2025 37 37 36 +3.80 % +3.98 % 5/8/2028 $415 / sqft 75 % 3 109 Office Atlanta 5/27/2025 51 36 35 +3.65 % +4.03 % 6/9/2030 $121 / sqft 39 % 2 110 Multifamily Los Angeles 3/1/2022 35 35 35 +3.00 % +3.17 % 3/9/2027 $372,340 / unit 72 % 3 111 Retail Hamburg, DEU 3/19/2026 42 33 32 +2.90 % +3.40 % 3/4/2030 $108 / sqft 65 % 3 112 Mixed-Use New York 2/21/2025 24 24 24 +3.25 % +3.52 % 3/9/2030 $775 / sqft 59 % 3 113 Office Austin 4/15/2021 24 22 22 +3.06 % +3.13 % 12/9/2029 $155 / sqft 40 % 2 114 Multifamily Las Vegas 8/4/2021 22 22 22 +2.86 % +3.11 % 8/9/2026 $180,000 / unit 73 % 3 115 Multifamily Atlanta 5/9/2025 21 21 21 +2.85 % +2.94 % 5/9/2030 $205,882 / unit 65 % 3 Subtotal: Senior loan portfolio $ 18,181 $ 17,144 $ 17,089 +3.16 % +3.49 % 2.4 yrs 65 % 3.0 92 Subordinate Loan Portfolio (8) Property Type Location Origination Date (2) Total Commitment (3) Principal Balance Net Book Value (4) Cash Coupon (5) All-in Yield (5) Maximum Maturity (6) Loan Per SQFT / Unit / Key / Acre / MW Origination LTV (2) Risk Rating 116 Office Los Angeles 11/22/2019 $ 129 $ 119 $ 119 +2.50 % +2.50 % 12/9/2027 $807 / sqft 69 % 4 117 Office Orange County 8/31/2017 64 59 42 n/m (9) n/m 9/9/2026 $337 / sqft n/m 5 118 Life Sciences/ Studio San Francisco 11/10/2021 72 57 57 +8.71 % +8.92 % 12/9/2026 $529 / sqft 66 % 4 119 Industrial Diversified, US 3/10/2025 56 56 56 +5.00 % +5.12 % 3/9/2030 $111 / sqft 70 % 3 120 Multifamily Los Angeles 12/30/2021 42 36 36 +8.80 % +9.11 % 1/9/2030 $515,378 / unit 50 % 3 121 Multifamily London, UK 7/18/2025 29 29 29 +8.98 % +9.38 % 7/5/2030 $739,765 / unit 69 % 3 122 Other Manassas, VA 1/9/2026 26 26 25 12.98 % 14.23 % 1/9/2031 $9,840,909 / MW 64 % 3 123 Office Austin 4/15/2021 24 24 20 n/m (9) n/m 12/9/2029 $382 / sqft n/m 5 124 Industrial New York 1/8/2026 23 23 19 5.79 % 9.67 % 1/9/2031 $12 / sqft 63 % 3 125 Hospitality Miami 5/2/2025 23 21 21 +9.50 % +10.15 % 5/9/2030 $947,029 / key 53 % 3 126 Mixed-Use New York 5/20/2025 28 17 17 10.00 % 10.06 % 10/1/2034 $1,038 / sqft 59 % 3 127 Office London, UK 12/20/2019 14 14 14 n/m (9) n/m 3/31/2029 $832 / sqft n/m 5 128 Office Chicago 9/30/2021 44 11 11 n/m (9) n/m 10/9/2029 $158 / sqft n/m 5 129 Other Honolulu 3/2/2026 41 5 4 +9.72 % +11.54 % 3/9/2032 $65 / sqft 69 % 3 130 Life Sciences/ Studio Boston 5/13/2021 15 — — n/m (9) n/m 9/9/2030 $644 / sqft n/m 5 Subtotal: subordinate loan portfolio $ 628 $ 496 $ 469 +6.53 % +7.01 % 3.1 yrs 65 % 3.7 Subtotal: loans receivable portfolio $ 18,808 $ 17,639 $ 17,558 Total CECL reserve (292) Total loans receivable portfolio $ 18,808 $ 17,639 $ 17,266 +3.23 % +3.46 % 2.4 yrs 65 % 3.0 (1) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans. (2) Date loan was originated or acquired by us, and the LTV as of such date, excluding any loans that are impaired. (3) Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment. (4) Net book value represents outstanding principal balance, net of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds . (5) The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable to each loan. As of 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. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any . (6) Maximum maturity assumes all extension options are exercised; however, our loans may be repaid prior to such date. Excludes loans accounted for under the cost- recovery and nonaccrual methods, if any . (7) This loan has an interest rate of SOFR minus 1.30% with a SOFR floor of 3.50%, for an all-in rate of 2.36% as of March 31, 2026 . (8) Subordinate loans include: (i) loans in which we have previously originated a whole loan and sold a senior mortgage interest to a third party, resulting in these subordinate interests in mortgages, (ii) mezzanine loans, and (iii) the subordinate portion of loans that have been modified that have resulted in a restructured senior loan and a subordinate loan. (9) These subordinate loans are the result of a loan modification which resulted in a restructured senior loan and a subordinate loan. Each of the subordinate loans are accounted for under the cost-recovery method. 93