What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-07-30 compared with 2026-04-29 · 646 added, 597 removed, 1846 unchanged (40% of the section changed)

3 unchanged sentences

(in thousands, except share data)

March 31, 2026

June 30, 2026

December 31, 2025

5 unchanged sentences

Investments in unconsolidated entities (includes $ 136,158 and $ 111,010 at fair

value as of March 31, 2026 and December 31, 2025 , respectively)

value as of June 30, 2026 and December 31, 2025 , respectively)

Liabilities and Equity

9 unchanged sentences

Class A common stock, $ 0.01 par value, 400,000,000 shares authorized,

168,683,520 and 168,259,023 shares issued and outstanding as of March 31, 2026

168,543,591 and 168,259,023 shares issued and outstanding as of June 30, 2026

and December 31, 2025 , respectively

8 unchanged sentences

Total Liabilities and Equity

The consolidated balance sheets as of March 31, 2026 and December 31, 2025 include assets of consolidated variable

The consolidated balance sheets as of June 30, 2026 and December 31, 2025 include assets of consolidated variable

interest entities, or VIEs, that can only be used to settle obligations of each respective VIE, and liabilities of consolidated

VIEs for which creditors do not have recourse to Blackstone Mortgage Trust, Inc.

As of March 31, 2026 and December 31,

As of June 30, 2026 and December 31,

2025 , assets of the consolidated VIEs totaled $ 3.9 billion and $ 3.3 billion , respectively, and liabilities of the consolidated

5 unchanged sentences

(in thousands, except share and per share data)

Three Months Ended

Three Months Ended June 30,

Six Months Ended June 30,

Income from loans and other investments

14 unchanged sentences

Income tax provision

Net (loss) income

Net loss (income) attributable to non-controlling interests

Net loss attributable to Blackstone Mortgage Trust, Inc.

Net loss per share of common stock, basic and diluted

Weighted-average shares of common stock outstanding, basic and diluted

Net (loss) income attributable to Blackstone Mortgage

Net (loss) income per share of common stock, basic and

Weighted-average shares of common stock outstanding,

basic and diluted

See accompanying notes to consolidated financial statements.

2 unchanged sentences

(in thousands)

Three Months Ended

Other comprehensive (loss) income

Three Months Ended June 30,

Six Months Ended June 30,

Net (loss) income

Other comprehensive income (loss)

Unrealized (loss) gain on foreign currency translation

Realized and unrealized gain (loss) on derivative financial instruments

Unrealized loss on derivative financial instruments from unconsolidated entities

Other comprehensive (loss) income

Comprehensive loss

Comprehensive loss (income) attributable to non-controlling interests

Comprehensive loss attributable to Blackstone Mortgage Trust, Inc.

Realized and unrealized gain (loss) on derivative

financial instruments

Unrealized gain (loss) on derivative financial

instruments from unconsolidated entities

Other comprehensive income (loss)

Comprehensive (loss) income

Comprehensive loss (income) attributable to non-

controlling interests

Comprehensive (loss) income attributable to

Blackstone Mortgage Trust, Inc.

See accompanying notes to consolidated financial statements.

12 unchanged sentences

Deferred directors’

Other comprehensive loss

Net (loss) income

Other comprehensive income

Dividends declared on

4 unchanged sentences

$ ( 2,031,167 )

Repurchases of class A

Restricted class A common

Dividends reinvested

Deferred directors’

Other comprehensive income

Dividends declared on

common stock and deferred

stock units, $ 0.47 per share

Balance at June 30, 2026

$ ( 2,191,769 )

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Changes in Equity (Unaudited)

(in thousands)

Blackstone Mortgage Trust, Inc.

Comprehensive

Income (Loss)

Stockholders’

Balance at December 31, 2024

14 unchanged sentences

$ ( 1,814,935 )

Repurchases of class A common

Restricted class A common stock

Dividends reinvested

Deferred directors’ compensation

Other comprehensive income

Dividends declared on common

stock and deferred stock units,

$ 0.47 per share

Balance at June 30, 2025

$ ( 1,888,762 )

See accompanying notes to consolidated financial statements.

2 unchanged sentences

(in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Cash flows from operating activities

Adjustments to reconcile net loss to net cash provided by operating activities

Net (loss) income

Adjustments to reconcile net (loss) income to net cash provided by operating

Non-cash compensation expense

16 unchanged sentences

( 1,449,551 )

( 3,440,030 )

Principal collections, sales proceeds, and cost-recovery proceeds from loans

9 unchanged sentences

Capital expenditures on owned real estate

Net cash provided by investing activities

Net cash provided by (used in) investing activities

See accompanying notes to consolidated financial statements.

2 unchanged sentences

(in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Cash flows from financing activities

2 unchanged sentences

( 2,781,133 )

( 2,072,147 )

Proceeds from issuance of securitized debt obligations

2 unchanged sentences

Repayments under asset-specific debt

Repayments of loan participations

Net proceeds from term loan borrowings

Repayments and repurchases of term loans

Proceeds from issuance of senior secured notes

Payment of deferred financing costs

2 unchanged sentences

Repurchases of class A common stock

Net cash used in financing activities

Net increase in cash and cash equivalents

Net cash (used in) provided by financing activities

Net (decrease) increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

57 unchanged sentences

eliminated in consolidation.

Certain reclassifications have been made in the presentation of the prior period statements of operations to combine other

income and other expenses to conform to the current period presentation.

Certain prior period amounts have been reclassified to conform to the current period presentation, including changes to the

presentation of certain income and expense captions and loans receivable disclosures.

Principles of Consolidation

21 unchanged sentences

Investments in unconsolidated entities for which we

have not elected the fair value option, or FVO, are initially recorded at cost and subsequently adjusted for our pro-rata

share of net income, contributions and distributions.

When we elect the FVO, we record our share of the net asset value of

the entity and any related unrealized gains and losses.

have not elected the fair value option, or FVO, are initially recorded at cost and subsequently adjusted for our pro rata share

of net income, contributions and distributions.

When we elect the FVO, we record our share of the net asset value of the

entity and any related unrealized gains and losses.

We review our investments in unconsolidated entities for impairment each quarter or when there is an event or change in

23 unchanged sentences

Our aggregate ownership interest in our Net Lease Joint

Venture was 75 % as of March 31, 2026 .

We do not consolidate our Net Lease Joint Venture as we do not have a

controlling financial interest.

Our investment in our Net Lease Joint Venture is accounted for under the equity method, and

is recorded in investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share of income

(loss) is recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.

Venture was 75 % as of June 30, 2026 .

We do not consolidate our Net Lease Joint Venture as we do not have a controlling

financial interest.

Our investment in our Net Lease Joint Venture is accounted for under the equity method, and is recorded

in investments in unconsolidated entities on our consolidated balance sheets, and our pro rata share of income (loss) is

recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.

In 2025, we entered into a joint venture with a Blackstone-advised investment vehicle to acquire portfolios of performing

3 unchanged sentences

Our aggregate ownership

interest in our Bank Loan Portfolio Joint Venture was 35 % as of March 31, 2026 .

interest in our Bank Loan Portfolio Joint Venture was 35 % as of June 30, 2026 .

We do not consolidate our Bank Loan

1 unchanged sentence

Our investment in our Bank Loan Portfolio Joint

Venture is accounted for using the FVO, and is recorded as an investment in unconsolidated entities on our consolidated

Venture is accounted for using the FVO, and is recorded in investments in unconsolidated entities on our consolidated

balance sheets, and our pro rata share of any unrealized gains and losses is recorded in income (loss) from unconsolidated

entities on our consolidated statements of operations.

In the second quarter of 2026, we entered into a joint venture with an unaffiliated third-party, alongside a Blackstone-

advised investment vehicle, to acquire an initial $ 286.7 million portfolio of construction loans collateralized by single

family homes, and to continue to acquire and fund such loans in the future , which we refer to as our Homebuilder Finance

Joint Venture .

Our aggregate ownership interest in our Homebuilder Finance Joint Venture was 45 % as of June 30, 2026 .

We do not consolidate our Homebuilder Finance Joint Venture as we do not have a controlling financial interest.

investment in our Homebuilder Finance Joint Venture is accounted for using the FVO, and is recorded in investments in

unconsolidated entities on our consolidated balance sheets, and our pro rata share of any unrealized gains and losses is

recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.

Use of Estimates

3 unchanged sentences

Actual results may ultimately differ materially from those estimates.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Revenue Recognition

8 unchanged sentences

cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

current and performance is demonstrated to be resumed.

6 unchanged sentences

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.

recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions.

recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space.

We determine if an arrangement is a lease at contract inception, which is subject to the provisions of Financial Accounting

Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 842 “Leases.” 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.

14 unchanged sentences

expect, any losses on our cash or cash equivalents.

As of both March 31, 2026 and December 31, 2025 , we had no

restricted cash on our consolidated balance sheets .

As of both June 30, 2026 and December 31, 2025 , we had no restricted

cash on our consolidated balance sheets .

Loans Receivable

2 unchanged sentences

Current Expected Credit Losses Reserve

The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB,

Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our

current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance

Changes to the CECL reserves are recognized through net income on our consolidated statements of operations.

While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves

should be based on relevant information about past events, including historical loss experience, current portfolio and

market conditions, and reasonable and supportable forecasts for the duration of each respective loan.

In addition, other than

a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of

loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of

loss, regardless of credit quality, subordinate capital, or other mitigating factors.

The current expected credit loss, or CECL, reserve required under the ASC Topic 326 “Financial Instruments – Credit

Losses,” or ASC 326, reflects our current estimate of potential credit losses related to our loans and notes receivable

included in our consolidated balance sheets.

Changes to the CECL reserves are recognized through net income on our

consolidated statements of operations.

While ASC 326 does not require any particular method for determining the CECL

reserves, it does specify the reserves should be based on relevant information about past events, including historical loss

experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each

respective loan.

In addition, other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to

the CECL model have some amount of loss reserve to reflect the principle underlying the CECL model that all loans and

similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors.

We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which

1 unchanged sentence

The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

each of our loans over their expected remaining term, taking into consideration expected economic conditions over the

6 unchanged sentences

loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period.

2 unchanged sentences

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.

since January 1, 1999 through May 31, 2026 .

Within this database, we focused our historical loss reference calculations on

the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to

our loan portfolio including asset type, geography, and origination loan-to-value, or LTV.

We believe this CMBS data,

which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset

to our portfolio.

Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan.

15 unchanged sentences

a probability of default and loss given default model, assessed on an individual basis.

three months ended June 30, 2026, we reassessed the pooling of certain loans previously classified within our

Unique Loans pool.

Based on our reassessment, we determined that these loans share risk characteristics

materially similar to loans in our U.S.

Loans and Non-U.S.

Loans pools, as evaluated under our internal risk rating

Accordingly, consistent with ASC 326, which requires assets with similar risk characteristics to be

evaluated on a collective basis wherever similar risk characteristics exist within a pool of similar assets, we have

reclassified these loans into our U.S.

Loans and Non-U.S.

Loans pools, as applicable based on the geographic

location of the underlying collateral.

This reclassification did not have a material impact on our total CECL

reserves as of June 30, 2026 .

• Impaired Loans:

9 unchanged sentences

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-

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.

the estimated fair value of the underlying collateral 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.

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.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Contractual Term and Unfunded Loan Commitments

12 unchanged sentences

without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition,

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship.

Based on a 5-point

scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which

ratings are defined as follows:

scale, our loans are rated “1” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate,

which ratings are defined as follows:

1 - Very Low Risk

19 unchanged sentences

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 .

from the estimates we made as of June 30, 2026 .

Owned Real Estate

15 unchanged sentences

We capitalize acquisition-related costs associated with asset acquisitions.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

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

estimated useful lives of up to 40 years for buildings, 15 years for land improvements, and 10 years for building and tenant

improvements.

11 unchanged sentences

Refer to Note 4

for further information.

Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 “Property,

Plant, and Equipment.” Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is

reported at the lower of its carrying value or fair value less cost to sell .

If circumstances arise and we decide not to sell a

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment.

for further informa tion.

Real estate assets are classified as held for sale in the period when they meet the criteria under the 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.

reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for

1 unchanged sentence

investment, and (ii) its estimated fair value at the time of reclassification.

As of March 31, 2026 and December 31, 2025 , we had 13 and 12 owned real estate assets, respectively, that were all

As of June 30, 2026 and December 31, 2025 , we had 14 and 12 owned real estate assets, respectively, that were all

classified as held for investment.

10 unchanged sentences

allocable portion of origination, servicing, and other fees in other income when we have satisfied our performance

obligations in accordance with the “Revenue from Contracts with Customers” Topic of the FASB, or ASC 606.

obligations in accordance with the ASC Topic 606, “Revenue from Contracts with Customers,” or ASC 606.

performance obligations are generally satisfied when the loan is referred by us to MTRCC and subsequently originated and

12 unchanged sentences

This liability is included within other liabilities in our consolidated balance sheets.

March 31, 2026 , our maximum loss-sharing obligation associated with the loans referred by us to MTRCC under the

Fannie Mae program was $ 5.5 million , and we have recorded related liabilities of $ 32 thousand .

June 30, 2026 , our maximum loss-sharing obligation associated with the loans referred by us to MTRCC under the Fannie

Mae program was $ 5.5 million , and we have recorded related liabilities of $ 32 thousand .

There have been no losses

incurred as a result of the loss-sharing obligations.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Derivative Financial Instruments

18 unchanged sentences

Gains and losses, representing hedge components excluded from

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the

contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in

accordance with our accounting policy election.

the assessment of effectiveness, are recognized in interest and related income on our consolidated statements of operations

over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception

in accordance with our accounting policy election.

All other changes in the fair value of our derivative instruments that

26 unchanged sentences

cash interest expense.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Convertible Notes

14 unchanged sentences

stock offering are expensed when incurred.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Fair Value Measurements

The “Fair Value Measurements and Disclosures” Topic o f the FASB, or ASC 820, defines fair value, establishes a

framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP.

Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an

asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.

The ASC Topic 820, “Fair Value Measurements and Disclosures,” or ASC 820, defines fair value, establishes a framework

for measuring fair value, and requires certain disclosures about fair value measurements under GAAP.

Specifically, this

guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer

of a liability in an orderly transaction between market participants at the measurement date.

ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in

29 unchanged sentences

of other lenders, and other factors.

We have elected the FVO for one of our investments in an unconsolidated entity, our Bank Loan Portfolio Joint Venture ,

and therefore report this investment at fair value.

Given the fair value of this investment is not readily determinable, the net

asset value of the entity is used as a practical expedient.

As of March 31, 2026 , we had an aggregate $ 84.9 million asset-specific CECL reserve related to seven of our loans

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

We have elected the FVO for two of our investments in unconsolidated entities, our Bank Loan Portfolio Joint Venture and

Homebuilder Finance Joint Venture , and therefore report these investments at fair value.

Given the fair value of these

investments are not readily determinable, the net asset value of the entities are used as a practical expedient.

As of June 30, 2026 , we had an aggregate $ 219.5 million asset-specific CECL reserve related to nine of our loans

receivable with an aggregate amortized cost basis of $ 695.2 million , net of cost-recovery proceeds.

The CECL reserve was

recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of March 31, 2026 .

recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of June 30, 2026 .

loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are

5 unchanged sentences

rate assumption, which ranged from 9.3 % to 15.0 % .

During the three months ended March 31, 2026 , we acquired legal title to one owned real estate asset through a foreclosure

transaction .

At the time of acquisition, we determined the fair value of the real estate asset based on a variety of inputs, as

applicable, including, but not limited to, estimated cash flow projections, leasing assumptions, required capital

During the six months ended June 30, 2026 , we acquired legal title to two owned real estate assets through foreclosure

transactions .

At the time of each acquisition, we determined the fair value of the real estate assets based on a variety of

inputs, as applicable, including, but not limited to, estimated cash flow projections, leasing assumptions, required capital

expenditures, market data, and comparable sales.

The owned real estate asset was measured at fair value on a nonrecurring

basis using significant unobservable inputs and is classified as a Level 3 asset in the fair value hierarchy.

The significant

unobservable inputs employed include (i) the exit capitalization rate assumption used to forecast the future sale price of the

asset, which was 6.5 % , and (ii) the unlevered discount rate assumption, which was 11.0 % .

Refer to Notes 4 and 18 for

further information.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

The owned real estate assets were measured at fair value on a

nonrecurring basis using significant unobservable inputs and are classified as Level 3 assets in the fair value hierarchy.

significant unobservable inputs employed include (i) the exit capitalization rate assumption used to forecast the future sale

price of the assets, which ranged from 5.8 % to 6.5 % , and (ii) the unlevered discount rate assumption, which ranged from

8.0 % to 11.0 % .

Refer to Notes 4 and 18 for further information.

We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise

38 unchanged sentences

In determining the value of a particular investment, pricing service providers may use broker-dealer

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported

15 unchanged sentences

Refer to Note 17 for further information.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Earnings per Share

37 unchanged sentences

adoption of ASU 2025-11 to have a material impact on our consolidated financial statements.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

In December 2025, the FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815):

20 unchanged sentences

Measurement of Credit

Losses for Accounts Receivable and Contract Assets,” which amends the guidance in ASC 326, Financial Instruments—

Credit Losses.

This update provides a practical expedient related to the estimation of expected credit losses for current

accounts receivable and current contract assets that arise from transactions accounted for under ASC 606.

The amendment

notes that in developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining

life of the asset.

ASU 2025-05 is effective for annual periods beginning after December 15, 2025, including interim periods

within those annual periods, and early adoption is permitted.

Losses for Accounts Receivable and Contract Assets,” which amends the guidance in ASC 326.

This update provides a

practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract

assets that arise from transactions accounted for under ASC 606.

The amendment notes that in developing reasonable and

supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes

that current conditions as of the balance sheet date do not change for the remaining life of the asset.

ASU 2025-05 is

effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods, and

early adoption is permitted.

We recognize revenue from our Agency Multifamily Lending Partnership and income from our

hospitality owned real estate assets pursuant to ASC 606.

The adoption of ASU 2025-05 in 2026 did not have a material

impact on our consolidated financial statements.

We recognize revenue under ASC 606 pursuant to our Agency

Multifamily Lending Partnership and income from our hospitality owned real estate assets.

In May 2025, the FASB issued ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810):

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity,” which amends the guidance in ASC

805, Business Combinations.

This update clarifies the determination of the accounting acquirer in business combinations

that are primarily effected through the exchange of equity interests and involve the acquisition of a VIE.

Specifically,

entities are now required to consider the factors outlined in ASC 805-10-55-12 through 55-15 when determining the

accounting acquirer, rather than defaulting to the primary beneficiary of the VIE as the accounting acquirer.

is effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods,

and early adoption is permitted.

We have not early adopted ASU 2025-03 and do not expect the adoption of ASU 2025-03

to have a material impact on our consolidated financial statements.

This update clarifies the determination of the accounting acquirer in business combinations that are primarily effected

through the exchange of equity interests and involve the acquisition of a VIE.

Specifically, entities are now required to

consider the factors outlined in ASC 805-10-55-12 through 55-15 when determining the accounting acquirer, rather than

defaulting to the primary beneficiary of the VIE as the accounting acquirer.

ASU 2025-03 is effective for annual periods

beginning after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted.

We have not early adopted ASU 2025-03 and do not expect the adoption of ASU 2025-03 to have a material impact on our

consolidated financial statements.

In November 2024, the FASB issued ASU 2024-04 “Debt with Conversion and Other Options (Subtopic 470-20):

19 unchanged sentences

The following table details overall statistics for our loans receivable portfolio ($ in thousands):

March 31, 2026

June 30, 2026

December 31, 2025

12 unchanged sentences

rates, which include SOFR , SONIA, EURIBOR, CORRA, and other indices, as applicable to each loan.

March 31, 2026 , 97 % of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR .

June 30, 2026 and December 31, 2025 , 97 % of our loans by principal balance earned a floating rate of interest,

primarily indexed to SOFR .

The remaining 3 % of our loans by principal balance earned a fixed rate of interest.

As of December 31, 2025 , 97 %

of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR.

The remaining 3 % of

our loans by principal balance earned a fixed rate of interest.

In addition to cash coupon, all-in yield includes the

amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the

accrual of exit fees.

Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any .

addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan

origination costs, and purchase discounts, as well as the accrual of exit fees.

Excludes loans accounted for under the

cost-recovery and nonaccrual methods, if any .

(3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid

1 unchanged sentence

Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any .

March 31, 2026 , 41 % of our loans by principal balance were subject to yield maintenance or other prepayment

June 30, 2026 , 47 % of our loans by principal balance were subject to yield maintenance or other prepayment

restrictions and 53 % were open to repayment by the borrower without penalty.

2 unchanged sentences

open to repayment by the borrower without penalty.

The following table details the index rate floors for our loans receivable portfolio as of March 31, 2026 ($ in thousands):

The following table details the index rate floors for our loans receivable portfolio as of June 30, 2026 ($ in thousands):

Loans Receivable Principal Balance

7 unchanged sentences

(2) Includes all impaired loans.

(3) As of March 31, 2026 , the weighted-average index rate floor of our floating-rate loans receivable principal balance

(3) As of June 30, 2026 , the weighted-average index rate floor of our floating-rate loans receivable principal balance

Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was

2 unchanged sentences

Activity relating to our loans receivable portfolio was as follows ($ in thousands):

Deferred Fees /

Other Items (1)

Net Book Value

Loans Receivable, as of December 31, 2025

1 unchanged sentence

Loan repayments, sales, and cost-recovery proceeds

( 1,820,897 )

Transfer to owned real estate

1 unchanged sentence

Payment-in-kind interest, net of interest received

Unrealized (loss) gain on foreign currency translation

Unrealized loss on foreign currency translation

Deferred fees and other items (2)

Amortization of fees and other items (2)

Loans Receivable, as of March 31, 2026

Loans Receivable, net, as of March 31, 2026

(1) Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses,

and cost-recovery proceeds .

Loans Receivable, as of June 30, 2026

Loans Receivable, net, as of June 30, 2026

(1) This amount relates to intangible and other assets recorded in connection with a loan that was transferred to owned

1 unchanged sentence

See Note 6 for further information.

(2) Other items primarily consist of purchase and sale discounts or premiums, exit fees, and deferred origination

Blackstone Mortgage Trust, Inc.

2 unchanged sentences

receivable portfolio ($ in thousands):

March 31, 2026

June 30, 2026

Property Type

19 unchanged sentences

Loans receivable, net

(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 ,

(1) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2026 ,

which is our principal balance net of (i) $ 972.6 million of asset-specific debt, (ii) $ 20.3 million of cost-recovery

44 unchanged sentences

The following tables allocate the net book value and net loan exposure balances based on our internal risk ratings ($ in

March 31, 2026

June 30, 2026

Number of Loans

9 unchanged sentences

Loans receivable, net

(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 ,

(1) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2026 ,

which is our principal balance net of (i) $ 972.6 million of asset-specific debt, (ii) $ 20.3 million of cost-recovery

5 unchanged sentences

structurally non-recourse and term-matched to the corresponding collateral loans.

Our loan portfolio had a weighted-average risk rating of 3.0 , based on net loan exposure, as of both March 31, 2026 and

Our loan portfolio had a weighted-average risk rating of 3.0 , based on net loan exposure, as of both June 30, 2026 and

December 31, 2025 .

6 unchanged sentences

The following table

presents the activity in our loans receivable CECL reserve by investment pool for the three months ended March 31, 2026

presents the activity in our loans receivable CECL reserve by investment pool for the three months ended June 30, 2026

and 2025 ($ in thousands):

4 unchanged sentences

CECL reserves as of March 31, 2026

Increase (decrease) in CECL reserves

Charge-offs of CECL reserves

CECL reserves as of June 30, 2026

CECL reserves as of December 31, 2024

2 unchanged sentences

CECL reserves as of March 31, 2025

(Decrease) increase in CECL reserves

Charge-offs of CECL reserves

CECL reserves as of June 30, 2025

(1) Includes one U.S.

dollar-denominated loan that is located in Bermuda.

During the three months ended March 31, 2026 , we recorded a net increase of $ 7.2 million in the CECL reserves against

our loans receivable portfolio, primarily driven by a $ 9.6 million increase in our general CECL reserve partially offset by a

$ 2.4 million decrease in our asset-specific CECL reserve, bringing our total loans receivable CECL reserves to

$ 291.6 million as of March 31, 2026 .

The increase in our general CECL reserve was primarily driven by new loan

originations.

The decrease in our asset-specific reserve was driven by charge-offs of $ 46.5 million primarily related to the

resolution of one previously impaired loan as a result of our acquisition of title through a foreclosure of a hospitality

collateral property located in San Francisco, CA, which is now included on our consolidated balance sheet as an owned real

estate asset.

This was largely offset by additions to our asset-specific CECL reserve related to two additional loans with a

total amortized cost basis of $ 284.8 million that were impaired during the three months ended March 31, 2026 .

accrual was suspended on the two newly impaired loans, as the recovery of income and principal was doubtful.

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

During the three months ended June 30, 2026 , we recorded a net increase of $ 106.2 million in the CECL reserves against

our loans receivable portfolio, primarily driven by a $ 134.6 million increase in our asset-specific CECL reserve, partially

offset by a $ 28.3 million decrease in our general CECL reserve, bringing our total loans receivable CECL reserves to

$ 397.8 million as of June 30, 2026 .

The increase in our asset-specific reserve was driven by three additional loans with an

aggregate amortized cost basis of $ 502.0 million that were impaired during the three months ended June 30, 2026 , of which

two are secured by office properties, and the other is secured by an office/mixed-use asset.

The office sector recovery in

certain markets has continued to lag other commercial real estate sectors, which has, in certain cases, extended business

plans on transitional properties and impacted their performance, affecting some borrowers’ willingness and ability to

continue to support their assets.

Impairments are determined individually as a result of changes in specific credit quality

factors for such loans.

These factors include, among others, (i) the performance of the underlying property collateral, (ii)

discussions with the borrower, (iii) borrower events of default, and (iv) other facts and circumstances affecting the

borrower’s willingness and ability to satisfy its contractual obligations under the terms of the loan .

During the three months

ended June 30, 2026 , we recorded $ 7.1 million of interest income on these loans.

Upon determining that the three loans

were impaired, the income accrual was suspended, as the recovery of interest income and principal was doubtful.

increase in our asset-specific reserve was partially offset by charge-offs of $ 28.6 million primarily related to the resolution

of one previously impaired loan as a result of our acquisition of title through a foreclosure of a multifamily collateral

property located in Dallas, T X, which is now included on our consolidated balance sheet as an owned real estate asset.

decrease in our general CECL reserve was primarily driven by changes in risk ratings, and a decrease in our loans

receivable balance, partially offset by new loan originations and an increase in the historical loss rate used in reserve

calculations related to the additional CECL reserve charge-offs.

As of June 30, 2026 , we had an aggregate $ 219.5 million asset-specific CECL reserve related to nine of our loans

receivable, with a total amortized cost basis of $ 695.2 million , net of cost-recovery proceeds.

5 unchanged sentences

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.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

collateral as of June 30, 2026 .

No income was recorded on our impaired loans subsequent to determining that such loans were impaired.

During the three

months ended March 31, 2026 , we received an aggregate $ 0.5 million of cash proceeds from such loans that were applied

as a reduction to the amortized cost basis of each respective loan.

As of March 31, 2026 , two of our performing loans with an aggregate amortized cost basis of $ 156.7 million were in

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

months ended June 30, 2026 , we did not receive any cash proceeds from such loans that would have been applied as a

reduction to the amortized cost basis of each respective loan.

As of June 30, 2026 , one of our performing loans with an amortized cost basis of $ 148.8 million was in payment default,

was less than 90 days past due on its interest payment, and had a risk rating of “4.” This loan was not impaired as of June

30, 2026 as we expect to fully recover all contractual principal and interest amounts due under the loan agreement.

other borrowers under performing loans were in compliance with the applicable contractual terms of each respective loan,

2 unchanged sentences

and our CECL reserves.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Our primary credit quality indicator is our risk ratings, which are further discussed above.

The following tables present the

net book value of our loan portfolio as of March 31, 2026 and December 31, 2025 , respectively, by year of origination,

investment pool, and risk rating ($ in thousands):

net book value of our loan portfolio as of June 30, 2026 and December 31, 2025 , respectively, by year of origination and

risk rating ($ in thousands):

Net Book Value of Loans Receivable by Year of Origination (1)

As of March 31, 2026

Total Non-U.S.

Total unique loans

Impaired loans

Total impaired loans

Total loans receivable

As of June 30, 2026

Total loans receivable

1 unchanged sentence

Gross charge-offs (2)

(1) Date loan was originated or acquired by us.

Origination dates are subsequently updated to reflect material loan

modifications.

(2) Represents charge-offs by year of origination during the three months ended March 31, 2026 .

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Net Book Value of Loans Receivable by Year of Origination (1)

As of December 31, 2025

Total Non-U.S.

Total unique loans

Impaired loans

Total impaired loans

Total loans receivable

Loans receivable, net

4 unchanged sentences

modifications.

(2) Represents charge-offs by year of origination during the year ended December 31, 2025 .

(2) Represents charge-offs by year of origination during the six months ended June 30, 2026 and year ended

December 31, 2025 , respectively .

Blackstone Mortgage Trust, Inc.

1 unchanged sentence

Loan Modifications Pursuant to ASC 326

During the twelve months ended March 31, 2026 , we entered into four loan modifications that require disclosure pursuant

Three of these loans were collateralized by office assets and one was collateralized by a life sciences/studio

One of the loan modifications included a term extension combined with an other-than-insignificant payment delay.

loan modification had a term extension of 3.8 years , the loan was bifurcated into a separate senior loan and subordinate

loan, and the borrower paid a $ 1.7 million fee upon closing of the modification.

We are accruing interest on the senior loan,

which is paying interest current, and deferring interest on the subordinate loan that is paying interest in-kind.

March 31, 2026 , the amortized cost basis of this loan was $ 242.3 million , or 1.4 % of our aggregate loans receivable

portfolio, with no unfunded commitments.

This loan was in compliance with its modified contractual terms as of March 31,

The other three loan modifications included term extensions combined with other-than-insignificant payment delays and

interest rate reductions.

The first loan modification included a term extension of one year , the interest rate on the senior

loan decreased by 2.43 % , the borrower repaid $ 25.0 million upon closing of the modification, and the loan was bifurcated

into a separate senior loan and subordinate loan.

The senior loan is paying interest partially current, and partially in-kind,

while the subordinate loan is paying interest in-kind.

We are accruing all of the interest on the senior loan and deferring

interest on the subordinate loan.

The second loan modification included a term extension of 4.3 years , the interest rate

decreased by 3.56 % , and the loan was bifurcated into a separate senior loan and subordinate loan.

We are accruing all of

the interest on the senior loan that is paying current, and deferring interest on the subordinate loan, which is paid-in-kind.

The third loan modification included a term extension of 4.3 years , the interest rate decreased by 4.19 % , the borrower

repaid $ 12.7 million upon closing of the modification, and the loan was bifurcated into a separate senior loan and

subordinate loan.

We are accruing all of the interest on the senior loan that is paying current and deferring interest on the

subordinate loan, which is paid-in-kind.

As of March 31, 2026 , the aggregate amortized cost basis of these loans was

$ 386.1 million , or 2.2 % of our aggregate loans receivable portfolio, with an aggregate $ 67.7 million of unfunded

These loans were in compliance with their modified contractual terms as of March 31, 2026 .

All four of these loans had a risk rating of “ 5 ” at the time of modification.

In aggregate, these modifications resulted in the

bifurcation of all four loans into separate senior and subordinate loans, or eight loans in aggregate.

As of March 31, 2026 ,

three of the newly bifurcated senior loans had a risk rating of “4,” and one had a risk rating of “3.” The four newly

bifurcated subordinate loans all had a risk rating of “5,” as collection of amounts due under the loan terms was doubtful.

During the twelve months ended June 30, 2026 , we entered into one loan modification that requires disclosure pursuant to

This loan was collateralized by a life sciences/studio asset.

The loan modification included a term extension of 4.3 years , the interest rate decreased by 3.56 % , and the loan was

bifurcated into a separate senior loan and subordinate loan.

We are accruing all of the interest on the senior loan that is

paying current, and deferring interest on the subordinate loan, which is paid-in-kind.

As of June 30, 2026 , the aggregate

amortized cost basis of these loans was $ 122.3 million , or 0.7 % of our aggregate loans receivable portfolio, with an

aggregate $ 34.7 million of unfunded commitments.

These loans were in compliance with their modified contractual terms

as of June 30, 2026 .

This loan had a risk rating of “ 5 ” at the time of modification.

The modification resulted in the bifurcation of the loan into

separate senior and subordinate loans, or two loans in aggregate.

As of June 30, 2026 , the newly bifurcated senior loan had

a risk rating of “4,” and the newly bifurcated subordinate loan had a risk rating of “5,” as collection of amounts due under

the loan terms was doubtful.

Loans with a risk rating of “3” and “4” are included in the determination of our general CECL reserve and loans with a risk

3 unchanged sentences

the outstanding principal balance for applicable loans.

As of March 31, 2026 , no income was recorded on our loans

subsequent to determining that they were impaired and risk rated “ 5 .”

As of June 30, 2026 , no income was recorded on our loans

subsequent to determining that such loans were impaired and risk rated “ 5 .”

OWNED REAL ESTATE, NET

As of March 31, 2026 and December 31, 2025 , we had 13 and 12 owned real estate assets, respectively.

During the three

months ended March 31, 2026 , we acquired one owned real estate asset through a foreclosure transaction with an

As of June 30, 2026 and December 31, 2025 , we had 14 and 12 owned real estate assets, respectively.

During the six

months ended June 30, 2026 , we acquired two owned real estate assets through foreclosure transactions with an aggregate

acquisition price of $ 191.0 million .

We allocated $ 22.8 million to land and land improvements, $ 7.6 million to building and

building improvements, and $ 10.7 million to other components of the purchase price, including cash held in reserves at the

time of acquisition.

There were no acquired intangible assets.

We charged off $ 46.8 million of CECL reserves relating to

the loan that had previously been secured by this asset, as the loan’s carrying value of $ 87.9 million at the time of the

foreclosure exceeded the acquisition date fair value noted above.

See Note 2 for further discussion of owned real estate

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

The acquisition of one owned real estate asset during the three months ended March 31, 2026 was accounted for as an asset

acquisition under ASC 805, and we recognized this property as an owned real estate asset held for investment.

following table presents the owned real estate asset that was acquired during the three months ended March 31, 2026 ($ in

We allocated $ 128.8 million to building and building improvements, $ 51.6 million to

land and land improvements, $ 4.8 million to acquired intangible assets, and $ 5.8 million to other components of the

purchase price, including cash held in reserves at the time of acquisition.

In aggregate, we charged off $ 76.2 million of

CECL reserves relating to the loans that had previously been secured by these assets, as the loans’ aggregate carrying value

of $ 267.2 million at the time of the acquisitions exceeded the acquisition date fair value noted above.

See Note 2 for further

discussion of owned real estate assets.

The acquisition of two owned real estate assets during the six months ended June 30, 2026 were accounted for as asset

acquisitions under ASC 805, and we recognized the properties as owned real estate assets held for investment.

following table presents the owned real estate assets that were acquired during the six months ended June 30, 2026 ($ in

Acquisition Date

2 unchanged sentences

San Francisco, CA

During the three months ended March 31, 2026 , we completed a partial sale of one owned real estate asset, a multifamily

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

During the six months ended June 30, 2026 , we completed a partial sale of one owned real estate asset, a multifamily

property located in San Antonio, TX.

4 unchanged sentences

consolidated balance sheets ($ in thousands):

March 31, 2026

June 30, 2026

December 31, 2025

13 unchanged sentences

Refer to Note 6 for further information.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Revenue and expenses from owned real estate consisted of the following ($ in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Rental revenue

6 unchanged sentences

Loss from owned real estate

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of

March 31, 2026 .

June 30, 2026 .

Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included

3 unchanged sentences

The following table presents the estimated future amortization of lease intangibles for each of the next five years and

thereafter as March 31, 2026 ($ in thousands):

thereafter as June 30, 2026 ($ in thousands):

In-place lease intangibles

Above-market lease

Below-market lease

Above-market lease intangibles

Below-market lease intangibles

2026 (remaining)

2 unchanged sentences

INVESTMENTS IN UNCONSOLIDATED ENTITIES

As of March 31, 2026 , we hold certain investments in unconsolidated entities that are accounted for under the equity

method of accounting or the FVO, as our ownership interest in each entity does not meet the requirements for

consolidation.

Refer to Note 2 for further details.

As of June 30, 2026 , we hold certain investments in unconsolidated entities that are accounted for under the equity method

of accounting or the FVO, as our ownership interest in each entity does not meet the requirements for consolidation.

to Note 2 for further details.

The following tables detail our investments in unconsolidated entities ($ in thousands):

March 31, 2026

June 30, 2026

Investments in Unconsolidated Entities

4 unchanged sentences

Bank Loan Portfolio Joint Venture

Homebuilder Finance Joint Venture

Total unconsolidated entities carried at fair value

8 unchanged sentences

(1) The number of assets represents the number of commercial real estate properties.

(2) The number of assets represents the number of commercial mortgage loans.

(2) The number of assets represents the number of commercial mortgage loans held by each entity.

(3) Represents our aggregate ownership interest in our Bank Loan Portfolio Joint Venture , which owns an initial

2 unchanged sentences

hold a 50 % interest.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

The following tables detail the activity related to our investments in unconsolidated entities during the three months ended

March 31, 2026 and 2025 ($ in thousands):

Investments in Unconsolidated Entities

Contributions

Distributions

Unconsolidated

Comprehensive

Net Lease Joint Venture

Bank Loan Portfolio Joint Venture

Investments in Unconsolidated Entities

The following table details the activity related to our investments in unconsolidated entities during the six months ended

June 30, 2026 ($ in thousands):

Net Lease Joint

Portfolio Joint

Finance Joint

Balance as of December 31, 2025

Contributions

Distributions

Unconsolidated

Comprehensive

Net Lease Joint Venture

(1) Includes our share of non-cash items such as (i) depreciation and amortization, and (ii) unrealized gains recorded by

unconsolidated entities.

Income from unconsolidated entities (1)

Accumulated other comprehensive income

Balance as of June 30, 2026

(1) Includes our share of non-cash items such as (i) depreciation and amortization, and (ii) unrealized gains or losses

recorded by unconsolidated entities.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

O ur Net Lease Joint Venture and Bank Loan Portfolio Joint Venture have each entered into and may continue to enter into

1 unchanged sentence

if either our Net Lease Joint Venture or Bank Loan Portfolio Joint Venture , as applicable, is unable to fulfill its respective

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

OTHER ASSETS AND LIABILITIES

The following table details the components of our other assets ($ in thousands):

March 31, 2026

June 30, 2026

December 31, 2025

17 unchanged sentences

fair value, with changes in fair value recognized in other income, net in our consolidated statements of operations.

As of March 31, 2026 , no realized credit losses have been incurred with respect to the underlying reference loan

(2) Includes $ 2.6 million and $ 55.5 million as of March 31, 2026 and December 31, 2025 , respectively, of cash

collateral held by our CLOs that was subsequently remitted by the trustee to repay a portion of the outstanding

senior CLO securities, or that was subsequently reinvested by purchasing additional collateral into our CLOs.

As of June 30, 2026 , no realized credit losses have been incurred with respect to the underlying reference loan

(2) Includes $ 3.6 million and $ 55.5 million as of June 30, 2026 and December 31, 2025 , respectively, of cash collateral

held by our CLOs that was subsequently remitted by the trustee to repay a portion of the outstanding senior CLO

securities, or that was subsequently reinvested by purchasing additional collateral into our CLOs.

(3) Primarily represents loan principal repayments held by our third-party loan servicers as of the balance sheet date that

4 unchanged sentences

The following table details the components of our other liabilities ($ in thousands):

March 31, 2026

June 30, 2026

December 31, 2025

11 unchanged sentences

(2) Represents the CECL reserve related to our unfunded loan commitments.

(3) Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties or

CLO trustees during the subsequent remittance cycle.

(3) Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties

during the subsequent remittance cycle.

Current Expected Credit Loss Reserves for Unfunded Loan Commitments

As of March 31, 2026 , we had aggregate unfunded commitments of $ 1.2 billion related to 52 loans.

As of June 30, 2026 , we had aggregate unfunded commitments of $ 1.1 billion related to 53 loans.

The expected credit

4 unchanged sentences

During the three months ended

March 31, 2026 , we recorded an increase in the CECL reserves related to our unfunded loan commitments of $ 1.5 million ,

bringing our total unfunded loan commitments CECL reserve to $ 13.1 million as of March 31, 2026 .

D uring the three

months ended March 31, 2025 , we recorded an increase in the CECL reserves related to our unfunded loan commitments of

$ 75 thousand , bringing our total unfunded loan commitments CECL reserve to $ 10.5 million as of March 31, 2025 .

June 30, 2026 , we recorded a decrease in the CECL reserves related to our unfunded loan commitments of $ 0.5 million ,

and during the six months ended June 30, 2026 , we recorded an increase in the CECL reserves related to our unfunded loan

commitments of $ 1.0 million , bringing our total unfunded loan commitments CECL reserve to $ 12.6 million as of June 30,

D uring the three and six months ended June 30, 2025 , we recorded increases in the CECL reserves related to our

unfunded loan commitments of $ 1.2 million and $ 1.3 million , respectively, bringing our total unfunded loan commitments

CECL reserve to $ 11.7 million as of June 30, 2025 .

SECURED DEBT, NET

Our secured debt represents borrowings under our secured credit facilities.

During the three months ended March 31, 2026 ,

we c losed $ 161.3 million of new borrowings against $ 351.0 million of collateral assets.

During the six months ended June 30, 2026 , we

c losed $ 1.0 billion of new borrowings against $ 1.5 billion of collateral assets.

The following table details our secured debt ($ in thousands):

Borrowings Outstanding

March 31, 2026

June 30, 2026

December 31, 2025

13 unchanged sentences

our counterparty risk exposure.

The following table details our secured credit facilities as of March 31, 2026 ($ in thousands):

March 31, 2026

The following table details our secured credit facilities as of June 30, 2026 ($ in thousands):

Recourse Limitation

Cost (3)(4)(5)

Collateral (6)

November 2027

November 2028

December 2028

September 2027

November 2027

(1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of

facility lenders.

The total number of facility lenders includes two additional lenders that had no f undings advanced

as of March 31, 2026 .

(2) Our secured debt agreements are generally term-matched to their underlying collateral.

4 unchanged sentences

credit facility is used.

(3) Represents the principal balance of the collateral loan assets and the carrying value of the collateral owned real

estate assets.

(4) Maximum maturity assumes all extension options are exercised by the borrower;

however, our loans may be repaid

prior to such date.

(5) Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.

The availability of funding under our secured credit facilities is based on the amount of approved collateral, which

collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a

mutually agreed collateral portfolio construction.

Certain structural elements of our secured credit facilities, including the

limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each

facility, and therefore vary within and among the facilities.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

The following tables detail the spread of our secured credit facilities as of March 31, 2026 and December 31, 2025 ($ in

Three Months Ended

March 31, 2026

New Financings (2)

Cost (1)(3)(4)

Collateral (5)

+ 1.50% or less (7)

+ 1.51% to + 1.75%

+ 1.76% to + 2.00%

+ 2.01% or more

December 31, 2025

New Financings (2)

Cost (1)(3)(4)

Collateral (5)

+ 1.50% or less (7)

+ 1.51% to + 1.75%

+ 1.76% to + 2.00%

+ 2.01% or more

(3) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include

SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.

(2) Represents the amount of new borrowings we closed during the three months ended March 31, 2026 and year ended

December 31, 2025 , respectively.

(4) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective

3 unchanged sentences

accounted for under the cost-recovery and nonaccrual methods, if any, and owned real estate assets.

(4) Represents the weighted-average all-in cost as of March 31, 2026 and December 31, 2025 , respectively, and is not

necessarily indicative of the spread applicable to recent or future borrowings.

(5) Represents the weighted-average all-in cost as of June 30, 2026 and is not necessarily indicative of the spread

applicable to recent or future borrowings.

(6) 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.

(7) Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.

The availability of funding under our secured credit facilities is based on the amount of approved collateral, which

collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a

mutually agreed collateral portfolio construction.

Certain structural elements of our secured credit facilities, including the

limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each

facility, and therefore vary within and among the facilities.

Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral

in our discretion within certain maximum/minimum amounts and frequency limitations.

As of March 31, 2026 , there was

an aggregate $ 438.7 million available to be drawn at our discretion under our credit facilities.

As of June 30, 2026 , there was an

aggregate $ 807.5 million available to be drawn at our discretion under our credit facilities.

Financial Covenants

As of March 31, 2026 , we are subject to the following financial covenants related to our secured debt and secured debt of

our unconsolidated entities:

(i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to

fixed charges, as defined in the agreements, shall be not less than 1.3 to 1.0;

As of June 30, 2026 , we are subject to the following financial covenants related to our secured debt and secured debt of our

unconsolidated entities:

(i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed

charges, as defined in the agreements, shall be not less than 1.3 to 1.0;

(ii) our tangible net worth, as defined in the

agreements, shall not be less than $ 2.8 billion as of each measurement date plus 75 % to 85 % of the net cash proceeds of

future equity issuances subsequent to March 31, 2026 ;

future equity issuances subsequent to June 30, 2026 ;

(iii) cash liquidity shall not be less than the greater of (x) $ 10.0

2 unchanged sentences

total assets.

As of March 31, 2026 and December 31, 2025 , we were in compliance with these covenants.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

In April 2026, we closed an amendment to one of our secured debt agreements to reduce, effective as of June 30, 2026 , the

required tangible net worth under such agreement from $ 2.9 billion to $ 2.8 billion , the same required minimum tangible net

worth applicable under all of our other secured debt agreements as of March 31, 2026 , following amendments to certain of

those other agreements that closed during the three months ended March 31, 2026 .

As of June 30, 2026 and December 31, 2025 , we were in compliance with these covenants.

Blackstone Mortgage Trust, Inc.

9 unchanged sentences

and the underlying collateral assets that are financed by our CLOs and the European Loan Securitization ($ in thousands):

March 31, 2026

June 30, 2026

Securitized Debt Obligations

15 unchanged sentences

Underlying Collateral Assets

February 2027

Senior CLO Securities Outstanding

26 unchanged sentences

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.

(5) During the three and six months ended June 30, 2026 , we recorded $ 40.1 million and $ 74.8 million , respectively, of

interest expense related to our securitized debt obligations.

Blackstone Mortgage Trust, Inc.

47 unchanged sentences

The following tables detail our asset-specific debt ($ in thousands):

March 31, 2026

June 30, 2026

Asset-Specific Debt

25 unchanged sentences

TERM LOANS, NET

During the three months ended March 31, 2026 , we borrowed an additional $ 770.8 million under a B-9 Term Loan , the

During the six months ended June 30, 2026 , we borrowed an additional $ 770.8 million under a B-9 Term Loan , the

proceeds of which were used, among other things, to repay all $ 695.8 million in principal outstanding under the B-6 Term

The B-9 Term Loan bears interest at SOFR + 2.50 % and matures in December 2030 .

The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated

balance sheets ($ in thousands):

March 31, 2026

June 30, 2026

December 31, 2025

21 unchanged sentences

The following table details our interest expense related to the Term Loans ($ in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Discount and issuance cost amortization

1 unchanged sentence

The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33 % of our total assets.

March 31, 2026 and December 31, 2025 , we were in compliance with this covenant.

Refer to Note 2 for further discussion

of our accounting policies for the Term Loans.

June 30, 2026 and December 31, 2025 , we were in compliance with this covenant.

Refer to Note 2 for further discussion of

our accounting policies for the Term Loans.

SENIOR SECURED NOTES, NET

The following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated

balance sheets ($ in thousands):

During the six months ended June 30, 2026 , we issued an additional $ 450.0 million principal amount of senior secured

notes, or Senior Secured Notes, the proceeds of which were used, among other things, to repay existing secured debt.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in

Senior Secured Notes Issuance

March 31, 2026

December 31, 2025

June 30, 2026

January 15, 2027

6 unchanged sentences

Net book value

(1) For certain of the Senior Secured Notes, we have entered into interest rate swaps that effectively convert our fixed

rate exposure to floating rate exposure.

The interest rate swaps are indexed to one-month SOFR.

Refer to Note 13

for further discussion.

(2) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

(2) Represents the stated coupon rate of the notes.

We have entered into an interest rate swap that effectively converts

our fixed rate exposure to a SOFR + 3.95 % floating rate exposure.

(3) Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the

December 2024 Senior Secured Notes into floating rate.

Refer to Note 13 for further discussion.

(3) Represents the aggregate fair value of interest rate swaps that we entered into to convert the fixed rate exposure of

both the December 2024 and May 2026 Senior Secured Notes into floating rate.

Refer to Note 13 for further

The following table details our interest expense related to the Senior Secured Notes ($ in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Discount and issuance cost amortization

1 unchanged sentence

The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33 % of our total assets.

As of March 31, 2026 and December 31, 2025 , we were in compliance with this covenant.

As of June 30, 2026 and December 31, 2025 , we were in compliance with this covenant.

Under certain circumstances, we

9 unchanged sentences

Convertible Notes

March 31, 2026

June 30, 2026

December 31, 2025

8 unchanged sentences

amount of Convertible Notes.

The cumulative dividend threshold has not been exceeded as of March 31, 2026 .

The cumulative dividend threshold has not been exceeded as of June 30, 2026 .

Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem

6 unchanged sentences

The last reported

sale price of our class A common stock of $ 19.15 on March 31, 2026 , the last trading day in the three months ended

March 31, 2026 , was less than the per share conversion price of the Convertible Note s.

sale price of our class A common stock of $ 16.95 on June 30, 2026 , the last trading day in the six months ended June 30,

2026 , was less than the per share conversion price of the Convertible Note s.

The following table details our interest expense related to the Convertible Notes ($ in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Discount and issuance cost amortization

Total interest expense

Accrued interest payable for the Convertible Notes was $ 0.6 million and $ 4.3 million as of March 31, 2026 and

December 31, 2025 , respectively .

Refer to Note 2 for further discussion of our accounting policies for the Convertible

Accrued interest payable for the Convertible Notes was $ 4.3 million as of both June 30, 2026 and December 31, 2025 .

Refer to Note 2 for further discussion of our accounting policies for the Convertible Notes.

DERIVATIVE FINANCIAL INSTRUMENTS

2 unchanged sentences

These derivatives may or may not qualify as net investment, cash flow, or fair

value hedges under the hedge accounting requirements of ASC 815 – “Derivatives and Hedging.” Derivatives not

value hedges under the hedge accounting requirements of the ASC Topic 815, “Derivatives and Hedging.” Derivatives not

designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other

16 unchanged sentences

foreign currency risk (notional amounts in thousands):

March 31, 2026

June 30, 2026

December 31, 2025

3 unchanged sentences

Buy USD / Sell SEK Forward

Buy USD / Sell EUR Forward

Buy USD / Sell GBP Forward

1 unchanged sentence

Buy USD / Sell EUR Forward

Buy USD / Sell AUD Forward

7 unchanged sentences

currency risk (notional amounts in thousands):

March 31, 2026

June 30, 2026

December 31, 2025

2 unchanged sentences

Buy EUR / Sell USD Forward

Buy GBP / Sell USD Forward

Buy USD / Sell EUR Forward

Buy USD / Sell GBP Forward

Buy GBP / Sell USD Forward

Buy EUR / Sell USD Forward

Buy USD / Sell GBP Forward

Buy USD / Sell EUR Forward

3 unchanged sentences

Buy USD / Sell AUD Forward

Buy GBP / Sell USD Forward

Buy USD / Sell GBP Forward

Cash Flow Hedges of Interest Rate Risk

7 unchanged sentences

risk (notional amounts in thousands):

March 31, 2026

June 30, 2026

Interest Rate Derivatives

16 unchanged sentences

risk (notional amount in thousands):

March 31, 2026

June 30, 2026

Interest Rate Derivatives

Notional Amount

Aggregate Notional

Maturity (Years)

Interest Rate Swaps

3.75 % - 3.81 %

December 31, 2025

5 unchanged sentences

hedges ($ in thousands):

March 31, 2026

June 30, 2026

Line Item in the Consolidated Balance

16 unchanged sentences

($ in thousands):

Increase (Decrease) to Net Interest Income

Recognized from Derivatives

Three Months Ended March 31,

Increase (Decrease) to Net Interest Income Recognized from Derivatives

Three Months Ended June 30,

Six Months Ended June 30,

Derivatives in Hedging Relationships

16 unchanged sentences

(3) Represents the spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and

recognized in interest expense.

recognized in interest and related expenses in our consolidated statements of operations.

The amounts in the three

and six months ended June 30, 2025 also include a realized loss on an interest rate swap related to our Bank Loan

Portfolio Joint Venture that was entered into during the three months ended June 30, 2025 and subsequently

Fair Value Hedges

1 unchanged sentence

relationships ( $ in thousands):

Three Months Ended March 31,

Total interest and related expenses presented in the consolidated statements of

Three Months Ended June 30,

Six Months Ended June 30,

Total interest and related expenses presented in the

consolidated statements of operations

Gains (losses) on fair value hedging relationships

12 unchanged sentences

Position (2) as of

March 31, 2026

June 30, 2026

December 31, 2025

March 31, 2026

June 30, 2026

December 31, 2025

9 unchanged sentences

(2) Included in other liabilities in our consolidated balance sheets.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

The following table presents the effect of our derivative financial instruments on our consolidated statements of

4 unchanged sentences

OCI on Derivatives

Amount of Gain (Loss) Reclassified

from Accumulated OCI into Income

Three Months Ended March 31,

Location of Gain

(Loss) Reclassified

from Accumulated

OCI into Income

Three Months Ended March 31,

Amount of Gain (Loss) Reclassified from

Accumulated OCI into Income

Three Months Ended

June 30, 2026

Six Months Ended

June 30, 2026

Three Months Ended

June 30, 2026

Six Months Ended

June 30, 2026

Net Investment Hedges

3 unchanged sentences

Cash Flow Hedges

Interest rate derivatives

(1) During the three months ended March 31, 2026 and 2025 , we paid net cash settlements of $ 18.0 million and

received net cash settlements of $ 80.5 million on our foreign currency forward contracts respectively.

amounts are included as a component of accumulated other comprehensive income on our consolidated balance

Interest rate

derivatives (2)

(1) During the three and six months ended June 30, 2026 , we paid net cash settlements of $ 4.6 million and

$ 22.6 million , respectively, on our foreign currency forward contracts.

Those amounts are included as a component

of accumulated other comprehensive income on our consolidated balance sheets.

(2) During the three and six months ended June 30, 2026 , we received net cash settlements of $ 0.1 million and

$ 0.2 million , respectively, on our interest rate swaps.

Those amounts are i ncluded within interest and related

expenses in the consolidated statements of operations.

(3) During the three and six months ended June 30, 2026 , we recorded total interest and related expenses of

$ 227.2 million and $ 447.9 million , which was reduced by $ 13 thousand and $ 28 thousand , respectively, related to

income generated by our cash flow hedges.

There were no cash flow hedges outstanding during the three and six months ended June 30, 2025 .

Credit–Risk Related Contingent Features

4 unchanged sentences

derivative counterparties require that we post collateral to secure net liability positions.

As of March 31, 2026 , we were in a

net asset position with two of our counterparties and in a net liability position with one counterparty related to our foreign

exchange hedges and had $ 7.0 million collateral posted with such counterparty.

As of June 30, 2026 , we were in a

net asset position with our two counterparties related to our foreign exchange hedges and had no collateral posted with such

counterparties.

As of June 30, 2026 , we were in a net liability position with our two counterparties related to our interest

rate swaps and had $ 3.3 million collateral posted with such counterparties.

As of December 31, 2025 , we were in a net

1 unchanged sentence

foreign exchange hedges and had $ 25.3 million of collateral posted with such counterparties.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Stock and Stock Equivalents

Authorized Capital

As of March 31, 2026 we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares of

As of June 30, 2026 we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares of

class A common stock and 100,000,000 shares of preferred stock.

3 unchanged sentences

preferred stock.

As of both March 31, 2026 and December 31, 2025 , we did not have any shares of preferred stock issued

and outstanding.

As of both June 30, 2026 and December 31, 2025 , we did not have any shares of preferred stock issued and

Share Repurchase Program

5 unchanged sentences

The timing and the actual amounts repurchased will depend on a variety of factors,

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

including legal requirements, price and economic and market conditions.

1 unchanged sentence

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-

During the six months ended June 30, 2026 , we repurchased 212,875 shares of class A common stock at a weighted-

average price per share of $ 17.99 , for a total cost of $ 3.8 million .

During the three months ended March 31, 2025 , we

During the six months ended June 30, 2025 , we

repurchased 1,794,936 shares of class A common stock at a weighted-average price per share of $ 17.63 , for a total cost of

$ 31.6 million .

As of March 31, 2026 , the amount remaining available for repurchases under the program was

$ 148.8 million .

As of June 30, 2026 , the amount remaining available for repurchases under the program was $ 145.8 million .

Class A Common Stock and Deferred Stock Units

14 unchanged sentences

common stock and deferred stock units:

Three Months Ended March 31,

Six Months Ended June 30,

Common Stock Outstanding (1)

6 unchanged sentences

Ending balance

(1) Includes 348,222 and 310,108 deferred stock units held by members of our board of directors as of March 31, 2026

(1) Includes 369,548 and 323,877 deferred stock units held by members of our board of directors as of June 30, 2026

and 2025 , respectively.

(2) Represents shares issued under our dividend reinvestment program during the three months ended March 31, 2025 .

(3) Net of 22,341 and 12,408 shares of restricted class A common stock forfeited under our stock-based incentive plans

during the three months ended March 31, 2026 and 2025 , respectiv ely.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(2) Represents shares issued under our dividend reinvestment program during the six months ended June 30, 2025 .

(3) In cludes 32,985 and 29,140 shares of restricted class A common stock issued to our board of directors during the six

months ended June 30, 2026 and 2025 , respectively.

(4) N et of 26,145 and 29,008 shares of restricted class A common stock forfeited under our stock-based incentive plans

during the six months ended June 30, 2026 and 2025 , respectiv ely.

Dividend Reinvestment and Direct Stock Purchase Plan

7 unchanged sentences

investors, subject to our approval, to purchase shares of class A common stock directly from us.

During the three months

ended March 31, 2026 , 8,263 shares of class A common stock were purchased on the open market by the plan

administrator under the dividend reinvestment component of the plan.

During the three months ended March 31, 2025 , we

issued 1,080 shares of class A common stock under the dividend reinvestment component of the plan.

As of March 31,

2026 , a total of 9,956,862 shares of class A common stock remained available under the dividend reinvestment and direct

stock purchase plan.

During the six months

ended June 30, 2026 , 16,497 shares of class A common stock were purchased on the open market by the plan administrator

under the dividend reinvestment component of the plan.

During the six months ended June 30, 2025 , we issued 1,778

shares of class A common stock under the dividend reinvestment component of the plan.

As of June 30, 2026 , a total of

9,948,628 shares of class A common stock remained available under the dividend reinvestment and direct stock purchase

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

At the Market Stock Offering Program

As of March 31, 2026 , we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which we

may sell, from time to time, up to an aggregate sales price of $ 699.1 million of our class A common stock.

As of June 30, 2026 , we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which we may

sell, from time to time, up to an aggregate sales price of $ 699.1 million of our class A common stock.

Sales of class A

3 unchanged sentences

needs, and our determination of the appropriate sources of funding to meet such needs.

During the three months ended

March 31, 2026 or March 31, 2025 , we did no t issue any shares of our class A common stock under ATM Agreements.

of March 31, 2026 , shares of our class A common stock with an aggregate sales price of $ 480.9 million remained available

for issuance and sale under our ATM Agreements.

During the six months ended

June 30, 2026 or June 30, 2025 , we did no t issue any shares of our class A common stock under ATM Agreements.

June 30, 2026 , shares of our class A common stock with an aggregate sales price of $ 480.9 million remained available for

issuance and sale under our ATM Agreements.

We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as

6 unchanged sentences

as our board of directors deems relevant.

On March 13, 2026 , we declared a dividend of $ 0.47 per share, or $ 79.3 million in aggregate, that was paid on April 15,

2026 to stockholders of record as of March 31, 2026 .

On June 15, 2026 , we declared a dividend of $ 0.47 per share, or $ 79.2 million in aggregate, that was paid on July 15, 2026

to stockholders of record as of June 30, 2026 .

The following ta ble details our dividend activity ($ in thousands, except per share data):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Dividends declared per share of common stock

15 unchanged sentences

the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Basic and Diluted Earnings

Net (loss) income (1)

Weighted-average shares outstanding, basic and diluted (2)

Per share amount, basic and diluted

(1) Represents net loss attributable to Blackstone Mortgage Trust, Inc.

(2) For both the three months ended March 31, 2026 and 2025 , our Convertible Notes were no t included in the

(1) Represents net (loss) income attributable to Blackstone Mortgage Trust, Inc.

(2) For both the three and six months ended June 30, 2026 and 2025 , our Convertible Notes were no t included in the

calculation of diluted earnings per share, as the impact is antidilutive .

3 unchanged sentences

Accumulated Other Comprehensive Income

As of March 31, 2026 , total accumulated other comprehensive income was $ 7.9 million , representing $ 111.0 million of net

realized and unrealized gains related to changes in the fair value of derivative instruments, offset by $ 101.9 million of

cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and

$ 1.2 million of unrealized losses related to the changes in the fair value of derivative instruments held by unconsolidated

As of June 30, 2026 , total accumulated other comprehensive income was $ 11.2 million , representing $ 121.6 million of net

realized and unrealized gains related to changes in the fair value of derivative instruments and $ 0.3 million of unrealized

gains related to the changes in the fair value of derivative instruments held by unconsolidated entities, offset by

$ 110.7 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign

As of December 31, 2025 , total accumulated other comprehensive income was $ 12.1 million , primarily

8 unchanged sentences

operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint

As of March 31, 2026 , our Multifamily Joint Venture’s total equity was $ 20.6 million , of which $ 17.5 million was

As of June 30, 2026 , our Multifamily Joint Venture’s total equity was $ 20.3 million , of which $ 17.3 million was

owned by us, and $ 3.0 million was allocated to non-controlling interests.

18 unchanged sentences

Notes to Consolidated Financial Statements (continued)

During the three months ended March 31, 2026 and 2025 , we incurred $ 14.8 million and $ 17.2 million , respectively, of

management fees payable to our Manager.

During the three months ended March 31, 2026 and 2025 , we did not incu r any

incentive fees payable to our Manager.

As of March 31, 2026 and December 31, 2025 , we had accrued management fees payable to our Manager of $ 14.8 million

During the three and six months ended June 30, 2026 , we incurred $ 14.6 million and $ 29.5 million , respectively, of

management fees payable to our Manager compared with $ 17.0 million and $ 34.3 million , respectively, during the same

periods in 2025 .

During the three and six months ended June 30, 2026 and 2025 , we did not incu r any incentive fees

payable to our Manager.

As of June 30, 2026 and December 31, 2025 , we had accrued management fees payable to our Manager of $ 14.6 million

and $ 16.4 million , respectively.

1 unchanged sentence

General and admin istrative expenses consisted of the following ($ in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Professional services

24 unchanged sentences

taxable years.

As of March 31, 2026 and December 31, 2025 , we were in compliance with all REIT requirements.

As of June 30, 2026 and December 31, 2025 , we were in compliance with all REIT requirements.

Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes.

7 unchanged sentences

UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future.

During the three months ended March 31, 2026 and 2025 , we recorded a current income tax provision of $ 1.2 million and

$ 0.7 million , respectively, primarily related to activities of our U.S.

and foreign taxable subsidiaries and various state and

We did not have any deferred tax assets or liabilities as of March 31, 2026 or December 31, 2025 .

During the three and six months ended June 30, 2026 , we recorded a current income tax provision of $ 2.5 million and

$ 3.7 million , respectively, compared with $ 0.9 million and $ 1.6 million , respectively, during the same periods of 2025 , all

of which primarily related to activities of our U.S.

and foreign taxable subsidiaries and various state and local taxes.

did not have any deferred tax assets or liabilities as of June 30, 2026 or December 31, 2025 .

We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in

2 unchanged sentences

availability of our NOLs is generally limited to $ 2.0 million per annum by change of control provisions promulgated by the

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust.

As of March 31, 2026 , we had

As of June 30, 2026 , we had

estimated NOLs of $ 159.0 million that will expire in 2029 , unless they are utilized by us prior to expiration.

Previously, we

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

recorded a full valuation allowance against such NOLs as we expected that they would expire unutilized.

4 unchanged sentences

as it is probable that they will expire unutilized.

As of March 31, 2026 , tax years 2022 through 2025 remain subject to examination by taxing authorities.

As of June 30, 2026 , tax years 2022 through 2025 remain subject to examination by taxing authorities.

STOCK-BASED INCENTIVE PLANS

We are externally managed by our Manager and do not currently have any employees.

However, as of March 31, 2026 , our

However, as of June 30, 2026 , our

Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were

2 unchanged sentences

to our Manager, our directors and officers, and certain employees of affiliates of our Manager.

As of March 31, 2026 , there

As of June 30, 2026 , there

were 4,548,925 shares available under our current stock incentive plans.

6 unchanged sentences

Balance as of December 31, 2025

Balance as of March 31, 2026

Balance as of June 30, 2026

These shares generally vest in installments over a period of three years , pursuant to the terms of the respective award

1 unchanged sentence

The 2,001,632 shares of restricted class A common stock

outstanding as of March 31, 2026 will vest as follows:

outstanding as of June 30, 2026 will vest as follows:

670,126 shares will vest in 2026 ;

1 unchanged sentence

and 462,494 shares will vest in 2028 .

As of March 31, 2026 , total unrecognized compensation cost relating to unvested

As of June 30, 2026 , total unrecognized compensation cost relating to unvested

share-based compensation arrangements was $ 38.3 million based on the grant date fair value of shares granted.

expected to be recognized over a weighted-average period of 1.2 years from March 31, 2026 .

expected to be recognized over a weighted-average period of 1.1 years from June 30, 2026 .

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Assets and Liabilities Measured at Fair Value

The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

March 31, 2026

June 30, 2026

December 31, 2025

1 unchanged sentence

This table excludes $ 136.2 million and $ 111.0 million of investments in unconsolidated entities that are measured at fair

value using net asset value as a practical expedient and not classified in the fair value hierarchy as of March 31, 2026 and

value using net asset value as a practical expedient and not classified in the fair value hierarchy as of June 30, 2026 and

December 31, 2025 , respectively.

1 unchanged sentence

Refer to Note 2 for further discussion regarding fair value measurement.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Fair Value of Financial Instruments

3 unchanged sentences

($ in thousands):

March 31, 2026

June 30, 2026

December 31, 2025

20 unchanged sentences

fair value measurement of certain of our assets and liabilities.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

VARIABLE INTEREST ENTITIES

9 unchanged sentences

As a result of these modifications, our investments in these loans are

As of March 31, 2026 , we are the primary beneficiary of, and therefore consolidated the assets of these VIEs on our

As of June 30, 2026 , we are the primary beneficiary of, and therefore consolidated the assets of these VIEs on our

balance sheet as we (i) have the power to direct the activities that most significantly affect the property, and (ii) have the

right to receive excess sale proceeds upon exit.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):

March 31, 2026

June 30, 2026

December 31, 2025

21 unchanged sentences

each anniversary thereafter unless earlier terminated.

As of March 31, 2026 and December 31, 2025 , our consolidated balance sheets included $ 14.8 million and $ 16.4 million ,

As of June 30, 2026 and December 31, 2025 , our consolidated balance sheets included $ 14.6 million and $ 16.4 million ,

respectively, of accrued management fees payable to our Manager.

During the three months ended March 31, 2026 and

2025 , we paid management fees of $ 16.4 million and $ 18.5 million , respectively, to our Manager.

We did not pay any

incentive fees to our Manager during the three months ended March 31, 2026 and 2025 .

In addition, during the three

months ended March 31, 2026 and 2025 , we incurred expenses of $ 0.4 million and $ 0.3 million , respectively, that were

paid by our Manager and have been or will be reimbursed by us.

As of March 31, 2026 , our Manager held 1,234,198 shares of unvested restricted class A common stock, which had an

During the three and six months ended June 30, 2026 ,

we paid management fees of $ 14.8 million and $ 31.2 million , respectively, to our Manager, compared to $ 17.2 million and

$ 35.8 million , respectively, during the same periods in 2025 .

We did not pay any incentive fees to our Manager during the

three and six months ended June 30, 2026 and 2025 .

In addition, during the three and six months ended June 30, 2026 , we

incurred expenses of $ 0.4 million and $ 0.8 million , respectively, that were paid by our Manager and have been or will be

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

reimbursed by us, compared to $ 0.2 million and $ 0.4 million , respectively, of such expenses during the same periods in

As of June 30, 2026 , our Manager held 1,008,941 shares of unvested restricted class A common stock, which had an

aggregate grant date fair value of $ 20.5 million .

These shares vest in installments over three years from the date of

During the three months ended March 31, 2026 and 2025 , we recorded non-cash expenses related to shares held

by our Manager of $ 3.5 million and $ 3.6 million , respectively.

Refer to Note 17 for further details on our restricted class A

common stock.

As of March 31, 2026 , our Manager, its affiliates (including Blackstone and Blackstone-advised investment vehicles),

During the three and six months ended June 30, 2026 , we recorded non-cash expenses related to shares held by

our Manager of $ 3.5 million and $ 7.0 million , respectively, compared to $ 3.6 million and $ 7.2 million , respectively, during

the same periods in 2025 .

Refer to Note 17 for further details on our restricted class A common stock.

As of June 30, 2026 , our Manager, its affiliates (including Blackstone and Blackstone-advised investment vehicles),

Blackstone employees, and our directors held an aggregate 13,764,005 shares, or 8.2 % , of our class A common stock, of

1 unchanged sentence

Additionally, our directors held 369,548 of

deferred stock units as of March 31, 2026 .

Certain of the parties listed above have in the past purchased or sold shares of

our class A common stock in open market transactions, and such parties may in the future purchase or sell additional shares

of our class A common stock and/or engage in derivatives transactions related to our class A common stock.

deferred stock units as of June 30, 2026 .

Certain of the parties listed above have in the past purchased or sold shares of our

class A common stock in open market transactions, and such parties may in the future purchase or sell additional shares of

our class A common stock and/or engage in derivatives transactions related to our class A common stock.

transactions would be made in the sole discretion of the relevant party based on market conditions and other considerations

relevant to such parties.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Affiliate Services

3 unchanged sentences

for these services ($ in thousands):

Three Months Ended March 31,

Primary Asset Class

Three Months Ended June 30,

Six Months Ended June 30,

Primary Asset

Perform Properties, LLC

Brio Real Estate Services, LLC, Brio Real Estate (UK) Ltd.,

and Brio Real Estate (AUS) Pty Ltd.

Brio Real Estate Services, LLC, Brio Real

Estate (UK) Ltd., and Brio Real Estate

(AUS) Pty Ltd.

BRE Hotels & Resorts, LLC

Revantage Corporate Services, LLC and Revantage Global

Services Europe S.à r.l.

Revantage Corporate Services, LLC and

Revantage Global Services Europe S.à r.l.

LendingOne, LLC (1)

(1) Provides loan origination services related to certain of our investments.

During the six months ended June 30, 2026 , we entered into an agreement with another Blackstone-advised investment

vehicle to fund our pro rata share of any payments required under a guaranty agreement with a lending institution.

guaranty relates to a revolving credit facility with a portfolio company owned by Blackstone-advised investment vehicles

that provides services to us, and our participation reflects our share of the associated costs based on services rendered.

of June 30, 2026 , our maximum potential obligation under the arrangement was $ 0.9 million .

No events through the date of

these consolidated financial statements required performance under the guaranty, and no liability was recorded as of

June 30, 2026 .

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

We have engaged other affiliates of our Manager to provide various services.

1 unchanged sentence

for these services ($ in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Gryphon Mutual Property Americas IC (1)

Blackstone Securities Partners L.P.

Lexington National Land Services (3)

7 unchanged sentences

of Gryphon pro rata based on insurance premiums paid for each member’s respective properties.

During the three

months ended March 31, 2026 we did not make any payments to Gryphon for insurance costs.

During the three

months ended March 31, 2025 , we paid $ 0.2 million to Gryphon for insurance costs, inclusive of premiums, capital

surplus contributions, taxes, and our pro rata share of other expenses.

Of this amount, $ 29 thousand was attributable

to the fee paid to a Blackstone affiliate to provide oversight and management services to Gryphon.

included in the table above reflect the amortization of the insurance expense over the relevant periods of the

respective policies.

During the six

months ended June 30, 2026 and June 30, 2025 , we paid $ 0.3 million and $ 0.8 million , respectively, to Gryphon for

insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro rata share of other expenses.

Of these amounts, $ 5 thousand and $ 31 thousand , respectively, were attributable to the fees paid to a Blackstone

affiliate to provide oversight and management services to Gryphon.

The amounts included in the table above reflect

the amortization of the insurance expense over the relevant periods of the respective policies.

(2) During the six months ended June 30, 2026 , Blackstone Securities Partners L.P., or BSP, an affiliate of our

Manager, was engaged as a member of the syndicate for our May 2026 Senior Secured Notes.

During the six months

ended June 30, 2025 , BSP was also engaged as a member of the syndicate for our B-6 Term Loan.

engagements were on terms equivalent to those of unaffiliated third parties.

(3) Lexington National Land Services, or LNLS, is a Blackstone affiliate that (i) acts as a title agent in facilitating and

12 unchanged sentences

2025, respectively.

As of March 31, 2026 , one of our assets was in special servicing under a CLO.

As of June 30, 2026 , three of our assets were in special servicing under CLOs.

CTIMCO and our

1 unchanged sentence

agreements, and no such fees have been paid or will become payable to CTIMCO or our Manager.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Other Transactions

During the three months ended March 31, 2026 , we invested $ 133.8 million in one senior loan, $ 31.0 million in two

During the six months ended June 30, 2026 , we invested $ 494.2 million in four senior loans, $ 32.3 million in two

mezzanine loans to unaffiliated third parties, and $ 66.7 million in a new issuance of a debt security (see Note 6 for further

1 unchanged sentence

pari passu basis.

In the first quarter of 2026, Blackstone-advised investment vehicles acquired an aggregate $ 71.4 million participation in

In the first qu arter of 2026, Blackstone-advised investment vehicles acquired an aggregate $ 71.4 million participation in

our $ 770.8 million B-9 Term Loan .

7 unchanged sentences

syndications led by third-party banks, and were on terms equivalent to those of unaffiliated third parties.

Securities Partners L.P., or BSP, an affiliate of our Manager, was engaged as a member of the syndicate for these

transactions.

Our engagements of BSP are on terms equivalent to those of unaffiliated parties.

See “—Affiliate Services”

for further information.

BSP was engaged

as a member of the syndicate for these transactions.

Our engagements of BSP are on terms equivalent to those of

unaffiliated third parties.

See “—Affiliate Services” for further information.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

As part of broad syndications led by third-party banks, Blackstone-advised investment vehicles acquired an aggregate

3 unchanged sentences

unaffiliated third parties.

In the second quarter of 2026, we entered into our Homebuilder Finance Joint Venture with an unaffiliated third-party,

alongside a Blackstone-advised investment vehicle, that concurrently acquired a $ 286.7 million portfolio of single family

construction loans in which we made an equity investment of $ 28.5 million representing our aggregate ownership interest

In the fourth quarter of 2025, we made a $ 75.0 million capital commitment at the initial closing of a fund managed by

4 unchanged sentences

Our capital commitment represented a

minority of the total capital commitments the BREDS-advised private fund had received as of March 31, 2026 .

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.

minority of the total capital commitments the BREDS-advised private fund had received as of June 30, 2026 .

June 30, 2026 , the BREDS-advised private fund had not called any capital.

To fund its investments, the BREDS-advised

private fund will draw down on capital commitments made by its investors, including us, on a pro rata basis.

In the second quarter of 2025, we entered into our Bank Loan Portfolio Joint Venture with a Blackstone-advised

8 unchanged sentences

fund , as we do not have a controlling financial interest.

As of March 31, 2026 , the aggregate value of our equity investment

As of June 30, 2026 , the aggregate value of our equity investment

in our Bank Loan Portfolio Joint Venture was $99.8 million and our ownership interest was 35 % , and the aggregate value

of our equity investment in our Net Lease Joint Venture was $ 185.9 million and our ownership interest was 75 % .

March 31, 2026 , we had not made an equity investment in the BREDS-advised private fund .

June 30, 2026 , we had not made an equity investment in the BREDS-advised private fund .

We, these joint ventures, these

1 unchanged sentence

certain investment, financing, derivative and/or hedging arrangements related to these unconsolidated entities.

During April 2026, following a short-term extension of its maturity date during the three months ended March 31, 2026 ,

one of our senior loans to a borrower controlled by Blackstone-advised investment vehicles was modified.

The terms of the

modification (including, among other changes, an extension of the maturity date, a reduction in the contractual interest rate,

and a meaningful additional commitment and credit support from the borrower) were negotiated by our third-party co-

We continue to forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-

advised investment vehicles control the borrower.

In the second quarter of 2026, one of our senior loans to a borrower controlled by Blackstone-advised investment vehicles

was modified.

The terms of the modification (including, among other changes, an extension of the maturity date, a

reduction in the contractual interest rate, and a meaningful additional commitment and credit support from the borrower)

were negotiated by our third-party co-lenders.

We continue to forgo all non-economic rights under the loan, including

voting rights, so long as the Blackstone-advised investment vehicles control the borrower.

COMMITMENTS AND CONTINGENCIES

Unfunded Commitments Under Loans Receivabl e

As of March 31, 2026 , we had aggregate unfunded commitments of $ 1.2 billion across 52 loans receivable, and

As of June 30, 2026 , we had aggregate unfunded commitments of $ 1.1 billion across 53 loans receivable, and

$ 680.3 million of committed or identified financings for those commitments, resulting in net unfunded commitments of

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

$ 427.4 million .

8 unchanged sentences

which have a weighted-average future funding period of 1.7 years .

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

Principal Debt Repayments

Our contractual principal debt repayments as of March 31, 2026 were as follows ($ in thousands):

Our contractual principal debt repayments as of June 30, 2026 were as follows ($ in thousands):

Asset-Specific

15 unchanged sentences

Board of Directors’ Compensation

As of March 31, 2026 , our seven non-employee directors are entitled to annual compensation of $ 210,000 each, of which

As of June 30, 2026 , our seven non-employee directors are entitled to annual compensation of $ 210,000 each, of which

$ 95,000 is paid in cash and $ 115,000 is paid in the form of deferred stock units or, at their election, shares of restricted

common stock.

As of March 31, 2026 , the other two board members are employees of affiliates of our Manager who also

As of June 30, 2026 , the other two board members are employees of affiliates of our Manager who also

serve as executive officers and they are not compensated by us for their service as directors.

5 unchanged sentences

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business.

March 31, 2026 , we were not involved in any material legal proceedings.

June 30, 2026 , we were not involved in any material legal proceedings.

SEGMENT REPORTING

4 unchanged sentences

A single management team reports to the CODM, who manages the entire business.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

We have determined that we have one reportable segment based on how the CODM reviews and manages the business,

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements