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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


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

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025


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

FOR THE TRANSITION PERIOD FROM ______ TO ______

Commission File Number: 001-14788

Blackstone Mortgage Trust, Inc.

(Exact name of Registrant as specified in its charter)


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

345 Park Avenue, 24th Floor

New York, New York 10154

(Address of principal executive offices)(Zip Code)

(212) 655-0220

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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


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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934

during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing

requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of

Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such

files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an

emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth

company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new

or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of the registrant’s shares of class A common stock, par value $0.01 per share, outstanding as of July 23, 2025 was 171,578,766.

TABLE OF CONTENTS


		Page
PART I.	FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	3
	Consolidated Financial Statements (Unaudited):
	Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	3
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024	4
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024	5
	Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2025 and 2024 and June 30, 2025 and 2024	6
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024	8
	Notes to Consolidated Financial Statements	10
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	58
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	91
ITEM 4.	CONTROLS AND PROCEDURES	93
PART II.	OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	94
ITEM 1A.	RISK FACTORS	94
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	95
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	96
ITEM 4.	MINE SAFETY DISCLOSURES	96
ITEM 5.	OTHER INFORMATION	96
ITEM 6.	EXHIBITS	97
SIGNATURES		98

TABLE OF CONTENTS

Website Disclosure

We use our website (www.blackstonemortgagetrust.com) as a channel of distribution of company information. The

information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in

addition to following our press releases, Securities and Exchange Commission, or SEC, filings and public conference calls,

and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone Mortgage

Trust when you enroll your email address by visiting the “Contact Us and Email Alerts” section of our website at http://

ir.blackstonemortgagetrust.com. The contents of our website and any alerts are not, however, a part of this report.

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Blackstone Mortgage Trust, Inc.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share data)


	June 30, 2025	December 31, 2024
Assets
Cash and cash equivalents	$388,049	$323,483
Loans receivable	19,706,105	19,047,518
Current expected credit loss reserve	(740,851)	(733,936)
Loans receivable, net	18,965,254	18,313,582
Real estate owned, net	615,217	588,185
Investments in unconsolidated entities (includes $55,906 and $0 at fair value as of June 30, 2025 and December 31, 2024, respectively)	108,087	4,452
Other assets	507,834	572,253
Total Assets	$20,584,441	$19,801,955
Liabilities and Equity
Secured debt, net	$10,683,320	$9,696,334
Securitized debt obligations, net	2,493,011	1,936,956
Asset-specific debt, net	528,224	1,224,841
Loan participations sold, net	50,000	100,064
Term loans, net	1,726,444	1,732,073
Senior secured notes, net	784,066	771,035
Convertible notes, net	264,181	263,616
Other liabilities	431,658	282,847
Total Liabilities	16,960,904	16,007,766
Commitments and contingencies (Note 22)
Equity
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 171,593,590 and 172,792,094 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	1,716	1,728
Additional paid-in capital	5,494,020	5,511,053
Accumulated other comprehensive income	9,798	8,268
Accumulated deficit	(1,888,762)	(1,733,741)
Total Blackstone Mortgage Trust, Inc. stockholders’ equity	3,616,772	3,787,308
Non-controlling interests	6,765	6,881
Total Equity	3,623,537	3,794,189
Total Liabilities and Equity	$20,584,441	$19,801,955

Note: The consolidated balance sheets as of June 30, 2025 and December 31, 2024 include assets of consolidated variable

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

VIEs for which creditors do not have recourse to Blackstone Mortgage Trust, Inc. As of June 30, 2025 and December 31,

2024, assets of the consolidated VIEs totaled $3.3 billion and $2.4 billion, respectively, and liabilities of the consolidated

VIEs totaled $2.5 billion and $2.0 billion, respectively. Refer to Note 20 for additional discussion of the VIEs.

See accompanying notes to consolidated financial statements.

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per share data)


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Income from loans and other investments
Interest and related income	$359,537	$466,152	$691,594	$952,275
Less: Interest and related expenses	264,727	339,380	506,960	683,110
Income from loans and other investments, net	94,810	126,772	184,634	269,165
Revenue from real estate owned	38,812	—	75,845	—
Gain on extinguishment of debt	—	—	—	2,963
Other income	231	—	321	—
Total net revenues	133,853	126,772	260,800	272,128
Expenses
Management and incentive fees	17,036	18,726	34,271	37,653
General and administrative expenses	13,526	13,660	26,190	27,388
Expenses from real estate owned	47,796	963	94,098	963
Total expenses	78,358	33,349	154,559	66,004
Increase in current expected credit loss reserve	(45,593)	(152,408)	(95,098)	(387,277)
Loss from unconsolidated entities	(2,015)	—	(2,889)	—
Income (loss) before income taxes	7,887	(58,985)	8,254	(181,153)
Income tax provision	903	1,217	1,621	2,219
Net income (loss)	6,984	(60,202)	6,633	(183,372)
Net income attributable to non-controlling interests	(15)	(855)	(21)	(1,523)
Net income (loss) attributable to Blackstone Mortgage Trust, Inc.	$6,969	$(61,057)	$6,612	$(184,895)
Net income (loss) per share of common stock, basic and diluted	$0.04	$(0.35)	$0.04	$(1.06)
Weighted-average shares of common stock outstanding, basic and diluted	171,893,905	173,967,340	171,949,090	174,004,464

See accompanying notes to consolidated financial statements.

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

(in thousands)


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Net income (loss)	$6,984	$(60,202)	$6,633	$(183,372)
Other comprehensive income
Unrealized gain (loss) on foreign currency translation	145,481	3,668	206,382	(42,064)
Realized and unrealized (loss) gain on derivative financial instruments	(143,268)	(3,210)	(203,663)	42,938
Unrealized loss on derivative financial instruments from unconsolidated entities	(1,006)	—	(1,189)	—
Other comprehensive income	1,207	458	1,530	874
Comprehensive income (loss)	8,191	(59,744)	8,163	(182,498)
Comprehensive income attributable to non- controlling interests	(15)	(855)	(21)	(1,523)
Comprehensive income (loss) attributable to Blackstone Mortgage Trust, Inc.	$8,176	$(60,599)	$8,142	$(184,021)

See accompanying notes to consolidated financial statements.

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Changes in Equity (Unaudited)

(in thousands)


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





See accompanying notes to consolidated financial statements.

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Changes in Equity (Unaudited)

(in thousands)


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

See accompanying notes to consolidated financial statements.

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)


	Six Months Ended June 30,
	2025	2024
Cash flows from operating activities
Net income (loss)	$6,633	$(183,372)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Non-cash compensation expense	14,268	16,074
Amortization of deferred fees on loans	(26,838)	(33,700)
Amortization of deferred financing costs and premiums/discounts on debt obligations	18,962	21,494
Payment-in-kind interest	(8,450)	(6,164)
Increase in current expected credit loss reserve	95,098	387,277
Straight-line rental income	1,716	—
Gain on extinguishment of debt	—	(2,963)
Depreciation and amortization of real estate owned	32,918	185
Loss from unconsolidated entities	2,889	—
Unrealized loss on derivative financial instruments, net	3,024	291
Realized gain on derivative financial instruments, net	(10,634)	(9,155)
Changes in assets and liabilities, net
Other assets	23,881	20,257
Other liabilities	4,282	(15,431)
Net cash provided by operating activities	157,749	194,793
Cash flows from investing activities
Principal fundings of loans receivable	(3,440,030)	(626,746)
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable	3,408,253	1,413,348
Origination and other fees received on loans receivable	30,475	11,774
Payments under derivative financial instruments	(127,982)	(77,368)
Receipts under derivative financial instruments	94,364	55,760
Collateral deposited under derivative agreements	(343,500)	(63,110)
Return of collateral deposited under derivative agreements	261,890	150,710
Investment in unconsolidated entities	(107,712)	—
Capital expenditures on real estate owned	(6,846)	—
Net cash (used in) provided by investing activities	(231,088)	864,368

continued…

See accompanying notes to consolidated financial statements.

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)


	Six Months Ended June 30,
	2025	2024
Cash flows from financing activities
Borrowings under secured debt	$2,525,536	$658,123
Repayments under secured debt	(2,072,147)	(1,133,669)
Proceeds from issuance of securitized debt obligations	831,250	—
Repayments of securitized debt obligations	(169,926)	(179,023)
Borrowings under asset-specific debt	230,699	121,757
Repayments under asset-specific debt	(936,274)	—
Repayments of loan participations	(54,028)	(235,960)
Repayments and repurchases of term loans	(3,690)	(10,998)
Repurchases of senior secured notes	—	(22,984)
Payment of deferred financing costs	(28,541)	(13,734)
Contributions from non-controlling interests	—	1,245
Distributions to non-controlling interests	(137)	(2,467)
Dividends paid on class A common stock	(161,856)	(215,068)
Repurchases of class A common stock	(31,686)	—
Net cash provided by (used in) financing activities	129,200	(1,032,778)
Net increase in cash and cash equivalents	55,861	26,383
Cash and cash equivalents at beginning of period	323,483	350,014
Effects of currency translation on cash and cash equivalents	8,705	(2,521)
Cash and cash equivalents at end of period	$388,049	$373,876
Supplemental disclosure of cash flows information
Payments of interest	$(483,544)	$(667,527)
Payments of income taxes	$(1,748)	$(2,020)
Supplemental disclosure of non-cash investing and financing activities
Dividends declared, not paid	$(80,649)	$(107,664)
Loan principal payments held by servicer, net	$91,996	$—
Transfer of senior loan to real estate owned	$34,721	$60,203
Assumption of other assets and liabilities related to real estate owned	$10,323	$—

See accompanying notes to consolidated financial statements.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (Unaudited)

1. ORGANIZATION

References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust,

Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.

Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other

debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and

Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major

markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our

investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or

CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate

financing, depending on our view of the most prudent financing option available for each of our investments. We are

externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a

real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” Our

principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154.

We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal

income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders

and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an

exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding

company and conduct our business primarily through our various subsidiaries.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting

principles generally accepted in the United States of America, or GAAP, for interim financial information and the

instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes

thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have

made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are

presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The

operating results presented for interim periods are not necessarily indicative of the results that may be expected for any

other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should

be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for

the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission, or the SEC.

Basis of Presentation

The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our

wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the

primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

Principles of Consolidation

We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate

all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do

not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk

for the entity to finance its activities without additional subordinated financial support from other parties. The entity that

consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities

that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the

obligation to absorb losses of the VIE that could be significant to the VIE. Entities that do not qualify as VIEs are generally

considered voting interest entities, or VOEs, and are evaluated for consolidation under the voting interest model. VOEs are

consolidated when we control the entity through a majority voting interest or other means.

For consolidated entities, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is

included in non-controlling interests as a component of total equity. The non-controlling partner’s interest is generally

computed as the joint venture partner’s ownership percentage.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the

investment is accounted for under the equity method of accounting. Investments in unconsolidated entities for which we

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

share of net income, contributions and distributions. When we elect the FVO, we record our share of the net asset value of

the entity and any related unrealized gains and losses.

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

circumstances that indicates a decrease in value. If there is a decrease in value due to a series of operating losses or other

factors, the investment is evaluated to determine if the loss in value is considered other than temporary. Although a current

fair value below the carrying value of the investment is an indicator of impairment, we will only recognize an impairment

if the loss in value is determined to be an other than temporary impairment. If an impairment is determined to be other than

temporary, we will record an impairment charge sufficient to reduce the investment’s carrying value to its fair value, which

would result in a new cost basis. This new cost basis will be used for future periods when recording subsequent income or

loss and cannot be written up to a higher value as a result of increases in fair value.

In 2017, we entered into a joint venture with Walker & Dunlop Inc., or Walker & Dunlop, to originate, hold, and finance

multifamily bridge loans, which we refer to as our Multifamily Joint Venture. Pursuant to the terms of the agreements

governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%.

We consolidate our Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests

included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned

by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are

allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint

Venture.

In 2024, we entered into a joint venture with a Blackstone-advised investment vehicle to invest in triple net lease

properties, which we refer to as our Net Lease Joint Venture. We do not consolidate our Net Lease Joint Venture as we do

not have a controlling financial interest. Our investment in our Net Lease Joint Venture is accounted for under the equity

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

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

In the second quarter of 2025, we entered into a joint venture with a Blackstone-advised investment vehicle that acquired a

portfolio of performing commercial mortgage loans, which we refer to as our Bank Loan Portfolio Joint Venture. We do

not consolidate our Bank Loan Portfolio Joint Venture as we do not have a controlling financial interest. Our investment in

our Bank Loan Portfolio Joint Venture is accounted for using the FVO, and is recorded as an investment in unconsolidated

entities on our consolidated balance sheets, and our pro-rata share of any unrealized gains and losses is recorded in income

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

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and

assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of

the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting

period. Actual results may ultimately differ materially from those estimates.

Revenue Recognition

Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest

method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these

investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally

suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery

of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized

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

current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses

are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in

general and administrative expenses as incurred.

The sources of revenue from our REO assets, which is included in revenue from real estate owned on our consolidated

statements of operations, and the related revenue recognition policies are as follows:

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Rental income primarily consists of base rent income arising from tenant leases at our office and multifamily properties.

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

We begin to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased

space.

Other operating income primarily consists of income from our hospitality properties and tenant reimbursement income.

Revenue from our hospitality properties consists primarily of room revenue and food and beverage revenue. Room revenue

is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered.

Tenant reimbursement income primarily consists of amounts due from tenants for costs related to common area

maintenance, real estate taxes, and other recoverable costs included in lease agreements.

We evaluate the collectibility of receivables related to rental revenue on an individual lease basis and exercise judgment in

assessing collectability considering the length of time a receivable has been outstanding, tenant credit-worthiness, payment

history, available information about the financial condition of the tenant, and current economic trends, among other factors.

Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or

less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash

equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not

expect, any losses on our cash or cash equivalents. As of both June 30, 2025 and December 31, 2024, we had no restricted

cash on our consolidated balance sheets.

Loans Receivable

We originate and purchase commercial real estate debt and related instruments generally to be held as long-term

investments at amortized cost.

Current Expected Credit Losses Reserve

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

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

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

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

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

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

market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than

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

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

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

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

has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1.

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

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

relevant time frame. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share

similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-

weighted model that considers the likelihood of default and expected loss given default for each such individual loan.

Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical

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

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

estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market

loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued

since January 1, 1999 through May 31, 2025. Within this database, we focused our historical loss reference calculations on

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

our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data,

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

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

to our portfolio.

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

future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is

recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the

same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will

similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our

internal risk rating of each loan as the primary credit quality indicator underlying our assessment.

The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar

assets. We have identified the following pools and measure the reserve for credit losses using the following methods:

•U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average

remaining maturity of our loan pool, and an economic view.

•Non-U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average

remaining maturity of our loan pool, and an economic view.

•Unique Loans: a probability of default and loss given default model, assessed on an individual basis.

•Impaired Loans: impairment is indicated when it is deemed probable that we will not be able to collect all

amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires

significant judgment from management and is based on several factors including (i) the underlying collateral

performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact

the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be

impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for

collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing

the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan.

These valuations require significant judgments, which include assumptions regarding capitalization rates, discount

rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan

sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could

ultimately differ materially from these estimates. We only expect to charge off the impairment losses in our

consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-

recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be

concluded if, in our determination, it is nearly certain that all amounts due will not be collected.

Contractual Term and Unfunded Loan Commitments

Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of

our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine

the contractual term for purposes of computing our CECL reserves.

Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend

credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly,

as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in

estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans

receivable.

Credit Quality Indicator

Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a

quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including,

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

cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

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

ratings are defined as follows:

1 -Very Low Risk

2 -Low Risk

3 -Medium Risk

4 -High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss.

5 -Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a

principal loss.

Estimation of Economic Conditions

In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are

also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the

commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations

of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit

losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we

have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader

economic conditions may have on our loan portfolio’s performance. We generally also incorporate information from other

sources, including information and opinions available to our Manager, to further inform these estimations. This process

requires significant judgments about future events that, while based on the information available to us as of the balance

sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly

from the estimates we made as of June 30, 2025.

Real Estate Owned

We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure, a deed-in-lieu of

foreclosure transaction, or a loan modification in which we receive an equity interest in and/or control over decision-

making at the property, resulting in us consolidating the real estate assets as VIEs. These real estate acquisitions are

classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the

acquisition date in accordance with the ASC Topic 805, “Business Combinations.”

Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land,

buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified

intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed

liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or

capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows

are based on a number of factors including the historical operating results, known and anticipated trends, and market and

economic conditions. We capitalize acquisition-related costs associated with asset acquisitions.

Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets’

estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or

replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives.

Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary

repairs and maintenance are expensed as incurred.

Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the

asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The

impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of

anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental

rates, capital requirements and anticipated holding periods that could differ materially from actual results.

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

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

reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a

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

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

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for

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

As of June 30, 2025, we had eight REO assets which were all classified as held for investment.

Agency Multifamily Lending Partnership

In the second quarter of 2024, we entered into an agreement with M&T Realty Capital Corporation, or MTRCC, a

subsidiary of M&T Bank, that allows our borrowers to access multifamily agency financing through MTRCC’s Fannie

Mae DUS and Freddie Mac Optigo lending platforms, or the Agency Multifamily Lending Partnership. We will receive a

portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie

Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans that we refer

to MTRCC for origination under the Fannie Mae program.

Revenue Recognition

For loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs, we recognize our

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

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

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

sold under the Fannie Mae and Freddie Mac programs. A portion of the fees recognized, such as servicing fees, are variable

and will be reevaluated for collectability on a recurring basis.

Loss-sharing Obligation

Pursuant to our agreement with MTRCC, we are subject to a loss-sharing obligation with respect to MTRCC’s obligation

to partially guarantee the performance of loans that they originate and sell under the Fannie Mae program. This loss-

sharing agreement requires us to fund a fixed amount of cash into a segregated account based on the amount MTRCC is

required to fund under the Fannie Mae program, with respect to loans we referred to MTRCC.

In addition, we will recognize a liability for these loss-sharing obligations. This liability will be initially recognized at fair

value with a corresponding expense at inception, and it will subsequently be amortized on a straight-line basis over the life

of the loss-sharing obligation. This liability is included within other liabilities in our consolidated balance sheets. As of

both June 30, 2025 and December 31, 2024, our maximum loss-sharing obligation associated with the loans referred by us

to MTRCC under the Fannie Mae program was $3.5 million, and we have recorded a related liability of $19,000. There

have been no losses incurred as a result of the loss-sharing obligations.

Derivative Financial Instruments

We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets

at fair value.

On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign

operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received

or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair

value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all

derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and

designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the

hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the

effectiveness of its hedged transaction.

On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected

to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined

that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the

changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed

using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from

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

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

accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated

financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and

into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the

same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap

settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated.

To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its

fair value are included in net income concurrently.

Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of

cash flows in the same section as the underlying hedged item.

Secured Debt and Asset-Specific Debt

We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings

under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest

income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported

separately on our consolidated statements of operations.

Loan Participations Sold

In certain instances, we have executed a syndication of a non-recourse loan interest to a third party. Depending on the

particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale

will be recognized and the loan interest will no longer be included in our consolidated financial statements. When these

sales are not recognized under GAAP we reflect the transaction by recording a loan participation sold liability on our

consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the

sales are recognized, our balance sheet only includes our remaining loan interest, and excludes the interest in the loan that

we sold.

Term Loans

We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or

transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest

expense.

Senior Secured Notes

We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount

or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-

cash interest expense.

Convertible Notes

Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as

debt. Additionally, shares issuable under our convertible notes are included in diluted earnings per share in our

consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent.

Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the

convertible notes as additional non-cash interest expense.

Deferred Financing Costs

The deferred financing costs that are included as a reduction in the net book value of the related liability on our

consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as

interest expense using the effective interest method over the life of the related obligations.

Underwriting Commissions and Offering Costs

Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a

reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common

stock offering are expensed when incurred.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Fair Value Measurements

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

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

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

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

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

measuring financial instruments. Market price observability is affected by a number of factors, including the type of

financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the

existence and transparency of transactions between market participants. Financial instruments with readily available quoted

prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment

used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs

used in the determination, as follows:

•Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical

financial instruments as of the reporting date.

•Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active

or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other

observable inputs, such as interest rates, yield curves, credit risks, and default rates.

•Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if

any, market activity for the financial instrument. These inputs require significant judgment or estimation by

management of third parties when determining fair value and generally represent anything that does not meet the

criteria of Levels 1 and 2.

Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a

nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further

in Note 19. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on

assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from

third parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our

estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These

valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing,

creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions

of other lenders, and other factors.

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

and therefore report this investment at fair value. Given the fair value of this investment is not readily determinable, the net

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

As of June 30, 2025, we had an aggregate $558.8 million asset-specific CECL reserve related to 14 of our loans receivable

with an aggregate amortized cost basis of $1.6 billion, net of cost-recovery proceeds. The CECL reserve was recorded

based on our estimation of the fair value of the loans' aggregate underlying collateral as of June 30, 2025. These loans

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

classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the loans

receivable by considering a variety of inputs including property performance, market data, and comparable sales, as

applicable. The significant unobservable inputs employed include the exit capitalization rate assumption used to forecast

the future sale price of the underlying real estate collateral, which ranged from 6.00% to 8.00%, and the unlevered discount

rate assumption, which ranged from 7.00% to 15.00%.

During the six months ended June 30, 2025, we acquired legal title to one REO asset through a deed-in-lieu of foreclosure

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

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

data, and comparable sales. The REO 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 of 8.55% used to forecast the future sale price of the asset, and

(ii) the unlevered discount rate assumption of 10.55%. Refer to Note 4 and Note 19 for additional information.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

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

reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those

instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which

it is practicable to estimate that value:

•Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value.

•Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology,

taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of

major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other

lenders, and other factors.

•Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated

using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs

comprising foreign currency rates and credit spreads.

•Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit

facility would currently be priced.

•Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing

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

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

reported price.

•Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar

agreement would currently be priced.

•Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related

loan receivable asset.

•Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service

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

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

price.

•Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service

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

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

price.

•Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained

using quoted market prices.

Income Taxes

Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income.

We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally

do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were

to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and

penalties. Refer to Note 17 for additional information.

Stock-Based Compensation

Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of

our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock

units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these

awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A

common stock. Refer to Note 18 for additional information.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Earnings per Share

Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net

earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units,

divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common

stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a

participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these

restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or

losses.

Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net

earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees,

allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii)

the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred

stock units, and shares of class A common stock issuable under our convertible notes. Refer to Note 15 for additional

discussion of earnings per share.

Foreign Currency

In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign

exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of

operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar

denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and

income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative

translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other

comprehensive income (loss).

Recent Accounting Pronouncements

In May 2025, the FASB issued Accounting Standards Update, or ASU, 2025-03, which amends the guidance in ASC 805,

Business Combinations. This update clarifies the determination of the accounting acquirer in business combinations that

are primarily effected through the exchange of equity interests and involve the acquisition of a VIE. Specifically, entities

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

acquirer, rather than defaulting to the primary beneficiary of the VIE as the accounting acquirer. ASU 2025-03 is effective

for annual periods beginning after December 15, 2026, including interim periods within those annual periods, and early

adoption is permitted. We have not early adopted ASU 2025-03 and do not expect the adoption of ASU 2025-03 to have a

material impact on our consolidated financial statements.

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

Conversions of Convertible Debt Instruments,” or ASU 2024-04. ASU 2024-04 clarifies the accounting treatment for

settlement of a convertible debt instrument as an induced conversion. ASU 2024-04 is effective on a prospective basis,

with the option for retrospective application, for fiscal years beginning after December 15, 2025. We have not early

adopted ASU 2024-04 and do not expect the adoption of ASU 2024-04 to have a material impact on our consolidated

financial statements.

In November 2024, the FASB issued ASU 2024-03 “Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses,” or ASU 2024-03. ASU 2024-03 requires disclosures in the notes to the

financial statements on specified information about certain costs and expenses for each interim and annual reporting period.

ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods

beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, and

early adoption is permitted. We have not early adopted ASU 2024-03 and do not expect the adoption of ASU 2024-03 to

have a material impact on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax

Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on an entity’s effective tax rate

reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option

for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We

have not early adopted ASU 2023-09 and do not expect the adoption of ASU 2023-09 to have a material impact on our

consolidated financial statements.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

3. LOANS RECEIVABLE, NET

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


	June 30, 2025	December 31, 2024
Number of loans	144	130
Principal balance	$19,874,340	$19,203,126
Net book value	$18,965,254	$18,313,582
Unfunded loan commitments(1)	$1,412,084	$1,263,068
Weighted-average cash coupon(2)	+ 3.30%	+ 3.46%
Weighted-average all-in yield(2)	+ 3.57%	+ 3.78%
Weighted-average maximum maturity (years)(3)	2.4	2.1

(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real

estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will

generally be funded over the term of each loan, subject in certain cases to an expiration date.

(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark

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

June 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR.

The remaining 2% of our loans by principal balance earned a fixed rate of interest. As of December 31, 2024,

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

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

origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the

cost-recovery and nonaccrual methods, if any.

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

prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of

June 30, 2025, 26% of our loans by principal balance were subject to yield maintenance or other prepayment

restrictions and 74% were open to repayment by the borrower without penalty. As of December 31, 2024, 10% of

our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were

open to repayment by the borrower without penalty.

The following table details the index rate floors for our loans receivable portfolio as of June 30, 2025 ($ in thousands):


	Loans Receivable Principal Balance
Index Rate Floors	USD	Non-USD(1)	Total
Fixed Rate	$179,821	$140,066	$319,887
0.00% or no floor(2)	2,286,822	5,412,057	7,698,879
0.01% to 1.00% floor	3,787,560	990,685	4,778,245
1.01% to 2.00% floor	640,370	1,384,033	2,024,403
2.01% to 3.00% floor	3,209,355	367,621	3,576,976
3.01% or more floor	1,299,612	176,338	1,475,950
Total(3)	$11,403,540	$8,470,800	$19,874,340

(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc

currencies.

(2)Includes all impaired loans.

(3)As of June 30, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal balance

was 1.11%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was

1.70%.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

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


	Principal Balance	Deferred Fees / Other Items(1)	Net Book Value
Loans Receivable, as of December 31, 2024	$19,203,126	$(155,608)	$19,047,518
Loan fundings	3,440,030	—	3,440,030
Loan repayments, sales, and cost-recovery proceeds	(3,406,174)	(29,778)	(3,435,952)
Charge-offs	(114,678)	27,797	(86,881)
Transfer to real estate owned	(34,721)	—	(34,721)
Transfer to other assets, net(2)	(11,298)	—	(11,298)
Payment-in-kind interest	8,450	—	8,450
Unrealized gain (loss) on foreign currency translation	789,605	(2,610)	786,995
Deferred fees and other items	—	(34,874)	(34,874)
Amortization of fees and other items	—	26,838	26,838
Loans Receivable, as of June 30, 2025	$19,874,340	$(168,235)	$19,706,105
CECL reserve			(740,851)
Loans Receivable, net, as of June 30, 2025			$18,965,254

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

and cost-recovery proceeds.

(2)This amount relates to intangible and other assets recorded in connection with loans that were transferred to REO,

net of liabilities recorded upon acquisition, if any, and proceeds from loan repayments that are held in escrow, all of

which are included within other assets in our consolidated balance sheets. See Note 6 for further information.

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio

($ in thousands):


June 30, 2025
Property Type	Number of Loans	Net Book Value	Net Loan Exposure(1)	Net Loan Exposure Percentage of Portfolio
Office	44	$5,855,637	$5,195,591	28%
Multifamily	52	5,139,630	4,958,946	27
Industrial	17	3,425,450	3,392,611	18
Hospitality	17	2,842,904	2,731,203	15
Retail	7	698,410	673,021	4
Self-storage	3	666,400	498,771	3
Life Sciences / Studio	3	341,511	297,484	1
Other	1	736,163	696,789	4
Total loans receivable	144	$19,706,105	$18,444,416	100%
CECL reserve		(740,851)
Loans receivable, net		$18,965,254

Geographic Location	Number of Loans	Net Book Value	Net Loan Exposure(1)	Net Loan Exposure Percentage of Portfolio
United States
Sunbelt	49	$5,008,396	$4,485,034	24%
Northeast	23	2,900,363	2,630,050	14
West	23	1,953,102	1,861,649	10
Midwest	9	866,624	723,593	4
Northwest	4	478,745	477,570	3
Subtotal	108	11,207,230	10,177,896	55
International
United Kingdom	18	3,658,916	3,642,741	20
Ireland	3	1,232,664	1,228,094	7
Australia	5	1,064,406	1,072,552	6
Spain	2	747,836	699,814	4
Sweden	1	502,790	502,836	3
Canada	1	459,289	291,680	2
Other Europe	5	772,115	767,881	3
Other International	1	60,859	60,922	—
Subtotal	36	8,498,875	8,266,520	45
Total loans receivable	144	$19,706,105	$18,444,416	100%
CECL reserve		(740,851)
Loans receivable, net		$18,965,254

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2025,

which is our principal balance net of (i) $529.9 million of asset-specific debt, (ii) $109.2 million of cost-recovery

proceeds, (iii) our total loans receivable CECL reserve of $740.9 million, and (iv) $50.0 million of junior loan

interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further

discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non-

BLACKSTONE MORTGAGE TRUST, INC. 10-Q