Cotton Leonard W 4

What Happened
Leonard W. Cotton, a director of Blackstone Mortgage Trust (BXMT), was credited with 1,523 shares on April 15, 2026 as an award/other acquisition. The shares are recorded at $20.12 each for a total reported value of $30,643. This acquisition reflects units issued in lieu of a cash dividend and converted into Class A common stock units/shares.

Key Details

• Transaction date and type: April 15, 2026 — Award/Other Acquisition (code A).
• Price and value: 1,523 shares @ $20.12 = $30,643.
• Shares owned after transaction: Not specified in the filing.
• Footnote F1: These are Class A Common Stock Units issued in lieu of dividends that convert one-for-one into Class A shares; the number issued was calculated using a $0.47 per-share dividend and the April 15, 2026 closing price.
• Footnote F2: 89 of the reported shares were acquired since the last filing via participation in a dividend reinvestment plan.
• Filing: Form 4 filed April 16, 2026 (covers the April 15, 2026 transaction) — consistent with routine insider reporting timing.

Context
This was not an open-market purchase but a dividend-related acquisition (units issued in lieu of cash dividends and converted to shares). Such dividend reinvestments are routine and reflect automatic or planned participation in the company’s dividend reinvestment plan rather than an active market buy or sale by the insider.