Blackstone Mortgage Trust, Inc.

Business model and purpose

• Blackstone Mortgage Trust, Inc. (BXMT) is a Maryland-domiciled real estate investment trust (REIT) that originates, acquires, and manages senior loans and other debt- or credit-oriented investments collateralized by or related to commercial real estate.
• Geography: North America, Europe, and Australia.
• BXMT is externally managed and advised by BXMT Advisors L.L.C. (the Manager), an affiliate of Blackstone. The company operates as a single segment focused on real estate debt.

Investment strategy

• Primary focus: directly originate, co-originate, and acquire senior loans (floating-rate mortgage loans) secured by high-quality, institutional commercial real estate assets in major markets, sponsored by experienced owners and operators.
• Financing approach: fund investments using secured credit facilities, CLOs, securitizations, asset-level financings, and syndicated loans/participations; opportunistically use resecuritizations and other financing.
• Leverage strategy: target debt-to-equity generally below 4-to-1, with a view to matching tenor, currency, and indices of assets and liabilities; use hedging to manage rate and currency risk where appropriate.
• Portfolio resilience: 97% of the Loan Portfolio by principal balance earns a floating rate, aligning equity exposure with rising rates (subject to rate floors).

Portfolio highlights (as of December 31, 2025)

• Loan Portfolio: 131 loans with total principal balance of $18.2 billion.
• 2025 activity:
  • Originated or acquired: $5.7 billion of loans.
  • Loan fundings: $5.6 billion.
  • Repayments/sales: $6.1 billion.
  • Net repayments: $452.8 million.
• Owned Real Estate: 12 owned real estate assets with aggregate carrying value of $1.3 billion.
• Bank Loan Portfolio Joint Venture (with a Blackstone-advised vehicle):
  • Acquired two portfolios totaling $2.0 billion; BXMT’s share: $719.4 million.
  • BXMT’s ownership interest in the Bank Loan Portfolio Joint Venture: 35%.
• Net Lease Joint Venture (with a Blackstone-advised vehicle):
  • Acquired 178 properties with aggregate purchase price of $421.8 million.
  • BXMT’s ownership: 75%.
• Financing and liquidity:
  • CLO securitization issued in 2025: $1.0 billion.
  • Added $414.0 million of secured debt capacity via new facilities and refinements; borrowed $91.0 million under term loan facilities.
  • Weighted-average spread on secured debt: +1.83% over benchmark rates (vs +1.92% in 2024).
  • Total liquidity: $1.0 billion.
  • No corporate debt maturities before 2027.
  • Outstanding portfolio financing (as of 12/31/2025):
    • Secured debt: $10,125,839 thousand
    • Securitizations: $2,149,496 thousand
    • Asset-specific debt: $999,810 thousand
    • Total portfolio financing: $13,275,145 thousand
• Concentration and exposure:
  • As of 12/31/2025, 97% of the Loan Portfolio by principal balance is floating-rate.
  • The company holds and may increase investments outside the U.S.; non-domestic CRE-related assets introduce currency, regulatory, and political risks.

Corporate structure and management

• Manager relationship: BXMT Advisors L.L.C. (the Manager) runs day-to-day operations and investment activities; the Manager is an affiliate of Blackstone.
• Employees: BXMT does not have any employees; executive officers are employees of the Manager or its affiliates.
• Blackstone linkage: BXMT benefits from Blackstone’s platform and Real Estate Debt Focus (BREDS). As of 12/31/2025, BREDS employed 176 dedicated professionals (including 27 investment professionals in London and Australia) managing $77.5 billion of investor capital.
• Governance and conflicts: the company discloses potential conflicts of interest related to allocations of opportunities among BXMT and other Blackstone-advised accounts, joint ventures, service providers, and portfolio entities. The company describes risk and governance controls, including information walls and allocation methodologies.

Intellectual property and branding

• BXMT uses the Blackstone and BXMT names under a trademark license agreement with Blackstone affiliates. The license can be terminated under certain conditions, after which BXMT would need to change its name and ticker.
• The company relies on Blackstone’s brand and ancillary services, including data, analytics, and shared platforms; some branding and name use are contingent on the continued relationship with the Manager.

Key takeaways

• BXMT is a commercial real estate debt-focused REIT that originates and acquires senior and other debt instruments tied to real estate, using Blackstone’s platform for sourcing, underwriting, and structuring.
• The company emphasizes floating-rate exposure and diversified financing channels (secured facilities, CLOs, securitizations), and maintains selective owned real estate assets via joint ventures.
• BXMT operates without direct employees and relies on the Manager and Blackstone ecosystem; this arrangement creates potential conflicts of interest that are addressed in the company's disclosures.
• The portfolio includes a mix of loans (131), owned real estate (12 assets), and joint ventures (Bank Loan Portfolio and Net Lease) with substantial principal and asset values reported for 2025.
• Reported liquidity and financing metrics indicate capacity to fund new investments, with no near-term corporate debt maturities and an active securitization program.