EX-10.32





 Exhibit 10.32 

AMENDMENT NO. 7 TO MASTER REPURCHASE AGREEMENT 

AMENDMENT NO. 7 TO MASTER REPURCHASE AGREEMENT, dated as of December 19, 2019 (this “Amendment”), among PARLEX 1
FINANCE, LLC (“Seller”) and BANK OF AMERICA, N.A., a national banking association (“Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement
(as defined below). 
 RECITALS 

WHEREAS, Seller and Buyer are parties to that certain Master Repurchase Agreement, dated as of May 21, 2013, as amended by that certain
Amendment No. 1 to Master Repurchase Agreement, dated as of September 23, 2013, as further amended by that certain Joinder Agreement, also dated as of September 23, 2013, as further amended by that certain Amendment No. 2 to
Master Repurchase Agreement, dated as of June 30, 2014, as further amended by that certain Amendment No. 3 to Master Repurchase Agreement, dated as of March 27, 2015, as further amended by that certain Joinder Termination Agreement
dated as of March 25, 2016, as further amended by that certain Amendment No. 4 to Master Repurchase Agreement, also dated as of March 25, 2016, as further amended by that certain Amendment No. 5 to Master Repurchase Agreement,
dated as of December 21, 2017, as further amended by that certain Amendment No. 6 to Master Repurchase Agreement, dated as of March 30, 2018 (as amended hereby and as may be further amended, restated, supplemented, or otherwise
modified and in effect from time to time, the “Repurchase Agreement”); and 
 WHEREAS, Seller and Buyer have agreed to
amend certain provisions of the Repurchase Agreement in the manner set forth herein, and Blackstone Mortgage Trust Inc. (“Guarantor”) has agreed to make the acknowledgements set forth herein. 

Therefore, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Seller and Buyer each hereby agree as follows: 
 SECTION 1. Amendments to Repurchase Agreement. The terms,
“Facility Termination Date” and “Initial Facility Termination Date”, as set forth in Section 2 of the Repurchase Agreement, are each hereby amended and restated in their entirety to read as follows: 

“Facility Termination Date” shall mean the Initial Facility Termination Date, as the same may be extended to May 21,
2023, in accordance with the exercise of the First Extension Option and, as same may be further extended to May 21, 2024, in accordance with the exercise of the Second Extension Option. 

“Initial Facility Termination Date” shall mean May 21, 2022. 












 SECTION 2. Effectiveness. This Amendment shall become effective on the date
first set forth above (the “Amendment Effective Date”), which is the date on which this Amendment is executed and delivered by a duly authorized officer of each of Seller and Buyer and acknowledged and agreed by Guarantor, along
with delivery to Buyer of such other documents as Buyer reasonably requested prior to the Amendment Effective Date. 
 SECTION 3.
Compliance with Transaction Documents. On and as of the date first above written, Seller hereby represents and warrants to Buyer that (a) it is in compliance with all the terms and provisions set forth in the Repurchase Agreement on
its part to be observed or performed, (b) after giving effect to this Amendment, no Default or Event of Default under the Repurchase Agreement has occurred and is continuing, and (c) after giving effect to this Amendment, the
representations and warranties contained in Section 10 of the Repurchase Agreement are true and correct in all material respects as though made on such date (except for any such representation or warranty that by its terms refers to a
specific date other than the date first above written, in which case it shall be true and correct in all material respects as of such other date). 

SECTION 4. Acknowledgements of Seller. Seller hereby acknowledges that, as of the date hereof, Buyer is in compliance with its
undertakings and obligations under the Repurchase Agreement and the other Transaction Documents. 
 SECTION 5. Acknowledgments of
Guarantor. Guarantor hereby acknowledges (a) the execution and delivery of this Amendment, and agrees that it continues to be bound by the Guaranty to the extent of the Obligations (as defined therein), notwithstanding the execution and
delivery of this Amendment and the impact of the changes set forth herein, and (b) that Buyer is in compliance with its undertakings and obligations under the Repurchase Agreement, the Guaranty and each of the other Transaction Documents. 

SECTION 6. Limited Effect. Except as expressly amended and modified by this Amendment, the Repurchase Agreement shall continue
to be, and shall remain, in full force and effect in accordance with its terms; provided, however, that upon the Amendment Effective Date, all references in the Repurchase Agreement to the “Agreement” and the
“Transaction Documents” shall be deemed to include, in any event, this Amendment. Each reference to the Repurchase Agreement in any of the Transaction Documents shall be deemed to be a reference to the Repurchase Agreement as amended by
this Amendment. 
 SECTION 7. Counterparts. This Amendment may be executed by each of the parties hereto on any number of
separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by
facsimile transmission shall be effective as delivery of a manually executed original counterpart thereof. 
 SECTION 8.
Expenses. Seller agrees to pay and reimburse Buyer for all actual out-of-pocket costs and expenses reasonably incurred by Buyer in connection with the
preparation, execution and delivery of this Amendment in accordance with Section 20(b) of the Repurchase Agreement. 

  
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 SECTION 9. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AMENDMENT. 
 SECTION 10.
GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW WITHOUT
GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.  
 [Remainder of page intentionally left blank; Signatures follow on next
page.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the day and year first above written. 
  

			
	BUYER:
	
	 BANK OF AMERICA, N.A.,

        a national banking association

		
	By:	 	 /s/ Leland F. Bunch, III

		 	Name: Leland F. Bunch, III
		 	Title: Managing Director
	
	SELLER:
	
	 PARLEX 1 FINANCE, LLC,

        a Delaware limited liability company

		
	By:	 	 /s/ Douglas Armer

		 	 Name: Douglas Armer
 Title: Executive Vice
President, Capital Markets,
 and Treasurer















 Acknowledged and Agreed: 
  

			
	BLACKSTONE MORTGAGE TRUST, INC., a Maryland corporation, in its capacity as Guarantor, and solely for purposes of acknowledging and agreeing to the terms of this Amendment:
		
	By:	 	 /s/ Douglas Armer

		 	 Name: Douglas Armer
 Title: Executive Vice
President, Capital Markets and Treasurer