# EDGAR Filing Document

**Accession Number:** 0001061630
**File Stem:** 0001061630-26-000031
**Filing Date:** 2026-4
**Character Count:** 43475
**Document Hash:** a89efb2051c867b4effd8d2d2bf3b8fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001061630-26-000031.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001061630-26-000031

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260429

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKSTONE MORTGAGE TRUST, INC.
- **CENTRAL INDEX KEY:** 0001061630
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 946181186
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14788
- **FILM NUMBER:** 26910415

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 2126550220

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPITAL TRUST INC
- **DATE OF NAME CHANGE:** 19980512

?xml version='1.0' encoding='ASCII'? bxmt-20260429

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): April 29, 2026**

**Blackstone Mortgage Trust, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Maryland** | **1-14788** | **94-6181186** |
| (State or Other<br>Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer<br>Identification No.) |

---

**345 Park Avenue**

**New York, New York 10154**

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: **(212) 655-0220**

**Not Applicable**

(Former Name or Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

---

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

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.&nbsp;&nbsp;&nbsp;&nbsp;☐

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**Item 2.02 <u>Results of Operations and Financial Condition</u>.**

On April 29, 2026, Blackstone Mortgage Trust, Inc. (the "Company") issued a press release and detailed presentation announcing its financial results for the first quarter ended March 31, 2026. The press release and full detailed presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information contained under Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01 <u>Financial Statements and Exhibits</u>.** 

 (d) Exhibits

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| | |
|:---|:---|
| Exhibit<br>No. | Description |
| &nbsp;&nbsp;&nbsp;&nbsp;99.1 | <u>[Press Release of Blackstone Mortgage Trust, Inc. dated April 29, 2026.](a8-kexhibit9911q2026.htm)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;99.2 | <u>[Presentation of Blackstone Mortgage Trust, Inc. dated April 29, 2026.](exhibit9921q26.htm)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | BLACKSTONE MORTGAGE TRUST, INC. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: April 29, 2026 |  |  |
|  | By: | /s/ Marcin Urbaszek |
|  | Name: | Marcin Urbaszek |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

![blackstone_standarda.jpg](blackstone_standarda.jpg)

**Blackstone Mortgage Trust Reports First-Quarter 2026 Results**

New York, April 29, 2026 -- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) today reported its first-quarter 2026 results. The net loss attributable to Blackstone Mortgage Trust for the quarter was $6.3 million. First-quarter EPS, Distributable EPS, Distributable EPS prior to realized gains and losses, and dividends paid per basic share were $(0.04), $0.21, $0.49, and $0.47 respectively.

Tim Johnson, Chief Executive Officer said, "BXMT's first quarter results clearly demonstrate the breadth of our platform as we captured differentiated investments across diversified strategies and markets and completed over $2 billion in corporate and securitized debt financings. These initiatives on both sides of the balance sheet are driving strong earnings power and long-term shareholder value."

Blackstone Mortgage Trust issued a full presentation of its first-quarter 2026 results, which can be viewed at <u>www.bxmt.com.</u> An updated investor presentation may also be viewed on the website.

**Quarterly Investor Call Details**

Blackstone Mortgage Trust will host a conference call today at 9:00 a.m. ET to discuss results. To register for the webcast, please use the following link: <u>https://event.webcasts.com/starthere.jsp?ei=1757309&tp_key=05eb0b62eb</u>. For those unable to listen to the live broadcast, a recorded replay will be available on the company's website at <u>www.bxmt.com</u> beginning approximately two hours after the event.

**About Blackstone Mortgage Trust**

Blackstone Mortgage Trust (NYSE: BXMT) 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 investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These loans are financed in a variety of ways, depending on our view of the most prudent strategy available for each of our investments. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone. Further information is available at <u>ww.bxmt.com</u>.

**About Blackstone**

Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at <u>www.blackstone.com</u>. Follow @blackstone on <u>LinkedIn</u>, <u>X (Twitter)</u>, and <u>Instagram</u>.

Blackstone Mortgage Trust, Inc.

345 Park Avenue

New York, New York 10154

T 212 655 0220

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![blackstone_standarda.jpg](blackstone_standarda.jpg)

**Forward-Looking Statements and Other Matters**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect BXMT's current views with respect to, among other things, its operations and financial performance, its business plans and the impact of the current macroeconomic environment, including interest rate changes. You can identify these forward-looking statements by the use of words such as "outlook," "objective," "indicator," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. BXMT believes these factors include but are not limited to those described under the section entitled "Risk Factors" in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in its periodic filings with the Securities and Exchange Commission ("SEC") which are accessible on the SEC's website at <u>www.sec.gov</u>. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the filings. BXMT assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.

We refer to "Distributable EPS" and "Distributable EPS prior to realized gains and losses," which are non-GAAP financial measures, in this press release. A reconciliation to net income attributable to Blackstone Mortgage Trust, the most directly comparable GAAP measure, is included in our full detailed presentation of first-quarter 2026 results and is available on our website at <u>www.bxmt.com</u>.

**Investor Relations**<br>Blackstone

+1 (888) 756-8443

<u>BlackstoneShareholderRelations@Blackstone.com</u>

**Public Affairs**

Blackstone

+1 (212) 583-5263

<u>PressInquiries@Blackstone.com</u>

Blackstone Mortgage Trust, Inc.

345 Park Avenue

New York, New York 10154

T 212 655 0220

## Exhibit 99.2

![](exhibit9921q26001.jpg)

Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Q1 2026 Results APRIL 29, 2026

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![](exhibit9921q26002.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. BXMT HIGHLIGHTS Note: The information in this presentation is as of March 31, 2026, and all averages are weighted averages, unless otherwise stated. Opinions expressed reflect the current opinions of BXMT as of the date indicated only and are based on BXMT's opinions of the current market environment, which is subject to change. Estimates, targets, forecasts, or similar predictions or returns are necessarily speculative, hypothetical, and inherently uncertain in nature, and it can be expected that some or all of the assumptions underlying such estimates, targets, forecasts, or similar predictions or returns contained herein will not materialize and/or that actual events and consequences thereof will vary materially from the assumptions upon which such estimates, targets, forecasts, or similar predictions or returns have been based. BXMT's manager is a subsidiary of Blackstone. (1) See Appendix for definition and reconciliation to GAAP net (loss) income. 1  Q1 GAAP EPS of $(0.04), Distributable EPS(1) of $0.21, and Distributable EPS prior to realized gains and losses(1) of $0.49 Earnings Power Strong current income supporting attractive dividend Investment Activity Capturing differentiated opportunities across channels Credit Performance Well-performing loans in high-conviction sectors 98% performing loan portfolio(c)(d) 50%+ loans secured by residential and industrial investments(c)(d) $0.49 distributable EPS prior to realized gains and losses(1) $0.47 dividend per share, equating to a 9.4% annualized yield(a) $0.5B total investments(b) 82 net lease properties acquired

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![](exhibit9921q26003.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. Q1 RESULTS (1) See Appendix for definition and reconciliation to GAAP net (loss) income. 2  Q1 GAAP net loss per share of $(0.04), Distributable Earnings(1) per share of $0.21, and Distributable EPS prior to realized gains and losses(1) of $0.49  Book value per share of $20.20, including $1.80 per share of CECL reserves and $0.57 per share of accumulated depreciation and amortization of owned real estate  Paid Q1 dividend of $0.47 per share, equating to a 9.4% annualized dividend yield(a) Earnings  Total Q1 investments of $0.5B, including $0.3B of loan originations and a $0.2B share of net lease acquisitions – Gross loan originations were $0.8B, including the non-consolidated senior interests in loans financed through non-recourse, non-MTM syndications(e) – 82% of investments composed of industrial and data center loans, bank loans, and net lease properties  $0.6B of repayments in Q1, including $0.3B or 54% in office loans Investments  Investment portfolio of $19.7B(f)  Loan portfolio is 98%(c)(d) performing, with more than half concentrated in residential and industrial sectors  Resolved one impaired hospitality loan and sold one multifamily owned real estate property approximately in line with carrying value  Four loan upgrades and four loan downgrades, including two new impaired loans; weighted-average risk rating stable at 3.0 Portfolio  Stable, well-structured balance sheet with strong liquidity of $1.0B and over $9.0B of availability across 16 bank counterparties, including one new non-MTM facility closed in Q1  Issued a $1.0B reinvesting commercial real estate CLO, enhancing balance sheet structure and flexibility  Re-priced and upsized $0.7B of Term Loan B, reducing spread by 50bps  No corporate debt maturities until 2027 Capitalization and Liquidity

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![](exhibit9921q26004.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. EARNINGS  Q1 Distributable Earnings prior to realized gains and losses(1) of $0.49 per share, providing coverage of the $0.47 per share dividend  Loan portfolio performance of 98%(c)(d) supporting earnings power, and benefiting from loan resolutions and new vintage investments (1) See Appendix for definition and reconciliation to GAAP net (loss) income. Loan Portfolio Performance(c)(d) 3 Distributable Earnings Per Share Prior to Realized Gains and Losses(1) 94% 96% 99% 98% Q2 2025 Q3 2025 Q4 2025 Q1 2026 $0.45 $0.48 $0.51 $0.49 6/30/2025 9/30/2025 12/31/2025 3/31/2026 GAAP EPS $0.04 $0.37 $0.24 Distributable EPS(1) $0.19 $0.24 $(2.07) $(0.04) $0.21 $0.47 dividend

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![](exhibit9921q26005.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. Industrial 29% Retail 8% Condo 8%Data Center 5% US Office 2% Net Lease 36% UK Bank Loan Portfolio SRT 12% INVESTMENT ACTIVITY 4  Investment activity of $0.5B(b) in Q1 includes $0.3B of loan originations and a $0.2B share of net lease property acquisitions, with highly-attractive credit and return characteristics – Gross loan originations were $0.8B, including three loans financed through syndication(e)  Over $1.0B of new investments closed or in closing(g) subsequent to quarter-end Q1 2026 Investment Highlights  +9.3% avg. levered loan spread over base rates(h)(j)  82% industrial and data center loans, bank loans, and net lease assets  68% avg. loan origination LTV(h)(i) Investment Activity(b) $0.5B investments Loan Portfolio

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![](exhibit9921q26006.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. INVESTMENT PORTFOLIO OVERVIEW(f) Investment Portfolio by Type(k)  Investment portfolio of $19.7B, benefiting from diversification and duration with increasing capital allocation towards complementary real estate credit strategies 5 Loan Portfolio $19.7B investment portfolio Investment Portfolio by Geography US 58% UK 18% Other Europe 15% Australia 6% Other 3% Industrial 23% Multifamily 22% US Office 17% Non-US Office 6% Hospitality 9% Retail 3% Self-Storage 3% Life Sciences / Studio 1% Other Loans 3% Bank Loan Portfolios 3% Net Lease 3% Owned Real Estate 7%

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![](exhibit9921q26007.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. Sunbelt 23% West 11% Northeast 11% Midwest 4% Northwest 3% UK 21% Other Europe 18% Australia 7% Canada 2% LOAN PORTFOLIO OVERVIEW(c) WA, 2% 48% International AU, 7% ES, 3% IE, 7% UK, 21% SE, 3% DEU, 2% TX, 4% NY, 7% NV, 2% MA, 1% IL, 3% GA, 2% FL, 6% CA, 9% VA, 3% AZ, 2% CO, 2% HI, 2% Geographic Footprint(l) CAN, 2% NL, 2%  130 loans secured by institutional-quality assets and diversified across sectors and markets  51% secured by multifamily or industrial assets Collateral Diversification(m)(n) WA, 3% FR, 1% 51% Multifamily or Industrial 6 Multifamily 26% Industrial 25% US Office 19% Non-US Office 7% Hospitality 10% Retail 4% Self-Storage 3% Life Sciences / Studio 2% Other Property 4%

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![](exhibit9921q26008.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. 60% 15% 19% 6% Secured Debt Agreements Corporate Debt Securitized Debt Asset-Specific Debt CAPITALIZATION 7  Well-structured balance sheet with ample liquidity of $1.0B and debt-to-equity(o) ratio of 3.7x  Strong access to diversified financing sources; 86% non-MTM debt with no capital markets MTM provisions(p)  No corporate debt maturities until 2027 Corporate Debt Maturities(q) ($ in billions) Diversified Financing Sources (outstanding balance) $0.3 $0.3 $0.5 $0.5 $0.8 $0.7 2026 2027 2028 2029 2030 2031+ Convertible Notes Senior Secured Notes Term Loan B 57% 19% 18% 86% non-MTM(p)

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![](exhibit9921q26009.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. II. Appendix 8

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![](exhibit9921q26010.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. APPENDIX 9 Loan Portfolio Details ($ in millions) Property Type Location Origination Date (r) Total Commitment (s) Principal Balance Net Book Value (t) Cash Coupon (u) All-in Yield (u) Maximum Maturity (v) Loan per SQFT/Unit Origination LTV (i) 1 Mixed-Use Dublin, IE 8/14/2019 $988 $942 $942 +3.20% +3.95% 1/29/2027 $272 / sqft 74% 2 Hospitality Diversified, AU 6/24/2022 913 913 908 +4.75% +4.93% 6/21/2030 $415 / sqft 59% 3 Mixed-Use Austin 6/28/2022 675 539 536 +4.60% +5.08% 7/9/2029 $448 / sqft 53% 4 Mixed-Use Diversified, Spain 3/22/2018 498 498 498 +3.25% +3.25% 4/15/2026 n / a 71% 5 Industrial Diversified, SE 3/30/2021 489 489 489 +3.20% +3.41% 5/18/2027 $88 / sqft 76% 6 Self-Storage Diversified, CAN 2/20/2025 449 449 449 +3.50% +3.50% 2/9/2030 $154 / sqft 58% 7 Industrial Diversified, US 10/28/2025 419 419 415 +2.65% +3.01% 11/9/2030 $100 / sqft 78% 8 Mixed-Use New York 12/9/2021 385 384 383 +2.76% +3.00% 12/9/2026 $131 / sqft 50% 9 Industrial Diversified, UK 4/7/2025 344 344 343 +2.55% +2.88% 4/7/2030 $341 / sqft 67% 10 Office Chicago 12/11/2018 356 343 345 +1.75% +1.88% 12/9/2026 $287 / sqft 78% 11 Multifamily London, UK 12/23/2021 341 341 339 +4.25% +4.95% 6/24/2028 $377,079 / unit 59% 12 Industrial Diversified, UK 5/15/2025 299 299 299 +2.70% +2.89% 5/15/2028 $141 / sqft 69% 13 Office Seattle 1/26/2022 338 298 297 +4.10% +4.44% 2/9/2027 $607 / sqft 56% 14 Office Washington, DC 9/29/2021 293 293 293 +2.81% +3.05% 10/9/2026 $382 / sqft 66% 15 Industrial Diversified, UK 5/6/2022 291 291 291 +3.50% +3.71% 5/6/2027 $92 / sqft 53% Loans 16-130 11,730 10,797 10,731 CECL Reserve (292) $18,808 $17,639 $17,266 +3.23% +3.46% 2.4 yrs 65%Total / Wtd. Avg.

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![](exhibit9921q26011.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. APPENDIX 10 Consolidated Balance Sheets ($ in thousands, except per share data) March 31, 2026 December 31, 2025 Assets Cash and cash equivalents $549,153 $452,526 Loans receivable 17,557,936 18,069,134 Current expected credit loss reserve (291,590) (284,440) Loans receivable, net $17,266,346 $17,784,694 Owned real estate, net 1,149,085 1,134,975 Investments in unconsolidated entities 244,400 217,488 Other assets 420,824 413,263 Total Assets $19,629,808 $20,002,946 Liabilities and Equity Secured debt, net $9,089,438 $10,117,292 Securitized debt obligations, net 2,874,489 2,139,719 Asset-specific debt, net 959,352 997,746 Term loans, net 1,881,392 1,808,000 Senior secured notes, net 782,215 784,876 Convertible notes, net 265,028 264,745 Other liabilities 359,842 386,178 Total Liabilities $16,211,756 $16,498,556 Commitments and contingencies Equity Class A common stock, $0.01 par value 1,687 1,683 Additional paid-in capital 5,436,583 5,430,542 Accumulated other comprehensive income 7,857 12,113 Accumulated deficit (2,031,167) (1,945,428) Total Blackstone Mortgage Trust, Inc. stockholders' equity 3,414,960 3,498,910 Non-controlling interests 3,092 5,480 Total Equity 3,418,052 3,504,390 Total Liabilities and Equity $19,629,808 $20,002,946

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![](exhibit9921q26012.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. APPENDIX 11 Consolidated Statements of Operations ($ in thousands, except per share data) nice 2026 2025 Income from loans and other investments Interest and related income $305,557 $332,057 Less: Interest and related expenses 220,736 242,233 Income from loans and other investments, net $84,821 $89,824 Revenue from owned real estate 74,594 37,033 Total net revenue $159,415 $126,857 Expenses Management and incentive fees 14,813 17,235 General and administrative expenses 13,981 12,664 Expenses from owned real estate 81,975 46,302 Total expenses $110,769 $76,201 Increase in current expected credit loss reserve (55,055) (49,504) Income (loss) from unconsolidated entities 1,383 (874) Net loss on disposition of owned real estate (160) – Other income, net 4 90 (Loss) income before income taxes ($5,182) $367 Income tax provision 1,158 718 Net loss ($6,340) ($351) Net loss (income) attributable to non-controlling interests 43 (6) Net loss attributable to Blackstone Mortgage Trust, Inc. ($6,297) ($357) Per share information (basic and diluted) Net loss per share of common stock, basic and diluted ($0.04) ($0.00) Weighted-average shares of common stock outstanding, basic and diluted 169,078 172,005 Three Months Ended March 31,

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![](exhibit9921q26013.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. APPENDIX 12 Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended March 31, 2026 Three Months Ended December 31, 2025 Net (loss) income(w) ($6,297) $39,560 Charge-offs of CECL reserves(x) (46,451) (433,924) Increase in CECL reserves 55,055 18,375 Depreciation and amortization of owned real estate(y) 21,717 21,380 Adjustment to realized loss on disposition of owned real estate(z) (1,497) - Non-cash compensation expense 6,687 6,699 Realized hedging and foreign currency gain (loss), net(aa) 4 (25) Allocable share of adjustments related to unconsolidated entities(bb) 6,380 (8) Cash income from Agency Multifamily Lending Partnership, net(cc) 29 29 Adjustments attributable to non-controlling interests, net 191 (1) Other items (8) (39) Distributable Earnings $35,810 ($347,954) Charge-offs of CECL reserves(x) 46,451 433,924 GAAP realized loss on disposition of owned real estate(dd) 160 - Adjustment to realized loss on disposition of owned real estate(z) 1,497 - Adjustments attributable to non-controlling interests (249) - Distributable Earnings prior to realized gains and losses $83,669 $85,970 Weighted-average shares outstanding, basic(ee) 169,078 168,168 Distributable Earnings per share, basic $0.21 ($2.07) Distributable Earnings per share, basic, prior to realized gains and losses $0.49 $0.51 March 31, 2026 December 31, 2025 Stockholders' equity $3,414,960 $3,498,910 Shares Class A common stock 168,684 168,259 Deferred stock units 348 340 Total outstanding 169,032 168,599 Book value per share $20.20 $20.75 Three Months Ended March 31, 2026 Three Months Ended December 31, 2025 Net (loss) income(w) ($6,297) $39,560 Weighted-average shares outstanding, basic and diluted 169,078 168,168 Per share amount, basic and diluted ($0.04) $0.24 Distributable Earnings Reconciliation Book Value per Share Earnings per Share

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![](exhibit9921q26014.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. APPENDIX 13 Reconciliation of Net Income to Distributable Earnings (in thousands, except per share data) September 30, 2025 June 30, 2025 Net income(w) $63,397 $6,969 Charge-offs of CECL reserves(x) (42,111) (45,057) (Decrease) increase in CECL reserves (987) 45,593 Depreciation and amortization of owned real estate(y) 15,388 17,046 Adjustment to realized loss on disposition of owned real estate(z) – – Non-cash compensation expense 7,302 7,303 Realized hedging and foreign currency loss, net(aa) (1,511) (703) Allocable share of adjustments related to unconsolidated entities(bb) (990) 1,665 Cash (non-cash) income from Agency Multifamily Lending Partnership, net(cc) 35 (127) Adjustments attributable to non-controlling interests, net (41) (52) Other items (46) (11) Distributable Earnings $40,436 $32,626 Charge-offs of CECL reserves(x) $42,111 $45,057 GAAP realized loss on disposition of owned real estate(dd) – – Adjustment to realized loss on disposition of owned real estate(z) – – Adjustments attributable to non-controlling interests – – Distributable Earnings prior to realized gains and losses $82,547 $77,683 Weighted-average shares outstanding, basic(ee) 171,813 171,894 Distributable Earnings per share, basic $0.24 $0.19 Distributable Earnings per share, basic, prior to realized gains and losses $0.48 $0.45 Three Months Ended

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![](exhibit9921q26015.jpg)

Blackstone \|Blackstone Mortgage Trust, Inc. DEFINITIONS 14 Bank Loan Portfolio Joint Venture: A joint venture BXMT entered into with a Blackstone-advised investment vehicle in June 2025 to acquire portfolios of performing commercial mortgage loans. BXMT's equity interest in the joint venture is included in investments in unconsolidated entities on BXMT's balance sheet. Distributable Earnings: Blackstone Mortgage Trust, Inc. ("BXMT") discloses Distributable Earnings in this presentation. Distributable Earnings is a financial measure that is calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("GAAP"). Distributable Earnings is a non-GAAP measure, which is defined as GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by BXMT's manager, subject to approval by a majority of its independent directors. Distributable Earnings mirrors the terms of BXMT's management agreement between BXMT's Manager and BXMT, for purposes of calculating its incentive fee expense. BXMT's CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to its existing policy for reporting Distributable Earnings. BXMT expects to only recognize such potential credit losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but realization and non-recoverability may also be concluded if, in BXMT's determination, it is nearly certain that all amounts due will not be collected. The timing of any such credit loss realization in BXMT's Distributable Earnings may differ materially from the timing of CECL reserves or charge-offs in BXMT's consolidated financial statements prepared in accordance with GAAP. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the book value of the asset, and is reflective of its economic experience as it relates to the ultimate realization of the loan. BXMT believes that Distributable Earnings provides meaningful information to consider in addition to net income (loss) and cash flow from operating activities determined in accordance with GAAP. BXMT believes Distributable Earnings is a useful financial metric for existing and potential future holders of its class A common stock as historically, over time, Distributable Earnings has been a strong indicator of its dividends per share. As a REIT, BXMT generally must distribute annually at least 90% of its net taxable income, subject to certain adjustments, and therefore BXMT believes its dividends are one of the principal reasons stockholders may invest in BXMT's class A common stock. Distributable Earnings helps BXMT to evaluate its performance excluding the effects of certain transactions and GAAP adjustments that BXMT believes are not necessarily indicative of BXMT's current investment portfolio and operations and is a performance metric BXMT considers when declaring its dividends. Furthermore, BXMT believes it is useful to present Distributable Earnings prior to realized gains and losses, which include but are not limited to charge-offs of CECL reserves, to reflect BXMT's direct operating results and help existing and potential future holders of BXMT's class A common stock assess the performance of BXMT's business excluding such realized gains or losses. BXMT may make similar adjustments with respect to other types of investments, if and when applicable transactions occur. During the period from the first quarter of 2024 to the fourth quarter of 2025, we reported this metric as Distributable Earnings prior to charge-offs of CECL reserves, as the only applicable realized gains or losses during such period were charge-offs of CECL reserves. BXMT utilizes Distributable Earnings prior to realized gains and losses as an additional performance metric to consider when declaring BXMT's dividends. Distributable Earnings mirrors the terms of BXMT's Management Agreement for purposes of calculating BXMT's incentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains and losses had not occurred. Distributable Earnings and Distributable Earnings prior to realized gains and losses are non-GAAP measures. BXMT defines Distributable Earnings as GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by BXMT's Manager, subject to approval by a majority of BXMT's independent directors. Distributable Earnings mirrors the terms of BXMT's management agreement between its Manager and BXMT, or BXMT's Management Agreement, for purposes of calculating BXMT's incentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains and losses had not occurred. Net Lease Joint Venture: A joint venture BXMT entered into with a Blackstone-advised investment vehicle in 2024 to acquire triple net lease properties. BXMT's 75% equity interest in the joint venture is included in investments in unconsolidated entities on BXMT's balance sheet. Net Loan Exposure: Represents the principal balance of loans that are included in BXMT's consolidated financial statements, net of (i) asset-specific debt, (ii) participations sold, (iii) cost-recovery proceeds, and (iv) total loans receivable CECL reserve. Does not include owned real estate assets or investments in unconsolidated entities.

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Blackstone \|Blackstone Mortgage Trust, Inc. ENDNOTES 15 a. Dividend yield based on share price of $20.01 as of April 28, 2026. b. Includes $0.2B to reflect BXMT's 75% share of net lease properties acquired by its Net Lease Joint Venture and $67M of investments in debt securities. c. Based on Net Loan Exposure. Refer to Definitions. d. Excludes (i) BXMT's $0.5B share of the carrying value of investments held by BXMT's Net Lease Joint Venture, (ii) BXMT's $0.6B share of the fair value of loans held by BXMT's Bank Loan Portfolio Joint Venture, (iii) the $1.3B aggregate carrying value of BXMT's owned real estate assets, and (iv) BXMT's $66M fair value of investments in debt securities. e. Gross loan originations include $0.6B of loans financed by syndicating senior loans to unaffiliated third parties. These non-recourse, non-MTM senior interests are not consolidated on BXMT's balance sheet. BXMT's investment in these loans, net of non-consolidated senior interests, was $90M. f. Reflects, as of March 31, 2026, (i) BXMT's loan portfolio of $17.3B, which represents net book value less total loans receivable CECL reserves, (ii) BXMT's $0.5B share of the carrying value of investments held by BXMT's Net Lease Joint Venture, (iii) BXMT's $0.6B share of the fair value of loans held by BXMT's Bank Loan Portfolio Joint Venture, (iv) the $1.3B aggregate carrying value of BXMT's owned real estate assets, and (v) BXMT's $66M fair value of investments in debt securities. g. Transactions not yet closed are subject to conditions, and there can be no assurance such transactions will be completed on their contemplated terms, or at all. h. Excludes (i) $10M of upsizes on existing loans, (ii) BXMT's $0.2B share of the investments acquired by the Net Lease Joint Venture, and (iii) $67M of investments in debt securities. i. Reflects weighted average loan-to-value ("LTV") as of the date investments were originated or acquired by BXMT, excluding any loans that are impaired. j. For illustrative purposes only. Actual results for each investment could differ materially from the results presented. Based on completed or expected asset-level financing, as applicable. Represents BXMT's expectations of implied levered spreads over applicable base rate, based on all-in loan yield and all-in cost of maximum asset-level borrowings; excludes corporate-level debt as well as management fees and expenses. k. Investment types that represent less than 1% of our Investment Portfolio are excluded from the chart. l. States and countries composing less than 1% of total loan portfolio are excluded. m. Assets with multiple components are proportioned into the relevant collateral types and geographies based on their relative value. n. Geographic diversification excludes one U.S. dollar-denominated loan (0.4% of portfolio) that is located in Bermuda and allocated to "Other International". o. Represents debt-to-equity ratio, which is the ratio of (i) total outstanding secured debt, asset-specific debt, term loans, senior secured notes, and convertible notes, in each case excluding unamortized deferred financing costs and discounts, less cash, to (ii) total equity. p. Non-MTM debt consists of, as of March 31, 2026, $3.0B of corporate debt, $2.9B of securitized debt, and $7.9B of borrowings under non-mark-to-market master repurchase agreements, credit facilities, and asset-specific debt. The margin call provisions in BXMT's non-mark-to-market master repurchase agreements and credit facilities only permit valuation adjustments if the loan or collateral pledged or sold by BXMT becomes defaulted. q. Excludes 1.0% per annum of scheduled amortization payments under the Term Loan B. r. Date loan was originated or acquired by BXMT. s. Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment. t. Net book value represents outstanding principal balance, net of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds. u. The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates. Excludes loans accounted for under the cost- recovery and nonaccrual methods, if any. v. Maximum maturity assumes all extension options are exercised; however, BXMT's loans may be repaid prior to such date. Excludes loans accounted for under the cost- recovery and nonaccrual methods, if any.

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Blackstone \|Blackstone Mortgage Trust, Inc. ENDNOTES 16 w. Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc. x. Represents realized losses related to loan principal amounts deemed non-recoverable during the applicable period. y. Represents depreciation of owned real estate assets and amortization of intangible owned real estate assets and liabilities. z. Represents an adjustment to the realized loss on the sale of a property held at depreciated cost. Because depreciation and amortization is a non-cash expense that is excluded from Distributable Earnings, GAAP gains upon sale of a property are higher, and GAAP losses are lower, than the respective realized amounts reflected in Distributable Earnings. For Distributable Earnings, the amount is calculated as net sales proceeds less the property's carrying value prior to depreciation and amortization. aa. Represents realized gain (loss) on the repatriation of unhedged foreign currency. These amounts were not included in GAAP net income (loss), but rather as a component of other comprehensive income in BXMT's consolidated financial statements. bb. Allocable share of adjustments related to unconsolidated entities for the three months ended March 31, 2026, reflects BXMT's share of non-cash items such as (i) $3.2 million of unrealized losses recorded by such unconsolidated entities, (ii) $3.1 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended December 31, 2025, reflects BXMT's share of non-cash items such as (i) $(2.0) million of unrealized gains recorded by such unconsolidated entities, (ii) $2.0 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended September 30, 2025, reflects BXMT's share of non-cash items such as (i) $(2.3) million of unrealized gains recorded by such unconsolidated entities, (ii) $1.3 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended June 30, 2025, reflects BXMT's share of non-cash items such as (i) $0.9 million of unrealized losses recorded by such unconsolidated entities, (ii) $0.7 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. cc. Represents (i) the non-cash income recognized under GAAP related to BXMT's Agency Multifamily Lending Partnership, in which BXMT receives a portion of origination, servicing, and other fees for loans BXMT refers to M&T Realty Capital Corporation for origination, offset by the related loss-sharing obligation accruals and (ii) the cash received related to such income previously recognized under GAAP. dd. Represents the amount included on BXMT's consolidated statement of operations. ee. The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of BXMT's convertible notes. Consistent with the treatment of other unrealized adjustments to Distributable Earnings, these potentially issuable shares are excluded until a conversion occurs.

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Blackstone \|Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION 17 References herein to "Blackstone Mortgage Trust," "Company," "we," "us," or "our" refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise. Opinions expressed reflect the current opinions of BXMT as of the date appearing in this document only and are based on the BXMT's opinions of the current market environment, which is subject to change. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results. This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect BXMT's current views with respect to, among other things, its operations and financial performance, its business plans and the impact of the current macroeconomic environment, including interest rate changes. You can identify these forward-looking statements by the use of words such as "outlook," "objective," "indicator," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. BXMT believes these factors include but are not limited to those described under the section entitled "Risk Factors" in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in its periodic filings with the Securities and Exchange Commission ("SEC") which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in the filings. BXMT assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.

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