Document:

EX-10.64

 Exhibit 10.64 

AMENDMENT NO. 2 TO AMENDED AND RESTATED MASTER REPURCHASE 

AGREEMENT AND OMNIBUS AMENDMENT TO CONFIRMATIONS 

AMENDMENT NO. 2 TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT AND OMNIBUS AMENDMENT TO CONFIRMATIONS, dated as of October 16, 2017
(this “Amendment”), by and among PARLEX 15 FINCO, LLC, a Delaware limited liability company, (“Master Seller”), on behalf of itself and each Series Seller and DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH, a
branch of a foreign banking institution (“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, Master
Seller and Buyer are parties to that certain Amended and Restated Master Repurchase Agreement, dated as of February 9, 2017 which amended and restated that certain Master Repurchase Agreement, dated as of August 2, 2016, by and between
Master Seller and Buyer (as amended by that certain Amendment No. 1 to Amended and Restated Master Repurchase Agreement and Guaranty, dated as of March 24, 2017, as amended hereby, and as the same may be amended, restated, supplemented or
otherwise modified and in effect from time to time, the “Repurchase Agreement”); 
 WHEREAS, Master Seller and Buyer have
agreed to amend certain provisions of the Repurchase Agreement and the Confirmations relating to the Transactions entered into between Buyer and Seller prior to the date hereof, in the manner set forth herein, and Blackstone Mortgage Trust, Inc.
(“Guarantor”) hereby agrees 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, Master Seller, on behalf of itself and each Series Seller that is a party to any Transaction under the Repurchase Agreement, and Buyer
hereby agree as follows: 
 SECTION 1. Amendments to Repurchase Agreement. 

(a) Section 2(a) of the Repurchase Agreement is hereby amended by inserting the following new definitions in correct alphabetical order:

 “Financing Fee” shall mean, with respect to any Transaction as of any date, the aggregate amount obtained by daily
application of the Financing Fee Rate to the Repurchase Price (excluding Price Differential) for such Transaction (as adjusted from time to time by reductions in the Repurchase Price pursuant to the terms of this Agreement including Sections 3(e),
3(k), 4(b), 5(c)(iii), 5(d)(iii), 5(d)(v) and 5(e)(iv) and increases in the Repurchase Price pursuant to the terms of this Agreement including Sections 3(o) and/or Section 4(c)) on a 360-day-per-year 

 basis for the actual number of days during the period commencing on (and including) the
Purchase Date for such Transaction (or, if later, the date of the Omnibus Amendment) and ending on (but excluding) the date of determination (reduced by any amount of such Financing Fee previously paid by Seller to Buyer with respect to such
Transaction). 
 “Financing Fee Cap” shall have the meaning specified in Section 3(r). 

“Financing Fee Rate” shall have the meaning specified in Section 3(r). 

“Omnibus Amendment” shall mean that certain Amendment No. 2 to Amended and Restated Master Repurchase Agreement and
Omnibus Amendment to Confirmations, dated as of October 16, 2017, by and among Master Seller, on behalf of itself and each Series Seller and Buyer. 

(b) The definition of “Remittance Date” in Section 2(a) of the Repurchase Agreement is hereby
amended by replacing the words “seventeeth (17th)” contained therein with the words “twenty-third (23rd)”. Accordingly, the
next Remittance Date to occur from and after the date of this Amendment shall be October 23, 2017. 
 (c) Section 3(b)(viii) of
the Repurchase Agreement is hereby amended by inserting the words “and the Financing Fee Rate applicable to the Transaction” following the word “Transaction”. 

(d) Section 3 of the Repurchase Agreement is hereby amended by inserting the following new Section 3(r): 

(r) Without limiting the provisions hereof or of the other Transaction Documents, unless otherwise expressly set forth in a Confirmation with
respect to a specific Purchased Loan, Master Seller, on behalf of itself and each Series Seller that may be a party to a Transaction hereunder, and Buyer hereby agree that Seller shall be obligated to pay to Buyer, for each Transaction, a Financing
Fee at a rate specified by Buyer in its sole and absolute discretion (for each Transaction, the “Financing Fee Rate”) as set forth in the Confirmation related to such Transaction, which Financing Fee Rate shall not exceed the cap
specified in such Confirmation (the “Financing Fee Cap”). The accrued but unpaid Financing Fee with respect to a Purchased Loan shall be payable on each Remittance Date and, unless otherwise paid by Seller or its Affiliates, the
accrued Financing Fees shall be remitted by Depository to Buyer (or to such other party as may be designated by Buyer in the relevant Confirmation) from the Cash Management Account on each Remittance Date pursuant to the provisions of Sections
5(c)(iv), 5(d)(iv) or 5(e)(iii), as applicable. For the avoidance of doubt: (i) if no Financing Fee Rate is specified in the applicable Confirmation, the amount of corresponding Financing Fee shall be zero, (ii) if a
Financing Fee Rate is specified in the applicable Confirmation for a Transaction, it shall be expressed as a percentage or as basis points, and (iii) in no event shall Seller be obligated to pay Financing Fees in excess of the Financing Fee Cap
with respect to any Transaction. 

 (e) Exhibit I to the Repurchase Agreement is hereby amended and restated in its
entirety to read as set forth on Exhibit I attached hereto. 
 SECTION 2. Amendments to Confirmations. Master Seller,
on behalf of itself and each Series Seller that is a party to a Transaction under the Repurchase Agreement as of the date hereof, and Buyer hereby agree that effective as of the date hereof with respect to each Confirmation relating to the
Transactions identified on Exhibit II hereto, (a) the Applicable Spread set forth in each such Confirmation shall be amended and restated in its entirety to read as set forth on the corresponding entries in Exhibit II hereto with
respect to each such Confirmation and (b) the Financing Fee Rate, Financing Fee Cap and specified payee for each such Transaction shall be as set forth on Exhibit II hereto with respect to each such Confirmation. 

SECTION 3. Conditions Precedent. This Amendment and its provisions shall become effective on the date hereof provided
that this Amendment is duly executed and delivered by a duly authorized officer of each of Master Seller, Buyer and Guarantor. 
 SECTION
4. Representations, Warranties and Covenants. Master Seller, on behalf of itself and each Series Seller that is party to any Transaction under the Repurchase Agreement as of the date hereof, hereby represents and warrants to Buyer,
as of the date hereof, that (i) it is in full compliance with all of the terms and provisions set forth in each Transaction Document to which it is a party on its part to be observed or performed, and (ii) no Default or Event of Default
has occurred or is continuing. Master Seller, on its own behalf and on behalf of each Series Seller that is party to any Transaction under the Repurchase Agreement as of the date hereof, hereby confirms and reaffirms its representations, warranties
and covenants contained in each Transaction Document to which it is a party. 
 SECTION 5. Acknowledgments of Guarantor.
Guarantor hereby acknowledges the execution and delivery of this Amendment by Master Seller and Buyer and agrees that it continues to be bound by the Guaranty notwithstanding the execution and delivery of this Amendment and the impact of the
changes set forth herein. 
 SECTION 6. Limited Effect. Except as expressly amended and modified by this Amendment, the
Repurchase Agreement, the Confirmations amended hereby and each of the other Transaction Documents shall continue to be, and shall remain, in full force and effect in accordance with their respective terms; provided, however, that upon
the execution of this Amendment, each (x) reference therein and herein to the “Transaction Documents” shall be deemed to include, in any event, this Amendment, (y) each reference to the “Repurchase Agreement” or any
“Confirmation” amended hereby in any of the Transaction Documents shall be deemed to be a reference to the Repurchase Agreement or such Confirmation, as applicable, as amended hereby, and (z) each reference in the Repurchase Agreement
or any such Confirmation, as applicable, to “this Agreement”, this “Repurchase Agreement”, this “Confirmation”, “hereof”, “herein” or words of similar effect in referring to the Repurchase Agreement
or any such Confirmation shall be deemed to be references to the Repurchase Agreement or such Confirmation, as applicable, as amended by this Amendment. 

 SECTION 7. No Novation, Effect of Agreement. The parties hereto have
entered into this Amendment solely to amend the terms of the Repurchase Agreement and the applicable Confirmations amended hereby and do not intend this Amendment or the transactions contemplated hereby to be, and this Amendment and the
transactions contemplated hereby shall not be construed to be, a novation of any of the obligations owing by Seller or any of its Affiliates (the “Repurchase Parties”) under or in connection with the Repurchase Agreement, the
Confirmations or any of the other Transaction Documents. It is the intention of each of the parties hereto that (i) the perfection and priority of all security interests securing the payment of the Repurchase Obligations of the Repurchase
Parties under the Repurchase Agreement are preserved, (ii) the liens and security interests granted under the Repurchase Agreement continue in full force and effect, and (iii) any reference to the Repurchase Agreement or the Confirmations
amended hereby, as applicable, in any such Transaction Document shall be deemed to also reference the Repurchase Agreement or such Confirmations, as applicable, as amended by this Amendment. 

SECTION 8. 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 9.
Expenses. Seller agrees to pay and reimburse Buyer for all reasonable out-of-pocket costs and expenses incurred by Buyer in connection with the
preparation, execution and delivery of this Amendment in accordance with Section 26 the Repurchase Agreement. 

SECTION 10. GOVERNING LAW. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO OR IN CONNECTION WITH THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW
PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 [SIGNATURES
FOLLOW] 

 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. 
  

					
	MASTER SELLER:
	
	PARLEX 15 FINCO, LLC,
	       a Delaware limited liability company
		
	By:	 	 /s/ Douglas Armer

		 	Name:	 	Douglas Armer
		 	Title:	 	 Managing Director, Head of Capital
 Markets and
Treasurer

	
	With respect to the acknowledgments set forth in Section 5 
		 	herein:
	
	GUARANTOR:
	
	 BLACKSTONE MORTGAGE TRUST, INC.,

       a Maryland corporation

		
	By:	 	 /s/ Douglas Armer

		 	Name:	 	Douglas Armer
		 	Title:	 	 Managing Director, Head of Capital
 Markets and
Treasurer

 [Amendment No. 2 to Amended and Restated Master Repurchase Agreement and Omnibus Amendment to
Confirmations] 

					
	BUYER:
	
	DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH
		
	By:	 	 /s/ Dean Aotani

		 	Name:	 	Dean Aotani
		 	Title:	 	Managing Director
		
	By:	 	 /s/ R. Christopher Jones

		 	Name:	 	R. Christopher Jones
		 	Title:	 	Director

 [Amendment No. 2 to Amended and Restated Master Repurchase Agreement and Omnibus Amendment to
Confirmations] 

 EXHIBIT I 

CONFIRMATION STATEMENT 

DEUTSCHE BANK AG, 
 Cayman
Islands Branch 
 Ladies and Gentlemen: 

Deutsche Bank AG, Cayman Islands Branch, is pleased to deliver our written CONFIRMATION of our agreement to enter into the Transaction
pursuant to which Deutsche Bank AG, Cayman Islands Branch shall purchase from you the Purchased Loans identified on Schedule 1 attached hereto, pursuant to the terms of that certain Amended and Restated Master Repurchase Agreement,
dated as of February 9, 2017 (as amended, modified and/or restated, the “Agreement”), between Deutsche Bank AG, Cayman Islands Branch (“Buyer”) and Parlex 15 Finco, LLC, a Delaware limited liability company
(“Master Seller”; together with the Series Seller (as defined in the Agreement) identified below, collectively, “Seller”). Capitalized terms used herein without definition have the meanings given in the Agreement.

  

			
	 Series Seller:
	  	 [______________________]

		
	 Purchase Date:
	  	 [______________________]

		
	 Repurchase Date:
	  	 [______________________] (provided, if the

	  	 Facility Termination Date is extended pursuant to

		  	 Section 3(p) of the Agreement, the Repurchase Date

		  	 shall be automatically extended to the date

		  	 determined in accordance with Section 3(p) of the

		  	 Agreement)

		
	 Purchased Loan:
	  	 [______________________]

		
	 Initial Principal Balance of Purchased Loan:
	  	 [______________________]

		
	 Purchase Date Market Value:
	  	 [______________________]

		
	 Actual Original Purchase Percentage:
	  	 [______________________]

		
	 Maximum Original Purchase Percentage:
	  	 [______________________]

		
	 Purchase Price:
	  	 [______________________]

		
	 Recourse Reference Amount:
	  	 [______________________]

		
	 Initial Pricing Rate:
	  	 [______________________]

		
	 Applicable Spread:
	  	 [______________________]

		
	 [Subject to Approved Transaction (Y/N):]
	  	 [______________________]

					
		
	 Financing Fee Rate:
	  	[______________________]
		
	 Financing Fee Cap:
	  	[______________________]
		
	 Financing Fee Payee:
	  	[______________________].
		
	 Wiring Instructions of Financing Fee Payee:
	  	[______________________]
		
	 Representations and Warranties:
	  	See Schedule 2 attached hereto
		
	 Exceptions to Representations and Warranties:
	  	See Schedule 3 attached hereto
			
	 Name and address for communications:
	  		  	
		  	Buyer:
		
		  	 Deutsche Bank AG, Cayman Islands Branch

		  	 60 Wall Street

		  	 New York, New York 10005

		  	 Attention:
	  	Dean Aotani
		  	 Telephone:
	  	(212) 250-6870
		  	 Telecopy:
	  	(212) 797-5630
		  	 Email: dean.aotani@db.com

		
		  	With copies to:
		
		  	 Deutsche Bank AG, Cayman Islands Branch

		  	 60 Wall Street

		  	 New York, New York 10005

		  	 Attention: General Counsel

		
		  	 and

		
		  	 Deutsche Bank AG, Cayman Islands Branch

		  	 60 Wall Street

		  	 New York, New York 10005

		  	 Attention:
	  	Robert W. Pettinato Jr.
		  	 Telephone:
	  	(212) 250-5579
		  	 Telecopy:
	  	(212) 797-0286
		  	 Email: robert.pettinato@db.com 

		
		  	 and

		
		  	 Deutsche Bank AG, Cayman Islands Branch

		  	 60 Wall Street

		  	 New York, New York 10005

		  	 Attention:
	  	Jeffrey Baker
		  	 Telephone:
	  	(904) 520-5629
		  	 Telecopy:
	  	(212) 797-5630    
		  	 Email: jeffrey.baker@db.com

					
		
		  	Seller:
		
		  	 Parlex 15 Finco, LLC

		  	 c/o Blackstone Mortgage Trust, Inc.

		  	 345 Park Avenue

		  	 New York, New York 10154

		  	 Attention:
	  	Douglas Armer
		  	 Telephone:
	  	(212) 583-5000
		  	 Email:
	  	
		  	 BXMTDeutscheRepo@blackstone.com

		
		  	With copies to:
		
		  	 Ropes & Gray LLP

		  	 1211 Avenue of the Americas

		  	 New York, NY 10036-8704

		  	 Attention:
	  	David C. Djaha
		  	 Telephone:
	  	(212) 841-0489
		  	 Email:
	  	david.djaha@ropesgray.com

 [SIGNATURE PAGES FOLLOW] 

 
			
	BUYER:
	
	DEUTSCHE BANK AG, CAYMAN ISLANDS     BRANCH
		
	By:	 	
                     
                    

		 	Name:
		 	Title:
		
	By:	 	
                     
        

		 	Name:
		 	Title:

			
	AGREED AND ACKNOWLEDGED:
	
	MASTER SELLER:
	
	 PARLEX 15 FINCO, LLC,

    a Delaware limited liability company

		
	By:	 	                            
		 	Name:
		 	Title:
	
	SERIES SELLER:
	
	[____________________________]
		
	By:	 	                                      
                      
		 	Name:
		 	Title:

 SCHEDULE 1 TO CONFIRMATION 

(PURCHASED LOAN) 

 SCHEDULE 2 TO CONFIRMATION 

(REPRESENTATIONS AND WARRANTIES) 

[** Exhibit VI to Master Repurchase Agreement then in effect to be attached.**] 

 SCHEDULE 3 TO CONFIRMATION 

(EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES) 

 EXHIBIT II 

TRANSACTIONS 
  

																	
	 Purchased Loan
	 	Purchased
Loan
Outstanding
Principal
Balance	 	 Outstanding Purchase Price
	 	 Purchase
Date
	 	 Financing
Fee Rate
	 	 Financing

Fee
 Cap
	 	 Applicable
Spread
	 	 Financing
Fee Payee
	 	 Wiring Instructions of
Financing Fee Payee

	Watchtower A-1 Note	 	$194,093,779.41	 	$144,466,961.39	 	8/3/2016	 	0.03%	 	0.03%	 	2.72%	 	Lighthouse	 	 Account Name: Lighthouse Advisory Services LLC

Account Number: 800867566
 Bank Transit Number: 021000021

Bank Name: JPMorgan Chase Bank, N.A.

									
	640 Broadway	 	$48,470,000	 	$38,776,000	 	02/09/17	 	0.07%	 	0.07%	 	2.43%	 	Lighthouse	 	 Account Name: Lighthouse Advisory Services LLC

Account Number: 800867566
 Bank Transit Number: 021000021

Bank Name: JPMorgan Chase Bank, N.A.

									
	Hilton Garden Inn Waikiki	 	$150,000,000	 	$112,500,000	 	03/24/17	 	0.05%	 	0.05%	 	2.70%	 	Lighthouse	 	 Account Name: Lighthouse Advisory Services LLC

Account Number: 800867566
 Bank Transit Number: 021000021

Bank Name: JPMorgan Chase Bank, N.A.EX-10.65

 Exhibit 10.65 

AMENDMENT NO. 3 TO AMENDED AND RESTATED MASTER REPURCHASE 

AGREEMENT 
 AMENDMENT NO. 3
TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT, dated as of October 30, 2018 (this “Amendment”), by and among PARLEX 15 FINCO, LLC, a Delaware limited liability company, (“Master Seller”), on behalf
of itself and each Series Seller, and DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH, a branch of a foreign banking institution (“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, Master Seller and Buyer are parties to that certain Amended and Restated Master Repurchase Agreement, dated as of February 9,
2017 which amended and restated that certain Master Repurchase Agreement, dated as of August 2, 2016, by and between Master Seller and Buyer, as amended by Amendment No. 1 to Master Repurchase Agreement and Guaranty, dated as of
March 24, 2017, and as further amended by Amendment No. 2 to Amended and Restated Master Repurchase Agreement and Omnibus Amendment to Confirmations, dated as of October 17, 2017 (as the same may be amended, restated, supplemented or
otherwise modified and in effect from time to time, the “Repurchase Agreement”); 
 WHEREAS, Master Seller and Buyer have
agreed to further amend certain provisions of the Repurchase Agreement and the Guaranty in the manner set forth herein, and Guarantor hereby agrees 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, Master Seller, Buyer and Guarantor hereby agree as follows: 
 SECTION 1. Repurchase Agreement Amendments.
Master Seller and Buyer agree as follows with respect to the Repurchase Agreement: 
 (a) The following definition “Eligible
Assignee” shall be added to Article 2(a) of the Repurchase Agreement in the correct alphabetical order. 
 “Eligible
Assignee”: Any of the following Persons designated by Buyer for purposes of the second sentence of Section 18(b): (i) a bank, financial institution, pension fund, insurance company or similar Person regularly
engaged in the business of originating, lending against, or owning commercial real estate loans similar to the Purchased Assets, or any Affiliate of any of the foregoing that, in each case, has total shareholders’ equity and/or capital surplus
of $400,000,000 or more and (ii) and any Affiliate of Buyer. 

 (b) The definition of “Maximum Amount,” as set forth in
Section 2(a) of the Repurchase Agreement is hereby amended by replacing the dollar figure “$500,000,000” set forth therein with the dollar figure “$510,000,000.00.”. 

(c) The following sentence shall be added as a new second sentence of Section 18(b) of the Repurchase Agreement after
the first sentence of Section 18(b) of the Repurchase Agreement, as follows: 
 “In addition to the foregoing,
so long as no monetary Default, material non-monetary Default or Event of Default has occurred and is continuing, Buyer shall not assign (but, for avoidance of doubt, may sell participation interests in) its
rights and obligations in this Agreement to any Person without Seller’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, unless such Person is an Eligible Assignee.”. 

SECTION 2. Omnibus Amendment to Confirmations. Clause (G) of the Fourth Amended and Restated Confirmation Statement
for the Purchased Loan identified therein as Watchtower A-1 Note shall be deleted in its entirety. Clause (F) of the Confirmation Statement for the Purchased Loan identified therein as Aston Waikiki shall
be deleted in its entirety. 
 SECTION 3. Conditions Precedent. This Amendment and its provisions shall become
effective on the date hereof (the “Amendment Effective Date”) provided that this Amendment is duly executed and delivered by a duly authorized officer of each of Master Seller, Buyer and Guarantor. 

SECTION 4. Representations, Warranties and Covenants. Each of Seller and Guarantor hereby represents and warrants to
Buyer, as of the date hereof, that (i) it is in full compliance with all of the terms and provisions set forth in each Transaction Document to which it is a party on its part to be observed or performed, and (ii) no Default or Event of
Default has occurred or is continuing. Each of Seller and Guarantor hereby confirms and reaffirms its representations, warranties and covenants contained in each Transaction Document to which it is a party. 

SECTION 5. Acknowledgments of Guarantor. Guarantor hereby acknowledges the execution and delivery of this Amendment by
Master Seller and Buyer and Guarantor agrees that it continues to be bound by the Guaranty notwithstanding the execution and delivery of this Amendment and the impact of the changes set forth herein. 

SECTION 6. Limited Effect. Except as expressly amended and modified by this Amendment, the Repurchase Agreement, the
Guaranty and each of the other Transaction Documents shall continue to be, and shall remain, in full force and effect in accordance with their respective terms; provided, however, that upon the execution of this Amendment, each (x)
reference therein and herein to the “Transaction Documents” shall be deemed to include, in any event, this Amendment, (y) each reference to the “Repurchase Agreement” or the “Guaranty” in any of the Transaction
Documents shall be deemed to be a reference to the Repurchase Agreement or the Guaranty, as applicable, as amended hereby, and (z) each reference in the Repurchase Agreement or the Guaranty, as applicable, to “this Agreement”, this
“Repurchase Agreement”, this “Guaranty”, “hereof”, “herein” or words of similar effect in referring to the Repurchase Agreement shall be deemed to be references to the Repurchase Agreement or the Guaranty, as
applicable, as amended by this Amendment. 

  
 -2- 

 SECTION 7. No Novation, Effect of Agreement. The parties hereto have
entered into this Amendment solely to amend the terms of the Repurchase Agreement and the Guaranty and do not intend this Amendment or the transactions contemplated hereby to be, and this Amendment and the transactions contemplated hereby shall
not be construed to be, a novation of any of the obligations owing by Seller, Guarantor or any of their respective Affiliates (the “Repurchase Parties”) under or in connection with the Repurchase Agreement, the Guaranty or any of
the other Transaction Documents. It is the intention of each of the parties hereto that (i) the perfection and priority of all security interests securing the payment of the Repurchase Obligations of the Repurchase Parties under the Repurchase
Agreement are preserved, (ii) the liens and security interests granted under the Repurchase Agreement continue in full force and effect, and (iii) any reference to the Repurchase Agreement or the Guaranty, as applicable, in any such
Transaction Document shall be deemed to also reference the Repurchase Agreement or the Guaranty, as applicable, as amended by this Amendment. 

SECTION 8. 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 9.
Expenses. Seller agrees to pay and reimburse Buyer for all reasonable out-of-pocket costs and expenses incurred by Buyer in connection with the
preparation, execution and delivery of this Amendment in accordance with the Repurchase Agreement. 
 SECTION 10. GOVERNING
LAW. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE
PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

[SIGNATURES FOLLOW] 

  
 -3- 

 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. 
  

			
	MASTER SELLER:
	
	 PARLEX 15 FINCO, LLC,

    a Delaware limited liability company

		
	By:	 	 /s/ Douglas Armer

		 	Name: Douglas Armer
		 	 Title:  Managing Director, Head of Capital

    Markets and Treasurer

	
	ACKNOWLEDGED AND AGREED:
	
	GUARANTOR:
	
	 BLACKSTONE MORTGAGE TRUST, INC.,

    a Maryland corporation

		
	By:	 	 /s/ Douglas Armer

		 	Name: Douglas Armer
		 	 Title:  Managing Director, Head of Capital

Markets and Treasurer

 [Signature Page - Amendment No. 3 to Amended and Restated Master Repurchase Agreement] 

 
			
	BUYER:
	
	 DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH

		
	By:	 	 /s/ Thomas Rugg

		 	Name: Thomas Rugg
		 	Title: Managing Director
		
		 	 /s/ Robert Christopher Jones

		 	Robert Christopher Jones
		 	Director

  
 [Signature Page -
Amendment No. 3 to Amended and Restated Master Repurchase Agreement]

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