Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

FIFTH AMENDMENT TO LIMITED GUARANTY 

THIS FIFTH AMENDMENT TO LIMITED GUARANTY (this “Amendment”) is made as of February 15,
2019 (the “Effective Date”), by and between BLACKSTONE MORTGAGE TRUST, INC., a Maryland corporation (“Guarantor”), and CITIBANK, N.A., a national banking association
(“Buyer”). 
 RECITALS: 

WHEREAS, Parlex 2 Finance, LLC, a Delaware limited liability company (“Parlex 2”), Parlex 2A
Finco, LLC, a Delaware limited liability company (“Parlex 2A” and together with Parlex 2, “Original Sellers”), and Buyer entered into that certain Amended and Restated Master Repurchase Agreement,
dated as of July 28, 2014, as amended by that certain First Amendment to Amended and Restated Master Repurchase Agreement dated as of July 28, 2016, by and among Original Sellers and Buyer (collectively, the “First A&R
Repurchase Agreement”), which First A&R Repurchase Agreement amended, restated and replaced in its entirety that certain Repurchase Agreement, dated as of June 12, 2013 (the “Original Repurchase
Agreement”), as amended by that certain First Amendment to Master Repurchase Agreement, dated as of July 26, 2013, that certain Second Amendment to Master Repurchase Agreement, dated as of September 11, 2013, that certain
Third Amendment to Master Repurchase Agreement, dated as of November 20, 2013, that certain Fourth Amendment to Master Repurchase Agreement, dated as of January 31, 2014, and that certain Joinder Agreement, dated as of January 31,
2014 between Buyer, Parlex 2 and Parlex 2A); 
 WHEREAS, Original Sellers, Parlex 2 UK Finco, LLC, a Delaware limited
liability company (“Parlex 2 UK”) and Parlex 2 EUR Finco, LLC, a Delaware limited liability company (“Parlex 2 EUR”), and Buyer entered into that certain Second Amended and Restated Master
Repurchase Agreement, dated as of March 31, 2017 (the “Second A&R Repurchase Agreement”), which Second A&R Repurchase Agreement amended, restated and replaced in its entirety the First A&R Repurchase
Agreement, as amended by that certain First Amendment to Master Repurchase Agreement, dated as of December 21, 2017 and that certain Second Amendment to Master Repurchase Agreement, dated as of March 30, 2018; 

WHEREAS, in connection with the Original Repurchase Agreement, Guarantor entered into that certain Limited Guaranty
dated as of June 12, 2013, as amended by that certain First Amendment to Limited Guaranty dated as of November 20, 2013, as further amended by that certain Second Amendment to Limited Guaranty, dated as of February 24, 2014, as
further amended by that certain Third Amendment to Limited Guaranty, dated as of March 31, 2017 (collectively, the “Original Guaranty”), in favor of Buyer, guaranteeing certain obligations of Original Sellers, Parlex 2
UK and Parlex 2 EUR; 
 WHEREAS, Original Sellers, Parlex 2 UK, Parlex 2 EUR, Parlex 2 AU Finco, LLC, a Delaware
limited liability company (“Parlex 2 AU”), and Buyer entered into that certain Third Amended and Restated Master Repurchase Agreement dated as of October 12, 2018 (as the same may be amended, supplemented, extended,
restated, replaced or otherwise modified from time to time, the “Third A&R Repurchase Agreement”), which Third A&R Repurchase Agreement amended, restated and replaced in its entirety the Second A&R Repurchase
Agreement; 

 WHEREAS, in connection with the Third A&R Repurchase Agreement,
Guarantor and Buyer entered into that certain Fourth Amendment to Limited Guaranty dated as of October 12, 2018 (the “Fourth Amendment to Guaranty” together with the Original Guaranty, the
“Guaranty”); 
 WHEREAS, concurrently with the Effective Date, Original Sellers, Parlex 2 UK,
Parlex 2 EUR, Parlex 2 AU, Parlex 2 CAD Finco, LLC, a Delaware limited liability company (“Parlex 2 CAD” together with Original Sellers, Parlex 2 EUR, Parlex 2 UK and Parlex 2 AU, “Seller”), and Buyer
have entered into that certain Fourth Amended and Restated Master Repurchase Agreement (as the same may be amended, supplemented, extended, restated, replaced or otherwise modified from time to time, the “Fourth A&R Repurchase
Agreement”), which Fourth A&R Repurchase Agreement amended, restated and replaced in its entirety the Third A&R Repurchase Agreement. Capitalized terms used but not defined herein shall have the meanings assigned to them in the
Guaranty or the Fourth A&R Repurchase Agreement, as applicable; and 
 WHEREAS, in connection with the Fourth
A&R Repurchase Agreement, the parties hereto desire to (i) modify certain terms and provisions of the Guaranty as set forth herein, (ii) reaffirm the obligations of Guarantor under the Guaranty and (iii) amend and enter into
certain other Transaction Documents. 
 NOW THEREFORE, in consideration of the foregoing and other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby consent and agree as follows: 

AGREEMENT: 

1. AMENDMENTS TO GUARANTY. The Guaranty is hereby amended
and modified as follows: 
 (a) Any references to, and any definition of, the “Repurchase
Agreement” in the Guaranty shall mean, and such definition is hereby amended to refer to, the Fourth A&R Repurchase Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

2. REAFFIRMATION OF GUARANTY. Guarantor hereby
(i) acknowledges and consents to the Fourth A&R Repurchase Agreement and the execution and delivery of this Amendment and (ii) represents, warrants and covenants that notwithstanding the execution and delivery of this Amendment and the
Fourth A&R Repurchase Agreement, all of Guarantor’s obligations under the Guaranty remain in full force and effect and the same are hereby irrevocably and unconditionally ratified and confirmed by Guarantor in all respects. 

 3. GUARANTOR’S
REPRESENTATIONS. Guarantor represents and warrants that (i) Guarantor has taken all necessary action to authorize the execution, delivery and performance of this Amendment, (ii) this Amendment has been
duly executed and delivered by or on behalf of Guarantor and constitutes the legal, valid and binding obligation of Guarantor enforceable against Guarantor in accordance with its terms subject to bankruptcy, insolvency, and other limitations on
creditors’ rights generally and to equitable principles, (iii) no Event of Default has occurred and is continuing, and no Event of Default will occur as a result of the execution, delivery and performance by Guarantor of this Amendment,
and (iv) any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Guarantor of this Amendment has been obtained and is in full force
and effect (other than consents, approvals, authorizations, orders, registrations or qualifications that if not obtained, are not reasonably likely to have a Material Adverse Effect). 

4. GOVERNING LAW; WAIVER OF JURY
TRIAL; CONSENT TO JURISDICTION. This Amendment shall be governed in accordance with the terms and provisions of Sections 19, 21 and 27(c) of the Guaranty, mutatis
mutandis. 
 5. SEVERABILITY. Wherever possible, each provision of this Amendment
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment. 

6. COUNTERPARTS. This Amendment may be executed in any number of counterparts, and all
such counterparts shall together constitute the same agreement. Signatures delivered by email (in PDF format) shall be considered binding with the same force and effect as original signatures. 

7. SUCCESSORS AND ASSIGNS. This Amendment shall inure to the
benefit of and shall be binding on the parties hereto and their respective successors and assigns. 
 8.
AMENDMENTS. This Amendment may not be modified, amended, waived, changed or terminated orally, but only by an agreement in writing signed by the party against whom the enforcement of the modification, amendment,
waiver, change or termination is sought. 
 [NO FURTHER TEXT ON THIS PAGE] 

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

					
	GUARANTOR:
	
	BLACKSTONE MORTGAGE TRUST, INC.,
	a Maryland corporation
		
	By:	 	 /s/ Douglas N. Armer

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

 [Signatures Continued on Next Page] 

[Fifth Amendment to Limited Guaranty – Citi/BXMT] 

 
			
	BUYER:
	
	CITIBANK, N.A.
		
	 By:
	 	 /s/ Richard B. Schlenger

		 	 Name: Richard B. Schlenger

		 	 Title: Authorized Signatory

 [Fifth Amendment to Limited Guaranty – Citi/BXMT]EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

AMENDMENT NO. 5 TO AMENDED AND 

RESTATED MASTER REPURCHASE AGREEMENT 

AMENDMENT NO. 5 TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT, dated as of February 22, 2019 (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, 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 further amended by Amendment No. 3 to
Amended and Restated Master Repurchase Agreement, dated as of October 30, 2018, and as further amended by Amendment No. 4 to Amended and Restated Master Repurchase Agreement, dated as of November 20, 2018 (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 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: 
 The definition of “Maximum Amount,” as set forth in Section 2(a) of
the Repurchase Agreement is hereby amended by replacing the dollar figure “$1,100,000,000” set forth therein with the dollar figure “$1,160,000,000”. 

SECTION 2. 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 3. Representations. Warranties and Covenants. Seller
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. Seller hereby confirms and reaffirms its representations, warranties and covenants contained in each Transaction Document to which it is a party. 

SECTION 4. 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 5. Limited Effect. Except as expressly amended and modified by this Amendment, the Repurchase Agreement
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” in any of the Transaction Documents shall be
deemed to be a reference to the Repurchase Agreement as amended hereby, and (z) each reference in the Repurchase Agreement to “this Agreement”, this “Repurchase Agreement”, “hereof’, “herein” or words of
similar effect in referring to the Repurchase Agreement shall be deemed to be references to the Repurchase Agreement as amended by this Amendment. 

SECTION 6. No Novation, Effect of Agreement. The parties hereto have entered into this Amendment solely to amend
the terms of the Repurchase Agreement 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 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 in any such Transaction Document shall be deemed to also reference 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 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. 

  
 -2- 

 SECTION 9. 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/ Thomas C. Ruffing

		 	 Name:
	 	 Thomas C. Ruffing

		 	 Title:
	 	 Managing Director, Head of Asset

Management

	
	 ACKNOWLEDGED AND AGREED:

	
	 GUARANTOR:

	
	 BLACKSTONE MORTGAGE TRUST, INC.,

a Maryland corporation

		
	 By:
	 	 /s/ Thomas C. Ruffing

		 	 Name:
	 	 Thomas C. Ruffing

		 	 Title:
	 	 Managing Director, Head of Asset

Management

 [Signature Page to Amendment No. 5 to Amended and Restated Master Repurchase Agreement] 

 
					
	 BUYER:

	
	 DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH

		
	 By:
	 	 /s/ Thomas Rugg

		 	 Name:
	 	 Thomas Rugg

		 	 Title:
	 	 Managing Director

		
	 By:
	 	 /s/ Murray Mackinnon

		 	 Name:
	 	 Murray Mackinnon

		 	 Title:
	 	 Director

 [Signature Page to Amendment No. 5 to Amended and Restated Master Repurchase Agreement]

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