Document:

EX-10.41

 Exhibit 10.41 

FOURTH AMENDMENT TO LIMITED GUARANTY 

THIS FOURTH AMENDMENT TO LIMITED GUARANTY (this “Amendment”) is made as of October 12, 2018 (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, and as the same may be further amended, supplemented or otherwise modified from time to time, the “Guaranty”), in favor of
Buyer, guaranteeing certain obligations of Original Sellers, Parlex 2 UK and Parlex 2 EUR; 
 WHEREAS, concurrently with the
Effective Date, Original Sellers, Parlex 2 UK, Parlex 2 EUR, Parlex 2 AU Finco, LLC, a Delaware limited liability company (“Parlex 2 AU” together with Original Sellers, Parlex 2 EUR and Parlex 2 UK,
“Seller”), and Buyer have entered into that certain Third Amended and Restated Master Repurchase Agreement (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. Capitalized terms used but not defined herein shall have
the meanings assigned to them in the Guaranty or the Third A&R Repurchase Agreement, as applicable; and 
 WHEREAS, in connection
with the Third 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 Third 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 Third 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 Third 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:	 	Managing Director, Head of Capital Markets and Treasurer

 [Signatures Continued on Next Page] 

[Signature Page to Fourth Amendment to Guaranty] 

  

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

		 	Name:	 	Richard B. Schlenger
		 	Title:	 	Authorized Signatory

 [Signature Page to Fourth Amendment to Guaranty]EX-10.52

 Exhibit 10.52 

AMENDMENT NO. 9 TO AMENDED AND RESTATED MASTER REPURCHASE AND 

SECURITIES CONTRACT 

AMENDMENT NO. 9 TO AMENDED AND RESTATED MASTER REPURCHASE AND SECURITIES CONTRACT, dated as of December 21, 2018 (this
“Amendment”), between PARLEX 5 FINCO, LLC, a Delaware limited liability company (“Seller”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, 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 Amended and Restated Master Repurchase and Securities Contract, dated as of April 4, 2014 (as amended by that certain Amendment No. 1 to Amended and Restated Master Repurchase and Securities Contract,
dated as of October 23, 2014, as further amended by that certain Amendment No. 2 to Amended and Restated Master Repurchase and Securities Contract, dated as of March 13, 2015, as further amended by that certain Amendment No. 3 to
Amended and Restated Master Repurchase and Securities Contract, dated as of April 14, 2015, as further amended by that certain Amendment No. 4 to Amended and Restated Master Repurchase and Securities Contract, dated as of March 11,
2016, as further amended by that certain Amendment No. 5 to Amended and Restated Master Repurchase and Securities Contract, dated as of June 30, 2016, as further amended by that certain Amendment No. 6 to Amended and Restated Master
Repurchase and Securities Contract, dated as of March 13, 2017, as further amended by that certain Amendment No. 7 to Amended and Restated Master Repurchase and Securities Contract, dated as of March 31, 2017, as further amended by
that certain Amendment No. 8 to Amended and Restated Master Repurchase and Securities Contract, dated as of March 13, 2018, as amended hereby and as further amended, restated, supplemented or otherwise modified and in effect from time to
time, the “Repurchase Agreement”); 
 WHEREAS, Seller has requested, and Buyer has agreed, to amend the Repurchase
Agreement as set forth in this Amendment and Blackstone Mortgage Trust, Inc. (“Guarantor”) 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, Seller and Buyer hereby agree as follows: 
 SECTION 1. Amendments to Repurchase Agreement. 

(a) Article 2 of the Repurchase Agreement is hereby amended by inserting the following, new defined terms in correct alphabetical order:

 “Beneficial Ownership Certification”: A certification
regarding beneficial ownership as required by the Beneficial Ownership Regulation in a form as agreed to by Buyer. 

“Beneficial Ownership Regulation”: Means 31 C.F.R. § 1010.230. 

“Delaware LLC Act”: Chapter 18 of the Delaware Limited Liability Company Act, 6 Del. C. §§ 18 101 et
seq., as amended. 
 “Dividing LLC”: A Delaware limited liability company that is effecting a Division
pursuant to and in accordance with Section 18 217 of the Delaware LLC Act. 
 “Division”: The division
of a Dividing LLC into two or more domestic limited liability companies pursuant to and in accordance with Section 18 217 of the Delaware LLC Act. 

“Division LLC”: A surviving company, if any, and each resulting company, in each case that is the result of a
Division. 
 “Upsize Option”: Defined in Section 3.13. 

(b) The defined term “Funding Expiration Date”, as set forth in Article 2 of the Repurchase Agreement, is hereby
amended and restated in its entirety to read as follows: 
 “Funding Expiration Date”: March 13, 2020;
provided that, in the event that Seller requests an extension of the Funding Expiration Date, such request may be approved or denied by Buyer for any reason or for no reason, as determined in Buyer’s sole and absolute discretion, and it
is expressly acknowledged and agreed that Buyer has no obligation to consider or grant any such request. 
 (c) The defined term
“Maximum Amount”, as set forth in Article 2 of the Repurchase Agreement, is hereby amended by deleting the number “$2,000,000,000” in the first line thereof and replacing such number with the following new clause:

 “$2,500,000,000, as such amount may be increased pursuant to Section 3.13;” 

(d) Section 3.02 of the Repurchase Agreement is hereby amended to add the following sentence to the end thereof: 

To the extent any additional limited liability company is formed by a Division of Seller (and without prejudice to Sections
8.01 and 9.01 hereof), Seller shall cause each such Division LLC to sell, transfer, convey and assign to Buyer on a servicing released basis and for no additional consideration all of each such Division LLC’s right, title and
interest in and to each Purchased Asset, together with all related Servicing Rights in the same manner and to the same extent as the sale, transfer, conveyance and assignment by Seller on each related Purchase Date of all of Seller’s right,
title and interest in and to each Purchased Asset, together with all related Servicing Rights. 

 (e) Article 3 of the Repurchase Agreement is hereby amended to add the following new
Section 3.13 thereto in correct numerical order: 
 Section 3.13 Maximum Amount Upsize
Option. Seller may request up to five (5) separate increases to the Maximum Amount, in increments of no less than $100,000,000 each, to an amount not to exceed $3,000,000,000 in the aggregate (each such increase, an “Upsize
Option”), in each case by the delivery of at least thirty (30) days prior written notice thereof to Buyer. No Upsize Option shall be allowed on or after the last day of the Funding Period. Seller’s request(s) to exercise any
Upsize Option may be approved or denied by Buyer, in its sole discretion, and no Upsize Option shall be effective unless, in each case, Buyer has approved such Upsize Option in writing and given Seller written notice of the effective date thereof
and the amount of the related increase. Seller’s request(s) to exercise any Upsize Option will be deemed to be denied if, on the date of such request or on the proposed effective date of such increase (i) a Default or Event of Default has
occurred and is continuing, (ii) an unsatisfied Margin Deficit exists or (iii) Buyer has requested a new or updated Beneficial Ownership Certification, as applicable, in relation to Seller (to the extent Seller qualifies as a “legal
entity customer”), and Seller has failed to provide such new or updated Beneficial Ownership Certification to Buyer. 
 (f) Article
7 of the Repurchase Agreement is hereby amended to add the following new Section 7.21 thereto in correct numerical order: 

Section 7.21 Beneficial Ownership Certification. The information included in each Beneficial Ownership
Certification is true and correct in all respects, in each case as of the date of delivery. 
 (g) Article 8 of the Repurchase
Agreement is hereby amended to add the following new Section 8.14 thereto in correct numerical order: 

Section 8.14 Beneficial Ownership. To the extent that Seller is a “legal entity customer” under the
Beneficial Ownership Regulation, Seller shall promptly give notice to Buyer of any change in the information provided in any Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified therein and
shall promptly deliver an updated Beneficial Ownership Certification to Buyer. 
 (h) The third sentence of
Section 8.03 of the Repurchase Agreement is hereby amended and restated in its entirety to read as follows: 

Notwithstanding the foregoing, (i) if Seller grants a Lien on any Purchased Asset in violation of this
Section 8.03 or any other Repurchase Document, Seller shall be deemed to have simultaneously granted an equal and ratable Lien on such Purchased Asset in favor of Buyer to the extent such Lien has not already been 

  
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 granted to Buyer; provided, that such equal and ratable Lien shall not cure any resulting
Event of Default, and (ii) to the extent any additional limited liability company is formed by a Division of Seller (and without prejudice to Sections 8.01 and 9.01 hereof), Seller shall cause any such Division LLC to assign,
pledge and grant to Buyer, for no additional consideration, all of its assets, and shall cause any owner of each such Division LLC to pledge all of the Equity Interests and any rights in connection therewith of each such Division LLC to Buyer, for
no additional consideration, in support of all Repurchase Obligations in the same manner and to the same extent as the assignment, pledge and grant by Seller of all of Seller’s assets hereunder, and in the same manner and to the same extent as
the pledge by Pledgor of all of Pledgor’s right, title and interest in all of the Equity Interests of Seller and any rights in connection therewith, in each case pursuant to the Pledge and Security Agreement. 

(i) Clause (x) of Section 9.01 of the Repurchase Agreement is hereby amended and restated in its entirety to
read as follows: 
 (x) not engage in or suffer any Change of Control, dissolution, winding up, liquidation, consolidation or
merger in whole or in part or convey or transfer all or substantially all of its properties and assets to any Person (except as contemplated herein), nor shall Seller adopt, file or effect a Division, 

(j) Section 10.01 of the Repurchase Agreement is hereby amended to add the following new clause (w) to the end thereof: 

(w) Seller adopts, files or effects a Division. 

(k) Section 18.15(b) of the Repurchase Agreement is hereby amended and restated in its entirety to read as follows: 

(b) Seller will promptly at its expense execute and deliver such instruments and documents and take such other actions as Buyer
may reasonably request from time to time in order to perfect, protect, evidence, exercise and enforce Buyer’s rights and remedies under and with respect to the Repurchase Documents, the Transactions and the Purchased Assets. Seller and
Guarantor shall, promptly upon Buyer’s request, deliver documentation in form and substance satisfactory to Buyer which Buyer deems necessary or desirable to evidence compliance with all applicable “know your customer” due diligence
checks, including, but not limited to, any information required to be obtained by Buyer pursuant to the Beneficial Ownership Regulation. 

SECTION 2. Amendment Effective Date. This Amendment and its provisions shall become effective on the date first
set forth above (the “Amendment Effective Date”), which is the date that this Amendment was executed and delivered by a duly authorized officer of each of Seller, Buyer and Guarantor. 

  
 -4- 

 SECTION 3. Representations, Warranties and Covenants. Seller hereby
represents and warrants to Buyer, as of the Amendment Effective Date, that (i) it is in full compliance with all of the terms and provisions and its undertakings and obligations set forth in the Repurchase Agreement and each other
Repurchase 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 Repurchase Document to which it is a party. 
 SECTION 4. Acknowledgments of Guarantor. Guarantor hereby
acknowledges (a) the execution and delivery of this Amendment and agrees that it continues to be bound by that certain Guarantee Agreement, dated as of March 13, 2014 (the “Guarantee Agreement”), made by
Guarantor in favor of Buyer, notwithstanding the execution and delivery of this Amendment and the impact of the changes set forth herein, and (b) that, as of the date hereof Buyer is in compliance with its undertakings and obligations under the
Repurchase Agreement, the Guarantee Agreement and each of the other Repurchase Documents. 
 SECTION 5. Conditions
Subsequent. Within ten (10) Business Days following the Amendment Effective Date, Seller and Guarantor shall provide Buyer with a secretary certificate and bring down letters affirming the opinions as to corporate,
enforceability and bankruptcy matters provided to Buyer on the Closing Date, each, in form and substance acceptable to Buyer and its counsel. The failure of Seller and Guarantor to do so on a timely basis shall, upon written notice to Seller from
Buyer, constitute an immediate Event of Default under the Repurchase Agreement. 
 SECTION 6. Limited Effect. Except as
expressly amended and modified by this Amendment, the Repurchase Agreement and each of the other Repurchase Documents shall continue to be, and shall remain, in full force and effect in accordance with their respective terms; provided,
however, that upon the Amendment Effective Date, each (x) reference therein and herein to the “Repurchase Documents” shall be deemed to include, in any event, this Amendment, (y) each reference to the “Repurchase
Agreement” in any of the Repurchase 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”, this “Amended and Restated 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 7. No Novation, Effect of Agreement. Seller and Buyer 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 Pledgor (the “Repurchase Parties”) under or in connection with the Repurchase Agreement, the Fee Letter, the Pledge and Security Agreement or any of the other Repurchase
Documents to which any Repurchase Party is a party. 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 and the Pledge and Security Agreement are preserved, (ii) the liens and security interests granted under the Repurchase Agreement and the Pledge and Security Agreement continue in full force and effect, and
(iii) any reference to the Repurchase Agreement in any such Repurchase Document shall be deemed to also reference this Amendment. 

  
 -5- 

 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 and Guarantor agree to pay and reimburse Buyer for all out-of-pocket costs and expenses incurred by Buyer in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the fees and disbursements of Cadwalader,
Wickersham & Taft LLP, counsel to Buyer 
 SECTION 10. GOVERNING LAW. THIS AMENDMENT AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AMENDMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE
NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AMENDMENT. 
 [SIGNATURES FOLLOW] 

  
 -6- 

 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. 
  

			
	SELLER:
	
	 PARLEX 5 FINCO, LLC, a Delaware limited liability company

		
	By:	 	 /s/ Douglas N. Armer

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

 [Signature Page - Amendment No. 9 to A&R Master Repurchase and Securities Contract - Wells
(US)] 

 
			
	BUYER:
	
	 WELLS FARGO BANK, N.A., a national banking association

		
	By:	 	 /s/ Allen Lewis

		 	Name: Allen Lewis
		 	 Title:  Managing Director

  

  
 [Signature Page -
Amendment No. 9 to A&R Master Repurchase and Securities Contract - Wells (US)] 

 
			
	 With respect to the acknowledgments set forth in Section 4
herein:

	
	GUARANTOR:
	
	 BLACKSTONE MORTGAGE TRUST, INC., a Maryland corporation

		
	By:	 	 /s/ Douglas N. Armer

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

  

  
 [Signature Page -
Amendment No. 9 to A&R Master Repurchase and Securities Contract - Wells (US)]

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