Document:

EX-10.32

 Exhibit 10.32 

AMENDMENT NO. 7 TO MASTER REPURCHASE AGREEMENT 

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

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

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

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

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

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

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

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

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

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

			
	BUYER:
	
	 BANK OF AMERICA, N.A.,

        a national banking association

		
	By:	 	 /s/ Leland F. Bunch, III

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

        a Delaware limited liability company

		
	By:	 	 /s/ Douglas Armer

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

 Acknowledged and Agreed: 
  

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

		 	 Name: Douglas Armer
 Title: Executive Vice
President, Capital Markets and TreasurerEX-10.36

 Exhibit 10.36 

EXECUTION VERSION 

AMENDMENT NO. 3 TO GUARANTEE AGREEMENT 

AMENDMENT NO. 3 TO GUARANTEE AGREEMENT, dated as of November 25, 2019 (this “Amendment”), made by BLACKSTONE MORTGAGE
TRUST, INC., a Maryland corporation (“Guarantor”), in favor of BANK OF AMERICA, N.A., a national banking association (“Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given
to them in the Guarantee Agreement (as defined below). 
 RECITALS 

WHEREAS, Guarantor is party to that certain Guarantee Agreement, dated as of May 21, 2013, as amended by that certain Amendment
No. 1 to Guarantee Agreement, dated as of September 23, 2013, as amended by that certain Amendment No. 2 to Guarantee Agreement, dated as of February 21, 2014, as amended hereby (as may be further amended, restated, supplemented,
or otherwise modified and in effect from time to time, the “Guarantee Agreement”); 
 WHEREAS, Parlex 1 Finance, LLC
(“Seller”) and Buyer are parties to that certain Master Repurchase Agreement, dated as of May 21, 2013, as amended by that certain Amendment No. 1 to Master Repurchase Agreement, dated as of September 23, 2013, as
further amended by that certain Joinder Agreement, also dated as of September 23, 2013, as further amended by that certain Amendment No. 2 to Master Repurchase Agreement, dated as of June 30, 2014, as further amended by that certain
Amendment No. 3 to Master Repurchase Agreement, dated as of March 27, 2015, as further amended by that certain Joinder Termination Agreement dated as of March 25, 2016, as further amended by that certain Amendment No. 4 to Master
Repurchase Agreement, also dated as of March 25, 2016, as further amended by that certain Amendment No. 5 to Master Repurchase Agreement, dated as of December 21, 2017, as further amended by that certain Amendment No. 6 to Master
Repurchase Agreement, dated as of March 30, 2018 (and as may be further amended, restated, supplemented, or otherwise modified and in effect from time to time, the “Repurchase Agreement”); 

WHEREAS, Guarantor and Buyer have agreed to amend certain provisions of the Guarantee Agreement in the manner set forth herein. 

Therefore, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Seller and Buyer each hereby agree as follows: 
 Amendment to Guarantee Agreement. Section 2(b) of
Guarantee Agreement is hereby amended as follows: 
 (a) sub-clause (i) of Section 2(b) is
hereby amended in its entirety by deleting the existing text of such sub-clause and replacing it with the following: 

25% of the then-currently unpaid aggregate Repurchase Price of all Senior Loans and Senior Interests; and 

  
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 (b) sub-clause (ii) of Section 2(b) is hereby
amended in its entirety by deleting the existing text of such sub-clause and replacing it with the following: 

100% of the then-currently unpaid aggregate Repurchase Price of all other Purchased Loans not referenced in clause (i) above. 

SECTION 1. Effectiveness. This Amendment and its provisions shall become effective when this Amendment is executed by Guarantor
(the “Amendment Effective Date”). 
 SECTION 2. Compliance with Transaction Documents. Guarantor hereby
represents and warrants to Buyer, as of the Amendment Effective Date, that Guarantor is in compliance with all of the terms and provisions set forth in the Guarantee. 

SECTION 3. Acknowledgement. Guarantor hereby acknowledges that, as of the date hereof, Buyer is in compliance with its
undertakings and obligations under the Guarantee Agreement. 
 SECTION 4. Limited Effect. Except as expressly amended and
modified by this Amendment, the Guarantee Agreement and each of the other Transaction Documents (as such term is defined in the Repurchase Agreement) 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, (x) each reference therein and herein to the “Transaction Documents” shall be deemed to include, in any event, this Amendment, (y) each
reference to the “Guarantee Agreement” in any of the Transaction Documents shall be deemed to be a reference to the Guarantee Agreement as amended hereby, and (z) each reference in the Guarantee Agreement to “this
Agreement”, this “Guarantee Agreement”, “hereof”, “herein” or words of similar effect in referring to the Guarantee Agreement shall be deemed to be references to the Guarantee Agreement as amended by this
Amendment. 
 SECTION 5. 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 6.
Expenses. Seller agrees to pay and reimburse Buyer for all actual out-of-pocket costs and expenses reasonably incurred by Buyer in connection with the
preparation, execution and delivery of this Amendment in accordance with Section 20(b) of the Repurchase Agreement. 

  
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 SECTION 7. 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 GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 

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

			
	 BLACKSTONE MORTGAGE TRUST, INC., a

        Maryland corporation

		
	By:	 	 /s/ Douglas N. Armer

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

	
	Acknowledged and agreed:
	
	 BANK OF AMERICA, N.A.,

        a national banking association

		
	By:	 	 /s/ Steven Wasser

		 	 Name: Steven Wasser

Title:   Managing Director

 Amendment No. 3 to Guarantee Agreement – Signature Page

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