BLACKSTONE MORTGAGE TRUST, INC.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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Schedule IV – Mortgage Loans on Real Estate S-1
| Type of Loan/Borrower | Description / Location | Interest Payment Rates(1) | Maximum Maturity Date(2) | Periodic Payment Terms(3) | Prior Liens(4) | Face Amount of Loans | Carrying Amount of Loans(5) | Principal Amount of Loans Subject to Delinquent Principal or Interest(6) |
|---|---|---|---|---|---|---|---|---|
| Senior Mortgage Loans(7) | ||||||||
| Senior loans in excess of 3% of the carrying amount of total loans | ||||||||
| Borrower A | Mixed-Use / Dublin, IE | + 3.20% | 2027 | I/O | $— | $957,290 | $955,767 | $— |
| Borrower B | Hospitality / Australia | + 4.75% | 2030 | P/I | — | 882,838 | 877,908 | — |
| Senior loans less than 3% of the carrying amount of total loans | ||||||||
| Senior Mortgage Loans | Multifamily / Diversified | +1.81% – 4.75%Fixed 5.74% | 2026 – 2031 | I/O& P/I | — | 4,327,983 | 4,312,692 | — |
| Senior Mortgage Loans | Industrial / Diversified | +2.40% – 5.00% | 2026 – 2030 | I/O& P/I | — | 3,815,182 | 3,793,175 | — |
| Senior Mortgage Loans | Office / Diversified | -1.30% – 4.10%Fixed 4.00% - 6.00% | 2026 – 2030 | I/O& P/I | — | 3,386,482 | 3,377,816 | — |
| Senior Mortgage Loans | Mixed-Use / Diversified | +2.76% – 4.60% | 2026 – 2030 | I/O | — | 1,818,395 | 1,810,916 | — |
| Senior Mortgage Loans | Hospitality / Diversified | +2.75% – 4.95% | 2025 – 2030 | I/O& P/I | — | 928,161 | 927,089 | 88,039 |
| Senior Mortgage Loans | Self-Storage / Diversified | +3.10% – 3.50% | 2026 – 2030 | I/O | — | 660,229 | 659,515 | — |
| Senior Mortgage Loans | Retail / Diversified | +2.75% – 3.35% | 2026 – 2030 | I/O | — | 475,229 | 473,143 | — |
| Senior Mortgage Loan | Other / Diversified, UK | +5.19% | 2028 | I/O | — | 293,805 | 293,501 | — |
| Senior Mortgage Loans | Life Sciences/Studio / Diversified | +3.75%Fixed 3.25% | 2026 – 2030 | I/O | — | 227,128 | 227,105 | — |
| — | 15,932,594 | 15,874,952 | 88,039 | |||||
| Total senior mortgage loans | $— | $17,772,722 | $17,708,627 | $88,039 | ||||
| Subordinate Loans(8) | ||||||||
| Subordinate loans less than 3% of the carrying amount of total loans | ||||||||
| Subordinate loans | Various / Diversified | +2.50% – 9.50%Fixed 10.00% | 2026 – 2034 | I/O | 1,489,264 | 382,048 | 360,507 | — |
| Total subordinate loans | $1,489,264 | $382,048 | $360,507 | $88,039 | ||||
| Total loans | $1,489,264 | $18,154,768 | $18,069,134 | $88,039 | ||||
| CECL reserve(8) | (284,440) | |||||||
| Total loans, net | $17,784,694 | |||||||
(1)The interest payment rates are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA,
EURIBOR, CORRA, and other indices, as applicable to each loan. Excludes loans accounted for under the cost-recovery and
nonaccrual methods, if any.
(2)Maximum maturity date assumes all extension options are exercised.
(3)I/O = interest only, P/I = principal and interest.
(4)Represents only third-party liens.
(5)The tax basis of the loans included above is$18.0 billion as of December 31, 2025.
(6)This loan is risk rated “5” with an asset-specific CECL reserve of$39.0 million.
(7)Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu
participations in senior mortgage loans.
(8)Includes loans in which we have previously originated a whole loan and sold a senior mortgage interest to a third party, resulting in
these subordinate interests in mortgages and mezzanine loans.
(9)As of December 31, 2025, we had a total loans receivable CECL reserve of$284.4 million, of which$87.3 million is specifically
related tosix of our loans receivable with an aggregate amortized cost basis of$174.6 million as of December 31, 2025. Refer to Note
3 for further information on our CECL reserves.
Notes to Schedule IV
As of December 31, 2025
- Reconciliation of Mortgage Loans on Real Estate:
The following table reconciles mortgage loans on real estate for theyears ended:
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Balance at January 1, | $19,047,518 | $23,787,012 | $25,017,880 |
| Additions during period: | |||
| Loan fundings | 5,617,406 | 1,356,208 | 1,344,130 |
| Payment-in-kind interest, net of interest received | 19,535 | 16,660 | 2,865 |
| Amortization of fees and other items | 59,421 | 64,133 | 78,428 |
| Deductions during period: | |||
| Loan repayments, sales, and cost-recovery proceeds | (6,133,361) | (4,751,286) | (2,924,401) |
| Charge-offs | (556,116) | (384,603) | — |
| Transfer to owned real estate | (565,110) | (590,937) | — |
| Transfer to other assets, net | (90,197) | (70,248) | — |
| Unrealized gain (loss) on foreign currency translation | 741,766 | (347,728) | 286,102 |
| Deferred fees and other items | (71,728) | (31,693) | (17,992) |
| Balance at December 31, | $18,069,134 | $19,047,518 | $23,787,012 |
| CECL reserve | (284,440) | (733,936) | (576,936) |
| Net balance at December 31, | $17,784,694 | $18,313,582 | $23,210,076 |
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