Blackstone Mortgage Trust, Inc.

Schedule IV – Mortgage Loans on Real Estate

As of December 31, 2015

(in thousands)


Type of Loan/Borrower	Description / Location	Interest Payment Rates			Maximum Maturity Date⁽²⁾		Periodic Payment Terms⁽³⁾		Prior Liens⁽⁴⁾		Face Amount of Loans		Carrying Amount of Loans⁽⁵⁾
Senior Mortgage Loans⁽¹⁾
Senior loans in excess of 3% of the carrying amount of total loans

Borrower A	MHC / Diversified-US		4.89	%⁽⁶⁾		2019		I/O & P/I	$	—	$	338,565	$	339,613
Borrower B	MHC / Diversified-US		5.29	%⁽⁶⁾		2016		I/O & P/I		—		304,710		306,152
Borrower C	Hotel / U.K.		L+4.00	%		2019		I/O		—		296,320		293,192
Borrower D	Office / Northeast		L+3.45	%		2020		I/O		—		294,500		292,061
Borrower E	Office / Northeast		L+3.50	%		2020		I/O		—		274,878		272,632

Senior loans less than 3% of the carrying amount of total loans

Senior mortgage loans	Office / Diversified		L+2.30% – 5.50	%		2016 – 2020		I/O & P/I		—		3,567,658		3,550,802
			Fixed 4.46% – 6.48	%

Senior mortgage loans	Hotel / Diversified		L+3.25% – 4.50	%		2016 – 2021		I/O & P/I		—		1,603,592		1,600,332
			Fixed 5.30% – 6.08	%

Senior mortgage loans	MHC / Diversified		L+1.75% – 5.00	%		2016 – 2021		I/O & P/I		—		715,857		715,806
			Fixed 4.67% – 6.30	%

Senior mortgage loans	Retail / Diversified		L+3.10% – 4.50	%		2017 – 2019		I/O & P/I		—		610,163		608,275
			Fixed 5.14% – 5.38	%
Senior mortgage loans	Multifamily / Diversified		L+3.40% – 4.50	%		2017 – 2025		I/O & P/I		—		542,376		540,184
			Fixed 4.28% – 6.03	%
Senior mortgage loans	Condo / Northeast		L+3.75	%		2017 – 2019		I/O & P/I		—		84,096		83,920
Senior mortgage loans	Other / Diversified		L+3.30% – 5.00	%		2016 – 2019		I/O & P/I		—		242,801		244,076
			Fixed 4.63% – 6.22	%

										—		7,366,543		7,343,395

Total senior mortgage loans									$	—	$	8,875,516	$	8,847,045

Subordinate Loans⁽⁷⁾
Subordinate loans less than 3% of the carrying amount of total loans

Subordinate loans	Various / Diversified		L+10.75% – 12.83	%		2019 – 2022		I/O		1,039,765		232,845		229,962
			Fixed 12.22	%

Total subordinate loans										1,039,765		232,845		229,962

Total loans									$	1,039,765	$	9,108,361	$	9,077,007

(1)	Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans.

(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 $8.6 billion as of December 31, 2015.

(6)	Loan consists of one or more floating and fixed rate tranches. Coupon assumes applicable floating benchmark rate for weighted-average calculation.

(7)	Includes subordinate interests in mortgages and mezzanine loans.

Blackstone Mortgage Trust, Inc.

Notes to Schedule IV

As of December 31, 2015

(in thousands)

1.	Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles mortgage loans on real estate for the years ended:


	2015			2014			2013
Balance at January 1,	$	4,428,500		$	2,047,223		$	141,500
Additions during period:
Loan fundings		7,203,145			3,067,263			2,327,914
Amortization of deferred fees and expenses		36,052			19,785			5,965
Unrealized gain on foreign currency translation		—			—			796
Valuation allowance on loans held-for-sale		—			—			1,259
Deductions during period:
Collections of principal		(2,407,920	)		(564,183	)		(383,647	)
Unrealized loss on foreign currency translation		(149,269	)		(52,076	)		—
Deferred origination fees and expenses		(33,501	)		(35,449	)		(25,402	)
Loans sold		—			(27,063	)		(21,162	)
Transfers to other assets		—			(27,000	)		—

Balance at December 31,	$	9,077,007		$	4,428,500		$	2,047,223