Blackstone Mortgage Trust, Inc.

Schedule IV – Mortgage Loans on Real Estate

As of December 31, 2016

(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		Hotel / U.K.		L+4.20%		2019		I/O	$	—	$	419,560	$	416,233
Borrower B		Office / Northeast		L+3.45%		2020		I/O		—		294,500		293,110
Borrower C		Office / Northeast		L+3.50%		2020		I/O		—		284,012		282,818
Borrower D		Hotel / Canada		L+4.34%		2020		I/O & P/I		—		259,143		262,186

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

Senior mortgage loans		Office / Diversified		L+2.30% – 5.75%		2017 – 2022		I/O & P/I		—		4,376,823		4,353,624
				Fixed 4.50% – 5.29%

Senior mortgage loans		Hotel / Diversified		L+3.65% – 4.60%		2017 – 2021		I/O & P/I		—		1,207,130		1,203,255

Senior mortgage loans		Retail / Diversified		L+3.10% – 4.50%		2017 – 2021		I/O & P/I		—		621,548		620,303
				Fixed 5.14% – 5.38%

Senior mortgage loans		Multifamily / Diversified		L+3.40% – 4.65%		2018 – 2022		I/O & P/I		—		439,421		437,036

Senior mortgage loans		MHC / Diversified		L + 3.20% - 4.40%		2017 - 2020		I/O & P/I		—		296,252		296,290
				Fixed 4.67% - 5.97%
Senior mortgage loans		Condo / Northeast		L + 3.75%		2019		P/I		—		18,677		18,677

Senior mortgage loans		Other / Diversified		L + 3.30% - 4.00%		2017 - 2021		I/O & P/I		—		272,484		273,457
				Fixed 4.63% - 5.17%

									$	—	$	7,232,335	$	7,202,642

Total senior mortgage loans									$	—	$	8,489,550	$	8,456,989

Subordinate Loans⁽⁶⁾
Subordinate loans less than 3% of the carrying amount of total loans
Subordinate loans		Various / Diversified		L + 10.75% - 12.83%		2017 - 2022		I/O & P/I		1,029,516		237,668		235,989
				Fixed 12.22%

Total subordinate loans									$	1,029,516	$	237,668	$	235,989

Total loans									$	1,029,516	$	8,727,218	$	8,692,978

(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 $8.3 billion as of December 31, 2016.

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

Blackstone Mortgage Trust, Inc.

Notes to Schedule IV

As of December 31, 2016

(in thousands)

1.	Reconciliation of Mortgage Loans on Real Estate:

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


	2016			2015			2014
Balance at January 1,	$	9,077,007		$	4,428,500		$	2,047,223
Additions during period:
Loan fundings		3,151,882			7,203,145			3,067,263
Amortization of deferred fees and expenses		40,345			36,052			19,785
Deductions during period:
Collections of principal		(3,351,042	)		(2,407,920	)		(564,183	)
Unrealized loss on foreign currency translation		(156,937	)		(149,269	)		(52,076	)
Deferred origination fees and expenses		(44,697	)		(33,501	)		(35,449	)
Loans sold		(23,580	)		—			(27,063	)
Transfers to other assets		—			—			(27,000	)

Balance at December 31,	$	8,692,978		$	9,077,007		$	4,428,500