Blackstone Mortgage Trust, Inc.

Schedule IV – Mortgage Loans on Real Estate

As of December 31, 2017

(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		Office / Southeast		L+3.40%		2023		I/O	$	—	$	656,406	$	652,880

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

Senior mortgage loans		Office / Diversified		L+3.00% – 5.75%		2018 – 2023		I/O & P/I		—		5,357,888		5,327,333
				Fixed 2.30 % – 5.29%

Senior mortgage loans		Hotel / Diversified		L+3.25% – 5.16%		2018 – 2022		I/O & P/I		—		1,843,143		1,837,222

Senior mortgage loans		Multifamily / Diversified		L+2.80% – 5.25%		2018 – 2023		I/O & P/I		—		1,122,532		1,114,353

Senior mortgage loans		Retail / Diversified		L+3.10% – 4.25%		2019 – 2021		I/O & P/I		—		319,223		318,789
				Fixed 5.14%

Senior mortgage loans		Condo / Northeast		L+4.15%		2021		I/O		—		66,451		65,775

Senior mortgage loans		Other / Diversified		L+3.10% – 5.00%		2018 – 2022		I/O & P/I		—		527,962		526,736

				Fixed 4.63% – 5.20%

										—		9,237,199		9,190,208

Total senior mortgage loans									$	—	$	9,893,605	$	9,843,088

Subordinate Loans⁽⁶⁾
Subordinate loans less than 3% of the carrying amount of total loans
Subordinate loans		Various / Diversified		L+10.75% - 12.83%		2020 - 2022		I/O & P/I		985,382		214,621		213,644
				Fixed 12.22%

Total subordinate loans										985,382		214,621		213,644

Total loans									$	985,382	$	10,108,226	$	10,056,732

(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 $9.5 billion as of December 31, 2017.

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

Blackstone Mortgage Trust, Inc.

Notes to Schedule IV

As of December 31, 2017

(in thousands)

1.	Reconciliation of Mortgage Loans on Real Estate:

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


	2017			2016			2015
Balance at January 1,	$	8,692,978		$	9,077,007		$	4,428,500
Additions during period:
Loan fundings		4,072,786			3,151,882			7,203,145
Amortization of deferred fees and expenses		38,373			40,345			36,052
Deductions during period:
Collections of principal		(2,828,610	)		(3,351,042	)		(2,407,920	)
Unrealized gain (loss) on foreign currency translation		136,646			(156,937	)		(149,269	)
Deferred origination fees and expenses		(55,441	)		(44,697	)		(33,501	)
Loans sold		—			(23,580	)		—

Balance at December 31,	$	10,056,732		$	8,692,978		$	9,077,007