Blackstone Mortgage Trust, Inc.

Schedule IV – Mortgage Loans on Real Estate

As of December 31, 2018

(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		Spanish Assets / Spain		L+3.15%		2023		P/I	$	—	$	1,131,334	$	1,124,174
Borrower B		Office / Southeast		L+3.40%		2023		I/O		—		682,297		678,770
Senior loans less than 3% of the carrying amount of total loans
Senior mortgage loans		Office / Diversified		L+2.50% – 10.35%		2019 – 2025		I/O & P/I		—		6,424,993		6,370,682
				Fixed 4.46% – 5.29%
Senior mortgage loans		Hotel / Diversified		L+2.70% – 4.94%		2019 – 2025		I/O & P/I		—		2,428,085		2,412,775
Senior mortgage loans		Multifamily / Diversified		L+2.25% – 5.00%		2019 – 2025		I/O & P/I		—		1,878,502		1,869,375
Senior mortgage loans		Mixed-Use / Diversified		L+2.75% – 4.10%		2021 – 2024		I/O		—		686,951		679,344
Senior mortgage loans		Industrial / Diversified		L+2.90% – 3.20%		2022 – 2024		I/O		—		565,754		561,473
Senior mortgage loans		Retail / Diversified		L+3.10% – 3.95%		2019 – 2021		I/O & P/I		—		133,210		133,777
				Fixed 5.09%
Senior mortgage loans		Self-Storage / Diversified		L+3.95%		2020 – 2021		I/O & P/I		—		125,039		124,831
				Fixed 5.15%
Senior mortgage loans		Condo / Northeast		L+4.15% – 5.00%		2021 – 2023		I/O		—		37,599		36,976
Senior mortgage loans		Other / Diversified		L+4.00%		2019 – 2023		I/O & P/I		—		98,580		98,303
				Fixed 4.59%

										—		12,378,713		12,287,536

Total senior mortgage loans									$	—	$	14,192,344	$	14,090,480


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⁾
Subordinate Loans⁽⁶⁾

Subordinate loans less than 3% of the carrying amount of total loans
Subordinate loans	Various / Diversified		L+4.75% – 5.25%		2022		I/O & P/I		446,874		101,626		100,720
			Fixed 5.75%

Total subordinate loans									446,874		101,626		100,720

Total loans								$	446,874	$	14,293,970	$	14,191,200

(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 $12.6 billion as of December 31, 2018.

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

Blackstone Mortgage Trust, Inc.

Notes to Schedule IV

As of December 31, 2018

(in thousands)

1.	Reconciliation of Mortgage Loans on Real Estate:

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


	2018			2017			2016
Balance at January 1,	$	10,056,732		$	8,692,978		$	9,077,007
Additions during period:
Loan fundings		7,890,051			4,072,786			3,151,882
Amortization of deferred fees and expenses		46,864			38,373			40,345
Deductions during period:
Collections of principal		(3,035,383	)		(2,828,610	)		(3,351,042	)
Loan contributed to securitization		(512,002	)		—			—
Unrealized (loss) gain on foreign currency translation		(150,654	)		136,646			(156,937	)
Deferred origination fees and expenses		(104,408	)		(55,441	)		(44,697	)
Loans sold		—			—			(23,580	)

Balance at December 31,	$	14,191,200		$	10,056,732		$	8,692,978