Blackstone Mortgage director acquires 1,831 shares

BLACKSTONE MORTGAGE TRUST director Leonard W. Cotton acquired 1,831 Class A Common Stock Units on July 15, 2026 in lieu of cash dividends, valued at $17.12 per share, which convert one-for-one into Class A Common Stock.

Rhea-AI Filing Summary

BLACKSTONE MORTGAGE TRUST director Leonard W. Cotton acquired 1,831 Class A Common Stock Units on July 15, 2026 in lieu of cash dividends, valued at $17.12 per share, which convert one-for-one into Class A Common Stock.

After this award and prior dividend reinvestments adding 106 shares, Cotton directly holds 98,827 Class A Common Stock shares.

Insider Trade Summary

Grant/Award: 1,831 shares

Grant/Award 1 txn

Insider Cotton Leonard W

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock F1, F2	1,831	$17.12	$31K

Holdings After Transaction: Class A Common Stock — 98,827 shares (Direct)

Footnotes (2)

1. F1. Represents Class A Common Stock Units in lieu of dividends payable on Class A Common Stock Units owned by the Reporting Person, which convert to shares of Class A Common Stock on a one-for-one basis. The number of Class A Common Stock Units was calculated by dividing (1) the product of the number of Class A Common Stock Units owned by the Reporting Person and the $0.47 per share dollar amount of the Class A Common Stock dividend paid by the Company on July 15, 2026 by (2) the closing price of the Company's Class A Common Stock on July 15, 2026.
2. F2. Includes 106 shares acquired since the reporting person's last filing as a result of participation in a dividend reinvestment plan.

Key Figures

Class A Units acquired: 1,831 shares Implied unit value: $17.12 per share Shares owned after transaction: 98,827 shares +2 more

5 metrics

Class A Units acquired 1,831 shares Class A Common Stock Units in lieu of dividends on July 15, 2026

Implied unit value $17.12 per share Value used to calculate Class A Common Stock Units on July 15, 2026

Shares owned after transaction 98,827 shares Direct Class A Common Stock holdings of Leonard W. Cotton after the award

Class A dividend $0.47 per share Class A Common Stock dividend paid on July 15, 2026

Dividend reinvestment shares 106 shares Shares acquired via dividend reinvestment plan since the prior filing

Key Terms

Class A Common Stock Units, dividend reinvestment plan, closing price

3 terms

Class A Common Stock Units financial

"Represents Class A Common Stock Units in lieu of dividends payable on Class A Common Stock Units"

dividend reinvestment plan financial

"Includes 106 shares acquired since the reporting person's last filing as a result of participation in a dividend reinvestment plan"

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

closing price financial

"by (2) the closing price of the Company's Class A Common Stock on July 15, 2026"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did BXMT director Leonard W. Cotton report?

Leonard W. Cotton reported acquiring 1,831 Class A Common Stock Units on July 15, 2026, issued in lieu of cash dividends and valued at $17.12 per share. These units convert one-for-one into Blackstone Mortgage Trust Class A Common Stock.

How many BLACKSTONE MORTGAGE TRUST (BXMT) shares does Leonard W. Cotton now own?

Following the reported award, Leonard W. Cotton directly owns 98,827 shares of Blackstone Mortgage Trust Class A Common Stock. This total includes shares accumulated over time, such as those from participation in the company’s dividend reinvestment plan.

At what price were Leonard W. Cotton’s BXMT dividend-equivalent units valued?

The 1,831 Class A Common Stock Units granted to Leonard W. Cotton were valued at $17.12 per share. This value reflects the closing price of Blackstone Mortgage Trust’s Class A Common Stock on July 15, 2026, used to calculate the units.

What dividend rate generated Leonard W. Cotton’s 1,831 BXMT stock units?

The Class A Common Stock Units were based on a $0.47 per share dividend paid on July 15, 2026. The number of units was calculated using this dividend amount, Cotton’s existing units, and the stock’s closing price on that date.

How many BXMT shares did Leonard W. Cotton gain through the dividend reinvestment plan?

Leonard W. Cotton’s reported holdings include 106 shares acquired through a dividend reinvestment plan since his previous filing. These additional shares are part of his total direct ownership of 98,827 Blackstone Mortgage Trust Class A Common Stock shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/16/2026 - 08:14 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cotton Leonard W

(Last) (First) (Middle)

153 NICHOLAS CARTERET CIRCLE

(Street)

JOHNS ISLAND SOUTH CAROLINA 29455

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BLACKSTONE MORTGAGE TRUST, INC. [ BXMT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/15/2026		A		1,831(1)	A	$17.12	98,827(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents Class A Common Stock Units in lieu of dividends payable on Class A Common Stock Units owned by the Reporting Person, which convert to shares of Class A Common Stock on a one-for-one basis. The number of Class A Common Stock Units was calculated by dividing (1) the product of the number of Class A Common Stock Units owned by the Reporting Person and the $0.47 per share dollar amount of the Class A Common Stock dividend paid by the Company on July 15, 2026 by (2) the closing price of the Company's Class A Common Stock on July 15, 2026.

2. Includes 106 shares acquired since the reporting person's last filing as a result of participation in a dividend reinvestment plan.

Remarks:

	/s/ Marcin Urbaszek, Attorney-In-Fact	07/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)