[Form 4] BLACKSTONE MORTGAGE TRUST, INC. Insider Trading Activity

Rhea-AI Filing Summary

Blackstone Mortgage Trust insider sale under 10b5-1 plan: Marcin Urbaszek, Deputy Chief Financial Officer, reported a sale of 398 shares of Class A common stock on 09/17/2025 at an average price of $19.50 per share. After the transaction he beneficially owns 11,691 shares directly. The filing states the sale was made pursuant to a Rule 10b5-1 trading plan adopted on March 6, 2025 to satisfy tax withholding obligations tied to the vesting of previously granted restricted stock awards.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating pre-planned compliance
• Filing discloses purpose (tax withholding on vested restricted stock), providing transparency

Negative

• Disposition of 398 shares reduced the reporting person's direct holdings to 11,691 shares

Insights

Securities Analyst

TL;DR: Routine insider sale under a pre-established 10b5-1 plan to cover tax withholding; limited investor impact.

The Form 4 shows a small, planned disposition of 398 shares by the Deputy CFO executed under a Rule 10b5-1 plan. The stated purpose—satisfying tax-withholding on vested restricted stock—is a common, non-disruptive reason for sales and suggests the transaction was not motivated by new material information. The post-sale holding of 11,691 shares remains intact and the filing was signed by an attorney-in-fact, indicating procedural compliance.

Corporate Governance Expert

TL;DR: Good governance signal: trade executed under documented plan; disclosure appears timely and specific.

The disclosure specifies adoption date of the 10b5-1 plan and the tax-withholding purpose, which aligns with best practices for insider trading governance. The transaction is modest in size and documented on Form 4 with a signature by an attorney-in-fact, supporting internal controls and compliance protocols. No indication of broader governance concerns is present in the filing itself.

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

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

1. Name and Address of Reporting Person^*

URBASZEK MARCIN

(Last) (First) (Middle)

C/O BLACKSTONE MORTGAGE TRUST

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2025

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

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

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

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	09/17/2025		S		398(1)	D	$19.5	11,691	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. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on March 6, 2025 to satisfy certain tax withholding related obligations in connection with the vesting of previously granted restricted stock awards.

Remarks:

	/s/ Anthony F. Marone, Jr., Attorney-In-Fact	09/18/2025
	** 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.

FAQ

What did Marcin Urbaszek report in the Form 4 for BXMT?

The filing reports a sale of 398 shares of Class A common stock on 09/17/2025 at $19.50 per share, leaving 11,691 shares beneficially owned.

Why was the sale made according to the Form 4?

The sale was effected under a Rule 10b5-1 trading plan adopted on March 6, 2025 to satisfy tax withholding obligations related to the vesting of restricted stock awards.

What is the reporting person's role at BXMT?

The reporting person is listed as Deputy Chief Financial Officer and filed the Form 4 as an individual reporting person.

When was the Form 4 signed and by whom?

The Form 4 bears a signature by Anthony F. Marone, Jr., Attorney-In-Fact dated 09/18/2025.

Does the filing indicate any unusual or material corporate events?

No; the filing solely discloses a planned insider sale to cover tax withholding and does not report other material corporate events.