Dividend reinvestment adds 1,534 shares to BXMT director (NYSE: BXMT)

Rhea-AI Filing Summary

Blackstone Mortgage Trust director Cotton Leonard W reported acquiring 1,534 shares of Class A common stock on January 15, 2026. These shares came from Class A Common Stock Units received in lieu of cash dividends on units he already owned, and they convert into common stock on a one-for-one basis at a reference price of $19.50 per share. The dividend amount used to calculate these units was $0.47 per share, matching the company’s Class A dividend paid that day. After this transaction, Leonard beneficially owned 88,681 Class A shares, which include 91 shares accumulated since his last filing through a dividend reinvestment plan.

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).

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 SC 29455

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/15/2026

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	01/15/2026		A		1,534(1)	A	$19.5	88,681(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 January 15, 2026 by (2) the closing price of the Company's Class A Common Stock on January 15, 2026.

2. Includes 91 shares acquired since the reporting person's last filing as a result of participation in a dividend reinvestment plan.

Remarks:

	/s/ Anthony F. Marone, Jr., Attorney-In-Fact	01/20/2026
	** 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.

FAQ

What insider transaction did BXMT director Cotton Leonard W report?

Cotton Leonard W, a director of Blackstone Mortgage Trust (BXMT), reported acquiring 1,534 shares of Class A common stock on January 15, 2026 through dividend-equivalent units.

How many BXMT shares does the director own after this Form 4 transaction?

Following the reported transaction, the director beneficially owned 88,681 shares of Blackstone Mortgage Trust Class A common stock.

What was the reference price and dividend amount used for the BXMT share units?

The Class A Common Stock Units were calculated using a $0.47 per share dividend paid on January 15, 2026 and a closing share price of $19.50 that day.

Were the BXMT shares acquired through open-market purchases or dividends?

The 1,534 shares reflect Class A Common Stock Units in lieu of cash dividends on units already owned, not open-market purchases.

Does this BXMT Form 4 include dividend reinvestment plan activity?

Yes. The filing notes that the director’s total includes 91 shares acquired since his last filing through a dividend reinvestment plan.

Is the BXMT director’s ownership direct or indirect in this Form 4?

The Form 4 lists the 88,681 shares as held with direct ownership by the reporting person.