Blackstone Mortgage Trust (BXMT) director receives 6,597-share restricted stock fee award

Q: How many BXMT shares does Leonard W. Cotton hold after this transaction?

After the award, Leonard W. Cotton holds 96,890 shares. This total represents his direct ownership of Blackstone Mortgage Trust, Inc. Class A Common Stock following receipt of the 6,597-share restricted stock grant reported in this Form 4 filing.

Q: Is Leonard Cotton’s BXMT Form 4 transaction a market purchase or sale?

The transaction is a grant, not a market trade. The Form 4 describes a compensation-related award of Restricted Class A Common Stock in lieu of cash fees, categorized as a grant or award acquisition rather than an open-market buy or sell.

Q: What type of security did Leonard Cotton receive from Blackstone Mortgage Trust?

He received Restricted Class A Common Stock of BXMT. These restricted shares function as equity compensation for director retainer and meeting fees and are subject to vesting at the company’s 2027 annual meeting, contingent on continued board service.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Cotton Leonard W reported acquisition or exercise transactions in this Form 4 filing.

BLACKSTONE MORTGAGE TRUST, INC. director Leonard W. Cotton received an award of 6,597 shares of Restricted Class A Common Stock, treated as a grant in lieu of cash retainer and meeting fees. The number of shares was calculated by dividing $115,000 in fees by the closing price on June 26, 2026. The award vests in full on the date of the company’s 2027 annual meeting, provided he continues to serve as a director through that date. Following this award, Cotton directly holds 96,890 shares of Class A Common Stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Cotton Leonard W

Role null

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	6,597	$17.43	$115K

Holdings After Transaction: Class A Common Stock — 96,890 shares (Direct, null)

Footnotes (1)

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Key Figures

Restricted shares granted: 6,597 shares Implied fee amount: $115,000 Reference price per share: $17.43 per share +2 more

5 metrics

Restricted shares granted 6,597 shares Award of Restricted Class A Common Stock in lieu of fees

Implied fee amount $115,000 Retainer and meeting fees divided by closing price on June 26, 2026

Reference price per share $17.43 per share Closing price used on June 26, 2026 to calculate award

Post-award holdings 96,890 shares Total Class A Common Stock directly owned after the transaction

Award vesting date 2027 annual meeting Vests in full on the date of the 2027 annual meeting

Key Terms

Restricted Class A Common Stock, retainer and meeting fees, vests in full, annual meeting

4 terms

Restricted Class A Common Stock financial

"Represents an award of Restricted Class A Common Stock in lieu of retainer and meeting fees."

retainer and meeting fees financial

"The number of shares ... was calculated by dividing $115,000 in retainer and meeting fees by the closing price..."

vests in full financial

"The award vests in full on the date of the Company's 2027 annual meeting..."

annual meeting financial

"The award vests in full on the date of the Company's 2027 annual meeting..."

A company's annual meeting is a yearly gathering where owners (shareholders) and the board review performance, ask questions, and vote on key matters like electing directors, approving auditor choices, and sometimes setting pay or dividend policies. For investors it matters because decisions made and votes cast can change who runs the company, influence strategy and payouts, and affect the value or direction of their investment—similar to a homeowners’ meeting where rules and leaders that shape your property’s value are decided.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/29/2026 - 05:49 PM Accepted by SEC EDGAR 06/29/2026 - 05:48 PM

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)
06/26/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	06/26/2026		A		6,597⁽¹⁾	A	$17.43	96,890	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents an award of Restricted Class A Common Stock in lieu of retainer and meeting fees. The number of shares of Restricted Class A Common Stock subject to the award was calculated by dividing $115,000 in retainer and meeting fees by the closing price for June 26, 2026. The award vests in full on the date of the Company's 2027 annual meeting, subject to the director's continued services as of the date of the 2027 annual meeting.

Remarks:

	/s/ Marcin Urbaszek, Attorney-In-Fact	06/29/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did BXMT director Leonard W. Cotton report in this Form 4?

Leonard W. Cotton reported receiving 6,597 Restricted Class A Common Stock shares. These shares were granted by Blackstone Mortgage Trust, Inc. as compensation in lieu of cash retainer and meeting fees, and are recorded as an acquisition of non-derivative Class A Common Stock.

How was the number of BXMT shares in Leonard Cotton’s award calculated?

The 6,597-share award was calculated using $115,000 in fees. Blackstone Mortgage Trust, Inc. divided $115,000 of retainer and meeting fees by the Class A Common Stock closing price on June 26, 2026 to determine the number of restricted shares granted.

When do Leonard Cotton’s BXMT restricted shares vest?

The restricted shares vest in full at the 2027 annual meeting. Vesting is conditioned on Leonard W. Cotton’s continued service as a director of Blackstone Mortgage Trust, Inc. through the date of the company’s 2027 annual shareholder meeting.

How many BXMT shares does Leonard W. Cotton hold after this transaction?

After the award, Leonard W. Cotton holds 96,890 shares. This total represents his direct ownership of Blackstone Mortgage Trust, Inc. Class A Common Stock following receipt of the 6,597-share restricted stock grant reported in this Form 4 filing.

Is Leonard Cotton’s BXMT Form 4 transaction a market purchase or sale?

The transaction is a grant, not a market trade. The Form 4 describes a compensation-related award of Restricted Class A Common Stock in lieu of cash fees, categorized as a grant or award acquisition rather than an open-market buy or sell.

What type of security did Leonard Cotton receive from Blackstone Mortgage Trust?

He received Restricted Class A Common Stock of BXMT. These restricted shares function as equity compensation for director retainer and meeting fees and are subject to vesting at the company’s 2027 annual meeting, contingent on continued board service.