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

Rhea-AI Filing Summary

Blackstone Mortgage Trust (BXMT) director reported acquiring 831 Class A Common Stock Units on 10/15/2025 at $18.51 per unit. These units were issued in lieu of cash dividends on previously held units and convert to Class A Common Stock on a one-for-one basis. Following the transaction, the director beneficially owns 33,596 shares directly.

The number of units was calculated using the company’s $0.47 per share dividend paid on October 15, 2025 and the closing price that day.

Insights

Corporate governance analyst

Routine Form 4: dividend-equivalent units credited.

The filing records an acquisition of 831 Class A Common Stock Units at $18.51 on October 15, 2025. The units were issued as dividend equivalents tied to a $0.47 per-share dividend, calculated using the closing price on the same date.

These units convert to common stock on a one-for-one basis and increased the reporting person’s direct holdings to 33,596 shares. This is an administrative update reflecting dividend accrual mechanics rather than an open-market purchase.

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
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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^*

Lynch Nnenna

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/15/2025

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	10/15/2025		A		831(1)	A	$18.51	33,596	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 October 15, 2025 by (2) the closing price of the Company's Class A Common Stock on October 15, 2025.

Remarks:

	/s/ Anthony F. Marone, Jr., Attorney-In-Fact	10/17/2025
	** 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 BXMT’s Form 4 report?

A director acquired 831 Class A Common Stock Units on 10/15/2025.

What price was used for the BXMT units on the transaction date?

The units were priced at $18.51, the closing price on 10/15/2025.

Why were the 831 units issued for BXMT?

They represent dividend equivalents based on the company’s $0.47 per-share dividend paid on 10/15/2025.

How many BXMT shares does the reporting person now own?

Beneficial ownership after the transaction is 33,596 shares, held directly.

Do the BXMT units convert into common stock?

Yes. The Class A Common Stock Units convert to Class A Common Stock on a one-for-one basis.