Blackstone Mortgage Trust Form 4: Keenan sells 2,315 shares to cover taxes

Rhea-AI Filing Summary

Keanan Katharine A., who serves as a director and as CEO & President of Blackstone Mortgage Trust, Inc. (BXMT), reported a sale of 2,315 Class A common shares on 09/02/2025. The shares were sold under a Rule 10b5-1 trading plan adopted on August 8, 2024 to satisfy tax withholding obligations related to the vesting of previously granted restricted stock awards. The reported weighted-average sale price was $19.2536, with individual transaction prices ranging from $19.25 to $19.26. After the sale, the reporting person beneficially owned 234,599 shares directly. The Form 4 was signed by an attorney-in-fact on 09/03/2025.

Positive

• Sale executed under a Rule 10b5-1 plan, showing pre-planned, compliant insider trading
• Transparent reporting with weighted-average price and price range disclosed

Negative

• Insider disposed of 2,315 shares, reducing direct holdings (though remaining balance is 234,599 shares)

Insights

Securities Analyst

TL;DR Routine insider sale under a pre-established 10b5-1 plan to cover tax withholding; modest size relative to total holdings.

The transaction disclosed is a small, rule-compliant disposal of 2,315 shares at a weighted-average price of $19.2536 executed under a 10b5-1 plan adopted 08/08/2024 to satisfy tax obligations from vested restricted stock. Post-transaction direct beneficial ownership remains 234,599 shares, indicating continued significant stake. There is no indication in the filing of special circumstances beyond standard tax-related vesting settlements. Impact to holders appears neutral based on the information provided.

Corporate Governance Expert

TL;DR Disclosure demonstrates adherence to insider-trading controls and pre-planned trading; no governance red flags in this filing.

The Form 4 clearly states the sale was effected pursuant to a Rule 10b5-1 trading plan and includes the plan adoption date and purpose (tax withholding for vested awards). The reporting person retains a material direct ownership position of 234,599 shares after the sale. The filing is properly executed by an attorney-in-fact and includes a weighted-average price plus the disclosed price range, supporting transparency and procedural compliance.

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).

X

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^*

Keenan Katharine A

(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
X	Officer (give title below)		Other (specify below)
	CEO & President

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		S		2,315(1)	D	$19.2536(2)	234,599	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 August 8, 2024 to satisfy certain tax withholding related obligations in connection with the vesting of previously granted restricted stock awards.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.25 to $19.26, inclusive. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each separate price for all transactions reported on this Form 4.

Remarks:

	/s/ Anthony F. Marone, Jr., Attorney-In-Fact	09/03/2025
	** 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 Keenan Katharine A. report in the Form 4 for BXMT?

The reporting person sold 2,315 Class A common shares on 09/02/2025 under a 10b5-1 plan; weighted-average price was $19.2536.

Why were the shares sold under the 10b5-1 plan?

The filing states the sales were to satisfy tax withholding obligations related to the vesting of previously granted restricted stock awards.

How many BXMT shares does the reporting person own after the transaction?

After the reported sale the reporting person beneficially owned 234,599 shares directly.

When was the 10b5-1 trading plan adopted?

The 10b5-1 trading plan was adopted on August 8, 2024, per the Form 4 explanation.

What price range were the sold shares executed at?

Individual transactions occurred at prices ranging from $19.25 to $19.26; the weighted-average price reported is $19.2536.