[Form 4] Blackstone Mortgage Trust, Inc. (NEW) Insider Trading Activity

Rhea-AI Filing Summary

Anthony F. Marone Jr., Chief Financial Officer of Blackstone Mortgage Trust (BXMT), reported an insider sale executed on 09/02/2025. The filing shows a sale (code S) of 506 shares of Class A common stock at $19.265 per share. After the transaction Marone beneficially owned 63,576 shares, held directly. The filing states the sale was effected under a Rule 10b5-1 trading plan established prior to February 27, 2023 to cover tax withholding obligations from vested restricted stock awards. The form is signed and dated 09/03/2025.

Positive

• Sale executed under a Rule 10b5-1 trading plan, indicating pre-planned, compliant disposal
• Timely and clear disclosure showing direct ownership and precise sale details (shares and price)

Negative

• Insider sale of 506 shares, which modestly reduces the reporting person's holding (to 63,576 shares)

Insights

Financial Analyst

TL;DR: A small, pre-planned insider sale of 506 BXMT shares under a 10b5-1 plan; not likely materially affecting valuation.

The reported transaction is a routine, limited sale by the CFO executed under an existing Rule 10b5-1 plan to satisfy tax withholding on vested restricted stock. The sale size (506 shares at $19.265) is small relative to the holder's remaining position of 63,576 shares. There are no derivative transactions disclosed and no indications of unusual timing or company-specific operational developments in this filing. For analysts, this is a liquidity-driven insider action rather than a signal of deteriorating fundamentals.

Corporate Governance Expert

TL;DR: Governance practice followed: pre-established 10b5-1 plan used for tax-related share disposition.

The filing documents compliance with standard insider trading protocols: the sale was executed pursuant to a pre-existing 10b5-1 trading plan, and the reporting is timely and signed. This indicates adherence to governance and disclosure norms. The transaction appears administrative (tax withholding) in nature and the report discloses direct ownership and the plan origin date, enhancing transparency for shareholders and regulators.

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^*

Marone Anthony F. JR

(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)
	Chief Financial Officer

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		506(1)	D	$19.265	63,576	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 exercise and/or sale of shares was effected pursuant to a Rule 10b5-1 trading plan entered into by the reporting person prior to February 27, 2023 to satisfy certain tax withholding related obligations in connection with the vesting of previously granted restricted stock awards.

Remarks:

	/s/ Anthony F. Marone, Jr.	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 insider transaction did BXMT CFO Anthony Marone report?

The CFO reported a sale of 506 Class A shares on 09/02/2025 at $19.265 per share.

Why was the BXMT insider sale made under a 10b5-1 plan?

The filing states the sale was effected pursuant to a Rule 10b5-1 trading plan entered into prior to February 27, 2023 to satisfy tax withholding obligations from vested restricted stock.

How many BXMT shares does Anthony Marone beneficially own after the reported sale?

After the transaction the reporting person beneficially owned 63,576 shares (direct ownership).

When was the Form 4 for this transaction signed?

The Form 4 is signed by Anthony F. Marone, Jr. and dated 09/03/2025.