Blackstone Mortgage Trust (BXMT) is a commercial real estate (CRE) finance company that originates and manages senior floating-rate mortgage loans secured by institutional-quality commercial real estate in the US, Europe, and Australia. BXMT lends primarily on large, stabilized or lightly transitional properties owned by experienced sponsors, with a focus on multifamily and industrial assets. As of year-end 2025, the core loan portfolio consisted of 131 loans with a total principal balance of $18.2B. BXMT earns money primarily through net interest income — the spread between interest earned on loans and interest paid on borrowings. Nearly all loans are floating rate, and BXMT targets levered returns of roughly 900–1,000 bps over base rates on new originations. Beyond its core lending business, BXMT has diversified into a net lease joint venture (~75% owned) that acquires triple net lease retail properties, and a bank loan portfolio joint venture (~35% owned) that acquires performing commercial mortgage loans from regional banks at discounts to par. BXMT is structured as a REIT, requiring it to distribute at least 90% of taxable income, and is externally managed by a Blackstone subsidiary, paying base management and incentive fees. BXMT finances its balance sheet through secured credit facilities, CLOs, and corporate debt, with nearly 85% of borrowings on a non-mark-to-market basis. BXMT argues its primary competitive advantage is its Blackstone affiliation, which provides proprietary deal flow, deep underwriting insight, and borrower relationships that smaller competitors cannot replicate.