SCHEDULE 13G/A: BlackRock Discloses 14.7% Stake in Blackstone Mortgage Trust

BlackRock, Inc. has reported a 14.7% beneficial ownership stake in Blackstone Mortgage Trust Inc., holding over 25 million shares as of June 30, 2025.

Summary

• BlackRock, Inc. reported beneficial ownership of 25,300,627 shares of Common Stock in BLACKSTONE MORTGAGE TRUST INC.
• This ownership represents 14.7% of the total outstanding class of securities.
• BlackRock holds sole voting power over 24,889,265 shares and sole dispositive power over 25,300,627 shares.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
• One specific entity, iShares Core S&P Small-Cap ETF, managed by BlackRock, is known to have an interest exceeding five percent of the total outstanding common stock of BLACKSTONE MORTGAGE TRUST INC.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would inherently convey positive or negative sentiment regarding the issuer's performance or outlook. It is a neutral, compliance-driven filing.

Positives

• BlackRock, a leading global asset manager, holds a significant 14.7% stake, indicating substantial institutional confidence in Blackstone Mortgage Trust Inc.
• The investment is stated to be for ordinary course of business, suggesting a passive, long-term holding rather than an activist position.

Future Outlook

The document is an ownership disclosure and does not provide forward-looking statements or guidance regarding the issuer's future performance or BlackRock's future investment intentions beyond the certification that the shares are held in the ordinary course of business.

Management Comments

• "The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."

Industry Context

This filing highlights BlackRock's continued significant investment in Blackstone Mortgage Trust Inc., a real estate finance company. As one of the world's largest asset managers, BlackRock's substantial stake underscores the appeal of Blackstone Mortgage Trust within the broader real estate investment trust (REIT) and mortgage finance sectors for large institutional portfolios.

Comparison to Industry Standards

• This document is a standard Schedule 13G filing, which is a routine disclosure for institutional investors holding more than 5% of a company's stock.
• BlackRock's 14.7% stake in Blackstone Mortgage Trust Inc. is a substantial passive investment, typical for large asset managers like BlackRock who manage numerous funds and ETFs that invest across various sectors.
• For instance, iShares Core S&P Small-Cap ETF, a BlackRock-managed fund, holds over 5% of the common stock, demonstrating how such large stakes are often aggregated across different investment vehicles within a major asset manager's portfolio, similar to holdings by Vanguard Group or State Street Global Advisors in other publicly traded companies.

Corporate Governance

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, potentially reinforcing confidence due to BlackRock's large, passive holding.
• Management: Awareness of a major institutional shareholder and their stated passive investment intent.

Next Steps

• BlackRock, Inc. will continue to monitor its beneficial ownership in Blackstone Mortgage Trust Inc. and file amendments to Schedule 13G as required by SEC regulations if its ownership percentage changes significantly.

Key Dates

Keywords

BlackRock, Blackstone Mortgage Trust, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, Asset Management, Real Estate Finance