SCHEDULE 13G: Blackstone Entities and Stephen Schwarzman Disclose Significant Stake in Blackstone Mortgage Trust

Blackstone Inc., Blackstone Group Management LLC, and Stephen A. Schwarzman have filed a Schedule 13G, disclosing their beneficial ownership of Class A Common Stock in Blackstone Mortgage Trust, Inc. as of December 31, 2024.

Summary

• Blackstone Inc. and Blackstone Group Management LLC each beneficially own 8,601,492 shares of Blackstone Mortgage Trust, Inc. Class A Common Stock, representing 5% of the class.
• Stephen A. Schwarzman beneficially owns 8,982,172 shares, representing 5.2% of the class.
• The beneficial ownership includes shares held directly by BXMT Advisors L.L.C. (the "Manager"), an indirect subsidiary of Blackstone Inc. and the external manager of Blackstone Mortgage Trust, Inc.
• The Manager directly holds 8,234,581 shares, including 1,320,898 restricted shares subject to vesting pursuant to the Issuer's applicable management incentive plans.
• Mr. Schwarzman directly holds 380,680 shares, including 103,946 restricted shares subject to vesting pursuant to the Issuer's applicable stock incentive plans.
• Blackstone Inc. may also indirectly beneficially own an additional 366,911 shares held in a separately managed account.
• The percentage of common stock beneficially owned is calculated based on 172,988,799 shares outstanding as of October 16, 2024, as disclosed in the Issuer's Quarterly Report on Form 10-Q.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would inherently indicate positive or negative sentiment regarding the company's performance or outlook.

Positives

• Significant beneficial ownership by Blackstone Inc. and its affiliates, including its founder Stephen A. Schwarzman, indicates strong alignment of interests with Blackstone Mortgage Trust, Inc.
• The substantial holdings, including restricted shares subject to vesting, suggest a long-term commitment from the external manager and key personnel.

Future Outlook

The document is a factual disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the company's future performance or strategy.

Industry Context

This filing highlights the continued significant ownership by Blackstone, a leading global investment firm, in Blackstone Mortgage Trust, Inc., which it externally manages. This structure is common for externally managed REITs and demonstrates the parent company's vested interest in the performance of its managed entity.

Comparison to Industry Standards

• This filing is a disclosure of beneficial ownership, not a performance report, so direct comparison to industry financial benchmarks or specific comparable companies' project results is not applicable.
• However, the significant ownership by a major institutional investor like Blackstone, and its founder Stephen A. Schwarzman, is a common characteristic among well-regarded externally managed real estate investment trusts (REITs), where the manager's alignment with shareholder interests is often a key consideration for investors.

Related Party Transactions

• BXMT Advisors L.L.C. (the "Manager"), an indirect subsidiary of Blackstone Inc., is the external manager of Blackstone Mortgage Trust, Inc. This relationship constitutes a related party arrangement, and the shares held by the Manager are included in the beneficial ownership reported by Blackstone Inc. and its affiliates.

Stakeholder Impact

• Shareholders: The significant ownership by Blackstone Inc. and its founder Stephen A. Schwarzman may be viewed positively, indicating strong alignment of interests between the external manager and the shareholders of Blackstone Mortgage Trust, Inc.
• Employees: The inclusion of restricted shares subject to vesting for the Manager's holdings suggests incentive alignment for key personnel.

Key Dates

Keywords

Blackstone Mortgage Trust, BXMT, Blackstone Inc., Stephen A. Schwarzman, Schedule 13G, beneficial ownership, common stock, SEC filing, institutional ownership