COMMITMENTS AND CONTINGENCIES

Unfunded Commitments Under Loans Receivable

As of December 31, 2025, we had aggregate unfunded commitments of $1.2 billion across 53 loans receivable, and

$754.8 million of committed or identified financings for those commitments, resulting in net unfunded commitments of

$430.2 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs,

and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without

limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact

timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of

the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans,

which have a weighted-average future funding period of 2.0 years.

Principal Debt Repayments

Our contractual principal debt repayments as of December 31, 2025 were as follows ($ in thousands):


Year	Secured Debt(1)	Asset-Specific Debt(1)	Term Loans(2)	Senior Secured Notes	Convertible Notes(3)	Total(4)
2026	$1,850,706	$—	$11,531	$—	$—	$1,862,237
2027	3,265,125	413,175	11,531	335,316	266,157	4,291,304
2028	1,574,127	—	11,531	—	—	1,585,658
2029	1,032,526	421,322	445,379	450,000	—	2,349,227
2030	2,367,755	165,313	702,754	—	—	3,235,822
Thereafter	35,600	—	665,000	—	—	700,600
Total obligation	$10,125,839	$999,810	$1,847,726	$785,316	$266,157	$14,024,848

(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.

Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity

date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the

maturity date of the respective debt agreement is used.

(2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance

due in quarterly installments. Refer to Note 11 for further details on our Term Loans.

(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer

to Note 13 for further details on our Convertible Notes.

(4)Total does not include $2.1 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities

will not require cash outlays from us.

Board of Directors’ Compensation

As of December 31, 2025, our seven non-employee directors are entitled to annual compensation of $210,000 each, of

which $95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of

restricted common stock. As of December 31, 2025, the other two board members are employees of affiliates of our

Manager who also serve as executive officers and they are not compensated by us for their service as directors. In addition,

(i) the lead independent director receives additional annual cash compensation of $30,000, (ii) the chairs of our audit,

compensation, and corporate governance committees receive additional annual cash compensation of $20,000, $15,000,

and $10,000, respectively, and (iii) the members of our audit and investment risk management committees receive

additional annual cash compensation of $10,000 and $7,500, respectively.

Litigation

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of

December 31, 2025, we were not involved in any material legal proceedings.

Historical Timeline

Fiscal Year	Filed
2025	Feb 11, 2026	Showing above
2024	Feb 12, 2025

2023	Feb 14, 2024

2022	Feb 8, 2023

2021	Feb 9, 2022

2020	Feb 10, 2021

2019	Feb 11, 2020

2018	Feb 12, 2019

2017	Feb 13, 2018

2016	Feb 14, 2017

2015	Feb 16, 2016

About Commitments Disclosures

Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.

Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.

BLACKSTONE MORTGAGE TRUST, INC. Commitments Disclosure

Historical Timeline

About Commitments Disclosures

Other Available Disclosures