Commercial Real Estate Market Downturn: A significant decline in property values or rental income across various commercial real estate sectors could lead to increased loan defaults and reduced collateral value for BXMT's portfolio.

Borrower Loan Defaults and Credit Risk: The inability of borrowers to make timely payments on their loans or to repay the principal amount could result in significant losses for the trust, impacting its income and asset value.

Interest Rate Volatility: While most of BXMT's loans are floating-rate, sharp or sustained increases in benchmark rates can increase borrowers' debt service costs, potentially leading to payment difficulties, and also affect BXMT's own cost of funds.