Blackstone Mortgage Trust is a holding company. Through its various subsidiaries, Co. is engaged as a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Co. conducts its operations as a real estate investment trust. Co. operates its business as one segment, which originates and acquires commercial mortgage loans and related investments. Co. is externally managed and advised by its manager, BXMT Advisors L.L.C., which is responsible for administering Co.'s business activities, day-to-day operations, and providing Co. the services of its executive management team, investment team, and support personnel.