Vault-13

BLACKSTONE MORTGAGE TRUST IN BXMT 5.5 03.15.27

NOTE 5.500% 3/1 · US DOMESTIC · CUSIP 09257WAE0

51 institutional holders +3 vs Q2 2025
1,964,0002.0m shares reported held*
$147.9mreported value*
13 new 12 added 6 reduced 9 sold out net sold ≈ $3.7m (-22.4m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $76.52.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 37Q4 22: 40Q1 23: 44Q2 23: 44Q3 23: 50Q4 23: 43Q1 24: 47Q2 24: 42Q3 24: 48Q4 24: 48Q1 25: 52Q2 25: 48Q3 25: 5151Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 202237
Q4 202240
Q1 202344
Q2 202344
Q3 202350
Q4 202343
Q1 202447
Q2 202442
Q3 202448
Q4 202448
Q1 202552
Q2 202548
Q3 202551

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 23: 12 bought or addedQ4 23: 19 cut or sold outQ1 24: 16 bought or addedQ1 24: 13 cut or sold outQ1 24Q2 24: 12 bought or addedQ2 24: 15 cut or sold outQ3 24: 17 bought or addedQ3 24: 14 cut or sold outQ3 24Q4 24: 15 bought or addedQ4 24: 15 cut or sold outQ1 25: 25 bought or addedQ1 25: 15 cut or sold outQ1 25Q2 25: 19 bought or addedQ2 25: 18 cut or sold outQ3 25: 25 bought or addedQ3 25: 15 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20231219
Q1 20241613
Q2 20241215
Q3 20241714
Q4 20241515
Q1 20252515
Q2 20251918
Q3 20252515

Biggest buyers

Graham Capital Management, L.P. New +20,638,000+20.6m
LORD, ABBETT & CO. LLC Added +6,000,000+6.0m
Thrivent Financial for Lutherans Added +3,000,000+3.0m
FRANKLIN RESOURCES INC New +1,700,000+1.7m
HB Wealth Management, LLC New +1,504,000+1.5m
Parallax Volatility Advisers, L.P. Added +1,450,000+1.4m
BlackRock, Inc. Added +660,000+660.0k
PALISADE CAPITAL MANAGEMENT, LP Added +250,000+250.0k
Cetera Investment Advisers New +98,000+98.0k
ROYAL BANK OF CANADA New +61,000+61.0k

Biggest sellers

Graham Capital Management, L.P. Sold out -20,888,000-20.9m
TWO SIGMA INVESTMENTS, LP Sold out -7,000,000-7.0m
STANSBERRY ASSET MANAGEMENT, LLC Sold out -6,280,000-6.3m
VICTORY CAPITAL MANAGEMENT INC Reduced -3,000,000-3.0m
HB Wealth Management, LLC Sold out -1,504,000-1.5m
OAKTREE CAPITAL MANAGEMENT LP Reduced -212,000-212.0k
AVIVA PLC Reduced -200,000-200.0k
NORTHERN TRUST CORP Sold out -128,000-128.0k
Wealthspire Advisors, LLC Sold out -102,000-102.0k
Russell Investments Group, Ltd. Reduced -63,000-63.0k

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Parallax Volatility Advisers, L.P. 0.61% of their portfolio San Francisco, CA 20,950,00020.9m $20.5m $20.5m 0.61% Added +1.4m +1,450,000
2 Graham Capital Management, L.P. 0.76% of their portfolio ROWAYTON, CT 20,638,00020.6m $20.4m $20.4m 0.76% New
3 CORBYN INVESTMENT MANAGEMENT INC/MD 4.51% of their portfolio Lutherville, MD 15,730,00015.7m $15.4m $15.4m 4.51% Added +31.0k +31,000
4 LORD, ABBETT & CO. LLC 0.04% of their portfolio JERSEY CITY, NJ 13,307,00013.3m $13.1m $13.1m 0.04% Added +6.0m +6,000,000
5 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 8,023,0008.0m $7.9m $7.9m 0.02% Added +3.0m +3,000,000
6 BlackRock, Inc. 0.00% of their portfolio New York, NY 7,272,0007.3m $7.1m $7.1m 0.00% Added +660.0k +660,000
7 OAKTREE CAPITAL MANAGEMENT LP 0.11% of their portfolio LOS ANGELES, CA 6,939,0006.9m $6.8m $6.8m 0.11% Reduced -212.0k -212,000
8 ADVENT CAPITAL MANAGEMENT /DE/ 0.14% of their portfolio NEW YORK, NY 6,398,0006.4m $6.3m $6.3m 0.14% Unchanged
9 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 5,528,0005.5m $5.5m $5.5m 0.01% Reduced -63.0k -63,000
10 AVIVA PLC 0.01% of their portfolio LONDON, X0 5,100,0005.1m $5.0m $5.0m 0.01% Reduced -200.0k -200,000
11 SSI INVESTMENT MANAGEMENT LLC 0.31% of their portfolio Los Angeles, CA 4,604,0004.6m $4.5m $4.5m 0.31% Unchanged
12 VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio San Antonio, TX 4,230,0004.2m $4.2m $4.2m 0.00% Reduced -3.0m -3,000,000
13 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 4,100,0004.1m $4.0m $4.0m 0.00% Unchanged
14 PALISADE CAPITAL MANAGEMENT, LP 0.09% of their portfolio FORT LEE, NJ 3,319,0003.3m $3.3m $3.3m 0.09% Added +250.0k +250,000
15 WESTWOOD HOLDINGS GROUP INC 0.02% of their portfolio DALLAS, TX 3,000,0003.0m $3.0m $3.0m 0.02% Unchanged
16 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,699,0002.7m $2.6m $2.6m 0.00% Unchanged
17 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,500,0002.5m $2.5m $2.5m 0.00% Unchanged
18 Delphi Financial Group, Inc. 1.11% of their portfolio Wilmington, DE 2,000,0002.0m $2.0m $2.0m 1.11% Unchanged
19 Western Asset Management Company, LLC 4.28% of their portfolio Pasadena, CA 2,000,0002.0m $1.9m $1.9m 4.28% Unchanged
20 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 1,700,0001.7m $1.6m $1.6m 0.00% New
21 HB Wealth Management, LLC 0.01% of their portfolio Atlanta, GA 1,504,0001.5m $1.5m $1.5m 0.01% New
22 FINANCIAL CONSULATE, INC 0.14% of their portfolio HUNT VALLEY, MD 985,000985.0k $973.6k $973.6k 0.14% Added +12.0k +12,000
23 ZAZOVE ASSOCIATES LLC 0.03% of their portfolio INCLINE VILLAGE, NV 385,000385.0k $381.0k $381.0k 0.03% Unchanged
24 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 300,000300.0k $297.3k $297.3k 0.00% Unchanged
25 Left Brain Wealth Management, LLC 0.07% of their portfolio NAPERVILLE, IL 220,000220.0k $217.5k $217.5k 0.07% Unchanged
26 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 207,000207.0k $205.2k $205.2k 0.00% Added +45.0k +45,000
27 Sculati Wealth Management, LLC 0.07% of their portfolio Bloomfield Hills, MI 200,000200.0k $197.2k $197.2k 0.07% Unchanged
28 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 169,000169.0k $165.6k $165.6k 0.00% Reduced -17.0k -17,000
29 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 98,00098.0k $96.0k $96.0k 0.00% New
30 Clearstead Advisors, LLC 0.00% of their portfolio CLEVELAND, OH 80,00080.0k $78.4k $78.4k 0.00% Unchanged
31 180 WEALTH ADVISORS, LLC 0.01% of their portfolio FEDERAL WAY, WA 68,00068.0k $66.6k $66.6k 0.01% Added +9.0k +9,000
32 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 67,00067.0k $65.7k $65.7k 0.00% Added +54.0k +54,000
33 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 65,00065.0k $64.1k $64.1k 0.00% Unchanged
34 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 61,00061.0k $60.0k $60.0k 0.00% New
35 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 58,00058.0k $56.8k $56.8k 0.00% Added +30.0k +30,000
36 HANCOCK WHITNEY CORP 0.00% of their portfolio GULFPORT, MS 50,00050.0k $49.0k $49.0k 0.00% Unchanged
37 LVZ, Inc. 0.01% of their portfolio Holland, MI 50,00050.0k $49.0k $49.0k 0.01% New
38 UBS Group AG 0.00% of their portfolio ZURICH, V8 50,00050.0k $49.0k $49.0k 0.00% Reduced -54.0k -54,000
39 KESTRA PRIVATE WEALTH SERVICES, LLC 0.06% of their portfolio AUSTIN, TX 50,00050.0k $4.9m $4.9m 0.06% Added +10.0k +10,000
40 Clare Market Investments LLC 0.01% of their portfolio DALLAS, TX 50,00050.0k $49.0k $49.0k 0.01% Unchanged
41 LAFFER TENGLER INVESTMENTS, INC. 0.45% of their portfolio Scottsdale, AZ 28,96029.0k $2.9m $2.9m 0.45% New
42 Northside Capital Management, LLC 0.00% of their portfolio Hood River, OR 28,00028.0k $27.6k $27.6k 0.00% Unchanged
43 BOKF, NA 0.00% of their portfolio TULSA, OK 25,00025.0k $24.5k $24.5k 0.00% Unchanged
44 Elevated Capital Advisors, LLC 0.01% of their portfolio SANDY, UT 25,00025.0k $24.5k $24.5k 0.01% New
45 Wealthspire Advisors, LLC 0.00% of their portfolio NEW YORK, NY 24,00024.0k $23.5k $23.5k 0.00% New
46 BESSEMER GROUP INC 0.00% of their portfolio WOODBRIDGE, NJ 16,00016.0k $16.0k $16.0k 0.00% New
47 TRUE Private Wealth Advisors 0.00% of their portfolio Salem, OR 13,00013.0k $12.7k $12.7k 0.00% New
48 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 11,00011.0k $10.8k $10.8k 0.00% Unchanged
49 Ayrshire Capital Management LLC 0.00% of their portfolio WESTPORT, CT 10,00010.0k $9.8k $9.8k 0.00% Unchanged
50 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 3,0003.0k $2.9k $2.9k 0.00% New
51 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 2,0002.0k $2.0k $2.0k 0.00% New