BXMT Advisors LLC

Item 5 – Fees and Compensations

vehicle(s) and/or investor(s) therein, and such allocation may be calculated based on capital
commitments, invested capital, available capital, or other metrics as determined by the Adviser in
its sole discretion. The Adviser will make such judgments in its fair and reasonable discretion,
notwithstanding its interest in the outcome, and may make corrective allocations should it
determine that such corrections are necessary or advisable. The Audit Committee of the Board of
Directors assists in the oversight and reviews on a periodic basis the costs and expenses for which
the Adviser seeks reimbursement.

The Clients will generally bear the costs and expenses related to the organization, maintenance
and/or dissolution of any entity used to directly or indirectly acquire, hold, provide financing with
respect to, or dispose of any or all any Investment or otherwise facilitate such Clients’ Investment
activities (including, without limitation, travel, accommodation and related expenses related to
such entity, and the salary and benefits of any personnel (including of the Adviser or its Affiliates)
reasonably necessary or advisable for the maintenance and operation of such entity), expenses of
liquidating Clients, capital raising and Investor-related services and other similar costs to the
extent not reimbursed by a third party, all third-party expenses incurred in connection with a
proposed Investment that is not ultimately made (or a proposed Investment that was initially
considered by an Other Blackstone Vehicle and subsequently allocated to a Client) or a proposed
disposition that is not actually consummated (including legal, tax, accounting, travel and other
expenses related to underwriting and pursuing an Investment, advisory and consulting fees and
expenses, travel, accommodation and related expenses and printing expenses, and any liquidated
damages, reverse termination fees or similar payments). Service providers (including Affiliates of
the Adviser) will be retained for such purposes in accordance with the terms described in Item 10
– “Portfolio Entity Service Providers and Vendors” and “Service Providers, Vendors and Other
Counterparties Generally.”

The Clients will, in certain circumstances, be required to make contingent funding commitments
or guarantees to their Portfolio Entities or other vehicles or entities in or alongside which the
Clients invest and to provide other credit support arrangements in connection therewith. Such
credit support may take the form of a guarantee, a letter of credit or other forms of promise to
provide funding. Such credit support will, in certain circumstances, result in fees, expenses and
interest costs to the Clients, subject to certain limitations set forth in the Organizational Documents
of the applicable Clients.

BXMT Advisors L.L.C.

Item 7 – Types of Clients

The Adviser currently serves as external manager for BXMT pursuant to the BXMT Management
Agreement. BXMT’s Class A Common Stock is listed on the NYSE and Investors in BXMT are
not required to meet any suitability requirements.

In the future, the Adviser may provide investment advice to other Clients. Such other Clients’
Investors can be expected to consist of some or all of the following:

       Sovereign wealth funds;
       Public and private retirement and pension plans;
       State and municipal government agencies;
       Insurance companies;
       Public and private profit-sharing plans;
       Charitable organizations and foundations, including endowment funds thereof;
       Banks and other financial institutions;
       Private investment funds;
       CLOs;
       Collective investment trusts;
       Investment companies;
       Trusts and estates;
       Corporations;
       Family Offices;
       Certain high net worth individuals;
       Certain individuals (including individuals’ retirement accounts); and
       Business entities other than those listed above.

BXMT Advisors L.L.C.