<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2026 Workiva-->
<!--r:98355127-90db-49b9-9d49-a411ec9cb38b,g:d907e3d7-8c7d-4e3b-968f-d7f3de643330-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/ConsolidatedBalanceSheets" xlink:type="simple" xlink:href="bxmt-20251231.xsd#ConsolidatedBalanceSheets"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/ConsolidatedBalanceSheets" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_9a65bdc4-d6ed-451b-a5ae-f41a9323081f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_24165ee0-1828-43f9-b10a-e78b423a67c3" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquity"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_9a65bdc4-d6ed-451b-a5ae-f41a9323081f" xlink:to="loc_us-gaap_StockholdersEquity_24165ee0-1828-43f9-b10a-e78b423a67c3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest_d0d85a9c-0507-458d-a001-6e02829dc307" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_MinorityInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_9a65bdc4-d6ed-451b-a5ae-f41a9323081f" xlink:to="loc_us-gaap_MinorityInterest_d0d85a9c-0507-458d-a001-6e02829dc307" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_e08b26af-5184-4799-b337-885f7cc7d38a" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue_44beba24-988d-4842-8a97-3b7369c9cfe6" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommonStockValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_e08b26af-5184-4799-b337-885f7cc7d38a" xlink:to="loc_us-gaap_CommonStockValue_44beba24-988d-4842-8a97-3b7369c9cfe6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock_6d8851a4-df36-40f2-a304-42602713c77a" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AdditionalPaidInCapitalCommonStock"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_e08b26af-5184-4799-b337-885f7cc7d38a" xlink:to="loc_us-gaap_AdditionalPaidInCapitalCommonStock_6d8851a4-df36-40f2-a304-42602713c77a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_5fff8fcb-1389-471d-bc9c-766c52a8dbb1" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_e08b26af-5184-4799-b337-885f7cc7d38a" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_5fff8fcb-1389-471d-bc9c-766c52a8dbb1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_9889fb81-b510-4b45-a103-f2f196e7c90c" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_e08b26af-5184-4799-b337-885f7cc7d38a" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_9889fb81-b510-4b45-a103-f2f196e7c90c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_14d7299d-d6bd-413d-8079-064f8925b640" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Liabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt_2df4aaf0-97b7-4712-bc08-a0253111fabc" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LongTermDebt"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_14d7299d-d6bd-413d-8079-064f8925b640" xlink:to="loc_us-gaap_LongTermDebt_2df4aaf0-97b7-4712-bc08-a0253111fabc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_LoanParticipationsSoldLiabilityAmount_f51d0e64-50ad-4f7c-b1ef-e16bcc196afd" xlink:href="bxmt-20251231.xsd#bxmt_LoanParticipationsSoldLiabilityAmount"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_14d7299d-d6bd-413d-8079-064f8925b640" xlink:to="loc_bxmt_LoanParticipationsSoldLiabilityAmount_f51d0e64-50ad-4f7c-b1ef-e16bcc196afd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeniorNotes_6406bb50-77eb-4cdc-8a05-f9b9247e04a0" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SeniorNotes"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_14d7299d-d6bd-413d-8079-064f8925b640" xlink:to="loc_us-gaap_SeniorNotes_6406bb50-77eb-4cdc-8a05-f9b9247e04a0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilities_93efe38a-289b-47fd-8561-555ec10cb69f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherLiabilities"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_14d7299d-d6bd-413d-8079-064f8925b640" xlink:to="loc_us-gaap_OtherLiabilities_93efe38a-289b-47fd-8561-555ec10cb69f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_60393dc8-96c8-4709-8abd-a3d2712910a6" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_e7ae1365-ecc5-4a90-83f2-c6b4a0c5e7f2" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Liabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_60393dc8-96c8-4709-8abd-a3d2712910a6" xlink:to="loc_us-gaap_Liabilities_e7ae1365-ecc5-4a90-83f2-c6b4a0c5e7f2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_790150c9-377f-4c1a-a181-3084dc8654ad" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_60393dc8-96c8-4709-8abd-a3d2712910a6" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_790150c9-377f-4c1a-a181-3084dc8654ad" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies_fb6e2e8a-552c-4d10-a481-3b34627f69de" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommitmentsAndContingencies"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_60393dc8-96c8-4709-8abd-a3d2712910a6" xlink:to="loc_us-gaap_CommitmentsAndContingencies_fb6e2e8a-552c-4d10-a481-3b34627f69de" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss_70062b3a-7265-47d9-bf0b-89289ced20d5" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest_db3606fc-e5a1-4fc8-973e-89393796c670" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss_70062b3a-7265-47d9-bf0b-89289ced20d5" xlink:to="loc_us-gaap_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest_db3606fc-e5a1-4fc8-973e-89393796c670" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_f875acfc-4ff4-47f1-ab02-8c44f5f82cf2" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss_70062b3a-7265-47d9-bf0b-89289ced20d5" xlink:to="loc_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_f875acfc-4ff4-47f1-ab02-8c44f5f82cf2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets_890241a2-14e1-4976-a988-801f98c4c0cb" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Assets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss_c28681b2-b6fa-4d29-823c-981397080ffe" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_890241a2-14e1-4976-a988-801f98c4c0cb" xlink:to="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss_c28681b2-b6fa-4d29-823c-981397080ffe" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_7c18c5bb-6f9c-4730-a0bb-fc5c01e2b826" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_890241a2-14e1-4976-a988-801f98c4c0cb" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_7c18c5bb-6f9c-4730-a0bb-fc5c01e2b826" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets_399ab1fb-1a4d-4d41-bc2e-afaab7526eec" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherAssets"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_890241a2-14e1-4976-a988-801f98c4c0cb" xlink:to="loc_us-gaap_OtherAssets_399ab1fb-1a4d-4d41-bc2e-afaab7526eec" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestments_e5edf4cb-f5f6-4a6c-828d-ac6422909c46" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_EquityMethodInvestments"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_890241a2-14e1-4976-a988-801f98c4c0cb" xlink:to="loc_us-gaap_EquityMethodInvestments_e5edf4cb-f5f6-4a6c-828d-ac6422909c46" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateAcquiredThroughForeclosure_019bb804-1279-7851-8a43-ce4e2b55bdb6" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RealEstateAcquiredThroughForeclosure"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_890241a2-14e1-4976-a988-801f98c4c0cb" xlink:to="loc_us-gaap_RealEstateAcquiredThroughForeclosure_019bb804-1279-7851-8a43-ce4e2b55bdb6" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/ConsolidatedStatementsofOperations" xlink:type="simple" xlink:href="bxmt-20251231.xsd#ConsolidatedStatementsofOperations"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/ConsolidatedStatementsofOperations" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_InterestAndFeeIncomeLoansAndLeasesNetOfInterestExpenseOperating_42128214-32eb-4651-b8d6-e6f6ccb70fed" xlink:href="bxmt-20251231.xsd#bxmt_InterestAndFeeIncomeLoansAndLeasesNetOfInterestExpenseOperating"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseOperating_7fe6eafc-aaf0-450a-a09d-080eb0f45155" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InterestExpenseOperating"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_InterestAndFeeIncomeLoansAndLeasesNetOfInterestExpenseOperating_42128214-32eb-4651-b8d6-e6f6ccb70fed" xlink:to="loc_us-gaap_InterestExpenseOperating_7fe6eafc-aaf0-450a-a09d-080eb0f45155" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases_b0b74051-92bb-4750-8e50-36d5aa1e00aa" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InterestAndFeeIncomeLoansAndLeases"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_InterestAndFeeIncomeLoansAndLeasesNetOfInterestExpenseOperating_42128214-32eb-4651-b8d6-e6f6ccb70fed" xlink:to="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases_b0b74051-92bb-4750-8e50-36d5aa1e00aa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestExpense_77dc18a6-e3fa-4fbc-b47d-6629230d83a2" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NoninterestExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ManagementAndIncentiveFeesExpense_5f1a24f8-f31f-44ef-8fc7-1538d252eb75" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ManagementAndIncentiveFeesExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NoninterestExpense_77dc18a6-e3fa-4fbc-b47d-6629230d83a2" xlink:to="loc_us-gaap_ManagementAndIncentiveFeesExpense_5f1a24f8-f31f-44ef-8fc7-1538d252eb75" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_42130bf0-a5e1-439f-9b6a-693b549654fc" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_GeneralAndAdministrativeExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NoninterestExpense_77dc18a6-e3fa-4fbc-b47d-6629230d83a2" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_42130bf0-a5e1-439f-9b6a-693b549654fc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateOwnedExpenses_8ca22b74-83eb-4434-b0d6-479250715222" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateOwnedExpenses"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NoninterestExpense_77dc18a6-e3fa-4fbc-b47d-6629230d83a2" xlink:to="loc_bxmt_RealEstateOwnedExpenses_8ca22b74-83eb-4434-b0d6-479250715222" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNoninterestExpense_58b44d96-9004-43f6-ba36-c950b226b77d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherNoninterestExpense"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NoninterestExpense_77dc18a6-e3fa-4fbc-b47d-6629230d83a2" xlink:to="loc_us-gaap_OtherNoninterestExpense_58b44d96-9004-43f6-ba36-c950b226b77d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_d0bd7b31-21a7-49f4-8b7a-11a20231023a" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_9b3da562-fe68-4b73-bf8a-e5b9cb500ad7" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_d0bd7b31-21a7-49f4-8b7a-11a20231023a" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_9b3da562-fe68-4b73-bf8a-e5b9cb500ad7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_aca75fcc-14b1-47d8-b383-dc9fba4820ba" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_d0bd7b31-21a7-49f4-8b7a-11a20231023a" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_aca75fcc-14b1-47d8-b383-dc9fba4820ba" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestIncome_6df0ebd0-cf08-49bb-8113-0314dd8c6246" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NoninterestIncome"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_baa021e4-8346-4a4f-9498-dd9310fbe2a0" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NoninterestIncome_6df0ebd0-cf08-49bb-8113-0314dd8c6246" xlink:to="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_baa021e4-8346-4a4f-9498-dd9310fbe2a0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateOwnedIncome_8d8a2326-c64e-41fd-8b90-bd1ddddbf7df" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateOwnedIncome"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NoninterestIncome_6df0ebd0-cf08-49bb-8113-0314dd8c6246" xlink:to="loc_bxmt_RealEstateOwnedIncome_8d8a2326-c64e-41fd-8b90-bd1ddddbf7df" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_InterestAndFeeIncomeLoansAndLeasesNetOfInterestExpenseOperating_b8b023f5-70ad-4119-b5eb-806a0f003932" xlink:href="bxmt-20251231.xsd#bxmt_InterestAndFeeIncomeLoansAndLeasesNetOfInterestExpenseOperating"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NoninterestIncome_6df0ebd0-cf08-49bb-8113-0314dd8c6246" xlink:to="loc_bxmt_InterestAndFeeIncomeLoansAndLeasesNetOfInterestExpenseOperating_b8b023f5-70ad-4119-b5eb-806a0f003932" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestIncomeOther_7ef0ba46-f187-474a-9c57-9df1016d5655" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NoninterestIncomeOther"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NoninterestIncome_6df0ebd0-cf08-49bb-8113-0314dd8c6246" xlink:to="loc_us-gaap_NoninterestIncomeOther_7ef0ba46-f187-474a-9c57-9df1016d5655" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_96e11887-b586-4b74-9e91-dcea9d24a0ae" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_efc63cf1-e3ce-4021-b92e-b1e255851098" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_96e11887-b586-4b74-9e91-dcea9d24a0ae" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_efc63cf1-e3ce-4021-b92e-b1e255851098" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_c24fb658-a56a-4963-8de1-2e51c66b403f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_96e11887-b586-4b74-9e91-dcea9d24a0ae" xlink:to="loc_us-gaap_ProfitLoss_c24fb658-a56a-4963-8de1-2e51c66b403f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_79152057-5dcc-46a8-9ec6-ab94911adf7e" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal_d96aee90-b383-480d-ae13-c48828e6a095" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_79152057-5dcc-46a8-9ec6-ab94911adf7e" xlink:to="loc_us-gaap_FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal_d96aee90-b383-480d-ae13-c48828e6a095" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestExpense_6f3c4324-3b28-459a-a8f0-bc8733579293" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NoninterestExpense"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_79152057-5dcc-46a8-9ec6-ab94911adf7e" xlink:to="loc_us-gaap_NoninterestExpense_6f3c4324-3b28-459a-a8f0-bc8733579293" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestIncome_eb5bd733-a3cb-42bb-9bd7-c664081b8066" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NoninterestIncome"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_79152057-5dcc-46a8-9ec6-ab94911adf7e" xlink:to="loc_us-gaap_NoninterestIncome_eb5bd733-a3cb-42bb-9bd7-c664081b8066" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_e3575a45-b800-49b8-a779-20a893c699c1" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_79152057-5dcc-46a8-9ec6-ab94911adf7e" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_e3575a45-b800-49b8-a779-20a893c699c1" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/ConsolidatedStatementsofComprehensiveIncome" xlink:type="simple" xlink:href="bxmt-20251231.xsd#ConsolidatedStatementsofComprehensiveIncome"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/ConsolidatedStatementsofComprehensiveIncome" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_1cb4da6a-ce4d-4ef4-b9a6-e45b6c6bdd1c" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_1e23a922-e26f-4df5-ba6b-9c23fed2791b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_1cb4da6a-ce4d-4ef4-b9a6-e45b6c6bdd1c" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_1e23a922-e26f-4df5-ba6b-9c23fed2791b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_b0cc948f-064e-44a8-9c55-d168fce29b73" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_1cb4da6a-ce4d-4ef4-b9a6-e45b6c6bdd1c" xlink:to="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_b0cc948f-064e-44a8-9c55-d168fce29b73" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OciEquityMethodInvestmentAfterTax_b03bdfd1-d360-41a5-99b7-ff3e6a4ce6df" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OciEquityMethodInvestmentAfterTax"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_1cb4da6a-ce4d-4ef4-b9a6-e45b6c6bdd1c" xlink:to="loc_us-gaap_OciEquityMethodInvestmentAfterTax_b03bdfd1-d360-41a5-99b7-ff3e6a4ce6df" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax_a5d85cbf-7200-4940-8a68-1bd679be768d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_ba288e92-1885-48d6-8841-1497862d19f6" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_a5d85cbf-7200-4940-8a68-1bd679be768d" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_ba288e92-1885-48d6-8841-1497862d19f6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_a3a4037e-ba07-4adb-8a79-22892b7d2c76" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_a5d85cbf-7200-4940-8a68-1bd679be768d" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_a3a4037e-ba07-4adb-8a79-22892b7d2c76" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_18d3fd4f-858e-4b32-834e-208d6907c975" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_294e0c08-805e-48c4-a5fe-a2f40bf599e3" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_18d3fd4f-858e-4b32-834e-208d6907c975" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_294e0c08-805e-48c4-a5fe-a2f40bf599e3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_b701ad21-a426-49ba-b8bd-eab0386b5d1b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_18d3fd4f-858e-4b32-834e-208d6907c975" xlink:to="loc_us-gaap_ProfitLoss_b701ad21-a426-49ba-b8bd-eab0386b5d1b" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/ConsolidatedStatementsofCashFlows" xlink:type="simple" xlink:href="bxmt-20251231.xsd#ConsolidatedStatementsofCashFlows"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/ConsolidatedStatementsofCashFlows" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_9b512617-8bd9-4146-be6f-44d8572dbc9d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_ProfitLoss_9b512617-8bd9-4146-be6f-44d8572dbc9d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation_52bc37bc-3e6b-4519-9a8e-b743ac730a4f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ShareBasedCompensation"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_ShareBasedCompensation_52bc37bc-3e6b-4519-9a8e-b743ac730a4f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfDeferredLoanOriginationFeesNet_f03fcc3a-a6c8-4108-b58b-2fb2d15e68af" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AmortizationOfDeferredLoanOriginationFeesNet"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_AmortizationOfDeferredLoanOriginationFeesNet_f03fcc3a-a6c8-4108-b58b-2fb2d15e68af" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfFinancingCostsAndDiscounts_b9f13a3a-ee99-4a8b-ab00-fcfdcaf848b2" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AmortizationOfFinancingCostsAndDiscounts"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_AmortizationOfFinancingCostsAndDiscounts_b9f13a3a-ee99-4a8b-ab00-fcfdcaf848b2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_PaymentInKindInterestNetOfInterestReceived_81a8c901-45f9-4b3f-aa49-b769654d9dac" xlink:href="bxmt-20251231.xsd#bxmt_PaymentInKindInterestNetOfInterestReceived"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_bxmt_PaymentInKindInterestNetOfInterestReceived_81a8c901-45f9-4b3f-aa49-b769654d9dac" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal_085f1ff2-2b79-43a0-a24f-773123007ac1" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal_085f1ff2-2b79-43a0-a24f-773123007ac1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StraightLineRent_3f2f71fb-4c78-4d66-9490-213e4ee18826" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_StraightLineRent"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_StraightLineRent_3f2f71fb-4c78-4d66-9490-213e4ee18826" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_65633cb0-02ba-4bb1-b02b-91f4db07c495" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_65633cb0-02ba-4bb1-b02b-91f4db07c495" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAndAmortization_a9bd80bb-a8b6-4096-a95d-d61d31bd3093" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DepreciationAndAmortization"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_DepreciationAndAmortization_a9bd80bb-a8b6-4096-a95d-d61d31bd3093" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_e2ad2d74-0c5e-442e-9ad5-0ecd60a207a4" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_e2ad2d74-0c5e-442e-9ad5-0ecd60a207a4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentDividendsOrDistributions_cb1fe8e6-7f92-4f90-9aa1-fa9785cea285" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_EquityMethodInvestmentDividendsOrDistributions"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_EquityMethodInvestmentDividendsOrDistributions_cb1fe8e6-7f92-4f90-9aa1-fa9785cea285" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeGainLossOnDerivativeNet_7d7d726e-d51b-4291-a462-6bd797d3aba9" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DerivativeGainLossOnDerivativeNet"/>
    <link:calculationArc order="12" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_DerivativeGainLossOnDerivativeNet_7d7d726e-d51b-4291-a462-6bd797d3aba9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealizedGainsLossesOnDerivativeFinancialInstrumentsNet_58864ab2-198f-46cb-b7dd-15e84c9f9738" xlink:href="bxmt-20251231.xsd#bxmt_RealizedGainsLossesOnDerivativeFinancialInstrumentsNet"/>
    <link:calculationArc order="13" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_bxmt_RealizedGainsLossesOnDerivativeFinancialInstrumentsNet_58864ab2-198f-46cb-b7dd-15e84c9f9738" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_757dfbc1-c12c-49ea-b3d5-bc2fc436cf6d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
    <link:calculationArc order="14" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_757dfbc1-c12c-49ea-b3d5-bc2fc436cf6d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_019ba39e-fd19-74eb-b1e1-fd1c4f42ac53" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities"/>
    <link:calculationArc order="15" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aaa3f9e0-b47c-4542-b17e-81eae41c627d" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_019ba39e-fd19-74eb-b1e1-fd1c4f42ac53" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_fe67ffc8-17bd-428c-9631-94aeb5661078" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_1ee4db6d-15f2-494e-b0b2-fe82d8f8d65e" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_fe67ffc8-17bd-428c-9631-94aeb5661078" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_1ee4db6d-15f2-494e-b0b2-fe82d8f8d65e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_9db3e283-d9d7-4ddd-9422-a809f4778fd0" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_fe67ffc8-17bd-428c-9631-94aeb5661078" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_9db3e283-d9d7-4ddd-9422-a809f4778fd0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_7d10b7e3-2b40-4ab5-91e5-db754e914aa7" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_fe67ffc8-17bd-428c-9631-94aeb5661078" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_7d10b7e3-2b40-4ab5-91e5-db754e914aa7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_50e54094-9b9d-439f-9c49-714c02983a15" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_12881953-0cab-40e3-9100-0f767b35c52c" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_50e54094-9b9d-439f-9c49-714c02983a15" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_12881953-0cab-40e3-9100-0f767b35c52c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfLongTermDebt_e70fc149-b759-48db-b15e-dbcee6af57a3" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RepaymentsOfLongTermDebt"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_50e54094-9b9d-439f-9c49-714c02983a15" xlink:to="loc_us-gaap_RepaymentsOfLongTermDebt_e70fc149-b759-48db-b15e-dbcee6af57a3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock_3fe45006-f02b-4f51-8230-7d530ee1ddef" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsOfDividendsCommonStock"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_50e54094-9b9d-439f-9c49-714c02983a15" xlink:to="loc_us-gaap_PaymentsOfDividendsCommonStock_3fe45006-f02b-4f51-8230-7d530ee1ddef" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToMinorityShareholders_d0481723-5d7f-454c-8feb-5180f41741c9" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsToMinorityShareholders"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_50e54094-9b9d-439f-9c49-714c02983a15" xlink:to="loc_us-gaap_PaymentsToMinorityShareholders_d0481723-5d7f-454c-8feb-5180f41741c9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_22d39092-953f-4209-9145-379a6bd3f183" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_50e54094-9b9d-439f-9c49-714c02983a15" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_22d39092-953f-4209-9145-379a6bd3f183" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_ProceedsFromIssuanceOfCollateralizedLoanObligations_4a9083b0-4527-4668-b3af-32d25b026fe7" xlink:href="bxmt-20251231.xsd#bxmt_ProceedsFromIssuanceOfCollateralizedLoanObligations"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_50e54094-9b9d-439f-9c49-714c02983a15" xlink:to="loc_bxmt_ProceedsFromIssuanceOfCollateralizedLoanObligations_4a9083b0-4527-4668-b3af-32d25b026fe7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfFinancingCosts_42566f81-e211-4afc-90f8-7eaef7671415" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsOfFinancingCosts"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_50e54094-9b9d-439f-9c49-714c02983a15" xlink:to="loc_us-gaap_PaymentsOfFinancingCosts_42566f81-e211-4afc-90f8-7eaef7671415" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromMinorityShareholders_00f2ba0f-b3c0-45ba-8ef2-e4205797bde0" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromMinorityShareholders"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_50e54094-9b9d-439f-9c49-714c02983a15" xlink:to="loc_us-gaap_ProceedsFromMinorityShareholders_00f2ba0f-b3c0-45ba-8ef2-e4205797bde0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RepaymentsOfLoanParticipations_7316c783-842a-448e-9c8a-0c42d8bd780c" xlink:href="bxmt-20251231.xsd#bxmt_RepaymentsOfLoanParticipations"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_50e54094-9b9d-439f-9c49-714c02983a15" xlink:to="loc_bxmt_RepaymentsOfLoanParticipations_7316c783-842a-448e-9c8a-0c42d8bd780c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_ProceedsFromSaleOfLoanParticipations_0c258909-b95e-4168-b499-6b182414e29b" xlink:href="bxmt-20251231.xsd#bxmt_ProceedsFromSaleOfLoanParticipations"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_50e54094-9b9d-439f-9c49-714c02983a15" xlink:to="loc_bxmt_ProceedsFromSaleOfLoanParticipations_0c258909-b95e-4168-b499-6b182414e29b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt_60ea7ece-b9be-40e4-bf47-02be3466df00" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_50e54094-9b9d-439f-9c49-714c02983a15" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt_60ea7ece-b9be-40e4-bf47-02be3466df00" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_480feddc-d594-4c01-aa5a-20f9080f7ed1" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_ProceedsFromCollateralDepositOnDerivativeInstrumentInvestingActivities_0a78573f-700b-41a5-b7d3-eb963440d44e" xlink:href="bxmt-20251231.xsd#bxmt_ProceedsFromCollateralDepositOnDerivativeInstrumentInvestingActivities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_480feddc-d594-4c01-aa5a-20f9080f7ed1" xlink:to="loc_bxmt_ProceedsFromCollateralDepositOnDerivativeInstrumentInvestingActivities_0a78573f-700b-41a5-b7d3-eb963440d44e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_fba89231-a3dd-42a9-a403-dadc2c3ee4e1" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_480feddc-d594-4c01-aa5a-20f9080f7ed1" xlink:to="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_fba89231-a3dd-42a9-a403-dadc2c3ee4e1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleAndCollectionOfLoansReceivable_455ecf44-4834-41fa-a4e0-010508308d3a" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromSaleAndCollectionOfLoansReceivable"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_480feddc-d594-4c01-aa5a-20f9080f7ed1" xlink:to="loc_us-gaap_ProceedsFromSaleAndCollectionOfLoansReceivable_455ecf44-4834-41fa-a4e0-010508308d3a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_CapitalExpenditureRealEstateOwned_4a541687-aae9-4861-8b34-87cd9dc4c04c" xlink:href="bxmt-20251231.xsd#bxmt_CapitalExpenditureRealEstateOwned"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_480feddc-d594-4c01-aa5a-20f9080f7ed1" xlink:to="loc_bxmt_CapitalExpenditureRealEstateOwned_4a541687-aae9-4861-8b34-87cd9dc4c04c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_PaymentsForCollateralDepositOnDerivativeInstrumentInvestingActivities_a550b86c-ebc0-49d3-b8f2-e16327603c98" xlink:href="bxmt-20251231.xsd#bxmt_PaymentsForCollateralDepositOnDerivativeInstrumentInvestingActivities"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_480feddc-d594-4c01-aa5a-20f9080f7ed1" xlink:to="loc_bxmt_PaymentsForCollateralDepositOnDerivativeInstrumentInvestingActivities_a550b86c-ebc0-49d3-b8f2-e16327603c98" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForDerivativeInstrumentInvestingActivities_f5612238-00c1-49c4-bb53-dcf54b4b514c" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsForDerivativeInstrumentInvestingActivities"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_480feddc-d594-4c01-aa5a-20f9080f7ed1" xlink:to="loc_us-gaap_PaymentsForDerivativeInstrumentInvestingActivities_f5612238-00c1-49c4-bb53-dcf54b4b514c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromDerivativeInstrumentInvestingActivities_aa9262ad-502f-4199-93c4-0142c59c0c87" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProceedsFromDerivativeInstrumentInvestingActivities"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_480feddc-d594-4c01-aa5a-20f9080f7ed1" xlink:to="loc_us-gaap_ProceedsFromDerivativeInstrumentInvestingActivities_aa9262ad-502f-4199-93c4-0142c59c0c87" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromLoansReceivable_6ba50765-7d58-4583-8733-253f600e61c2" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PaymentsForProceedsFromLoansReceivable"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_480feddc-d594-4c01-aa5a-20f9080f7ed1" xlink:to="loc_us-gaap_PaymentsForProceedsFromLoansReceivable_6ba50765-7d58-4583-8733-253f600e61c2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_ProceedsFromLoanOriginationAndOtherLoanReceivableFees_2b925ef2-ee64-47a2-b60d-ebc5977eb184" xlink:href="bxmt-20251231.xsd#bxmt_ProceedsFromLoanOriginationAndOtherLoanReceivableFees"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_480feddc-d594-4c01-aa5a-20f9080f7ed1" xlink:to="loc_bxmt_ProceedsFromLoanOriginationAndOtherLoanReceivableFees_2b925ef2-ee64-47a2-b60d-ebc5977eb184" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/LoansReceivableNetActivityRelatingtoLoansReceivablePortfolioDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#LoansReceivableNetActivityRelatingtoLoansReceivablePortfolioDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/LoansReceivableNetActivityRelatingtoLoansReceivablePortfolioDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_cf328f89-6af5-493c-890a-b8e311585d5b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount_9cdbd1dd-b025-415b-a910-f024ee56caba" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_cf328f89-6af5-493c-890a-b8e311585d5b" xlink:to="loc_us-gaap_FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount_9cdbd1dd-b025-415b-a910-f024ee56caba" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess_0c287f38-2abe-4ac2-b4a6-fc0499eb766b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss_cf328f89-6af5-493c-890a-b8e311585d5b" xlink:to="loc_us-gaap_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess_0c287f38-2abe-4ac2-b4a6-fc0499eb766b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_FinancingReceivableBeforeAllowanceForCreditLossFeeAndLoanInProcessSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds_11195d87-45b2-4b63-a60e-593adc411cf0" xlink:href="bxmt-20251231.xsd#bxmt_FinancingReceivableBeforeAllowanceForCreditLossFeeAndLoanInProcessSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_FinancingReceivableUnamortizedLoanFeeCostAndPurchasePremiumDiscountSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds_aa2061be-45cf-4ce0-b8b4-fc7861ce2a41" xlink:href="bxmt-20251231.xsd#bxmt_FinancingReceivableUnamortizedLoanFeeCostAndPurchasePremiumDiscountSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_FinancingReceivableBeforeAllowanceForCreditLossFeeAndLoanInProcessSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds_11195d87-45b2-4b63-a60e-593adc411cf0" xlink:to="loc_bxmt_FinancingReceivableUnamortizedLoanFeeCostAndPurchasePremiumDiscountSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds_aa2061be-45cf-4ce0-b8b4-fc7861ce2a41" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_FinancingReceivableSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds_32c8cc0e-c0eb-43e0-8220-48f3f985b2eb" xlink:href="bxmt-20251231.xsd#bxmt_FinancingReceivableSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_FinancingReceivableBeforeAllowanceForCreditLossFeeAndLoanInProcessSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds_11195d87-45b2-4b63-a60e-593adc411cf0" xlink:to="loc_bxmt_FinancingReceivableSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds_32c8cc0e-c0eb-43e0-8220-48f3f985b2eb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossWriteoff_dccfb4c4-8c2f-41b4-a910-e53e0d9fc54c" xlink:href="bxmt-20251231.xsd#bxmt_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossWriteoff"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_FinancingReceivableUnamortizedLoanFeeCostAndPurchasePremiumDiscountWriteoff_455cd20e-d8b0-409b-935a-8cc3098c8196" xlink:href="bxmt-20251231.xsd#bxmt_FinancingReceivableUnamortizedLoanFeeCostAndPurchasePremiumDiscountWriteoff"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossWriteoff_dccfb4c4-8c2f-41b4-a910-e53e0d9fc54c" xlink:to="loc_bxmt_FinancingReceivableUnamortizedLoanFeeCostAndPurchasePremiumDiscountWriteoff_455cd20e-d8b0-409b-935a-8cc3098c8196" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcessWriteoff_6360ff33-f0dc-418e-9272-2dff7e3e6bb2" xlink:href="bxmt-20251231.xsd#bxmt_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcessWriteoff"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossWriteoff_dccfb4c4-8c2f-41b4-a910-e53e0d9fc54c" xlink:to="loc_bxmt_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcessWriteoff_6360ff33-f0dc-418e-9272-2dff7e3e6bb2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_FinancingReceivableGainLossOnForeignCurrencyTranslation_fd16edce-187e-4c4b-8195-13f579e57148" xlink:href="bxmt-20251231.xsd#bxmt_FinancingReceivableGainLossOnForeignCurrencyTranslation"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossUnrealizedGainLossOnForeignCurrencyTranslation_ce21c063-5d44-4a67-be02-b81b8ce59f88" xlink:href="bxmt-20251231.xsd#bxmt_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossUnrealizedGainLossOnForeignCurrencyTranslation"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_FinancingReceivableGainLossOnForeignCurrencyTranslation_fd16edce-187e-4c4b-8195-13f579e57148" xlink:to="loc_bxmt_FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossUnrealizedGainLossOnForeignCurrencyTranslation_ce21c063-5d44-4a67-be02-b81b8ce59f88" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_FinancingReceivableUnamortizedLoanFeeCostAndPurchasePremiumDiscountUnrealizedGainLossOnForeignCurrencyTranslation_743f3d92-7be4-4053-ba3c-9ca27fb95b1b" xlink:href="bxmt-20251231.xsd#bxmt_FinancingReceivableUnamortizedLoanFeeCostAndPurchasePremiumDiscountUnrealizedGainLossOnForeignCurrencyTranslation"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_FinancingReceivableGainLossOnForeignCurrencyTranslation_fd16edce-187e-4c4b-8195-13f579e57148" xlink:to="loc_bxmt_FinancingReceivableUnamortizedLoanFeeCostAndPurchasePremiumDiscountUnrealizedGainLossOnForeignCurrencyTranslation_743f3d92-7be4-4053-ba3c-9ca27fb95b1b" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/LoansReceivableNetLoansReceivableBasedOnOurInternalRiskRatingsSeparatedByYearOfOriginationDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#LoansReceivableNetLoansReceivableBasedOnOurInternalRiskRatingsSeparatedByYearOfOriginationDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/LoansReceivableNetLoansReceivableBasedOnOurInternalRiskRatingsSeparatedByYearOfOriginationDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff_98de37d7-0a72-47ee-9ac9-e2fb944f1c73" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYearWriteoff_7c0c9304-68f6-4aa7-9607-41105be126fd" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYearWriteoff"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff_98de37d7-0a72-47ee-9ac9-e2fb944f1c73" xlink:to="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYearWriteoff_7c0c9304-68f6-4aa7-9607-41105be126fd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearWriteoff_02e7a1da-3b50-4a99-b0a8-2cb938cbf6b9" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearWriteoff"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff_98de37d7-0a72-47ee-9ac9-e2fb944f1c73" xlink:to="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearWriteoff_02e7a1da-3b50-4a99-b0a8-2cb938cbf6b9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYearWriteoff_9f5edcdf-f06d-4fff-abd7-e7aad286f064" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYearWriteoff"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff_98de37d7-0a72-47ee-9ac9-e2fb944f1c73" xlink:to="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYearWriteoff_9f5edcdf-f06d-4fff-abd7-e7aad286f064" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYearWriteoff_b13a8332-95ec-40b6-ac7c-8167ccc66de2" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYearWriteoff"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff_98de37d7-0a72-47ee-9ac9-e2fb944f1c73" xlink:to="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYearWriteoff_b13a8332-95ec-40b6-ac7c-8167ccc66de2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYearWriteoff_164e0037-3940-4998-8097-13ef44206458" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYearWriteoff"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff_98de37d7-0a72-47ee-9ac9-e2fb944f1c73" xlink:to="loc_us-gaap_FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYearWriteoff_164e0037-3940-4998-8097-13ef44206458" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYearWriteoff_e418ec30-af21-4b18-ae01-b634beb1d7fc" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYearWriteoff"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff_98de37d7-0a72-47ee-9ac9-e2fb944f1c73" xlink:to="loc_us-gaap_FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYearWriteoff_e418ec30-af21-4b18-ae01-b634beb1d7fc" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/OwnedRealEstateNetOwnedRealEstateAssetsDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#OwnedRealEstateNetOwnedRealEstateAssetsDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/OwnedRealEstateNetOwnedRealEstateAssetsDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateAcquiredThroughForeclosure_221cec83-a1ff-4e00-abb4-63551b7d5816" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RealEstateAcquiredThroughForeclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateAcquiredThroughForeclosureGross_882080d9-9747-4b71-9ca8-5a55d3c8228c" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateAcquiredThroughForeclosureGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateAcquiredThroughForeclosure_221cec83-a1ff-4e00-abb4-63551b7d5816" xlink:to="loc_bxmt_RealEstateAcquiredThroughForeclosureGross_882080d9-9747-4b71-9ca8-5a55d3c8228c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateAcquiredThroughForeclosureAccumulatedDepreciation_ca933029-53b1-4f9e-9c64-e092010400ee" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateAcquiredThroughForeclosureAccumulatedDepreciation"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateAcquiredThroughForeclosure_221cec83-a1ff-4e00-abb4-63551b7d5816" xlink:to="loc_bxmt_RealEstateAcquiredThroughForeclosureAccumulatedDepreciation_ca933029-53b1-4f9e-9c64-e092010400ee" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateAcquiredThroughForeclosureGross_4ce2aab8-2cf3-42e8-9f2a-4b80d1cc65ea" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateAcquiredThroughForeclosureGross"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_LandAndSiteImprovementsAcquiredThroughForeclosure_6969bee2-8474-45f4-aa84-b9f06515fb4a" xlink:href="bxmt-20251231.xsd#bxmt_LandAndSiteImprovementsAcquiredThroughForeclosure"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_RealEstateAcquiredThroughForeclosureGross_4ce2aab8-2cf3-42e8-9f2a-4b80d1cc65ea" xlink:to="loc_bxmt_LandAndSiteImprovementsAcquiredThroughForeclosure_6969bee2-8474-45f4-aa84-b9f06515fb4a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_BuildingAndBuildingImprovementsAcquiredThroughForeclosure_6a12f727-3569-4700-8a73-813a83ec386d" xlink:href="bxmt-20251231.xsd#bxmt_BuildingAndBuildingImprovementsAcquiredThroughForeclosure"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_RealEstateAcquiredThroughForeclosureGross_4ce2aab8-2cf3-42e8-9f2a-4b80d1cc65ea" xlink:to="loc_bxmt_BuildingAndBuildingImprovementsAcquiredThroughForeclosure_6a12f727-3569-4700-8a73-813a83ec386d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_IntangibleRealEstateAcquiredThroughForeclosureNet_ed3746c3-c0cc-49aa-934b-fd34a32e3c4f" xlink:href="bxmt-20251231.xsd#bxmt_IntangibleRealEstateAcquiredThroughForeclosureNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_IntangibleRealEstateAcquiredThroughForeclosureGross_7bb081b1-2448-43a3-9dcd-99d82f28fe44" xlink:href="bxmt-20251231.xsd#bxmt_IntangibleRealEstateAcquiredThroughForeclosureGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_IntangibleRealEstateAcquiredThroughForeclosureNet_ed3746c3-c0cc-49aa-934b-fd34a32e3c4f" xlink:to="loc_bxmt_IntangibleRealEstateAcquiredThroughForeclosureGross_7bb081b1-2448-43a3-9dcd-99d82f28fe44" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_IntangibleRealEstateAcquiredThroughForeclosureAccumulatedDepreciation_75e87f87-f3da-4568-8a87-756fcf9f44f3" xlink:href="bxmt-20251231.xsd#bxmt_IntangibleRealEstateAcquiredThroughForeclosureAccumulatedDepreciation"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_IntangibleRealEstateAcquiredThroughForeclosureNet_ed3746c3-c0cc-49aa-934b-fd34a32e3c4f" xlink:to="loc_bxmt_IntangibleRealEstateAcquiredThroughForeclosureAccumulatedDepreciation_75e87f87-f3da-4568-8a87-756fcf9f44f3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureGross_f44fcd02-0ae1-4cc8-9fa7-95ddeb31e8c2" xlink:href="bxmt-20251231.xsd#bxmt_IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureGross"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureNet_c83a92f3-a306-4959-8cb9-3b3d6f557980" xlink:href="bxmt-20251231.xsd#bxmt_IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureGross_f44fcd02-0ae1-4cc8-9fa7-95ddeb31e8c2" xlink:to="loc_bxmt_IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureNet_c83a92f3-a306-4959-8cb9-3b3d6f557980" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureAccumulatedDepreciation_259ab9be-e09a-4d43-9fc9-b3eda04313e1" xlink:href="bxmt-20251231.xsd#bxmt_IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureAccumulatedDepreciation"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureGross_f44fcd02-0ae1-4cc8-9fa7-95ddeb31e8c2" xlink:to="loc_bxmt_IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureAccumulatedDepreciation_259ab9be-e09a-4d43-9fc9-b3eda04313e1" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/OwnedRealEstateNetRevenueandExpensesFromRealEstateOwnedDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#OwnedRealEstateNetRevenueandExpensesFromRealEstateOwnedDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/OwnedRealEstateNetRevenueandExpensesFromRealEstateOwnedDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateOwnedIncome_b13f5abe-bdb4-425e-a9bf-03c72d1dcadb" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateOwnedIncome"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncome_3c602c90-8c96-40c6-beb5-837cbdc72e31" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OperatingLeaseLeaseIncome"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_RealEstateOwnedIncome_b13f5abe-bdb4-425e-a9bf-03c72d1dcadb" xlink:to="loc_us-gaap_OperatingLeaseLeaseIncome_3c602c90-8c96-40c6-beb5-837cbdc72e31" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateOwnedHospitalityIncome_65985437-5b75-4718-acfb-677a557cc129" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateOwnedHospitalityIncome"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_RealEstateOwnedIncome_b13f5abe-bdb4-425e-a9bf-03c72d1dcadb" xlink:to="loc_bxmt_RealEstateOwnedHospitalityIncome_65985437-5b75-4718-acfb-677a557cc129" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateOwnedOtherIncome_019c1334-0b5a-7cae-bdce-582a4e686e8c" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateOwnedOtherIncome"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_RealEstateOwnedIncome_b13f5abe-bdb4-425e-a9bf-03c72d1dcadb" xlink:to="loc_bxmt_RealEstateOwnedOtherIncome_019c1334-0b5a-7cae-bdce-582a4e686e8c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateOwnedExpenses_c40c775b-d0f0-4538-ad9c-802e90bd0cf0" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateOwnedExpenses"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateOwnedOperatingExpenses_55bdbd32-ab45-4600-8003-66ab66cdd3e5" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateOwnedOperatingExpenses"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_RealEstateOwnedExpenses_c40c775b-d0f0-4538-ad9c-802e90bd0cf0" xlink:to="loc_bxmt_RealEstateOwnedOperatingExpenses_55bdbd32-ab45-4600-8003-66ab66cdd3e5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateOwnedDepreciationAndAmortizationExpense_02a7ae1e-f336-4011-9a1a-44645852e3e6" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateOwnedDepreciationAndAmortizationExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_RealEstateOwnedExpenses_c40c775b-d0f0-4538-ad9c-802e90bd0cf0" xlink:to="loc_bxmt_RealEstateOwnedDepreciationAndAmortizationExpense_02a7ae1e-f336-4011-9a1a-44645852e3e6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateOwnedIncomeLoss_defc2b1e-315d-4f1a-ad00-ec9ea9ffe301" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateOwnedIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateOwnedIncome_b7f83d6d-357e-4d76-a844-1dc8bf812b82" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateOwnedIncome"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_RealEstateOwnedIncomeLoss_defc2b1e-315d-4f1a-ad00-ec9ea9ffe301" xlink:to="loc_bxmt_RealEstateOwnedIncome_b7f83d6d-357e-4d76-a844-1dc8bf812b82" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_RealEstateOwnedExpenses_ba8eb562-a7e0-4c80-ac9d-07989f728505" xlink:href="bxmt-20251231.xsd#bxmt_RealEstateOwnedExpenses"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_RealEstateOwnedIncomeLoss_defc2b1e-315d-4f1a-ad00-ec9ea9ffe301" xlink:to="loc_bxmt_RealEstateOwnedExpenses_ba8eb562-a7e0-4c80-ac9d-07989f728505" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/OwnedRealEstateNetScheduleofUndiscountedFutureMinimumRentalIncomeDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#OwnedRealEstateNetScheduleofUndiscountedFutureMinimumRentalIncomeDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/OwnedRealEstateNetScheduleofUndiscountedFutureMinimumRentalIncomeDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_51423c0b-21d3-459e-875a-35492443a75d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceived"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_857a47b9-1b67-4107-b12e-9f0e8873570d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_51423c0b-21d3-459e-875a-35492443a75d" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_857a47b9-1b67-4107-b12e-9f0e8873570d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_4539e3dc-a1f5-4649-a83a-9234f0974d09" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_51423c0b-21d3-459e-875a-35492443a75d" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_4539e3dc-a1f5-4649-a83a-9234f0974d09" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_fbc1409f-84ab-433a-80e3-dffd46a3ec49" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_51423c0b-21d3-459e-875a-35492443a75d" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_fbc1409f-84ab-433a-80e3-dffd46a3ec49" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_fbc78f48-6805-4ada-84e7-a6ec0e081e61" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_51423c0b-21d3-459e-875a-35492443a75d" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_fbc78f48-6805-4ada-84e7-a6ec0e081e61" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_c6defb93-0fb1-4fec-a848-3b3819cd484d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_51423c0b-21d3-459e-875a-35492443a75d" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_c6defb93-0fb1-4fec-a848-3b3819cd484d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_ec5607f5-32c8-4ffb-9bdc-7b2ba1c530cf" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_51423c0b-21d3-459e-875a-35492443a75d" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_ec5607f5-32c8-4ffb-9bdc-7b2ba1c530cf" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/OwnedRealEstateNetScheduleofAmortizationofLeaseIntangiblesDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#OwnedRealEstateNetScheduleofAmortizationofLeaseIntangiblesDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/OwnedRealEstateNetScheduleofAmortizationofLeaseIntangiblesDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseNet_93f86200-3f4e-43e9-9ab7-66000046f3cf" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_BelowMarketLeaseNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths_80bc49be-d064-4fee-9e8e-9febef1b5de4" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_93f86200-3f4e-43e9-9ab7-66000046f3cf" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths_80bc49be-d064-4fee-9e8e-9febef1b5de4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo_67f2b3b0-3f49-4c41-ad70-2f92fd818305" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_93f86200-3f4e-43e9-9ab7-66000046f3cf" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo_67f2b3b0-3f49-4c41-ad70-2f92fd818305" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearThree_56291c4e-a0ad-455a-8efe-cd0ad694340e" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeYearThree"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_93f86200-3f4e-43e9-9ab7-66000046f3cf" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearThree_56291c4e-a0ad-455a-8efe-cd0ad694340e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearFour_9999825c-71ae-44b9-a28c-5e48595dc017" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeYearFour"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_93f86200-3f4e-43e9-9ab7-66000046f3cf" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearFour_9999825c-71ae-44b9-a28c-5e48595dc017" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearFive_9046a781-d5ed-4322-9614-a64a0d1d8251" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeYearFive"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_93f86200-3f4e-43e9-9ab7-66000046f3cf" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearFive_9046a781-d5ed-4322-9614-a64a0d1d8251" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeAfterYearFive_c6d8e499-afe3-44d4-a650-34cb28f0ea7c" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeAfterYearFive"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_93f86200-3f4e-43e9-9ab7-66000046f3cf" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeAfterYearFive_c6d8e499-afe3-44d4-a650-34cb28f0ea7c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet_b1d2d7d4-dd15-4900-ba39-8167f3f4aaa9" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_c05ca989-51a5-4462-8bac-92d66341882b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_b1d2d7d4-dd15-4900-ba39-8167f3f4aaa9" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_c05ca989-51a5-4462-8bac-92d66341882b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_0d72080d-0d0b-44aa-b5fe-7d6aa7546eb8" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_b1d2d7d4-dd15-4900-ba39-8167f3f4aaa9" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_0d72080d-0d0b-44aa-b5fe-7d6aa7546eb8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_c0035a4b-da13-4979-a968-e40b85ddc574" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_b1d2d7d4-dd15-4900-ba39-8167f3f4aaa9" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_c0035a4b-da13-4979-a968-e40b85ddc574" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_c1b50382-d7cf-4699-b4d0-27707a4f1fd1" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_b1d2d7d4-dd15-4900-ba39-8167f3f4aaa9" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_c1b50382-d7cf-4699-b4d0-27707a4f1fd1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_d5072de1-7897-48d8-b23d-01d9ca8a05db" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_b1d2d7d4-dd15-4900-ba39-8167f3f4aaa9" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_d5072de1-7897-48d8-b23d-01d9ca8a05db" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_c5b2e7ca-3677-4b20-be17-ecb95687e5ed" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_b1d2d7d4-dd15-4900-ba39-8167f3f4aaa9" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_c5b2e7ca-3677-4b20-be17-ecb95687e5ed" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/OtherAssetsandLiabilitiesSummaryofComponentsofOtherAssetsDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#OtherAssetsandLiabilitiesSummaryofComponentsofOtherAssetsDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/OtherAssetsandLiabilitiesSummaryofComponentsofOtherAssetsDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets_f1b1c661-16b2-4668-9d87-7afd18772c12" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherAssets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherRealEstate_b0d6793e-fc48-4ce0-9c65-232aad6ecbef" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherRealEstate"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_f1b1c661-16b2-4668-9d87-7afd18772c12" xlink:to="loc_us-gaap_OtherRealEstate_b0d6793e-fc48-4ce0-9c65-232aad6ecbef" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent_885734bf-7e43-4c5c-a3ac-185984c7716c" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_PrepaidExpenseCurrentAndNoncurrent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_f1b1c661-16b2-4668-9d87-7afd18772c12" xlink:to="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent_885734bf-7e43-4c5c-a3ac-185984c7716c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_LoanPortfolioPaymentsHeldByOurThirdPartyLoanServicer_c99324c1-9e56-4d9a-be99-d2f4e3943a60" xlink:href="bxmt-20251231.xsd#bxmt_LoanPortfolioPaymentsHeldByOurThirdPartyLoanServicer"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_f1b1c661-16b2-4668-9d87-7afd18772c12" xlink:to="loc_bxmt_LoanPortfolioPaymentsHeldByOurThirdPartyLoanServicer_c99324c1-9e56-4d9a-be99-d2f4e3943a60" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_AccountsReceivableNetCurrentAndOtherAssetsCurrent_43f6f680-da8a-4509-9a87-2fb86538d228" xlink:href="bxmt-20251231.xsd#bxmt_AccountsReceivableNetCurrentAndOtherAssetsCurrent"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_f1b1c661-16b2-4668-9d87-7afd18772c12" xlink:to="loc_bxmt_AccountsReceivableNetCurrentAndOtherAssetsCurrent_43f6f680-da8a-4509-9a87-2fb86538d228" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_IntangibleRealEstateAcquiredThroughForeclosureNet_5a81d06d-926b-4d9c-a08e-7ee5d6e8901a" xlink:href="bxmt-20251231.xsd#bxmt_IntangibleRealEstateAcquiredThroughForeclosureNet"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_f1b1c661-16b2-4668-9d87-7afd18772c12" xlink:to="loc_bxmt_IntangibleRealEstateAcquiredThroughForeclosureNet_5a81d06d-926b-4d9c-a08e-7ee5d6e8901a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets_d894a9c1-643a-4207-9703-d370a961d721" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DerivativeAssets"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_f1b1c661-16b2-4668-9d87-7afd18772c12" xlink:to="loc_us-gaap_DerivativeAssets_d894a9c1-643a-4207-9703-d370a961d721" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestReceivable_cb29363e-0354-4597-9e2d-f21bf40435ea" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InterestReceivable"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_f1b1c661-16b2-4668-9d87-7afd18772c12" xlink:to="loc_us-gaap_InterestReceivable_cb29363e-0354-4597-9e2d-f21bf40435ea" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralAlreadyPostedAggregateFairValue_650ca8f9-a140-4bb1-b145-62f57a72f598" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CollateralAlreadyPostedAggregateFairValue"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_f1b1c661-16b2-4668-9d87-7afd18772c12" xlink:to="loc_us-gaap_CollateralAlreadyPostedAggregateFairValue_650ca8f9-a140-4bb1-b145-62f57a72f598" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/OtherAssetsandLiabilitiesSummaryofComponentsofOtherLiabilitiesDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#OtherAssetsandLiabilitiesSummaryofComponentsofOtherLiabilitiesDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/OtherAssetsandLiabilitiesSummaryofComponentsofOtherLiabilitiesDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilities_6a5dc05c-e412-4445-b6e2-ef7749c8ec87" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherLiabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_SecuredDebtRepaymentsPendingServicerRemittance_faf50855-0a1b-4b51-b58b-772d44dd876c" xlink:href="bxmt-20251231.xsd#bxmt_SecuredDebtRepaymentsPendingServicerRemittance"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_6a5dc05c-e412-4445-b6e2-ef7749c8ec87" xlink:to="loc_bxmt_SecuredDebtRepaymentsPendingServicerRemittance_faf50855-0a1b-4b51-b58b-772d44dd876c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_OtherRealEstateLiabilities_394b7bec-cf2c-4aea-9291-819953fab2e8" xlink:href="bxmt-20251231.xsd#bxmt_OtherRealEstateLiabilities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_6a5dc05c-e412-4445-b6e2-ef7749c8ec87" xlink:to="loc_bxmt_OtherRealEstateLiabilities_394b7bec-cf2c-4aea-9291-819953fab2e8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_bdea58c3-724f-4670-9742-ef96f556f290" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_6a5dc05c-e412-4445-b6e2-ef7749c8ec87" xlink:to="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_bdea58c3-724f-4670-9742-ef96f556f290" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent_d35cba41-5f30-426f-bf84-3808dbe8f36d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InterestPayableCurrentAndNoncurrent"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_6a5dc05c-e412-4445-b6e2-ef7749c8ec87" xlink:to="loc_us-gaap_InterestPayableCurrentAndNoncurrent_d35cba41-5f30-426f-bf84-3808dbe8f36d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredDebtOther_1b5d2b64-66f3-43d9-ab65-fd9196674e08" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SecuredDebtOther"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_6a5dc05c-e412-4445-b6e2-ef7749c8ec87" xlink:to="loc_us-gaap_SecuredDebtOther_1b5d2b64-66f3-43d9-ab65-fd9196674e08" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ManagementFeePayable_5bfc764f-730a-42a5-b2e2-31b8f72bba40" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ManagementFeePayable"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_6a5dc05c-e412-4445-b6e2-ef7749c8ec87" xlink:to="loc_us-gaap_ManagementFeePayable_5bfc764f-730a-42a5-b2e2-31b8f72bba40" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffBalanceSheetCreditLossLiability_8612c241-c9fe-440e-8bee-b7c0b127be6f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OffBalanceSheetCreditLossLiability"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_6a5dc05c-e412-4445-b6e2-ef7749c8ec87" xlink:to="loc_us-gaap_OffBalanceSheetCreditLossLiability_8612c241-c9fe-440e-8bee-b7c0b127be6f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilities_4ade0b69-aa03-45f6-a537-7cf0efd84046" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AccountsPayableAndOtherAccruedLiabilities"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_6a5dc05c-e412-4445-b6e2-ef7749c8ec87" xlink:to="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilities_4ade0b69-aa03-45f6-a537-7cf0efd84046" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities_019b93f0-f070-7b84-ad94-9d22d7fa0672" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DerivativeLiabilities"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_6a5dc05c-e412-4445-b6e2-ef7749c8ec87" xlink:to="loc_us-gaap_DerivativeLiabilities_019b93f0-f070-7b84-ad94-9d22d7fa0672" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/SecuredDebtNetScheduleofAllinCostofSecuredCreditFacilitiesDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#SecuredDebtNetScheduleofAllinCostofSecuredCreditFacilitiesDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/SecuredDebtNetScheduleofAllinCostofSecuredCreditFacilitiesDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_DebtInstrumentWeightedAverageAllInYield_c3f0bb50-3739-4657-a9c9-258b60bee734" xlink:href="bxmt-20251231.xsd#bxmt_DebtInstrumentWeightedAverageAllInYield"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtWeightedAverageInterestRate_4b7e1d14-5b37-42fc-a9f2-42735881f739" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DebtWeightedAverageInterestRate"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_DebtInstrumentWeightedAverageAllInYield_c3f0bb50-3739-4657-a9c9-258b60bee734" xlink:to="loc_us-gaap_DebtWeightedAverageInterestRate_4b7e1d14-5b37-42fc-a9f2-42735881f739" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_LineOfCreditFacilityWeightedAverageAllInCost_7c5a4c27-03f6-46cd-9b85-4af41fa8efd4" xlink:href="bxmt-20251231.xsd#bxmt_LineOfCreditFacilityWeightedAverageAllInCost"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_DebtInstrumentWeightedAverageAllInYield_c3f0bb50-3739-4657-a9c9-258b60bee734" xlink:to="loc_bxmt_LineOfCreditFacilityWeightedAverageAllInCost_7c5a4c27-03f6-46cd-9b85-4af41fa8efd4" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/SeniorSecuredNotesNetScheduleofSeniorSecuredNotesDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#SeniorSecuredNotesNetScheduleofSeniorSecuredNotesDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/SeniorSecuredNotesNetScheduleofSeniorSecuredNotesDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt_c885aab4-7149-42bf-9dcc-c52cb990a4d2" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LongTermDebt"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_6ee265c4-ea84-44e2-b482-e446919aff6d" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DebtInstrumentCarryingAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_c885aab4-7149-42bf-9dcc-c52cb990a4d2" xlink:to="loc_us-gaap_DebtInstrumentCarryingAmount_6ee265c4-ea84-44e2-b482-e446919aff6d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet_04df5906-8f0f-474e-9919-0d4824bb4c83" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_c885aab4-7149-42bf-9dcc-c52cb990a4d2" xlink:to="loc_us-gaap_DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet_04df5906-8f0f-474e-9919-0d4824bb4c83" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease_d590d5a8-a71d-43e5-86fd-b47665d32052" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_c885aab4-7149-42bf-9dcc-c52cb990a4d2" xlink:to="loc_us-gaap_HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease_d590d5a8-a71d-43e5-86fd-b47665d32052" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/ConvertibleNotesNetSummaryofDetailsaboutInterestExpenseDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#ConvertibleNotesNetSummaryofDetailsaboutInterestExpenseDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/ConvertibleNotesNetSummaryofDetailsaboutInterestExpenseDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseDebt_2acea2fd-f8fd-4c8d-baf9-caa939426c37" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InterestExpenseDebt"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseDebtExcludingAmortization_73e76cbf-896c-46ae-b444-d7f4cdd1e9d7" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InterestExpenseDebtExcludingAmortization"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_InterestExpenseDebt_2acea2fd-f8fd-4c8d-baf9-caa939426c37" xlink:to="loc_us-gaap_InterestExpenseDebtExcludingAmortization_73e76cbf-896c-46ae-b444-d7f4cdd1e9d7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfFinancingCostsAndDiscounts_135786cb-3f7f-4f19-9db5-b7679ad1aa08" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AmortizationOfFinancingCostsAndDiscounts"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_InterestExpenseDebt_2acea2fd-f8fd-4c8d-baf9-caa939426c37" xlink:to="loc_us-gaap_AmortizationOfFinancingCostsAndDiscounts_135786cb-3f7f-4f19-9db5-b7679ad1aa08" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/DerivativeFinancialInstrumentsNetGainsLossesonFairValueHedgingRelationshipsDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#DerivativeFinancialInstrumentsNetGainsLossesonFairValueHedgingRelationshipsDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/DerivativeFinancialInstrumentsNetGainsLossesonFairValueHedgingRelationshipsDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings_6c0e85b5-7c7f-4eb4-a153-4a21d420078b" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_GainLossOnSettlementsAndAccrualsOfFairValueHedgingInstruments_4f0ba873-6627-428b-a80b-24490a34de6f" xlink:href="bxmt-20251231.xsd#bxmt_GainLossOnSettlementsAndAccrualsOfFairValueHedgingInstruments"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings_6c0e85b5-7c7f-4eb4-a153-4a21d420078b" xlink:to="loc_bxmt_GainLossOnSettlementsAndAccrualsOfFairValueHedgingInstruments_4f0ba873-6627-428b-a80b-24490a34de6f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1_5607f4c7-7e04-4f36-b44d-01f95f58ca28" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings_6c0e85b5-7c7f-4eb4-a153-4a21d420078b" xlink:to="loc_us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1_5607f4c7-7e04-4f36-b44d-01f95f58ca28" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1_20ec8e8e-7982-4634-9d82-b7c8eaaddd55" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings_6c0e85b5-7c7f-4eb4-a153-4a21d420078b" xlink:to="loc_us-gaap_ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1_20ec8e8e-7982-4634-9d82-b7c8eaaddd55" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/DerivativeFinancialInstrumentsSummaryofEffectofDerivativeFinancialInstrumentsonConsolidatedStatementsofComprehensiveIncomeAndOperationsDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#DerivativeFinancialInstrumentsSummaryofEffectofDerivativeFinancialInstrumentsonConsolidatedStatementsofComprehensiveIncomeAndOperationsDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/DerivativeFinancialInstrumentsSummaryofEffectofDerivativeFinancialInstrumentsonConsolidatedStatementsofComprehensiveIncomeAndOperationsDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_OtherComprehensiveIncomeLossNetInvestmentHedgeAndCashFlowHedgeGainLossBeforeReclassificationAndTax_a695da13-84a6-4205-b04b-9c1ab34336b9" xlink:href="bxmt-20251231.xsd#bxmt_OtherComprehensiveIncomeLossNetInvestmentHedgeAndCashFlowHedgeGainLossBeforeReclassificationAndTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax_8fb5d575-d4af-42d1-a00b-dff2a57d1109" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_OtherComprehensiveIncomeLossNetInvestmentHedgeAndCashFlowHedgeGainLossBeforeReclassificationAndTax_a695da13-84a6-4205-b04b-9c1ab34336b9" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax_8fb5d575-d4af-42d1-a00b-dff2a57d1109" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationAndTax_ff86f318-426f-46f1-89af-9605549db5bc" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationAndTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_OtherComprehensiveIncomeLossNetInvestmentHedgeAndCashFlowHedgeGainLossBeforeReclassificationAndTax_a695da13-84a6-4205-b04b-9c1ab34336b9" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationAndTax_ff86f318-426f-46f1-89af-9605549db5bc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_OtherComprehensiveIncomeLossCashFlowAndNetInvestmentHedgeGainLossReclassificationBeforeTax_319d7d3b-4119-4637-b78b-1d205ea39f99" xlink:href="bxmt-20251231.xsd#bxmt_OtherComprehensiveIncomeLossCashFlowAndNetInvestmentHedgeGainLossReclassificationBeforeTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax_eb415594-effc-4767-8af2-d57bd0b5fdc8" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_OtherComprehensiveIncomeLossCashFlowAndNetInvestmentHedgeGainLossReclassificationBeforeTax_319d7d3b-4119-4637-b78b-1d205ea39f99" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax_eb415594-effc-4767-8af2-d57bd0b5fdc8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossReclassificationBeforeTax_6586df8d-a1b4-4951-9714-97cf5872c266" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossReclassificationBeforeTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_OtherComprehensiveIncomeLossCashFlowAndNetInvestmentHedgeGainLossReclassificationBeforeTax_319d7d3b-4119-4637-b78b-1d205ea39f99" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossReclassificationBeforeTax_6586df8d-a1b4-4951-9714-97cf5872c266" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/EquityScheduleofDividendActivityDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#EquityScheduleofDividendActivityDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/EquityScheduleofDividendActivityDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Dividends_b4082f39-0471-42cb-9546-61902cf3d00c" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_Dividends"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsCommonStock_93346ba9-ee55-4a39-9934-220d99c79035" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DividendsCommonStock"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Dividends_b4082f39-0471-42cb-9546-61902cf3d00c" xlink:to="loc_us-gaap_DividendsCommonStock_93346ba9-ee55-4a39-9934-220d99c79035" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsShareBasedCompensation_de5579a5-5c83-4658-9b38-8fdc3ea0d312" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DividendsShareBasedCompensation"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Dividends_b4082f39-0471-42cb-9546-61902cf3d00c" xlink:to="loc_us-gaap_DividendsShareBasedCompensation_de5579a5-5c83-4658-9b38-8fdc3ea0d312" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_DividendsCommonStockPercentage_019ba3e4-a38c-7651-b815-61005218a143" xlink:href="bxmt-20251231.xsd#bxmt_DividendsCommonStockPercentage"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_DividendsCommonStockOrdinaryDividendsPercentage_019ba3e4-a38c-77c2-82b1-e8a91cf9a9ad" xlink:href="bxmt-20251231.xsd#bxmt_DividendsCommonStockOrdinaryDividendsPercentage"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_DividendsCommonStockPercentage_019ba3e4-a38c-7651-b815-61005218a143" xlink:to="loc_bxmt_DividendsCommonStockOrdinaryDividendsPercentage_019ba3e4-a38c-77c2-82b1-e8a91cf9a9ad" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_DividendShareBasedPaymentArrangementCapitalGainsDividendsPercentage_019ba3e4-a38c-7eff-95aa-3c4feed6571f" xlink:href="bxmt-20251231.xsd#bxmt_DividendShareBasedPaymentArrangementCapitalGainsDividendsPercentage"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_DividendsCommonStockPercentage_019ba3e4-a38c-7651-b815-61005218a143" xlink:to="loc_bxmt_DividendShareBasedPaymentArrangementCapitalGainsDividendsPercentage_019ba3e4-a38c-7eff-95aa-3c4feed6571f" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/OtherExpensesScheduleofGeneralandAdministrativeExpensesDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#OtherExpensesScheduleofGeneralandAdministrativeExpensesDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/OtherExpensesScheduleofGeneralandAdministrativeExpensesDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_GeneralAndAdministrativeExpenseExcludingNonCashCompensationExpense_b7eee483-0603-475c-ab0d-fc95f5068160" xlink:href="bxmt-20251231.xsd#bxmt_GeneralAndAdministrativeExpenseExcludingNonCashCompensationExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfessionalFees_6d6c290d-fdaa-4111-bccd-57f09c485e69" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ProfessionalFees"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_GeneralAndAdministrativeExpenseExcludingNonCashCompensationExpense_b7eee483-0603-475c-ab0d-fc95f5068160" xlink:to="loc_us-gaap_ProfessionalFees_6d6c290d-fdaa-4111-bccd-57f09c485e69" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherGeneralAndAdministrativeExpense_1f8064e8-54b2-4705-8abd-d54731a7ddc6" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_OtherGeneralAndAdministrativeExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_GeneralAndAdministrativeExpenseExcludingNonCashCompensationExpense_b7eee483-0603-475c-ab0d-fc95f5068160" xlink:to="loc_us-gaap_OtherGeneralAndAdministrativeExpense_1f8064e8-54b2-4705-8abd-d54731a7ddc6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation_0f2cad47-1435-4eac-a2bf-834f4bb4e75a" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ShareBasedCompensation"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedStockExpense_d89b99d7-a41a-4e81-ae35-882b7c9a34e0" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_RestrictedStockExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ShareBasedCompensation_0f2cad47-1435-4eac-a2bf-834f4bb4e75a" xlink:to="loc_us-gaap_RestrictedStockExpense_d89b99d7-a41a-4e81-ae35-882b7c9a34e0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_DirectorShareBasedPaymentArrangementExpense_f54c38fe-5156-4521-a318-e66ab3bf3899" xlink:href="bxmt-20251231.xsd#bxmt_DirectorShareBasedPaymentArrangementExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ShareBasedCompensation_0f2cad47-1435-4eac-a2bf-834f4bb4e75a" xlink:to="loc_bxmt_DirectorShareBasedPaymentArrangementExpense_f54c38fe-5156-4521-a318-e66ab3bf3899" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_1e589204-0e71-4628-9772-e157e1f0dcde" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_GeneralAndAdministrativeExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_GeneralAndAdministrativeExpenseExcludingNonCashCompensationExpense_0df12d6d-22b4-4b45-afd2-6d791c02101b" xlink:href="bxmt-20251231.xsd#bxmt_GeneralAndAdministrativeExpenseExcludingNonCashCompensationExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpense_1e589204-0e71-4628-9772-e157e1f0dcde" xlink:to="loc_bxmt_GeneralAndAdministrativeExpenseExcludingNonCashCompensationExpense_0df12d6d-22b4-4b45-afd2-6d791c02101b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation_c9d8fcf2-c850-4beb-96b6-78c0af2fcdb5" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ShareBasedCompensation"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpense_1e589204-0e71-4628-9772-e157e1f0dcde" xlink:to="loc_us-gaap_ShareBasedCompensation_c9d8fcf2-c850-4beb-96b6-78c0af2fcdb5" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/CommitmentsandContingenciesScheduleofPrincipalDebtRepaymentsDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#CommitmentsandContingenciesScheduleofPrincipalDebtRepaymentsDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/CommitmentsandContingenciesScheduleofPrincipalDebtRepaymentsDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_ab54a392-9249-47c9-8b51-0e7dd42b60bb" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_DebtInstrumentCarryingAmount"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_e594e47c-f33b-4bdc-9bc3-db784dfc99f1" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_ab54a392-9249-47c9-8b51-0e7dd42b60bb" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_e594e47c-f33b-4bdc-9bc3-db784dfc99f1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_df328fe2-fb74-4c18-b656-e988d3bb82fa" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_ab54a392-9249-47c9-8b51-0e7dd42b60bb" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_df328fe2-fb74-4c18-b656-e988d3bb82fa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_098fe6ef-77b5-4fcc-b4d8-4fdc343647a9" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_ab54a392-9249-47c9-8b51-0e7dd42b60bb" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_098fe6ef-77b5-4fcc-b4d8-4fdc343647a9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_2c073d6a-f58c-4211-ba56-05e14916766a" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_ab54a392-9249-47c9-8b51-0e7dd42b60bb" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_2c073d6a-f58c-4211-ba56-05e14916766a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_e1bee860-7690-466e-8f93-a2dd130abd55" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_ab54a392-9249-47c9-8b51-0e7dd42b60bb" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_e1bee860-7690-466e-8f93-a2dd130abd55" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_d0fe1bb3-a6f8-41ad-b846-ac64a792679f" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_ab54a392-9249-47c9-8b51-0e7dd42b60bb" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_d0fe1bb3-a6f8-41ad-b846-ac64a792679f" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstonemortgagetrust.com/role/ScheduleIVMortgageLoansonRealEstateDetail" xlink:type="simple" xlink:href="bxmt-20251231.xsd#ScheduleIVMortgageLoansonRealEstateDetail"/>
  <link:calculationLink xlink:role="http://www.blackstonemortgagetrust.com/role/ScheduleIVMortgageLoansonRealEstateDetail" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_bxmt_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateNet_fce613e7-675a-4913-8656-7d47e24e2cc0" xlink:href="bxmt-20251231.xsd#bxmt_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_9d5a9afb-0e4c-454a-b139-faa494937be9" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_MortgageLoansOnRealEstate"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateNet_fce613e7-675a-4913-8656-7d47e24e2cc0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstate_9d5a9afb-0e4c-454a-b139-faa494937be9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1_f706d9a0-acae-4cb9-b92e-d7f6eae2d125" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_bxmt_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateNet_fce613e7-675a-4913-8656-7d47e24e2cc0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1_f706d9a0-acae-4cb9-b92e-d7f6eae2d125" xlink:type="arc"/>
  </link:calculationLink>
</link:linkbase>
