<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>144</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001802461</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <issuerInfo>
      <issuerCik>0001061630</issuerCik>
      <issuerName>BLACKSTONE MORTGAGE TRUST, INC.</issuerName>
      <secFileNumber>001-14788</secFileNumber>
      <issuerAddress>
        <com:street1>345 PARK AVENUE</com:street1>
        <com:street2>24TH FLOOR</com:street2>
        <com:city>NEW YORK</com:city>
        <com:stateOrCountry>NY</com:stateOrCountry>
        <com:zipCode>10154</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>2126550220</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Keenan Katharine A</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Officer</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Class A common stock</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Merrill Lynch</name>
        <address>
          <com:street1>225 Liberty St</com:street1>
          <com:street2>Floor 37</com:street2>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10281</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>2315</noOfUnitsSold>
      <aggregateMarketValue>44833.50</aggregateMarketValue>
      <noOfUnitsOutstanding>167723732</noOfUnitsOutstanding>
      <approxSaleDate>12/01/2025</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Class A common stock</securitiesClassTitle>
      <acquiredDate>11/29/2025</acquiredDate>
      <natureOfAcquisitionTransaction>Vesting of restricted stock unit award</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>BLACKSTONE MORTGAGE TRUST, INC.</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>2315</amountOfSecuritiesAcquired>
      <paymentDate>11/29/2025</paymentDate>
      <natureOfPayment>Granted as part of issuer equity compensation</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Katherine Keenan</name>
        <address>
          <com:street1>345 PARK AVENUE</com:street1>
          <com:street2>24TH FLOOR</com:street2>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10281</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A common stock</securitiesClassTitle>
      <saleDate>09/02/2025</saleDate>
      <amountOfSecuritiesSold>2315</amountOfSecuritiesSold>
      <grossProceeds>44572.14</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Katherine Keenan</name>
        <address>
          <com:street1>345 PARK AVENUE</com:street1>
          <com:street2>24TH FLOOR</com:street2>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10281</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Class A common stock</securitiesClassTitle>
      <saleDate>09/17/2025</saleDate>
      <amountOfSecuritiesSold>4593</amountOfSecuritiesSold>
      <grossProceeds>89529.23</grossProceeds>
    </securitiesSoldInPast3Months>
    <noticeSignature>
      <noticeDate>12/01/2025</noticeDate>
      <planAdoptionDates>
        <planAdoptionDate>08/08/2024</planAdoptionDate>
      </planAdoptionDates>
      <signature>Katherine Keenan</signature>
    </noticeSignature>
  </formData>
</edgarSubmission>
