By Chelsey Dulaney 

Blackstone Mortgage Trust Inc. said Monday that it plans to sell 17.5 million shares to help fund its purchase of some of General Electric Co.'s commercial mortgage loans.

Blackstone Mortgage Trust, a publicly traded company that private-equity giant Blackstone Group LP restructured in 2013, is buying $4.6 billion of the GE loans as part of a larger $23 billion deal announced on Friday. GE is selling the real-estate assets to Blackstone Group LP and Wells Fargo & Co. as part of an effort to pare down its massive finance business and focus on industrials.

Blackstone Mortgage Trust said some affiliates of Blackstone Group have expressed interest in buying $37.5 million of its class A shares, while it has reserved another $20 million in class A shares for Blackstone employees.

Blackstone Mortgage said it would offer underwriters an option to buy up to 2.6 million shares. Citigroup, BofA Merrill Lynch, J.P. Morgan and Wells Fargo Securities are joint book-runners on the offering.

Blackstone Mortgage's shares have gained 6.4% this month and closed at $30.18 on Friday.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

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