8-K - BXMT - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 29, 2020

Blackstone Mortgage Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland	1-14788	94-6181186
(State or Other<br><br>Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer<br><br>Identification No.)

345 Park Avenue, 15th Floor

New York, New York 10154

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 655-0220

345 Park Avenue, 42nd Floor

New York, New York 10154

(Former Name or Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.01 per share	BXMT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 29, 2020, Blackstone Mortgage Trust, Inc. (the “Company”) issued a press release and detailed presentation announcing its financial results for the third quarter ended September 30, 2020. The press release and full detailed presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information contained under Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits
Exhibit<br>No.	Description
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99.1	Press Release of Blackstone Mortgage Trust, Inc. dated October 29, 2020.
99.2	Presentation of Blackstone Mortgage Trust, Inc. dated October 29, 2020.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BLACKSTONE MORTGAGE TRUST, INC.
Date: October 29, 2020
	By:	/s/ Anthony F. Marone, Jr.
	Name:	Anthony F. Marone, Jr.
	Title:	Chief Financial Officer

EX-99.1

Exhibit 99.1

LOGO

Blackstone Mortgage Trust Reports Third Quarter 2020 Results

New York, October 29, 2020: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its third quarter 2020 results.****Stephen D. Plavin, Chief Executive Officer, said, “BXMT’s strong third-quarter results reflect the earnings power and credit performance of our loan portfolio, as well as the benefits of a focused strategy of senior lending backed by top-quality properties with well-capitalized, institutional borrowers.”

Blackstone Mortgage Trust issued a full detailed presentation of its third quarter 2020 results, which can be viewed at www.bxmt.com.

Quarterly Investor Call Details

Blackstone Mortgage Trust will host a conference call today at 9:00 a.m. ET to discuss third quarter 2020 results. To register for the webcast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1376917&tp_key=767f491729. For those unable to listen to the live broadcast, a recorded replay will be available on the company’s website at www.bxmt.com beginning approximately two hours after the event.

About Blackstone Mortgage Trust

Blackstone Mortgage Trust (NYSE:BXMT) is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our investment objective is to preserve and protect shareholder capital while producing attractive risk- adjusted returns primarily through dividends generated from current income from our loan portfolio. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, depending on our view of the most prudent strategy available for each of our investments. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone. Further information is available at www.bxmt.com.

AboutBlackstone

Blackstone (NYSE:BX) is one of the world’s leading investment firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. Blackstone does this by using extraordinary people and flexible capital to help companies solve problems. Blackstone’s asset management businesses, with $584 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity,

Blackstone Mortgage Trust, Inc.<br> <br>345 Park Avenue<br><br><br>New York, New York 10154<br><br><br>T 212 655 0220

non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Forward-Looking Statements and Other Matters

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone Mortgage Trust’s current views with respect to, among other things, Blackstone Mortgage Trust’s operations and financial performance and the impact of the COVID-19 pandemic. You can identify these forward-looking statements by the use of words such as “outlook,” “objective,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone Mortgage Trust believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020, as such factors may be further updated from time to time in its periodic filings with the Securities and Exchange Commission (“SEC”) which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the filings. Blackstone Mortgage Trust assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.

Investor and Public Affairs Contacts

Investor Relations<br><br><br>Blackstone<br> <br>+1 (888) 756-8443<br> <br>BlackstoneShareholderRelations@Blackstone.com	Public Affairs<br><br><br>Blackstone<br> <br>+1 (212) 583-5263<br> <br>PressInquiries@Blackstone.com

EX-99.2

<br> <br>Blackstone<br> <br>Mortgage Trust, Inc.<br> <br>Third Quarter 2020 Results<br> <br>OCTOBER 29, 2020<br> <br>Exhibit 99.2
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>1<br> <br>BXMT HIGHLIGHTS<br> <br>(1)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>(2)<br> <br>Includes $716 million of Non-Consolidated Senior Interests and investment exposure to the $808 million 2018 Single Asset<br>Securitization through an $79 million subordinate interest.<br><br><br>(3)<br> <br>Reflects ratio of Core Earnings to dividends declared for the three months ended September 30, 2020.<br><br><br>(4)<br> <br>Total liquidity primarily includes $427 million of cash and $806 million of available borrowings under credit<br>facilities.<br> <br>BXMT<br><br><br>continued<br><br><br>to<br> <br>deliver<br> <br>strong<br> <br>earnings<br> <br>in<br> <br>3Q,<br> <br>generating<br> <br>$0.61<br> <br>EPS<br> <br>and<br> <br>$0.63<br> <br>Core<br> <br>EPS<br> <br>(1)<br> <br>$18.1 billion<br> <br>(2)<br> <br>senior loan portfolio backed by high-quality assets and well-capitalized sponsors<br><br><br>102%<br> <br>dividend<br> <br>coverage<br> <br>(3)<br> <br>99%<br> <br>interest<br> <br>collection<br> <br>$1.2B<br> <br>total<br> <br>liquidity<br> <br>(4)<br> <br>Consistent earnings through a<br> <br>historically volatile period<br> <br>Senior mortgage loan portfolio<br> <br>continues to outperform<br> <br>Match-funded liability structure with<br> <br>substantial liquidity<br> <br>Stable Earnings<br> <br>Stable Credit Performance
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>2<br> <br>THIRD QUARTER 2020 RESULTS<br> <br>(1)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>(2)<br> <br>Total liquidity primarily includes $427 million of cash and $806 million of available borrowings under credit<br>facilities.<br> <br>(3)<br><br><br>Includes $716 million of Non-Consolidated Senior Interests and<br>investment exposure to the $808 million 2018 Single Asset Securitization through a $79 million subordinate interest.<br> <br>(4)<br> <br>Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.<br><br><br>Earnings<br><br><br>3Q<br> <br>GAAP<br> <br>earnings<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.61<br> <br>and<br> <br>Core<br> <br>Earnings<br> <br>(1)<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.63;<br> <br>book<br> <br>value per share of $26.51<br> <br>Generated strong earnings while maintaining elevated liquidity levels during the<br><br><br>quarter;<br><br><br>total<br><br><br>liquidity<br><br><br>at<br> <br>quarter<br> <br>end<br> <br>of<br> <br>$1.2<br> <br>billion<br> <br>(2)<br> <br>Earnings and book value reflect $0.04 per share decrease in 3Q CECL reserve from<br><br><br>ordinary course loan portfolio migration; no specific CECL reserves<br>recorded in 3Q<br> <br>Portfolio<br><br><br>$18.1<br><br><br>billion<br><br><br>(3)<br> <br>senior<br> <br>loan<br> <br>portfolio<br> <br>secured<br> <br>by<br> <br>institutional<br> <br>quality<br> <br>real<br> <br>estate<br> <br>in<br> <br>major<br> <br>markets,<br> <br>with<br> <br>a<br> <br>weighted<br> <br>average<br> <br>origination<br> <br>LTV<br> <br>(3)(4)<br> <br>of<br> <br>64%<br> <br>99% interest collection in 3Q reflects the quality of our portfolio and sponsor<br><br><br>commitment to our collateral<br><br><br>$484 million of loan repayments and $342 million of loan<br>fundings<br> <br>Capitalization<br><br><br>Stable corporate debt structure with no near-term<br>maturities<br> <br>Match-funded asset level financing with no<br>capital markets mark-to-market from an<br> <br>array of<br>bilateral credit facilities, securitizations and asset-specific syndications<br> <br>Priced a $1.0 billion CRE CLO post-quarter end, increasing the non-recourse<br><br><br>component of our balance sheet and further diversifying financing<br>sources
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>(1)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>3<br> <br>EARNINGS<br> <br>3Q results driven by continued strong credit performance and earnings power of the loan portfolio<br><br><br>BXMT earnings remained steady<br><br><br>through a period of economic dislocation and a significant decline in<br>LIBOR<br> <br>Strong Results<br><br><br>Through<br><br><br>Volatile<br><br><br>Period<br><br><br>(1)<br><br><br>$0.61<br> <br>3Q GAAP Earnings<br> <br>per share<br> <br>$0.63<br> <br>3Q Core Earnings<br> <br>per share<br> <br>Average USD LIBOR<br> <br>Core Earnings per Share<br> <br>1.40%<br> <br>0.35%<br> <br>0.16%<br> <br>$0.64<br> <br>$0.62<br> <br>$0.63<br> <br>1Q ‘20<br> <br>2Q ‘20<br> <br>3Q ‘20
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>Office 56%<br> <br>Multi 11%<br> <br>Retail 3%<br> <br>Condo 1%<br> <br>Other<br> <br>5%<br> <br>4<br> <br>PORTFOLIO<br> <br>(1)<br> <br>Includes $716 million of Non-Consolidated Senior Interests and investment exposure to the $808 million 2018 Single Asset<br>Securitization through a $79 million subordinate interest.<br><br><br>(2)<br> <br>States comprising less than 1% of total loan portfolio are excluded.<br><br><br>$18.1<br> <br>billion<br> <br>(1)<br> <br>senior<br> <br>loan<br> <br>portfolio<br> <br>comprising<br> <br>124<br> <br>loans;<br> <br>large<br> <br>average<br> <br>loan<br> <br>balance<br> <br>of<br> <br>$146<br> <br>million<br> <br>reflects<br> <br>significant equity investment from our institutional sponsors<br> <br>$342 million of loan fundings<br> <br>under previously originated loans funded through loan repayments of $484 million<br><br><br>Major Market Focus<br><br><br>(1)(2)<br><br><br>Collateral Diversification<br><br><br>(1)<br><br><br>$18.1B<br> <br>portfolio<br> <br>AU, 1%<br> <br>CA<br> <br>17%<br> <br>MN<br> <br>1%<br> <br>NV<br> <br>1%<br> <br>TX<br> <br>3%<br> <br>IL<br> <br>4%<br> <br>TN, 1%<br> <br>GA<br> <br>3%<br> <br>FL<br> <br>5%<br> <br>NY<br> <br>23%<br> <br>VA, 4%<br> <br>DC, 2%<br> <br>HI, 3%<br> <br>DEU, 1%<br> <br>IT, 1%<br> <br>NL, 1%<br> <br>UK, 11%<br> <br>IR, 7%<br> <br>ES, 7%<br> <br>BE, 1%<br> <br>Self-Storage<br> <br>2%<br> <br>Industrial<br> <br>5%<br> <br>Hospitality<br> <br>17%
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>COVID-Related<br> <br>Loan<br> <br>Modifications<br> <br>(1)<br> <br>PORTFOLIO<br> <br>(1)<br> <br>Includes loans modified during the six months ended September 30, 2020 as a result of COVID-19; excludes ordinary course loan<br>modifications during the period.<br> <br>(2)<br><br><br>Cash-in<br><br><br>modifications<br><br><br>includes<br><br><br>loan<br> <br>modifications<br> <br>involving<br> <br>an<br> <br>additional<br> <br>financial<br> <br>commitment<br> <br>from<br> <br>sponsors<br> <br>in<br> <br>the<br> <br>form<br> <br>of<br> <br>loan<br> <br>paydowns,<br> <br>guaranties,<br> <br>additional<br> <br>equity,<br> <br>or<br> <br>other,<br> <br>similar<br> <br>provisions.<br> <br>5<br> <br>Loan portfolio continues to perform with minimal interest deferral<br><br><br>80% of loans performing on pre-COVID terms; COVID-related<br>modifications have generally involved significant new<br><br><br>financial commitments from sponsors<br><br><br>—<br><br><br>Minor reserve deferrals or reallocations<br><br><br>—<br><br><br>Extension of business plan milestones<br><br><br>—<br><br><br>Well-capitalized sponsors supporting assets<br><br><br>through COVID period<br><br><br>—<br><br><br>New cash equity contributed in exchange for<br><br><br>more time to complete business plans<br><br><br>No Modifications<br><br><br>80%<br> <br>COVID-Related<br> <br>20%<br> <br>Cash-in<br> <br>(2)<br> <br>15%<br> <br>Other<br> <br>5%
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>(1)<br> <br>Total liquidity primarily includes $427 million of cash and $806 million of available borrowings under credit<br>facilities.<br> <br>(2)<br><br><br>Represents (i) total outstanding secured debt agreements, secured term<br>loans and convertible notes, less cash, to (ii) total equity.<br><br><br>(3)<br> <br>Excludes $11 million per annum of scheduled amortization payments under the Term Loan B.<br><br><br>6<br> <br>CAPITALIZATION<br> <br>Maintained substantial liquidity of $1.2 billion<br> <br>(1)<br> <br>at quarter end and a consistent debt-to-equity ratio<br> <br>(2)<br> <br>of 2.6x<br> <br>Majority of corporate debt has over 5 years of remaining term, with no maturities prior to 2022<br><br><br>Corporate Debt<br><br><br>(3)<br><br><br>(outstanding balance; $ in millions)<br><br><br>$403<br> <br>$220<br> <br>$1,009<br> <br>2020<br> <br>2021<br> <br>2022<br> <br>2023<br> <br>2024<br> <br>2025<br> <br>2026<br> <br>Debt-to-Equity Ratio<br> <br>(2)<br> <br>3.0x<br> <br>2.8x<br> <br>2.6x<br> <br>12/31/19<br> <br>3/31/20<br> <br>6/30/20<br> <br>9/30/20<br> <br>2.6x
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>Appendix<br> <br>7
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>$18.3<br> <br>$18.1<br> <br>$0.3<br> <br>$0.5<br> <br>2Q ’20 Loans<br> <br>Outstanding<br> <br>Fundings<br> <br>Repayments<br> <br>3Q ’20 Loans<br> <br>Outstanding<br> <br>8<br> <br>APPENDIX<br> <br>(1)<br> <br>Primarily<br> <br>represents<br> <br>realized<br> <br>gains<br> <br>on<br> <br>the<br> <br>repatriation<br> <br>of<br> <br>unhedged<br> <br>foreign<br> <br>currency.<br> <br>These<br> <br>amounts<br> <br>are<br> <br>not<br> <br>included<br> <br>in<br> <br>GAAP<br> <br>net<br> <br>income,<br> <br>but<br> <br>rather<br> <br>as<br> <br>a<br> <br>component<br> <br>of<br> <br>Other<br> <br>Comprehensive<br> <br>Income<br> <br>in our consolidated financial statements.<br> <br>(2)<br> <br>Includes the impact of changes in foreign currency rates and related hedges for non-USD investments of $0.3 billion for the<br>three months ending September 30, 2020.<br> <br>(3)<br><br><br>Includes $740 million of Non-Consolidated Senior Interests and<br>investment exposure to the $857 million 2018 Single Asset Securitization through an $82 million subordinate interest.<br> <br>(4)<br> <br>Includes $716 million of Non-Consolidated Senior Interests and investment exposure to the $808 million 2018 Single Asset<br>Securitization through a $79 million subordinate interest.<br> <br>Net Fundings<br> <br>($ in billions)<br> <br>Operating Results<br> <br>($ in millions)<br> <br>$0.61<br> <br>net income per share<br> <br>$0.63<br> <br>core earnings per share<br> <br>(2)(3)<br> <br>(4)<br> <br>GAAP Net<br> <br>Income<br> <br>Adjustments<br> <br>Core<br> <br>Earnings<br> <br>Interest income<br> <br>$193.9<br> <br>$ -<br> <br>$193.9<br> <br>Interest expense<br> <br>(79.0)<br> <br>(0.2)<br> <br>(79.2)<br> <br>Management and incentive fees<br> <br>(19.0)<br> <br>-<br> <br>(19.0)<br> <br>General and administrative<br> <br>expenses and taxes<br> <br>(2.6)<br> <br>-<br> <br>(2.6)<br> <br>Decrease in current expected<br> <br>credit loss reserve<br> <br>6.1<br> <br>(6.1)<br> <br>-<br> <br>Non-cash compensation<br> <br>(8.6)<br> <br>8.6<br> <br>-<br> <br>Realized hedging and<br> <br>foreign currency income, net<br> <br>(1)<br> <br>-<br> <br>-<br> <br>-<br> <br>Net income attributable to non-<br> <br>controlling interests<br> <br>(0.9)<br> <br>0.1<br> <br>(0.8)<br> <br>Total<br> <br>$89.9<br> <br>$2.4<br> <br>$92.3
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>APPENDIX<br> <br>(1)<br> <br>Portfolio excludes our $79 million subordinate interest in the $808 million 2018 Single Asset Securitization.<br><br><br>(2)<br> <br>Date loan was originated or acquired by us, and the LTV as of such date. Origination dates are subsequently updated to reflect<br>material loan modifications.<br> <br>(3)<br><br><br>In certain instances, loans are financed through the non-recourse<br>sale of a senior loan interest that is not included in the consolidated financial statements. As of September 30, 2020, five loans in<br> <br>the portfolio have been financed with an aggregate $716 million of Non-Consolidated Senior Interests, which are included in the<br>table above.<br> <br>(4)<br><br><br>Maximum maturity assumes all extension options are exercised; however,<br>floating rate loans generally may be repaid prior to their final maturity without penalty.<br> <br>(5)<br> <br>This loan is accounted for under the cost-recovery method.<br> <br>(6)<br> <br>Consists of both floating and fixed rates. Coupon and all-in yield assume applicable floating benchmark rates for<br>weighted-average calculation. Excludes loans under the cost-recovery method.<br> <br>9<br> <br>Portfolio Details<br> <br>(1)<br> <br>($ in millions)<br> <br>Origination<br> <br>Total<br> <br>Principal<br> <br>Net Book<br> <br>Maximum<br> <br>Property<br> <br>Loan Per<br> <br>Origination<br> <br>Loan Type<br> <br>Date<br> <br>(2)<br> <br>Loan<br> <br>(3)<br> <br>Balance<br> <br>(3)<br> <br>Value<br> <br>Maturity<br> <br>(4)<br> <br>Location<br> <br>Type<br> <br>SQFT / Unit / Key<br> <br>LTV<br> <br>(2)<br> <br>Loan 1<br> <br>Senior loan<br> <br>8/14/2019<br> <br>$ 1,264<br> <br>$ 1,264<br> <br>$ 1,256<br> <br>L + 2.50<br> <br>%<br> <br>L + 2.83<br> <br>%<br> <br>12/23/2024<br> <br>Dublin - IE<br> <br>Office<br> <br>$460 / sqft<br> <br>74 %<br> <br>Loan 2<br> <br>Senior loan<br> <br>3/22/2018<br> <br>995<br> <br>995<br> <br>992<br> <br>L + 3.15<br> <br>%<br> <br>L + 3.37<br> <br>%<br> <br>3/15/2023<br> <br>Diversified - Spain<br> <br>Mixed-Use<br> <br>n/a<br> <br>71 %<br> <br>Loan 3<br> <br>Senior loan<br> <br>11/25/2019<br> <br>724<br> <br>646<br> <br>646<br> <br>L + 2.30<br> <br>%<br> <br>L + 3.18<br> <br>%<br> <br>12/9/2024<br> <br>New York<br> <br>Office<br> <br>$925 / sqft<br> <br>65 %<br> <br>Loan 4<br> <br>Senior loan<br> <br>5/11/2017<br> <br>647<br> <br>616<br> <br>615<br> <br>L + 3.40<br> <br>%<br> <br>L + 3.57<br> <br>%<br> <br>6/10/2023<br> <br>Washington DC<br> <br>Office<br> <br>$302 / sqft<br> <br>62 %<br> <br>Loan 5<br> <br>Senior loan<br> <br>8/22/2018<br> <br>363<br> <br>357<br> <br>356<br> <br>L + 3.15<br> <br>%<br> <br>L + 3.49<br> <br>%<br> <br>8/9/2023<br> <br>Maui<br> <br>Hospitality<br> <br>$463,671 / key<br> <br>61 %<br> <br>Loan 6<br> <br>Senior loan<br> <br>10/23/2018<br> <br>352<br> <br>347<br> <br>347<br> <br>L + 3.40<br> <br>%<br> <br>L + 3.67<br> <br>%<br> <br>1/23/2022<br> <br>New York<br> <br>Mixed-Use<br> <br>$588 / sqft<br> <br>65 %<br> <br>Loan 7<br> <br>Senior loan<br> <br>4/11/2018<br> <br>355<br> <br>345<br> <br>344<br> <br>L + 2.85<br> <br>%<br> <br>L + 3.10<br> <br>%<br> <br>5/1/2023<br> <br>New York<br> <br>Office<br> <br>$437 / sqft<br> <br>71 %<br> <br>Loan 8<br> <br>Senior loan<br> <br>(3)<br> <br>8/6/2015<br> <br>315<br> <br>315<br> <br>58<br> <br>5.75<br> <br>%<br> <br>5.81<br> <br>%<br> <br>10/29/2022<br> <br>Diversified - EUR<br> <br>Other<br> <br>n/a<br> <br>71 %<br> <br>Loan 9<br> <br>Senior loan<br> <br>1/11/2019<br> <br>310<br> <br>310<br> <br>307<br> <br>L + 4.35<br> <br>%<br> <br>L + 4.70<br> <br>%<br> <br>1/11/2026<br> <br>Diversified - UK<br> <br>Other<br> <br>$306 / sqft<br> <br>74 %<br> <br>Loan 10<br> <br>Senior loan<br> <br>11/30/2018<br> <br>286<br> <br>286<br> <br>285<br> <br>n/m<br> <br>(5)<br> <br>n/m<br> <br>(5)<br> <br>8/9/2025<br> <br>New York<br> <br>Hospitality<br> <br>$306,870 / key<br> <br>73 %<br> <br>Loan 11<br> <br>Senior loan<br> <br>2/27/2020<br> <br>300<br> <br>282<br> <br>279<br> <br>L + 2.70<br> <br>%<br> <br>L + 3.03<br> <br>%<br> <br>3/9/2025<br> <br>New York<br> <br>Mixed-Use<br> <br>$884 / sqft<br> <br>59 %<br> <br>Loan 12<br> <br>Senior loan<br> <br>7/31/2018<br> <br>280<br> <br>278<br> <br>277<br> <br>L + 3.10<br> <br>%<br> <br>L + 3.52<br> <br>%<br> <br>8/9/2022<br> <br>San Francisco<br> <br>Office<br> <br>$701 / sqft<br> <br>50 %<br> <br>Loan 13<br> <br>Senior loan<br> <br>(3)<br> <br>8/7/2019<br> <br>746<br> <br>270<br> <br>52<br> <br>L + 3.12<br> <br>%<br> <br>L + 3.55<br> <br>%<br> <br>9/9/2025<br> <br>Los Angeles<br> <br>Office<br> <br>$183 / sqft<br> <br>59 %<br> <br>Loan 14<br> <br>Senior loan<br> <br>12/11/2018<br> <br>310<br> <br>257<br> <br>255<br> <br>L + 2.55<br> <br>%<br> <br>L + 2.96<br> <br>%<br> <br>12/9/2023<br> <br>Chicago<br> <br>Office<br> <br>$216 / sqft<br> <br>78 %<br> <br>Loan 15<br> <br>Senior loan<br> <br>11/30/2018<br> <br>254<br> <br>248<br> <br>247<br> <br>L + 2.80<br> <br>%<br> <br>L + 3.17<br> <br>%<br> <br>12/9/2023<br> <br>San Francisco<br> <br>Hospitality<br> <br>$364,513 / key<br> <br>73 %<br> <br>Loans 16 - 123<br> <br>Senior loan<br> <br>(3)<br> <br>Various<br> <br>13,973<br> <br>10,453<br> <br>10,151<br> <br>L + 3.31<br> <br>(6)<br> <br>L + 3.65<br> <br>(6)<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>62 %<br> <br>CECL reserve<br> <br>(177)<br> <br>Total/Wtd. avg.<br> <br>$ 21,475<br> <br>$ 17,270<br> <br>$ 16,292<br> <br>L + 3.22<br> <br>(6)<br> <br>L + 3.58<br> <br>(6)<br> <br>3.3 yrs<br> <br>65 %<br> <br>Cash<br> <br>All-in<br> <br>Coupon<br> <br>Yield
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>APPENDIX<br> <br>10<br> <br>Consolidated Balance Sheets<br> <br>($ in thousands, except per share data)<br> <br>September 30, 2020<br> <br>December 31, 2019<br> <br>Assets<br> <br>Cash and cash equivalents<br> <br>$427,028<br> <br>$150,090<br> <br>Loans receivable<br> <br>16,468,703<br> <br>16,164,801<br> <br>Current expected credit loss reserve<br> <br>(177,026)<br> <br>—<br> <br>Loans receivable, net<br> <br>16,291,677<br> <br>16,164,801<br> <br>Other assets<br> <br>158,099<br> <br>236,980<br> <br>Total assets<br> <br>$16,876,804<br> <br>$16,551,871<br> <br>Liabilities and equity<br> <br>Secured debt agreements, net<br> <br>$8,973,810<br> <br>$10,054,930<br> <br>Securitized debt obligations, net<br> <br>2,168,083<br> <br>1,187,084<br> <br>Secured term loans, net<br> <br>1,043,441<br> <br>736,142<br> <br>Convertible notes, net<br> <br>615,541<br> <br>613,071<br> <br>Other liabilities<br> <br>171,977<br> <br>175,963<br> <br>Total liabilities<br> <br>12,972,852<br> <br>12,767,190<br> <br>Commitments and contingencies<br> <br>—<br> <br>—<br> <br>Equity<br> <br>Class A common stock, $0.01 par value<br> <br>1,462<br> <br>1,350<br> <br>Additional paid-in capital<br> <br>4,693,982<br> <br>4,370,014<br> <br>Accumulated other comprehensive income (loss)<br> <br>9,645<br> <br>(16,233)<br> <br>Accumulated deficit<br> <br>(821,725)<br> <br>(592,548)<br> <br>Total Blackstone Mortgage Trust, Inc. stockholders’<br> <br>equity<br> <br>3,883,364<br> <br>3,762,583<br> <br>Non-controlling interests<br> <br>20,588<br> <br>22,098<br> <br>Total equity<br> <br>3,903,952<br> <br>3,784,681<br> <br>Total liabilities and equity<br> <br>$16,876,804<br> <br>$16,551,871
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>APPENDIX<br> <br>11<br> <br>Consolidated Statements of Operations<br> <br>($ in thousands, except per share data)<br> <br>2020<br> <br>2019<br> <br>2020<br> <br>2019<br> <br>Income from loans and other investments<br> <br>Interest and related income<br> <br>$193,939<br> <br>$213,873<br> <br>$590,797<br> <br>$662,001<br> <br>Less: Interest and related expenses<br> <br>78,978<br> <br><br><br><br>111,957<br><br><br><br> <br>268,070<br><br><br><br> <br>347,536<br><br><br><br> <br>Income from loans and other investments, net<br><br><br>114,961<br><br><br><br> <br>101,916<br><br><br><br> <br>322,727<br><br><br><br> <br>314,465<br><br><br><br> <br>Other expenses<br><br><br>Management and incentive fees<br><br><br>18,985<br><br><br><br> <br>17,502<br><br><br><br> <br>58,758<br><br><br><br> <br>58,276<br><br><br><br> <br>General and administrative expenses<br><br><br>11,242<br><br><br><br> <br>9,741<br><br><br><br> <br>34,320<br><br><br><br> <br>28,951<br><br><br><br> <br>Total other expenses<br><br><br>30,227<br><br><br><br> <br>27,243<br><br><br><br> <br>93,078<br><br><br><br> <br>87,227<br><br><br><br> <br>Decrease (increase) in current expected credit loss<br>reserve<br> <br>6,055<br><br><br><br> <br>-<br><br><br><br><br><br>(173,466)<br><br><br><br> <br>-<br><br><br><br> <br>Income before income<br>taxes<br> <br>90,789<br><br><br><br> <br>74,673<br><br><br><br> <br>56,183<br><br><br><br> <br>227,238<br><br><br><br> <br>Income tax provision (benefit)<br><br><br>20<br> <br><br><br><br>(721)<br><br><br><br> <br>192<br><br><br><br> <br>(573)<br><br><br><br> <br>Net income<br><br><br>$90,769<br><br><br>$75,394<br><br><br>$55,991<br><br><br>$227,811<br><br><br>Net income attributable to non-controlling interests<br><br><br>(909)<br><br><br><br> <br>(497)<br><br><br><br> <br>(1,937)<br><br><br><br> <br>(1,176)<br><br><br><br> <br>Net income attributable to Blackstone Mortgage Trust,<br>Inc.<br> <br>$89,860<br><br><br>$74,897<br><br><br>$54,054<br><br><br>$226,635<br><br><br>Per share information (basic and diluted)<br><br><br>Weighted-average shares of common stock outstanding<br><br><br>146,484,651<br><br><br><br><br><br>134,536,683<br><br><br><br><br><br>140,157,620<br><br><br><br><br><br>128,485,701<br><br><br><br><br><br>Net income per share of common stock<br><br><br>$0.61<br> <br>$0.56<br> <br>$0.39<br> <br>$1.76<br> <br>Three Months Ended September 30,<br> <br>Nine Months Ended September 30,
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>APPENDIX<br> <br>(1)<br> <br>Represents net income attributable to Blackstone Mortgage Trust, Inc.<br><br><br>(2)<br> <br>Represents realized gains on the repatriation of unhedged foreign currency. These amounts were not included in GAAP net income, but<br>rather as a component of Other Comprehensive Income in our<br><br><br>consolidated financial statements.<br><br><br>12<br> <br>Per Share Calculations<br> <br>(in thousands, except per share data)<br> <br>Core Earnings<br> <br>Reconciliation<br> <br>Book Value<br> <br>per Share<br> <br>Earnings<br> <br>per Share<br> <br>Realized<br> <br>hedging<br> <br>and<br> <br>foreign<br> <br>currency<br> <br>(loss)<br> <br>income,<br> <br>net<br> <br>September 30, 2020<br> <br>June 30, 2020<br> <br>Net<br> <br>income<br> <br>(1)<br> <br>$89,860<br> <br>$17,544<br> <br>(Decrease) increase in current expected credit loss reserve<br> <br>(6,055)<br> <br>56,819<br> <br>Non-cash compensation expense<br> <br>8,649<br> <br>8,652<br> <br>(2)<br> <br>(7)<br> <br>1,810<br> <br>Other items<br> <br>(240)<br> <br>210<br> <br>Adjustments attributable to non-controlling interests, net<br> <br>143<br> <br>139<br> <br>Core Earnings<br> <br>$92,350<br> <br>$85,174<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>146,485<br> <br>138,299<br> <br>Core Earnings per share, basic and diluted<br> <br>$0.63<br> <br>$0.62<br> <br>Three Months Ended<br> <br>September 30, 2020<br> <br>June 30, 2020<br> <br>Stockholders' equity<br> <br>$3,883,364<br> <br>$3,874,763<br> <br>Shares<br> <br>Class A common stock<br> <br>146,197<br> <br>146,197<br> <br>Deferred stock units<br> <br>294<br> <br>281<br> <br>Total outstanding<br> <br>146,491<br> <br>146,478<br> <br>Book value per share<br> <br>$26.51<br> <br>$26.45<br> <br>Three Months Ended<br> <br>September 30, 2020<br> <br>June 30, 2020<br> <br>Net income<br> <br>(1)<br> <br>$89,860<br> <br>$17,544<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>146,485<br> <br>138,299<br> <br>Earnings per share, basic and diluted<br> <br>$0.61<br> <br>$0.13<br> <br>Three Months Ended
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>APPENDIX<br> <br>(1)<br> <br>Represents net (loss) income attributable to Blackstone Mortgage Trust, Inc.<br><br><br>(2)<br> <br>For the three months ended September 30, 2020 and June 30, 2020, represents realized gains on the repatriation of unhedged foreign<br>currency. For the three months ended March 31, 2020, primarily<br> <br>represents<br> <br>the<br> <br>forward<br> <br>points<br> <br>earned<br> <br>on<br> <br>our<br> <br>foreign<br> <br>currency<br> <br>forward<br> <br>contracts,<br> <br>which<br> <br>reflect<br> <br>the<br> <br>interest<br> <br>rate<br> <br>differentials<br> <br>between<br> <br>the<br> <br>applicable<br> <br>base<br> <br>rate<br> <br>for<br> <br>our<br> <br>foreign<br> <br>currency<br> <br>investments<br> <br>and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income<br>earned in U.S. dollar terms. These amounts were not included in<br> <br>GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.<br><br><br>13<br> <br>Reconciliation of Net Income to Core Earnings<br> <br>(in thousands, except per share data)<br> <br>Three Months Ended,<br> <br>Sept 30,<br> <br>2020<br> <br>June 30,<br> <br>2020<br> <br>Mar 31,<br> <br>2020<br> <br>Net income (loss)<br> <br>(1)<br> <br>89,860<br> <br>17,544<br> <br>(53,350)<br> <br>(Decrease) increase in current expected credit loss reserve<br> <br>(6,055)<br> <br>56,819<br> <br>122,702<br> <br>Non-cash compensation expense<br> <br>8,649<br> <br>8,652<br> <br>8,678<br> <br>Realized hedging and foreign currency (loss) income, net<br> <br>(2)<br> <br>(7)<br> <br>1,810<br> <br>8,467<br> <br>Other items<br> <br>(240)<br> <br>210<br> <br>596<br> <br>Adjustments attributable to non-controlling interests, net<br> <br>143<br> <br>139<br> <br>(561)<br> <br>Core Earnings<br> <br>92,350<br> <br>85,174<br> <br>86,532<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>146,485<br> <br>138,299<br> <br>135,619<br> <br>Net income (loss) per share, basic and diluted<br> <br>$0.61<br> <br>$0.13<br> <br>($0.39)<br> <br>Core Earnings per share, basic and diluted<br> <br>$0.63<br> <br>$0.62<br> <br>$0.64
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>DEFINITIONS<br> <br>14<br> <br>Core<br> <br>Earnings:<br> <br>Blackstone<br> <br>Mortgage<br> <br>Trust,<br> <br>Inc.<br> <br>(“BXMT”)<br> <br>discloses<br> <br>Core<br> <br>Earnings<br> <br>in<br> <br>this<br> <br>presentation.<br> <br>Core<br> <br>Earnings<br> <br>is<br> <br>a<br> <br>financial<br> <br>measure<br> <br>that<br> <br>is<br> <br>calculated<br> <br>and<br> <br>presented<br> <br>on<br> <br>the<br> <br>basis<br> <br>of<br> <br>methodologies<br> <br>other<br> <br>than<br> <br>in<br> <br>accordance<br> <br>with<br> <br>generally<br> <br>accepted<br> <br>accounting<br> <br>principles<br> <br>in<br> <br>the<br> <br>United<br> <br>States<br> <br>of<br> <br>America<br> <br>(“GAAP”).<br> <br>Core<br> <br>Earnings<br> <br>is<br> <br>a<br> <br>non-GAAP<br> <br>measure,<br> <br>which<br> <br>we<br> <br>define<br> <br>as<br> <br>GAAP<br> <br>net<br> <br>income<br> <br>(loss),<br> <br>including<br> <br>realized<br> <br>gains<br> <br>and<br> <br>losses<br> <br>not<br> <br>otherwise<br> <br>included<br> <br>in<br> <br>GAAP<br> <br>net<br> <br>income<br> <br>(loss),<br> <br>and<br> <br>excluding<br> <br>(i)<br> <br>non-cash<br> <br>equity<br> <br>compensation<br> <br>expense,<br> <br>(ii)<br> <br>depreciation<br> <br>and<br> <br>amortization,<br> <br>(iii)<br> <br>unrealized<br> <br>gains<br> <br>(losses),<br> <br>(iv)<br> <br>net<br> <br>income<br> <br>(loss)<br> <br>attributable<br> <br>to<br> <br>our<br> <br>legacy<br> <br>portfolio,<br> <br>and<br> <br>(v)<br> <br>certain<br> <br>non-cash<br> <br>items.<br> <br>Core<br> <br>Earnings<br> <br>may<br> <br>also<br> <br>be<br> <br>adjusted<br> <br>from<br> <br>time<br> <br>to<br> <br>time<br> <br>to<br> <br>exclude<br> <br>one-time<br> <br>events<br> <br>pursuant<br> <br>to<br> <br>changes<br> <br>in<br> <br>GAAP<br> <br>and<br> <br>certain<br> <br>other<br> <br>non-cash<br> <br>charges<br> <br>as<br> <br>determined<br> <br>by<br> <br>our<br> <br>Manager,<br> <br>subject<br> <br>to<br> <br>approval<br> <br>by<br> <br>a<br> <br>majority<br> <br>of<br> <br>our<br> <br>independent<br> <br>directors.<br> <br>During<br> <br>the<br> <br>nine<br> <br>months<br> <br>ended<br> <br>September<br> <br>30,<br> <br>2020,<br> <br>we<br> <br>recorded<br> <br>a<br> <br>$173.5<br> <br>million<br> <br>increase<br> <br>in<br> <br>current<br> <br>expected<br> <br>credit<br> <br>loss<br> <br>reserve,<br> <br>or<br> <br>CECL<br> <br>reserve,<br> <br>which<br> <br>has<br> <br>been<br> <br>excluded<br> <br>from<br> <br>Core<br> <br>Earnings<br> <br>consistent<br> <br>with<br> <br>other<br> <br>unrealized<br> <br>gains<br> <br>(losses)<br> <br>pursuant<br> <br>to<br> <br>our<br> <br>existing<br> <br>policy<br> <br>for<br> <br>reporting<br> <br>Core<br> <br>Earnings<br> <br>and<br> <br>the<br> <br>terms<br> <br>of<br> <br>the<br> <br>management<br> <br>agreement<br> <br>between<br> <br>our<br> <br>Manager<br> <br>and<br> <br>us.<br> <br>We<br> <br>believe<br> <br>that<br> <br>Core<br> <br>Earnings<br> <br>provides<br> <br>meaningful<br> <br>information<br> <br>to<br> <br>consider<br> <br>in<br> <br>addition<br> <br>to<br> <br>our<br> <br>net<br> <br>income<br> <br>and<br> <br>cash<br> <br>flow<br> <br>from<br> <br>operating<br> <br>activities<br> <br>determined<br> <br>in<br> <br>accordance<br> <br>with<br> <br>GAAP.<br> <br>This<br> <br>adjusted<br> <br>measure<br> <br>helps<br> <br>us<br> <br>to<br> <br>evaluate<br> <br>our<br> <br>performance<br> <br>excluding<br> <br>the<br> <br>effects<br> <br>of<br> <br>certain<br> <br>transactions<br> <br>and<br> <br>GAAP<br> <br>adjustments<br> <br>that<br> <br>we<br> <br>believe<br> <br>are<br> <br>not<br> <br>necessarily<br> <br>indicative<br> <br>of<br> <br>our<br> <br>current<br> <br>loan<br> <br>portfolio<br> <br>and<br> <br>operations.<br> <br>Although,<br> <br>according<br> <br>to<br> <br>the<br> <br>management<br> <br>agreement<br> <br>between<br> <br>our<br> <br>Manager<br> <br>and<br> <br>us,<br> <br>or<br> <br>our<br> <br>Management<br> <br>Agreement,<br> <br>we<br> <br>calculate<br> <br>the<br> <br>incentive<br> <br>and<br> <br>base<br> <br>management<br> <br>fees<br> <br>due<br> <br>to<br> <br>our<br> <br>Manager<br> <br>using<br> <br>Core<br> <br>Earnings<br> <br>before<br> <br>our<br> <br>incentive<br> <br>fee<br> <br>expense,<br> <br>we<br> <br>report<br> <br>Core<br> <br>Earnings<br> <br>after<br> <br>incentive<br> <br>fee<br> <br>expense,<br> <br>as<br> <br>we<br> <br>believe<br> <br>this<br> <br>is<br> <br>a<br> <br>more<br> <br>meaningful<br> <br>presentation<br> <br>of<br> <br>the<br> <br>economic<br> <br>performance<br> <br>of<br> <br>our<br> <br>Class<br> <br>A<br> <br>common<br> <br>stock.<br> <br>Core<br> <br>Earnings<br> <br>does<br> <br>not<br> <br>represent<br> <br>net<br> <br>income<br> <br>or<br> <br>cash<br> <br>generated<br> <br>from<br> <br>operating<br> <br>activities<br> <br>and<br> <br>should<br> <br>not<br> <br>be<br> <br>considered<br> <br>as<br> <br>an<br> <br>alternative<br> <br>to<br> <br>GAAP<br> <br>net<br> <br>income,<br> <br>or<br> <br>an<br> <br>indication<br> <br>of<br> <br>our<br> <br>GAAP<br> <br>cash<br> <br>flows<br> <br>from<br> <br>operations,<br> <br>a<br> <br>measure<br> <br>of<br> <br>our<br> <br>liquidity,<br> <br>or<br> <br>an<br> <br>indication<br> <br>of<br> <br>funds<br> <br>available<br> <br>for<br> <br>our<br> <br>cash<br> <br>needs.<br> <br>In<br> <br>addition,<br> <br>our<br> <br>methodology<br> <br>for<br> <br>calculating<br> <br>Core<br> <br>Earnings<br> <br>may<br> <br>differ<br> <br>from<br> <br>the<br> <br>methodologies<br> <br>employed<br> <br>by<br> <br>other<br> <br>companies<br> <br>to<br> <br>calculate<br> <br>the<br> <br>same<br> <br>or<br> <br>similar<br> <br>supplemental<br> <br>performance<br> <br>measures,<br> <br>and<br> <br>accordingly,<br> <br>our<br> <br>reported<br> <br>Core<br> <br>Earnings<br> <br>may<br> <br>not<br> <br>be<br> <br>comparable<br> <br>to<br> <br>the<br> <br>Core<br> <br>Earnings<br> <br>reported<br> <br>by<br> <br>other<br> <br>companies.<br> <br>Non-Consolidated<br> <br>Senior<br> <br>Interests:<br> <br>Senior<br> <br>interests<br> <br>in<br> <br>loans<br> <br>originated<br> <br>and<br> <br>syndicated<br> <br>to<br> <br>third<br> <br>parties.<br> <br>These<br> <br>non-recourse<br> <br>loan<br> <br>participations,<br> <br>which<br> <br>are<br> <br>excluded<br> <br>from<br> <br>the<br> <br>GAAP<br> <br>balance<br> <br>sheet,<br> <br>constitute<br> <br>additional<br> <br>financing<br> <br>capacity<br> <br>and<br> <br>are<br> <br>included<br> <br>in<br> <br>discussions<br> <br>of<br> <br>the<br> <br>loan<br> <br>portfolio.<br> <br>Non-Consolidated<br> <br>Securitized<br> <br>Debt<br> <br>Obligations:<br> <br>Senior<br> <br>securitized<br> <br>debt<br> <br>held<br> <br>by<br> <br>third-parties<br> <br>in<br> <br>the<br> <br>2018<br> <br>Single<br> <br>Asset<br> <br>Securitization.<br> <br>These<br> <br>non-recourse<br> <br>securitized<br> <br>debt<br> <br>obligations,<br> <br>which<br> <br>are<br> <br>excluded<br> <br>from<br> <br>the<br> <br>GAAP<br> <br>balance<br> <br>sheet,<br> <br>constitute<br> <br>additional<br> <br>financing<br> <br>capacity<br> <br>and<br> <br>are<br> <br>included<br> <br>in<br> <br>discussions<br> <br>of<br> <br>the<br> <br>loan<br> <br>portfolio.
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>FORWARD-LOOKING STATEMENTS<br> <br>15<br> <br>This<br> <br>presentation<br> <br>may<br> <br>contain<br> <br>forward-looking<br> <br>statements<br> <br>within<br> <br>the<br> <br>meaning<br> <br>of<br> <br>Section<br> <br>27A<br> <br>of<br> <br>the<br> <br>Securities<br> <br>Act<br> <br>of<br> <br>1933,<br> <br>as<br> <br>amended,<br> <br>and<br> <br>Section<br> <br>21E<br> <br>of<br> <br>the<br> <br>Securities<br> <br>Exchange<br> <br>Act<br> <br>of<br> <br>1934,<br> <br>as<br> <br>amended,<br> <br>which<br> <br>reflect<br> <br>BXMT’s<br> <br>current<br> <br>views<br> <br>with<br> <br>respect<br> <br>to,<br> <br>among<br> <br>other<br> <br>things,<br> <br>its<br> <br>operations<br> <br>and<br> <br>financial<br> <br>performance<br> <br>and<br> <br>the<br> <br>impact<br> <br>of<br> <br>the<br> <br>COVID-19<br> <br>pandemic.<br> <br>You<br> <br>can<br> <br>identify<br> <br>these<br> <br>forward-<br> <br>looking<br> <br>statements<br> <br>by<br> <br>the<br> <br>use<br> <br>of<br> <br>words<br> <br>such<br> <br>as<br> <br>“outlook,”<br> <br>“objective,”<br> <br>“indicator,”<br> <br>“believes,”<br> <br>“expects,”<br> <br>“potential,”<br> <br>“continues,”<br> <br>“may,”<br> <br>“will,”<br> <br>“should,”<br> <br>“seeks,”<br> <br>“predicts,”<br> <br>“intends,”<br> <br>“plans,”<br> <br>“estimates,”<br> <br>“anticipates”<br> <br>or<br> <br>the<br> <br>negative<br> <br>version<br> <br>of<br> <br>these<br> <br>words<br> <br>or<br> <br>other<br> <br>comparable<br> <br>words.<br> <br>Such<br> <br>forward-looking<br> <br>statements<br> <br>are<br> <br>subject<br> <br>to<br> <br>various<br> <br>risks<br> <br>and<br> <br>uncertainties.<br> <br>Accordingly,<br> <br>there<br> <br>are<br> <br>or<br> <br>will<br> <br>be<br> <br>important<br> <br>factors<br> <br>that<br> <br>could<br> <br>cause<br> <br>actual<br> <br>outcomes<br> <br>or<br> <br>results<br> <br>to<br> <br>differ<br> <br>materially<br> <br>from<br> <br>those<br> <br>indicated<br> <br>in<br> <br>these<br> <br>statements.<br> <br>BXMT<br> <br>believes<br> <br>these<br> <br>factors<br> <br>include<br> <br>but<br> <br>are<br> <br>not<br> <br>limited<br> <br>to<br> <br>those<br> <br>described<br> <br>under<br> <br>the<br> <br>section<br> <br>entitled<br> <br>“Risk<br> <br>Factors”<br> <br>in<br> <br>its<br> <br>Annual<br> <br>Report<br> <br>on<br> <br>Form<br> <br>10-K<br> <br>for<br> <br>the<br> <br>fiscal<br> <br>year<br> <br>ended<br> <br>December<br> <br>31,<br> <br>2019<br> <br>and<br> <br>its<br> <br>Quarterly<br> <br>Report<br> <br>on<br> <br>Form<br> <br>10-Q<br> <br>for<br> <br>the<br> <br>fiscal<br> <br>quarter<br> <br>ended<br> <br>March<br> <br>31,<br> <br>2020,<br> <br>as<br> <br>such<br> <br>factors<br> <br>may<br> <br>be<br> <br>further<br> <br>updated<br> <br>from<br> <br>time<br> <br>to<br> <br>time<br> <br>in<br> <br>its<br> <br>periodic<br> <br>filings<br> <br>with<br> <br>the<br> <br>Securities<br> <br>and<br> <br>Exchange<br> <br>Commission<br> <br>(“SEC”)<br> <br>which<br> <br>are<br> <br>accessible<br> <br>on<br> <br>the<br> <br>SEC’s<br> <br>website<br> <br>at<br> <br>www.sec.gov.<br> <br>These<br> <br>factors<br> <br>should<br> <br>not<br> <br>be<br> <br>construed<br> <br>as<br> <br>exhaustive<br> <br>and<br> <br>should<br> <br>be<br> <br>read<br> <br>in<br> <br>conjunction<br> <br>with<br> <br>the<br> <br>other<br> <br>cautionary<br> <br>statements<br> <br>that<br> <br>are<br> <br>included<br> <br>in<br> <br>this<br> <br>presentation<br> <br>and<br> <br>in<br> <br>the<br> <br>filings.<br> <br>BXMT<br> <br>assumes<br> <br>no<br> <br>obligation<br> <br>to<br> <br>update<br> <br>or<br> <br>supplement<br> <br>forward-looking<br> <br>statements<br> <br>that<br> <br>become<br> <br>untrue<br> <br>because<br> <br>of<br> <br>subsequent<br> <br>events<br> <br>or<br> <br>circumstances.
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