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): April 28, 2021

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, 24th 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, 15th 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 April 28, 2021, Blackstone Mortgage Trust, Inc. (the “Company”) issued a press release and detailed presentation announcing its financial results for the first quarter ended March 31, 2021. 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> <br>No.	Description
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99.1	Press Release of Blackstone Mortgage Trust, Inc. dated April 28, 2021.
99.2	Presentation of Blackstone Mortgage Trust, Inc. dated April 28, 2021.
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: April 28, 2021
	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 First Quarter 2021 Results

New York, April 28, 2021: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its first quarter 2021 results.

Stephen D. Plavin, Chief Executive Officer, said, “BXMT’s first quarter demonstrated the strong momentum we have established on both sides of the balance sheet. We closed $1.7 billion of high-quality new loans, growing our portfolio by nearly $700 million, and we continued to optimize and diversify our balance sheet, ideally positioning BXMT to capture the next wave of investment opportunities.”

Blackstone Mortgage Trust issued a full presentation of its first quarter 2021 results, which can be viewed at www.bxmt.com.

QuarterlyInvestor Call Details

Blackstone Mortgage Trust will host a conference call today at 9:00 a.m. ET to discuss results. To register for the webcast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1447802&tp_key=ae83863b18. 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.

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

About Blackstone

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 $649 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, 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, 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>First Quarter 2021 Results<br> <br>APRIL 28, 2021<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>Represents net fundings of $693 million for the three months ended March 31, 2021.<br><br><br>(2)<br> <br>Includes $890 million of Non-Consolidated Senior Interests and investment exposure to the $696 million 2018 Single Asset<br>Securitization through a $79 million subordinate interest.<br><br><br>(3)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>(4)<br> <br>Total<br> <br>liquidity<br> <br>of<br> <br>$1.1<br> <br>billion<br> <br>primarily<br> <br>includes<br> <br>$280<br> <br>million<br> <br>of<br> <br>cash<br> <br>and<br> <br>$837<br> <br>million<br> <br>of<br> <br>available<br> <br>borrowings<br> <br>under<br> <br>credit<br> <br>facilities.<br> <br>BXMT closed $1.7 billion of new loans in the first quarter, surpassing 2020 total originations and<br><br><br>driving<br> <br>nearly<br> <br>$700<br> <br>million<br> <br>(1)<br> <br>of<br> <br>portfolio<br> <br>growth<br> <br>to<br> <br>a<br> <br>record<br> <br>$18.7<br> <br>billion<br> <br>(2)<br> <br>at<br> <br>quarter-end<br> <br>1Q<br> <br>’21<br> <br>GAAP<br> <br>EPS<br> <br>of<br> <br>$0.54<br> <br>and<br> <br>Distributable<br> <br>EPS<br> <br>(3)<br> <br>of<br> <br>$0.59,<br> <br>with<br> <br>elevated<br> <br>liquidity<br> <br>levels<br> <br>positioning BXMT well for future investment opportunities<br> <br>$1.7B<br> <br>1Q<br> <br>originations<br> <br>$1.1B<br> <br>total<br> <br>liquidity<br> <br>(4)<br> <br>100%<br> <br>interest<br> <br>collection<br> <br>Focus on high conviction sectors with<br> <br>well-capitalized sponsors<br> <br>Substantial liquidity to capitalize on<br> <br>growing origination volume<br> <br>Current cash income generated from<br> <br>low-leverage first mortgage portfolio<br> <br>Strong Portfolio Growth<br> <br>Significant Dry Powder
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>2<br> <br>FIRST QUARTER 2021 RESULTS<br> <br>(1)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>(2)<br> <br>Reflects ratio of annualized first quarter Distributable Earnings to BXMT book value. GAAP Yield on Book was 8.2% for the first<br>quarter 2021.<br> <br>(3)<br><br><br>Includes $890 million of Non-Consolidated Senior Interests and<br>investment exposure to the $696 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>1Q<br> <br>GAAP<br> <br>earnings<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.54<br> <br>and<br> <br>Distributable<br> <br>Earnings<br> <br>(1)<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.59; paid $0.62 per share dividend<br> <br>Current income from stable first mortgage portfolio generated an attractive 9.0%<br><br><br>yield on book<br><br><br>(2)<br> <br>relative to USD LIBOR of 0.1%<br> <br>1Q GAAP EPS includes a $0.01 release of prior CECL reserves; book value per share<br><br><br>of $26.35 is net of a $1.25 CECL reserve primarily recorded at the<br>onset of COVID<br> <br>Portfolio<br><br><br>$1.7 billion of originations focused on industrial, multifamily, and<br>life sciences<br> <br>Net fundings of $693 million; $1.5 billion<br>of fundings outpacing $799 million of<br> <br>repayments during<br>the quarter<br> <br>$18.7 billion<br><br><br>(3)<br> <br>senior loan portfolio secured by institutional quality real estate in<br><br><br>top<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>65%<br> <br>Consistently strong credit performance, with 100% interest collection in 1Q<br><br><br>Capitalization<br><br><br>Priced $200 million senior secured term loan add-on at L+2.25%,<br>in-line with highly<br> <br>attractive 2019 term loan<br>pricing<br> <br>Closed $1.3 billion of accretive credit facility<br>financing on increasingly favorable<br> <br>terms across multiple<br>counterparties and currencies<br> <br>Issued $1.0 billion CLO post<br>quarter-end, adding well-structured and efficiently<br><br><br>priced asset-level leverage and increasing total CLOs outstanding<br>to $3.5 billion
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>3<br> <br>EARNINGS<br> <br>1Q<br> <br>GAAP<br> <br>earnings<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.54<br> <br>and<br> <br>Distributable<br> <br>Earnings<br> <br>(1)<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.59<br> <br>$1.1 billion<br> <br>(2)<br> <br>of liquidity supports significant potential portfolio growth within existing capital base which represents<br><br><br>embedded earnings power<br><br><br>(1)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>(2)<br> <br>Total liquidity of $1.1 billion primarily includes $280 million of cash and $837 million of available borrowings under credit<br>facilities.<br> <br>Track Record of Portfolio<br>Growth<br> <br>($ in billions)<br><br><br>Historical Portfolio<br><br><br>Growth Potential<br><br><br>with Existing Capital
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>4<br> <br>PORTFOLIO<br> <br>$1.7 billion of loans originated in 1Q; 83% new acquisition loans as transaction activity increases<br><br><br>92% of loans backed by assets in industrial, multifamily and life<br>sciences sectors<br> <br>Origination Volume<br><br><br>($ in billions)<br><br><br>1Q Originations Collateral Profile<br><br><br>$1.3<br> <br>$1.7<br> <br>1Q '20<br> <br>1Q '21<br> <br>+33%<br> <br>Industrial<br> <br>33%<br> <br>Multifamily<br> <br>31%<br> <br>Life Sciences<br> <br>28%<br> <br>Office<br> <br>8%<br> <br>$1.7B<br> <br>1Q originations
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>5<br> <br>PORTFOLIO<br> <br>(1)<br> <br>Includes $890 million of Non-Consolidated Senior Interests and investment exposure to the $696 million 2018 Single Asset<br>Securitization through a $79 million subordinate interest.<br><br><br>(2)<br> <br>States and countries comprising less than 1% of total loan portfolio are excluded.<br><br><br>$18.7 billion<br><br><br>(1)<br> <br>senior loan portfolio comprising 122 investments<br> <br>Continued strong portfolio credit with 98% of loans performing and 100% interest collected when due<br><br><br>Major Market Focus<br><br><br>(1)(2)<br><br><br>Collateral Diversification<br><br><br>(1)<br><br><br>$18.7B<br> <br>portfolio<br> <br>AU, 1%<br> <br>CA<br> <br>14%<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>4%<br> <br>FL<br> <br>5%<br> <br>NY<br> <br>20%<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, 12%<br> <br>IR, 7%<br> <br>ES, 6%<br> <br>SE, 2%<br> <br>NC, 1%<br> <br>MA, 2%<br> <br>Office<br> <br>54%<br> <br>Other<br> <br>5%<br> <br>Condo<br> <br>1%<br> <br>Self-Storage<br> <br>2%<br> <br>Life Sciences<br> <br>2%<br> <br>Retail<br> <br>3%<br> <br>Industrial<br> <br>4%<br> <br>Multifamily<br> <br>12%<br> <br>Hospitality<br> <br>17%
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>(1)<br> <br>Excludes notes sold from the $1 billion CLO issuance in April 2021.<br><br><br>6<br> <br>CAPITALIZATION<br> <br>BXMT continues to diversify and optimize its balance sheet with market leading financing executions<br><br><br>Favorable terms achieved are reflective of return to pre-pandemic<br>levels of liquidity and pricing for top-tier issuers<br><br><br>$14.9B<br> <br>financings<br> <br>Diversified Financing Sources<br> <br>(outstanding balance)<br> <br>Capital Markets Activity<br> <br>Term Loan B:<br> <br>Priced $200 million add-on to $737 million<br> <br>A-1 tranche (L+2.25% / 2026) at level<br> <br>consistent with previous best execution in<br> <br>4Q 2019<br> <br>Securitizations:<br> <br>Post quarter-end, closed $1.0 billion BXMT<br> <br>2021 FL-4 transaction, the fourth in BXMT’s<br> <br>uniquely tailored CLO program<br> <br>Secured Debt Agreements:<br> <br>Closed $1.3 billion of credit facility<br> <br>financings across multiple counterparties and<br> <br>currencies driving increasingly favorable<br> <br>economics and structure<br> <br>Convertibles Notes, 4%<br> <br>Term Loan B, 8%<br> <br>Asset-Specific<br> <br>Financings, 9%<br> <br>Securitizations<br> <br>(1)<br> <br>24%<br> <br>Secured Debt<br> <br>Agreements<br> <br>55%
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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>$18.0<br> <br>$18.7<br> <br>$1.5<br> <br>$0.8<br> <br>4Q ’20 Loans<br> <br>Outstanding<br> <br>Fundings<br> <br>Repayments<br> <br>1Q ’21 Loans<br> <br>Outstanding<br> <br>8<br> <br>APPENDIX<br> <br>(1)<br> <br>Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference<br>between the value of such income on the date of conversion to USD<br> <br>and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income<br>on our consolidated balance sheet.<br> <br>(2)<br><br><br>Adjusted to reflect $0.2 billion of non-cash fluctuations in foreign<br>currency rates during the period for comparability to our total loan portfolio as of March 31, 2021.<br> <br>(3)<br> <br>Includes $802 million of Non-Consolidated Senior Interests and investment exposure to the $736 million 2018 Single Asset<br>Securitization through a $79 million subordinate interest.<br><br><br>(4)<br> <br>Includes $890 million of Non-Consolidated Senior Interests and investment exposure to the $696 million 2018 Single Asset<br>Securitization through a $79 million subordinate interest.<br> <br>Net Fundings<br> <br>($ in billions)<br> <br>1Q 2021 Operating Results<br> <br>($ in millions)<br> <br>$0.54<br> <br>net income per share<br> <br>$0.59<br> <br>distributable earnings per share<br> <br>(2)(3)<br> <br>(4)<br> <br>GAAP Net<br> <br>Income<br> <br>Adjustments<br> <br>Distributable<br> <br>Earnings<br> <br>Interest income<br> <br>$187.5<br> <br>$ -<br> <br>$187.5<br> <br>Interest expense<br> <br>(78.4)<br> <br>-<br> <br>(78.4)<br> <br>Management and incentive fees<br> <br>(19.2)<br> <br>-<br> <br>(19.2)<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>1.3<br> <br>(1.3)<br> <br>-<br> <br>Non-cash compensation<br> <br>(8.1)<br> <br>8.1<br> <br>-<br> <br>Realized hedging and<br> <br>foreign currency income, net<br> <br>(1)<br> <br>-<br> <br>0.2<br> <br>0.2<br> <br>Net income attributable to non-<br> <br>controlling interests<br> <br>(0.6)<br> <br>-<br> <br>(0.6)<br> <br>Total<br> <br>$79.9<br> <br>$7.0<br> <br>$86.9
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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 $696 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 March 31, 2021, five loans in the<br> <br>portfolio have been financed with an aggregate $890 million of Non-Consolidated Senior Interests, which are included in the<br>table above.<br> <br>(4)<br><br><br>Maximum maturity assumes all extension options are exercised; however,<br>floating rate loans generally may be repaid prior to their final maturity without penalty.<br> <br>(5)<br> <br>This loan is accounted for under the cost recovery method.<br> <br>(6)<br> <br>Consists of both floating and fixed rates. Coupon and all-in yield assume applicable floating benchmark rates for<br>weighted-average calculation. Excludes loans under the cost-recovery method.<br> <br>9<br> <br>Portfolio Details<br> <br>(1)<br> <br>($ 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>$ 1,265<br> <br>$ 1,265<br> <br>$ 1,259<br> <br>L + 2.50<br> <br>%<br> <br>L + 2.84<br> <br>%<br> <br>12/23/2024<br> <br>Dublin<br> <br>-<br> <br>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>922<br> <br>922<br> <br>920<br> <br>L + 3.25<br> <br>%<br> <br>L + 3.42<br> <br>%<br> <br>3/15/2023<br> <br>Diversified -<br> <br>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>655<br> <br>656<br> <br>L + 2.30<br> <br>%<br> <br>L + 2.59<br> <br>%<br> <br>12/9/2024<br> <br>New York<br> <br>Office<br> <br>$939 / sqft<br> <br>65 %<br> <br>Loan 4<br> <br>Senior loan<br> <br>5/11/2017<br> <br>647<br> <br>620<br> <br>620<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>$304 / sqft<br> <br>62 %<br> <br>Loan 5<br> <br>Senior loan<br> <br>8/22/2018<br> <br>363<br> <br>363<br> <br>362<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>$471,391 / key<br> <br>61 %<br> <br>Loan 6<br> <br>Senior loan<br> <br>3/30/2021<br> <br>572<br> <br>360<br> <br>356<br> <br>L + 3.20<br> <br>%<br> <br>L + 3.41<br> <br>%<br> <br>5/15/2026<br> <br>Diversified -<br> <br>SE<br> <br>Industrial<br> <br>$66 / sqft<br> <br>76 %<br> <br>Loan 7<br> <br>Senior loan<br> <br>10/23/2018<br> <br>352<br> <br>349<br> <br>349<br> <br>L + 3.40<br> <br>%<br> <br>L + 3.53<br> <br>%<br> <br>1/24/2022<br> <br>New York<br> <br>Mixed-Use<br> <br>$591 / sqft<br> <br>65 %<br> <br>Loan 8<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 9<br> <br>Senior loan<br> <br>(3)<br> <br>8/7/2019<br> <br>746<br> <br>341<br> <br>67<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>$230 / sqft<br> <br>59 %<br> <br>Loan 10<br> <br>Senior loan<br> <br>(3)<br> <br>8/6/2015<br> <br>334<br> <br>334<br> <br>61<br> <br>5.74<br> <br>%<br> <br>5.85<br> <br>%<br> <br>10/29/2022<br> <br>Diversified -<br> <br>EUR<br> <br>Other<br> <br>n/a<br> <br>71 %<br> <br>Loan 11<br> <br>Senior loan<br> <br>1/11/2019<br> <br>331<br> <br>331<br> <br>328<br> <br>L + 4.35<br> <br>%<br> <br>L + 4.70<br> <br>%<br> <br>1/11/2026<br> <br>Diversified -<br> <br>UK<br> <br>Other<br> <br>$327 / sqft<br> <br>74 %<br> <br>Loan 12<br> <br>Senior loan<br> <br>3/16/2021<br> <br>491<br> <br>307<br> <br>303<br> <br>L + 3.85<br> <br>%<br> <br>L + 4.15<br> <br>%<br> <br>4/9/2026<br> <br>Boston<br> <br>Life Sciences<br> <br>$759 / sqft<br> <br>66 %<br> <br>Loan 13<br> <br>Senior loan<br> <br>2/27/2020<br> <br>300<br> <br>288<br> <br>286<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>$904 / sqft<br> <br>59 %<br> <br>Loan 14<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 15<br> <br>Senior loan<br> <br>9/30/2019<br> <br>306<br> <br>280<br> <br>280<br> <br>L + 3.66<br> <br>%<br> <br>L + 3.75<br> <br>%<br> <br>9/9/2024<br> <br>Chicago<br> <br>Office<br> <br>$243 / sqft<br> <br>58 %<br> <br>Loans<br> <br>16<br> <br>-<br> <br>121<br> <br>Senior loans<br> <br>(3)<br> <br>Various<br> <br>14,213<br> <br>10,988<br> <br>10,585<br> <br>L + 3.35<br> <br>%<br> <br>(6)<br> <br>L + 3.71<br> <br>%<br> <br>(6)<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>63 %<br> <br>CECL reserve<br> <br>(172)<br> <br>Total/Wtd. avg.<br> <br>$ 22,207<br> <br>$ 18,033<br> <br>$ 16,888<br> <br>L + 3.28<br> <br>%<br> <br>(6)<br> <br>L + 3.62<br> <br>%<br> <br>(6)<br> <br>3.1 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>March 31, 2021<br> <br>December 31, 2020<br> <br>Assets<br> <br>Cash and cash equivalents<br> <br>$280,126<br> <br>$289,970<br> <br>Loans receivable<br> <br>17,060,102<br> <br>16,572,715<br> <br>Current expected credit loss reserve<br> <br>(172,100)<br> <br>(173,549)<br> <br>Loans receivable, net<br> <br>16,888,002<br> <br>16,399,166<br> <br>Other assets<br> <br>186,582<br> <br>269,819<br> <br>Total assets<br> <br>$17,354,710<br> <br>$16,958,955<br> <br>Liabilities and equity<br> <br>Secured debt agreements, net<br> <br>$8,124,787<br> <br>$7,880,536<br> <br>Securitized debt obligations, net<br> <br>2,875,241<br> <br>2,922,499<br> <br>Asset-specific debt agreements, net<br> <br>430,448<br> <br>391,269<br> <br>Secured term loans, net<br> <br>1,235,808<br> <br>1,041,704<br> <br>Convertible notes, net<br> <br>617,242<br> <br>616,389<br> <br>Other liabilities<br> <br>167,091<br> <br>202,327<br> <br>Total liabilities<br> <br>13,450,617<br> <br>13,054,724<br> <br>Commitments and contingencies<br> <br>—<br> <br>—<br> <br>Equity<br> <br>Class A common stock, $0.01 par value<br> <br>1,470<br> <br>1,468<br> <br>Additional paid-in capital<br> <br>4,710,986<br> <br>4,702,713<br> <br>Accumulated other comprehensive income<br> <br>11,284<br> <br>11,170<br> <br>Accumulated deficit<br> <br>(840,717)<br> <br>(829,284)<br> <br>Total Blackstone Mortgage Trust, Inc. stockholders’equity<br> <br>3,883,023<br> <br>3,886,067<br> <br>Non-controlling interests<br> <br>21,070<br> <br>18,164<br> <br>Total equity<br> <br>3,904,093<br> <br>3,904,231<br> <br>Total liabilities and equity<br> <br>$17,354,710<br> <br>$16,958,955
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>APPENDIX<br> <br>11<br> <br>Consolidated Statements of Operations<br> <br>($ in thousands, except per share data)<br> <br>2021<br> <br>2020<br> <br>Income from loans and other investments<br> <br>Interest and related income<br> <br>$187,524<br> <br>$204,875<br> <br>Less: Interest and related expenses<br> <br>78,372<br> <br>104,239<br> <br>Income from loans and other investments, net<br> <br>109,152<br> <br>100,636<br> <br>Other expenses<br> <br>Management and incentive fees<br> <br>19,207<br> <br>19,277<br> <br>General and administrative expenses<br> <br>10,597<br> <br>11,791<br> <br>Total other expenses<br> <br>29,804<br> <br>31,068<br> <br>Decrease (increase) in current expected credit loss reserve<br> <br>1,293<br> <br>(122,702)<br> <br>Income (loss) before income taxes<br> <br>80,641<br> <br>(53,134)<br> <br>Income tax provision<br> <br>101<br> <br>149<br> <br>Net income (loss)<br> <br>80,540<br> <br>(53,283)<br> <br>Net income attributable to non-controlling interests<br> <br>(638)<br> <br>(67)<br> <br>Net income (loss) attributable to Blackstone Mortgage Trust, Inc.<br> <br>$79,902<br> <br>$(53,350)<br> <br>Per share information (basic and diluted)<br> <br>Weighted-average shares of common stock outstanding<br> <br>147,336,936<br> <br>135,619,264<br> <br>Three Months Ended March 31,<br> <br>Net income (loss) per share of common stock<br> <br>$0.54<br> <br>$(0.39)
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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>Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference<br>between the value of such income on the date of conversion to USD<br> <br>and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income<br>on our consolidated balance sheet.<br> <br>12<br><br><br>Per Share Calculations<br><br><br>(in thousands, except per share data)<br><br><br>Distributable Earnings<br><br><br>Reconciliation<br><br><br>Book Value<br><br><br>per Share<br><br><br>Earnings<br><br><br>per Share<br><br><br>March 31, 2021<br><br><br>December 31, 2020<br><br><br>Net income<br><br><br>(1)<br> <br>$79,902<br> <br>$83,616<br> <br>Decrease in current expected credit loss reserve<br> <br>(1,293)<br> <br>(5,813)<br> <br>Non-cash compensation expense<br> <br>8,085<br> <br>8,554<br> <br>Realized hedging and foreign currency income, net<br> <br>(2)<br> <br>172<br> <br>582<br> <br>Other items<br> <br>130<br> <br>921<br> <br>Adjustments attributable to non-controlling interests, net<br> <br>(47)<br> <br>74<br> <br>Distributable Earnings<br> <br>$86,949<br> <br>$87,934<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>147,337<br> <br>146,675<br> <br>Distributable Earnings per share, basic and diluted<br> <br>$0.59<br> <br>$0.60<br> <br>Three Months Ended<br> <br>March 31, 2021<br> <br>December 31, 2020<br> <br>Stockholders' equity<br> <br>$3,883,023<br> <br>$3,886,067<br> <br>Shares<br> <br>Class A common stock<br> <br>147,031<br> <br>146,780<br> <br>Deferred stock units<br> <br>318<br> <br>307<br> <br>Total outstanding<br> <br>147,349<br> <br>147,087<br> <br>Book value per share<br> <br>$26.35<br> <br>$26.42<br> <br>Three Months Ended<br> <br>March 31, 2021<br> <br>December 31, 2020<br> <br>Net income<br> <br>(1)<br> <br>$79,902<br> <br>$83,616<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>147,337<br> <br>146,675<br> <br>Per share amount, basic and diluted<br> <br>$0.54<br> <br>$0.57<br> <br>Three Months Ended
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>DEFINITIONS<br> <br>13<br> <br>Distributable<br> <br>Earnings:<br> <br>Blackstone<br> <br>Mortgage<br> <br>Trust,<br> <br>Inc.<br> <br>(“BXMT”)<br> <br>discloses<br> <br>Distributable<br> <br>Earnings<br> <br>in<br> <br>this<br> <br>presentation.<br> <br>Distributable<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>Distributable<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>and<br> <br>(iv)<br> <br>certain<br> <br>non-cash<br> <br>items.<br> <br>Distributable<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>three<br> <br>months<br> <br>ended<br> <br>March<br> <br>31,<br> <br>2021,<br> <br>we<br> <br>recorded<br> <br>an<br> <br>$1.3<br> <br>million<br> <br>decrease<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>Distributable<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>Distributable<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>Distributable<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>We<br> <br>believe<br> <br>Distributable<br> <br>Earnings<br> <br>is<br> <br>a<br> <br>useful<br> <br>financial<br> <br>metric<br> <br>for<br> <br>existing<br> <br>and<br> <br>potential<br> <br>future<br> <br>holders<br> <br>of<br> <br>our<br> <br>class<br> <br>A<br> <br>common<br> <br>stock<br> <br>as<br> <br>historically,<br> <br>over<br> <br>time,<br> <br>Distributable<br> <br>Earnings<br> <br>has<br> <br>been<br> <br>a<br> <br>strong<br> <br>indicator<br> <br>of<br> <br>our<br> <br>dividends<br> <br>per<br> <br>share.<br> <br>Distributable<br> <br>Earnings<br> <br>mirrors<br> <br>the<br> <br>terms<br> <br>of<br> <br>our<br> <br>management<br> <br>agreement<br> <br>between<br> <br>our<br> <br>Manager<br> <br>and<br> <br>us<br> <br>for<br> <br>purposes<br> <br>of<br> <br>calculating<br> <br>our<br> <br>incentive<br> <br>fee<br> <br>expense.<br> <br>Distributable<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>Distributable<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>Distributable<br> <br>Earnings<br> <br>may<br> <br>not<br> <br>be<br> <br>comparable<br> <br>to<br> <br>the<br> <br>Distributable<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>14<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>its<br> <br>business<br> <br>plans<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-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>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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