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): July 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

N/A

(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 July 28, 2021, Blackstone Mortgage Trust, Inc. (the “Company”) issued a press release and detailed presentation announcing its financial results for the second quarter ended June 30, 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 July 28, 2021.
99.2	Presentation of Blackstone Mortgage Trust, Inc. dated July 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: July 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 Second Quarter 2021 Results

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

Katie Keenan, Chief Executive Officer, said, “BXMT delivered compelling results this quarter on multiple fronts. We grew our loan portfolio to a record level, driving increased earnings per share. We executed accretive transactions across the capital stack, further strengthening our balance sheet. Credit quality continued to improve, reflecting healthier fundamentals and the benefit of our best-in-class underwriting capabilities as part of Blackstone Real Estate. And our pipeline provides a strong tailwind for further outperformance as we continue to grow our business.”

Blackstone Mortgage Trust issued a full presentation of its second 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=1478981&tp_key=b404a3854f. 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 is the world’s largest alternative investment firm. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $684 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 and recovery from the negative effects 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>Blackstone<br><br><br>+1 (888) 756-8443<br><br><br>BlackstoneShareholderRelations@Blackstone.com	Public Affairs<br> <br>Blackstone<br><br><br>+1 (212) 583-5263<br><br><br>PressInquiries@Blackstone.com

EX-99.2

<br> <br>Blackstone<br> <br>Mortgage Trust, Inc.<br> <br>Second Quarter 2021 Results<br> <br>JULY 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>Includes $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 million 2018 Single Asset<br>Securitization through a $79 million subordinate interest.<br><br><br>(2)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>BXMT closed $2.2 billion of new loans in the second quarter, driving over<br>$400 million of net<br> <br>portfolio<br><br><br>growth<br><br><br>to<br> <br>a<br> <br>record<br> <br>$19.2<br> <br>billion<br> <br>(1)<br> <br>portfolio<br> <br>at<br> <br>quarter-end<br> <br>GAAP<br> <br>EPS<br> <br>of<br> <br>$0.89<br> <br>and<br> <br>Distributable<br> <br>EPS<br> <br>(2)<br> <br>of<br> <br>$0.61;<br> <br>GAAP<br> <br>EPS<br> <br>includes<br> <br>a<br> <br>$51<br> <br>million<br> <br>CECL<br> <br>reserve<br> <br>reduction driven by improving credit environment<br> <br>$2.2B<br> <br>2Q<br> <br>originations<br> <br>$19.2B<br> <br>senior loan<br> <br>portfolio<br> <br>$3.7B<br> <br>financing<br> <br>activity<br> <br>Focus on low-leverage loans and<br><br><br>well-capitalized sponsors<br><br><br>Net portfolio growth driving increased<br><br><br>earnings power<br><br><br>Pro-active capital markets execution<br><br><br>enhancing structure and cost of capital<br><br><br>Strong Originations<br><br><br>Growing Portfolio
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>2<br> <br>SECOND 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 second quarter Distributable Earnings to BXMT book value. GAAP Yield on Book was 13.3% for the second<br>quarter 2021.<br> <br>(3)<br><br><br>Includes $1.0 billion of Non-Consolidated Senior Interests and<br>investment exposure to the $623 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>GAAP<br> <br>earnings<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.89<br> <br>and<br> <br>Distributable<br> <br>Earnings<br> <br>(1)<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.61;<br> <br>paid<br> <br>$0.62 per share dividend<br> <br>GAAP EPS includes a net $0.34 release of prior CECL reserves, resulting in an increase in<br><br><br>book value per share to $26.68<br><br><br>Sequential increase in Distributable Earnings driven by net portfolio<br>growth, translating to<br> <br>9.1% yield on book<br><br><br>(2)<br> <br>relative to USD LIBOR of 0.1%<br> <br>Investments<br> <br>Originated 19 loans and 2 upsizes totaling $2.2 billion, with 80% of new lending activity<br><br><br>from repeat sponsor relationships<br><br><br>Net portfolio growth of $423 million as $2.3 billion of fundings<br>exceeded $2.0 billion of<br> <br>repayments during the<br>quarter<br> <br>Investment pace on par with pre-pandemic<br>levels, with robust activity across geographies<br><br><br>Portfolio<br><br><br>Upsized $423 million Term Loan B-2 tranche and reduced interest<br>rate by 250bps<br> <br>Closed $2.5 billion of accretive credit<br>facility financings on increasingly favorable terms<br><br><br>across multiple counterparties and currencies<br><br><br>Issued $1.0 billion CLO, adding well-structured and efficiently<br>priced asset-level leverage<br> <br>and increasing total CLOs<br>outstanding to $3.5 billion<br> <br>Capitalization<br><br><br>$19.2<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>Continued strong credit performance driving consistent interest collections and reduced<br><br><br>CECL reserve levels<br><br><br>98%<br> <br>performing<br> <br>portfolio<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%
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>3<br> <br>EARNINGS<br> <br>2Q<br> <br>GAAP<br> <br>earnings<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.89<br> <br>and<br> <br>Distributable<br> <br>Earnings<br> <br>(1)<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.61<br> <br>Increase in book value per share relative to prior year due to CECL reserve decrease, reflecting strong credit<br><br><br>performance of the portfolio as the general economic recovery<br>continues<br> <br>Increasing EPS<br><br><br>Increasing Book Value<br><br><br>$26.42<br><br><br>$26.68<br><br><br>12/31/2020<br><br><br>6/30/2021<br><br><br>+$0.26<br><br><br>(1)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>$0.59<br><br><br>$0.61<br><br><br>1Q '21<br><br><br>2Q '21<br><br><br>Distributable EPS<br><br><br>GAAP EPS<br><br><br>$0.53<br><br><br>$0.55<br><br><br>1Q '21<br><br><br>2Q '21<br><br><br>CECL Reserve Reduction<br><br><br>(1)<br> <br>$0.89<br> <br>$0.54
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>4<br> <br>INVESTMENTS<br> <br>(1)<br> <br>Total liquidity of $1.4 billion primarily includes $290 million of cash and $1.1 billion of immediately available borrowings under<br>credit facilities.<br> <br>2Q originations of $2.2 billion with<br>strong activity across all primary sectors and markets<br> <br>$1.4<br>billion of liquidity<br> <br>(1)<br><br><br>supports continued growth of portfolio and earnings power within<br>existing capital base<br> <br>Origination Volume<br><br><br>($ in billions)<br><br><br>Track Record of Portfolio Growth<br><br><br>($ in billions)<br><br><br>1H '19<br><br><br>1H '20<br><br><br>1H '21<br><br><br>$2.0<br> <br>$1.3<br> <br>$3.9<br> <br>$15.8<br> <br>$18.0<br> <br>$19.2<br> <br>2Q '19<br> <br>2Q '20<br> <br>2Q '21
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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 $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 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>$19.2 billion<br><br><br>(1)<br> <br>senior loan portfolio comprised of 125 investments, with an average origination LTV of 65%<br><br><br>Continued strong portfolio credit with 98% performing loans and 100%<br>interest collected when due<br> <br>Major Market<br>Focus<br> <br>(1)(2)<br><br><br>Collateral Diversification<br><br><br>(1)<br><br><br>$19.2B<br> <br>portfolio<br> <br>AU, 1%<br> <br>CA<br> <br>15%<br> <br>TX<br> <br>3%<br> <br>IL<br> <br>4%<br> <br>TN, 2%<br> <br>GA<br> <br>5%<br> <br>FL<br> <br>5%<br> <br>NY<br> <br>20%<br> <br>DC, 2%<br> <br>HI, 3%<br> <br>DEU, 1%<br> <br>IT, 1%<br> <br>UK, 10%<br> <br>IR, 7%<br> <br>ES, 7%<br> <br>SE, 3%<br> <br>NC, 1%<br> <br>MA, 2%<br> <br>Office<br> <br>51%<br> <br>Hotel<br> <br>17%<br> <br>Multi<br> <br>13%<br> <br>Industrial<br> <br>5%<br> <br>Life Sciences<br> <br>3%<br> <br>Retail<br> <br>3%<br> <br>Self-Storage<br> <br>2%<br> <br>Condo<br> <br>1%<br> <br>Other<br> <br>5%<br> <br>c
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>6<br> <br>CAPITALIZATION<br> <br>Executions across the capital structure continue to increase balance sheet efficiency and reduce cost of capital<br><br><br>$3.7<br> <br>billion<br> <br>of<br> <br>financing<br> <br>activities<br> <br>resulted<br> <br>in<br> <br>increased<br> <br>liquidity<br> <br>of<br> <br>$1.4<br> <br>billion<br> <br>and<br> <br>a<br> <br>debt-to-equity<br> <br>ratio<br> <br>(1)<br> <br>of<br> <br>2.7x<br> <br>$15.4B<br> <br>financings<br> <br>Diversified Financing Sources<br> <br>(outstanding balance)<br> <br>Capital Markets Activity<br> <br>Term Loan B:<br> <br>Repriced $423 million Term Loan B-2 tranche<br> <br>to L+2.75%, including $100 million upsize<br> <br>Securitizations:<br> <br>Closed $1.0 billion BXMT 2021 FL-4<br> <br>transaction with an 80% advance rate and a<br> <br>weighted average coupon of L+1.27%<br> <br>Secured Debt:<br> <br>Closed $2.5 billion of credit facility financings<br> <br>on favorable economic and structural terms<br> <br>(1)<br> <br>Represents (i) total outstanding secured debt, asset-specific debt, term loans, and convertible notes, less cash, to (ii) total<br>equity.<br> <br>Convertibles Notes<br><br><br>, 4%<br> <br>Term<br> <br>Loan<br> <br>B,<br> <br>9%<br> <br>Asset<br> <br>-Specific<br> <br>Debt, 8%<br> <br>Securitizations<br> <br>22%<br> <br>Secured Debt<br> <br>Facilities, 57%
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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>$18.8<br> <br>$19.2<br> <br>$2.3<br> <br>$2.0<br> <br>1Q ’21<br> <br>Loans<br> <br>Outstanding<br> <br>Fundings<br> <br>Repayments<br> <br>2Q ’21<br> <br>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>Amounts may not add due to rounding.<br><br><br>(3)<br> <br>Adjusted to reflect $37 million of non-cash fluctuations in foreign currency rates during the period for comparability to our<br>total loan portfolio as of March 31, 2021.<br> <br>(4)<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>(5)<br> <br>Includes $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 million 2018 Single Asset<br>Securitization through a $79 million subordinate interest.<br> <br>Net Fundings<br> <br>(2)<br> <br>($ in billions)<br> <br>2Q 2021 Operating Results<br> <br>($ in millions)<br> <br>$0.89<br> <br>net income per share<br> <br>$0.61<br> <br>distributable earnings per share<br> <br>(5)<br> <br>(3)(4)<br> <br>GAAP Net<br> <br>Income<br> <br>Adjustments<br> <br>Distributable<br> <br>Earnings<br> <br>Interest income<br> <br>$196.3<br> <br>$ -<br> <br>$196.3<br> <br>Interest expense<br> <br>(82.4)<br> <br>0.2<br> <br>(82.2)<br> <br>Management and incentive fees<br> <br>(21.5)<br> <br>-<br> <br>(21.5)<br> <br>General and administrative<br> <br>expenses and taxes<br> <br>(2.8)<br> <br>-<br> <br>(2.8)<br> <br>Decrease in current expected<br> <br>credit loss reserve<br> <br>50.9<br> <br>(50.9)<br> <br>-<br> <br>Non-cash compensation<br> <br>(8.0)<br> <br>8.0<br> <br>-<br> <br>Realized hedging and<br> <br>foreign currency income, net<br> <br>(1)<br> <br>-<br> <br>0.7<br> <br>0.7<br> <br>Net income attributable to non-<br> <br>controlling interests<br> <br>(0.9)<br> <br>0.3<br> <br>(0.6)<br> <br>Total<br> <br>$131.6<br> <br>($41.7)<br> <br>$89.9
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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 $623 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 June 30, 2021, five loans in the<br> <br>portfolio have been financed with an aggregate $1.0 billion of Non-Consolidated Senior Interests, which are included in the<br>table above.<br> <br>(4)<br><br><br>Maximum maturity assumes all extension options are exercised; however,<br>floating rate loans generally may be repaid prior to their final maturity without penalty.<br> <br>(5)<br> <br>This loan is accounted for under the cost recovery method.<br> <br>(6)<br> <br>Consists of both floating and fixed rates. Spread and all-in yield assume applicable floating benchmark rates for<br>weighted-average calculation. Excludes loans under the cost-recovery method.<br> <br>9<br> <br>Portfolio Details<br> <br>(1)<br> <br>($ 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>$ 1,334<br> <br>$ 1,295<br> <br>$ 1,290<br> <br>+ 2.53<br> <br>%<br> <br>+ 2.99<br> <br>%<br> <br>12/23/2024<br> <br>Dublin - IE<br> <br>Office<br> <br>$471 / sqft<br> <br>74 %<br> <br>Loan 2<br> <br>Senior loan<br> <br>3/22/2018<br> <br>905<br> <br>905<br> <br>904<br> <br>+ 3.25<br> <br>%<br> <br>+ 3.42<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>669<br> <br>670<br> <br>+ 2.30<br> <br>%<br> <br>+ 2.59<br> <br>%<br> <br>12/9/2024<br> <br>New York<br> <br>Office<br> <br>$958 / sqft<br> <br>65 %<br> <br>Loan 4<br> <br>Senior loan<br> <br>3/30/2021<br> <br>584<br> <br>584<br> <br>578<br> <br>+ 3.20<br> <br>%<br> <br>+ 3.41<br> <br>%<br> <br>5/15/2026<br> <br>Diversified - SE<br> <br>Industrial<br> <br>$107 / sqft<br> <br>76 %<br> <br>Loan 5<br> <br>Senior loan<br> <br>(3)<br> <br>8/7/2019<br> <br>746<br> <br>390<br> <br>77<br> <br>+ 3.12<br> <br>%<br> <br>+ 3.60<br> <br>%<br> <br>9/9/2025<br> <br>Los Angeles<br> <br>Office<br> <br>$263 / sqft<br> <br>59 %<br> <br>Loan 6<br> <br>Senior loan<br> <br>8/22/2018<br> <br>363<br> <br>363<br> <br>362<br> <br>+ 3.15<br> <br>%<br> <br>+ 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 7<br> <br>Senior loan<br> <br>9/23/2019<br> <br>415<br> <br>356<br> <br>353<br> <br>+ 3.00<br> <br>%<br> <br>+ 3.22<br> <br>%<br> <br>11/15/2024<br> <br>Diversified - Spain<br> <br>Hospitality<br> <br>$194,433 / key<br> <br>62 %<br> <br>Loan 8<br> <br>Senior loan<br> <br>10/23/2018<br> <br>352<br> <br>349<br> <br>349<br> <br>+ 3.40<br> <br>%<br> <br>+ 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 9<br> <br>Senior loan<br> <br>4/11/2018<br> <br>355<br> <br>345<br> <br>344<br> <br>+ 2.85<br> <br>%<br> <br>+ 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 10<br> <br>Senior loan<br> <br>(3)<br> <br>8/6/2015<br> <br>334<br> <br>334<br> <br>61<br> <br>5.75<br> <br>%<br> <br>5.85<br> <br>%<br> <br>10/29/2022<br> <br>Diversified - 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>332<br> <br>332<br> <br>329<br> <br>+ 4.35<br> <br>%<br> <br>+ 4.70<br> <br>%<br> <br>1/11/2026<br> <br>Diversified - UK<br> <br>Other<br> <br>$328 / 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>+ 3.85<br> <br>%<br> <br>+ 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>294<br> <br>292<br> <br>+ 2.70<br> <br>%<br> <br>+ 3.04<br> <br>%<br> <br>3/9/2025<br> <br>New York<br> <br>Mixed-Use<br> <br>$921 / 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>%<br> <br>(5)<br> <br>n/m<br> <br>%<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>286<br> <br>286<br> <br>+ 3.66<br> <br>%<br> <br>+ 3.75<br> <br>%<br> <br>9/9/2024<br> <br>Chicago<br> <br>Office<br> <br>$248 / sqft<br> <br>58 %<br> <br>Loans 16 - 124<br> <br>Senior loans<br> <br>(3)<br> <br>Various<br> <br>14,663<br> <br>11,435<br> <br>10,956<br> <br>+ 3.29<br> <br>%<br> <br>(6)<br> <br>+ 3.62<br> <br>%<br> <br>(6)<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>64 %<br> <br>CECL reserve<br> <br>(129)<br> <br>Total/Wtd. avg.<br> <br>$ 22,489<br> <br>$ 18,529<br> <br>$ 17,308<br> <br>+ 3.25<br> <br>%<br> <br>(6)<br> <br>+ 3.58<br> <br>%<br> <br>(6)<br> <br>3.1 yrs<br> <br>66 %<br> <br>All-in<br> <br>Spread<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>June 30, 2021<br> <br>December 31, 2020<br> <br>Assets<br> <br>Cash and cash equivalents<br> <br>$289,552<br> <br>$289,970<br> <br>Loans receivable<br> <br>17,436,843<br> <br>16,572,715<br> <br>Current expected credit loss reserve<br> <br>(128,945)<br> <br>(173,549)<br> <br>Loans receivable, net<br> <br>$17,307,898<br> <br>$16,399,166<br> <br>Other assets<br> <br>304,297<br> <br>269,819<br> <br>Total assets<br> <br>$17,901,747<br> <br>$16,958,955<br> <br>Liabilities and equity<br> <br>Secured debt, net<br> <br>$8,709,818<br> <br>$7,880,536<br> <br>Securitized debt obligations, net<br> <br>2,833,778<br> <br>2,922,499<br> <br>Asset-specific debt, net<br> <br>292,122<br> <br>391,269<br> <br>Term loans, net<br> <br>1,332,130<br> <br>1,041,704<br> <br>Convertible notes, net<br> <br>618,111<br> <br>616,389<br> <br>Other liabilities<br> <br>158,833<br> <br>202,327<br> <br>Total liabilities<br> <br>$13,944,792<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>4,719,203<br> <br>4,702,713<br> <br>Accumulated other comprehensive income<br> <br>10,743<br> <br>11,170<br> <br>Accumulated deficit<br> <br>(800,455)<br> <br>(829,284)<br> <br>Total Blackstone Mortgage Trust, Inc. stockholders’<br> <br>equity<br> <br>$3,930,961<br> <br>$3,886,067<br> <br>Non-controlling interests<br> <br>25,994<br> <br>18,164<br> <br>Total equity<br> <br>$3,956,955<br> <br>$3,904,231<br> <br>Total liabilities and equity<br> <br>$17,901,747<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>2021<br> <br>2020<br> <br>Income from loans and other investments<br> <br>Interest and related income<br> <br>$196,303<br> <br>$191,982<br> <br>$383,827<br> <br>$396,857<br> <br>Less: Interest and related expenses<br> <br>82,352<br> <br>$84,853<br> <br>160,723<br> <br>189,092<br> <br>Income from loans and other investments, net<br> <br>$113,951<br> <br>$107,129<br> <br>$223,104<br> <br>$207,765<br> <br>Other expenses<br> <br>Management and incentive fees<br> <br>21,545<br> <br>20,496<br> <br>40,752<br> <br>39,773<br> <br>General and administrative expenses<br> <br>10,669<br> <br>11,286<br> <br>21,267<br> <br>23,078<br> <br>Total other expenses<br> <br>$32,214<br> <br>$31,782<br> <br>$62,019<br> <br>$62,851<br> <br>Decrease (increase) in current expected credit loss reserve<br> <br>50,906<br> <br>(56,819)<br> <br>52,199<br> <br>(179,521)<br> <br>Income (loss) before income taxes<br> <br>$132,643<br> <br>$18,528<br> <br>$213,284<br> <br>$(34,607)<br> <br>Income tax provision<br> <br>175<br> <br>23<br> <br>276<br> <br>173<br> <br>Net income (loss)<br> <br>$132,468<br> <br>$18,505<br> <br>$213,008<br> <br>($34,780)<br> <br>Net income attributable to non-controlling interests<br> <br>(873)<br> <br>(961)<br> <br>(1,511)<br> <br>(1,028)<br> <br>Net income (loss) attributable to Blackstone Mortgage Trust, Inc.<br> <br>$131,595<br> <br>$17,544<br> <br>$211,497<br> <br>($35,808)<br> <br>Per share information (basic and diluted)<br> <br>Net income (loss) per share of common stock<br> <br>$0.89<br> <br>$0.13<br> <br>$1.44<br> <br>($0.26)<br> <br>Weighted-average shares of common stock outstanding<br> <br>147,342,822<br> <br>138,299,418<br> <br>147,339,895<br> <br>136,959,341<br> <br>Three Months Ended June 30,<br> <br>Six Months Ended June 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>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>June 30, 2021<br><br><br>March 31, 2021<br><br><br>Net income<br><br><br>(1)<br> <br>$131,595<br> <br>$79,902<br> <br>Decrease in current expected credit loss reserve<br> <br>(50,906)<br> <br>(1,293)<br> <br>Non-cash compensation expense<br> <br>8,020<br> <br>8,085<br> <br>Realized hedging and foreign currency income, net<br> <br>(2)<br> <br>744<br> <br>172<br> <br>Other items<br> <br>194<br> <br>130<br> <br>Adjustments attributable to non-controlling interests, net<br> <br>248<br> <br>(47)<br> <br>Distributable Earnings<br> <br>$89,895<br> <br>$86,949<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>147,343<br> <br>147,337<br> <br>Distributable Earnings per share, basic and diluted<br> <br>$0.61<br> <br>$0.59<br> <br>Three Months Ended<br> <br>June<br> <br>30,<br> <br>2021<br> <br>March<br> <br>31,<br> <br>2021<br> <br>Stockholders' equity<br> <br>$3,930,961<br> <br>$3,883,023<br> <br>Shares<br> <br>Class A common stock<br> <br>147,016<br> <br>147,031<br> <br>Deferred stock units<br> <br>328<br> <br>318<br> <br>Total outstanding<br> <br>147,344<br> <br>147,349<br> <br>Book value per share<br> <br>$26.68<br> <br>$26.35<br> <br>Three<br> <br>Months<br> <br>Ended<br> <br>June 30, 2021<br> <br>March 31, 2021<br> <br>Net income<br> <br>(1)<br> <br>$131,595<br> <br>$79,902<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>147,343<br> <br>147,337<br> <br>Per share amount, basic and diluted<br> <br>$0.89<br> <br>$0.54<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>June<br> <br>30,<br> <br>2021,<br> <br>we<br> <br>recorded<br> <br>a<br> <br>$51<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>and<br> <br>recovery<br> <br>from<br> <br>the<br> <br>negative<br> <br>effects<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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