8-K

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 29, 2020

Blackstone Mortgage Trust, Inc.

(Exact name of registrant as specified in its charter)

345 Park Avenue, 42nd Floor

New York, New York 10154

(Address of Principal Executive Offices) (Zip Code)

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

Not Applicable

(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:

Securities registered pursuant to Section 12(b) of the Act:

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 29, 2020, Blackstone Mortgage Trust, Inc. (the “Company”) issued a press release and detailed presentation announcing its financial results for the second quarter ended June 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.

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.

EX-99.1

Exhibit 99.1

Blackstone Mortgage Trust Reports Second Quarter 2020 Results

New York, July 29 , 2020: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its second quarter 2020 results.

Stephen D. Plavin, Chief Executive Officer, said, “BXMT’s key advantages—our $18 billion senior mortgage loan portfolio, well-capitalized balance sheet and market-leading real estate platform—all contributed to our strong second quarter performance. We again collected 100% of borrower interest while raising $607 million of new capital and increasing our liquidity to $1.3 billion. BXMT is very well positioned to protect its assets and originate new loans as transaction activity rebuilds.”

Blackstone Mortgage Trust issued a full detailed presentation of its second 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 second quarter 2020 results. To register for the webcast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1345604&tp_key=7fe935a16b. 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 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 $564 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity,

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

EX-99.2

<br> <br>Blackstone<br> <br>Mortgage Trust, Inc.<br> <br>Second Quarter 2020 Results<br> <br>JULY 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>Includes $740 million of Non-Consolidated Senior Interests and investment exposure to the $857 million 2018 Single Asset<br>Securitization through an $82 million subordinate interest.<br><br><br>(2)<br> <br>Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.<br><br><br>(3)<br> <br>Represents $13.5 billion of asset-specific financings, consisting of $3.0 billion of securitizations, $1.0 billion of senior<br>syndications and $9.4 billion of credit facilities (of which $8.9 billion are term<br> <br>matched to the current maturity of their respective loans)<br> <br>(4)<br> <br>Represents (i) total outstanding secured debt agreements, secured term loans, and convertible notes, less cash, to (ii) total<br>equity.<br> <br>(5)<br><br><br>Total liquidity includes $1,260 million of cash and $97 million of<br>available borrowings under credit facilities, reduced by $22 million of pending net principal payments.<br> <br>BXMT delivered strong earnings in 2Q from its $18.0 billion<br> <br>(1)<br> <br>senior loan portfolio<br> <br>Raised $607 million of capital in 2Q, further fortifying its balance sheet and growing liquidity<br><br><br>100%<br> <br>senior<br> <br>loans<br> <br>(1)<br> <br>64%<br> <br>origination<br> <br>loan-to-value<br> <br>(1)(2)<br> <br>96%<br> <br>term<br> <br>matched financing<br> <br>(3)<br> <br>2.6x<br> <br>debt-to-equity<br> <br>ratio<br> <br>(4)<br> <br>$1.3B<br> <br>total<br> <br>liquidity<br> <br>(5)<br> <br>+60%<br> <br>2Q<br> <br>increase<br> <br>All senior loan portfolio with significant<br> <br>equity cushion<br> <br>Long duration liabilities, with no capital<br> <br>markets mark-to-market<br> <br>Substantial liquidity to defend assets and<br> <br>fund new loans<br> <br>Protected Credit<br> <br>Stable Balance Sheet
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>2<br> <br>SECOND 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>Includes $740 million of Non-Consolidated Senior Interests and investment exposure to the $857 million 2018 Single Asset<br>Securitization through an $82 million subordinate interest.<br><br><br>(3)<br> <br>Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.<br><br><br>(4)<br> <br>Includes $740 million of Non-Consolidated Senior Interests and $775 million of Non-Consolidated Securitized Debt<br>Obligations.<br> <br>(5)<br><br><br>Total liquidity includes $1,260 million of cash and $97 million of<br>available borrowings under credit facilities, reduced by $22 million of pending net principal payments.<br> <br>Earnings<br> <br>2Q GAAP earnings per share of $0.13 and Core Earnings<br> <br>(1)<br> <br>per share of $0.62; book<br> <br>value per share of $26.45<br> <br>GAAP EPS and BVPS reflect $57 million increase in 2Q CECL reserve, primarily<br><br><br>resulting from specific CECL reserves recorded on two impaired<br>loans<br> <br>$8.8 billion of the loan portfolio benefits from<br>active USD LIBOR floors with an<br> <br>average strike price of<br>1.47% as of quarter end<br> <br>Portfolio<br><br><br>$18.0 billion<br><br><br>(2)<br> <br>senior loan portfolio secured by institutional quality real estate in<br><br><br>major markets, with a weighted average origination LTV<br><br><br>(2)(3)<br><br><br>of 64%<br><br><br>$386 million of loan repayments and $317 million of loan fundings<br>during the<br> <br>quarter<br><br><br>100% interest collection in 2Q reflects quality of our portfolio and<br>commitment by<br> <br>sponsors to their assets<br><br><br>Capitalization<br><br><br>$13.5 billion<br><br><br>(4)<br> <br>of match-funded, asset-level financing on pre-pandemic terms with<br><br><br>no capital markets mark-to-market provisions<br><br><br>Executed agreements with seven largest credit facility lenders to<br>temporarily<br> <br>suspend credit mark provisions and increase<br>asset management flexibility for<br> <br>certain collateral<br>assets<br> <br>Generated $607 million of gross proceeds from<br>capital markets transactions,<br> <br>bringing total liquidity to<br>$1.3 billion<br> <br>(5)
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>3<br> <br>EARNINGS<br> <br>(1)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>(2)<br> <br>Weighted average strike price of floating rate loans indexed to USD LIBOR with active floors as of June 30, 2020.<br><br><br>2Q<br> <br>GAAP<br> <br>earnings<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.13<br> <br>and<br> <br>Core<br> <br>Earnings<br> <br>(1)<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.62<br> <br>BXMT earnings power is insulated from declining USD LIBOR by interest rate floors in its loan portfolio<br><br><br>Average USD LIBOR<br><br><br>Core Earnings per Share<br><br><br>$8.8B<br> <br>loans with active<br> <br>USD LIBOR floors<br> <br>1.47%<br> <br>weighted average<br> <br>strike price<br> <br>(2)<br> <br>2.2%<br> <br>1.8%<br> <br>1.4%<br> <br>0.4%<br> <br>3.00%<br> <br>2.50%<br> <br>2.00%<br> <br>1.50%<br> <br>1.00%<br> <br>0.50%<br> <br>0.00%<br> <br>3Q '19<br> <br>4Q '19<br> <br>1Q '20<br> <br>2Q '20<br> <br>$0.64<br> <br>$0.68<br> <br>$0.64<br> <br>$0.62
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>4<br> <br>PORTFOLIO<br> <br>(1)<br> <br>Includes $740 million of Non-Consolidated Senior Interests and investment exposure to the $857 million 2018 Single Asset<br>Securitization through an $82 million subordinate interest.<br><br><br>(2)<br> <br>States comprising less than 1% of total loan portfolio are excluded.<br><br><br>$18.0 billion senior loan portfolio,<br><br><br>(1)<br> <br>comprising 129 loans with 76% of collateral in gateway markets<br> <br>Specific CECL reserves recorded on two NYC assets —<br> <br>one hotel and one rent-regulated apartment building —<br> <br>particularly challenged by the impact of COVID-19 on revenue generation and high operating costs<br><br><br>Major Market Focus<br><br><br>(1)(2)<br><br><br>Collateral Diversification<br><br><br>(1)<br><br><br>$18.0B<br> <br>portfolio<br> <br>CA<br> <br>16%<br> <br>MN<br> <br>1%<br> <br>NV<br> <br>1%<br> <br>TX<br> <br>3%<br> <br>CO<br> <br>1%<br> <br>IL<br> <br>5%<br> <br>TN, 1%<br> <br>GA<br> <br>3%<br> <br>FL<br> <br>5%<br> <br>NY<br> <br>23%<br> <br>DEU, 2%<br> <br>IT, 1%<br> <br>NL, 1%<br> <br>UK, 11%<br> <br>IR, 7%<br> <br>ES, 7%<br> <br>VA, 4%<br> <br>DC, 2%<br> <br>NJ, 1%<br> <br>MA, 1%<br> <br>AU, 1%<br> <br>HI, 3%<br> <br>Hospitality<br> <br>17%<br> <br>Multi<br> <br>11%<br> <br>Industrial<br> <br>5%<br> <br>Retail<br> <br>3%<br> <br>Self-Storage<br> <br>2%<br> <br>Condo<br> <br>1%<br> <br>Other<br> <br>6%<br> <br>Office<br> <br>55%<br> <br>NYC Regulated<br> <br>Multi 1%<br> <br>$18.0B<br> <br>portfolio<br> <br>NYC Hospitality 3%
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>5<br> <br>CAPITALIZATION<br> <br>(1)<br> <br>Excludes $11 million per annum of scheduled amortization payments under the Term Loan B.<br><br><br>(2)<br> <br>Includes $740 million of Non-Consolidated Senior Interests.<br> <br>(3)<br> <br>Includes $775 million of Non-Consolidated Securitized Debt Obligations.<br><br><br>Asset-level financing is generally term-matched; no corporate<br>debt maturities until 2022<br> <br>$13.5 billion of asset-level<br>financing reflects pre-pandemic economic terms<br> <br>Modified<br>credit facilities with lenders representing 84% of outstandings<br> <br>to temporarily suspend credit mark<br> <br>provisions and provide increased asset management flexibility for certain collateral assets<br><br><br>Corporate Debt<br><br><br>(1)<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>Convertible Notes<br> <br>Term Loan B<br> <br>Asset-Level Financing<br> <br>(outstanding balance; $ in billions)<br> <br>$13.5B<br> <br>financings<br> <br>(2)<br> <br>(3)<br> <br>Securitizations<br> <br>$3.0%<br> <br>Senior<br> <br>syndications<br> <br>$1.0<br> <br>Credit facilities<br> <br>$9.4
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>3/31/2020<br> <br>Term Loan B<br> <br>Equity<br> <br>Cash Flow<br> <br>Dividends<br> <br>Funding<br> <br>6/30/2020<br> <br>Borrowing, net<br> <br>Offering, net<br> <br>From Operations<br> <br>Paid<br> <br>Activity / Other<br> <br>Increased Liquidity<br> <br>($ in millions)<br> <br>6<br> <br>CAPITALIZATION<br> <br>(1)<br> <br>Total liquidity includes $1,260 million of cash and $97 million of available borrowings under credit facilities, reduced by $22<br>million of pending net principal payments.<br> <br>(2)<br><br><br>Includes a LIBOR floor of 1.00%.<br><br><br>(3)<br> <br>Total liquidity includes $355 million of cash and $480 million of available borrowings under credit facilities, and $1 million of<br>pending net principal receipts.<br> <br>(4)<br><br><br>Funding Activity / Other includes borrowings and repayments under secured<br>debt agreements, fundings and repayments of existing loans, and other cash items.<br> <br>Increased liquidity to $1.3 billion;<br> <br>(1)<br> <br>60% increase from prior quarter end<br> <br>Added a new Term Loan B tranche with a coupon of L+4.75%<br> <br>(2)<br> <br>and completed an equity offering at a 1.04x<br> <br>premium to book value<br> <br>(3)<br> <br>(1)<br> <br>(4)<br> <br>$1,334<br> <br>$118<br> <br>$84<br> <br>$107<br> <br>$278<br> <br>$315<br> <br>$836
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>Appendix<br> <br>7
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>GAAP Net<br> <br>Income<br> <br>Adjustments<br> <br>Core<br> <br>Earnings<br> <br>Interest income<br> <br>$192.0<br> <br>$     -<br> <br>$192.0<br> <br>Interest expense<br> <br>(84.9)<br> <br>0.3<br> <br>(84.6)<br> <br>Management and incentive fees<br> <br>(20.5)<br> <br>-<br> <br>(20.5)<br> <br>General and administrative<br> <br>expenses and taxes<br> <br>(2.6)<br> <br>-<br> <br>(2.6)<br> <br>Increase in current expected<br> <br>credit loss reserve<br> <br>(56.8)<br> <br>56.8<br> <br>-<br> <br>Non-cash compensation<br> <br>(8.7)<br> <br>8.7<br> <br>-<br> <br>Realized hedging and<br> <br>foreign currency income, net<br> <br>(1)<br> <br>-<br> <br>1.8<br> <br>1.8<br> <br>Net income attributable to non-<br> <br>controlling interests<br> <br>(1.0)<br> <br>0.1<br> <br>(0.9)<br> <br>Total<br> <br>$17.5<br> <br>$67.7<br> <br>$85.2<br> <br>$18.0<br> <br>$18.0<br> <br>$0.3<br> <br>$0.4<br> <br>1Q ’20 Loans<br> <br>Outstanding<br> <br>Fundings<br> <br>Repayments<br> <br>2Q ’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>Excludes the impact of changes in foreign currency rates and related hedges for non-USD investments.<br><br><br>(3)<br> <br>Includes $692 million of Non-Consolidated Senior Interests and investment exposure to the $881 million 2018 Single Asset<br>Securitization through an $84 million subordinate interest.<br><br><br>(4)<br> <br>Includes $740 million of Non-Consolidated Senior Interests and investment exposure to the $857 million 2018 Single Asset<br>Securitization through an $82 million subordinate interest.<br> <br>Net Fundings<br> <br>(2)<br> <br>($ in billions)<br> <br>Operating Results<br> <br>($ in millions)<br> <br>$0.13<br> <br>net income per share<br> <br>$0.62<br> <br>core earnings per share<br> <br>(3)<br> <br>(4)
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>APPENDIX<br> <br>(1)<br> <br>Portfolio excludes our $82 million subordinate interest in the $857 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, 2020, five loans in the<br> <br>portfolio have been financed with an aggregate $740 million of Non-Consolidated Senior Interests, which are included in the<br>table above.<br> <br>(4)<br><br><br>Maximum maturity assumes all extension options are exercised; however,<br>floating rate loans generally may be repaid prior to their final maturity without penalty.<br> <br>(5)<br> <br>Consists of both floating and fixed rates. Coupon and all-in yield assume applicable floating benchmark rates for<br>weighted-average calculation.<br> <br>9<br><br><br>Portfolio Details<br><br><br>(1)<br> <br>($ 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>$  1,333<br> <br>$  1,333<br> <br>$  1,323<br> <br>L + 2.50<br> <br>%<br> <br>L + 2.85<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>980<br> <br>980<br> <br>977<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>625<br> <br>625<br> <br>L + 2.30<br> <br>%<br> <br>L + 2.75<br> <br>%<br> <br>12/9/2024<br> <br>New York<br> <br>Office<br> <br>$896 / sqft<br> <br>65 %<br> <br>Loan 4<br> <br>Senior loan<br> <br>5/11/2017<br> <br>647<br> <br>615<br> <br>614<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>(3)<br> <br>8/6/2015<br> <br>458<br> <br>458<br> <br>84<br> <br>5.75<br> <br>%<br> <br>5.77<br> <br>%<br> <br>10/29/2022<br> <br>Diversified - EUR<br> <br>Other<br> <br>n/a<br> <br>71 %<br> <br>Loan 6<br> <br>Senior loan<br> <br>8/22/2018<br> <br>363<br> <br>350<br> <br>348<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>$454,293 /  key<br> <br>61 %<br> <br>Loan 7<br> <br>Senior loan<br> <br>10/23/2018<br> <br>352<br> <br>345<br> <br>345<br> <br>L + 3.40<br> <br>%<br> <br>L + 3.87<br> <br>%<br> <br>10/23/2021<br> <br>New York<br> <br>Mixed-Use<br> <br>$585 / 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>1/11/2019<br> <br>298<br> <br>298<br> <br>295<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>$294 / sqft<br> <br>74 %<br> <br>Loan 10<br> <br>Senior loan<br> <br>11/30/2018<br> <br>293<br> <br>281<br> <br>280<br> <br>L + 2.85<br> <br>%<br> <br>L + 3.20<br> <br>%<br> <br>12/9/2023<br> <br>New York<br> <br>Hospitality<br> <br>$301,581 /  key<br> <br>73 %<br> <br>Loan 11<br> <br>Senior loan<br> <br>2/27/2020<br> <br>300<br> <br>279<br> <br>277<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>$875 / sqft<br> <br>59 %<br> <br>Loan 12<br> <br>Senior loan<br> <br>7/31/2018<br> <br>280<br> <br>277<br> <br>276<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>$698 / sqft<br> <br>50 %<br> <br>Loan 13<br> <br>Senior loan<br> <br>12/11/2018<br> <br>310<br> <br>254<br> <br>253<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>$214 / sqft<br> <br>78 %<br> <br>Loan 14<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>Loan 15<br> <br>Senior loan<br> <br>9/23/2019<br> <br>281<br> <br>234<br> <br>232<br> <br>L + 3.00<br> <br>%<br> <br>L + 3.22<br> <br>%<br> <br>11/15/2024<br> <br>Diversified - Spain<br> <br>Hospitality<br> <br>$125,124 /  key<br> <br>62 %<br> <br>Loans 16 - 128<br> <br>Senior loan<br> <br>(3)<br> <br>Various<br> <br>14,489<br> <br>10,252<br> <br>9,819<br> <br>L + 3.31<br> <br>(5)<br> <br>L + 3.67<br> <br>(5)<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>62 %<br> <br>CECL reserve<br> <br>(178)<br> <br>Total/Wtd. avg.<br> <br>$  21,717<br> <br>$  17,174<br> <br>$  16,161<br> <br>L + 3.23<br> <br>(5)<br> <br>L + 3.58<br> <br>(5)<br> <br>3.5 yrs<br> <br>65 %<br> <br>Cash<br> <br>All-in<br> <br>Coupon<br> <br>Yield
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>June 30, 2020<br> <br>December 31, 2019<br> <br>Assets<br> <br>Cash and cash equivalents<br> <br>$1,259,836<br> <br>$150,090<br> <br>Loans receivable<br> <br>16,339,403<br> <br>16,164,801<br> <br>Current expected credit loss reserve<br> <br>(178,050)<br> <br>—<br> <br>Loans receivable, net<br> <br>16,161,353<br> <br>16,164,801<br> <br>Other assets<br> <br>241,934<br> <br>236,980<br> <br>Total assets<br> <br>$17,663,123<br> <br>$16,551,871<br> <br>Liabilities and equity<br> <br>Secured debt agreements, net<br> <br>$9,689,541<br> <br>$10,054,930<br> <br>Securitized debt obligations, net<br> <br>2,240,612<br> <br>1,187,084<br> <br>Secured term loans, net<br> <br>1,045,163<br> <br>736,142<br> <br>Convertible notes, net<br> <br>614,710<br> <br>613,071<br> <br>Other liabilities<br> <br>177,313<br> <br>175,963<br> <br>Total liabilities<br> <br>13,767,339<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>4,685,159<br> <br>4,370,014<br> <br>Accumulated other comprehensive income (loss)<br> <br>8,925<br> <br>(16,233)<br> <br>Accumulated deficit<br> <br>(820,783)<br> <br>(592,548)<br> <br>Total Blackstone Mortgage Trust, Inc. stockholders’<br> <br>3,874,763<br> <br>3,762,583<br> <br>Non-controlling interests<br> <br>21,021<br> <br>22,098<br> <br>Total equity<br> <br>3,895,784<br> <br>3,784,681<br> <br>Total liabilities and equity<br> <br>$17,663,123<br> <br>$16,551,871<br> <br>APPENDIX<br> <br>10<br> <br>Consolidated Balance Sheets<br> <br>($ in thousands, except per share data)<br> <br>equity
---
<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>$191,982<br> <br>$223,369<br> <br>$396,857<br> <br>$448,128<br> <br>Less: Interest and related expenses<br> <br>84,853<br> <br>116,891<br> <br>189,092<br> <br>235,579<br> <br>Income from loans and other investments, net<br> <br>107,129<br> <br>106,478<br> <br>207,765<br> <br>212,549<br> <br>Other expenses<br> <br>Management and incentive fees<br> <br>20,496<br> <br>20,984<br> <br>39,773<br> <br>40,774<br> <br>General and administrative expenses<br> <br>11,286<br> <br>9,897<br> <br>23,078<br> <br>19,210<br> <br>Total other expenses<br> <br>31,782<br> <br>30,881<br> <br>62,851<br> <br>59,984<br> <br>Increase in current expected credit loss reserve<br> <br>(56,819)<br> <br>-<br> <br>(179,521)<br> <br>-<br> <br>Income (loss) before income taxes<br> <br>18,528<br> <br>75,597<br> <br>(34,607)<br> <br>152,565<br> <br>Income tax provision<br> <br>23<br> <br>46<br> <br>173<br> <br>147<br> <br>Net income (loss)<br> <br>$18,505<br> <br>$75,551<br> <br>$(34,780)<br> <br>$152,418<br> <br>Net income attributable to non-controlling interests<br> <br>(961)<br> <br>(377)<br> <br>(1,028)<br> <br>(680)<br> <br>Net income (loss) attributable to Blackstone Mortgage Trust, Inc.<br> <br>$17,544<br> <br>$75,174<br> <br>$(35,808)<br> <br>$151,738<br> <br>Per share information (basic and diluted)<br> <br>Weighted-average shares of common stock outstanding<br> <br>138,299,418<br> <br>126,475,244<br> <br>136,959,341<br> <br>125,410,064<br> <br>Net income (loss) per share of common stock<br> <br>$0.13<br> <br>$0.59<br> <br>($0.26)<br> <br>$1.21<br> <br>Three Months Ended June 30,<br> <br>Six Months Ended June 30,<br> <br>``
---
<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<br> <br>the<br> <br>three<br> <br>months<br> <br>ended<br> <br>June<br> <br>30,<br> <br>2020,<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>For<br> <br>the<br> <br>three<br> <br>months<br> <br>ended<br> <br>March<br> <br>31,<br> <br>2020,<br> <br>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<br> <br>USD<br> <br>LIBOR.<br> <br>These<br> <br>forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar<br>terms. These amounts were not included in GAAP net income, but<br> <br>rather as a component of Other Comprehensive Income in our 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>June 30, 2020<br> <br>March 31, 2020<br> <br>Net<br> <br>income<br> <br>(loss)<br> <br>(1)<br> <br>$17,544<br> <br>($53,350)<br> <br>Increase in current expected credit loss reserve<br> <br>56,819<br> <br>122,702<br> <br>Non-cash compensation expense<br> <br>8,652<br> <br>8,678<br> <br>Realized hedging and foreign currency income, net<br> <br>(2)<br> <br>1,810<br> <br>8,467<br> <br>Other items<br> <br>210<br> <br>596<br> <br>Adjustments attributable to non-controlling interests, net<br> <br>139<br> <br>(561)<br> <br>Core Earnings<br> <br>$85,174<br> <br>$86,532<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>138,299<br> <br>135,619<br> <br>Core Earnings per share, basic and diluted<br> <br>$0.62<br> <br>$0.64<br> <br>Three Months Ended<br> <br>June 30, 2020<br> <br>March 31, 2020<br> <br>Net income (loss)<br> <br>(1)<br> <br>$17,544<br> <br>($53,350)<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>138,299<br> <br>135,619<br> <br>Earnings (loss) per share, basic and diluted<br> <br>$0.13<br> <br>($0.39)<br> <br>Three Months Ended<br> <br>June 30, 2020<br> <br>March 31, 2020<br> <br>Stockholders' equity<br> <br>$3,874,763<br> <br>$3,650,920<br> <br>Shares<br> <br>Class A common stock<br> <br>146,197<br> <br>135,355<br> <br>Deferred stock units<br> <br>281<br> <br>268<br> <br>Total outstanding<br> <br>146,478<br> <br>135,623<br> <br>Book value per share<br> <br>$26.45<br> <br>$26.92<br> <br>Three Months Ended
---
<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<br> <br>the<br> <br>three<br> <br>months<br> <br>ended<br> <br>June<br> <br>30,<br> <br>2020,<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>For<br> <br>the<br> <br>three<br> <br>months<br> <br>ended<br> <br>March<br> <br>31,<br> <br>2020,<br> <br>December<br> <br>31,<br> <br>2019,<br> <br>and<br> <br>September 30, 2019, primarily represents the forward points earned on our foreign currency forward contracts, which reflect the<br>interest rate differentials between the applicable base rate for our<br> <br>foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting<br>in additional interest income earned in U.S. dollar terms. These<br> <br>amounts were not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial<br>statements.<br> <br>13<br><br><br>Reconciliation of Net Income to Core Earnings<br><br><br>(in thousands, except per share data)<br><br><br>June 30,<br><br><br>2020<br> <br>Mar 31,<br> <br>2020<br> <br>Dec 31,<br> <br>2019<br> <br>Sept 30,<br> <br>2019<br> <br>Net<br> <br>income<br> <br>(loss)<br> <br>(1)<br> <br>17,544<br> <br>(53,350)<br> <br>78,931<br> <br>74,897<br> <br>Increase in current expected credit loss reserve<br> <br>56,819<br> <br>122,702<br> <br>-<br> <br>-<br> <br>Non-cash compensation expense<br> <br>8,652<br> <br>8,678<br> <br>7,380<br> <br>7,754<br> <br>Realized<br> <br>hedging<br> <br>and<br> <br>foreign<br> <br>currency<br> <br>income,<br> <br>net<br> <br>(2)<br> <br>1,810<br> <br>8,467<br> <br>4,767<br> <br>2,898<br> <br>Other items<br> <br>210<br> <br>596<br> <br>68<br> <br>78<br> <br>Adjustments attributable to non-controlling interests, net<br> <br>139<br> <br>(561)<br> <br>-<br> <br>-<br> <br>Core Earnings<br> <br>85,174<br> <br>86,532<br> <br>91,146<br> <br>85,627<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>138,299<br> <br>135,619<br> <br>134,832<br> <br>134,537<br> <br>Net income (loss) per share, basic and diluted<br> <br>$0.13<br> <br>($0.39)<br> <br>$0.59<br> <br>$0.56<br> <br>Core Earnings per share, basic and diluted<br> <br>$0.62<br> <br>$0.64<br> <br>$0.68<br> <br>$0.64<br> <br>Three Months Ended,
---
<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>six<br> <br>months<br> <br>ended<br> <br>June<br> <br>30,<br> <br>2020,<br> <br>we<br> <br>recorded<br> <br>a<br> <br>$179.5<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.
---
<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.
---