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): October 27, 2021

Blackstone Mortgage Trust, Inc.

(Exact name of registrant as specified in its charter)

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:

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 October 27, 2021, Blackstone Mortgage Trust, Inc. (the “Company”) issued a press release and detailed presentation announcing its financial results for the third quarter ended September 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.

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 Third Quarter 2021 Results

New York , October 2 7 , 2021: **** Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its third quarter 2021 results. Third quarter EPS, Distributable EPS, and dividends paid per share were $0.56, $0.63, and $0.62, respectively.

Katie Keenan, Chief Executive Officer, said, “BXMT’s accelerating momentum throughout the year led to exceptional performance in the third quarter, with a record $4.7 billion of new originations driving $2.9 billion of portfolio growth. Our resulting $22.0 billion portfolio of senior, floating-rate loans produced Distributable Earnings per share of $0.63, covering our long-standing dividend.”

Blackstone Mortgage Trust issued a full presentation of its third quarter 2021 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 results. To register for the webcast, please use the following link: https://event.webcasts.com/viewer/event.jsp?ei=1502143&tp_key=9aefb9450a. 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.

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 $731 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.

We refer to “Distributable Earnings,” which is a non-GAAP financial measure, in this release. A reconciliation to net income attributable to Blackstone Mortgage Trust, the most directly comparable GAAP measure, is included in our full detailed presentation of third quarter 2021 results and is available on our website at www.bxmt.com.

Investor and Public Affairs Contacts

EX-99.2

<br> <br>Blackstone<br> <br>Mortgage Trust, Inc.<br> <br>Third Quarter 2021 Results<br> <br>OCTOBER 27, 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 $998 million of Non-Consolidated Senior Interests and investment exposure to the $493 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>(3)<br> <br>Reflects ratio of Distributable Earnings per share to dividends declared per share for three months ended September 30,<br>2021.<br> <br>$4.7<br><br><br>billion<br><br><br>of<br> <br>originations<br> <br>led<br> <br>to<br> <br>$2.9<br> <br>billion<br> <br>of<br> <br>portfolio<br> <br>growth<br> <br>and<br> <br>a<br> <br>record<br> <br>$22.0<br> <br>billion<br> <br>(1)<br> <br>portfolio of high-quality senior loans at quarter-end<br> <br>Increased scale drove incremental earnings power, yielding GAAP EPS of $0.56 and Distributable<br><br><br>EPS<br> <br>(2)<br> <br>of $0.63 in the third quarter<br> <br>$4.7B<br> <br>originations<br> <br>$3.5B<br> <br>financing activity<br> <br>102%<br> <br>dividend coverage<br> <br>(3)<br> <br>Consistent, disciplined focus on<br><br><br>low-leverage loans to strong sponsors<br><br><br>Attractive capital markets executions<br><br><br>enhance structure and cost of capital<br><br><br>Robust portfolio growth generates<br><br><br>increased earnings momentum<br><br><br>Growing Portfolio<br><br><br>Optimized Capitalization
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>2<br> <br>THIRD 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 Distributable Earnings per share to dividends declared per share for three months ended September 30,<br>2021.<br> <br>(3)<br><br><br>Reflects weighted average LTV as of the date investments were originated<br>or acquired by BXMT.<br> <br>(4)<br><br><br>Includes $998 million of Non-Consolidated Senior Interests and<br>investment exposure to the $493 million 2018 Single Asset Securitization through a $79 million subordinate interest.<br> <br>Earnings<br> <br>GAAP<br> <br>earnings<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.56<br> <br>and<br> <br>Distributable<br> <br>Earnings<br> <br>(1)<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.63;<br> <br>declared<br> <br>$0.62 per share dividend<br> <br>Portfolio growth drove a sequential increase in Distributable Earnings and 102% dividend<br><br><br>coverage<br><br><br>(2)<br> <br>in the quarter<br> <br>CECL reserve decreased $0.04 per share to $0.86 per share due to continued positive credit<br><br><br>migration and impact of recent originations<br><br><br>Investments<br><br><br>Originated 38 loans totaling $4.7 billion to well-capitalized<br>borrowers with multifamily<br> <br>loans representing over 50% of<br>the total<br> <br>$3.9 billion of fundings exceeding $886 million<br>of repayments during the quarter and<br> <br>resulted in<br>portfolio growth of $2.9 billion<br> <br>Last twelve months<br>originations of $8.8 billion reflect credit quality and pace consistent<br> <br>with<br> <br>pre-pandemic<br> <br>levels,<br> <br>with<br> <br>a<br> <br>weighted<br> <br>average<br> <br>LTV<br> <br>(3)<br> <br>of<br> <br>66%<br> <br>Portfolio<br> <br>Closed $2.8 billion of asset-level financings across 35 assets and nine counterparties on<br><br><br>increasingly favorable economic and structural terms<br><br><br>Priced $400 million of five-year secured notes at 3.75%<br>inaugurating BXMT as a bond issuer<br> <br>and further<br>diversifying financing sources<br> <br>Issued 10 million shares of<br>common stock at a premium to book value resulting in $0.25 of<br> <br>accretion to book value per share and generating net proceeds of $312 million<br><br><br>Capitalization<br><br><br>$22.0<br><br><br>billion<br><br><br>(4)<br> <br>senior<br> <br>loan<br> <br>portfolio<br> <br>secured<br> <br>by<br> <br>institutional<br> <br>quality<br> <br>real<br> <br>estate<br> <br>in<br> <br>major<br> <br>markets<br> <br>with<br> <br>a<br> <br>weighted<br> <br>average<br> <br>origination<br> <br>LTV<br> <br>(3)(4)<br> <br>of<br> <br>65%<br> <br>Accelerating investment pace and continued turnover produced a newer vintage portfolio,<br><br><br>31% of which was originated in the last year<br><br><br>98% performing portfolio with continued strong credit performance, 100%<br>interest<br> <br>collections and reduced CECL<br>reserve
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>$26.68<br> <br>$26.92<br> <br>6/30/2021<br> <br>9/30/2021<br> <br>3<br> <br>EARNINGS<br> <br>3Q<br> <br>GAAP<br> <br>earnings<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.56<br> <br>and<br> <br>Distributable<br> <br>Earnings<br> <br>(1)<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.63<br> <br>Portfolio growth supported issuance of premium equity in 3Q, driving book value increase of $0.24 per share<br><br><br>Increasing EPS<br><br><br>Increasing Book Value<br><br><br>(1)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>$0.57<br> <br>$0.54<br> <br>$0.89<br> <br>$0.56<br> <br>GAAP EPS<br> <br>+$0.24<br> <br>Distributable EPS<br> <br>Portfolio Size<br> <br>(1)<br> <br>$18.2B<br> <br>$18.7B<br> <br>$19.2B<br> <br>$22.0B<br> <br>$0.60<br> <br>$0.59<br> <br>$0.61<br> <br>$0.63<br> <br>4Q ‘20<br> <br>1Q ‘21<br> <br>2Q ‘21<br> <br>3Q ‘21
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>LTM Origination Mix<br> <br>4<br> <br>INVESTMENTS<br> <br>LTM originations of $8.8 billion with a weighted average 66% LTV represent a continuation of pre-pandemic pace<br><br><br>and leverage profile<br><br><br>Investment mix reflects expanding activity in multifamily (43%) and<br>Sunbelt (37%) markets<br> <br>Origination Volume and<br>LTV<br> <br>($ in billions)<br><br><br>$8.8B<br> <br>originations<br> <br>$8.8B<br> <br>originations<br> <br>$8.4<br> <br>$9.1<br> <br>$4.4<br> <br>$8.8<br> <br>LTM 9/30/2018<br> <br>LTM 9/30/2019<br> <br>LTM 9/30/2020<br> <br>LTM 9/30/2021<br> <br>-<br> <br>$2.0<br> <br>$4.0<br> <br>$6.0<br> <br>$8.0<br> <br>$10.0<br> <br>Retail<br> <br>4%<br> <br>Hospitality<br> <br>8%<br> <br>Industrial<br> <br>8%<br> <br>Life Sciences<br> <br>8%<br> <br>Multifamily<br> <br>43%<br> <br>63%<br> <br>Office<br> <br>29%<br> <br>Northeast<br> <br>23%<br> <br>Sunbelt<br> <br>37%<br> <br>Europe<br> <br>19%<br> <br>Northwest<br> <br>1%<br> <br>Midwest<br> <br>5%<br> <br>West<br> <br>15%<br> <br>Originations<br> <br>LTV<br> <br>60%<br> <br>66%<br> <br>66%
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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 $998 million of Non-Consolidated Senior Interests and investment exposure to the $493 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>$22.0 billion<br><br><br>(1)<br> <br>senior loan portfolio comprising 157 investments with a weighted average origination LTV of 65%<br><br><br>31% of BXMT’s portfolio originated in the last twelve months<br>reflecting more recent market conditions<br> <br>Major Market<br>Focus<br> <br>(1)(2)<br><br><br>Collateral Diversification<br><br><br>(1)<br><br><br>DEU, 1%<br><br><br>UK, 9%<br> <br>IE, 6%<br> <br>ES, 7%<br> <br>CA<br> <br>17%<br> <br>TX<br> <br>6%<br> <br>IL<br> <br>4%<br> <br>TN, 2%<br> <br>GA<br> <br>5%<br> <br>FL<br> <br>6%<br> <br>NY<br> <br>17%<br> <br>DC, 2%<br> <br>HI, 2%<br> <br>SE, 3%<br> <br>NC, 2%<br> <br>MA, 2%<br> <br>NV<br> <br>1%<br> <br>VA, 1%<br> <br>Other, 5%<br> <br>Life Sciences, 2%<br> <br>Retail, 4%<br> <br>Industrial, 4%<br> <br>Hospitality<br> <br>15%<br> <br>Office<br> <br>50%<br> <br>Multifamily<br> <br>20%
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>(1)<br> <br>Quarter-end liquidity of $1.1 billion includes $211 million of cash, $452 million of immediately available borrowings and $395<br>million of net proceeds due on settlement of the secured notes priced on<br> <br>September 24, 2021 and settled on October 5, 2021.<br> <br>(2)<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>(3)<br><br><br>Reflects the $400 million secured notes, which priced on September 24,<br>2021 at 3.75% and settled on October 5, 2021.<br><br><br>(4)<br> <br>Represents annual interest expense on corporate debt over the weighted average balance of debt outstanding.<br><br><br>5.7%<br> <br>5.2%<br> <br>5.1%<br> <br>4.9%<br> <br>4.3%<br> <br>3.9%<br> <br>1.0%<br> <br>2.0%<br> <br>3.0%<br> <br>4.0%<br> <br>5.0%<br> <br>6.0%<br> <br>0%<br> <br>10%<br> <br>20%<br> <br>30%<br> <br>40%<br> <br>50%<br> <br>60%<br> <br>70%<br> <br>80%<br> <br>90%<br> <br>100%<br> <br>2016<br> <br>2017<br> <br>2018<br> <br>2019<br> <br>2020<br> <br>Q3 2021<br> <br>Proforma<br> <br>6<br> <br>CAPITALIZATION<br> <br>$2.8 billion of asset-level financings, $400 million of secured notes and $312 million of follow-on common equity<br> <br>represent a continued increase in balance sheet scale,<br>diversification and efficiency<br> <br>Quarter-end<br>liquidity<br> <br>(1)<br><br><br>of $1.1 billion and debt-to-equity ratio<br><br><br>(2)<br> <br>of 3.1x support ongoing growth within current<br> <br>capitalization<br> <br>Corporate Debt Progression<br> <br>(3)<br> <br>(4)<br> <br>Diversified Financing Sources<br> <br>(outstanding balance)<br> <br>3Q 2021<br> <br>Proforma<br> <br>(3)<br> <br>$18.2B<br> <br>financings<br> <br>Convertible Notes<br> <br>Term Loan B<br> <br>HY Notes<br> <br>Cost of Corporate Debt<br> <br>Convertible Notes, 3%<br> <br>Term Loan B, 8%<br> <br>HY Notes, 2%<br> <br>Asset-Specific<br> <br>Debt, 7%<br> <br>Securitizations<br> <br>18%<br> <br>Secured Debt<br> <br>Facilities, 62%
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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>GAAP Net<br> <br>Income<br> <br>Adjustments<br> <br>Distributable<br> <br>Earnings<br> <br>Interest income<br> <br>$200.1<br> <br>$     -<br> <br>$200.1<br> <br>Interest expense<br> <br>(82.7)<br> <br>0.1<br> <br>(82.6)<br> <br>Management and incentive fees<br> <br>(19.3)<br> <br>-<br> <br>(19.3)<br> <br>General and administrative<br> <br>expenses and taxes<br> <br>(2.8)<br> <br>-<br> <br>(2.8)<br> <br>Increase in current expected<br> <br>credit loss reserve<br> <br>(2.8)<br> <br>2.8<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 loss, net<br> <br>(1)<br> <br>-<br> <br>(0.8)<br> <br>(0.8)<br> <br>Net income attributable to non-<br> <br>controlling interests<br> <br>(0.6)<br> <br>(0.1)<br> <br>(0.7)<br> <br>Total<br> <br>$83.8<br> <br>$10.1<br> <br>$93.9<br> <br>$19.0<br> <br>$22.0<br> <br>$3.9<br> <br>$0.9<br> <br>2Q ’21<br> <br>Loans<br> <br>Outstanding<br> <br>Fundings<br> <br>Repayments<br> <br>3Q ’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 $155 million of non-cash fluctuations in foreign currency rates during the period for comparability to our<br>total loan portfolio as of June 30, 2021.<br> <br>(4)<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>(5)<br> <br>Includes $998 million of Non-Consolidated Senior Interests and investment exposure to the $493 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>3Q 2021 Operating Results<br> <br>($ in millions)<br> <br>$0.56<br> <br>net income per share<br> <br>$0.63<br> <br>distributable earnings per share<br> <br>(5)<br> <br>(3)(4)
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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 $493 million 2018 Single Asset Securitization.<br><br><br>(2)<br> <br>Date loan was originated or acquired by us, and the LTV as of such date. Origination dates are subsequently updated to reflect<br>material loan modifications.<br> <br>(3)<br><br><br>In certain instances, loans are financed through the non-recourse<br>sale of a senior loan interest that is not included in the consolidated financial statements. As of September 30, 2021, four loans in<br> <br>the portfolio have been financed with an aggregate $998 million of Non-Consolidated Senior Interests, which are included in the<br>table above.<br> <br>(4)<br><br><br>Maximum maturity assumes all extension options are exercised; however,<br>floating rate loans generally may be repaid prior to their final maturity without penalty.<br> <br>(5)<br> <br>This loan is accounted for under the cost recovery method.<br> <br>(6)<br> <br>Consists of both floating and fixed rates. Spread and all-in yield assume applicable floating benchmark rates for<br>weighted-average calculation. Excludes loans under the cost-recovery method.<br> <br>9<br> <br>Portfolio Details<br> <br>(1)<br> <br>($ 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>$  1,275<br> <br>$  1,238<br> <br>$  1,233<br> <br>+ 2.53%<br> <br>+ 2.99%<br> <br>12/23/2024<br> <br>Dublin -<br> <br>IE<br> <br>Office<br> <br>$450 / sqft<br> <br>74 %<br> <br>Loan 2<br> <br>Senior loan<br> <br>3/22/2018<br> <br>858<br> <br>858<br> <br>857<br> <br>+ 3.25%<br> <br>+ 3.42%<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>690<br> <br>692<br> <br>+ 2.30%<br> <br>+ 2.59%<br> <br>12/9/2024<br> <br>New York<br> <br>Office<br> <br>$988 / sqft<br> <br>65 %<br> <br>Loan 4<br> <br>Senior loan<br> <br>3/30/2021<br> <br>570<br> <br>570<br> <br>564<br> <br>+ 3.20%<br> <br>+ 3.41%<br> <br>5/15/2026<br> <br>Diversified -<br> <br>SE<br> <br>Industrial<br> <br>$104 / 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>441<br> <br>87<br> <br>+ 3.12%<br> <br>+ 3.60%<br> <br>9/9/2025<br> <br>Los Angeles<br> <br>Office<br> <br>$298 / 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>+ 3.28%<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>405<br> <br>349<br> <br>346<br> <br>+ 3.00%<br> <br>+ 3.22%<br> <br>11/15/2024<br> <br>Diversified -<br> <br>Spain<br> <br>Hospitality<br> <br>$190,703 /  key<br> <br>62 %<br> <br>Loan 8<br> <br>Senior loan<br> <br>4/11/2018<br> <br>355<br> <br>345<br> <br>344<br> <br>+ 2.85%<br> <br>+ 3.10%<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>8/6/2015<br> <br>325<br> <br>325<br> <br>59<br> <br>5.75%<br> <br>5.85%<br> <br>10/29/2022<br> <br>Diversified -<br> <br>EUR<br> <br>Other<br> <br>n / a<br> <br>71 %<br> <br>Loan 10<br> <br>Senior loan<br> <br>1/11/2019<br> <br>324<br> <br>324<br> <br>321<br> <br>+ 4.35%<br> <br>+ 4.70%<br> <br>1/11/2026<br> <br>Diversified -<br> <br>UK<br> <br>Other<br> <br>$320 / sqft<br> <br>74 %<br> <br>Loan 11<br> <br>Senior loan<br> <br>3/16/2021<br> <br>491<br> <br>310<br> <br>306<br> <br>+ 3.85%<br> <br>+ 4.15%<br> <br>4/9/2026<br> <br>Boston<br> <br>Life Sciences<br> <br>$765 / sqft<br> <br>66 %<br> <br>Loan 12<br> <br>Senior loan<br> <br>2/27/2020<br> <br>300<br> <br>297<br> <br>296<br> <br>+ 2.70%<br> <br>+ 3.04%<br> <br>3/9/2025<br> <br>New York<br> <br>Mixed-Use<br> <br>$933 / sqft<br> <br>59 %<br> <br>Loan 13<br> <br>Senior loan<br> <br>9/30/2019<br> <br>306<br> <br>297<br> <br>297<br> <br>+ 3.66%<br> <br>+ 3.75%<br> <br>9/9/2024<br> <br>Chicago<br> <br>Office<br> <br>$257 / sqft<br> <br>58 %<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>10/23/2018<br> <br>290<br> <br>274<br> <br>273<br> <br>+ 2.80%<br> <br>+ 3.04%<br> <br>11/9/2024<br> <br>Atlanta<br> <br>Office<br> <br>$255 / sqft<br> <br>64 %<br> <br>Loans 16 -<br> <br>156<br> <br>Senior loans<br> <br>(3)<br> <br>Various<br> <br>18,641<br> <br>14,557<br> <br>14,084<br> <br>+ 3.26<br> <br>%<br> <br>(6)<br> <br>+ 3.59<br> <br>%<br> <br>(6)<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>64 %<br> <br>CECL reserve<br> <br>(130)<br> <br>Total/Wtd. avg.<br> <br>$  26,258<br> <br>$  21,520<br> <br>$  20,276<br> <br>+ 3.22<br> <br>%<br> <br>(6)<br> <br>+ 3.55<br> <br>%<br> <br>(6)<br> <br>3.3 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>September 30, 2021<br> <br>December 31, 2020<br> <br>Assets<br> <br>Cash and cash equivalents<br> <br>$211,180<br> <br>$289,970<br> <br>Loans receivable<br> <br>20,406,466<br> <br>16,572,715<br> <br>Current expected credit loss reserve<br> <br>(130,388)<br> <br>(173,549)<br> <br>Loans receivable, net<br> <br>$20,276,078<br> <br>$16,399,166<br> <br>Other assets<br> <br>218,614<br> <br>269,819<br> <br>Total assets<br> <br>$20,705,872<br> <br>$16,958,955<br> <br>Liabilities and equity<br> <br>Secured debt, net<br> <br>$11,170,330<br> <br>$7,880,536<br> <br>Securitized debt obligations, net<br> <br>2,836,049<br> <br>2,922,499<br> <br>Asset-specific debt, net<br> <br>320,895<br> <br>391,269<br> <br>Term loans, net<br> <br>1,329,637<br> <br>1,041,704<br> <br>Convertible notes, net<br> <br>618,985<br> <br>616,389<br> <br>Other liabilities<br> <br>159,424<br> <br>202,327<br> <br>Total liabilities<br> <br>$16,435,320<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>1,570<br> <br>1,468<br> <br>Additional paid-in capital<br> <br>5,039,384<br> <br>4,702,713<br> <br>Accumulated other comprehensive income<br> <br>9,874<br> <br>11,170<br> <br>Accumulated deficit<br> <br>(814,278)<br> <br>(829,284)<br> <br>Total Blackstone Mortgage Trust, Inc. stockholders’ equity<br> <br>$4,236,550<br> <br>$3,886,067<br> <br>Non-controlling interests<br> <br>34,002<br> <br>18,164<br> <br>Total equity<br> <br>$4,270,552<br> <br>$3,904,231<br> <br>Total liabilities and equity<br> <br>$20,705,872<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>$200,114<br> <br>$193,939<br> <br>$583,941<br> <br>$590,797<br> <br>Less: Interest and related expenses<br> <br>82,690<br> <br>78,978<br> <br>243,413<br> <br>268,070<br> <br>Income from loans and other investments, net<br> <br>$117,424<br> <br>$114,961<br> <br>$340,528<br> <br>$322,727<br> <br>Other expenses<br> <br>Management and incentive fees<br> <br>19,342<br> <br>18,985<br> <br>60,094<br> <br>58,758<br> <br>General and administrative expenses<br> <br>10,841<br> <br>11,242<br> <br>32,108<br> <br>34,320<br> <br>Total other expenses<br> <br>$30,183<br> <br>$30,227<br> <br>$92,202<br> <br>$93,078<br> <br>(Increase) decrease in current expected credit loss reserve<br> <br>(2,767)<br> <br>6,055<br> <br>49,432<br> <br>(173,466)<br> <br>Income before income taxes<br> <br>$84,474<br> <br>$90,789<br> <br>$297,758<br> <br>$56,183<br> <br>Income tax provision<br> <br>70<br> <br>20<br> <br>346<br> <br>192<br> <br>Net income<br> <br>$84,404<br> <br>$90,769<br> <br>$297,412<br> <br>$55,991<br> <br>Net income attributable to non-controlling interests<br> <br>(647)<br> <br>(909)<br> <br>(2,158)<br> <br>(1,937)<br> <br>Net income attributable to Blackstone Mortgage Trust, Inc.<br> <br>$83,757<br> <br>$89,860<br> <br>$295,254<br> <br>$54,054<br> <br>Per share information (basic and diluted)<br> <br>Net income per share of common stock<br> <br>$0.56<br> <br>$0.61<br> <br>$2.00<br> <br>$0.39<br> <br>Weighted-average shares of common stock outstanding<br> <br>149,214,819<br> <br>146,484,651<br> <br>147,971,737<br> <br>140,157,620<br> <br>Three Months Ended September 30,<br> <br>Nine Months Ended September 30,
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>APPENDIX<br> <br>(1)<br> <br>Represents net income attributable to Blackstone Mortgage Trust, Inc.<br><br><br>(2)<br> <br>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>September 30, 2021<br><br><br>June 30, 2021<br><br><br>Net<br> <br>income<br> <br>(1)<br> <br>$83,757<br> <br>$131,595<br> <br>Increase (decrease) in current expected credit loss reserve<br> <br>2,767<br> <br>(50,906)<br> <br>Non-cash compensation expense<br> <br>8,080<br> <br>8,020<br> <br>Realized<br> <br>hedging<br> <br>and<br> <br>foreign<br> <br>currency<br> <br>(loss)<br> <br>income,<br> <br>net<br> <br>(2)<br> <br>(768)<br> <br>744<br> <br>Other items<br> <br>116<br> <br>194<br> <br>Adjustments attributable to non-controlling interests, net<br> <br>(39)<br> <br>248<br> <br>Distributable Earnings<br> <br>$93,913<br> <br>$89,895<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>149,215<br> <br>147,343<br> <br>Distributable Earnings per share, basic and diluted<br> <br>$0.63<br> <br>$0.61<br> <br>Three Months Ended<br> <br>September 30, 2021<br> <br>June 30, 2021<br> <br>Stockholders' equity<br> <br>$4,236,550<br> <br>$3,930,961<br> <br>Shares<br> <br>Class A common stock<br> <br>157,016<br> <br>147,016<br> <br>Deferred stock units<br> <br>356<br> <br>328<br> <br>Total outstanding<br> <br>157,372<br> <br>147,344<br> <br>Book value per share<br> <br>$26.92<br> <br>$26.68<br> <br>Three Months Ended<br> <br>September 30, 2021<br> <br>June 30, 2021<br> <br>Net income<br> <br>(1)<br> <br>$83,757<br> <br>$131,595<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>149,215<br> <br>147,343<br> <br>Per share amount, basic and diluted<br> <br>$0.56<br> <br>$0.89<br> <br>Three Months Ended
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>APPENDIX<br> <br>(1)<br> <br>Represents net 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>13<br><br><br>Reconciliation of Net Income to Distributable Earnings<br><br><br>(in thousands, except per share data)<br><br><br>Three Months Ended,<br><br><br>Sep 30,<br><br><br>2021<br> <br>June 30,<br> <br>2021<br> <br>Mar 31,<br> <br>2021<br> <br>Dec 31,<br> <br>2020<br> <br>Net income<br> <br>(1)<br> <br>$83,757<br> <br>$131,595<br> <br>$79,902<br> <br>$83,616<br> <br>Increase (decrease) in current expected credit loss reserve<br> <br>2,767<br> <br>(50,906)<br> <br>(1,293)<br> <br>(5,813)<br> <br>Non-cash compensation expense<br> <br>8,080<br> <br>8,020<br> <br>8,085<br> <br>8,554<br> <br>Realized<br> <br>hedging<br> <br>and<br> <br>foreign<br> <br>currency<br> <br>(loss)<br> <br>income,<br> <br>net<br> <br>(2)<br> <br>(768)<br> <br>744<br> <br>172<br> <br>582<br> <br>Other items<br> <br>116<br> <br>194<br> <br>130<br> <br>921<br> <br>Adjustments attributable to non-controlling interests, net<br> <br>(39)<br> <br>248<br> <br>(47)<br> <br>74<br> <br>Distributable Earnings<br> <br>$93,913<br> <br>$89,895<br> <br>$86,949<br> <br>$87,934<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>149,215<br> <br>147,343<br> <br>147,337<br> <br>146,675<br> <br>Net income per share, basic and diluted<br> <br>$0.56<br> <br>$0.89<br> <br>$0.54<br> <br>$0.57<br> <br>Distributable Earnings per share, basic and diluted<br> <br>$0.63<br> <br>$0.61<br> <br>$0.59<br> <br>$0.60
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<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>DEFINITIONS<br> <br>14<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>September<br> <br>30,<br> <br>2021,<br> <br>we<br> <br>recorded<br> <br>a<br> <br>$3<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>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>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>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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