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): February 10, 2021

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 February 10, 2021, Blackstone Mortgage Trust, Inc. (the “Company”) issued a press release and detailed presentation announcing its financial results for the fourth quarter and full year ended December 31, 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 Fourth Quarter and Full Year 2020 Results

New York, February 10, 2021: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its fourth quarter and full year 2020****results. Full year EPS, Distributable EPS, and dividends paid per share were $0.97, $2.48, and $2.48, respectively.

Stephen D. Plavin, Chief Executive Officer, said, “BXMT’s strong 2020 results reflect the power and stability of our senior lending business. We generated consistent earnings in an environment of declining rates, while simultaneously maintaining strong credit performance and further fortifying our balance sheet. Our performance showcases the importance of careful sector and asset selection, disciplined underwriting, and deep relationships with our borrowers and lenders, all of which benefit tremendously from our affiliation with Blackstone.”

Blackstone Mortgage Trust issued a full detailed presentation of its fourth quarter and full year 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 fourth quarter and full year 2020 results. To register for the webcast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1417560&tp_key=c9976f38d2. 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 (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 $619 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Forward-Looking Statements and Other Matters

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

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 fourth quarter and full year 2020 results and is available on our website at www.bxmt.com.

Investor andPublic Affairs Contacts

EX-99.2

<br> <br>Blackstone<br> <br>Mortgage Trust, Inc.<br> <br>Fourth Quarter and Full Year 2020 Results<br> <br>FEBRUARY 10, 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>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>(2)<br> <br>Includes $802 million of Non-Consolidated Senior Interests and investment exposure to the $736 million 2018 Single Asset<br>Securitization through a $79 million subordinate interest.<br><br><br>(3)<br> <br>Reflects ratio of Distributable Earnings per share to dividends declared for the year ended December 31, 2020.<br><br><br>(4)<br> <br>GAAP<br> <br>EPS<br> <br>of<br> <br>$0.57<br> <br>and<br> <br>Distributable<br> <br>EPS<br> <br>(1)<br> <br>of<br> <br>$0.60<br> <br>reflect<br> <br>the<br> <br>stability<br> <br>of<br> <br>our<br> <br>$18.2<br> <br>billion<br> <br>(2)<br> <br>senior<br> <br>loan portfolio backed by high-quality assets and well-capitalized sponsors<br><br><br>BXMT delivered strong earnings amidst a volatile environment, generating<br>2020 full year GAAP EPS<br> <br>of $0.97 and Distributable<br>EPS<br> <br>(1)<br><br><br>of $2.48<br><br><br>100%<br> <br>2020 coverage of<br> <br>dividends<br> <br>per<br> <br>share<br> <br>(3)<br> <br>99.7%<br> <br>2020 interest<br> <br>collection<br> <br>+52%<br> <br>2020 increase<br> <br>in total liquidity<br> <br>Maintained steady earnings<br> <br>through a challenging period<br> <br>Senior mortgage loan portfolio<br> <br>continues to outperform<br> <br>Grew and maintained liquidity at over<br> <br>$1 billion<br> <br>(4)<br> <br>despite market conditions<br> <br>Consistent Earnings<br> <br>Strong Credit Performance<br> <br>Total<br> <br>liquidity<br> <br>of<br> <br>$1.1<br> <br>billion<br> <br>primarily<br> <br>includes<br> <br>$290<br> <br>million<br> <br>of<br> <br>cash<br> <br>and<br> <br>$829<br> <br>million<br> <br>of<br> <br>available<br> <br>borrowings<br> <br>under<br> <br>credit<br> <br>facilities.
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>2<br> <br>FOURTH QUARTER AND FULL YEAR 2020 RESULTS<br> <br>(1)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>(2)<br> <br>Total liquidity primarily includes $290 million of cash and $829 million of available borrowings under credit<br>facilities.<br> <br>(3)<br><br><br>Includes $802 million of Non-Consolidated Senior Interests and<br>investment exposure to the $736 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>(5)<br> <br>Represents (i) total outstanding secured debt agreements, asset-specific debt agreements, secured term loans, and convertible<br>notes, less cash, to (ii) total equity.<br><br><br>Earnings<br><br><br>4Q GAAP earnings per share of $0.57 and Distributable<br>Earnings<br> <br>(1)<br><br><br>per share of<br><br><br>$0.60 ($0.97 and $2.48, respectively, for full year 2020); 100% dividend<br>coverage in<br> <br>2020<br><br><br>Generated strong earnings while maintaining elevated liquidity levels<br>during the<br> <br>year; total liquidity at year end of $1.1<br>billion,<br> <br>(2)<br><br><br>up 52% from 2019<br><br><br>4Q GAAP EPS includes a $0.04 release of prior CECL reserves; book value<br>per share<br> <br>of $26.42 is net of a $1.26 CECL reserve<br>recorded in 2020<br> <br>Portfolio<br><br><br>99.7% interest collection in 2020 (100% in 4Q) with virtually no<br>interest deferral<br> <br>reflects the quality of our portfolio<br>and sponsor commitment to our collateral<br> <br>$18.2<br>billion<br> <br>(3)<br><br><br>senior loan portfolio secured by institutional quality real estate in<br> <br>major markets, with a weighted average origination<br>LTV<br> <br>(3)(4)<br><br><br>of 64%<br><br><br>Loan fundings<br><br><br>of $2.1 billion stayed in step with loan repayments of $2.0 billion<br> <br>during 2020<br><br><br>Capitalization<br><br><br>Issued $2.5 billion of CRE CLOs in 2020, increasing the<br>non-recourse, non-mark-to-<br> <br>market<br>component of our balance sheet and reducing our debt-to-equity ratio<br> <br>(5)<br> <br>to<br> <br>2.5x from 3.0x<br> <br>Strong capital markets access enabled equity raise and new Term Loan B tranche,<br><br><br>generating $607 million of gross proceeds during the year<br><br><br>Match-funded portfolio financing with no capital markets<br>mark-to-market and an<br> <br>array of bilateral credit<br>facilities, securitizations, and syndications
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>(1)<br> <br>Reflects ratio of Distributable Earnings to a quarterly average BXMT book value. GAAP Yield on Book was 8.3% and 3.6% for years<br>ending December 31, 2019 and 2020, respectively. GAAP Yield on<br> <br>Book above LIBOR was 6.1% and 3.1% for years ended December 31, 2019 and 2020, respectively. See Appendix for a definition and<br>reconciliation of Distributable Earnings to GAAP net income.<br><br><br>(2)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br><br><br>3<br> <br>EARNINGS<br> <br>Returns relative to base rates increased through a period of economic dislocation<br><br><br>2020 results driven by continued strong credit performance and stable<br>earnings power of the loan portfolio<br> <br>Attractive<br>Relative Value<br> <br>$0.97<br><br><br>2020 GAAP<br><br><br>earnings per share<br><br><br>$2.48<br> <br>2020 Distributable<br> <br>Earnings per share<br> <br>(2)<br> <br>Average Yield on Book<br> <br>(1)<br> <br>Average USD LIBOR<br> <br>7.3%<br> <br>8.7%<br> <br>2.2%<br> <br>0.5%<br> <br>Yield<br> <br>Above<br> <br>LIBOR<br> <br>2019<br> <br>2020<br> <br>9.5%<br> <br>9.2%
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>4<br> <br>PORTFOLIO<br> <br>(1)<br> <br>Includes $802 million of Non-Consolidated Senior Interests and investment exposure to the $736 million 2018 Single Asset<br>Securitization through a $79 million subordinate interest.<br><br><br>(2)<br> <br>States comprising less than 1% of total loan portfolio are excluded.<br><br><br>$18.2 billion<br><br><br>(1)<br> <br>senior loan portfolio comprising 121 investments<br> <br>Since the beginning of the crisis, sponsors have contributed over $500 million of new equity to support their assets<br><br><br>Major Market Focus<br><br><br>(1)(2)<br><br><br>Collateral Diversification<br><br><br>(1)<br><br><br>$18.2B<br> <br>portfolio<br> <br>AU, 1%<br> <br>CA<br> <br>16%<br> <br>MN<br> <br>1%<br> <br>NV<br> <br>1%<br> <br>TX<br> <br>3%<br> <br>IL<br> <br>4%<br> <br>TN, 1%<br> <br>GA<br> <br>4%<br> <br>FL<br> <br>5%<br> <br>NY<br> <br>22%<br> <br>VA, 4%<br> <br>DC, 2%<br> <br>HI, 3%<br> <br>DEU, 1%<br> <br>IT, 1%<br> <br>NL, 1%<br> <br>UK, 11%<br> <br>IR, 7%<br> <br>ES, 7%<br> <br>BE, 1%<br> <br>AZ<br> <br>1%<br> <br>Hospitality<br> <br>17%<br> <br>Self-Storage<br> <br>2%<br> <br>Industrial<br> <br>4%<br> <br>Retail<br> <br>3%<br> <br>Condo<br> <br>1%<br> <br>Other<br> <br>5%<br> <br>Office<br> <br>58%<br> <br>Multi<br> <br>10%
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>PORTFOLIO<br> <br>5<br> <br>Loan portfolio continued to perform through a challenging credit environment with virtually no missed payments or<br><br><br>interest deferrals during 2020<br><br><br>Stable CECL reserve since the initial impact of COVID-19 in the<br>first half of 2020<br> <br>CECL Reserves<br><br><br>(1)<br><br><br>($ in millions)<br><br><br>Loan Portfolio Performance<br><br><br>$122.7<br><br><br>167.7<br><br><br>$56.8<br><br><br>$6.1<br> <br>$5.8<br> <br>1Q '20<br> <br>2Q '20<br> <br>3Q '20<br> <br>4Q '20<br> <br>12/31/20<br> <br>Reserve<br> <br>(1)<br> <br>Represents the change in the CECL reserve recognized through net income on our consolidated statement of operations for each<br>respective quarter. Excludes $17.7 million of CECL reserve recorded<br> <br>upon adoption on January 1, 2020, which is reflected as a direct charge to retained earnings on our consolidated balance<br>sheet.<br> <br>99.7%<br><br><br>interest<br><br><br>collection<br><br><br><1%<br><br><br>interest<br><br><br>deferred
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>(1)<br> <br>Represents (i) total outstanding secured debt agreements, asset-specific debt agreements, secured term loans, and convertible<br>notes, less cash, to (ii) total equity.<br> <br>6<br><br><br>CAPITALIZATION<br><br><br>BXMT diversified its financing sources during 2020, with $2.5 billion of<br>CLO issuances across two securitizations and<br> <br>$325 million<br>of incremental Term Loan B corporate financing<br> <br>Decreased<br>debt-to-equity to 2.5x from 3.0x during 2020, with no near-term corporate debt maturities<br> <br>3.0x<br> <br>12/31/19<br> <br>12/31/20<br> <br>Debt-to-Equity Ratio<br> <br>(1)<br> <br>Diversified Financing Sources<br> <br>(outstanding balance)<br> <br>2.5x<br> <br>Term Loan B, 8%<br> <br>Convertibles Notes, 4%<br> <br>Asset-Specific<br> <br>Financings, 8%<br> <br>Securitizations<br> <br>25%<br> <br>Secured Debt<br> <br>Agreements<br> <br>55%<br> <br>$14.4B<br> <br>financings
---
<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>$18.3<br> <br>$18.2<br> <br>$0.5<br> <br>$0.6<br> <br>3Q ’20 Loans<br> <br>Outstanding<br> <br>Fundings<br> <br>Repayments<br> <br>4Q ’20 Loans<br> <br>Outstanding<br> <br>8<br> <br>APPENDIX<br> <br>(1)<br> <br>Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference<br>between the value of such income on the date of conversion to USD<br> <br>and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income<br>on our consolidated balance sheet.<br> <br>(2)<br><br><br>Adjusted to reflect $0.2 billion of non-cash fluctuations in foreign<br>currency rates during the period for comparability to our total loan portfolio as of December 31, 2020.<br> <br>(3)<br> <br>Includes $716 million of Non-Consolidated Senior Interests and investment exposure to the $808 million 2018 Single Asset<br>Securitization through a $79 million subordinate interest.<br><br><br>(4)<br> <br>Includes $802 million of Non-Consolidated Senior Interests and investment exposure to the $736 million 2018 Single Asset<br>Securitization through a $79 million subordinate interest.<br> <br>Net Fundings<br> <br>($ in billions)<br> <br>4Q 2020 Operating Results<br> <br>($ in millions)<br> <br>$0.57<br> <br>net income per share<br> <br>$0.60<br> <br>distributable earnings per share<br> <br>(2)(3)<br> <br>(4)<br> <br>GAAP Net<br> <br>Income<br> <br>Adjustments<br> <br>Distributable<br> <br>Earnings<br> <br>Interest income<br> <br>$188.9<br> <br>$     -<br> <br>$188.9<br> <br>Interest expense<br> <br>(79.4)<br> <br>0.8<br> <br>(78.6)<br> <br>Management and incentive fees<br> <br>(19.2)<br> <br>-<br> <br>(19.2)<br> <br>General and administrative<br> <br>expenses and taxes<br> <br>(3.1)<br> <br>-<br> <br>(3.1)<br> <br>Decrease in current expected<br> <br>credit loss reserve<br> <br>5.8<br> <br>(5.8)<br> <br>-<br> <br>Non-cash compensation<br> <br>(8.6)<br> <br>8.6<br> <br>-<br> <br>Realized hedging and<br> <br>foreign currency income, net<br> <br>(1)<br> <br>-<br> <br>0.6<br> <br>0.6<br> <br>Net income attributable to non-<br> <br>controlling interests<br> <br>(0.8)<br> <br>0.1<br> <br>(0.7)<br> <br>Total<br> <br>$83.6<br> <br>$4.3<br> <br>$87.9
---
<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 $736 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 December 31, 2020, five loans in<br> <br>the portfolio have been financed with an aggregate $802 million of Non-Consolidated Senior Interests, which are included in the<br>table above.<br> <br>(4)<br><br><br>Maximum maturity assumes all extension options are exercised; however,<br>floating rate loans generally may be repaid prior to their final maturity without penalty.<br> <br>(5)<br> <br>This loan is accounted for under the cost recovery method.<br> <br>(6)<br> <br>Consists of both floating and fixed rates. Coupon and all-in yield assume applicable floating benchmark rates for<br>weighted-average calculation. Excludes loans under the cost-recovery method.<br> <br>9<br> <br>Portfolio Details<br> <br>(1)<br> <br>($ in millions)<br> <br>Origination<br> <br>Total<br> <br>Principal<br> <br>Net Book<br> <br>Maximum<br> <br>Property<br> <br>Loan Per<br> <br>Origination<br> <br>Loan Type<br> <br>Date<br> <br>(2)<br> <br>Loan<br> <br>(3)<br> <br>Balance<br> <br>(3)<br> <br>Value<br> <br>Maturity<br> <br>(4)<br> <br>Location<br> <br>Type<br> <br>SQFT / Unit / Key<br> <br>LTV<br> <br>(2)<br> <br>Loan 1<br> <br>Senior loan<br> <br>8/14/2019<br> <br>$  1,318<br> <br>$  1,318<br> <br>$  1,309<br> <br>L + 2.50<br> <br>%<br> <br>L + 2.84<br> <br>%<br> <br>12/23/2024<br> <br>Dublin - IE<br> <br>Office<br> <br>$479 / sqft<br> <br>74 %<br> <br>Loan 2<br> <br>Senior loan<br> <br>3/22/2018<br> <br>993<br> <br>993<br> <br>991<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>653<br> <br>654<br> <br>L + 2.30<br> <br>%<br> <br>L + 2.79<br> <br>%<br> <br>12/9/2024<br> <br>New York<br> <br>Office<br> <br>$936 / sqft<br> <br>65 %<br> <br>Loan 4<br> <br>Senior loan<br> <br>5/11/2017<br> <br>647<br> <br>619<br> <br>619<br> <br>L + 3.40<br> <br>%<br> <br>L + 3.57<br> <br>%<br> <br>6/10/2023<br> <br>Washington DC<br> <br>Office<br> <br>$304 / sqft<br> <br>62 %<br> <br>Loan 5<br> <br>Senior loan<br> <br>8/22/2018<br> <br>363<br> <br>360<br> <br>359<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>$467,454 /  key<br> <br>61 %<br> <br>Loan 6<br> <br>Senior loan<br> <br>10/23/2018<br> <br>352<br> <br>348<br> <br>348<br> <br>L + 3.40<br> <br>%<br> <br>L + 3.67<br> <br>%<br> <br>1/23/2022<br> <br>New York<br> <br>Mixed-Use<br> <br>$589 / sqft<br> <br>65 %<br> <br>Loan 7<br> <br>Senior loan<br> <br>4/11/2018<br> <br>355<br> <br>345<br> <br>344<br> <br>L + 2.85<br> <br>%<br> <br>L + 3.10<br> <br>%<br> <br>5/1/2023<br> <br>New York<br> <br>Office<br> <br>$437 / sqft<br> <br>71 %<br> <br>Loan 8<br> <br>Senior loan<br> <br>(3)<br> <br>8/6/2015<br> <br>333<br> <br>333<br> <br>61<br> <br>5.75<br> <br>%<br> <br>5.81<br> <br>%<br> <br>10/29/2022<br> <br>Diversified - EUR<br> <br>Other<br> <br>n/a<br> <br>71 %<br> <br>Loan 9<br> <br>Senior loan<br> <br>1/11/2019<br> <br>328<br> <br>328<br> <br>325<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>$324 / sqft<br> <br>74 %<br> <br>Loan 10<br> <br>Senior loan<br> <br>(3)<br> <br>8/7/2019<br> <br>746<br> <br>306<br> <br>59<br> <br>L + 3.12<br> <br>%<br> <br>L + 3.56<br> <br>%<br> <br>9/9/2025<br> <br>Los Angeles<br> <br>Office<br> <br>$207 / sqft<br> <br>59 %<br> <br>Loan 11<br> <br>Senior loan<br> <br>11/30/2018<br> <br>286<br> <br>286<br> <br>285<br> <br>n/m<br> <br>(5)<br> <br>n/m<br> <br>(5)<br> <br>8/9/2025<br> <br>New York<br> <br>Hospitality<br> <br>$306,870 /  key<br> <br>73 %<br> <br>Loan 12<br> <br>Senior loan<br> <br>2/27/2020<br> <br>300<br> <br>282<br> <br>280<br> <br>L + 2.70<br> <br>%<br> <br>L + 3.03<br> <br>%<br> <br>3/9/2025<br> <br>New York<br> <br>Mixed-Use<br> <br>$884 / sqft<br> <br>59 %<br> <br>Loan 13<br> <br>Senior loan<br> <br>7/31/2018<br> <br>280<br> <br>278<br> <br>277<br> <br>L + 3.10<br> <br>%<br> <br>L + 3.52<br> <br>%<br> <br>8/9/2022<br> <br>San Francisco<br> <br>Office<br> <br>$701 / sqft<br> <br>50 %<br> <br>Loan 14<br> <br>Senior loan<br> <br>9/30/2019<br> <br>306<br> <br>267<br> <br>268<br> <br>L + 3.66<br> <br>%<br> <br>L + 3.75<br> <br>%<br> <br>9/9/2024<br> <br>Chicago<br> <br>Office<br> <br>$232 / sqft<br> <br>58 %<br> <br>Loan 15<br> <br>Senior loan<br> <br>12/11/2018<br> <br>310<br> <br>259<br> <br>258<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>$218 / sqft<br> <br>78 %<br> <br>Loans 16 - 120<br> <br>Senior loans<br> <br>(3)<br> <br>Various<br> <br>13,778<br> <br>10,480<br> <br>10,136<br> <br>L + 3.31<br> <br>%<br> <br>(6)<br> <br>L + 3.66<br> <br>%<br> <br>(6)<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>63 %<br> <br>CECL reserve<br> <br>(174)<br> <br>Total/Wtd. avg.<br> <br>$  21,418<br> <br>$  17,455<br> <br>$  16,399<br> <br>L + 3.24<br> <br>%<br> <br>(6)<br> <br>L + 3.58<br> <br>%<br> <br>(6)<br> <br>3.1 yrs<br> <br>65 %<br> <br>Cash<br> <br>All-in<br> <br>Coupon<br> <br>Yield
---
<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>December 31, 2020<br> <br>December 31, 2019<br> <br>Assets<br> <br>Cash and cash equivalents<br> <br>$289,970<br> <br>$150,090<br> <br>Loans receivable<br> <br>16,572,715<br> <br>16,164,801<br> <br>Current expected credit loss reserve<br> <br>(173,549)<br> <br>—<br> <br>Loans receivable, net<br> <br>$16,399,166<br> <br>$16,164,801<br> <br>Other assets<br> <br>269,819<br> <br>236,980<br> <br>Total assets<br> <br>$16,958,955<br> <br>$16,551,871<br> <br>Liabilities and equity<br> <br>Secured debt agreements, net<br> <br>$7,880,536<br> <br>$9,731,426<br> <br>Securitized debt obligations, net<br> <br>2,922,499<br> <br>1,187,084<br> <br>Asset-specific debt agreements, net<br> <br>391,269<br> <br>323,504<br> <br>Secured term loans, net<br> <br>1,041,704<br> <br>736,142<br> <br>Convertible notes, net<br> <br>616,389<br> <br>613,071<br> <br>Other liabilities<br> <br>202,327<br> <br>175,963<br> <br>Total liabilities<br> <br>$13,054,724<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>1,468<br> <br>1,350<br> <br>Additional paid-in capital<br> <br>4,702,713<br> <br>4,370,014<br> <br>Accumulated other comprehensive income (loss)<br> <br>11,170<br> <br>(16,233)<br> <br>Accumulated deficit<br> <br>(829,284)<br> <br>(592,548)<br> <br>Total Blackstone Mortgage Trust, Inc. stockholders’<br> <br>equity<br> <br>$3,886,067<br> <br>$3,762,583<br> <br>Non-controlling interests<br> <br>18,164<br> <br>22,098<br> <br>Total equity<br> <br>$3,904,231<br> <br>$3,784,681<br> <br>Total liabilities and equity<br> <br>$16,958,955<br> <br>$16,551,871
---
<br> <br>Blackstone	<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>APPENDIX<br> <br>11<br> <br>Consolidated Statements of Operations<br> <br>($ 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>$188,851<br> <br>$220,678<br> <br>$779,648<br> <br>$882,679<br> <br>Less: Interest and related expenses<br> <br>79,401<br> <br>110,967<br> <br>347,471<br> <br>458,503<br> <br>Income from loans and other investments, net<br> <br>$109,450<br> <br>$109,711<br> <br>$432,177<br> <br>$424,176<br> <br>Other expenses<br> <br>Management and incentive fees<br> <br>19,158<br> <br>20,159<br> <br>77,916<br> <br>78,435<br> <br>General and administrative expenses<br> <br>11,551<br> <br>9,904<br> <br>45,871<br> <br>38,854<br> <br>Total other expenses<br> <br>$30,709<br> <br>$30,063<br> <br>$123,787<br> <br>$117,289<br> <br>Decrease (increase) in current expected credit loss reserve<br> <br>5,813<br> <br>-<br> <br>(167,653)<br> <br>-<br> <br>Income before income taxes<br> <br>$84,554<br> <br>$79,648<br> <br>$140,737<br> <br>$306,887<br> <br>Income tax provision (benefit)<br> <br>131<br> <br>67<br> <br>323<br> <br>(506)<br> <br>Net income<br> <br>$84,423<br> <br>$79,581<br> <br>$140,414<br> <br>$307,393<br> <br>Net income attributable to non-controlling interests<br> <br>(807)<br> <br>(650)<br> <br>(2,744)<br> <br>(1,826)<br> <br>Net income attributable to Blackstone Mortgage Trust, Inc.<br> <br>$83,616<br> <br>$78,931<br> <br>$137,670<br> <br>$305,567<br> <br>Per share information (basic and diluted)<br> <br>Weighted-average shares of common stock outstanding<br> <br>146,675,431<br> <br>134,832,323<br> <br>141,795,977<br> <br>130,085,398<br> <br>Net income per share of common stock<br> <br>$0.57<br> <br>$0.59<br> <br>$0.97<br> <br>$2.35<br> <br>Three Months Ended December 31,<br> <br>Twelve Months Ended December 31,
---
<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>December 31, 2020<br><br><br>September 30, 2020<br><br><br>Net income<br><br><br>(1)<br> <br>$83,616<br> <br>$89,860<br> <br>Decrease in current expected credit loss reserve<br> <br>(5,813)<br> <br>(6,055)<br> <br>Non-cash compensation expense<br> <br>8,554<br> <br>8,649<br> <br>Realized hedging and foreign currency income (loss), net<br> <br>(2)<br> <br>582<br> <br>(7)<br> <br>Other items<br> <br>921<br> <br>(240)<br> <br>Adjustments attributable to non-controlling interests, net<br> <br>74<br> <br>143<br> <br>Distributable Earnings<br> <br>$87,934<br> <br>$92,350<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>146,675<br> <br>146,485<br> <br>Distributable Earnings per share, basic and diluted<br> <br>$0.60<br> <br>$0.63<br> <br>Three Months Ended<br> <br>December 31, 2020<br> <br>September 30, 2020<br> <br>Stockholders' equity<br> <br>$3,886,067<br> <br>$3,883,364<br> <br>Shares<br> <br>Class A common stock<br> <br>146,780<br> <br>146,197<br> <br>Deferred stock units<br> <br>307<br> <br>294<br> <br>Total outstanding<br> <br>147,087<br> <br>146,491<br> <br>Book value per share<br> <br>$26.42<br> <br>$26.51<br> <br>Three Months Ended<br> <br>December 31, 2020<br> <br>September 30, 2020<br> <br>Net income<br> <br>(1)<br> <br>$83,616<br> <br>$89,860<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>146,675<br> <br>146,485<br> <br>Earnings per share, basic and diluted<br> <br>$0.57<br> <br>$0.61<br> <br>Three Months Ended
---
<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>For the years ended December 31, 2020 and 2019, primarily represents the forward points earned on our foreign currency forward<br>contracts, which reflect the interest rate differentials between the<br> <br>applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate<br>exposure to USD LIBOR, resulting in additional interest income earned<br> <br>in U.S. dollar terms. These amounts were not included in GAAP net income, but rather as a component of Other Comprehensive Income<br>in our consolidated financial statements.<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>Years Ended December 31,<br><br><br>2020<br> <br>2019<br> <br>Net income<br> <br>(1)<br> <br>$137,670<br> <br>$305,567<br> <br>Increase in current expected credit loss reserve<br> <br>167,653<br> <br>-<br> <br>Non-cash compensation expense<br> <br>34,532<br> <br>30,656<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>10,852<br> <br>14,172<br> <br>Other items<br> <br>1,487<br> <br>300<br> <br>Adjustments attributable to non-controlling interests, net<br> <br>(204)<br> <br>-<br> <br>Distributable Earnings<br> <br>$351,990<br> <br>$350,695<br> <br>Weighted-average shares outstanding, basic and diluted<br> <br>141,796<br> <br>130,085<br> <br>Net income per share, basic and diluted<br> <br>$0.97<br> <br>$2.35<br> <br>Distributable Earnings per share, basic and diluted<br> <br>$2.48<br> <br>$2.70
---
<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>(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>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>twelve<br> <br>months<br> <br>ended<br> <br>December<br> <br>31,<br> <br>2020,<br> <br>we<br> <br>recorded<br> <br>a<br> <br>$167.7<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>or<br> <br>our<br> <br>Management<br> <br>Agreement,<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.
---
<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>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.
---