Blackstone Mortgage Trust (BXMT) 8-K Blackstone Mortgage Trust Reports

Blackstone Mortgage Trust, Inc.

October 27, 2015

Third Quarter 2015 Results

Exhibit 99.2

******************

Blackstone Mortgage Trust

1

Third Quarter 2015 Highlights

Core

Earnings

(a)

of

$68

million,

or

$0.72

per

share,

driven

by

the

accretive

effects

of

the

GE

portfolio

acquisition

and

the

increased

scale

of

the

business.

Increased

dividend

by

19%

to

$0.62

per

share,

reflecting

the

stabilized

earnings

power

of

the

current

senior

floating

rate

loan

investment

strategy.

Book

value

per

share

of

$26.64

and

GAAP

net

income

of

$67

million,

or

$0.72

per

share.

Loan

closings

totaled

$886

million

(b)

and

fundings

totaled

$868

million,

(b)

including

$85

million

of

follow-on

fundings

under

previously

originated

loans.

Loan

repayments

of

$497

million

of

directly-originated

loans

and

$537

million

of

loans

in

the

acquired

GE

portfolio.

GE

repayments

were

in

line

with

underwriting

and

funded

a

$125

million

(53%)

reduction

of

the

portfolio’s

add-on

advance

acquisition

financing.

Executed

ten

loan

extensions

and

upsizes

during

the

quarter,

reflecting

the

increased

scale

of

asset

management

activity

following

the

GE

portfolio

acquisition.

Added

$1.0

billion

of

financing

capacity,

including

a

€400

million

multicurrency

revolving

credit

facility

to

finance

European

loan

program.

Information included in this presentation is as of or for the period ended September 30, 2015, unless otherwise indicated. See Appendix for a definition of

Core Earnings and a reconciliation to GAAP net income, a definition of gross return on investment (“Gross ROI”), as well as certain per share calculations that

are referenced throughout this presentation.

(a)

3Q 2015 Core Earnings reported net of incentive fee expenses. See Appendix for comparable presentations of prior period Core Earnings.

(b)

Includes non-consolidated senior interests of $534 million, and $491 million of related loan fundings.

Blackstone Mortgage Trust

2

Third

Quarter

2015

Balance

Sheet,

Net

Income,

and

Core

Earnings

(a)

(Dollars in Millions)

$2,121

$164

$7,093

$9,378

CT Legacy net income

Secured financings

($51.3)

Equity and other

(c)

$0.4

($3.2)

($13.8)

($2.0)

Loan portfolio

$136.8

$66.9

$0.4

($2.0)

Interest income

Interest expense

Non-cash comp.

$134.8

($50.9)

Core

Earnings

(b)

Net

Income

$67.5

+

+

+

Convertible notes,

net

Balance

Sheet

(a)

See Appendix page 14 for Second Quarter 2015 Balance Sheet, Net Income, and Core Earnings.

(b)

See Appendix pages 15 and 12, respectively, for a definition of Core Earnings and a reconciliation to GAAP net income.

(c)

Includes stockholders’ equity of $2.5 billion, less the net of (i) cash and cash equivalents of $139 million, (ii) certain accrued interest receivable, prepaid

expenses, and other assets of $306 million, (iii) certain accounts payable, accrued expenses, and other liabilities of $87 million, and (iv) CT Legacy portfolio net

equity value of $8 million.

Mgmt./Incentive fees

($0.4)

$3.2

$-

($0.5)

$-

$-

($13.8)

($2.5)

G&A/other

Blackstone Mortgage Trust

3

3Q Core Earnings

$0.72 per share

3Q Dividend Analysis

The

$0.62

dividend

reflects

the

stabilized

earnings

power

of

the

senior

floating

rate

investment

strategy

at

its

increased

scale

and

Core

Earnings

of

$0.72

includes

the

accretive

effects

of

the

GE

portfolio

acquisition.

Core Earnings Stabilization

(a)

Senior floating rate loans,

reinvested on an ongoing basis

GE fixed rate loans with 1.7 year

weighted average life

(b)

Additional yield from add-on

financing of GE loans

Transaction costs & deployment

lag concentrated in 2Q 2015

3Q Dividend

$0.62 per share

1Q Dividend

$0.52 per share

(a)

Not presented to scale.

(b)

Weighted average life (“WAL”) calculation considers the amount and timing of contractual repayments through the expiration date of call protection for each loan.

Blackstone Mortgage Trust

4

Loan Portfolio Overview

Closed

four

new

loans

totaling

$886

million

(a)

including

a

£367

million

seven-year,

fixed

rate

loan

that

is

term

financed

through

the

sale

of

a

non-consolidated

senior

interest.

Loan

repayments

of

$497

million

of

directly-originated

loans

plus

$537

million

of

loans

in

the

GE

portfolio.

Portfolio

metrics

remain

consistent,

with

Gross

ROI

(b)(c)

of

14.4%

and

LTV

of

64%.

Loan Portfolio Statistics

(a)

Includes non-consolidated senior interests of $534 million.

(b)

See Appendix for a definition of gross return on investment (“Gross ROI”), which among other things, assumes full leverage at the asset level based on the maximum available leverage

in place or in negotiation for each investment, notwithstanding the amount actually borrowed.

(c)

Assumes

applicable

floating

benchmark

rates

for

weighted-average

calculation.

Weighted

average

coupon

and

all-in

yield

exclude

subordinate

loans,

which

are

not

comparable

to other loans as they are reported net of related non-consolidated senior interests. Gross ROI calculation includes all loans and related financings.

(d)

Excludes non-consolidated senior interests of $1.1 billion.

(e)

Maximum maturity assumes all extension options are exercised, however floating rate loans may generally be repaid prior to their final maturity without penalty.

(Dollars in Millions)

Floating

Fixed

Total

Number of loans

96

36

132

Principal balance

(d)

$7,340

$2,073

$9,413

Net book value

(d)

$7,304

$2,074

$9,378

Wtd. avg. origination LTV

63%

64%

64%

Wtd. avg. cash coupon

(c)

L + 4.00%

5.32%

4.55%

Wtd. avg. all-in yield

(c)

L + 4.37%

5.46%

4.87%

Wtd. avg. Gross ROI

(b)(c)

L + 12.7%

18.4%

14.4%

Wtd. avg. maximum maturity

(e)

3.4 yrs.

2.9 yrs.

3.3 yrs.

Loan Portfolio Growth

(Principal Balance in Millions)

$4,573

$5,088

$10,830

$10,550

GAAP

Balance Sheet

Non-Consolidated

Senior Interests

4Q'14

1Q'15

2Q'15

3Q'15

Blackstone Mortgage Trust

5

Portfolio Diversification

BXMT’s

portfolio

is

diversified

by

collateral

property

type

and

geographic

location,

and

is

comprised

of

primarily

senior

mortgages

and

similar

credit

quality

loans.

Collateral Diversification

(Net Book Value, % of Total)

41%

21%

15%

8%

6%

7%

Office

Multifamily

Hotel

Condo 2%

Other

Retail

Manufactured

Housing (MHC)

Geographic Diversification

(Net Book Value,% of Total)

Senior Loans

(a)

(Net Book Value, % of Total)

97%

States that comprise less than 1% of total loan portfolio

NM

0.4%

NY

20%

CA

11%

TX

9%

CAN

6%

FL

8%

GA

4%

IL

4%

WA

3%

VA

3%

DC

2%

NC

2%

CO

2%

AZ

2%

HI

1%

MA

1%

MD

1%

OR

1%

IA

1%

SC

1%

TN, 1%

OK

1%

PA

1%

DEU

3%

UK

10%

ES

1%

NL

1%

(a)

Senior

loans

include

senior

mortgages

and

similar

credit

quality

loans,

including

related

contiguous

subordinate

loans

and

pari

passu

participations

in

senior

mortgage

loans.

Blackstone Mortgage Trust

6

Financing Capacity

Closed

an

additional

$1.0

billion

of

financing

capacity

during

the

quarter,

including

a

new

€400

million

multicurrency

revolving

credit

facility.

Continued

opportunistic

use

of

senior

syndications,

with

two

transactions

during

the

quarter

providing

an

aggregate

$534

million

of

leverage.

Total

liquidity

of

$555

million

(a)

at

quarter-end,

providing

for

$2.0

billion

(a)

of

potential

loan

originations

and

fundings.

$10.4

Total

Financing

Capacity

(Dollars in Billions)

$4.6

•

Seven

facilities

with

outstanding

borrowings

of

$2.8

billion

•

All-in

cost

of

L+2.04%

Revolving Credit

Facilities

$2.2

(b)

•

11

transactions

with

nine

counterparties;

pricing

directly

related

to

underlying

collateral

assets

•

$743

million

outstanding

on

balance

sheet;

remaining

non-consolidated

senior

interests

Asset-Specific

(b)

Financings

$3.6

•

Asset-specific

advances

totaling

$3.4

billion

•

All-in

cost

of

L+1.90%

GE Portfolio

Financing

(a)

Total

liquidity

includes

$139

million

of

cash

and

$417

million

of

available

borrowings.

Potential

loan

originations

assumes

4.0x

asset-level

leverage

on

total

liquidity,

net

of

$142

million

of

minimum

liquidity

requirements

under

applicable

debt

covenants.

(b)

BXMT’s

balance

sheet

includes

asset-specific

repurchase

agreements

of

$235

million

and

loan

participations

sold

of  $507

million.

Capacity

of

$2.2

billion

also

includes

$1.4

billion

of

non-consolidated

senior

interests,

which

result

from

non-recourse

sales

of

senior

loan

interests

in

loans

BXMT

originates.

BXMT’s

net

investments

in these loans  are

reflected

in

the

form

of

mezzanine

or

other

subordinate loans

on

BXMT’s

balance

sheet.

Blackstone Mortgage Trust

7

Interest Rates

Earnings

are

positively

correlated

to

changes

in

USD

and

GBP

LIBOR,

the

benchmark

indices

for

74%

of

BXMT’s

loan

portfolio

and

related

secured

financings.

Concentration

of

fixed

rate

assets

in

EUR

and

CAD

results

in

an

inverse

correlation

to

EURIBOR

and

CDOR;

an

increase

in

either

benchmark

rate

by

50bps

would

decrease

annual

Core

Earnings

by

less

than

$0.02

per

share.

(a)

As of September 30, 2015, $1.1 billion of floating rate loans earned interest based on floors that were above the applicable index, with an average floor

of 0.64%.

Portfolio Income Sensitivity to USD LIBOR

(Annual Dollars of Net Interest Income per share)

78%

22%

Portfolio Fixed vs. Floating

(% of Principal Balance)

Floating

(a)

Fixed

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

0.19%

0.69%

1.19%

1.69%

2.19%

2.69%

USD LIBOR

Appendix

***********************

Blackstone Mortgage Trust

9

Loan Portfolio Details

The following table provides details of BXMT’s loan portfolio:

(a)

Date loan was originated or acquired by BXMT, and the LTV as of such date.

(b)

Maximum

maturity

date

assumes

all

extension

options

are

exercised,

however

(c)

Loan consists of one or more floating and fixed rate tranches. Coupon and all-in yield assume applicable floating benchmark rates for weighted-average calculation.

(d)

Includes

(i)

112

senior

loans

with

an

aggregate

principal

balance

of

$5.9

billion

and

(ii)

five

mezzanine

loans

with

an

aggregate

principal

balance

of

$261

million

resulting

from

BXMT’s

sale

of

the

related

non-consolidated

senior

interests.

(e)

Weighted

average

coupon

and

all-in

yield

exclude

subordinate

loans,

which

are

not

comparable

to

other

loans

as

they

are

reported

net

of

syndicated

amounts.

(Dollars in Millions)

Loan Type

Origination

Date

(a)

Total

Loan

Principal

Balance

Book

Value

Cash

Coupon

All-In

Yield

Maximum

Maturity

(b)

Geographic

Location

Property

Type

Origination

LTV

(a)

Loan 1

Senior loan

6/11/2015

340

$

340

$

341

$

4.88%

(c)

4.92%

(c)

4/30/2019

Diversified-US

MHC

78%

Loan 2

Senior loan

6/23/2015

306

306

307

5.26%

(c)

5.33%

(c)

1/31/2017

Diversified-US

MHC

60%

Loan 3

Senior loan

5/22/2014

303

303

300

L+4.00%

L+4.34%

5/22/2019

U.K.

Hotel

57%

Loan 4

Senior loan

5/1/2015

320

295

292

L+3.45%

L+3.83%

5/1/2020

NY

Office

68%

Loan 5

Senior loan

1/7/2015

315

267

264

L+3.50%

L+3.95%

1/9/2020

NY

Office

53%

Loan 6

Senior loan

6/4/2015

262

259

262

5.53%

(c)

5.56%

(c)

2/9/2019

Canada

Hotel

54%

Loan 7

Senior loan

6/23/2015

212

212

212

5.38%

5.53%

1/18/2017

Germany

Retail

53%

Loan 8

Senior loan

6/11/2015

206

206

207

4.76%

(c)

4.83%

(c)

1/31/2017

Diversified-US

MHC

65%

Loan 9

Senior loan

3/4/2015

170

170

170

L+4.25%

L+4.25%

3/9/2017

WA

Office

64%

Loan 10

Senior loan

2/25/2014

166

166

165

L+4.40%

L+4.82%

3/9/2019

Diversified-US

Hotel

49%

Loan 11

Senior loan

12/9/2014

211

165

164

L+3.80%

L+4.31%

12/9/2019

Diversified-US

Office

65%

Loan 12

Senior loan

7/31/2014

215

163

163

L+3.50%

L+4.09%

8/9/2019

IL

Office

70%

Loan 13

Senior loan

1/7/2014

156

156

156

L+4.75%

L+5.14%

1/7/2019

Diversified-US

Other

58%

Loan 14

Senior loan

6/23/2015

154

146

146

L+5.00%

L+5.01%

12/20/2017

D.C.

Office

72%

Loan 15

Senior loan

11/20/2014

145

145

144

L+3.40%

L+3.62%

11/20/2019

U.K.

Hotel

62%

Loan 16-132

Various

(d)

Various

6,670

6,114

6,085

4.32%

4.68%

Various

Various

Various

64%

Total/Wtd. avg.

(e)

10,151

$

9,413

$  

9,378

$  

4.55%

4.87%

3.3 years

64%

floating

rate

loans

may

generally

be

repaid

prior

to

their

final

maturity

without

penalty.

Blackstone Mortgage Trust

10

Consolidated Balance Sheet

(Dollars in Thousands, Except per Share Data)

September 30, 2015

December 31, 2014

Assets

Cash and cash equivalents

138,600

$                   

51,810

$                     

Restricted cash

9,063

11,591

Loans receivable, net

9,377,591

4,428,500

Equity investments in unconsolidated subsidiaries

7,496

10,604

Accrued interest receivable, prepaid expenses, and other assets

319,118

86,016

Total assets

9,851,868

$               

4,588,521

$               

Liabilities and equity

Accounts payable, accrued expenses, and other liabilities

95,153

$                     

61,013

$                      

Secured debt agreements

6,585,654

2,365,336

Loan participations sold

507,200

499,433

Convertible notes, net

163,699

161,853

Total liabilities

7,351,706

3,087,635

Equity

Class A common stock, $0.01 par value

932

583

Additional paid-in capital

3,066,662

2,027,404

Accumulated other comprehensive loss

(27,588)

(15,024)

Accumulated deficit

(552,881)

(547,592)

Total

Blackstone

Mortgage

Trust,

Inc.

stockholders’

equity

2,487,125

1,465,371

Non-controlling interests

13,037

35,515

Total equity

2,500,162

1,500,886

Total liabilities and equity

9,851,868

$               

4,588,521

$               

Blackstone Mortgage Trust

11

Consolidated Statement of Operations

(Dollars in Thousands, Except per Share Data)

Three Months Ended September 30,

Nine Months Ended September 30,

2015

2014

2015

2014

Income from loans and other investments

Interest and related income

138,361

$              

50,386

$              

282,249

$             

126,507

$                     

Less: Interest and related expenses

51,329

19,903

106,125

47,697

Income from loans and other investments, net

87,032

30,483

176,124

78,810

Other expenses

Management and incentive fees

13,813

5,412

28,535

13,219

General and administrative expenses

5,295

3,368

28,655

21,920

Total other expenses

19,108

8,780

57,190

35,139

Unrealized (loss) gain on investments at fair value

(82)

1,780

22,108

7,604

Income from equity investments in unconsolidated subsidiaries

17

-

5,677

24,294

Income before income taxes

67,859

23,483

146,719

75,569

Income tax provision (benefit)

81

(118)

431

412

Net income

67,778

$                 

23,601

$               

146,288

$             

75,157

$                        

Net income attributable to non-controlling interests

(890)

(1,577)

    ��             

(14,724)

(6,602)

Net income attributable to Blackstone Mortgage Trust, Inc.

66,888

$                

22,024

$              

131,564

$             

68,555

$                       

Per share information (basic and diluted)

Weighted-average shares of common stock outstanding

93,357,960

49,211,205

77,752,247

45,093,314

Net income per share of common stock

0.72

$                     

0.45

$                   

1.69

$                     

1.52

$                             

Blackstone Mortgage Trust

12

Per Share Calculations

(Amounts in Thousands, Except per Share Data)

Core Earnings

Reconciliation

Book Value

per Share

Earnings

per Share

(a)

Adjustment in respect of the deferral in Core Earnings of the accretion of a total $9.1 million of purchase discount attributable to a certain pool of GE

portfolio loans pending the repayment of those loans.

September 30, 2015

June 30, 2015

Stockholders' equity

2,487,125

$              

2,483,124

$              

Shares

Class A common stock

93,213

93,230

Deferred stock units

135

130

Total outstanding

93,348

93,360

Book value per share

26.64

$                       

26.60

$                      

Three Months Ended

September 30, 2015

June 30, 2015

Net income

66,888

$                    

29,284

$                    

Weighted-average shares

  outstanding, basic and diluted

93,358

80,941

Earnings per share, basic and diluted

0.72

$                         

0.36

$                         

Three Months Ended

September 30, 2015

June 30, 2015

Net income

66,888

$                    

29,284

$                    

CT Legacy Portfolio net income

(401)

(1,857)

Non-cash compensation expense

3,188

3,396

GE purchase discount accretion adjustment

(a)

(2,008)

(459)

Other items

(119)

416

Core Earnings

67,548

$                    

30,780

$                    

Weighted-average shares outstanding, basic and diluted

93,358

80,941

Core Earnings per share, basic and diluted

0.72

$                         

0.38

$                         

Blackstone Mortgage Trust

13

Reconciliation of Net Income to Core Earnings

(a)

(a)

Beginning in the third quarter of 2015, Core Earnings is reported net of incentive fee expenses. Prior period Core Earnings have also been presented above

net of  incentive fees to allow for comparability.

(Amounts in Thousands, Except per Share Data)

Three Months Ended

Nine Months Ended

March 31,

2015

June 30,

2015

September 30,

2015

September 30,

2015

Net income

35,393

$                     

29,284

$                      

66,888

$                     

131,565

$                    

CT Legacy Portfolio segment net income

(8,400)

(1,857)

(401)

(10,658)

Non-cash compensation expense

3,297

3,396

3,188

9,881

GE purchase discount accretion adjustment

(a)

-

(459)

(2,008)

(2,467)

Other items

342

416

(119)

639

Core Earnings

30,632

$                     

30,780

$                      

67,548

$                     

128,960

$                    

Weighted-average shares outstanding, basic and diluted

58,576

80,941

93,358

77,752

$                     

Net income per share, basic and diluted

0.60

$                          

0.36

$                          

0.72

$                          

1.69

$                          

Core Earnings

per share, basic and diluted

0.52

$                          

0.38

$                          

0.72

$                          

1.66

$                          

Blackstone Mortgage Trust

14

Second

Quarter

2015

Balance

Sheet,

Net

Income,

and

Core

Earnings

(a)

(Dollars in Millions)

$2,243

$163

$7,725

$10,131

CT Legacy net income

Secured financings

($30.6)

Equity and other

(b)

$1.9

($3.4)

($9.5)

($9.0)

Loan Origination

portfolio

$80.0

$29.3

$0.4

($0.5)

Interest income

Interest expense

Non-cash comp.

$79.5

($30.2)

Core

Earnings

(a)

Net

Income

$30.8

+

+

+

Convertible notes,

net

Balance

Sheet

(a)

See Appendix pages 15 and 12, respectively, for a definition of Core Earnings and a reconciliation to GAAP net income.

(b)

Includes stockholders’ equity of $2.5 billion, less the net of (i) cash and cash equivalents of $104 million, (ii) certain accrued interest receivable, prepaid

expenses, and other assets of $202 million, (iii) certain accounts payable, accrued expenses, and other liabilities of $73 million, and (iv) CT Legacy portfolio net

equity value of $8 million.

Mgmt. fees/G&A

($1.9)

$3.4

$-

$-

$-

$-

($9.5)

($9.0)

Transaction expenses

Blackstone Mortgage Trust

15

Definitions

Core

Earnings:

Blackstone

Mortgage

Trust,

Inc.

(“BXMT”)

discloses

Core

Earnings,

a

financial

measure

that

is

calculated

and

presented

on

the

basis

of

methodologies

other

than

in

accordance

with

generally

accepted

accounting

principles

in

the

United

States

of

America

(“GAAP”)

in

this

presentation.

Core

Earnings

is

an

adjusted

measure

that

helps

BXMT

evaluate

its

performance

excluding

the

effects

of

certain

transactions

and

GAAP

adjustments

that

it

believes

are

not

necessarily

indicative

of

its

current

loan

origination

portfolio

and

operations.

Although

according

to

its

management

agreement

BXMT

calculates

the

incentive

and

base

management

fees

due

to

its

Manager

using

Core

Earnings

before

incentive

fees

expense,

beginning

with

the

third

quarter

of

2015,

BXMT

will

report

Core

Earnings

after

incentive

fees

expense,

as

BXMT

believes

this

is

a

more

meaningful

presentation

of

the

economic

performance

of

its

class

A

common

stock.

Core

Earnings

is

defined

as

GAAP

net

income

(loss),

including

realized

losses

not

otherwise

included

in

GAAP

net

income

(loss),

and

excluding

(i)

net

income

(loss)

attributable

to

the

CT

Legacy

Portfolio,

(ii)

non-cash

equity

compensation

expense,

(iii)

depreciation

and

amortization,

(iv)

unrealized

gains

(losses),

and

(v)

certain

non-cash

items.

Core

Earnings

may

also

be

adjusted

from

time

to

time

to

exclude

one-time

events

pursuant

to

changes

in

GAAP

and

certain

other

non-cash

charges

as

determined

by

BXMT’s

manager,

subject

to

approval

by

a

majority

of

its

independent

directors.

Core

Earnings

does

not

represent

net

income

or

cash

generated

from

operating

activities

and

should

not

be

considered

as

an

alternative

to

GAAP

net

income,

or

an

indication

of

BXMT’s

GAAP

cash

flows

from

operations,

a

measure

of

BXMT’s

liquidity,

or

an

indication

of

funds

available

for

its

cash

needs.

In

addition,

BXMT’s

methodology

for

calculating

Core

Earnings

may

differ

from

the

methodologies

employed

by

other

companies

to

calculate

the

same

or

similar

supplemental

performance

measures,

and

accordingly,

its

reported

Core

Earnings

may

not

be

comparable

to

the

Core

Earnings

reported

by

other

companies.

Weighted

average

gross

return

on

investment

(“Gross

ROI”):

Investment

return

based

on

each

asset’s

all-in

yield,

assuming

current

rates

with

no

dispositions,

early

repayments,

or

defaults,

and

all-in

cost

of

secured

debt,

assuming

full

leverage

at

the

asset

level

based

on

the

maximum

available

leverage

in

place

or

in

negotiation

for

each

investment,

notwithstanding

the

amount

actually

borrowed.

Gross

ROI

includes

the

impact

of

financing

the

fixed

rate

loans

in

the

GE

portfolio

with

floating

rate

debt,

but

excludes

costs

related

to

convertible

notes,

the

sequential

pay

advance

under

the

GE

portfolio

acquisition

facility,

management

fees,

and

other

corporate-level

expenses.

Gross

ROI

is

presented

solely

for

informational

purposes

and

is

not

representative

of

net

income

recognized

in

prior

or

future

periods.

Blackstone Mortgage Trust

16

Forward-Looking Statements

This

presentation

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

(“BXMT”)

current

views

with

respect

to,

among

other

things,

BXMT’s

operations

and

financial

performance,

including

performance

of

its

recently

acquired

loan

portfolio

from

GE

Capital.

You

can

identify

these

forward-looking

statements

by

the

use

of

words

such

as

“outlook,”

“indicator,”

“believes,”

“expects,”

“potential,”

“continues,”

“may,”

“will,”

“should,”

“seeks,”

“approximately,”

“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.

BXMT

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,

2014

and

under

the

section

entitled

“Risks

Related

to

the

Loan

Portfolio

Acquisition”

in

its

Quarterly

Report

on

Form

10-Q

for

the

fiscal

quarter

ended

March

31,

2015,

as

such

factors

may

be

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

presentation

and

in

the

filings.

BXMT

assumes

no

obligation

to

update

or

supplement

forward-looking

statements

that

become

untrue

because

of

subsequent

events

or

circumstances.