Blackstone Mortgage Trust (BXMT) 8-K Blackstone Mortgage Trust Reports Third Quarter 2019 Results

Blackstone Mortgage Trust, Inc.

October 23, 2019

Third Quarter Results

Exhibit 99.2

Blackstone Mortgage Trust

1

BXMT

originated

$3.7

billion

of

loans

in

the

third

quarter,

increasing

its

low

leverage

senior

loan

portfolio

to

$16.4

billion

In

3Q’19,

BXMT

generated

EPS

of

$0.56

and

Core

EPS

(a)

of

$0.64

BXMT Highlights

Information included in this presentation is as of or for the period ended September 30, 2019, unless otherwise indicated.

(a)

See Appendix for a definition and reconciliation to GAAP net income.

(b)

Based on annualized dividend and BXMT closing price as of October 22, 2019.

(c)

Reflects ratio of Core Earnings to dividends declared.

(d)

Represents the twelve months ended September 30, 2019.

(e)

Includes $533 million of Non-Consolidated Senior Interests and investment exposure to the $994 million 2018 Single Asset Securitization through a $95 million subordinate risk retention interest

as of September 30, 2019.

(f)

Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.

Performing Loans

Dividend

Yield

(b)

100%

6.8%

110%

62%

LTM

Dividend

Coverage

(c)(d)

Loan-to-Value

(e)(f)

$3.7B

3Q‘19 Originations

LTM Portfolio Growth

(d)(e)

+$2.6B

Blackstone Mortgage Trust

2

Originations

Originations

$3.7

billion

of

originations

and

$199

million

of

fundings

under

existing

commitments

Originations

highlighted

by

a

€1.2

billion

loan

secured

by

top-tier

office

assets

in

Dublin

and

strong

West

Coast

activity

(49%

of

U.S.

deals)

Earnings &

Dividends

Earnings &

Dividends

EPS

of

$0.56

and

Core

Earnings

(a)

per

share

of

$0.64,

or

$86

million

Book

value

per

share

of

$27.82,

up

$0.62

YTD;

paid

$0.62

per

share

dividend

Third Quarter 2019 Results

Portfolio

Composition

Portfolio

Composition

Capitalization

Capitalization

Interest Rates

Interest Rates

$16.4

billion

(b)

portfolio

secured

by

institutional

quality

real

estate

in

major

markets

100%

performing

portfolio

with

a

weighted

average

origination

LTV

(b)(c)

of

62%

Added

$1.5

billion

of

credit

capacity,

including

new

facilities

and

upsizes

to

existing

facilities

$11.5

billion

(d)

diversified

asset-level

financing

structure;

2.6x

debt-to-equity

ratio

(e)

(a)

See Appendix for a definition and reconciliation to GAAP net income.

(b)

Includes $533 million of Non-Consolidated Senior Interests as of September 30, 2019 and investment exposure to the $994 million 2018 Single Asset Securitization through a $95 million

subordinate risk retention interest.

(c)

Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.

(d)

Includes $898 million from the 2018 Single Asset Securitization, which is not consolidated on BXMT’s balance sheet, and $533 million of Non-Consolidated Senior Interests.

(e)

Represents (i) total outstanding secured debt agreements, secured term loans, and convertible notes, less cash, to (ii) total equity.

(f)

A subset of BXMT loans carries LIBOR floors, which are set at various levels.

Floating

rate

assets

and

matched

liabilities

support

book

value

and

earnings

stability

Lower

LIBOR

mitigated

by

$3.5

billion

of

the

portfolio

(f)

with

in-the-money

floors

Blackstone Mortgage Trust

3

$2.48

$0.24

Earnings & Dividends

Earnings & Dividends

3Q

GAAP

EPS

of

$0.56

and

Core

Earnings

(a)

of

$0.64

per

share

$0.62

per

share

dividend

equates

to

a

6.8%

dividend

yield

(b)

(a)

See Appendix for a definition and reconciliation to GAAP net income.

(b)

Based on annualized dividend and BXMT closing price as of October 22, 2019.

(c)

Represents the twelve months ended September 30, 2019. Retained Core Earnings refers to the amount of Core Earnings in excess of dividends paid for the periods presented.

(d)

Reflects ratio of Core Earnings to dividends declared.

$0.62

Quarterly

Dividend

Dividends Paid

Retained

Core Earnings

(a)

Book Value Per Share

LTM

Core

Earnings

Per

Share

(c)

110%

LTM

Dividend

Coverage

(d)

$26.52

$27.53

$27.82

3Q'17

3Q'18

3Q'19

Blackstone Mortgage Trust

4

$0.7

$1.4

Originations

Originations

$3.7

billion

of

originations

and

$730

million

of

net

fundings

in

3Q‘19

Blackstone

Real

Estate’s

scale

and

reach

provide

opportunities

to

access

attractive

investments

in

a

wide

range

of

markets

($ in billions)

3Q 2019 Portfolio Growth

(a)

Excluding

upsizes

and

loans

originated

in

the

Walker

&

Dunlop

joint

venture.

100% senior loans

100% floating rate

U.S., Ireland, Spain, and U.K.

3Q 2019 Origination Highlights

$321

million

average

loan

size

(a)

$0.7B

Net Fundings

Fundings

Repayments

Blackstone Mortgage Trust

5

Portfolio Composition

$16.4

billion

portfolio

(a)

composed

of

129

assets

secured

by

institutional

quality

real

estate,

with

72%

in

gateway

markets

High

quality

100%

performing

portfolio

with

low

weighted

average

LTV

(a)(b)

of

62%

Collateral Diversification

(a)

Weighted Average LTV

(a)(b)

62%

(a)

Total loan exposure includes $533 million of Non-Consolidated Senior Interests and investment exposure to the $994 million 2018 Single Asset Securitization through a $95 million subordinate

risk retention interest as of September 30, 2019 .

(b)

Reflects weighted-average LTV as of the date investments were originated or acquired by BXMT.

ES

7%

AU

2%

HI

4%

U.K.

10%

States that comprise less than 1% of total loan portfolio

1%DEU

IL

7%

1%

CAN

OH

1%

NY

24%

MA

1%

NJ

1%

1%

WA

FL

4%

GA

3%

DC

2%

TN

1%

1%

TX

3%

CO

1%

1%

AZ

CA

17%

VA

6%

NV

1%

BE

Major Market Focus

(a)

Condo

49%

21%

14%

4%

2%

2%

1%

7%

Self-Storage

Retail

Industrial

Office

Hotel

Other

Multi

$16.4B

portfolio

Blackstone Mortgage Trust

6

Capitalization

Added

$1.5

billion

of

credit

capacity,

including

new

facilities

and

upsizes

to

existing

facilities

$11.5

billion

(a)

of

outstanding

asset-level

financing

on

a

market-leading,

match-funded

basis

(a)

Includes $898 million from the 2018 Single Asset Securitization, which is not consolidated on BXMT’s balance sheet, and $533 million of Non-Consolidated Senior Interests.

(b)

Includes $1.3 billion of consolidated securitized debt obligations as well as $898 million of securitized debt held by third-parties in the $994 million 2018 Single Asset Securitization, which is not

consolidated

on

BXMT’s

balance

sheet.

Refer

to

BXMT’s

consolidated

financial

statements

for

further

discussion

of

the

subordinated

risk

retention

interest

related

to

the

2018

Single

Asset

Securitization.

(c)

Represents $533 million 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.

(d)

Represents (i) total outstanding secured debt agreements, secured term loans, and convertible notes, less cash, to (ii) total equity.

($ in billions)

Financing

(Outstanding Balance)

Credit Facilities

12 Credit Providers

Corporate Debt

Term Loan and Convertible Notes

Corporate Obligations

Senior Loan

Interests

(c)

$8.8

$1.1

$0.5

$9.9

Securitized

Debt

(b)

$2.2

CLO and Single Asset Securitizations

2.6x

Debt-to-Equity Ratio

(d)

Senior Syndications

Blackstone Mortgage Trust

7

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

97%

3%

Interest Rates

Floating

rate

assets

and

matched

liabilities

support

book

value

and

earnings

stability

Lower

LIBOR

mitigated

by

$3.5

billion

of

the

portfolio

(a)

with

in-the-money

floors

(a)

A subset of BXMT loans carries LIBOR floors, which are set at various levels.

(b)

Changes in interest rates and credit spreads may affect our net interest income from loans and other investments and therefore our net income. Reflects impact on net income, net of incentive

fees, on U.S. dollar denominated portfolio. See Appendix for important disclosures.

(c)

Includes $533 million of Non-Consolidated Senior Interests and investment exposure to the $994 million 2018 Single Asset Securitization through a $95 million subordinate risk retention interest

as of September 30, 2019.

Sensitivity to USD LIBOR

(b)

(Quarterly Earnings per Share)

Portfolio Fixed vs. Floating

(c)

(% of Total Investment Exposure)

Floating

Fixed

Change in USD LIBOR

Floors Protect Against

USD LIBOR Declines

$0.00

$0.02

$0.05

$0.07

$0.09

($0.01)

$0.00

$0.02

($0.01)

Appendix

Blackstone Mortgage Trust

9

2Q'19 Loans

Outstanding

Fundings

Repayments

3Q'19 Loans

Outstanding

Appendix –

Third Quarter 2019 Operating Results & Net Fundings

Net Fundings

(b)

($ in billions)

Operating Results

($ in millions)

$16.4

$15.8

($0.7)

$0.64

Core Earnings per Share

$0.56

Net Income per Share

$1.4

(c)

(d)

(a)

Primarily

represents

the

forward

points

earned

on

BXMT’s

foreign

currency

forward

contracts,

which

reflect

the

interest

rate

differentials

between

the

applicable

base

rate

for

BXMT’s

foreign

currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. These

amounts are not included in GAAP net income, but rather as a component of Other Comprehensive Income in BXMT’s consolidated financial statements.

(b)

Excludes the impact of changes in foreign currency rates and related hedges for non-USD investments.

(c)

Includes $406 million Non-Consolidated Senior Interests and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a subordinate risk retention interest with an

outstanding face amount of $97 million.

(d)

Includes $533 million of Non-Consolidated Senior Interests and investment exposure to the $994 million 2018 Single Asset Securitization through a subordinate risk retention interest with an

outstanding face amount of $95 million.

GAAP Net

Income

Adjustments

Core

Earnings

Interest Income

213.9

$  

$    —

213.9

$  

Interest Expense

(112.0)

—

(112.0)

Management and

Incentive Fees

(17.5)

—

(17.5)

General and Administrative

Expenses and Taxes

(1.2)

—

(1.2)

Non-Cash

Compensation

(7.8)

7.8

—

Hedging and Foreign

Currency Income, net

(a)

—

2.9

2.9

Net Income Attributable to

Non-controlling Interests

(0.5)

—

(0.5)

Total

74.9

$  

10.7

$  

85.6

$  

Blackstone Mortgage Trust

10

Portfolio Details

(a)

Date loan was originated or acquired by BXMT, and the LTV as of such date. Dates are not updated for subsequent loan modifications or upsizes.

(b)

Total loan amount reflects outstanding principal balance as well as any related unfunded loan commitment.

(c)

In certain instances, loans are financed through the non-recourse sale of a senior loan interest that is not included in the consolidated financial statements. As of

September 30, 2019, three loans in our portfolio have been financed with an aggregate $533 million of Non-Consolidated Senior Interests, which are included in the table above. Portfolio excludes our $95 million

subordinate risk retention interest in the $994 million 2018 Single Asset Securitization.

(d)

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

(e)

Consists of both floating and fixed rates. The weighted-average cash coupon and all-in yield are expressed in terms excluding the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR,

BBSY, and CDOR, as of September 30, 2019.

($ in millions)

Origination

Total

Principal

Net Book

Maximum

Property

Loan Per

Origination

Loan Type

Date

(a)

Loan

(b)(c)

Balance

(c)

Value

Maturity

(d)

Location

Type

SQFT / Unit / Key

LTV

(a)

Loan 1

Senior loan

3/22/2018

$  1,005

$  1,005

$  1,000

L + 3.15%

L + 3.40%

3/15/2023

Diversified -

Spain

Mixed-Use

n/a

71 %

Loan 2

Senior loan

5/11/2017

753

700

698

L + 3.40%

L + 3.60%

6/10/2023

Washington DC

Office

$343 / sqft

62 %

Loan 3

Senior loan

(c)

8/6/2015

454

454

83

5.75

%

5.77

%

10/29/2022

Diversified -

EUR

Other

n/a

71 %

Loan 4

Senior loan

5/1/2015

355

345

344

L + 2.85%

L + 3.02%

5/1/2023

New York

Office

$437 / sqft

68 %

Loan 5

Senior loan

1/7/2015

350

333

332

L + 2.50%

L + 2.76%

1/9/2021

New York

Office

$285 / sqft

53 %

Loan 6

Senior loan

2/13/2018

330

330

330

L + 3.42%

L + 3.52%

3/9/2023

New York

Multi

$798,239 / unit

62 %

Loan 7

Senior loan

10/23/2018

352

328

326

L + 3.40%

L + 3.72%

10/23/2021

New York

Mixed-Use

$556 / sqft

65 %

Loan 8

Senior loan

3/31/2017

339

328

326

L + 3.50%

L + 3.87%

8/9/2023

Maui

Hotel

$431,810 /  key

61 %

Loan 9

Senior loan

1/11/2019

295

295

291

L + 4.35%

L + 4.70%

1/11/2026

Diversified -

UK

Other

$291 / sqft

66 %

Loan 10

Senior loan

11/30/2018

293

278

276

L + 2.85%

L + 3.20%

12/9/2023

New York

Hotel

$227,338 /  key

73 %

Loan 11

Senior loan

11/30/2018

254

247

246

L + 2.80%

L + 3.17%

12/9/2023

San Francisco

Hotel

$363,291 /  key

73 %

Loan 12

Senior loan

12/11/2018

310

242

239

L + 2.55%

L + 2.96%

12/9/2023

Chicago

Office

$203 / sqft

78 %

Loan 13

Senior loan

7/31/2018

285

233

231

L + 3.10%

L + 3.54%

8/9/2022

San Francisco

Office

$585 / sqft

50 %

Loan 14

Senior loan

5/9/2018

243

233

232

L + 2.60%

L + 3.03%

5/9/2023

New York

Industrial

$66 / sqft

70 %

Loan 15

Senior loan

12/22/2017

225

225

224

L + 2.80%

L + 3.16%

1/9/2023

Chicago

Multi

$326,087 / unit

65 %

Loans 16 -

128

Senior loans

Various

14,766

9,809

9,578

L + 3.37

%

(e)

L + 3.74

%

(e)

Various

Various

Various

Various

62 %

Total/Wtd. avg.

$  20,608

$  15,383

$  14,755

L + 3.34

%

(e)

L + 3.68

%

(e)

3.6 yrs

64 %

Cash

All-in

Coupon

Yield

Blackstone Mortgage Trust

11

Consolidated Balance Sheets

($ in thousands, except per share data)

September 30, 2019

December 31, 2018

Assets

Cash and cash equivalents

84,289

$                    

105,662

$                 

Loans receivable, net

14,755,072

14,191,200

Other assets

243,055

170,513

Total assets

15,082,416

$            

14,467,375

$            

Liabilities and equity

Secured debt agreements, net

8,790,604

$              

8,974,756

$              

Loan participations sold, net

—

94,418

Securitized debt obligations, net

1,288,389

1,285,471

Secured term loans, net

490,659

—

Convertible notes, net

612,263

609,911

Other liabilities

139,884

128,212

Total liabilities

11,321,799

11,092,768

Commitments and contingencies

—

—

Equity

Class A common stock, $0.01 par value

1,343

1,234

Additional paid-in capital

4,362,476

3,966,540

Accumulated other comprehensive loss

(33,394)

(34,222)

Accumulated deficit

(587,632)

(569,428)

Total Blackstone Mortgage Trust, Inc. stockholders' equity

3,742,793

3,364,124

Non-controlling interests

17,824

10,483

Total equity

3,760,617

3,374,607

Total liabilities and equity

15,082,416

$            

14,467,375

$            

Blackstone Mortgage Trust

12

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

Income from loans and other investments

Interest and related income

213,873

$          

203,107

$          

662,001

$          

550,011

$          

Less: Interest and related expenses

111,957

97,955

347,536

255,677

Income from loans and other investments, net

101,916

105,152

314,465

294,334

Other expenses

Management and incentive fees

17,502

18,368

58,276

56,248

General and administrative expenses

9,741

8,443

28,951

25,897

Total other expenses

27,243

26,811

87,227

82,145

Income before income taxes

74,673

78,341

227,238

212,189

Income tax (benefit) provision

(721)

48

(573)

272

Net income

75,394

$            

78,293

$            

227,811

$          

211,917

$          

Net income attributable to non-controlling interests

(497)

(128)

(1,176)

(481)

Net income attributable to Blackstone Mortgage Trust, Inc.

74,897

$            

78,165

$            

226,635

$          

211,436

$          

Per share information (basic and diluted)

Weighted-average shares of common stock outstanding

134,536,683

116,203,140

128,485,701

111,251,864

Net income per share of common stock

0.56

$                 

0.67

$                 

1.76

$                 

1.90

$                 

Consolidated Statements of Operations

($ in thousands, except per share data)

Blackstone Mortgage Trust

13

Per Share Calculations

(a)

Represents net income attributable to Blackstone Mortgage Trust, Inc.

(b)

Primarily

represents

the

forward

points

earned

on

our

foreign

currency

forward

contracts,

which

reflect

the

interest

rate

differentials

between

the

applicable

base

rate

for

our

foreign

currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. These

amounts are not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.

Core Earnings

Reconciliation

Book Value

per Share

Earnings

per Share

(Amounts in thousands, except per share data)

Three Months Ended

September 30, 2019

June 30, 2019

Net income

(a)

74,897

$                   

75,174

$                     

Non-cash compensation expense

7,754

7,754

Hedging and foreign currency income, net

(b)

2,898

3,237

Other items

78

58

Core Earnings

85,627

$                   

86,223

$                     

Weighted-average shares outstanding, basic and diluted

134,537

126,475

Core Earnings per share, basic and diluted

0.64

$                       

0.68

$                           

Three Months Ended

September 30, 2019

June 30, 2019

Stockholders’ equity

3,742,793

$             

3,747,363

$               

Shares

Class A common stock

134,289

134,288

Deferred stock units

252

245

Total outstanding

134,541

134,533

Book value per share

27.82

$                     

27.85

$                         

Three Months Ended

September 30, 2019

June 30, 2019

Net income

(a)

74,897

$                   

75,174

$                     

Weighted-average shares outstanding, basic and diluted

134,537

126,475

Earnings per share, basic and diluted

0.56

$                       

0.59

$                           

Blackstone Mortgage Trust

14

Reconciliation of Net Income to Core Earnings

(a)

Represents net income attributable to Blackstone Mortgage Trust, Inc.

(b)

Primarily represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign

currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. These

amounts are not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.

(Amounts in thousands, except per share data)

LTM Ended

Sept 30,

2019

Sept 30,

2019

Jun 30,

2019

Mar 31,

2019

Dec 31,

2018

Net income

(a)

300,279

$       

74,897

$          

75,174

$      

76,565

$      

73,643

$      

Non-cash compensation expense

30,942

7,754

7,754

7,768

7,666

Hedging and foreign currency income, net

(b)

11,348

2,898

3,237

3,271

1,942

Other items

625

78

58

95

394

Core Earnings

343,194

$       

85,627

$          

86,223

$      

87,699

$      

83,645

$      

Weighted-average shares outstanding, basic and diluted

126,747

134,537

126,475

124,333

121,588

Net income per share, basic and diluted

2.38

$              

0.56

$               

0.59

$           

0.62

$           

0.61

$           

Core Earnings

per share, basic and diluted

2.72

$              

0.64

$               

0.68

$           

0.71

$           

0.69

$           

Three Months Ended,

Blackstone Mortgage Trust

15

Definitions

Core

Earnings:

Blackstone

Mortgage

Trust,

Inc.

(“BXMT”)

discloses

Core

Earnings

in

this

presentation.

Core

Earnings

is

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”).

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,

BXMT

reports

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

gains

and

losses

not

otherwise

included

in

GAAP

net

income

(loss),

and

excluding

(i)

non-cash

equity

compensation

expense,

(ii)

depreciation

and

amortization,

(iii)

unrealized

gains

(losses),

(iv)

net

income

(loss)

attributable

to

our

legacy

portfolio,

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.

Non-Consolidated

Senior

Interests:

Senior

interests

in

loans

originated

and

syndicated

to

third

parties.

These

non-recourse

loan

participations,

which

are

excluded

from

the

GAAP

balance

sheet,

constitute

additional

financing

capacity

and

are

included

in

discussions

of

the

loan

portfolio.

Earnings

Sensitivity

to

LIBOR:

Reflects

the

impact

on

net

income,

net

of

incentive

fees,

assuming

no

changes

in

credit

spreads,

portfolio

composition,

or

asset

performance.

Assumes

no

change

in

general

and

administrative

expenses,

management

fees,

or

other

non-interest

expenses

relative

to

those

incurred

for

the

quarter

ended

September

30,

2019.

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

BXMT’s

current

views

with

respect

to,

among

other

things,

its

operations

and

financial

performance.

You

can

identify

these

forward-looking

statements

by

the

use

of

words

such

as

“outlook,”

“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.

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,

2018,

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.