Blackstone Mortgage Trust 8K Reports First Quarter 2021 Results | BXMT 28 Apr 21

Blackstone

Mortgage Trust, Inc.

First Quarter 2021 Results

APRIL 28, 2021

Exhibit 99.2

Blackstone |

Blackstone Mortgage Trust, Inc.

BXMT HIGHLIGHTS

(1)

Represents net fundings of $693 million for the three months ended March 31, 2021.

(2)

Includes $890 million of Non-Consolidated Senior Interests and investment exposure to the $696 million 2018 Single Asset Securitization through a $79 million subordinate interest.

(3)

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

(4)

Total

liquidity

$1.1

billion

primarily

includes

$280

million

cash

and

$837

million

available

borrowings

under

credit

facilities.

BXMT closed $1.7 billion of new loans in the first quarter, surpassing 2020 total originations and

driving

nearly

$700

million

(1)

portfolio

growth

record

$18.7

billion

(2)

quarter-end

’21

GAAP

EPS

$0.54

and

Distributable

EPS

(3)

$0.59,

with

elevated

liquidity

levels

positioning BXMT well for future investment opportunities

$1.7B

originations

$1.1B

total

liquidity

(4)

100%

interest

collection

Focus on high conviction sectors with

well-capitalized sponsors

Substantial liquidity to capitalize on

growing origination volume

Current cash income generated from

low-leverage first mortgage portfolio

Strong Portfolio Growth

Significant Dry Powder

Blackstone |

Blackstone Mortgage Trust, Inc.

FIRST QUARTER 2021 RESULTS

(1)

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

(2)

Reflects ratio of annualized first quarter Distributable Earnings to BXMT book value. GAAP Yield on Book was 8.2% for the first quarter 2021.

(3)

Includes $890 million of Non-Consolidated Senior Interests and investment exposure to the $696 million 2018 Single Asset Securitization through a $79 million subordinate interest.

(4)

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

Earnings

GAAP

earnings

per

$0.54

and

Distributable

Earnings

(1)

per

$0.59; paid $0.62 per share dividend

Current income from stable first mortgage portfolio generated an attractive 9.0%

yield on book

(2)

relative to USD LIBOR of 0.1%

1Q GAAP EPS includes a $0.01 release of prior CECL reserves; book value per share

of $26.35 is net of a $1.25 CECL reserve primarily recorded at the onset of COVID

Portfolio

$1.7 billion of originations focused on industrial, multifamily, and life sciences

Net fundings of $693 million; $1.5 billion of fundings outpacing $799 million of

repayments during the quarter

$18.7 billion

(3)

senior loan portfolio secured by institutional quality real estate in

top

markets,

with

weighted

average

origination

LTV

(3)(4)

65%

Consistently strong credit performance, with 100% interest collection in 1Q

Capitalization

Priced $200 million senior secured term loan add-on at L+2.25%, in-line with highly

attractive 2019 term loan pricing

Closed $1.3 billion of accretive credit facility financing on increasingly favorable

terms across multiple counterparties and currencies

Issued $1.0 billion CLO post quarter-end, adding well-structured and efficiently

priced asset-level leverage and increasing total CLOs outstanding to $3.5 billion

Blackstone |

Blackstone Mortgage Trust, Inc.

EARNINGS

GAAP

earnings

per

$0.54

and

Distributable

Earnings

(1)

per

$0.59

$1.1 billion

(2)

of liquidity supports significant potential portfolio growth within existing capital base which represents

embedded earnings power

(1)

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

(2)

Total liquidity of $1.1 billion primarily includes $280 million of cash and $837 million of available borrowings under credit facilities.

Track Record of Portfolio Growth

($ in billions)

Historical Portfolio

Growth Potential

with Existing Capital

Blackstone |

Blackstone Mortgage Trust, Inc.

PORTFOLIO

$1.7 billion of loans originated in 1Q; 83% new acquisition loans as transaction activity increases

92% of loans backed by assets in industrial, multifamily and life sciences sectors

Origination Volume

($ in billions)

1Q Originations Collateral Profile

$1.3

$1.7

1Q '20

1Q '21

+33%

Industrial

33%

Multifamily

31%

Life Sciences

28%

Office

$1.7B

1Q originations

Blackstone |

Blackstone Mortgage Trust, Inc.

PORTFOLIO

(1)

Includes $890 million of Non-Consolidated Senior Interests and investment exposure to the $696 million 2018 Single Asset Securitization through a $79 million subordinate interest.

(2)

States and countries comprising less than 1% of total loan portfolio are excluded.

$18.7 billion

(1)

senior loan portfolio comprising 122 investments

Continued strong portfolio credit with 98% of loans performing and 100% interest collected when due

Major Market Focus

(1)(2)

Collateral Diversification

(1)

$18.7B

portfolio

AU, 1%

14%

TN, 1%

20%

VA, 4%

DC, 2%

HI, 3%

DEU, 1%

IT, 1%

NL, 1%

UK, 12%

IR, 7%

ES, 6%

SE, 2%

NC, 1%

MA, 2%

Office

54%

Other

Condo

Self-Storage

Life Sciences

Retail

Industrial

Multifamily

12%

Hospitality

17%

Blackstone |

Blackstone Mortgage Trust, Inc.

(1)

Excludes notes sold from the $1 billion CLO issuance in April 2021.

CAPITALIZATION

BXMT continues to diversify and optimize its balance sheet with market leading financing executions

Favorable terms achieved are reflective of return to pre-pandemic levels of liquidity and pricing for top-tier issuers

$14.9B

financings

Diversified Financing Sources

(outstanding balance)

Capital Markets Activity

Term Loan B:

Priced $200 million add-on to $737 million

A-1 tranche (L+2.25% / 2026) at level

consistent with previous best execution in

4Q 2019

Securitizations:

Post quarter-end, closed $1.0 billion BXMT

2021 FL-4 transaction, the fourth in BXMT’s

uniquely tailored CLO program

Secured Debt Agreements:

Closed $1.3 billion of credit facility

financings across multiple counterparties and

currencies driving increasingly favorable

economics and structure

Convertibles Notes, 4%

Term Loan B, 8%

Asset-Specific

Financings, 9%

Securitizations

(1)

24%

Secured Debt

Agreements

55%

Blackstone |

Blackstone Mortgage Trust, Inc.

Appendix

Blackstone |

Blackstone Mortgage Trust, Inc.

$18.0

$18.7

$1.5

$0.8

4Q ’20 Loans

Outstanding

Fundings

Repayments

1Q ’21 Loans

Outstanding

APPENDIX

(1)

Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on the date of conversion to USD

and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income on our consolidated balance sheet.

(2)

Adjusted to reflect $0.2 billion of non-cash fluctuations in foreign currency rates during the period for comparability to our total loan portfolio as of March 31, 2021.

(3)

Includes $802 million of Non-Consolidated Senior Interests and investment exposure to the $736 million 2018 Single Asset Securitization through a $79 million subordinate interest.

(4)

Includes $890 million of Non-Consolidated Senior Interests and investment exposure to the $696 million 2018 Single Asset Securitization through a $79 million subordinate interest.

Net Fundings

($ in billions)

1Q 2021 Operating Results

($ in millions)

$0.54

net income per share

$0.59

distributable earnings per share

(2)(3)

(4)

GAAP Net

Income

Adjustments

Distributable

Earnings

Interest income

$187.5

$ -

$187.5

Interest expense

(78.4)

Management and incentive fees

(19.2)

General and administrative

expenses and taxes

(2.6)

Decrease in current expected

credit loss reserve

1.3

(1.3)

Non-cash compensation

(8.1)

8.1

Realized hedging and

foreign currency income, net

(1)

0.2

Net income attributable to non-

controlling interests

(0.6)

Total

$79.9

$7.0

$86.9

Blackstone |

Blackstone Mortgage Trust, Inc.

APPENDIX

(1)

Portfolio excludes our $79 million subordinate interest in the $696 million 2018 Single Asset Securitization.

(2)

Date loan was originated or acquired by us, and the LTV as of such date. Origination dates are subsequently updated to reflect material loan modifications.

(3)

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 March 31, 2021, five loans in the

portfolio have been financed with an aggregate $890 million of Non-Consolidated Senior Interests, which are included in the table above.

(4)

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

(5)

This loan is accounted for under the cost recovery method.

(6)

Consists of both floating and fixed rates. Coupon and all-in yield assume applicable floating benchmark rates for weighted-average calculation. Excludes loans under the cost-recovery method.

Portfolio Details

(1)

($ in millions)

Origination

Total

Principal

Net Book

Maximum

Property

Loan Per

Origination

Loan Type

Date

(2)

Loan

(3)

Balance

(3)

Value

Maturity

(4)

Location

Type

SQFT / Unit / Key

LTV

(2)

Loan 1

Senior loan

8/14/2019

$ 1,265

$ 1,259

L + 2.50

L + 2.84

12/23/2024

Dublin

Office

$460 / sqft

74 %

Loan 2

Senior loan

3/22/2018

922

920

L + 3.25

L + 3.42

3/15/2023

Diversified -

Spain

Mixed-Use

n/a

71 %

Loan 3

Senior loan

11/25/2019

724

655

656

L + 2.30

L + 2.59

12/9/2024

New York

Office

$939 / sqft

65 %

Loan 4

Senior loan

5/11/2017

647

620

L + 3.40

L + 3.57

6/10/2023

Washington DC

Office

$304 / sqft

62 %

Loan 5

Senior loan

8/22/2018

363

362

L + 3.15

L + 3.49

8/9/2023

Maui

Hospitality

$471,391 / key

61 %

Loan 6

Senior loan

3/30/2021

572

360

356

L + 3.20

L + 3.41

5/15/2026

Diversified -

Industrial

$66 / sqft

76 %

Loan 7

Senior loan

10/23/2018

352

349

L + 3.40

L + 3.53

1/24/2022

New York

Mixed-Use

$591 / sqft

65 %

Loan 8

Senior loan

4/11/2018

355

345

344

L + 2.85

L + 3.10

5/1/2023

New York

Office

$437 / sqft

71 %

Loan 9

Senior loan

(3)

8/7/2019

746

341

L + 3.12

L + 3.55

9/9/2025

Los Angeles

Office

$230 / sqft

59 %

Loan 10

Senior loan

(3)

8/6/2015

334

5.74

5.85

10/29/2022

Diversified -

EUR

Other

n/a

71 %

Loan 11

Senior loan

1/11/2019

331

328

L + 4.35

L + 4.70

1/11/2026

Diversified -

Other

$327 / sqft

74 %

Loan 12

Senior loan

3/16/2021

491

307

303

L + 3.85

L + 4.15

4/9/2026

Boston

Life Sciences

$759 / sqft

66 %

Loan 13

Senior loan

2/27/2020

300

288

286

L + 2.70

L + 3.03

3/9/2025

New York

Mixed-Use

$904 / sqft

59 %

Loan 14

Senior loan

11/30/2018

286

285

n/m

(5)

n/m

(5)

8/9/2025

New York

Hospitality

$306,870 / key

73 %

Loan 15

Senior loan

9/30/2019

306

280

L + 3.66

L + 3.75

9/9/2024

Chicago

Office

$243 / sqft

58 %

Loans

121

Senior loans

(3)

Various

14,213

10,988

10,585

L + 3.35

(6)

L + 3.71

(6)

Various

63 %

CECL reserve

(172)

Total/Wtd. avg.

$ 22,207

$ 18,033

$ 16,888

L + 3.28

(6)

L + 3.62

(6)

3.1 yrs

65 %

Cash

All-in

Coupon

Yield

Blackstone |

Blackstone Mortgage Trust, Inc.

APPENDIX

Consolidated Balance Sheets

($ in thousands, except per share data)

March 31, 2021

December 31, 2020

Assets

Cash and cash equivalents

$280,126

$289,970

Loans receivable

17,060,102

16,572,715

Current expected credit loss reserve

(172,100)

(173,549)

Loans receivable, net

16,888,002

16,399,166

Other assets

186,582

269,819

Total assets

$17,354,710

$16,958,955

Liabilities and equity

Secured debt agreements, net

$8,124,787

$7,880,536

Securitized debt obligations, net

2,875,241

2,922,499

Asset-specific debt agreements, net

430,448

391,269

Secured term loans, net

1,235,808

1,041,704

Convertible notes, net

617,242

616,389

Other liabilities

167,091

202,327

Total liabilities

13,450,617

13,054,724

Commitments and contingencies

—

Equity

Class A common stock, $0.01 par value

1,470

1,468

Additional paid-in capital

4,710,986

4,702,713

Accumulated other comprehensive income

11,284

11,170

Accumulated deficit

(840,717)

(829,284)

Total Blackstone Mortgage Trust, Inc. stockholders’equity

3,883,023

3,886,067

Non-controlling interests

21,070

18,164

Total equity

3,904,093

3,904,231

Total liabilities and equity

$17,354,710

$16,958,955

Blackstone |

Blackstone Mortgage Trust, Inc.

APPENDIX

Consolidated Statements of Operations

($ in thousands, except per share data)

2021

2020

Income from loans and other investments

Interest and related income

$187,524

$204,875

Less: Interest and related expenses

78,372

104,239

Income from loans and other investments, net

109,152

100,636

Other expenses

Management and incentive fees

19,207

19,277

General and administrative expenses

10,597

11,791

Total other expenses

29,804

31,068

Decrease (increase) in current expected credit loss reserve

1,293

(122,702)

Income (loss) before income taxes

80,641

(53,134)

Income tax provision

101

149

Net income (loss)

80,540

(53,283)

Net income attributable to non-controlling interests

(638)

(67)

Net income (loss) attributable to Blackstone Mortgage Trust, Inc.

$79,902

$(53,350)

Per share information (basic and diluted)

Weighted-average shares of common stock outstanding

147,336,936

135,619,264

Three Months Ended March 31,

Net income (loss) per share of common stock

$0.54

$(0.39)

Blackstone |

Blackstone Mortgage Trust, Inc.

APPENDIX

(1)

Represents net income attributable to Blackstone Mortgage Trust, Inc.

(2)

Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on the date of conversion to USD

and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income on our consolidated balance sheet.

Per Share Calculations

(in thousands, except per share data)

Distributable Earnings

Reconciliation

Book Value

per Share

Earnings

per Share

March 31, 2021

December 31, 2020

Net income

(1)

$79,902

$83,616

Decrease in current expected credit loss reserve

(1,293)

(5,813)

Non-cash compensation expense

8,085

8,554

Realized hedging and foreign currency income, net

(2)

172

582

Other items

130

921

Adjustments attributable to non-controlling interests, net

(47)

Distributable Earnings

$86,949

$87,934

Weighted-average shares outstanding, basic and diluted

147,337

146,675

Distributable Earnings per share, basic and diluted

$0.59

$0.60

Three Months Ended

March 31, 2021

December 31, 2020

Stockholders' equity

$3,883,023

$3,886,067

Class A common stock

147,031

146,780

Deferred stock units

318

307

Total outstanding

147,349

147,087

Book value per share

$26.35

$26.42

Three Months Ended

March 31, 2021

December 31, 2020

Net income

(1)

$79,902

$83,616

Weighted-average shares outstanding, basic and diluted

147,337

146,675

Per share amount, basic and diluted

$0.54

$0.57

Three Months Ended

Blackstone |

Blackstone Mortgage Trust, Inc.

DEFINITIONS

Distributable

Earnings:

Blackstone

Mortgage

Trust,

Inc.

(“BXMT”)

discloses

Distributable

Earnings

this

presentation.

Distributable

Earnings

financial

measure

that

calculated

and

presented

the

basis

methodologies

other

than

accordance

with

generally

accepted

accounting

principles

the

United

States

America

(“GAAP”).

Distributable

Earnings

non-GAAP

measure,

which

define

GAAP

net

income

(loss),

including

realized

gains

and

losses

not

otherwise

included

GAAP

net

income

(loss),

and

excluding

(i)

non-cash

equity

compensation

expense,

(ii)

depreciation

and

amortization,

(iii)

unrealized

gains

(losses),

and

(iv)

certain

non-cash

items.

Distributable

Earnings

may

also

adjusted

from

time

exclude

one-time

events

pursuant

changes

GAAP

and

certain

other

non-cash

charges

determined

our

Manager,

subject

approval

majority

our

independent

directors.

During

the

three

months

ended

March

31,

2021,

recorded

$1.3

million

decrease

current

expected

credit

loss

reserve,

CECL

reserve,

which

has

been

excluded

from

Distributable

Earnings

consistent

with

other

unrealized

gains

(losses)

pursuant

our

existing

policy

for

reporting

Distributable

Earnings

and

the

terms

the

management

agreement

between

our

Manager

and

us.

believe

that

Distributable

Earnings

provides

meaningful

information

consider

addition

our

net

income

and

cash

flow

from

operating

activities

determined

accordance

with

GAAP.

This

adjusted

measure

helps

evaluate

our

performance

excluding

the

effects

certain

transactions

and

GAAP

adjustments

that

believe

are

not

necessarily

indicative

our

current

loan

portfolio

and

operations.

believe

Distributable

Earnings

useful

financial

metric

for

existing

and

potential

future

holders

our

class

common

stock

historically,

over

time,

Distributable

Earnings

has

been

strong

indicator

our

dividends

per

share.

Distributable

Earnings

mirrors

the

terms

our

management

agreement

between

our

Manager

and

for

purposes

calculating

our

incentive

fee

expense.

Distributable

Earnings

does

not

represent

net

income

cash

generated

from

operating

activities

and

should

not

considered

alternative

GAAP

net

income,

indication

our

GAAP

cash

flows

from

operations,

measure

our

liquidity,

indication

funds

available

for

our

cash

needs.

addition,

our

methodology

for

calculating

Distributable

Earnings

may

differ

from

the

methodologies

employed

other

companies

calculate

the

same

similar

supplemental

performance

measures,

and

accordingly,

our

reported

Distributable

Earnings

may

not

comparable

the

Distributable

Earnings

reported

other

companies.

Non-Consolidated

Senior

Interests:

Senior

interests

loans

originated

and

syndicated

third

parties.

These

non-recourse

loan

participations,

which

are

excluded

from

the

GAAP

balance

sheet,

constitute

additional

financing

capacity

and

are

included

discussions

the

loan

portfolio.

Non-Consolidated

Securitized

Debt

Obligations:

Senior

securitized

debt

held

third-parties

the

2018

Single

Asset

Securitization.

These

non-recourse

securitized

debt

obligations,

which

are

excluded

from

the

GAAP

balance

sheet,

constitute

additional

financing

capacity

and

are

included

discussions

the

loan

portfolio.

Blackstone |

Blackstone Mortgage Trust, Inc.

FORWARD-LOOKING STATEMENTS

This

presentation

may

contain

forward-looking

statements

within

the

meaning

Section

27A

the

Securities

Act

1933,

amended,

and

Section

21E

the

Securities

Exchange

Act

1934,

amended,

which

reflect

BXMT’s

current

views

with

respect

to,

among

other

things,

its

operations

and

financial

performance,

its

business

plans

and

the

impact

the

COVID-19

pandemic.

You

can

identify

these

forward-looking

statements

the

use

words

such

“outlook,”

“objective,”

“indicator,”

“believes,”

“expects,”

“potential,”

“continues,”

“may,”

“will,”

“should,”

“seeks,”

“predicts,”

“intends,”

“plans,”

“estimates,”

“anticipates”

the

negative

version

these

words

other

comparable

words.

Such

forward-looking

statements

are

subject

various

risks

and

uncertainties.

Accordingly,

there

are

will

important

factors

that

could

cause

actual

outcomes

results

differ

materially

from

those

indicated

these

statements.

BXMT

believes

these

factors

include

but

are

not

limited

those

described

under

the

section

entitled

“Risk

Factors”

its

Annual

Report

Form

10-K

for

the

fiscal

year

ended

December

31,

2020,

such

factors

may

further

updated

from

time

its

periodic

filings

with

the

Securities

and

Exchange

Commission

(“SEC”)

which

are

accessible

the

SEC’s

website

www.sec.gov.

These

factors

should

not

construed

exhaustive

and

should

read

conjunction

with

the

other

cautionary

statements

that

are

included

this

presentation

and

the

filings.

BXMT

assumes

obligation

update

supplement

forward-looking

statements

that

become

untrue

because

subsequent

events

circumstances.

Blackstone Mortgage Trust (BXMT) 8-KBlackstone Mortgage Trust Reports First Quarter 2021 Results