Blackstone Mortgage Trust 8K Reports Second Quarter 2021 Results | BXMT 28 Jul 21

Blackstone

Mortgage Trust, Inc.

Second Quarter 2021 Results

JULY 28, 2021

Exhibit 99.2

Blackstone |

Blackstone Mortgage Trust, Inc.

BXMT HIGHLIGHTS

(1)

Includes $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 million 2018 Single Asset Securitization through a $79 million subordinate interest.

(2)

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

BXMT closed $2.2 billion of new loans in the second quarter, driving over $400 million of net

portfolio

growth

record

$19.2

billion

(1)

portfolio

quarter-end

GAAP

EPS

$0.89

and

Distributable

EPS

(2)

$0.61;

GAAP

EPS

includes

$51

million

CECL

reserve

reduction driven by improving credit environment

$2.2B

originations

$19.2B

senior loan

portfolio

$3.7B

financing

activity

Focus on low-leverage loans and

well-capitalized sponsors

Net portfolio growth driving increased

earnings power

Pro-active capital markets execution

enhancing structure and cost of capital

Strong Originations

Growing Portfolio

Blackstone |

Blackstone Mortgage Trust, Inc.

SECOND QUARTER 2021 RESULTS

(1)

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

(2)

Reflects ratio of annualized second quarter Distributable Earnings to BXMT book value. GAAP Yield on Book was 13.3% for the second quarter 2021.

(3)

Includes $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 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

$0.89

and

Distributable

Earnings

(1)

per

$0.61;

paid

$0.62 per share dividend

GAAP EPS includes a net $0.34 release of prior CECL reserves, resulting in an increase in

book value per share to $26.68

Sequential increase in Distributable Earnings driven by net portfolio growth, translating to

9.1% yield on book

(2)

relative to USD LIBOR of 0.1%

Investments

Originated 19 loans and 2 upsizes totaling $2.2 billion, with 80% of new lending activity

from repeat sponsor relationships

Net portfolio growth of $423 million as $2.3 billion of fundings exceeded $2.0 billion of

repayments during the quarter

Investment pace on par with pre-pandemic levels, with robust activity across geographies

Portfolio

Upsized $423 million Term Loan B-2 tranche and reduced interest rate by 250bps

Closed $2.5 billion of accretive credit facility financings on increasingly favorable terms

across multiple counterparties and currencies

Issued $1.0 billion CLO, adding well-structured and efficiently priced asset-level leverage

and increasing total CLOs outstanding to $3.5 billion

Capitalization

$19.2

billion

(3)

senior

loan

portfolio

secured

institutional

quality

real

estate

major

markets

Continued strong credit performance driving consistent interest collections and reduced

CECL reserve levels

98%

performing

portfolio

with

weighted

average

origination

LTV

(3)(4)

65%

Blackstone |

Blackstone Mortgage Trust, Inc.

EARNINGS

GAAP

earnings

per

$0.89

and

Distributable

Earnings

(1)

per

$0.61

Increase in book value per share relative to prior year due to CECL reserve decrease, reflecting strong credit

performance of the portfolio as the general economic recovery continues

Increasing EPS

Increasing Book Value

$26.42

$26.68

12/31/2020

6/30/2021

+$0.26

(1)

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

$0.59

$0.61

1Q '21

2Q '21

Distributable EPS

GAAP EPS

$0.53

$0.55

1Q '21

2Q '21

CECL Reserve Reduction

(1)

$0.89

$0.54

Blackstone |

Blackstone Mortgage Trust, Inc.

INVESTMENTS

(1)

Total liquidity of $1.4 billion primarily includes $290 million of cash and $1.1 billion of immediately available borrowings under credit facilities.

2Q originations of $2.2 billion with strong activity across all primary sectors and markets

$1.4 billion of liquidity

(1)

supports continued growth of portfolio and earnings power within existing capital base

Origination Volume

($ in billions)

Track Record of Portfolio Growth

($ in billions)

1H '19

1H '20

1H '21

$2.0

$1.3

$3.9

$15.8

$18.0

$19.2

2Q '19

2Q '20

2Q '21

Blackstone |

Blackstone Mortgage Trust, Inc.

PORTFOLIO

(1)

Includes $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 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.

$19.2 billion

(1)

senior loan portfolio comprised of 125 investments, with an average origination LTV of 65%

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

Major Market Focus

(1)(2)

Collateral Diversification

(1)

$19.2B

portfolio

AU, 1%

15%

TN, 2%

20%

DC, 2%

HI, 3%

DEU, 1%

IT, 1%

UK, 10%

IR, 7%

ES, 7%

SE, 3%

NC, 1%

MA, 2%

Office

51%

Hotel

17%

Multi

13%

Industrial

Life Sciences

Retail

Self-Storage

Condo

Other

Blackstone |

Blackstone Mortgage Trust, Inc.

CAPITALIZATION

Executions across the capital structure continue to increase balance sheet efficiency and reduce cost of capital

$3.7

billion

financing

activities

resulted

increased

liquidity

$1.4

billion

and

debt-to-equity

ratio

(1)

2.7x

$15.4B

financings

Diversified Financing Sources

(outstanding balance)

Capital Markets Activity

Term Loan B:

Repriced $423 million Term Loan B-2 tranche

to L+2.75%, including $100 million upsize

Securitizations:

Closed $1.0 billion BXMT 2021 FL-4

transaction with an 80% advance rate and a

weighted average coupon of L+1.27%

Secured Debt:

Closed $2.5 billion of credit facility financings

on favorable economic and structural terms

(1)

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

Convertibles Notes

, 4%

Term

Loan

Asset

-Specific

Debt, 8%

Securitizations

22%

Secured Debt

Facilities, 57%

Blackstone |

Blackstone Mortgage Trust, Inc.

Appendix

Blackstone |

Blackstone Mortgage Trust, Inc.

$18.8

$19.2

$2.3

$2.0

1Q ’21

Loans

Outstanding

Fundings

Repayments

2Q ’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)

Amounts may not add due to rounding.

(3)

Adjusted to reflect $37 million of non-cash fluctuations in foreign currency rates during the period for comparability to our total loan portfolio as of March 31, 2021.

(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.

(5)

Includes $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 million 2018 Single Asset Securitization through a $79 million subordinate interest.

Net Fundings

(2)

($ in billions)

2Q 2021 Operating Results

($ in millions)

$0.89

net income per share

$0.61

distributable earnings per share

(5)

(3)(4)

GAAP Net

Income

Adjustments

Distributable

Earnings

Interest income

$196.3

$ -

$196.3

Interest expense

(82.4)

0.2

(82.2)

Management and incentive fees

(21.5)

General and administrative

expenses and taxes

(2.8)

Decrease in current expected

credit loss reserve

50.9

(50.9)

Non-cash compensation

(8.0)

8.0

Realized hedging and

foreign currency income, net

(1)

0.7

Net income attributable to non-

controlling interests

(0.9)

0.3

(0.6)

Total

$131.6

($41.7)

$89.9

Blackstone |

Blackstone Mortgage Trust, Inc.

APPENDIX

(1)

Portfolio excludes our $79 million subordinate interest in the $623 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 June 30, 2021, five loans in the

portfolio have been financed with an aggregate $1.0 billion 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. Spread 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

$ 1,334

$ 1,295

$ 1,290

+ 2.53

+ 2.99

12/23/2024

Dublin - IE

Office

$471 / sqft

74 %

Loan 2

Senior loan

3/22/2018

905

904

+ 3.25

+ 3.42

3/15/2023

Diversified - Spain

Mixed-Use

n/a

71 %

Loan 3

Senior loan

11/25/2019

724

669

670

+ 2.30

+ 2.59

12/9/2024

New York

Office

$958 / sqft

65 %

Loan 4

Senior loan

3/30/2021

584

578

+ 3.20

+ 3.41

5/15/2026

Diversified - SE

Industrial

$107 / sqft

76 %

Loan 5

Senior loan

(3)

8/7/2019

746

390

+ 3.12

+ 3.60

9/9/2025

Los Angeles

Office

$263 / sqft

59 %

Loan 6

Senior loan

8/22/2018

363

362

+ 3.15

+ 3.49

8/9/2023

Maui

Hospitality

$471,391 / key

61 %

Loan 7

Senior loan

9/23/2019

415

356

353

+ 3.00

+ 3.22

11/15/2024

Diversified - Spain

Hospitality

$194,433 / key

62 %

Loan 8

Senior loan

10/23/2018

352

349

+ 3.40

+ 3.53

1/24/2022

New York

Mixed-Use

$591 / sqft

65 %

Loan 9

Senior loan

4/11/2018

355

345

344

+ 2.85

+ 3.10

5/1/2023

New York

Office

$437 / sqft

71 %

Loan 10

Senior loan

(3)

8/6/2015

334

5.75

5.85

10/29/2022

Diversified - EUR

Other

n/a

71 %

Loan 11

Senior loan

1/11/2019

332

329

+ 4.35

+ 4.70

1/11/2026

Diversified - UK

Other

$328 / sqft

74 %

Loan 12

Senior loan

3/16/2021

491

307

303

+ 3.85

+ 4.15

4/9/2026

Boston

Life Sciences

$759 / sqft

66 %

Loan 13

Senior loan

2/27/2020

300

294

292

+ 2.70

+ 3.04

3/9/2025

New York

Mixed-Use

$921 / 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

286

+ 3.66

+ 3.75

9/9/2024

Chicago

Office

$248 / sqft

58 %

Loans 16 - 124

Senior loans

(3)

Various

14,663

11,435

10,956

+ 3.29

(6)

+ 3.62

(6)

Various

64 %

CECL reserve

(129)

Total/Wtd. avg.

$ 22,489

$ 18,529

$ 17,308

+ 3.25

(6)

+ 3.58

(6)

3.1 yrs

66 %

All-in

Spread

Yield

Blackstone |

Blackstone Mortgage Trust, Inc.

APPENDIX

Consolidated Balance Sheets

($ in thousands, except per share data)

June 30, 2021

December 31, 2020

Assets

Cash and cash equivalents

$289,552

$289,970

Loans receivable

17,436,843

16,572,715

Current expected credit loss reserve

(128,945)

(173,549)

Loans receivable, net

$17,307,898

$16,399,166

Other assets

304,297

269,819

Total assets

$17,901,747

$16,958,955

Liabilities and equity

Secured debt, net

$8,709,818

$7,880,536

Securitized debt obligations, net

2,833,778

2,922,499

Asset-specific debt, net

292,122

391,269

Term loans, net

1,332,130

1,041,704

Convertible notes, net

618,111

616,389

Other liabilities

158,833

202,327

Total liabilities

$13,944,792

$13,054,724

Commitments and contingencies

—

Equity

Class A common stock, $0.01 par value

1,470

1,468

Additional paid-in capital

4,719,203

4,702,713

Accumulated other comprehensive income

10,743

11,170

Accumulated deficit

(800,455)

(829,284)

Total Blackstone Mortgage Trust, Inc. stockholders’

equity

$3,930,961

$3,886,067

Non-controlling interests

25,994

18,164

Total equity

$3,956,955

$3,904,231

Total liabilities and equity

$17,901,747

$16,958,955

Blackstone |

Blackstone Mortgage Trust, Inc.

APPENDIX

Consolidated Statements of Operations

($ in thousands, except per share data)

2021

2020

2021

2020

Income from loans and other investments

Interest and related income

$196,303

$191,982

$383,827

$396,857

Less: Interest and related expenses

82,352

$84,853

160,723

189,092

Income from loans and other investments, net

$113,951

$107,129

$223,104

$207,765

Other expenses

Management and incentive fees

21,545

20,496

40,752

39,773

General and administrative expenses

10,669

11,286

21,267

23,078

Total other expenses

$32,214

$31,782

$62,019

$62,851

Decrease (increase) in current expected credit loss reserve

50,906

(56,819)

52,199

(179,521)

Income (loss) before income taxes

$132,643

$18,528

$213,284

$(34,607)

Income tax provision

175

276

173

Net income (loss)

$132,468

$18,505

$213,008

($34,780)

Net income attributable to non-controlling interests

(873)

(961)

(1,511)

(1,028)

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

$131,595

$17,544

$211,497

($35,808)

Per share information (basic and diluted)

Net income (loss) per share of common stock

$0.89

$0.13

$1.44

($0.26)

Weighted-average shares of common stock outstanding

147,342,822

138,299,418

147,339,895

136,959,341

Three Months Ended June 30,

Six Months Ended June 30,

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

June 30, 2021

March 31, 2021

Net income

(1)

$131,595

$79,902

Decrease in current expected credit loss reserve

(50,906)

(1,293)

Non-cash compensation expense

8,020

8,085

Realized hedging and foreign currency income, net

(2)

744

172

Other items

194

130

Adjustments attributable to non-controlling interests, net

248

(47)

Distributable Earnings

$89,895

$86,949

Weighted-average shares outstanding, basic and diluted

147,343

147,337

Distributable Earnings per share, basic and diluted

$0.61

$0.59

Three Months Ended

June

30,

2021

March

31,

2021

Stockholders' equity

$3,930,961

$3,883,023

Class A common stock

147,016

147,031

Deferred stock units

328

318

Total outstanding

147,344

147,349

Book value per share

$26.68

$26.35

Three

Months

Ended

June 30, 2021

March 31, 2021

Net income

(1)

$131,595

$79,902

Weighted-average shares outstanding, basic and diluted

147,343

147,337

Per share amount, basic and diluted

$0.89

$0.54

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

June

30,

2021,

recorded

$51

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

and

recovery

from

the

negative

effects

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 Second Quarter 2021 Results