Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. First Quarter 2023 Results APRIL 26, 2023

Blackstone |Blackstone Mortgage Trust, Inc. 1 BXMT HIGHLIGHTS Note: The information in this presentation is as of March 31, 2023, unless otherwise stated. Opinions expressed reflect the current opinions of BXMT as of the date appearing in the materials only and are based on BXMT’s opinions of the current market environment, which is subject to change. BXMT’s manager is a subsidiary of Blackstone. (1) Represents Distributable Earnings per share. See Appendix for a definition and reconciliation to GAAP net income. (2) Reflects year-over-year change in 1Q Distributable Earnings. See Appendix for a reconciliation to GAAP net income, which increased by 15% during the same period. (3) Reflects ratio of Distributable Earnings per share to dividends declared per share for the three months ended March 31, 2023. See Appendix for definition and reconciliation to GAAP net income. ▪ Stable portfolio performance yielded GAAP EPS of $0.68 and Distributable EPS(1) of $0.79; strong earnings provide robust dividend coverage and support book value ▪ Well positioned to navigate volatility with a diversified balance sheet, substantial liquidity, and term-matched financings Earnings Power Reliable Current IncomeStable Balance Sheet $0 corporate debt maturities until 2026 Well-structured, match-funded liabilities with substantial liquidity Robust income supports dividend and book value Strong earnings generated by senior, floating-rate portfolio 127% 1Q dividend coverage(3) 31 Quarters track record of consistent $0.62/share dividend payment $0.79 1Q Distributable EPS(1) +27% 1Q year-over-year Distributable Earnings growth(2) $1.6B liquidity

Blackstone |Blackstone Mortgage Trust, Inc. 2 FIRST QUARTER RESULTS (1) See Appendix for definition and reconciliation to GAAP net income. (2) Dividend Yield based on share price of $16.90 as of April 25, 2023. Dividend coverage reflects ratio of Distributable Earnings per share to dividends declared per share for the three months ended March 31, 2023. See Appendix for definition and reconciliation to GAAP net income. (3) Includes $1.7 billion of Non-Consolidated Senior Interests. (4) Reflects weighted average loan-to-value (“LTV”) as of the date investments were originated or acquired by BXMT. (5) Net loan exposure ($23.6 billion) reflects total loan exposure net of syndications and CECL reserves. See Appendix for definition. Earnings ▪ 1Q GAAP basic earnings per share of $0.68 and Distributable Earnings(1) per share of $0.79 ▪ Paid 1Q dividend of $0.62 per share, equating to a 14.7% annualized dividend yield;(2) substantial dividend coverage(2) of 127% ▪ Book value increased to $26.28 per share as retained excess earnings more than offset modest increase in CECL reserve Portfolio ▪ $26.7 billion senior loan portfolio(3) secured by institutional quality real estate, with a weighted average origination LTV(4) of 64% ▪ Portfolio remains well-invested, with repayments of $594 million slightly ahead of fundings of $444 million; $300 million of office loan repayments ▪ U.S. office represents 25% of BXMT’s net loan exposure,(5) with over 50% post-2015 vintage or Sunbelt collateral Credit ▪ Stable, match-funded financing structures with no capital markets mark-to-market provisions ▪ Strong liquidity position of $1.6 billion following $220 million convertible note repayment in March; no corporate debt maturities until 2026 ▪ Diversified capital structure with 15 credit facility counterparties, substantially all top global banks Capitalization & Liquidity ▪ Consistent credit performance with 100% interest collection and no defaults in 1Q; loans on cost recovery accounting represent only 3% of portfolio(5) ▪ Upgraded 10 loans and downgraded 7 loans in 1Q; stable weighted average risk rating of 2.9 ▪ CECL reserve of $352 million is 2.7x prior year level; significant reserves established on 5-rated office loans, averaging over 20% of outstanding principal balance

Blackstone |Blackstone Mortgage Trust, Inc. (1) Reflects ratio of Distributable Earnings per share to dividends declared per share for each respective period. See Appendix for definition and reconciliation to GAAP net income. (2) Reflects Distributable Earnings per share. See Appendix for definition and reconciliation to GAAP net income, which increased by 15% during the same period. 3 EARNINGS ▪ Distributable Earnings grew 27% year-over-year, driven by a well-invested portfolio, continued performance, and higher base rates ▪ Achieved substantial dividend coverage(1) of 127% in 1Q, and 123% over the last twelve months Dividend Coverage(1)Earnings Per Share(2) GAAP EPS $0.68$0.59 $0.62 $0.79 1Q 2022 1Q 2023 100% 127% 1Q 2022 1Q 2023 Dividend Coverage $0.62 Dividend +27% Distributable EPS

Blackstone |Blackstone Mortgage Trust, Inc. 4 EARNINGS Stable Book Value ($ per share) CECL Reserve ($ in millions) ▪ Retention of excess earnings offset increase in CECL reserve; book value stable ▪ CECL reserve increased 3% quarter-over-quarter to $352 million, following significant reserve build in 4Q $153 $155 $190 $197 12/31/2022 3/31/2023 General Reserve Asset-Specific Reserves $343 $352 20% of 5-Rated Loans 12/31/2022 3/31/2023 $26.28$26.26

Blackstone |Blackstone Mortgage Trust, Inc. HI, 2% DC 1% TX 6% NY 14% NV 3% MA 2% IL 3% GA 3% FL 7% CA 12% VA, 2% AZ 2% CO 2% 5 PORTFOLIO ▪ Portfolio of 199 senior loans, secured by institutional assets diversified across sectors and markets (1) States and countries comprising less than 1% of total loan portfolio are excluded. (2) Based on net loan exposure ($23.6 billion), which reflects total loan exposure net of syndications and CECL reserves. See Appendix for definition. Collateral Diversification(2)Major Market Focus(1)(2) ES 5% IE, 5% UK, 14% SE, 2% AU 6% NC, 1% DEU 1% US Office 25% Non-US Office 9% Multifamily 27% Hospitality 19% Industrial 9% Retail 4% Life Sciences/ Studio 2% Other Property 5% Sunbelt 26% Northeast 20% West 15% Midwest 4% Northwest 1% Other Western Europe 14% UK 14% Australia 6%

Blackstone |Blackstone Mortgage Trust, Inc. 6 PORTFOLIO CREDIT Weighted Average Risk Rating(1)Performing Portfolio(1) 99% 99% 99% 97% 97% 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 % Performing Average 1M SOFR 0.16% 0.93% 2.45% 3.88% 4.62% ▪ BXMT’s loan portfolio has demonstrated resilience through market volatility and rapidly increasing interest rates; 97% performance and no defaults reflects strong overall credit quality ▪ Stable weighted average risk rating of 2.9 as most assets continue to show positive business plan performance, offsetting limited universe of more challenged situations (1) Based on net loan exposure ($23.6 billion), which reflects total loan exposure net of syndications and CECL reserves. See Appendix for definition. 2.8 2.8 2.8 2.9 2.9 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Weighted Average Risk Rating1 2 3 4 5

Blackstone |Blackstone Mortgage Trust, Inc. 7 CAPITALIZATION Credit Facilities Syndications Securitized Debt Corporate Debt Corporate Debt Maturities(2) ($ in millions) 37% credit MTM only 63% non-MTM(1) 0% capital markets MTM (1) Non-MTM includes financings with no mark-to-market provisions and credit facilities with limited credit mark-to-market provisions on defaulted assets only. (2) Excludes $22 million per annum of scheduled amortization payments under the Term Loan B. ▪ Well-structured balance sheet positioned to withstand volatility with $1.6 billion of liquidity, no capital markets mark-to-market provisions, limited credit mark-to-market, and no corporate debt maturities until 2026 ▪ Diversified set of 15 credit facility counterparties, substantially all top global banks Well-Structured Debt (as a % of total debt outstanding) $300 $1,303 $780 $400 2023 2024 2025 2026 2027 2028+ Convertible Notes Term Loan B Senior Secured Note

Blackstone |Blackstone Mortgage Trust, Inc. Appendix 8

Blackstone |Blackstone Mortgage Trust, Inc. 9 APPENDIX (1) 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. (2) Includes $1.7 billion of Non-Consolidated Senior Interests. (3) The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates. Excludes loans accounted for under the cost-recovery method. (4) Maximum maturity assumes all extension options are exercised; however, floating rate loans generally may be repaid prior to their final maturity without penalty. Portfolio Details ($ in millions) Origination Total Principal Net Book Maximum Property Loan Per Origination Loan Type Date(1) Loan(2) Balance(2) Value Maturity(4) Location Type SQFT / Unit / Key LTV(1) Loan 1 Senior Loan 8/14/2019 $ 1,148 $ 1,037 $ 1,033 + 3.05 % + 3.78 % 12/23/2024 Dublin - IE Mixed-Use $353 / sqft 74 % Loan 2 Senior Loan 4/9/2018 1,487 981 977 + 4.41 % + 5.65 % 6/9/2025 New York Office $524 / sqft 48 % Loan 3 Senior Loan 6/24/2022 884 884 877 + 4.75 % + 5.07 % 6/21/2029 Diversified - AU Hospitality $402 / sqft 59 % Loan 4 Senior Loan(2) 12/9/2021 770 712 409 + 2.65 % + 2.82 % 12/9/2026 New York Mixed-Use $214 / sqft 50 % Loan 5 Senior Loan(2) 8/7/2019 746 685 138 + 3.12 % + 3.61 % 9/9/2025 Los Angeles Office $463 / sqft 59 % Loan 6 Senior Loan 3/22/2018 646 646 645 + 3.25 % + 3.31 % 3/15/2026 Diversified - Spain Mixed-Use n / a 71 % Loan 7 Senior Loan 3/30/2021 478 478 475 + 3.20 % + 3.41 % 5/15/2026 Diversified - SE Industrial $89 / sqft 76 % Loan 8 Senior Loan(2) 12/17/2021 448 440 88 + 3.95 % + 4.35 % 1/9/2026 Diversified - US Other $13,716 / unit 61 % Loan 9 Senior Loan 7/23/2021 500 425 420 + 4.00 % + 4.45 % 8/9/2027 New York Multi $569,804 / unit 58 % Loan 10 Senior Loan 8/22/2018 363 363 363 + 3.42 % + 3.42 % 8/9/2023 Maui Hospitality $471,391 / key 61 % Loan 11 Senior Loan(2) 11/22/2019 470 361 72 + 3.70 % + 4.17 % 12/9/2025 Los Angeles Office $662 / sqft 69 % Loan 12 Senior Loan 9/23/2019 379 351 350 + 3.00 % + 3.23 % 8/15/2024 Diversified - Spain Hospitality $124,697 / key 62 % Loan 13 Senior Loan 4/11/2018 355 345 344 + 2.85 % + 3.10 % 5/1/2023 New York Office $437 / sqft 71 % Loan 14 Senior Loan 10/25/2021 301 301 299 + 4.00 % + 4.32 % 10/25/2024 Diversified - AU Hospitality $148,263 / key 56 % Loan 15 Senior Loan 2/27/2020 303 302 301 + 2.70 % + 2.94 % 3/9/2025 New York Multi $795,074 / unit 59 % Loans 16 - 199 Senior Loans(2) Various 21,479 18,432 18,106 + 3.58 % + 3.65 % Various Various Various Various 65 % CECL reserve (337) Total/Wtd. avg. $ 30,757 $ 26,743 $ 24,560 + 3.38 % + 3.77 % 2.9 yrs 64 % Cash All-in Coupon Yield(3)

Blackstone |Blackstone Mortgage Trust, Inc. 10 APPENDIX Consolidated Balance Sheets ($ in thousands, except per share data) March 31, 2023 December 31, 2022 Assets Cash and cash equivalents $515,808 $291,340 Loans receivable 24,896,364 25,017,880 Current expected credit loss reserve (336,591) (326,137) Loans receivable, net $24,559,773 $24,691,743 Other assets 310,086 370,902 Total assets $25,385,667 $25,353,985 Liabilities and equity Secured debt, net $14,029,486 $13,528,164 Securitized debt obligations, net 2,664,208 2,664,010 Asset-specific debt, net 817,444 942,503 Loan participations sold, net 229,003 224,232 Term loans, net 2,111,232 2,114,549 Senior secured notes, net 395,461 395,166 Convertible notes, net 294,888 514,257 Other liabilities 283,246 426,904 Total liabilities $20,824,968 $20,809,785 Commitments and contingencies — — Equity Class A common stock, $0.01 par value $1,723 $1,717 Additional paid-in capital 5,483,740 5,475,804 Accumulated other comprehensive income 7,828 10,022 Accumulated deficit (958,064) (968,749) Total Blackstone Mortgage Trust, Inc. stockholders ʼ equity $4,535,227 $4,518,794 Non-controlling interests 25,472 25,406 Total equity $4,560,699 $4,544,200 Total liabilities and equity $25,385,667 $25,353,985

Blackstone |Blackstone Mortgage Trust, Inc. 11 APPENDIX Consolidated Statements of Operations ($ in thousands, except per share data) 2023 2022 Income from loans and other investments Interest and related income $491,384 $234,432 Less: Interest and related expenses 317,197 100,714 Income from loans and other investments, net $174,187 $133,718 Other expenses Management and incentive fees $31,050 $23,486 General and administrative expenses 12,865 12,360 Total other expenses $43,915 $35,846 (Increase) decrease in current expected credit loss reserve (9,823) 2,537 Income before income taxes $120,449 $100,409 Income tax provision 1,893 146 Net income $118,556 $100,263 Net income attributable to non-controlling interests (799) (576) Net income attributable to Blackstone Mortgage Trust, Inc. $117,757 $99,687 Per share information (basic) Net income per share of common stock, basic $0.68 $0.59 Weighted-average shares of common stock outstanding, basic 172,598,349 169,254,059 Per share information (diluted) Net income per share of common stock, diluted $0.67 $0.58 Weighted-average shares of common stock outstanding, diluted 180,869,409 175,602,905 Three Months Ended March 31,

Blackstone |Blackstone Mortgage Trust, Inc. 12 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. Quarterly Per Share Calculations (in thousands, except per share data) Distributable Earnings Reconciliation Book Value per Share Earnings per Share Three Months Ended March 31, 2023 December 31, 2022 Stockholders' equity $4,535,227 $4,518,794 Shares Class A common stock 172,284 171,696 Deferred stock units 316 411 Total outstanding 172,601 172,107 Book value per share $26.28 $26.26 Three Months Ended March 31, 2023 December 31, 2022 Net income (loss)(1) $117,757 ($47,540) Weighted-average shares outstanding, basic 172,598 171,605 Per share amount, basic $0.68 ($0.28) Diluted earnings $121,313 ($47,540) Weighted-average shares outstanding, diluted 180,869 171,605 Per share amount, diluted $0.67 ($0.28) Three Months Ended March 31, 2023 December 31, 2022 Net income (loss)(1) $117,757 ($47,540) Increase in current expected credit loss reserve 9,823 188,811 Non-cash compensation expense 7,655 8,128 Realized hedging and foreign currency gain (loss), net (2) 889 (511) Adjustments attributable to non-controlling interests, net (29) (268) Other items 18 (25) Distributable Earnings $136,113 $148,595 Weighted-average shares outstanding, basic 172,598 171,605 Distributable Earnings per share, basic $0.79 $0.87

Blackstone |Blackstone Mortgage Trust, Inc. (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. 13 APPENDIX Reconciliation of Net Income to Distributable Earnings (in thousands, except per share data) Three Months Ended, Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Net income (loss) (1) $117,757 ($47,540) $103,246 $93,250 $99,687 Increase (decrease) in current expected credit loss reserve 9,823 188,811 12,248 12,983 (2,537) Non-cash compensation expense 7,655 8,128 8,219 8,418 8,650 Realized hedging and foreign currency gain (loss), net (2) 889 (511) (1,698) (829) (200) Adjustments attributable to non-controlling interests, net (29) (268) (43) (46) (4) Other items 18 (25) (10) (65) (30) Distributable Earnings $136,113 $148,595 $121,962 $113,711 $105,566 Weighted-average shares outstanding, basic 172,598 171,605 170,972 170,666 169,254 Net income (loss) per share, basic $0.68 ($0.28) $0.60 $0.55 $0.59 Distributable Earnings per share, basic $0.79 $0.87 $0.71 $0.67 $0.62

Blackstone |Blackstone Mortgage Trust, Inc. 14 DEFINITIONS Distributable Earnings: Blackstone Mortgage Trust, Inc. (“BXMT”) discloses Distributable Earnings in this presentation. Distributable 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”). Distributable Earnings is a non-GAAP measure, which we define 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), and (iv) certain non-cash items. Distributable 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 our Manager, subject to approval by a majority of our independent directors. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income and cash flow from operating activities determined in accordance with GAAP. This adjusted measure helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our class A common stock as historically, over time, Distributable Earnings has been a strong indicator of our dividends per share. Distributable Earnings mirrors the terms of our management agreement between our Manager and us for purposes of calculating our incentive fee expense. Distributable 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 our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings may not be comparable to the Distributable 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. Net Loan Exposure: Reflects total loan exposure net of syndications and CECL reserves. Syndications include (i) non-consolidated senior interests, (ii) loan participations sold, and (iii) term-matched, non-recourse, non-mark-to-market asset specific debt. 1M SOFR: Represents 1-Month Term SOFR, which is an interest rate based on the Secured Overnight Financing Rate (SOFR), calculated and published for a 1-month tenor.

Blackstone |Blackstone Mortgage Trust, Inc. 15 FORWARD-LOOKING STATEMENTS AND IMPORTANT DISCLOSURE INFORMATION References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us,” or “our” refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise. Opinions expressed reflect the current opinions of BXMT as of the date appearing in this document only and are based on the BXMT's opinions of the current market environment, which is subject to change. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results. 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, its business plans and the impact of the current macroeconomic environment, including interest rate changes. You can identify these forward-looking statements by the use of words such as “outlook,” “objective,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. 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, 2022, 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.