March 2014

*

*

*

*

*

*

****

Exhibit 99.1

Forward-Looking Statements and Other Matters

1

This

presentation

contains

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

the

current

views

of

Blackstone

Mortgage

Trust,

Inc.

(“BXMT”)

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,”

“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,

2013

as

such

factors

may

be

updated

from

time

to

time

in

its

periodic

filings

with

the

Securities

and

Exchange

Commission,

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

undertakes

no

obligation

to

publicly

update

or

review

any

forward-looking

statement

or

other

information

in

this

presentation,

whether

as

a

result

of

new

information,

future

developments

or

otherwise.

We

refer

to

“core

earnings”,

which

is

a

non-GAAP

financial

measure,

in

this

presentation.

A

reconciliation

of

core

earnings

to

net

income,

the

most

directly

comparable

GAAP

measure,

is

included

in

this

presentation

and

our

most

recent

Annual

Report

on

Form

10-K,

and

is

available

on

our

website

at

www.bxmt.com.

Slide

11

of

this

presentation

includes

a

reference

to

imputed

core

return

on

equity

(“Imputed

Core

ROE”)

and

other

economic

terms

relating

to

a

sample

BXMT

loan

transaction

that

are

presented

solely

for

purposes

of

illustrating

the

impact

of

using

floating-rate

financing

to

finance

the

origination

of

a

floating-rate

loan

and

should

not

be

viewed

as

indicative

of

the

results

that

will

be

achieved

for

any

particular

loan

in

BXMT’s

portfolio

or

of

BXMT’s

results

as

a

whole.

The

loan

economics

presented

are

hypothetical

and

based

upon

a

number

of

assumptions,

including

no

defaults

on

the

loan,

and

are

subject

to

various

risks

and

uncertainties.

Accordingly,

there

are

or

will

be

important

factors,

including

those

referred

to

above

that

could

cause

the

actual

economics

that

are

achieved

on

this

or

any

other

loan

in

BXMT’s

loan

portfolio

to

differ

materially

from

those

indicated

in

this

illustration.

In

particular,

it

should

be

noted

that

as

a

result

of

such

factors

the

net

spread

between

whole

loan

yields

and

the

cost

of

related

leverage,

the

leverage

multiple

applicable

to

any

particular

loan

and

allocable

overhead

may

vary

materially

from

period

to

period

and

across

BXMT’s

loan

portfolio.

Imputed

Core

ROE

also

excludes

potential

incentive

management

fees

and

is

presented

before

any

tax

effects.

Blackstone

Mortgage

Trust,

Inc.

(NYSE:

BXMT)

is

a

real

estate

investment

trust

that

primarily

originates

and

purchases

senior

mortgage

loans

collateralized

by

properties

in

the

U.S.

and

Europe

We are managed by Blackstone (“BX”), a world leader in real estate investing with nearly $79

billion AUM and over $130

billion of owned real estate

•

BX’s equity investment platform, Blackstone Real Estate Partners, has nearly $70 billion AUM

•

BX’s CRE lending platform, Blackstone Real Estate Debt Strategies, has over $9 billion AUM

•

Significant

alignment

of

interest:

$99

million

BX

investment

(1)

Reluctance among traditional CRE lenders coupled with increased transaction volume creates a

compelling lending environment in the U.S. and Europe

BXMT has a demonstrated ability to originate target

assets,

with

over

$3.4

billion

of

gross

originations since May 2013 equity recapitalization

(2)

•

Our

diversified

portfolio

of

loans

has

a

weighted

average

loan

to

value

of

64%

(2)

Our

focused

senior

lending

strategy

is

designed

both

to

provide

attractive

current

income

and

protect

investors’

capital

•

Commercial

mortgages,

prudently

levered,

offer

excellent

risk

adjusted

returns

•

Simple

business

model

translates

net

interest

margin

to

shareholder

dividends

•

With

a

LIBOR-based

lending

and

funding

model,

our

returns

increase

with

rising

short-term

interest

rates

Blackstone Mortgage Trust Overview

2

(1)

Based upon closing price on the NYSE on February 19, 2014.   Includes BX employees and associates.

(2)

As of February 19, 2014, includes loans closed and loans in closing; excludes CT Legacy portfolio.

Superior Real Estate Platform

3

(1)

As of December 31, 2013.

Blackstone Real Estate

Blackstone Real Estate

Debt Strategies (“BREDS”)

Blackstone Real Estate

Partners (“BREP”)

Nearly $70 billion AUM

210 professionals

(1)

Over $9 billion AUM

61 professionals

(1)

Actively managed CMBS hedge

funds ($691 million

(1)

)

Liquid CMBS income funds

Rated/Approved Special Servicer

BX investment committee process and investment philosophy

Superior sourcing capabilities through long-standing industry relationships

Underwriting process includes proprietary data from extensive investment holdings

BREDS

BREDS

Blackstone

Real Estate

Blackstone

Drawdown Funds

Hedge Funds

Income Fund

Mortgage Trust

Seasoned and Fully Integrated Platform

4

Origination

Europe          –

United States

22 Professionals

Asset

Management

7 Professionals

Legal /

Compliance

4 Professionals

Michael Nash

Executive Chairman

CIO of BREDS

Jonathan Gray

Global Head of Real Estate

Member of Blackstone Board of Directors

Member of BXMT Investment Committee

John Schreiber

Co-Founder of Blackstone Real Estate Advisors

Member of BXMT Board of Directors

Chair of BXMT Investment Committee

Stephen Plavin

CEO & President

SMD of BREDS

Douglas

Armer

Anthony

Marone

Weston

Tucker

Robert

Harper

Thomas

Ruffing

Randall

Rothschild

Peter

Sotoloff

Capital Markets / Investor Relations / Finance

12 Professionals

Paul

Quinlan

Tim

Johnson

Real Estate Market Overview

5

Positive

Feedback

Loop

Market conditions are sustaining a favorable commercial real estate environment

•

Liquidity and fundamentals in the commercial real estate market are generally in balance

Real Estate Market Overview

6

Limited new supply coupled with modest growth is a favorable investment environment for

senior commercial real estate debt

U.S. Aggregate Construction Completions

(Office, Industrial, and Retail

Sectors)

U.S. GDP ($ in billions)

(Office, Industrial, and Retail

Sectors)

Sources: REIS & Federal Reserve Economic Data as of Q4 2013

Real Estate Market Overview

7

Source: Real Capital Analytics as of Q4 2013

U.S. Aggregate Property Sale Volume

($ in billions)

Improving fundamentals and increased demand are driving volume

Real Estate Market Overview

8

Real Estate Deleveraging

(2)

Overleveraged Banks

(1)

European banks have over 2x the leverage of U.S. banks…

…

and have only shed 25% of expected RE dispositions

€450B to come

European banks remain overleveraged with enormous real estate exposure

(1)

SNL, ECB,  April  2013; The ratio of tangible assets to tangible common equity for all banks.

(2)

Morgan Stanley “Banks Deleveraging and Real Estate” August 2013.

Target Investments

9

Loan Size 

$50 million to $500 million

Collateral

First mortgages on stabilized or transitional assets

Property Type

All commercial property types

Geographies

North America and Europe

Loan to Value

Last dollar 60-80%

Rate

LIBOR + 3.75% and higher, scaled to risk

Term

3 to 5 years

Amortization

Typically interest only

Fees

Typically 1.0% origination fee and 0.25% to 0.50% extension fees

Prepayment

12 to 24 months of spread maintenance

BXMT Sample Transaction: SFO Airport Hotels

$89.8 million floating rate, first mortgage loan secured by the Westin and aLoft San Francisco Airport hotels

(1)

•

70.7% LTV; $138,290 per key

•

Diverse demand drivers including airport traffic and SF/Silicon Valley business overflow

Transaction sourced through existing Blackstone relationship with high quality sponsor

BX office holdings in northern CA and hospitality investments globally enabled definitive, efficient execution

10

(1)

Loan closed during 4Q 2013.

BXMT Sample Transaction: SFO Airport Hotels

BXMT’s floating rate senior mortgage loans are supported by significant owner’s equity

Prudent use of balance sheet leverage drives strong risk adjusted returns for BXMT shareholders

11

LTV

Capital Structure

$ Cum.

$/Unit

Illustrative Loan Economics

(1)

Whole Loan Yield

(2)

L + 4.50%

Leverage:

Advance Rate

75.0%

Credit Facility Advance

All-in Cost

(2)

L + 2.25%

$67.3  million

Net Spread

2.25%

Leverage Multiple

3.0 X

53.0%

$67.3 million

$103,717

Levered Spread

6.75%

Base Return

L + 4.50%

BXMT Equity

Gross ROI

L + 11.25%

$22.4  million

70.7%

$89.8 million

$138,290

Less Overhead Allocations

(3)

:

Management Fee

1.50%

General & Administrative

0.50%

Owner Equity

Working Capital/

$37.2  million

Equity Deployment

1.50% - 0.75%

100.0%

$126.9 million

$195,532

Imputed Core ROE

(4)

L + 7.75% - 8.50%

(1) This illustration is presented solely for purposes our floating-rate business model and should not be viewed as indicative of the results that will be achieved for any particular loan in BXMT’s portfolio or of BXMT’s results

        as a whole.  The loan economics presented are hypothetical and are subject to various risks and uncertainties.  See “Forward-Looking Statements and Other Matters” for further discussion of such risks and uncertainties.

(2) Whole loan yield and all-in cost of leverage include amortization of fees and expenses pursuant to GAAP in addition to current pay rates assuming no defaults.

(3) Overhead allocations are illustrative, actual allocations vary materially and depend on expenses incurred, working capital needs and defensive liquidity needs, overall capital deployment and performance among other factors.

(4) Imputed Core ROE for this illustrative loan excludes potential incentive fees and is a hypothetical illustrative measure and does not represent BXMT Core Earnings.

Capital Deployment

(1)

12

(1)

As of February 19, 2014

(2)

Excludes loans in closing

Since May, BXMT has closed $2.8 billion of loans; and another $666 million of loans are

currently in closing

•

32 loans closed; 8 in closing; median loan size is $68 million

The $2.8 billion portfolio has a weighted average all-in yield of L + 5.28%

(2)

•

100% of BXMT’s new loans are floating rate; 90% are senior mortgage loans

Portfolio Snapshot

13

Note: Portfolio data as of February 19, 2014; includes loans closed and in closing; excludes CT Legacy portfolio.

BXMT’s

portfolio

is

geographically

diversified,

but

weighted

towards

New

York

and

California

U.K.

4.4%

HI

1.8%

AZ

2.5%

CO

FL

GA

4.1%

IL

7.1%

NV

0.4%

RI

1.6%

TX

VA

1.7%

NY

37.8%

CA

18.6%

3.3%

3.9%

3.3%

WA

7.7%

OR

1.2%

MI

0.3%

OH

0.2%

Portfolio Snapshot

14

Note: Portfolio data as of February 19, 2014; includes loans closed and in closing; excludes CT Legacy portfolio.

Collateral

property

type

tends

towards

office,

lodging

and

residential;

portfolio

LTVs

cluster

around

the

65%

-

70%

range

Property Type Diversification

($ in millions)

Loan to Value

($ in millions)

Debt Facilities ($2.8 billion in total)

•

Revolving

debt

facilities

totaling

$2.5

billion

(1)

from

five

lenders

•

Asset Specific Financings totaling $253 million

Other Funding Sources

•

Executed A-note sale financing transactions

•

Exploring potential CLO issuance

•

Corporate finance options

Financing

15

(1)

Depending on amount of collateral pledged, includes two GBP denominated facilities (£153 million and £250 million respectively) represented in USD terms.

(2)

Assuming five year senior mortgage transactions; includes applicable origination and extension fees.

Prudent

use

of

leverage

to

enhance

returns

and

diversification

with

an

emphasis

on

stability

of

the

right

hand

side

of

the

balance

sheet

All-in

Pricing

(2)

L + 2.00% -

L + 2.50%

Advance Rate

75% -

80%

Term

Term matched to expected life of collateral loans

Mark-to-Market

No capital market marks; underlying RE performance mark-to-market only

Index / Currency

Index matched; currency matched

Superior Sponsorship

•

Affiliation

with

BX

Real

Estate,

the

largest

private

equity

real

estate

business

in

the

world

•

Significant alignment of interest: $99 million BX investment

(1)

•

BREDS has approximately $9 billion AUM

Strong Origination Platform

•

$3.4 billion of loans closed or in-closing

(2)

since May 2013 equity recapitalization

•

Robust pipeline generated from BX network

Attractive Market Opportunity

•

Reluctance among traditional CRE lenders coupled with increased transaction volume

Focused Strategy

•

Senior lending strategy provides attractive current income and protects capital

Floating-Rate Business Model

•

Returns increase with rising short-term interest rates, and therefore our asset and equity values

are insulated from such increases

BXMT Investment Highlights

16

(1)

Based upon closing price on the NYSE on February 19, 2014.  Includes BX employees and associates.

(2)

As of February 19, 2014.

Appendix

Fourth Quarter 2013 Balance Sheet, Results and Core Earnings

18

($ in millions)

Interest income

Interest expense

Non-cash comp.

G&A expenses

Net results

($3.7)

($9.1)

($1.2)

($3.5)

$24.6

$7.1

$3.7

$0.1

(2)

$1.2

$-

$-

$24.6

$-

($9.0)

$-

($3.5)

Core

Earnings

Net

Income

$12.0

+

+

+

+

Includes stockholders’

equity of $717.9 million, less the net of (i) cash and cash equivalents of $52.3 million, (ii) accrued interest receivable, prepaid expenses, and other

assets of $21.0 million, and (iii) accounts payable, accrued expenses, and other liabilities of $21.1 million.

Adjustment represents amortization of the deemed issue discount on convertible notes resulting from the conversion option value accounting under GAAP.

(1)

(2)

Loan Capitalization

(1)

($ in millions)

L + 5.3%

L + 2.6%

Floating-Rate Business Model

19

(1)

Includes

only

the

Loan

Origination

portfolio

withanaggregate

principal

balance

of

$2.0

billion,

capitalized

with$1.2

billion

of

secured

borrowings,

and

withan

$819.5

million

net

investment

as

of

December

31,

2013.

Excludes

the

assets,

liabilities,

and

equity

of

the

CT

Legacy

Portfolio.

(2)

Excludesthe

impact

of

LIBOR

floors

on

certain

of

our

loans

receivable

investments.

Because of BXMT’s LIBOR-based lending and funding business model, its returns increase with

rising short-term interest rates.

As of December 31, 2013:

•

$2.0 billion of floating-rate loans, indexed to LIBOR.

•

$1.2 billion of floating-rate liabilities, also indexed to

LIBOR.

•

Return on net investment of $819.5 million is highly

correlated to LIBOR.

–

All else equal, as of December 31, 2013, a 100bp

increase in LIBOR would have increased net

interest income by $8.2

million

(2)

per year.

•

BXMT’s equity value is insulated from changes in

interest rates because its loans and secured

borrowings are both LIBOR-based.

Floating-rate

loans

Floating-rate

borrowings

Net investment

Loan Origination Portfolio Details

20

(1)

Includes only loans in the Loan Origination portfolio. For information on loans in the CT Legacy Portfolio, refer to BXMT’s Form 10-K for the year ended December 31, 2013.

(2)

Includes senior mortgage loans, related contiguous subordinate loans with a net book value of $68.6 million, and pari passu participations in mortgages.

(3)

All loans are floating-rate loans indexed to LIBOR as of December 31, 2013.

(4)

Maximum maturity date assumes all extension options are exercised.

(5)

Minimum LIBOR floor ranging from 0.20% to 1.00%.

(6)

Includes 12 senior mortgage loans with an aggregate principal balance of $460.0 million and one mezzanine loan with a principal balance of $33.5 million.

The following table provides details of our loan portfolio

(1)

as of December 31, 2013:

($ in Millions)

Origination Date

Loan Type

(2)

Principal

Balance

Book

Value

Cash

Coupon

(3)

All-In

Yield

(3)

Maximum

Maturity

(4)

Geographic

Location

Property

Type

Origination

LTV

Loan 1

6/7/13

Sr. Mortgage

194.0

$  

193.2

$        

L + 3.80%

L + 3.97%

(5)

6/15/18

CA

Office

51%

Loan 2

11/21/13

Sr. Mortgage

181.0

179.3

L + 4.50%

L + 4.86%

11/9/18

NY

Multifamily

68%

Loan 3

10/23/13

Sub. Mortgage Part.

173.8

166.2

L + 5.66%

L + 9.25%

4/9/15

WA

Office

67%

Loan 4

12/17/13

Sr. Mortgage

140.0

138.6

L + 4.75%

L + 5.27%

(5)

1/9/19

NY

Office

70%

Loan 5

9/30/13

Sr. Mortgage

140.0

139.7

L + 3.70%

L + 3.83%

9/30/20

NY

Diversified

67%

Loan 6

10/30/13

Sr. Mortgage

89.8

89.2

L + 4.38%

L + 4.63%

11/9/18

CA

Hotel

71%

Loan 7

8/8/13

Sr. Mortgage

87.0

86.5

L + 4.25%

L + 4.64%

8/10/18

Diversified

Diversified

61%

Loan 8

6/27/13

Sr. Mortgage

81.0

80.7

L + 3.85%

L + 4.03%

7/9/18

GA

Multifamily

75%

Loan 9

5/21/13

Sr. Mortgage

70.3

70.1

L + 3.95%

L + 3.89%

(5)

6/9/18

CA

Office

71%

Loan 10

8/8/13

Sr. Mortgage

68.0

67.8

L + 4.00%

L + 4.23%

6/10/16

NY

Office

68%

Loan 11

10/2/13

Sr. Mortgage

67.7

67.0

L + 5.00%

L + 5.44%

9/14/18

Diversified

Other

66%

Loan 12

6/27/13

Sr. Mortgage

64.0

64.5

L + 8.00%

L + 9.46%

(5)

2/9/15

NY

Other

69%

Loan 13

10/8/13

Sr. Mortgage

63.2

62.7

L + 5.00%

L + 5.30%

11/6/16

NY

Multifamily

59%

Loan 14

9/27/13

Sr. Mortgage

57.1

56.5

L + 3.85%

L + 4.24%

10/10/18

Diversified

Multifamily

76%

Loan 15

6/25/13

Sr. Mortgage

48.4

48.5

L + 5.00%

L + 5.68%

(5)

12/9/16

IL

Hotel

53%

Loans 16-28

Various

Various

(6)

493.5

489.8

L + 4.85%

L + 5.29%

Various

Various

Various

64%

Total/Wtd. Avg.

2,018.9

$     

2,000.2

$     

L + 4.64%

L + 5.28%

4.2 years

65%

CT Legacy Portfolio –

4Q Highlights

21

The CT Legacy Portfolio primarily consists of BXMT’s carried interest in CTOPI, its investment in CT

Legacy Partners, and its residual interests in CT CDO I.

Received

an

$8.8

million

tax-advance

distribution

from

CTOPI.

BXMT’s

carried

interest

in

CTOPI

increases

with

the

value

of

CTOPI’

s net

assets.

Revenue

recognition

has

been

deferred

from

this

investment,

producing

a

negative

component

book

value

as

a

result

of

cumulative

tax-advance

distributions.

CT

Legacy

Partners

made

aggregate

distributions

of

$100.0

million

to

its

common

equity

holders,

including

$46.6

million

to

BXMT.

Of

this,

BXMT

retained

$28.0

million,

net

of

$11.1

million

to

fully

repay

the

related

secured

notes,

and

$7.6

million

for

the

related

incentive

awards.

The

largest

remaining

collateral

asset

in

CT

CDO

I

repaid

for

net

proceeds

of

$31.4

million.

These

proceeds

were

directed

to

pay

senior

CDO

notes

outstanding.

Total

$24.3

CT CDO I and

other

$10.7

CT Legacy

partners

$23.8

CTOPI

($10.2)

CT Legacy Portfolio

Component Book Value

($ in Millions)

*

*

*

*

*

*