Blackstone Mortgage Trust, Inc.

October 28, 2014

Third Quarter 2014 Results

Exhibit 99.2

Blackstone Mortgage Trust

1

Third Quarter 2014 Highlights

Core

Earnings

of

$0.50

per

share

for

the

quarter;

dividend

of

$0.50

per

share,

representing

a

7.8%

annualized

yield

on

book

value.

Total

Loan

Origination

portfolio

of

$3.9

billion

with

a

weighted

average

loan-to-value

of

64%,

all

of

which

are

fully

performing

floating-rate

loans.

Closed

8

floating-rate

senior

mortgage

loans

during

the

quarter

representing

total

commitments

of

$656

million,

of

which

14%

was

secured

by

collateral

located

in

Europe.

Subsequent

to

quarter-end,

closed

$145

million

of

loan

originations

with

$865

million

currently

in

the

closing

pipeline

at

an

average

loan

size

of

$168

million,

reflecting

strong

demand

for

large

transitional

loans.

Issued

9.2

million

shares

of

common

stock

in

September

generating

net

proceeds

of

$253

million

and

increasing

book

value

by

$0.23

per

share.

Subsequent

to

quarter-end,

upsized

a

revolving

credit

facility

by

$500

million,

bringing

total

financing

capacity

to

$4.3 billion.

Received

a

$7

million

net

distribution

from

CT

Legacy

Partners,

which

will

be

redeployed

into

the

Loan

Origination

business.

BXMT’s

share

of

unrealized

net

CTOPI

promote

increased

to

$8

million.

GAAP

net

income

of

$0.45

per

share,

almost

entirely

related

to

the

Loan

Origination

portfolio,

and

consolidated

book

value

of

$25.57

per

share.

Information included in this presentation is as of or for the period ended September 30, 2014, unless otherwise indicated. See Appendix for a definition of Core Earnings

and a reconciliation to GAAP net income, as well as certain per share calculations that are referenced throughout this presentation.

Blackstone Mortgage Trust

2

Third Quarter 2014 Balance Sheet, Results, and Core Earnings

($ in Millions)

CT Legacy portfolio

$0.1

Secured debt

obligations

($19.7)

Equity and other

(b)

($1.6)

($6.5)

Loan Origination

portfolio

$49.7

$22.0

($0.1)

$0.4

$1.6

$-

$0.8

Interest income

Interest expense

Non-cash comp.

G&A expenses

Net results

$49.7

$-

($19.3)

$-

($5.7)

Core

Earnings

(a)

Net

Income

$24.8

+

+

+

+

Convertible notes,

net

Balance Sheet

(a)

See Appendix for a definition of Core Earnings and description of the related adjustments to GAAP net income.

(b)

Includes

stockholders’

equity

of

$1.5

billion,

less

the

net

of

(i)

cash

and

cash

equivalents

of

$63.3

million,

(ii)

accrued

interest

receivable,

prepaid

expenses,

and

other

assets of $29.7 million, and (iii) accounts payable, accrued expenses, and other liabilities of $45.3 million.

$1,430

$161

$29

$2,344

$3,906

Blackstone Mortgage Trust

3

Loan Origination Portfolio

During the quarter, BXMT closed 8 new loans with total commitments of $656 million, of which 14.2%

was secured by collateral located in Europe.

BXMT

funded

$557

million

of

loan

commitments,

outpacing

$109

million

of

full

or

partial

repayments

from five loans.

Portfolio gross ROI

(a)

remained stable at L + 12.9% as improved financing terms have generally balanced

modestly lower portfolio asset yields.

Loan Origination Portfolio Statistics

($ in Millions)

(a)

Gross return on investment is based on each asset’s all-in yield, assuming current rates with no dispositions, early payments, or defaults, and all-in cost of secured

debt, assuming full leverage at the asset level based on the maximum available leverage in place or in negotiation for each investment, notwithstanding the amount

actually borrowed. Gross return on investment excludes costs related to convertible notes, management fees, and corporate-level expenses. Prior period gross return

on investment amounts have been presented based on calculations and assumptions consistent with the current period to allow for comparability.

(b)

Includes 83% of loans indexed to one-month USD LIBOR, 13% indexed to three-month GBP LIBOR, and 4% referencing other floating rate indices.

(c)

Maximum maturity assumes all extension options are exercised, however BXMT’s loans may be repaid prior to such date.

Loan Origination Portfolio

(Net

Book

Value

and

Gross

Return

on

Investment

(a)

,

$

in

Millions)

L+12.6%    L+12.7%      L+12.7%     L+12.9%

ROI:

Number of loans

55

Principal balance

$3,941

Net book value

$3,906

Wtd. avg. loan-to-value

64%

Wtd. avg. cash coupon

(b)

L + 4.42%

Wtd. avg. all-in yield

(b)

L + 4.97%

Wtd. avg. gross return on investment

(a)(b)

L + 12.9%

Wtd. avg. maximum maturity

(c)

3.9 yrs.

$2,000

$2,663

$3,488

$3,906

4Q'13

1Q'14

2Q'14

3Q'14

Blackstone Mortgage Trust

4

Portfolio Diversification

BXMT’s

$3.9

billion

floating-rate

portfolio

is

diversified

by

collateral

property

type

and

geographic

location, and is comprised of senior mortgages and similar credit quality loans.

$316,934,052

$416,559,099

Collateral Diversification

(Net Book Value, % of Total)

Floating-rate Loans

(Net Book Value, % of Total)

100.0%

Office

Multifamily

Hotel

Condo

Senior Loans

(Net Book Value, % of Total)

94.8%

Geographic Diversification

(Net Book Value, $ in Millions)

Other

Retail

NY

29.6%

CA

15.8%

IL

7.9%

FL

5.7%

WA

5.4%

TX

4.7%

GA

3.6%

CO

2.4%

DC

2.0%

AZ

1.8%

VA

1.5%

HI

1.3%

RI

1.1%

OR

0.8%

NV

0.3%

MI

0.2%

OH

0.2%

UK

12.6%

0.9%

NL

ES

2.2%

Blackstone Mortgage Trust

5

Credit Facilities and Liquidity

Total

credit

facility

capacity

of

$2.9

billion,

including

$655

million

of

GBP

and

EUR

multi-currency

facilities.

Total

liquidity

of

$497

million

(a)

,

providing

for

$1.9

billion

(a)

of

potential

loan

originations

and

fundings.

Subsequent to quarter-end, upsized a revolving credit facility by $500 million, bringing credit facility

capacity to $3.4 billion.

$434 million

Available Borrowings

L + 2.14%

Wtd. Avg. All-in Cost of Credit Facilities

$2.9 billion

Total Credit Facility Capacity

Maximum

Collateral Asset

Debt Obligations

(b)

($ in Thousands)

Facility Size

Principal Balance

Potential

Outstanding

Available

Lender 1

500,000

$        

574,395

$               

447,994

$        

360,725

$        

87,269

$          

Lender 2

500,000

537,159

424,404

353,542

70,862

Lender 3

500,000

584,020

441,567

324,429

117,138

Lender 4

(c)

498,546

519,159

396,587

269,618

126,969

Lender 5

500,000

341,524

263,889

232,389

31,500

Lender 6

(c)

406,025

168,930

128,703

128,703

-

Total

2,904,571

$     

2,725,187

$           

2,103,144

$     

1,669,406

$     

433,738

$        

(a)

Total liquidity includes $63 million of cash and $434 million of available borrowings. Potential loan originations assumes 3.5x asset-

level leverage on total liquidity, net of $77 million of minimum liquidity requirements under applicable debt covenants.

(b)

Potential borrowings represent  the total amount  that could be drawn under each facility based on collateral  already  approved  and pledged.  When undrawn,

these amounts do not incur interest, but are immediately available to BXMT at its sole discretion under the terms of each revolving credit facility.

(c)

The maximum facility size for Lender 4 is composed of a $250 million facility and a £153 million ($249 million) facility. The maximum facility size for Lender 6

represents a £250 million ($406 million) facility that may be drawn in GBP or EUR.

Blackstone Mortgage Trust

6

Asset-Specific Financings

(a)

Asset-specific financings provide an additional $847 million of capacity for total financing capacity of

$3.8 billion including credit facilities, or $4.3 billion including facilities closed since quarter-end.

Opportunistic use of asset-specific financings preserves capacity in revolving repurchase facilities.

$847

Total Asset-Specific Financing Capacity

($ in Millions)

$289

•

Non-cross collateralized, with limited recourse and margin call

provisions

•

Three agreements with $227 million outstanding and $62 million of

future funding commitments

•

$289 million of collateral assets

Asset-Specific

Repurchase

Agreements

$448

•

Senior loan participations sold by BXMT

•

Three participation sales totaling $448 million

•

$619 million of whole loans financed

Loan

Participations

Sold

$110

•

Transaction structures resulting in realized sales of senior interests

•

One $110 million senior interest sold in a $144 million property

financing

•

$34 million mezzanine loan remains in BXMT’s portfolio

Non-Consolidated

Senior Interests

(a)

BXMT’s balance sheet includes asset-specific financings of $227 million classified as asset-specific repurchase agreements and $448 million classified as loan

participations sold. See pages 10-11, Consolidated and Segment Balance Sheets.

Blackstone Mortgage Trust

7

Floating-Rate Business Model

BXMT’s LIBOR-based lending and funding business model generates increasing returns with rising

short-term interest rates.

Return on net investment of $1.6 billion increases with increasing LIBOR.

•

All

else

equal,

a

100bp

increase

in

LIBOR

would

increase

net

interest

income

by

$15

million

(a)

per

year,

or $0.26 per share.

Loan Capitalization

(b)

(Principal Balance, $ in Millions)

Floating-rate

loans

Floating-rate

borrowings

Floating-rate

Net investment

(a)

Includes the impact of LIBOR floors for loan receivable investments.

(b)

Includes only the Loan Origination portfolio with an aggregate principal balance of $3.9 billion, capitalized with $2.3 billion of secured borrowings, and with a

$1.6

billion

net

investment.

Excludes

the

assets,

liabilities,

and

equity

of

the

CT

Legacy

portfolio.

(c)

Based

on

annualized

net

interest

income

for

the

quarter-ended

September

30,

2014,

and

shares

outstanding

as

of

September

30,

2014.

Income Sensitivity to LIBOR

($

Net

Interest

Income

per

share

(C)

)

Appendix

*

*

*

*

*

*

*

*

*

*

Blackstone Mortgage Trust

9

Loan Origination Segment Portfolio Details

The following table provides details of BXMT’s Loan Origination Segment portfolio:

(a)

Includes

83%

of

loans

indexed

to

one-month

USD

LIBOR,

13%

indexed

to

three-month

GBP

LIBOR,

and

4%

referencing

other

floating

rate

indices;

17%

of

loans

earn

interest based on LIBOR floors.

(b)

Maximum maturity date assumes all extension options are exercised, however BXMT’s loans may be repaid prior to such date.

(c)

Includes

(i)

39

senior

loans

with

an

aggregate

principal

balance

of

$1.9

billion,

and

(ii)

one

mezzanine

loan

with

a

principal

balance

of

$34

million

where

BXMT

originated

the

entire

loan

and

sold

a

senior

interest

to

finance

its

overall

investment.

Origination Date

Loan Type

Principal

Balance

Book

Value

Cash

Coupon

(a)

All-In

Yield

(a)

Maximum

Maturity

(b)

Geographic

Location

Property

Type

Origination

LTV

Loan 1

5/22/14

Senior loan

324.8

$  

320.3

$        

L + 4.00%

L + 4.34%

5/22/19

UK

Hotel

57%

Loan 2

11/21/13

Senior loan

181.0

179.7

L + 4.50%

L + 4.86%

11/9/18

NY

Condo

68%

Loan 3

10/23/13

Sub. Mortgage part.

173.8

170.5

L + 5.66%

L + 9.25%

4/9/15

WA

Office

67%

Loan 4

7/31/14

Senior loan

146.4

145.1

L + 3.50%

L + 4.01%

8/9/19

IL

Office

70%

Loan 5

12/17/13

Senior loan

140.0

139.1

L + 4.75%

L + 5.27%

1/9/19

NY

Office

70%

Loan 6

1/30/14

Senior loan

125.0

124.5

L + 4.30%

L + 4.63%

12/1/17

NY

Hotel

38%

Loan 7

6/20/14

Senior loan

117.5

116.3

L + 5.75%

L + 6.39%

6/20/16

CA

Hotel

44%

Loan 8

1/7/14

Senior loan

110.9

109.6

L + 4.75%

L + 5.30%

1/7/19

Diversified

Other

66%

Loan 9

2/25/14

Senior loan

101.0

99.7

L + 4.40%

L + 4.81%

3/9/19

Diversified

Hotel

49%

Loan 10

2/20/14

Senior loan

97.0

96.6

L + 4.40%

L + 4.58%

3/9/19

NY

Office

69%

Loan 11

10/30/13

Senior loan

96.6

96.1

L + 4.38%

L + 4.61%

11/9/18

CA

Hotel

72%

Loan 12

9/30/13

Senior loan

89.5

89.4

L + 3.70%

L + 3.83%

9/30/20

NY

Multifamily

62%

Loan 13

6/26/14

Senior loan

87.0

86.2

L + 4.30%

L + 4.83%

7/15/19

NY

Multifamily

77%

Loan 14

3/17/14

Senior loan

86.2

86.0

L + 4.75%

L + 4.93%

12/28/16

NY

Condo

70%

Loan 15

9/8/14

Senior loan

86.7

85.3

L + 4.00%

L + 4.34%

11/20/19

ES

Retail

70%

Loans 16-55

Various

Various

(c)

1,977.2

1,961.8

L + 4.37%

L + 4.81%

Various

Various

Various

66%

Total/Wtd. avg.

3,940.6

$     

3,906.2

$     

L + 4.42%

L + 4.97%

3.9 years

64%

($ in Millions)

Blackstone Mortgage Trust

10

Consolidated Balance Sheet

($ in Thousands, Except per Share Data)

September 30, 2014

December 31, 2013

Assets

Cash and cash equivalents

63,343

$                   

52,342

$                   

Restricted cash

10,855

10,096

Loans receivable, net

3,906,226

2,047,223

Equity investments in unconsolidated subsidiaries

14,990

22,480

Accrued interest receivable, prepaid expenses, and other assets

103,059

80,639

Total assets

4,098,473

$            

2,212,780

$            

Liabilities and equity

Accounts payable, accrued expenses, and other liabilities

83,011

$                   

97,153

$                   

Revolving repurchase facilities

1,669,406

863,622

Asset-specific repurchase agreements

226,961

245,731

Loan participations sold

447,977

90,000

Convertible notes, net

161,259

159,524

Total liabilities

2,588,614

1,456,030

Equity

Class A common stock, $0.01 par value

572

$                         

288

$                         

Restricted class A common stock, $0.01 par value

5

7

Additional paid-in capital

2,022,093

1,252,986

Accumulated other comprehensive income

(6,205)

798

Accumulated deficit

(538,726)

(536,170)

Total

Blackstone

Mortgage

Trust,

Inc.

stockholders’

equity

1,477,739

717,909

Non-controlling interests

32,120

38,841

Total equity

1,509,859

756,750

Total liabilities and equity

4,098,473

$            

2,212,780

$            

Blackstone Mortgage Trust

11

Consolidated Balance Sheet: Segment Allocation

September 30, 2014

($ in Thousands)

Loan

Origination

CT Legacy

Portfolio

Total

Assets

Cash and cash equivalents

63,343

$        

-

$              

63,343

$        

Restricted cash

-

10,855

10,855

Loans receivable, net

3,906,226

-

3,906,226

Equity investments in unconsolidated subsidiaries

-

14,990

14,990

Accrued interest receivable, prepaid expenses, and other assets

29,727

73,332

103,059

Total assets

3,999,296

$  

99,177

$       

4,098,473

$  

Liabilities and equity

Accounts payable, accrued expenses, and other liabilities

45,309

$        

37,702

$        

83,011

$        

Revolving repurchase facilities

1,669,406

-

1,669,406

Asset-specific repurchase agreements

226,961

-

226,961

Loan participations sold

447,977

-

447,977

Convertible notes, net

161,259

-

161,259

Total liabilities

2,550,912

37,702

2,588,614

Equity

Total

Blackstone

Mortgage

Trust,

Inc.

stockholders’

equity

1,448,384

29,355

1,477,739

Non-controlling interests

-

32,120

32,120

Total equity

1,448,384

61,475

1,509,859

Total liabilities and equity

3,999,296

$  

99,177

$       

4,098,473

$  

Blackstone Mortgage Trust

12

Consolidated Statement of Operations

Three Months Ended September 30,

Nine Months Ended September 30,

($ in Thousands, Except per Share Data)

2014

2013

2014

2013

Income from loans and other investments

Interest and related income

50,386

$           

18,853

$           

126,507

$         

26,327

$           

Less: Interest and related expenses

19,903

4,407

47,697

6,492

Income from loans and other investments, net

30,483

14,446

78,810

19,835

Other expenses

Management and incentive fees

5,412

2,433

13,219

3,416

General and administrative

3,368

1,615

21,920

6,096

Total other expenses

8,780

4,048

35,139

9,512

Impairments, provisions, and valuation adjustments

1,780

(136)

7,604

5,664

Income from equity investments in unconsolidated subsidiaries

-

-

24,294

-

Gain on extinguishment of debt

-

-

-

38

Income before income taxes

23,483

10,262

75,569

16,025

Income tax (benefit) provision

(118)

(264)

412

329

Net income

23,601

$           

10,526

$           

75,157

$           

15,696

$           

Net income attributable to non-controlling interests

(1,577)

(2,206)

(6,602)

(7,743)

Net income attributable to Blackstone Mortgage Trust, Inc.

22,024

$           

8,320

$             

68,555

$           

7,953

$             

Per share information (basic and diluted)

Weighted-average shares of common stock outstanding

49,211,205

28,894,515

45,093,314

14,865,530

Net income per share of common stock

0.45

$               

0.29

$               

1.52

$               

0.53

$               

Blackstone Mortgage Trust

13

Consolidated Statement of Operations: Segment Allocation

Three Months Ended September 30, 2014

Nine Months Ended September 30, 2014

($ in Thousands)

Loan

Origination

CT Legacy

Portfolio

Total

Loan

Origination

CT Legacy

Portfolio

Total

Income from loans and other investments

Interest and related income

49,720

$    

666

$          

50,386

$    

123,127

$  

3,380

$       

126,507

$  

Less: Interest and related expenses

19,713

190

19,903

46,843

854

47,697

Income from loans and other investments, net

30,007

476

30,483

76,284

2,526

78,810

Other expenses

Management and incentive fees

5,412

-

5,412

13,219

-

13,219

General and administrative expenses

2,705

663

3,368

9,049

12,871

21,920

Total other expenses

8,117

663

8,780

22,268

12,871

35,139

Impairments, provisions, and valuation adjustments

-

1,780

1,780

-

7,604

7,604

Income from equity investments in unconsolidated subsidiaries

-

-

-

-

24,294

24,294

Income before income taxes

21,890

1,593

23,483

54,016

21,553

75,569

Income tax (benefit) provision

-

(118)

(118)

131

281

412

Net income

21,890

$    

1,711

$       

23,601

$    

53,885

$    

21,272

$    

75,157

$    

Net income attributable to non-controlling interests

-

(1,577)

(1,577)

-

(6,602)

(6,602)

Net income attributable to Blackstone Mortgage Trust, Inc.

21,890

$    

134

$          

22,024

$    

53,885

$    

14,670

$    

68,555

$    

Blackstone Mortgage Trust

14

Consolidated Statement of Operations: Loan Origination Segment

Three Months Ended

($ in Thousands)

September 30, 2014

June 30, 2014

$ Change

% Change

Income from loans and other investments

Interest and related income

49,720

$                     

41,372

$                     

8,348

$                       

20.2%

Less: Interest and related expenses

19,713

15,503

4,210

27.2%

Income from loans and other investments, net

30,007

25,869

4,138

16.0%

Other expenses

Management and incentive fees

5,412

4,410

1,002

22.7%

General and administrative expenses

2,705

3,501

(796)

(22.7)%

Total other expenses

8,117

7,911

206

2.6%

Net income

21,890

$                     

17,958

$                     

3,932

$                       

21.9%

Blackstone Mortgage Trust

15

Per Share Calculations

(in Thousands, Except per Share Data)

Core Earnings

Reconciliation

Book Value per

Share:

Segment Allocation

Segment Allocation

Three Months Ended September 30, 2014

Three Months Ended June 30, 2014

Loan

Origination

CT Legacy

Portfolio

Total

Loan

Origination

CT Legacy

Portfolio

Total

Net income

21,890

$        

134

$             

22,024

$        

17,958

$        

15,508

$        

33,466

$        

Weighted-average shares

  outstanding, basic and diluted

49,211

49,211

49,211

47,978

47,978

47,978

Earnings per share, basic and diluted

0.45

$            

0.00

$            

0.45

$            

0.38

$            

0.32

$            

0.70

$            

Three Months Ended

September 30, 2014

June 30, 2014

Net income

22,024

$            

33,466

$            

CT Legacy Portfolio segment net income

(134)

(15,508)

Amortization of discount on convertible notes

404

397

Unrealized gain on foreign currency remeasurement

-

(235)

Incentive management fees

842

-

Non-cash compensation expense

1,619

2,382

Core Earnings

24,755

$            

20,502

$            

Weighted-average shares outstanding, basic and diluted

49,211

47,978

Core Earnings per share, basic and diluted

0.50

$                  

0.43

$                  

Earnings per Share:

September 30, 2014

June 30, 2014

Loan

Origination

CT Legacy

Portfolio

Total

Loan

Origination

CT Legacy

Portfolio

Total

1,448,384

$ 

29,355

$      

1,477,739

$ 

1,203,003

$ 

36,305

$      

1,239,308

$ 

Shares

Class A common stock

57,194

57,194

57,194

47,935

47,935

47,935

Restricted class A common stock

486

486

486

544

544

544

Deferred stock units

113

113

113

108

108

108

57,793

57,793

57,793

48,587

48,587

48,587

Book value per share

25.06

$        

0.51

$           

25.57

$        

24.76

$        

0.75

$           

25.51

$        

Stockholders’

equity

Blackstone Mortgage Trust

16

Definitions

Blackstone

Mortgage

Trust,

Inc.

(“BXMT”)

discloses

Core

Earnings,

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”)

in

this

presentation.

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.

BXMT

also

uses

Core

Earnings

to

calculate

the

incentive

and

base

management

fees

due

to

its

manager

under

its

management

agreement

and,

as

such,

BXMT

believes

that

the

disclosure

of

Core

Earnings

is

useful

to

investors.

Core

Earnings

is

defined

as

GAAP

net

income

(loss),

including

realized

losses

not

otherwise

included

in

GAAP

net

income

(loss),

and

excluding

(i)

net

income

(loss)

attributable

to

the

CT

Legacy

Portfolio

segment,

(ii)

non-cash

equity

compensation

expense,

(iii)

incentive

management

fees,

(iv)

depreciation

and

amortization,

and

(v)

unrealized

gains

(losses)

or

similar

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

cash

flow

from

GAAP

operating

activities,

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. 

Blackstone Mortgage Trust

17

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

Blackstone

Mortgage

Trust’s

current

views

with

respect

to,

among

other

things,

Blackstone

Mortgage

Trust’s

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,”

“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.

Blackstone

Mortgage

Trust

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.

Blackstone

Mortgage

Trust

assumes

no

obligation

to

update

or

supplement

forward-looking

statements

that

become

untrue

because

of

subsequent

events

or

circumstances.