Blackstone Mortgage Trust, Inc.

July 28, 2015

Second Quarter 2015 Results

Exhibit 99.2

Blackstone Mortgage Trust

1

Second Quarter 2015 Highlights

Closed

entire

$4.9

billion

GE

loan

pool

and

a

record

$1.7

billion

of

direct

originations

for

a

total

of

$6.5

billion.

Loan

fundings

(a)

of

$6.1

billion,

including

$116

million

of

fundings

under

existing

loans

and

received

repayments

of

$391

million.

Closed

$4.2

billion

GE

portfolio

acquisition

facility

and

syndicated

$754

million

of

non-consolidated

senior

interests,

bringing

total

credit

capacity

to

$10.0

billion

with

$517

million

of

available

liquidity.

Increased

portfolio

Gross

ROI

to

14.4%

while

maintaining

consistent

collateral

LTV

metrics.

Book

value

per

share

increased

by

$1.73

to

$26.60

primarily

as

a

result

of

accretive

share

issuance.

Core

Earnings

of

$0.38

per

share,

as

a

result

of

$0.11

per

share

of

transaction

expenses

and

reflective

of

the

temporary

intra-quarter

lag

between

new

equity

issuance

and

its

deployment

into

the

GE

acquisition

and

other

loan

closings.

GAAP

net

income

of

$0.36

per

share.

Information included in this presentation is as of or for the period ended June 30, 2015, unless otherwise indicated.  See Appendix for a definition of Core Earnings and a

reconciliation to GAAP net income, gross return on investment (“Gross ROI”), as well as certain per share calculations  that are referenced  throughout  this  presentation.

(a) Includes $549 million funded under non-consolidated senior interests.

Blackstone Mortgage Trust

2

Second

Quarter

2015

Balance

Sheet,

Net

Income,

and

Core

Earnings

(a)

(Dollars in Millions)

$2,243

$163

$7,725

$10,131

CT Legacy net income

Secured financings

($30.6)

Equity and other

(c)

$1.9

($3.4)

($9.5)

($9.0)

Loan Origination

portfolio

$80.0

$29.3

$0.4

($0.5)

Interest income

Interest expense

Non-cash comp.

$79.5

($30.2)

Core

Earnings

(b)

Net

Income

$30.8

+

+

+

Convertible notes,

net

Balance

Sheet

(a)

See page 13 for First Quarter 2015 Balance Sheet, Net Income, and Core Earnings.

(b)

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

(c)

Includes stockholders’ equity of $2.5 billion, less the net of (i) cash and cash equivalents of $104 million, (ii) accrued interest receivable, prepaid expenses, and other

assets of $202 million, (iii) accounts payable, accrued expenses, and other liabilities of $73 million, and (iv) CT Legacy portfolio net equity value of $8 million.

Mgmt. fees/G&A

($1.9)

$3.4

$-

$-

$-

$-

($9.5)

($9.0)

Transaction expenses

Blackstone Mortgage Trust

3

Second Quarter Financial Impact

BXMT’s

balance

sheet

doubled

in

2Q

substantially

increasing

scale

and

earnings

power

moving

into

2H

2015.

Loan

fundings

of

$6.1

billion,

taking

total

investments

to

$10.8

billion

Investments

(a)

Loan fundings

and total investments include non-consolidated senior interests of $549 million and $660 million, respectively.

(b)

Total leverage includes secured debt agreements, loan participations sold, and non-consolidated senior interests as well as convertible notes outstanding.

Closed

$4.9

billion

of

financings,

including

syndication

of

senior

loan

interests

Asset-Level

Leverage

Closed

$237

million

sequential

pay

advance

taking

corporate

debt

to

$410

million

including

convertible

notes

Corporate

Debt

Raised

$1.0

billion

of

new

equity

adding

a

net

$1.60

to

book

value

per

share

Equity

Invested

a

net

$835

million

and

retained

$517

million

of

capital

in

cash

and

available

borrowings

Liquidity

Gross ROI Increased

to 14.4%

Total Leverage

(b)

Increased to 3.4x

Blackstone Mortgage Trust

4

Loan Portfolio Overview

Acquired

the

GE

loan

portfolio

of

77

loans

for

a

total

purchase

price

of

$4.7

billion

and

originated

a

record

$1.7

billion

of

new

loans.

New

loans

significantly

increase

scale

of

lending

platform

and

provide

access

to

new

borrower

relationships.

Fixed

rate

loans

acquired

from

GE

drove

Gross

ROI

(a)

to

14.4%,

with

consistent

collateral

LTV

metrics.

Loan Portfolio Statistics

Loan Portfolio Gross ROI

(a)

(Principal Balance in Millions)

L+12.7%

L+12.7%

19.8%

14.4%

(Dollars in Millions)

Floating

Fixed

Total

Number of loans

101

37

138

Principal balance

$8,009

$2,161

$10,170

Net book value

$7,969

$2,162

$10,131

Wtd. avg. origination LTV

63%

63%

63%

Wtd. avg. cash coupon

(c)

L + 4.05%

5.33%

4.60%

Wtd. avg. all-in yield

(c)

L + 4.43%

5.54%

4.94%

Wtd. avg. Gross ROI

(a)(c)

L + 12.7%

19.8%

14.4%

Wtd. avg. maximum maturity

(d)

3.5 yrs.

2.9 yrs.

3.4 yrs.

$5,532

$2,477

$2,161

$10,170

Direct

Origination

GE

Floating

GE

Fixed

Total

(a)

See Appendix for a definition of gross return on investment (“Gross ROI”), which among other things, assumes 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.

(b)

Excludes non-consolidated senior interests of $660 million.

(c)

Coupon and all-in yield for the total portfolio assume applicable floating benchmark rate for weighted-average calculation. Weighted average coupon and all-in yield

exclude subordinate loans, which are not comparable to other loans as they are reported net of related non-consolidated senior interests. Gross ROI calculation

includes all loans and related financings.

(d)

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

(b)

(b)

Blackstone Mortgage Trust

5

Portfolio Diversification

BXMT’s

portfolio

is

diversified

by

collateral

property

type

and

geographic

location,

and

is

comprised

of

primarily

senior

mortgages

and

similar

credit

quality

loans.

$416,559,099

Collateral Diversification

(Net Book Value, % of Total)

Office

Multifamily

Hotel

Condo 3%

Other

Retail

Manufactured

Housing

Geographic Diversification

(Net Book Value,% of Total)

Senior Loans

(Net Book Value, % of Total)

98%

40%

22%

14%

8%

5%

8%

NY

19%

CA

11%

TX

9%

CAN

8%

FL

7%

GA

4%

IL

4%

WA

3%

VA

3%

DC

2%

NC

2%

CO

2%

AZ

2%

HI

1%

MA

1%

MD

1%

OR

1%

IA

1%

SC

1%

TN, 1%

OK

1%

PA

1%

DEU

2%

UK

11%

ES

1%

NL

1%

States that comprise less than 1% of total loan portfolio

Blackstone Mortgage Trust

6

Financing Capacity

BXMT

has

developed

$10.0

billion

of

market

leading

financing

capacity

with

an

emphasis

on

efficiency

and

stability.

Total

liquidity

of

$517

million

(a)

at

quarter-end,

providing

for

$1.9

billion

(a)

of

potential

loan

originations

and

fundings.

$10.0

Total

Financing

Capacity

(Dollars in Billions)

$4.1

•

Six

facilities

with

outstanding

borrowings

of

$2.6

billion

•

All-in

cost

of

L+2.05%

Revolving Credit

Facilities

$2.0

•

11

transactions

with

5

counterparties,

$1.0

billion

outstanding

•

Pricing

directly

related

to

underlying

collateral

assets

Asset-Specific

(b)

Financings

$3.9

•

Asset-specific

advances

totaling

$3.7

billion

•

All-in

cost

of

L+1.94%

GE Portfolio

Financing

(a)

Total liquidity includes $104 million of cash and $412 million of available borrowings. Potential loan originations assumes 4.0x asset-level leverage on

total liquidity, net of $146 million of minimum liquidity requirements under applicable debt covenants.

(b)

BXMT’s balance sheet includes asset-specific repurchase agreements of $413 million and $636 million of loan participations sold. Capacity of $2.0 billion also includes

$868 million of non-consolidated senior interests, which result from non-recourse sales of senior loan interests in loans BXMT originates. These non-consolidated senior

interests provide structural leverage for BXMT’s net investments which are reflected in the form of mezzanine or other subordinate loans on BXMT’s balance sheet and

results of operations.

Blackstone Mortgage Trust

7

Interest Rates

Earnings

generated

by

loan

portfolio

is

positively

correlated

to

changes

in

USD

and

GBP

LIBOR,

the

benchmark

index

for

75%

of

BXMT’s

loan

portfolio

and

the

related

secured

financings.

Concentration

of

fixed

rate

assets

in

EUR

and

CAD

results

in

an

inverse

correlation

to

EURIBOR

and

CDOR,

such

that

an

increase

in

both

benchmark

rates

by

50bps

would

decrease

annual

Core

Earnings

by

$0.02

per

share.

(a)

As of June 30, 2015, $1.2 billion of floating rate loans earned interest based on floors that are above the applicable index, with an average floor of 0.59%.

Portfolio Income Sensitivity to USD LIBOR

(Dollars of Net Interest Income per share)

Portfolio Fixed vs. Floating

(% of Outstanding Principal Balance)

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

0.19%

0.69%

1.19%

1.69%

2.19%

2.69%

USD LIBOR

Floating

Fixed

79%

21%

(a)

Appendix

*

*

*

*

*

*

*

*

*

Blackstone Mortgage Trust

9

Loan Portfolio Details

The following table provides details of BXMT’s loan portfolio:

(Dollars in Millions)

Loan Type

Origination

Date

(a)

Total

Loan

Principal

Balance

Book

Value

Cash

Coupon

All-In

Yield

Maximum

Maturity

(b)

Geographic

Location

Property

Type

Origination

LTV

(a)

Loan 1

Senior loan

6/4/2015

411

$       

404

$       

408

$       

5.48%

(c)

5.66%

(c)

7/18/2018

Canada

Hotel

54%

Loan 2

Senior loan

6/11/2015

341

341

342

4.88%

(c)

4.93%

(c)

4/30/2019

Diversified-US

MHC

78%

Loan 3

Senior loan

5/22/2014

315

315

311

L+4.00%

L+4.34%

5/22/2019

U.K.

Hotel

57%

Loan 4

Senior loan

6/23/2015

307

307

308

5.26%

(c)

5.41%

(c)

1/31/2017

Diversified-US

MHC

60%

Loan 5

Senior loan

5/1/2015

320

295

292

L+3.45%

L+3.83%

5/1/2020

NY

Office

68%

Loan 6

Senior loan

1/7/2015

315

261

259

L+3.50%

L+3.95%

1/9/2020

NY

Office

53%

Loan 7

Senior loan

6/23/2015

213

213

213

5.38%

5.56%

1/18/2017

Germany

Retail

53%

Loan 8

Senior loan

6/11/2015

207

207

207

4.76%

(c)

4.90%

(c)

1/31/2017

Diversified-US

MHC

65%

Loan 9

Senior loan

3/4/2015

200

200

200

L+4.25%

L+4.25%

3/9/2017

WA

Office

64%

Loan 10

Senior loan

12/9/2014

211

164

163

L+3.80%

L+4.31%

12/9/2019

Diversified-US

Office

65%

Loan 11

Senior loan

7/31/2014

190

158

158

L+3.50%

L+4.01%

8/9/2019

IL

Office

70%

Loan 12

Senior loan

1/7/2014

156

156

155

L+4.75%

L+5.14%

1/7/2019

Diversified-US

Other

58%

Loan 13

Senior loan

11/20/2014

151

151

150

L+3.40%

L+3.62%

11/20/2019

U.K.

Hotel

62%

Loan 14

Senior loan

2/25/2014

166

150

149

L+4.40%

L+4.82%

3/9/2019

Diversified-US

Hotel

49%

Loan 15

Loan 16-138

Various

(d)

Various

7,277

6,667

6,636

4.49%

4.87%

Various

Various

Various

63%

Total/Wtd. avg.

(e)

10,961

$        

10,170

$        

10,131

$        

4.60%

4.94%

3.4 years

63%

(a)

Date loan was originated or acquired by BXMT, and the LTV as of such date.

(b)

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

(c)

Loan consists of one or more floating and fixed rate tranches. Coupon and all-in yield assume applicable floating benchmark rate for weighted-average calculation.

(d)

Includes (i) 120 senior loans with an aggregate principal balance of $6.5 billion and (ii) three mezzanine loans with an aggregate principal balance of $156 million resulting from

BXMT’s sale of the related non-consolidated senior interests.

(e)

Weighted average coupon and all-in yield exclude subordinate loans, which are not comparable to other loans as they are reported net of syndicated amounts.

Senior loan

11/21/2013

181

181

180

L+4.50%

L+4.86%

11/9/2018

NY

Condo

68%

Blackstone Mortgage Trust

10

Consolidated Balance Sheet

(Dollars in Thousands, Except per Share Data)

June 30, 2015

December 31, 2014

Assets

Cash and cash equivalents

104,252

$                 

51,810

$                   

Restricted cash

7,025

11,591

Loans receivable, net

10,131,323

4,428,500

Equity investments in unconsolidated subsidiaries

7,406

10,604

Accrued interest receivable, prepaid expenses, and other assets

216,055

86,016

Total assets

10,466,061

$           

4,588,521

$             

Liabilities and equity

Accounts payable, accrued expenses, and other liabilities

83,182

$                   

61,013

$                   

Secured debt agreements

7,088,738

2,365,336

Loan participations sold

635,581

499,433

Convertible notes, net

163,073

161,853

Total liabilities

7,970,574

3,087,635

Equity

Class A common stock, $0.01 par value

932

583

Additional paid-in capital

3,063,429

2,027,404

Accumulated other comprehensive loss

(19,332)

(15,024)

Accumulated deficit

(561,905)

(547,592)

Total Blackstone Mortgage Trust, Inc. stockholders' equity

2,483,124

1,465,371

Non-controlling interests

12,363

35,515

Total equity

2,495,487

1,500,886

Total liabilities and equity

10,466,061

$           

4,588,521

$             

Blackstone Mortgage Trust

11

Consolidated Statement of Operations

(Dollars in Thousands, Except per Share Data)

Three Months Ended June 30,

Six Months Ended June 30,

2015

2014

2015

2014

Income from loans and other investments

Interest and related income

80,481

$       

42,466

$       

143,889

$     

76,122

$       

Less: Interest and related expenses

30,634

15,720

54,796

27,794

Income from loans and other investments, net

49,847

26,746

89,093

48,328

Other expenses

Management and incentive fees

8,051

4,410

14,721

7,807

General and administrative expenses

15,698

15,356

23,359

18,554

Total other expenses

23,749

19,766

38,080

26,361

Unrealized gain on investments at fair value

4,714

7,163

22,190

5,824

Income from equity investments in unconsolidated subsidiaries

1,710

24,294

5,659

24,294

Income before income taxes

32,522

38,437

78,862

52,085

Income tax provision (benefit)

105

(2)

350

530

Net income

32,417

$       

38,439

$       

78,512

$       

51,555

$       

Net income attributable to non-controlling interests

(3,133)

(4,973)

(13,833)

(5,024)

Net income attributable to Blackstone Mortgage Trust, Inc.

29,284

$       

33,466

$       

64,679

$       

46,531

$       

Per share information (basic and diluted)

Weighted-average shares of common stock outstanding

80,940,535

47,977,813

69,820,061

43,000,242

Net income per share of common stock

0.36

$            

0.70

$            

0.93

$            

1.08

$            

Blackstone Mortgage Trust

12

Per Share Calculations

(Amounts in Thousands, Except per Share Data)

Core Earnings

Reconciliation

Book Value

per Share

Earnings

per Share

(a)

Adjustment in respect of the deferral in Core Earnings of the accretion of a total $9.1 million of purchase discount attributable to a certain pool of GE portfolio

loans pending the repayment of those loans.

June 30, 2015

March 15, 2015

Stockholders' equity

2,483,124

$              

1,456,935

$              

Shares

Class A common stock

93,230

58,451

Deferred stock units

130

124

Total outstanding

93,360

58,575

Book value per share

26.60

$                       

24.87

$                      

Three Months Ended

June 30, 2015

March 15, 2015

Net income

29,284

$                    

35,393

$                    

Weighted-average shares

  outstanding, basic and diluted

80,941

58,576

Earnings per share, basic and diluted

0.36

$                         

0.60

$                         

Three Months Ended

June 30, 2015

March 31, 2015

Net income

29,284

$                   

35,393

$                   

CT Legacy Portfolio net income

(1,857)

(8,400)

Incentive management fees

-

1,212

Non-cash compensation expense

3,396

3,297

GE purchase discount accretion adjustment

(459)

-

Other items

416

342

Core Earnings

30,780

$                   

31,844

$                   

Weighted-average shares outstanding, basic and diluted

80,941

58,576

Core Earnings per share, basic and diluted

0.38

$                       

0.54

$                        

(a)

Blackstone Mortgage Trust

13

First Quarter 2015 Balance Sheet, Net Income, and Core Earnings

(Dollars in Millions)

$1,454

$162

$3,358

$31

$4,943

CT Legacy portfolio

$8.4

Secured financings

($24.2)

Equity and other

(b)

($3.3)

($6.7)

($1.7)

Loan Origination

portfolio

$62.8

$35.4

($8.4)

$0.4

$-

Interest income

Interest expense

Non-cash comp.

G&A/other expenses

Net results

$62.8

$-

($23.8)

Core

Earnings

(a)

Net

Income

$31.8

+

+

+

+

Convertible notes,

net

Balance

Sheet

(a)

See page 14 for a definition of Core Earnings and page 12 for a reconciliation to GAAP net income.

(b)

Includes stockholders’ equity of $1.5 billion, less the net of (i) cash and cash equivalents of $18 million, (ii) accrued interest receivable, prepaid expenses,

and other assets of $34 million, and (iii) accounts payable, accrued expenses, and other liabilities of $49 million.

Mgmt./Incen. fees

$3.3

$1.2

($0.1)

$-

($5.5)

($1.8)

Blackstone Mortgage Trust

14

Definitions

Core

Earnings:

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,

(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

BXMT’s

GAAP

cash

flows

from

operations,

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.

Weighted

average

gross

return

on

investment

(“Gross

ROI”):

Investment

return

based

on

each

asset’s

all-in

yield,

assuming

current

rates

with

no

dispositions,

early

repayments,

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

ROI

excludes

costs

related

to

convertible

notes,

the

sequential

pay

advance

under

the

GE

portfolio

acquisition

facility,

management

fees,

and

other

corporate-level

expenses.

Gross

ROI

is

presented

solely

for

informational

purposes

and

is

not

representative

of

net

income

recognized

in

prior

or

future

periods.

Blackstone Mortgage Trust

15

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

(“BXMT”)

current

views

with

respect

to,

among

other

things,

BXMT’s

operations

and

financial

performance,

including

performance

of

its

recently

acquired

loan

portfolio

from

GE

Capital.

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.

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,

2014

and

under

the

section

entitled

“Risks

Related

to

the

Loan

Portfolio

Acquisition”

in

its

Quarterly

Report

on

Form

10-Q

for

the

fiscal

quarter

ended

March

31,

2015,

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.