Blackstone Mortgage Trust, Inc.

July 25, 2017

Second Quarter 2017 Results

Exhibit 99.2

1

Blackstone Mortgage Trust

Information included in this presentation is as of or for the period ended June 30, 2017, unless otherwise indicated

(a)

See Appendix for a definition and reconciliation to GAAP net income

(b)

Based on annualized dividend and BXMT closing price as of June 30, 2017

(c)

Based on LTV as of the dates loans were originated or acquired by BXMT

(d)

Includes $983 million of Non-Consolidated Senior Interests, see Appendix for definition

GAAP

earnings

of

$0.53

per

share

and

Core

Earnings

(a)

of

$0.60

per

share.

Book

value

of

$26.38

per

share.

$0.62

per

share

dividend

equates

to

a

7.8%

dividend

yield.

(b)

2Q

loan

originations

totaled

$1.5

billion

and

were

100%

floating

rate,

senior

loans

with

a

weighted

average

LTV

(c)

of

61%;

1H

2017

originations

of

$2.5

billion,

up

44%

from

1H

2016

100%

performing

$10.6

billion

(d)

portfolio

of

senior

loans

with

a

weighted

average

LTV

(c)

of

61%

Portfolio is 92% floating rate; a 1.0% increase in USD LIBOR would result in a $0.23 increase in annual

net interest income per share

Sponsored 2017-ROSS CMBS transaction, BXMT’s first securitized financing of a balance sheet loan:

$475 million of notes sold with a weighted average coupon of L+1.86%

Raised

$288

million

of

five-year

convertible

debt

with

a

4.375%

coupon

and

an

initial

conversion

price of $35.67 per share (1.35x P/B)

Subsequent to quarter end, closed the initial $133 million of loans and two new credit facilities

totaling $450 million

for the BXMT-Walker & Dunlop joint venture

Second Quarter 2017 Highlights

Blackstone Mortgage Trust

2

Loan Originations

Originated

$1.5

billion

in

2Q

taking

1H

2017

originations

to

$2.5

billion,

up

44%

from

1H

2016

2Q

originations

comprised

of

$753

million

portfolio

loan

(subsequently

securitized

in

2017-ROSS

transaction)

plus

six

loans

with

an

average

commitment

of

$114

million

100% senior loans

$1.5 billion total commitments

100% floating rate

Weighted

Average

LTV

(a)

of

61%

(a)

Reflects LTV as of the date loans were originated or acquired by BXMT

Large loans: $205 million avg. size

($ in billions)

Originations Growth

2Q 2017 Originations

$2.5

originations

$1.7

originations

44%

YoY

growth

$0.9

$0.9

$1.0

$0.8

$1.0

$1.5

1Q'16

2Q'16

3Q'16

4Q'16

1Q'17

2Q'17

Blackstone Mortgage Trust

3

Earnings & Dividends

GAAP

earnings

of

$0.53

per

share

($51

million)

and

Core

Earnings

(a)

of

$0.60

per

share

($57

million).

$0.62

per

share

dividend

equates

to

a

7.8%

dividend

yield.

(b)

Book

value

of

$26.38

per

share,

up

$0.10

from

prior

quarter

Future

quarters

will

capture

full

benefit

of

$811

million

of

net

fundings

in

2Q,

further

funding

of

constructions

loans

and

increased

deployment

of

convertible

note

issuance

proceeds

Since

May

2013

re-IPO,

cumulative

Core

Earnings

of

$668

million

have

been

fully

distributed

to

investors

via

$668

million

of

cash

dividends

(a)

See Appendix for a definition and reconciliation to GAAP net income

(b)

Based on annualized dividend and BXMT closing price as of June 30, 2017

$0.52

*

Cumulative Dividends

$668 million

dividends paid since re-IPO

$0.62

*

$0.27

*

$0.45

*

$0.48

*

$0.50

*

*Denotes change in quarterly dividend

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

2013

2014

2015

2016

2017

Blackstone Mortgage Trust

4

Condo

Portfolio

Composition

$10.6

billion

portfolio

comprising

102

senior

loans

secured

by

institutional

quality

real

estate

concentrated

in

major

markets:

loans

secured

by

assets

located

in

New

York

and

California

comprise

38%

of

the

portfolio

Office

Multifamily

Hotel

MHC

Other

Retail

Geographic Diversification

(a)

Collateral Diversification

(a)

(a)

In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See

Note 2 in our Form 10-Q for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $983  billion of such Non-

Consolidated Senior Interests as of June 30, 2017.

(b)

Reflects LTV as of the date loans were originated or acquired by BXMT

Weighted

Average

LTV

(b)

61%

States that comprise less than 1% of total loan portfolio

CA

16%

WA

2%

HI

5%

DC

2%

TX

2%

GA

3%

IL

8%

FL

9%

UK

13%

OR

1%

MD

1%

NC

1%

NL

1%

MA

1%

DEU

1%

VA

8%

NY

22%

CAN

4%

2%

2%

54%

20%

9%

6%

7%

Blackstone Mortgage Trust

5

Capital Markets Activity

$762

million

of

securities

issued

in

2Q

2017

across

two

transactions,

increasing

capital

structure

efficiency

in

favorable

market

environment

Raised

$288

million

of

accretive

capital

issuing

five-year

convertible

notes

$475

million

CMBS

notes

sold:

cost

efficient

and

structurally

advantaged

financing

transaction

for

large

loan

originations

$288 million Convertible Notes

(a)(b)

$500 million CMBS

(a)(c)

$475 million

(c)

securitized financing

4.375%

coupon

$35.67

conversion price

(1.35x P/B)

L+1.86%

(c)

coupon

(a)

This information is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, or otherwise

acquire, subscribe for, sell or otherwise dispose of, any securities

(b)

On May 5, 2017, BXMT issued $250 million of its 4.375% convertible senior notes due 2022 in an underwritten public offering. BXMT issued an additional $38 million

on May 23, 2017 as a result of the underwriters’ exercise in full of their option to purchase additional notes, a total of $288 million of convertible notes issued.

(c)

On June 30, 2017, $500 million Commercial Mortgage Pass-Through Certificates Series 2017-ROSS were issued in a transaction underwritten by Goldman Sachs and in

which both Goldman Sachs and BXMT were loan sellers and sponsors. Certificates with a principal balance of $475 million were sold to third party investors and BXMT,

as the retaining sponsor, acquired the class HRR certificates with a balance of $25 million.

Blackstone Mortgage Trust

6

2.5x

Debt-to-Equity Ratio

3.2x

Total Leverage Ratio

Balance Sheet

Total

asset-level

financing

capacity

of

$10.5

billion

was

72%

utilized

at

quarter

end

$1.5

billion

of

credit

facility

maturity

extensions

in

2Q

Asset-Level Financing Capacity

($ in billions)

Outstanding Leverage

Credit

Facilities

Credit

Facilities

All-in cost of L+2.15%

Asset-Specific

Financings

Asset-Specific

Financings

All-in cost of L+2.01%

Corporate

Debt

Corporate

Debt

Recourse Debt

Recourse Debt

Senior Loan

Interests

Senior Loan

Interests

Pricing directly related to

underlying collateral assets

Total Leverage

Total Leverage

$4.0

$1.7

$0.6

$1.4

$6.3

$8.2

(a)

In addition to $369 million of loan participations sold, includes $983 million of Non-Consolidated Senior Interests, which result from non-recourse sales of  senior loan

interests in loans BXMT originates. BXMT’s net investments in these loans are reflected in the form of mezzanine or other subordinate loans on BXMT’s balance sheet.

(b)

Represents (i) total outstanding secured debt agreements, convertible notes, less cash, to (ii) total stockholders’ equity

(c)

Represents (i) total outstanding secured debt agreements, convertible notes, loan participations sold, Non-Consolidated Senior Interests, and securitized debt

obligations, less cash, to (ii) total stockholders’ equity

Credit

Facilities

8 providers

Senior Loan

Interests

8 providers

Asset-Specific

Financings

4

providers

$10.5 bn

2Q’17 Capacity

Securitized

Debt

1

securitization

Securitized

Debt

Securitized

Debt

$0.5

All-in cost of L+1.95%

$6.6

$2.0

$1.4

$0.5

(c)

(b)

(a)

Secured Facility: L+2.25%

Convertible Notes: 4.70%

Blackstone Mortgage Trust

7

Interest Rates

Core

Earnings

are

positively

correlated

to

changes

in

LIBOR,

the

benchmark

index

for

92%

of

BXMT’s

loans

A

1.0%

increase

in

USD

LIBOR

would

increase

net

interest

income

per

share

by

$0.23

per

annum

(a)

As of June 30, 2015

(b)

As of June 30, 2015, $1.2 billion of floating rate loans earned interest based on floors that were above the applicable index, with an average floor of 0.54%

(c)

As of June 30, 2017, $229 million of floating rate loans earned interest based on floors that were above the applicable index, with an average floor of 1.18%

Portfolio Income Sensitivity to USD LIBOR

(Annual Dollars of Net Interest Income Per Share)

USD LIBOR

Portfolio Fixed vs. Floating

(% of Total Loan Exposure)

Floating

Fixed

Floating

Fixed

At GE Acquisition

2Q 2017

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

1.22%

1.72%

2.22%

2.72%

3.22%

3.72%

8%

92%

20%

80%

(a)

(b)

(c)

Appendix

Blackstone Mortgage Trust

9

($ in billions)

($ in millions)

Appendix –

Second Quarter 2017 Operating Results & Net Funding

$811 million

(b)

Net Fundings

Net Funding

Operating Results

$9.7

$1.3

$(0.4)

$10.6

(a)

Includes $1.0 billion and $983 million of Non-Consolidated Senior Interests as of March 31, 2017 and June 30, 2017, respectively, see Appendix for definition

(b)

Excludes the impact of changes in foreign currency rates and hedges for non-USD loans and financings

$0.60

Core Earnings Per Share

$0.53

Net Income Per Share

(a)

(a)

GAAP Net

Income

Adjustments

Core

Earnings

Interest Income

126.8

$   

(0.2)

$      

126.6

$   

Interest Expense

(54.4)

0.4

(54.0)

Management and

Incentive Fees

(14.4)

—

(14.4)

G&A / Other

(1.5)

0.6

(0.9)

Non-Cash

Compensation

(6.0)

6.0

—

Total

50.6

$   

6.8

$     

57.4

$   

1Q'17 Loans

Outstanding

Fundings

Repayments

2Q'17 Loans

Outstanding

Blackstone Mortgage Trust

10

Loan Portfolio Details

(a)

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

(b)

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, 2017, three loans in

the portfolio have been financed with an aggregate $983 billion of Non-Consolidated Senior Interests, which are included in the table above.

(c)

Maximum maturity assumes all extension options are exercised; however, floating rate loans generally may be repaid prior to their final maturity without penalty

(d)

Consists of both floating and fixed rate loans. Coupon and all-in yield assume applicable floating benchmark rates for weighted-average calculation.

($ in millions)

Loan Type

Origination

Date

(a)

Total

Loan

(b)

Principal

Balance

(b)

Net Book

Value

Cash

Coupon

All-In

Yield

Maximum

Maturity

(c)

Location

Property

Type

Loan Per

SQFT / Unit / Key

Origination

LTV

(a)

Loan 1

Senior Loan

5/11/2017

753

$

643

$

639

$

L + 3.40%

L + 3.60%

6/10/2023

Virginia

Office

316 / sqft

62%

Loan 2

Senior loan

(b)

5/15/2015

590

520

88

L + 4.25%

L + 4.75%

5/15/2020

Miami

Retail

643 / sqft

36%

Loan 3

Senior loan

(b)

8/6/2015

481

481

87

4.49%

5.81%

10/29/2022

Diversified -

EUR

Other

n/a

71%

Loan 4

Senior Loan

5/22/2014

443

443

440

L + 4.20%

L + 4.48%

12/31/2019

Diversified -

UK

Hotel

120,340 /  key

59%

Loan 5

Senior Loan

5/1/2015

320

295

294

L + 3.45%

L + 3.83%

5/1/2020

New York

Office

375 / sqft

68%

Loan 6

Senior Loan

1/7/2015

315

287

287

L + 3.50%

L + 3.70%

1/9/2021

New York

Office

246 / sqft

53%

Loan 7

Senior Loan

6/4/2015

266

266

269

L + 4.34%

L + 4.21%

8/26/2020

Diversified -

CAN

Hotel

41,008 /  key

54%

Loan 8

Senior Loan

3/31/2017

258

242

239

L + 4.15%

L + 4.54%

4/9/2022

Maui

Hotel

318,182 /  key

75%

Loan 9

Senior Loan

6/23/2015

223

215

214

L + 3.65%

L + 3.96%

5/8/2022

Washington DC

Office

241 / sqft

72%

Loan 10

Senior Loan

7/31/2014

215

203

203

L + 3.40%

L + 3.44%

8/9/2019

Chicago

Office

268 / sqft

64%

Loan 11

Senior loan

(b)

6/30/2015

198

197

39

L + 4.75%

L + 5.19%

7/9/2020

San Francisco

Condo

927 / sqft

66%

Loan 12

Senior Loan

8/3/2016

276

189

187

L + 4.66%

L + 5.20%

8/9/2021

New York

Office

260 / sqft

57%

Loan 13

Senior Loan

8/19/2016

200

188

187

L + 3.64%

L + 4.10%

9/9/2021

New York

Office

572 / sqft

69%

Loan 14

Senior Loan

4/15/2016

200

185

184

L + 4.25%

L + 4.86%

5/9/2021

New York

Office

174 / sqft

40%

Loan 15

Senior Loan

2/25/2014

181

181

181

L + 4.75%

L + 5.07%

3/9/2019

Diversified -

US

Hotel

95,113 /  key

58%

Loan 16-102

Senior Loans

Various

7,143

6,079

6,050

5.17%

5.62%

(d)

Various

Various

Various

Various

62%

Total/Wtd. Avg.

12,062

$

10,614

$

9,588

$  

5.10%

5.54%

3.5 years

61%

Blackstone Mortgage Trust

11

Consolidated Balance Sheets

($ in thousands, except per share data)

June 30, 2017

December 31, 2016

Assets

Cash and cash equivalents

33,521

$                     

75,567

$                      

Restricted Cash

34,278

—

Loans receivable, net

9,587,457

8,692,978

Other assets

63,832

44,070

Total assets

9,719,088

$               

8,812,615

$               

Liabilities and equity

Secured debt agreements, net

5,806,037

$               

5,716,354

$               

Loan participations sold, net

367,671

348,077

Securitized debt obligations, net

474,123

—

Convertible notes, net

448,047

166,762

Other liabilities

116,737

87,819

Total liabilities

7,212,615

6,319,012

Commitments and contingencies

—

—

Equity

Class A common stock, $0.01 par value

948

945

Additional paid-in capital

3,102,929

3,089,997

Accumulated other comprehensive loss

(40,508)

(56,202)

Accumulated deficit

(556,896)

(541,137)

Total

Blackstone

Mortgage

Trust,

Inc.

stockholders’

equity

2,506,473

2,493,603

Total liabilities and equity

9,719,088

$               

8,812,615

$               

Blackstone Mortgage Trust

12

Consolidated Statements of Operations

($ in thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2017

2016

2017

2016

Income from loans and other investments

Interest and related income

126,825

$      

130,471

$      

245,341

$      

253,496

$      

Less: Interest and related expenses

54,352

49,065

101,026

94,446

Income from loans and other investments, net

72,473

81,406

144,315

159,050

Other expenses

Management and incentive fees

14,393

15,847

27,314

29,460

General and administrative expenses

7,373

6,781

14,800

13,576

Total other expenses

21,766

22,628

42,114

43,036

Gain on investments at fair value

—

10,524

—

10,589

(Loss) income from equity investment in unconsolidated subsidiary

—

(6)

—

133

Income before income taxes

50,707

69,296

102,201

126,736

Income tax provision (benefit)

94

(154)

183

87

Net income

50,613

$        

69,450

$        

102,018

$      

126,649

$      

Net income attributable to non-controlling interests

—

(6,369)

—

(6,521)

Net income attributable to Blackstone Mortgage Trust, Inc.

50,613

$        

63,081

$        

102,018

$      

120,128

$      

Per share information (basic and diluted)

Weighted-average shares of common stock outstanding

95,005,873

94,064,423

94,999,664

94,066,096

Net income per share of common stock

0.53

$             

0.67

$             

1.07

$             

1.28

$             

Blackstone Mortgage Trust

13

Per Share Calculations

(Amounts in thousands, except per share data)

(a)

Represents net income attributable to Blackstone Mortgage Trust

(b)

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

Three Months Ended

June 30, 2017

March 31, 2017

Net income

(a)

50,613

$                   

51,405

$                     

Non-cash compensation expense

5,959

5,907

GE purchase discount accretion adjustment

(b)

(198)

(216)

Other items

1,001

1,024

Core Earnings

57,375

$                   

58,120

$                     

Weighted-average shares outstanding, basic and diluted

95,006

94,993

Core Earnings per share, basic and diluted

0.60

$                       

0.61

$                           

June 30, 2017

March 31, 2017

Stockholders’

equity

2,506,473

$             

2,495,982

$                

Shares

Class A common stock

94,828

94,818

Deferred stock units

182

176

Total outstanding

95,010

94,994

Book value per share

26.38

$                     

26.28

$                         

Three Months Ended

June 30, 2017

March 31, 2017

Net income

(a)

50,613

$                   

51,405

$                     

Weighted-average shares outstanding, basic and diluted

95,006

94,993

Earnings per share, basic and diluted

0.53

$                       

0.54

$                           

Core Earnings

Reconciliation

Book Value

per Share

Earnings

per Share

Blackstone Mortgage Trust

14

Reconciliation of Net Income to Core Earnings

(a)

(a)

In

3Q

2015,

BXMT

revised

the

basis

of

reporting

for

Core

Earnings

to

be

net

of

incentive

fees.

Core

EPS

numbers

indicated

in

the

chart

for

3Q

2014,

4Q

2014

and

1Q

2015 are adjusted from the previously reported $0.50, $0.52 and $0.54, respectively, so as to be comparable to Core EPS numbers in 3Q 2015 and subsequently.

(b)

Represents net income attributable to Blackstone Mortgage Trust

(c)

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

(Amounts in Thousands, Except per Share Data)

Three Months Ended

Sep 30,

2013

Dec 31,

2013

Mar 31,

2014

Jun 30,

2014

Sep 30,

2014

Dec 31,

2014

Mar 31,

2015

Jun 30,

2015

Sep 30,

2015

Dec 31,

2015

Mar 31,

2016

Jun 30,

2016

Sep 30,

2016

Dec 31,

2016

Mar 31,

2017

Jun 30,

2017

Net income

(b)

8,320

$    

7,079

$    

13,065

$ 

33,466

$ 

22,024

$ 

21,490

$ 

35,393

$ 

29,284

$ 

66,888

$ 

65,264

$ 

57,047

$ 

63,081

$ 

64,794

$ 

53,375

$ 

51,405

$ 

50,613

$ 

CT Legacy Portfolio net (income) loss

(437)

3,670

970

(15,508)

(134)

4,833

(8,400)

(1,857)

(401)

(3,408)

183

(3,825)

(1,805)

(502)

-

-

Non-cash compensation expense

94

1,158

1,834

2,382

1,619

2,528

3,297

3,396

3,188

3,460

4,687

4,836

4,949

4,955

5,907

5,959

GE purchase discount accretion adjustment

(c)

-

-

-

-

-

-

-

(459)

(2,008)

(1,542)

(1,166)

(1,247)

(929)

(320)

(216)

(198)

Other items

-

107

423

162

404

408

342

416

(119)

310

418

278

(65)

742

1,024

1,001

Core Earnings

7,977

$    

12,014

$ 

16,292

$ 

20,502

$ 

23,913

$ 

29,259

$ 

30,632

$ 

30,780

$ 

67,548

$ 

64,084

$ 

61,169

$ 

63,123

$ 

66,944

$ 

58,250

$ 

58,120

$ 

57,375

$ 

Weighted-average shares outstanding, basic and diluted

28,895

29,364

37,967

47,978

49,211

58,190

58,576

80,941

93,358

93,574

94,068

94,064

94,072

94,456

94,993

95,006

Net income per share, basic and diluted

0.29

$      

0.24

$      

0.34

$      

0.70

$      

0.45

$      

0.37

$      

0.60

$      

0.36

$      

0.72

$      

0.70

$      

0.61

$      

0.67

$      

0.69

$      

0.57

$      

0.54

$      

0.53

$      

Core Earnings per share, basic and diluted

0.28

$      

0.41

$      

0.43

$      

0.43

$      

0.49

$      

0.50

$      

0.52

$      

0.38

$      

0.72

$      

0.68

$      

0.65

$      

0.67

$      

0.71

$      

0.62

$      

0.61

$      

0.60

$      

Blackstone Mortgage Trust

15

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.

Although

according

to

its

management

agreement

BXMT

calculates

the

incentive

and

base

management

fees

due

to

its

Manager

using

Core

Earnings

before

incentive

fees

expense,

beginning

with

the

third

quarter

of

2015,

BXMT

reports

Core

Earnings

after

incentive

fees

expense,

as

BXMT

believes

this

is

a

more

meaningful

presentation

of

the

economic

performance

of

its

class

A

common

stock.

Core

Earnings

is

defined

as

GAAP

net

income

(loss),

including

realized

gains

and

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)

depreciation

and

amortization,

(iv)

unrealized

gains

(losses),

and

(v)

certain

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.

Non-Consolidated

Senior

Interests:

Senior

interests

in

loans

originated

and

syndicated

to

third

parties.

These

non-recourse

loan

participations

constitute

additional

financing

capacity

and

are

included

in

discussions

of

the

loan

portfolio.

Blackstone Mortgage Trust

16

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

BXMT’s

current

views

with

respect

to,

among

other

things,

BXMT’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,”

“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,

2016,

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.