Blackstone Mortgage Trust, Inc.

February 12, 2019

Fourth Quarter and Full Year 2018 Results

Exhibit 99.2

Blackstone Mortgage Trust

1

$11.1

$15.8

YE 2017

YE 2018

BXMT Highlights

Information included in this presentation is as of or for the period ended December 31, 2018, 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 February 11, 2019.

(c)

Reflects ratio of Core Earnings to dividends declared.

(d)

Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.

(e)

Includes $447 million of Non-Consolidated Senior Interests and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a $99 million subordinate risk retention interest.

+42%

($ in billions)

Portfolio Growth

(e)

2018

Dividend

Coverage

117%

7.2%

100%

62%

Performing Loans

Loan-to-Value

(d)(e)

(c)

Dividend

Yield 

(b)

BXMT

generated

4Q

EPS

of

$0.61

and

Core

EPS

(a)

of

$0.69

through

continued

growth

in

its

first

mortgage

origination

business;

2018

full

year

EPS

of

$2.50,

Core

EPS

of

$2.90

and

dividends

paid

of

$2.48

per

share

Blackstone Mortgage Trust

2

4Q

originations

of

$3.5

billion

across

21

transactions

(b)

Originated

52

loans

(b)

in

2018

resulting

in

record

volume

of

$10.7

billion,

with

a

weighted

average

origination

LTV

(c)

of

61%

4Q

EPS

of

$0.61

and

Core

Earnings

(a)

per

share

of

$0.69

($2.50

and

$2.90,

respectively

for

full

year

2018)

Book

value

per

share

of

$27.20,

up

$0.27

in

2018;

paid

$0.62

per

share

dividend

Fourth Quarter and Full Year 2018 Results

Portfolio

grew

42%

in

2018

to

$15.8

billion

(d)

100%

performing

portfolio

with

a

weighted

average

origination

LTV

(c)(d)

of

62%

Sourced

new

credit

capacity

of

$3.0

billion

in

the

quarter

and

$6.5

billion

in

2018

Issued

14.6

million

shares

at

an

average

1.22x

P/B

in

2018,

generating

$483

million

of

gross

proceeds

(a)

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

(b)

Excluding upsizes.

(c)

Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.

(d)

Includes $447 million of Non-Consolidated Senior Interests and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a $99 million subordinate risk retention interest.

96%

of

the

portfolio

(d)

is

floating

rate

Floating

rate

assets

and

matched

liabilities

support

book

value

and

earnings

stability

Earnings &

Dividends

Originations

Portfolio

Composition

Capitalization

Interest Rates

Blackstone Mortgage Trust

3

$2.48

$0.42

$24.67

$27.20

Re-IPO

2Q'13

4Q'18

Earnings & Dividends

Earnings & Dividends

4Q

GAAP

EPS

of

$0.61

and

Core

Earnings

(a)

of

$0.69

per

share,

$0.62

per

share

dividend

equates

to

a

7.2%

dividend

yield

(b)

Earnings

in

excess

of

quarterly

dividends

enhanced

book

value

per

share,

which

has

grown

10%

since

2013

re-IPO

(a)

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

(b)

Based on annualized dividend and BXMT closing price as of February 11, 2019.

(c)

2018 GAAP EPS was $2.50; retained Core Earnings refers to the amount of Core Earnings in excess of dividends paid for the periods presented.

$0.62

Quarterly

Dividend

+10%

Dividends Paid

Retained

Core Earnings

Book Value Per Share Growth

2018 Core Earnings Per Share

(c)

117%

2018 Dividend Coverage

Blackstone Mortgage Trust

4

Originations

Originations

Origination

volume

grew

to

$3.5

billion

in

4Q

and

$10.7

billion

in

2018

while

maintaining

a

consistent

credit

profile

Originations

were

driven

by

an

increase

in

both

large

loans

and

more

granular

deal

flow

($ in billions)

Origination LTV and Volume

(b)

Origination Volume and Deal Count

(a)

Excluding upsizes.

(b)

Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.

62%

61%

2017

2018

$4.8

$10.7

$1.9

$3.9

$1.4

$3.5

1Q 2018

2Q 2018

3Q 2018

4Q 2018

21

10

14

7

Deal

Count

(a)

Blackstone Mortgage Trust

5

Portfolio Composition

$15.8

billion

portfolio

(a)

comprising

126

assets

secured

by

institutional

quality

real

estate,

with

71%

in

gateway

markets

High

quality

100%

performing

portfolio

with

low

weighted

average

LTV

(a)(b)

of

62%

Major Market Focus

(a)

Collateral Diversification

(a)

(a)

Includes $447 million of Non-Consolidated Senior Interests and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a $99 million subordinate risk retention interest.

(b)

Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.

Weighted Average LTV

(a)(b)

62%

States that comprise less than 1% of total portfolio

BE

IL

7%

CAN

GA

3%

HI

5%

VA

6%

CA

16%

MD

MA

2%

FL

4%

NY

25%

ES

7%

UK

7%

DC

2%

NV

2%

TX

2%

WA

2%

2%

CO

1%

1%

NC

1%

OH

1%

TN

1%

1%

AU

2%

1%

Condo

Self-Storage

Retail

Industrial

Spanish

Assets

Multi

$15.8B

portfolio

Office

23%

13%

7%

4%

2%

2%

3%

45%

Other

Blackstone Mortgage Trust

6

$8.6

$13.6

$1.3

$2.2

$1.4

$0.6

2017

2018

Capitalization

$2.9

billion

of

net

credit

capacity

growth

across

6

credit

facilities

during

the

quarter

Asset-level

financing

increased

in

step

with

net

portfolio

growth

totaling

$5.1

billion

of

net

capacity

growth

in

2018

Total

asset-level

financing

capacity

of

$16.4

billion

was

72%

utilized

at

quarter-end

Credit Capacity Growth

(a)

Includes $1.3 billion of consolidated securitized debt obligations as well as $0.9 billion of securitized debt held by third-parties in the $1.0 billion 2018 Single Asset Securitization, which is not

consolidated on BXMT’s balance sheet. Refer to our consolidated financial statements for further discussion of the subordinated risk retention interest related to the 2018 Single Asset

Securitization.

(b)

Includes

$95

million

of

loan

participations

sold

and

$447

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.

(c)

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

2.8x

Debt-to-Equity

Ratio

(c)

Financing

(Outstanding Balance)

+45%

$16.4

$11.3

($ in billions)

Credit Facilities

Syndications

Securitizations

Convertible Notes and

Secured Facility

CLO and Single Asset

Securitizations

Senior Syndications

11 Credit Providers

$9.0

$0.6

$0.5

$2.2

Corporate Obligations

Corporate Obligations

Credit

Facilities

Corporate

Debt

Securitized

Debt

(a)

Senior Loan

Interests

(b)

$9.6

Blackstone Mortgage Trust

7

4%

96%

Interest Rates

96%

of

the

portfolio

(a)

is

floating

rate

A

1.0%

increase

in

USD

LIBOR

would

increase

earnings

per

share

by

$0.21

per

annum

(b)

(a)

Includes $447 million of Non-Consolidated Senior Interests and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a $99 million subordinate risk retention interest.

(b)

Changes in interest rates and credit spreads may affect our net interest income from loans and other investments. Reflects impact on net income, net of incentive fees. See Appendix for

important disclosures.

Earnings

Sensitivity

to

USD

LIBOR

(b)

(Annual Dollars of Earnings per Share)

USD LIBOR

Portfolio Fixed vs. Floating

(a)

(% of Total Portfolio Exposure)

Floating

Fixed

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

Appendix

Blackstone Mortgage Trust

9

GAAP Net

Income

Adjustments

Core

Earnings

Interest Income

206.1

$     

$—

206.1

$     

Interest Expense

(103.9)

0.4

(103.5)

Management and

Incentive Fees

(18.6)

—

(18.6)

General and Administrative

Expenses

(2.0)

—

(2.0)

Non-Cash

Compensation

(7.7)

7.7

—

Realized Foreign Currency

Gain, net

(a)

—

1.9

1.9

Net Income Attributable to

Non-controlling Interests

(0.3)

—

(0.3)

Total

73.6

$     

10.0

$     

83.6

$    

Appendix –

Fourth Quarter and Full Year 2018 Operating Results & Net Fundings

$4.3 billion

2018 Net Fundings

Net Fundings

(b)

($ in billions)

Operating Results

($ in millions)

(a)

Primarily represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign

currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. These

amounts are not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.

(b)

Excludes the impact of changes in foreign currency rates and related hedges for non-USD investments.

$0.69

Core Earnings per Share

$0.61

Net Income per Share

$2.1 billion

4Q’18  Net Fundings

Fundings

Repayments

Blackstone Mortgage Trust

10

(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

December 31, 2018, three loans in the portfolio have been financed with an aggregate $447 million of Non-Consolidated Senior Interests, which are included in the table above.

(c)

Portfolio excludes our $99 million subordinate risk retention interest in the $1.0 billion 2018 Single Asset Securitization.

(d)

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

(e)

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

Portfolio Details

($ in millions)

Origination

Total

Principal

Net Book

Maximum

Property

Loan Per

Origination

Loan Type

Date

(a)

Loan

(b)(c)

Balance

(b)(c)

Value

Maturity

(d)

Location

Type

SQFT / Unit / Key

LTV

(a)

Loan 1

Senior loan

3/22/2018

$  1,131

$  1,131

$  1,124

L + 3.15

%

L + 3.40

%

3/15/2023

Diversified -

Spain

Spanish Assets

n/a

71 %

Loan 2

Senior loan

5/11/2017

753

682

679

L + 3.40

%

L + 3.60

%

6/10/2023

Washington DC

Office

334 / sqft

62 %

Loan 3

Senior loan

(b)

8/6/2015

471

471

86

5.75

%

5.82

%

10/29/2022

Diversified -

EUR

Other

n/a

71 %

Loan 4

Senior loan

5/1/2015

355

342

342

L + 2.85

%

L + 3.02

%

5/1/2023

New York

Office

434 / sqft

68 %

Loan 5

Senior loan

2/13/2018

330

322

322

L + 3.42

%

L + 3.52

%

3/9/2023

New York

Multi

780,386 / unit

62 %

Loan 6

Senior loan

1/7/2015

350

317

316

L + 2.50

%

L + 2.76

%

1/9/2021

New York

Office

272 / sqft

53 %

Loan 7

Senior loan

10/23/2018

352

313

310

L + 3.40

%

L + 3.72

%

10/23/2021

New York

Mixed-Use

284 / sqft

65 %

Loan 8

Senior loan

3/31/2017

339

286

283

L + 3.50

%

L + 3.88

%

8/9/2023

Maui

Hotel

377,099 /  key

61 %

Loan 9

Senior loan

11/30/2018

291

274

272

L + 2.83

%

L + 3.20

%

12/9/2023

New York

Hotel

224,555 /  key

73 %

Loan 10

Senior loan

11/30/2018

254

247

245

L + 2.80

%

L + 3.17

%

12/9/2023

San Francisco

Hotel

363,291 /  key

73 %

Loan 11

Senior loan

12/11/2018

310

241

238

L + 2.55

%

L + 2.96

%

12/9/2023

Chicago

Office

203 / sqft

78 %

Loan 12

Senior loan

8/3/2016

276

233

233

L + 4.66

%

L + 5.29

%

8/9/2021

New York

Office

321 / sqft

57 %

Loan 13

Senior loan

12/22/2017

225

225

224

L + 2.80

%

L + 3.16

%

1/9/2023

Chicago

Multi

326,087 / unit

65 %

Loan 14

Senior loan

5/9/2018

219

219

218

L + 3.00

%

L + 3.24

%

5/9/2023

New York

Industrial

62 / sqft

70 %

Loan 15

Senior loan

6/23/2015

220

213

213

L + 3.65

%

L + 3.78

%

5/8/2022

Washington DC

Office

239 / sqft

72 %

Loans 16 -

125

Senior loans

Various

12,340

9,222

9,088

5.91

%

(e)

6.26

%

(e)

Various

Various

Various

Various

62 %

Total/Wtd. avg.

$  18,217

$  14,741

$  14,191

5.64

%

5.96

%

3.9 yrs

64 %

Cash

All-in

Coupon

Yield

Blackstone Mortgage Trust

11

December 31, 2018

December 31, 2017

Assets

Cash and cash equivalents

105,662

$                    

69,654

$                      

Restricted cash

—

32,864

Loans receivable, net

14,191,200

10,056,732

Other assets

170,513

99,575

Total assets

14,467,375

$              

10,258,825

$              

Liabilities and equity

Secured debt agreements, net

8,974,756

$                

5,273,855

$                

Loan participations sold, net

94,418

80,415

Securitized debt obligations, net

1,285,471

1,282,412

Convertible notes, net

609,911

563,911

Other liabilities

128,212

140,826

Total liabilities

11,092,768

7,341,419

Commitments and contingencies

—

—

Equity

Class A common stock, $0.01 par value

1,234

1,079

Additional paid-in capital

3,966,540

3,506,861

Accumulated other comprehensive loss

(34,222)

(29,706)

Accumulated deficit

(569,428)

(567,168)

Total Blackstone Mortgage Trust, Inc. stockholders' equity

3,364,124

2,911,066

Non-controlling interests

10,483

6,340

Total equity

3,374,607

2,917,406

Total liabilities and equity

14,467,375

$              

10,258,825

$              

Consolidated Balance Sheets

($ in thousands, except per share data)

Blackstone Mortgage Trust

12

Consolidated Statements of Operations

($ in thousands, except per share data)

Three Months Ended December 31,

Year Ended December 31,

2018

2017

2018

2017

Income from loans and other investments

Interest and related income

206,098

$           

146,127

$           

756,109

$           

537,915

$           

Less: Interest and related expenses

103,948

65,953

359,625

234,870

Income from loans and other investments, net

102,150

80,174

396,484

303,045

Other expenses

Management and incentive fees

18,586

14,284

74,834

54,841

General and administrative expenses

9,632

7,702

35,529

29,922

Total other expenses

28,218

21,986

110,363

84,763

Income before income taxes

73,932

58,188

286,121

218,282

Income tax provision

36

48

308

314

Net income

73,896

$             

58,140

$             

285,813

$           

217,968

$           

Net income attributable to non-controlling interests

(253)

(249)

(735)

(337)

Net income attributable to Blackstone Mortgage Trust, Inc.

73,643

$             

57,891

$             

285,078

$           

217,631

$           

Per share information (basic and diluted)

Weighted-average shares of common stock outstanding

121,588,404

98,810,617

113,857,238

95,963,616

Net income per share of common stock

0.61

$                 

0.59

$                 

2.50

$                 

2.27

$                 

Blackstone Mortgage Trust

13

Three Months Ended

December 31, 2018

September 30, 2018

Stockholders' equity

3,364,124

$              

3,300,772

$                 

Shares

Class A common stock

123,436

119,669

Deferred stock units

229

221

Total outstanding

123,665

119,890

Book value per share

27.20

$                      

27.53

$                          

Per Share Calculations

(a)

Represents net income attributable to Blackstone Mortgage Trust, Inc.

(b)

Primarily

represents

the

forward

points

earned

on

our

foreign

currency

forward

contracts,

which

reflect

the

interest

rate

differentials

between

the

applicable

base

rate

for

our

foreign

currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. These

amounts are not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.

(Amounts in thousands, except per share data)

Core Earnings

Reconciliation

Book Value

per Share

Earnings

per Share

Three Months Ended

December 31, 2018

September 30, 2018

Net income

(a)

73,643

$                    

78,165

$                      

Non-cash compensation expense

7,666

6,734

Realized foreign currency gain, net

(b)

1,942

1,930

Other items

394

590

Core Earnings

83,645

$                    

87,419

$                      

Weighted-average shares outstanding, basic and diluted

121,588

116,203

Core Earnings per share, basic and diluted

0.69

$                         

0.75

$                           

Three Months Ended

December 31, 2018

September 30, 2018

Net income

(a)

73,643

$                   

78,165

$                     

Weighted-average shares outstanding, basic and diluted

121,588

116,203

Earnings per share, basic and diluted

0.61

$                       

0.67

$                           

Blackstone Mortgage Trust

14

Reconciliation of Net Income to Core Earnings

(a)

Represents net income attributable to Blackstone Mortgage Trust, Inc.

(b)

Historically, we have deferred in Core Earnings the accretion of purchase discount attributable to a certain pool of GE portfolio investments acquired in May 2015, until repayment in full of

the remaining investments in the pool was substantially assured. During the three months ended June 30, 2018, it was determined that repayment of the remaining loans in the deferral

pool was substantially assured. As such, the $8.7 million of deferred purchase discount, which has been previously recognized in GAAP net income, was realized in Core Earnings during the

three months ended June 30, 2018.

(c)

Primarily

represents

the

forward

points

earned

on

our

foreign

currency

forward

contracts,

which

reflect

the

interest

rate

differentials

between

the

applicable

base

rate

for

our

foreign

currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. These

amounts are not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.

(Amounts in thousands, except per share data)

Year Ended

Dec 31,

2018

Dec 31,

2018

Sept 30,

2018

June 30,

2018

Mar 31,

2018

Net income

(a)

285,078

$    

73,643

$      

78,165

$      

72,312

$      

60,958

$       

Non-cash compensation expense

28,154

7,666

6,734

6,778

6,976

GE

purchase

discount

accretion

adjustment

(b)

8,706

—

—

8,723

(17)

Realized foreign currency gain, net

(c)

6,723

1,942

1,930

1,998

854

Other items

2,084

394

590

565

534

Core Earnings

330,745

$    

83,645

$      

87,419

$      

90,376

$      

69,305

$       

Weighted-average shares outstanding, basic and diluted

113,857

121,588

116,203

109,069

108,398

Net income per share, basic and diluted

2.50

$           

0.61

$           

0.67

$           

0.66

$           

0.56

$           

Core

Earnings

per

share,

basic

and

diluted

2.90

$           

0.69

$           

0.75

$           

0.83

$           

0.64

$           

Three Months Ended

Blackstone Mortgage Trust

15

Definitions

Core

Earnings:

Blackstone

Mortgage

Trust,

Inc.

(“BXMT”)

discloses

Core

Earnings

in

this

presentation.

Core

Earnings

is

a

financial

measure

that

is

calculated

and

presented

on

the

basis

of

methodologies

other

than

in

accordance

with

generally

accepted

accounting

principles

in

the

United

States

of

America

(“GAAP”).

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,

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,

which

are

excluded

from

the

GAAP

balance

sheet,

constitute

additional

financing

capacity

and

are

included

in

discussions

of

the

loan

portfolio.

Earnings

Sensitivity

to

LIBOR:

Reflects

the

impact

on

net

income,

net

of

incentive

fees,

assuming

no

changes

in

credit

spreads,

portfolio

composition,

or

asset

performance.

Assumes

no

change

in

general

and

administrative

expenses,

management

fees,

or

other

non-interest

expenses

relative

to

those

incurred

for

the

quarter

ended

December

31,

2018.

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,

its

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,

2018,

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.