8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 27, 2021

Blackstone Mortgage Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland	1-14788	94-6181186
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

345 Park Avenue, 24th Floor

New York, New York 10154

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 655-0220

N/A

(Former Name or Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.01 per share	BXMT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 2.02 Results of Operations and Financial Condition.

On October 27, 2021, Blackstone Mortgage Trust, Inc. (the “Company”) issued a press release and detailed presentation announcing its financial results for the third quarter ended September 30, 2021. The press release and full detailed presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information contained under Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release of Blackstone Mortgage Trust, Inc. dated October 27, 2021.
99.2	Presentation of Blackstone Mortgage Trust, Inc. dated October 27, 2021.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BLACKSTONE MORTGAGE TRUST, INC.
Date: October 27, 2021
	By:	/s/ Anthony F. Marone, Jr.
	Name:	Anthony F. Marone, Jr.
	Title:	Chief Financial Officer

EX-99.1

Exhibit 99.1

Blackstone Mortgage Trust Reports Third Quarter 2021 Results

New York, October 27, 2021: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its third quarter 2021 results. Third quarter EPS, Distributable EPS, and dividends paid per share were $0.56, $0.63, and $0.62, respectively.

Katie Keenan, Chief Executive Officer, said, “BXMT’s accelerating momentum throughout the year led to exceptional performance in the third quarter, with a record $4.7 billion of new originations driving $2.9 billion of portfolio growth. Our resulting $22.0 billion portfolio of senior, floating-rate loans produced Distributable Earnings per share of $0.63, covering our long-standing dividend.”

Blackstone Mortgage Trust issued a full presentation of its third quarter 2021 results, which can be viewed at www.bxmt.com.

Quarterly Investor Call Details

Blackstone Mortgage Trust will host a conference call today at 9:00 a.m. ET to discuss results. To register for the webcast, please use the following link: https://event.webcasts.com/viewer/event.jsp?ei=1502143&tp_key=9aefb9450a. For those unable to listen to the live broadcast, a recorded replay will be available on the company’s website at www.bxmt.com beginning approximately two hours after the event.

About Blackstone Mortgage Trust

Blackstone Mortgage Trust (NYSE:BXMT) is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from our loan portfolio. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, depending on our view of the most prudent strategy available for each of our investments. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone. Further information is available at www.bxmt.com.

Blackstone Mortgage Trust, Inc.

345 Park Avenue

New York, New York 10154

T 212 655 0220

About Blackstone

Blackstone is the world’s largest alternative investment firm. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Forward-Looking Statements and Other Matters

This release 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 and the impact of and recovery from the negative effects of the COVID-19 pandemic. You can identify these forward-looking statements by the use of words such as “outlook,” “objective,” “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. 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, 2020, as such factors may be further 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 release 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.

We refer to “Distributable Earnings,” which is a non-GAAP financial measure, in this release. A reconciliation to net income attributable to Blackstone Mortgage Trust, the most directly comparable GAAP measure, is included in our full detailed presentation of third quarter 2021 results and is available on our website at www.bxmt.com.

Investor and Public Affairs Contacts

Investor Relations Blackstone +1 (888) 756-8443 BlackstoneShareholderRelations@Blackstone.com Public Affairs Blackstone +1 (212) 583-5263 PressInquiries@Blackstone.com

EX-99.2

Blackstone

Mortgage Trust, Inc.

Third Quarter 2021 Results

OCTOBER 27, 2021

Exhibit 99.2

Blackstone  |

Blackstone Mortgage Trust, Inc.

1

BXMT HIGHLIGHTS

(1)

Includes $998 million of Non-Consolidated Senior Interests and investment exposure to the $493 million 2018 Single Asset Securitization through a $79 million subordinate interest.

(2)

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

(3)

Reflects ratio of Distributable Earnings per share to dividends declared per share for three months ended September 30, 2021.

$4.7

billion

of

originations

led

to

$2.9

billion

of

portfolio

growth

and

a

record

$22.0

billion

(1)

portfolio of high-quality senior loans at quarter-end

Increased scale drove incremental earnings power, yielding GAAP EPS of $0.56 and Distributable

EPS

(2)

of $0.63 in the third quarter

$4.7B

originations

$3.5B

financing activity

102%

dividend coverage

(3)

Consistent, disciplined focus on       

low-leverage loans to strong sponsors

Attractive capital markets executions

enhance structure and cost of capital

Robust portfolio growth generates

increased earnings momentum

Growing Portfolio

Optimized Capitalization

Blackstone  |

Blackstone Mortgage Trust, Inc.

2

THIRD QUARTER 2021 RESULTS

(1)

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

(2)

Reflects ratio of Distributable Earnings per share to dividends declared per share for three months ended September 30, 2021.

(3)

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

(4)

Includes $998 million of Non-Consolidated Senior Interests and investment exposure to the $493 million 2018 Single Asset Securitization through a $79 million subordinate interest.

Earnings

GAAP

earnings

per

share

of

$0.56

and

Distributable

Earnings

(1)

per

share

of

$0.63;

declared

$0.62 per share dividend

Portfolio growth drove a sequential increase in Distributable Earnings and 102% dividend

coverage

(2)

in the quarter

CECL reserve decreased $0.04 per share to $0.86 per share due to continued positive credit

migration and impact of recent originations

Investments

Originated 38 loans totaling $4.7 billion to well-capitalized borrowers with multifamily

loans representing over 50% of the total

$3.9 billion of fundings exceeding $886 million of repayments during the quarter and

resulted in portfolio growth of $2.9 billion

Last twelve months originations of $8.8 billion reflect credit quality and pace consistent

with

pre-pandemic

levels,

with

a

weighted

average

LTV

(3)

of

66%

Portfolio

Closed $2.8 billion of asset-level financings across 35 assets and nine counterparties on

increasingly favorable economic and structural terms

Priced $400 million of five-year secured notes at 3.75% inaugurating BXMT as a bond issuer

and further diversifying financing sources

Issued 10 million shares of common stock at a premium to book value resulting in $0.25 of

accretion to book value per share and generating net proceeds of $312 million

Capitalization

$22.0

billion

(4)

senior

loan

portfolio

secured

by

institutional

quality

real

estate

in

major

markets

with

a

weighted

average

origination

LTV

(3)(4)

of

65%

Accelerating investment pace and continued turnover produced a newer vintage portfolio,

31% of which was originated in the last year

98% performing portfolio with continued strong credit performance, 100% interest

collections and reduced CECL reserve

Blackstone  |

Blackstone Mortgage Trust, Inc.

$26.68

$26.92

6/30/2021

9/30/2021

3

EARNINGS

3Q

GAAP

earnings

per

share

of

$0.56

and

Distributable

Earnings

(1)

per

share

of

$0.63

Portfolio growth supported issuance of premium equity in 3Q, driving book value increase of $0.24 per share

Increasing EPS

Increasing Book Value

(1)

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

$0.57

$0.54

$0.89

$0.56

GAAP EPS

+$0.24

Distributable EPS

Portfolio Size

(1)

$18.2B

$18.7B

$19.2B

$22.0B

$0.60

$0.59

$0.61

$0.63

4Q ‘20

1Q ‘21

2Q ‘21

3Q ‘21

Blackstone  |

Blackstone Mortgage Trust, Inc.

LTM Origination Mix

4

INVESTMENTS

LTM originations of $8.8 billion with a weighted average 66% LTV represent a continuation of pre-pandemic pace

and leverage profile

Investment mix reflects expanding activity in multifamily (43%) and Sunbelt (37%) markets

Origination Volume and LTV

($ in billions)

$8.8B

originations

$8.8B

originations

$8.4

$9.1

$4.4

$8.8

LTM 9/30/2018

LTM 9/30/2019

LTM 9/30/2020

LTM 9/30/2021

-

$2.0

$4.0

$6.0

$8.0

$10.0

Retail

4%

Hospitality

8%

Industrial

8%

Life Sciences

8%

Multifamily

43%

63%

Office

29%

Northeast

23%

Sunbelt

37%

Europe

19%

Northwest

1%

Midwest

5%

West

15%

Originations

LTV

60%

66%

66%

Blackstone  |

Blackstone Mortgage Trust, Inc.

5

PORTFOLIO

(1)

Includes $998 million of Non-Consolidated Senior Interests and investment exposure to the $493 million 2018 Single Asset Securitization through a $79 million subordinate interest.

(2)

States and countries comprising less than 1% of total loan portfolio are excluded.

$22.0 billion

(1)

senior loan portfolio comprising 157 investments with a weighted average origination LTV of 65%

31% of BXMT’s portfolio originated in the last twelve months reflecting more recent market conditions

Major Market Focus

(1)(2)

Collateral Diversification

(1)

DEU, 1%

UK, 9%

IE, 6%

ES, 7%

CA

17%

TX

6%

IL

4%

TN, 2%

GA

5%

FL

6%

NY

17%

DC, 2%

HI, 2%

SE, 3%

NC, 2%

MA, 2%

NV

1%

VA, 1%

Other, 5%

Life Sciences, 2%

Retail, 4%

Industrial, 4%

Hospitality

15%

Office

50%

Multifamily

20%

Blackstone  |

Blackstone Mortgage Trust, Inc.

(1)

Quarter-end liquidity of $1.1 billion includes $211 million of cash, $452 million of immediately available borrowings and $395 million of net proceeds due on settlement of the secured notes priced on

September 24, 2021 and settled on October 5, 2021.

(2)

Represents (i) total outstanding secured debt, asset-specific debt, term loans, and convertible notes, less cash, to (ii) total equity.

(3)

Reflects the $400 million secured notes, which priced on September 24, 2021 at 3.75% and settled on October 5, 2021.

(4)

Represents annual interest expense on corporate debt over the weighted average balance of debt outstanding.

5.7%

5.2%

5.1%

4.9%

4.3%

3.9%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2016

2017

2018

2019

2020

Q3 2021

Proforma

6

CAPITALIZATION

$2.8 billion of asset-level financings, $400 million of secured notes and $312 million of follow-on common equity

represent a continued increase in balance sheet scale, diversification and efficiency

Quarter-end liquidity

(1)

of $1.1 billion and debt-to-equity ratio

(2)

of 3.1x support ongoing growth within current

capitalization

Corporate Debt Progression

(3)

(4)

Diversified Financing Sources

(outstanding balance)

3Q 2021

Proforma

(3)

$18.2B

financings

Convertible Notes

Term Loan B

HY Notes

Cost of Corporate Debt

Convertible Notes, 3%

Term Loan B, 8%

HY Notes, 2%

Asset-Specific

Debt, 7%

Securitizations

18%

Secured Debt

Facilities, 62%

Blackstone  |

Blackstone Mortgage Trust, Inc.

Appendix

7

Blackstone  |

Blackstone Mortgage Trust, Inc.

GAAP Net

Income

Adjustments

Distributable

Earnings

Interest income

$200.1

$     -

$200.1

Interest expense

(82.7)

0.1

(82.6)

Management and incentive fees

(19.3)

-

(19.3)

General and administrative

expenses and taxes

(2.8)

-

(2.8)

Increase in current expected

credit loss reserve

(2.8)

2.8

-

Non-cash compensation

(8.1)

8.1

-

Realized hedging and

foreign currency loss, net

(1)

-

(0.8)

(0.8)

Net income attributable to non-

controlling interests

(0.6)

(0.1)

(0.7)

Total

$83.8

$10.1

$93.9

$19.0

$22.0

$3.9

$0.9

2Q ’21

Loans

Outstanding

Fundings

Repayments

3Q ’21

Loans

Outstanding

8

APPENDIX

(1)

Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on the date of conversion to USD

and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income on our consolidated balance sheet.

(2)

Amounts may not add due to rounding.

(3)

Adjusted to reflect $155 million of non-cash fluctuations in foreign currency rates during the period for comparability to our total loan portfolio as of June 30, 2021.

(4)

Includes $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 million 2018 Single Asset Securitization through a $79 million subordinate interest.

(5)

Includes $998 million of Non-Consolidated Senior Interests and investment exposure to the $493 million 2018 Single Asset Securitization through a $79 million subordinate interest.

Net Fundings

(2)

($ in billions)

3Q 2021 Operating Results

($ in millions)

$0.56

net income per share

$0.63

distributable earnings per share

(5)

(3)(4)

Blackstone  |

Blackstone Mortgage Trust, Inc.

APPENDIX

(1)

Portfolio excludes our $79 million subordinate interest in the $493 million 2018 Single Asset Securitization.

(2)

Date loan was originated or acquired by us, and the LTV as of such date. Origination dates are subsequently updated to reflect material loan modifications.

(3)

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 September 30, 2021, four loans in

the portfolio have been financed with an aggregate $998 million of Non-Consolidated Senior Interests, which are included in the table above.

(4)

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

(5)

This loan is accounted for under the cost recovery method.

(6)

Consists of both floating and fixed rates. Spread and all-in yield assume applicable floating benchmark rates for weighted-average calculation. Excludes loans under the cost-recovery method.

9

Portfolio Details

(1)

($ in millions)

Origination

Total

Principal

Net Book

Maximum

Property

Loan Per

Origination

Loan Type

Date

(2)

Loan

(3)

Balance

(3)

Value

Maturity

(4)

Location

Type

SQFT / Unit / Key

LTV

(2)

Loan 1

Senior loan

8/14/2019

$  1,275

$  1,238

$  1,233

+ 2.53%

+ 2.99%

12/23/2024

Dublin -

IE

Office

$450 / sqft

74 %

Loan 2

Senior loan

3/22/2018

858

858

857

+ 3.25%

+ 3.42%

3/15/2023

Diversified -

Spain

Mixed-Use

n / a

71 %

Loan 3

Senior loan

11/25/2019

724

690

692

+ 2.30%

+ 2.59%

12/9/2024

New York

Office

$988 / sqft

65 %

Loan 4

Senior loan

3/30/2021

570

570

564

+ 3.20%

+ 3.41%

5/15/2026

Diversified -

SE

Industrial

$104 / sqft

76 %

Loan 5

Senior loan

(3)

8/7/2019

746

441

87

+ 3.12%

+ 3.60%

9/9/2025

Los Angeles

Office

$298 / sqft

59 %

Loan 6

Senior loan

8/22/2018

363

363

362

+ 3.15%

+ 3.28%

8/9/2023

Maui

Hospitality

$471,391 /  key

61 %

Loan 7

Senior loan

9/23/2019

405

349

346

+ 3.00%

+ 3.22%

11/15/2024

Diversified -

Spain

Hospitality

$190,703 /  key

62 %

Loan 8

Senior loan

4/11/2018

355

345

344

+ 2.85%

+ 3.10%

5/1/2023

New York

Office

$437 / sqft

71 %

Loan 9

Senior loan

(3)

8/6/2015

325

325

59

5.75%

5.85%

10/29/2022

Diversified -

EUR

Other

n / a

71 %

Loan 10

Senior loan

1/11/2019

324

324

321

+ 4.35%

+ 4.70%

1/11/2026

Diversified -

UK

Other

$320 / sqft

74 %

Loan 11

Senior loan

3/16/2021

491

310

306

+ 3.85%

+ 4.15%

4/9/2026

Boston

Life Sciences

$765 / sqft

66 %

Loan 12

Senior loan

2/27/2020

300

297

296

+ 2.70%

+ 3.04%

3/9/2025

New York

Mixed-Use

$933 / sqft

59 %

Loan 13

Senior loan

9/30/2019

306

297

297

+ 3.66%

+ 3.75%

9/9/2024

Chicago

Office

$257 / sqft

58 %

Loan 14

Senior loan

11/30/2018

286

286

285

n/m

%

(5)

n/m

%

(5)

8/9/2025

New York

Hospitality

$306,870 /  key

73 %

Loan 15

Senior loan

10/23/2018

290

274

273

+ 2.80%

+ 3.04%

11/9/2024

Atlanta

Office

$255 / sqft

64 %

Loans 16 -

156

Senior loans

(3)

Various

18,641

14,557

14,084

+ 3.26

%

(6)

+ 3.59

%

(6)

Various

Various

Various

Various

64 %

CECL reserve

(130)

Total/Wtd. avg.

$  26,258

$  21,520

$  20,276

+ 3.22

%

(6)

+ 3.55

%

(6)

3.3 yrs

66 %

All-in

Spread

Yield

Blackstone  |

Blackstone Mortgage Trust, Inc.

APPENDIX

10

Consolidated Balance Sheets

($ in thousands, except per share data)

September 30, 2021

December 31, 2020

Assets

Cash and cash equivalents

$211,180

$289,970

Loans receivable

20,406,466

16,572,715

Current expected credit loss reserve

(130,388)

(173,549)

Loans receivable, net

$20,276,078

$16,399,166

Other assets

218,614

269,819

Total assets

$20,705,872

$16,958,955

Liabilities and equity

Secured debt, net

$11,170,330

$7,880,536

Securitized debt obligations, net

2,836,049

2,922,499

Asset-specific debt, net

320,895

391,269

Term loans, net

1,329,637

1,041,704

Convertible notes, net

618,985

616,389

Other liabilities

159,424

202,327

Total liabilities

$16,435,320

$13,054,724

Commitments and contingencies

—

—

Equity

Class A common stock, $0.01 par value

1,570

1,468

Additional paid-in capital

5,039,384

4,702,713

Accumulated other comprehensive income

9,874

11,170

Accumulated deficit

(814,278)

(829,284)

Total Blackstone Mortgage Trust, Inc. stockholders’ equity

$4,236,550

$3,886,067

Non-controlling interests

34,002

18,164

Total equity

$4,270,552

$3,904,231

Total liabilities and equity

$20,705,872

$16,958,955

Blackstone  |

Blackstone Mortgage Trust, Inc.

APPENDIX

11

Consolidated Statements of Operations

($ in thousands, except per share data)

2021

2020

2021

2020

Income from loans and other investments

Interest and related income

$200,114

$193,939

$583,941

$590,797

Less: Interest and related expenses

82,690

78,978

243,413

268,070

Income from loans and other investments, net

$117,424

$114,961

$340,528

$322,727

Other expenses

Management and incentive fees

19,342

18,985

60,094

58,758

General and administrative expenses

10,841

11,242

32,108

34,320

Total other expenses

$30,183

$30,227

$92,202

$93,078

(Increase) decrease in current expected credit loss reserve

(2,767)

6,055

49,432

(173,466)

Income before income taxes

$84,474

$90,789

$297,758

$56,183

Income tax provision

70

20

346

192

Net income

$84,404

$90,769

$297,412

$55,991

Net income attributable to non-controlling interests

(647)

(909)

(2,158)

(1,937)

Net income attributable to Blackstone Mortgage Trust, Inc.

$83,757

$89,860

$295,254

$54,054

Per share information (basic and diluted)

Net income per share of common stock

$0.56

$0.61

$2.00

$0.39

Weighted-average shares of common stock outstanding

149,214,819

146,484,651

147,971,737

140,157,620

Three Months Ended September 30,

Nine Months Ended September 30,

Blackstone  |

Blackstone Mortgage Trust, Inc.

APPENDIX

(1)

Represents net income attributable to Blackstone Mortgage Trust, Inc.

(2)

Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on the date of conversion to USD

and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income on our consolidated balance sheet.

12

Per Share Calculations

(in thousands, except per share data)

Distributable Earnings

Reconciliation

Book Value

per Share

Earnings

per Share

September 30, 2021

June 30, 2021

Net

income

(1)

$83,757

$131,595

Increase (decrease) in current expected credit loss reserve

2,767

(50,906)

Non-cash compensation expense

8,080

8,020

Realized

hedging

and

foreign

currency

(loss)

income,

net

(2)

(768)

744

Other items

116

194

Adjustments attributable to non-controlling interests, net

(39)

248

Distributable Earnings

$93,913

$89,895

Weighted-average shares outstanding, basic and diluted

149,215

147,343

Distributable Earnings per share, basic and diluted

$0.63

$0.61

Three Months Ended

September 30, 2021

June 30, 2021

Stockholders' equity

$4,236,550

$3,930,961

Shares

Class A common stock

157,016

147,016

Deferred stock units

356

328

Total outstanding

157,372

147,344

Book value per share

$26.92

$26.68

Three Months Ended

September 30, 2021

June 30, 2021

Net income

(1)

$83,757

$131,595

Weighted-average shares outstanding, basic and diluted

149,215

147,343

Per share amount, basic and diluted

$0.56

$0.89

Three Months Ended

Blackstone  |

Blackstone Mortgage Trust, Inc.

APPENDIX

(1)

Represents net income attributable to Blackstone Mortgage Trust, Inc.

(2)

Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on the date of conversion to USD

and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income on our consolidated balance sheet.

13

Reconciliation of Net Income to Distributable Earnings

(in thousands, except per share data)

Three Months Ended,

Sep 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Net income

(1)

$83,757

$131,595

$79,902

$83,616

Increase (decrease) in current expected credit loss reserve

2,767

(50,906)

(1,293)

(5,813)

Non-cash compensation expense

8,080

8,020

8,085

8,554

Realized

hedging

and

foreign

currency

(loss)

income,

net

(2)

(768)

744

172

582

Other items

116

194

130

921

Adjustments attributable to non-controlling interests, net

(39)

248

(47)

74

Distributable Earnings

$93,913

$89,895

$86,949

$87,934

Weighted-average shares outstanding, basic and diluted

149,215

147,343

147,337

146,675

Net income per share, basic and diluted

$0.56

$0.89

$0.54

$0.57

Distributable Earnings per share, basic and diluted

$0.63

$0.61

$0.59

$0.60

Blackstone  |

Blackstone Mortgage Trust, Inc.

DEFINITIONS

14

Distributable

Earnings:

Blackstone

Mortgage

Trust,

Inc.

(“BXMT”)

discloses

Distributable

Earnings

in

this

presentation.

Distributable

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”).

Distributable

Earnings

is

a

non-GAAP

measure,

which

we

define

as

GAAP

net

income

(loss),

including

realized

gains

and

losses

not

otherwise

included

in

GAAP

net

income

(loss),

and

excluding

(i)

non-cash

equity

compensation

expense,

(ii)

depreciation

and

amortization,

(iii)

unrealized

gains

(losses),

and

(iv)

certain

non-cash

items.

Distributable

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

our

Manager,

subject

to

approval

by

a

majority

of

our

independent

directors.

During

the

three

months

ended

September

30,

2021,

we

recorded

a

$3

million

increase

in

current

expected

credit

loss

reserve,

or

CECL

reserve,

which

has

been

excluded

from

Distributable

Earnings

consistent

with

other

unrealized

gains

(losses)

pursuant

to

our

existing

policy

for

reporting

Distributable

Earnings

and

the

terms

of

the

management

agreement

between

our

Manager

and

us.

We

believe

that

Distributable

Earnings

provides

meaningful

information

to

consider

in

addition

to

our

net

income

and

cash

flow

from

operating

activities

determined

in

accordance

with

GAAP.

This

adjusted

measure

helps

us

to

evaluate

our

performance

excluding

the

effects

of

certain

transactions

and

GAAP

adjustments

that

we

believe

are

not

necessarily

indicative

of

our

current

loan

portfolio

and

operations.

We

believe

Distributable

Earnings

is

a

useful

financial

metric

for

existing

and

potential

future

holders

of

our

class

A

common

stock

as

historically,

over

time,

Distributable

Earnings

has

been

a

strong

indicator

of

our

dividends

per

share.

Distributable

Earnings

mirrors

the

terms

of

our

management

agreement

between

our

Manager

and

us

for

purposes

of

calculating

our

incentive

fee

expense.

Distributable

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

our

GAAP

cash

flows

from

operations,

a

measure

of

our

liquidity,

or

an

indication

of

funds

available

for

our

cash

needs.

In

addition,

our

methodology

for

calculating

Distributable

Earnings

may

differ

from

the

methodologies

employed

by

other

companies

to

calculate

the

same

or

similar

supplemental

performance

measures,

and

accordingly,

our

reported

Distributable

Earnings

may

not

be

comparable

to

the

Distributable

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.

Non-Consolidated

Securitized

Debt

Obligations:

Senior

securitized

debt

held

by

third-parties

in

the

2018

Single

Asset

Securitization.

These

non-recourse

securitized

debt

obligations,

which

are

excluded

from

the

GAAP

balance

sheet,

constitute

additional

financing

capacity

and

are

included

in

discussions

of

the

loan

portfolio.

Blackstone  |

Blackstone Mortgage Trust, Inc.

FORWARD-LOOKING STATEMENTS

15

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,

its

business

plans

and

the

impact

of

and

recovery

from

the

negative

effects

of

the

COVID-19

pandemic.

You

can

identify

these

forward-looking

statements

by

the

use

of

words

such

as

“outlook,”

“objective,”

“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,

2020,

as

such

factors

may

be

further

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.

XML

Document and Entity Information	Oct. 27, 2021
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001061630
Document Type	8-K
Document Period End Date	Oct. 27, 2021
Entity Registrant Name	Blackstone Mortgage Trust, Inc.
Entity Incorporation State Country Code	MD
Entity File Number	1-14788
Entity Tax Identification Number	94-6181186
Entity Address, Address Line One	345 Park Avenue
Entity Address, Address Line Two	24th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	(212)
Local Phone Number	655-0220
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Class A common stock, par value $0.01 per share
Trading Symbol	BXMT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false