Blackstone Mortgage Trust Reports First Quarter 2019 Results New - PowerPoint PPT Presentation

Blackstone Mortgage Trust Reports First Quarter 2019 Results New York, April 23, 2019 : Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its first quarter 2019 results. Stephen D. Plavin, Chief Executive Officer, said, “Our first quarter results reflect the strong earnings power of BXMT’s scaled portfolio. With our new, attractively priced term loan, we are better positioned than ever to continue delivering for our shareholders. ” Blackstone Mortgage Trust issued a full detailed presentation of its first quarter 2019 results, which can be viewed at www.bxmt.com. Quarterly Investor Call Details Blackstone Mortgage Trust will host a conference call on Wednesday, April 24, 2019 at 10:00 a.m. ET to discuss first quarter 2019 results. The conference call can be accessed by dialing +1 (888) 268-4178 (U.S. domestic) or +1 (617) 597-5494 (international), with the passcode 245-054- 61# or by webcast at www.bxmt.com (listen only). For those unable to listen to the live broadcast, a recorded replay will be available on the c ompany’s website or by telephone beginning approximately two hours after the event. The replay call number is +1 (888) 286-8010 (U.S. domestic) or +1 (617) 801-6888 (international), with the passcode 350-306-82#. 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. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone. Further information is available at www.bxmt.com. About Blackstone Blackstone (NYSE:BX) is one of the wo rld’s leading investment firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. Blackstone does this by using extraordinary people and flexible capital to help companies solve problems. Blackstone’s asset manage ment businesses, with $512 billion in assets under management, _____________________________ Blackstone Mortgage Trust, Inc. 345 Park Avenue New York, New York 10154 T 212 655 0220

include investment vehicles focused on private equity, real estate, public debt and equity, 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 wit h respect to, among other things, Blackstone Mortgage Trust’s operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “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 entit led “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 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. Investor and Media Relations Contacts Weston Tucker Paula Chirhart Investor Relations Media Relations Blackstone Blackstone +1 (212) 583-5231 +1 (212) 583-5011 tucker@blackstone.com paula.chirhart@blackstone.com

Blackstone Mortgage Trust, Inc. First Quarter Results April 23, 2019

BXMT Highlights  BXMT’s increased 1 Q’ 19 earnings power reflects the increased scale of its $16.1 billion senior loan portfolio (a)  1 Q’ 19 EPS of $0.62 and Core EPS (b) of $0.71 represent growth of $0.06 and $0.07 over 1 Q’ 18 ($ in billions, except per share data) Increased Scale and Earnings Power 7.2% 115% $0.71 $18.0 $0.70 $16.0 Dividend Yield (c) Dividend Coverage (d) $16.1 $0.64 $0.65 $14.0 $12.0 $12.1 $0.60 $10.0 $0.55 $8.0 100% $6.0 62% $0.50 $4.0 $0.45 Performing Loans Loan-to-Value (a)(e) $2.0 $0.0 $0.40 (f) 1Q'18 1Q'19 Outstanding Portfolio (a) Core EPS Information included in this presentation is as of or for the period ended March 31, 2019, unless otherwise indicated. Blackstone Mortgage Trust 1 (a) Includes $447 million and $450 million of Non-Consolidated Senior Interests as of December 31, 2018 and March 31, 2019, respectively, and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a $99 million subordinate risk retention interest. (b) See Appendix for a definition and reconciliation to GAAP net income. (c) Based on annualized dividend and BXMT closing price as of April 22, 2019. (d) Reflects ratio of Core Earnings to dividends declared. (e) Reflects weighted average LTV as of the date investments were originated or acquired by BXMT. (f) 1Q 2018 GAAP EPS was $0.56. See Appendix for a definition and reconciliation to GAAP net income.

First Quarter 2019 Results  EPS of $0.62 and Core Earnings (a) per share of $0.71, or $88 million Earnings & Dividends  Increased book value per share by $0.12 to $27.32; paid $0.62 per share dividend  $699 million of originations and $204 million of fundings under previously originated loans Originations  Net portfolio growth of $298 million and TTM (b) net fundings of $3.6 billion  $16.1 billion (c) portfolio secured by institutional quality real estate in major markets Portfolio Composition  100% performing portfolio with a weighted average origination LTV (c)(d) of 62%  Post quarter end, closed a $500 million senior secured term loan at L+2.50% (99.75 OID) with a 7-year term Capitalization  $12.0 billion diversified asset-level financing structure; 2.8x debt-to-equity ratio (e)  Floating rate assets and matched liabilities support book value and earnings stability Interest Rates  Increased LIBOR translates to increased earnings, (f) while LIBOR floors in certain loans mitigate the impact of potential rate declines (a) See Appendix for a definition and reconciliation to GAAP net income. Blackstone Mortgage Trust 2 (b) Represents the twelve months ended March 31, 2019. (c) Includes $450 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. (d) Reflects weighted average LTV as of the date investments were originated or acquired by BXMT. (e) Represents (i) total outstanding secured debt agreements and convertible notes, less cash, to (ii) total equity. (f) Changes in interest rates and credit spreads may affect our net interest income from loans and other investments and therefore our net income. See Appendix for important disclosures.

   Earnings & Dividends   1Q GAAP EPS of $0.62 and Core Earnings (a) of $0.71 per share; $0.62 per share dividend equates to a 7.2% dividend yield (b)  Retained earnings in excess of quarterly dividends enhanced book value per share 1Q Core Earnings Per Share (c) Book Value Per Share Growth Retained $0.09 $27.32 Core Earnings $ 0.62 $26.95 Quarterly Dividend $26.28 Dividends Paid $0.62 1Q'17 1Q'18 1Q'19 (a) See Appendix for a definition and reconciliation to GAAP net income. Blackstone Mortgage Trust 3 (b) Based on annualized dividend and BXMT closing price as of April 22, 2019. (c) 1Q GAAP EPS was $0.62; retained Core Earnings refers to the amount of Core Earnings in excess of dividends paid for the periods presented.

Originations  $699 million of originations and $204 million of fundings under previously originated loans  Net portfolio growth of $298 million and TTM (a) net fundings of $3.6 billion  Originations in U.S., Europe, and Canada demonstrate our global reach, taking advantage of Blackstone’s scale ($ in billions) 1Q 2019 Origination Highlights TTM Net Fundings  100% senior loans  100% floating rate $6.7 Fundings  $147 million average loan size (b) $ 3.6B Net Fundings Repayments  $3.1 U.S., Europe, and Canada (a) Represents the twelve months ended March 31, 2019. Blackstone Mortgage Trust 4 (b) Excluding upsizes and loans originated in the Walker & Dunlop joint venture.