Blackstone Mortgage Trust Reports Fourth Quarter and Full Year 2018 - PowerPoint PPT Presentation

Blackstone Mortgage Trust Reports Fourth Quarter and Full Year 2018 Results New York, February 12, 2019 : Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its fourth quarter and full year 2018 results. Net income for the fourth quarter was $74 million, or $0.61 per share, and for the full year was $285 million, or $2.50 per share. Stephen D. Plavin, Chief Executive Officer, said, “ A strong fourth quarter capped an extraordinary year for BXMT. We grew the portfolio to a record $15.8 billion with $10.7 billion of originations during the year, and generated $2.90 of Core Earnings per share as our pure-play, senior mortgage business continued to deliver great results. ” Blackstone Mortgage Trust issued a full detailed presentation of its fourth quarter and full year 2018 results, which can be viewed at www.bxmt.com. Quarterly Investor Call Details Blackstone Mortgage Trust will host a conference call on Wednesday, February 13, 2019 at 10:00 a.m. ET to discuss fourth quarter and full year 2018 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 373-799-35#. 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. _____________________________ Blackstone Mortgage Trust, Inc. 345 Park Avenue New York, New York 10154 T 212 655 0220

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 man agement businesses, with $472 billion in assets under management, 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. We refer to “Core 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 fourth quarter and full year 2018 results and is available on our website at www.bxmt.com. Investor and Media Relations Contacts Weston Tucker Paula Chirhart Investor Relations Media Relations Blackstone Blackstone +1 (212) 583-5231 +1 (212) 583-5263 tucker@blackstone.com paula.chirhart@blackstone.com

Blackstone Mortgage Trust, Inc. Fourth Quarter and Full Year 2018 Results February 12, 2019

BXMT Highlights  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 $2.48 per share ($ in billions) Portfolio Growth (e) 7.2% 117% $15.8 +42% Dividend Yield (b) 2018 Dividend Coverage (c) $11.1 100% 62% Performing Loans Loan-to-Value (d)(e) YE 2017 YE 2018 Information included in this presentation is as of or for the period ended December 31, 2018, unless otherwise indicated. Blackstone Mortgage Trust 1 (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.

Fourth Quarter and Full Year 2018 Results  4Q EPS of $0.61 and Core Earnings (a) per share of $0.69 ($2.50 and $2.90, Earnings & respectively for full year 2018) Dividends  Book value per share of $27.20, up $0.27 in 2018; paid $0.62 per share dividend  4Q originations of $3.5 billion across 21 transactions (b) Originations  Originated 52 loans (b) in 2018 resulting in record volume of $10.7 billion, with a weighted average origination LTV (c) of 61%  Portfolio grew 42% in 2018 to $15.8 billion (d) Portfolio Composition  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 Capitalization  Issued 14.6 million shares at an average 1.22x P/B in 2018, generating $483 million of gross proceeds  96% of the portfolio (d) is floating rate Interest Rates  Floating rate assets and matched liabilities support book value and earnings stability (a) See Appendix for a definition and reconciliation to GAAP net income. Blackstone Mortgage Trust 2 (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.

   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 2018 Core Earnings Per Share (c) Book Value Per Share Growth Retained $0.42 Core Earnings +10% $ 0.62 $27.20 Quarterly Dividend $24.67 Dividends Paid $2.48 Re-IPO 4Q'18 117% 2Q'13 2018 Dividend Coverage (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 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.

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 Volume and Deal Count Origination LTV and Volume (b) $3.9 62% 61% $3.5 $10.7 $1.9 $1.4 $4.8 2017 2018 1Q 2018 2Q 2018 3Q 2018 4Q 2018 Deal 7 14 10 21 Count (a) (a) Excluding upsizes. Blackstone Mortgage Trust 4 (b) Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.