Blackstone Mortgage Trust : Company Presentation - Q3 2023

Blackstone Mortgage Trust, Inc.

3Q 2023 Earnings Release & Company Supplemental

OCTOBER 2023

BLACKSTONE MORTGAGE TRUST OVERVIEW

• Blackstone Mortgage Trust is a publicly-traded commercial mortgage REIT focused on senior lending in North America, Europe, and Australia

Preeminent Sponsorship

Senior Lending

Secure Balance Sheet

• BXMT is managed by Blackstone, the largest real estate private equity business in the world, with access to all the resources of the Blackstone Real Estate platform
• BXMT originates senior loans with conservative leverage, backed by institutional-quality real estate with growth-oriented business plans well positioned for today's environment
• Diversified balance sheet structured to withstand volatility with term- matched financings, substantial liquidity, and no capital markets mark-to- market provisions

Note: The information in this deck is as of September 30, 2023, unless otherwise stated. Opinions expressed reflect the current opinions of BXMT as of the date appearing in the materials only and are based on BXMT's opinions of the current market environment, which is subject to change. BXMT's manager is a subsidiary of Blackstone.

Blackstone Mortgage Trust, Inc.

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WHY INVEST IN BXMT TODAY?

What You Want	What BXMT Has Delivered
								Interest rate protection	• Floating-rate loan portfolio with
								term-matched financings
								Current income	•	12.3% dividend yield(1)
								Downside protection	•	64% loan-to-value(2)
							 High-quality collateral	• Institutional assets well-positioned
								within their markets
								Consistent results	• Paid $0.62 per share dividend for the
								past 33 consecutive quarters

1. Based on share price of $20.10 as of October 24, 2023 and an annualized dividend of $0.62 per share per quarter.
2. Reflects weighted average loan-to-value ("LTV") as of the date investments were originated or acquired by BXMT.

Blackstone Mortgage Trust, Inc.

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BXMT MARKET POSITIONING

• BXMT's business is well-positioned in the current environment with a stable balance sheet, strong, consistent cash flow, and credit performance well-insulated from volatility

• Predictable cash flow from large, floating-rate loan portfolio providing robust dividend coverage

		 Low-leverage loans
		protect basis; retained
		excess earnings provide
Earnings	Downside	additional credit
insulation
Power	Protection

BXMT

Positioning

 Blackstone sponsorship
provides unique access	Preeminent	Diversified
to attractive
investments globally,	Sponsorship	Balance
and a breadth of		Sheet
resources to inform risk
management decisions

• Diversified funding sources, match-funded financing structures, and substantial liquidity

Blackstone Mortgage Trust, Inc.

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BLACKSTONE OVERVIEW

• Blackstone is the largest global alternative asset manager(1)

38 yr

investment record

$1T

assets under management

60+

investing strategies

Real Estate $332B

• Opportunistic
• Core+
• Debt

Credit & Insurance $297B

• Private Credit
• Liquid Credit
• Other Credit and Insurance

Private Equity $299B

• Corporate Private Equity
• Secondaries
• Tactical Opportunities
• Infrastructure
• Life Sciences
• Growth

Hedge Fund Solutions $80B

• Portfolio Solutions
• Special Situations
• GP Participation

Note: Assets under management ("AUM") are estimated and unaudited. "AUM" includes co-investments and Blackstone's GP and side-by-side commitments, as applicable. Past performance is not necessarily indicative of future results. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses. Credit & Insurance AUM is a combined figure that includes Blackstone Credit ("BXC"), Asset Based Finance, Harvest Fund Advisors ("Harvest"), and Blackstone Insurance Solutions ("BIS") businesses. For more information, please see "Important Disclosure Information".

1. Based on Blackstone analysis of company earnings presentations and calls, as of June 30, 2023 or latest publicly available data.

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BREDS OVERVIEW

• BXMT is the senior floating-rate lending vehicle within BREDS, and benefits from the cross-market knowledge and relationships generated across the BREDS business

Blackstone Mortgage

Trust

("BXMT")

• Originates senior loans on core assets to well-capitalized sponsors
• Downside protection and income orientation
• Dividends generated from interest income

$22.1B

loan portfolio(1)

 Investments across real estate debt including mezzanine loans,

BREDS Drawdown	real estate securities, residential and commercial mortgages
and corporate credit
Strategy
 Traditional closed-end fund structure

$17.2B

investor capital(2)

 Direct originations and sourcing solutions across high-quality

Insurance	real estate for insurance companies
 Liquid securities and residential / commercial mortgages;
	primarily fixed rate

$45.6B

investor capital

Note: Investor capital includes co-investments and Blackstone's GP and side-by-side commitments, as applicable.

1. Based on Net Loan Exposure. See Appendix for definition.
2. Investor capital also includes Real Estate Securities ($2.2 billion) and other funds ($237 million).

Blackstone Mortgage Trust, Inc.

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SUPERIOR REAL ESTATE PLATFORM

• Nearly 900 people in 12 offices, across one fully integrated real estate platform

Blackstone Advantage	Constant Communication
Global Business	Weekly
	889 professionals		Partners' Meeting
	12 global offices		Global ICMs
			Investment Review Committees

Scale Capital	Quarterly
	$333 billion RE AUM		Board Meetings
	$49.2 billion raised in LTM		Portfolio Asset Review

Long View	Annual
 Long term capital commitments	 Regional Strategy Session

Integrated Perspective

1

global real estate platform

1

investment process- same people, same process

Note: Information on this page is as of June 30, 2023.

Blackstone Mortgage Trust, Inc.

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BXMT TARGET INVESTMENTS

Loan Size	$50 million to $500+ million
	First mortgages on stabilized or value-add assets
Collateral
	All commercial property types
Property Type
	North America, Western Europe and Australia
Geographies
	Last dollar 50% to 75%
Loan to Value
	SOFR + 3.25% and higher, scaled to risk
Rate
	3 to 5 years
Term
	Typically interest only
Amortization
	Typically 1.0% origination fee and 0.25% to 0.50% extension fees
Fees
	12 to 24 months of spread maintenance
Prepayment

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PORTFOLIO OVERVIEW

• Fully-scaled$22.1 billion portfolio(1) is well-diversified by collateral and geography, and secured by institutional assets with growth-oriented business plans well-positioned for the current environment

Collateral Diversification(1)

Geographic Distribution(1)

Retail 4%

Industrial 10%

Hospitality 17%

Life Sciences/ Other Property

Studio 5% 2%

Multifamily 26%

US Office 27%

Non-US Office 9%

Other Western

Europe

15%

UK

15%

Other U.S.

6%

Australia

6%

Sunbelt

25%

Northeast

20%

West

13%65%

U.S.

1. Based on Net Loan Exposure. See Appendix for definition.

Blackstone Mortgage Trust, Inc.

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MULTIFAMILY PORTFOLIO

• 74% of the multifamily portfolio is located in the Sunbelt, New York City, and Southern California
• BXMT's multifamily assets are located in markets exhibiting higher rental growth relative to the U.S. average, with less competitive new supply under construction than their respective markets

Geographic Diversification(1)

Other EU/UK/AU 7%

London 7%

Other US 12%

Southern California 7%

New York City 13%

AZ

Other Sunbelt NC 6%

3%4%

Strong Fundamentals

in BXMT U.S. Markets

TX 17%

20%

higher annual market rent growth(2)

FL 16%

21%

less submarket supply(3)

NV

54%

8%	Sunbelt

1. Based on Net Loan Exposure. See Appendix for definition.
2. Source: Axiometrics. Represents the average annualized compounded market rent growth over a 2-year period for BXMT's U.S. traditional multifamily portfolio markets, weighted by net loan exposure, compared to the overall U.S. market rent growth over the same period. Based on 3-month trailing market rent data as of July 2023.
3. Source: Axiometrics. Reflects average annual new supply expected to deliver over the next 24 months as a % of total existing supply within a 3-mile radius of BXMT's U.S. traditional multifamily portfolio assets, weighted by net loan exposure, compared with new supply expected to deliver in the same time period within their respective MSA. Market data as of July 2023.

Blackstone Mortgage Trust, Inc.

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