Blackstone Mortgage Trust : Earnings Presentation - Q1 2022

Blackstone Mortgage Trust Reports First Quarter 2022 Results

New York, April 27, 2022, Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its first quarter 2022 results. Net income attributable to Blackstone Mortgage Trust for the first quarter was $99.7 million. First quarter EPS, Distributable EPS, and dividends paid per basic share were $0.59, $0.62, and $0.62 respectively.

Katie Keenan, Chief Executive Officer, said, "BXMT achieved another quarter of strong results, driven by continued portfolio growth and stable credit performance. Looking ahead, we believe our low-leverage, floating-rate transitional loan portfolio is especially well positioned for the current environment, with our earnings set to benefit as interest rates move higher."

Blackstone Mortgage Trust issued a full presentation of its first quarter 2022 results, which can be viewed atwww.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/starthere.jsp?ei=1541149&tp_key=208517a239.For those unable to listen to the live broadcast, a recorded replay will be available on the company's website atwww.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 atwww.bxmt.com.

About Blackstone

Blackstone is the world's largest alternative asset manager. 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 $915 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment

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Blackstone Mortgage Trust, Inc. 345 Park Avenue

New York, New York 10154 T 212 655 0220

grade credit, real assets and secondary funds, all on a global basis. Further information is available atwww.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

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, 2021, 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 atwww.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 EPS," 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 first quarter 2022 results and is available on our website atwww.bxmt.com.

Contacts

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Blackstone Mortgage Trust, Inc.

First Quarter 2022 Results

APRIL 27, 2022

BXMT HIGHLIGHTS

• ▪ 1Q EPS of $0.59; Distributable EPS(1) of $0.62 with strong earnings momentum driven by 99% floating rate portfolio

• ▪ Fully-scaled $25.6 billion portfolio(2) of low-leverage, floating rate senior loans well positioned for inflationary environment

Inflation Protection	Robust Investment Activity	Stable Balance Sheet
99%	$3.4B	3.4x
floating rate	1Q loan originations	debt-to-equity ratio(4)
65%	$25.6B	$1.2B
w.a. origination LTV(3)	record loan portfolio(2)	net liquidity(5)
Consistent, disciplined focus on	Attractive capital markets executions	Robust portfolio growth generates
low-leverage loans to strong sponsors	enhance structure and cost of capital	increased earnings momentum

• (1) See Appendix for a definition and reconciliation to GAAP net income.

• (2) Includes $1.8 billion of Non-Consolidated Senior Interests.

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

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

• (5) Liquidity as of March 31, 2022, net of convertible notes maturing in May 2022.

FIRST QUARTER RESULTS

• ▪ 1Q GAAP earnings per basic share of $0.59 and Distributable Earnings(1) per share of $0.62; paid $0.62 per share of dividends, 100% dividend coverage in 1Q and 106% on an LTM basis

  EarningsInvestmentsPortfolioCapitalization

• ▪ 99% of the portfolio is floating-rate; BXMT earnings now positively correlated to rising interest rates

• ▪ A 2.00% increase in base rates would increase current portfolio earnings per share by $0.26 per annum(2)

• ▪ 1Q originations of $3.4 billion with continued focus on areas of higher growth, including Sunbelt (47%) and multifamily / industrial (35%)

• ▪ Major markets, strong borrowers, and large average loan size of $144 million reflect institutional nature of lending activities

• ▪ Consistent portfolio growth, with $3.0 billion of loan fundings driving a net $1.6 billion increase in loans outstanding

• ▪ Collateral mix continues to evolve, with 26% of the portfolio in multifamily (more than double year-over-year) and 42% in office (down from 54% year-over-year)

• ▪ Majority of loans are backed by assets with lease structures that can capture rent growth in an inflationary environment

• ▪ Consistent credit, with 99% performing loans and 100% interest collections; upgraded 15 loans during the quarter with no downgrades

• ▪ Diverse financing executions with $2.6 billion of asset-level financings across 12 counterparties, including $548 million from a new $1.0 billion facility and $445 million of loan syndications

• ▪ Issued $300 million convertible notes due March 2027 to address May 2022 convertible notes maturity

• ▪ Well-positioned to capture opportunities in the current investment environment, with quarter-end liquidity of $1.2 billion, net of May convertible notes maturity

• (1) See Appendix for a definition and reconciliation to GAAP net income.

• (2) Reflects the earnings impact, net of incentive fees, of an increase in the various floating-rate indices referenced by our portfolio, assuming no change in credit spreads, portfolio composition, or asset performance, relative to the average indices during the three months ended March 31, 2022.