Blackstone Mortgage Trust : Earnings Presentation - Q4 2021

Blackstone Mortgage Trust Reports Fourth Quarter and Full Year 2021 Results

New York, February 9, 2022, Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its fourth quarter and full year 2021 results. Full year EPS, Distributable EPS, and dividends paid per share were $2.77, $2.62, and $2.48, respectively.

Katie Keenan, Chief Executive Officer, said, "BXMT's outstanding results in the fourth quarter capped off a banner year, highlighted by record originations, strong credit performance and attractive capital markets access. As a low-leverage, floating rate lender on real estate assets that will benefit from growth, we are exceptionally well-positioned to continue delivering for our stockholders in 2022."

Blackstone Mortgage Trust issued a full presentation of its fourth quarter and full year 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/starthere.jsp?ei=1520363&tp_key=6a47a1fba2. 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.

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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 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 $881 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 grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.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 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 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 fourth quarter and full year 2021 results and is available on our website at www.bxmt.com.

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Blackstone Mortgage Trust, Inc.

Fourth Quarter and Full Year 2021 Results

FEBRUARY 9, 2022

BXMT HIGHLIGHTS

• BXMT generated 4Q EPS of $0.76 and Distributable EPS(1) of $0.78, reflecting the growing earnings power of our high-quality $24.0 billion senior loan portfolio(2)
• 2021 full year EPS of $2.77 and Distributable EPS(1) of $2.62, significantly exceeding dividends paid of $2.48 per share

Record GrowthDiversified Capitalization Strong Earnings

$14.6B	$5.9B	$0.78
2021	2021 new financing	4Q distributable EPS(1)
originations	capacity
$5.9B	43bps	106%
2021	YoY reduction in	2021
portfolio growth	corporate borrowing rate	dividend coverage(3)

Consistent, disciplined focus on low-leverage loans to strong sponsors

New capital providers and structures optimize balance sheet growth

Robust portfolio growth generates earnings momentum

1. See Appendix for a definition and reconciliation to GAAP net income.
2. Includes $1.5 billion of Non-Consolidated Senior Interests and investment exposure to the $379 million 2018 Single Asset Securitization through a $79 million subordinate interest.
3. Reflects ratio of Distributable Earnings per share to dividends declared per share for twelve months ended December 31, 2021.

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FOURTH QUARTER AND FULL YEAR 2021 RESULTS

Earnings

Investments

Portfolio

Capitalization

• 4Q GAAP earnings per share of $0.76 and Distributable Earnings(1) per share of $0.78 ($2.77 and $2.62, respectively, for full year 2021); 4Q run-rate Distributable Earnings per share of $0.66(2)
• Record 2021 portfolio growth of $5.9 billion generated increasing Distributable Earnings and 106% dividend coverage(3) in 2021
• Book value grew $0.80 per share in 2021 to $27.22; paid $2.48 per share of dividends
• 4Q originations of $6.0 billion; market leading scale and relationships continue to drive pipeline, with 68% of lending activity from repeat sponsors
• Fundings of $12.9 billion drove $5.9 billion of portfolio growth; $7.2 billion of loans repaid, with 65% of repayments from office and hotel loans
• Record 2021 originations of $14.6 billion reflect continued credit discipline, with weighted average origination LTV(4) of 64% consistent with long-term average
• $24.0 billion(5) senior loan portfolio secured by institutional quality real estate in major markets
• Accelerating investment pace and continued turnover produced an evolving collateral mix; multifamily exposure more than doubled to 24% of the portfolio at year-end
• Reduced CECL reserve 29% year-over-year, with continued portfolio credit performance
• 98% floating-rate portfolio increasingly focused on growth markets and sectors provides strong protection against inflation
• Diversified capitalization in 2021 through inaugural $400 million of secured notes, upsizing/repricing of $623 million of secured term loans, and $1 billion of CLO securitizations
• Closed $10.5 billion of credit facility financings during the year across 13 counterparties on favorable economic and structural terms, including $2.3 billion from two new secured debt agreements
• Year-endliquidity of $1.3 billion and debt-to-equity ratio(6) of 3.2x support ongoing growth within current capitalization

1. See Appendix for a definition and reconciliation to GAAP net income.
2. Excludes $0.12 per share of Distributable Earnings related to (i) prepayment income and acceleration of deferred origination fees associated with a certain early loan repayment and (ii) a charge-off of a certain previously recorded Current Expected Credit Loss ("CECL") reserve, in both cases net of incentive fees.
3. Reflects ratio of Distributable Earnings per share to dividends declared per share for twelve months ended December 31, 2021.
4. Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.
5. Includes $1.5 billion of Non-Consolidated Senior Interests and investment exposure to the $379 million 2018 Single Asset Securitization through a $79 million subordinate interest.
6. Represents (i) total outstanding secured debt, asset-specific debt, term loans, senior secured notes, and convertible notes, less cash, to (ii) total equity.

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