8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 25, 2023

Blackstone Mortgage Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland	1-14788	94-6181186
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

345 Park Avenue, 24th Floor

New York, New York 10154

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 655-0220

Not Applicable

(Former Name or Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.01 per share	BXMT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 2.02 Results of Operations and Financial Condition.

On October 25, 2023, Blackstone Mortgage Trust, Inc. (the “Company”) issued a press release and detailed presentation announcing its financial results for the third quarter ended September 30, 2023. The press release and full detailed presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information contained under Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release of Blackstone Mortgage Trust, Inc. dated October 25, 2023.
99.2	Presentation of Blackstone Mortgage Trust, Inc. dated October 25, 2023.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		BLACKSTONE MORTGAGE TRUST, INC.
Date: October 25, 2023
	By:	/s/ Anthony F. Marone, Jr.
	Name:	Anthony F. Marone, Jr.
	Title:	Chief Financial Officer

EX-99.1

Blackstone Mortgage Trust Reports Third Quarter 2023 Results

New York, October 25, 2023, NEW YORK -- Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its third quarter 2023 results. Net income attributable to Blackstone Mortgage Trust for the third quarter was $30 million. Third quarter EPS, Distributable EPS, and dividends paid per basic share were $0.17, $0.78, and $0.62, respectively.

Katie Keenan, Chief Executive Officer, said, “BXMT continues to deliver for its shareholders, generating strong earnings amidst a challenging backdrop and supporting our attractive and consistent dividend. We believe the steps we have taken to proactively manage the portfolio and our balance sheet position us well to navigate volatility and capitalize on an opportunistic environment ahead.”

Blackstone Mortgage Trust issued a full presentation of its third quarter 2023 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=1632098&tp_key=06a6f27034. 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.

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. We do this by relying on extraordinary people and flexible capital to help strengthen the companies we invest in. Our over $1 trillion in assets under management include investment vehicles focused on private

_____________________________

Blackstone Mortgage Trust, Inc.

345 Park Avenue

New York, New York 10154

T 212 655 0220

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, X (Twitter), and Instagram.

Forward-Looking Statements and Other Matters

This press release contains 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 BXMT’s current views with respect to, among other things, its operations and financial performance, its business plans and the impact of the current macroeconomic environment, including interest rate changes. 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. BXMT 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, 2022, 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. BXMT 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 press 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 third quarter 2023 results and is available on our website at www.bxmt.com.

Contacts

Investor Relations

Blackstone

+1 (888) 756-8443

BlackstoneShareholderRelations@Blackstone.com

Public Affairs

Blackstone

+1 (212) 583-5263

_____________________________

Blackstone Mortgage Trust, Inc.

345 Park Avenue

New York, New York 10154

T 212 655 0220

PressInquiries@Blackstone.com

_____________________________

Blackstone Mortgage Trust, Inc.

345 Park Avenue

New York, New York 10154

T 212 655 0220

EX-99.2

Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Third Quarter 2023 Results OCTOBER 25, 2023

Blackstone |Blackstone Mortgage Trust, Inc. Note: The information in this presentation 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. (1) Represents Distributable Earnings per share. See Appendix for definition and reconciliation to GAAP net income. (2) Reflects ratio of Distributable Earnings per share to dividends declared per share for the three months ended September 30, 2023. See Appendix for a reconciliation to GAAP net income, which covered 27% of the dividend in the same period. (3) Based on Net Loan Exposure. See Appendix for definition. 1 BXMT HIGHLIGHTS  Reported 3Q GAAP EPS of $0.17 and Distributable EPS(1) of $0.78; strong Distributable Earnings provide robust dividend coverage and support book value  Well positioned to navigate volatility with a diversified capital base, substantial liquidity, and term-matched financings Earnings Power Credit PerformanceBalance Sheet Strength Well-structured, match-funded liabilities with substantial liquidity High-quality collateral supports continued loan performance and repayment activity Strong Distributable Earnings generated by senior, floating-rate portfolio $0 corporate debt maturities until 2026 $1.8B liquidity $1.0B 3Q repayments $0.78 3Q Distributable EPS(1) 126% 3Q dividend coverage(2) 95% performing loans(3)

Blackstone |Blackstone Mortgage Trust, Inc. 2 THIRD QUARTER RESULTS (1) See Appendix for definition and reconciliation to GAAP net income. (2) Dividend yield based on share price of $20.10 as of October 24, 2023. Dividend coverage reflects ratio of Distributable Earnings per share to dividends declared per share for the three months ended September 30, 2023. See Appendix for definition and reconciliation to GAAP net income, which covered 27% of the dividend in the same period. (3) Based on Net Loan Exposure. See Appendix for definition. (4) Reflects weighted-average loan-to-value (“LTV”) as of the date investments were originated or acquired by BXMT. (5) Represents Distributable Earnings in excess of dividends declared for the three months ending September 30, 2023. See Appendix for reconciliation to GAAP net income, which was $78 million less than dividends declared. Earnings  3Q GAAP basic earnings per share of $0.17 and Distributable Earnings(1) per share of $0.78  Increased CECL reserve by $0.56 per share in 3Q; book value of $25.90 per share down just 1% year-to-date  Paid 3Q dividend of $0.62 per share, equating to a 12.3% annualized dividend yield;(2) substantial dividend coverage(2) of 126% Portfolio  $22.1 billion loan portfolio(3) secured by institutional quality real estate, with a weighted-average origination LTV(4) of 64%  Collected $1.0 billion of repayments, reflecting liquidity for high-quality assets  Well-diversified portfolio of 185 senior loans, distributed across sectors and markets Credit  95% performing portfolio(3) continues to generate robust cash flow; $27 million of excess Distributable Earnings(5) added to book value in 3Q  Upgraded 7 loans and downgraded 5 loans in 3Q; stable weighted-average risk rating of 2.9  CECL reserve of $477 million is over 3x prior year level; significant reserves established on 5-risk rated loans, averaging 23% of loan cost basis  Stable, match-funded financing structures with no capital markets mark-to-market provisions  Maintained record liquidity of $1.8 billion with no corporate debt maturities until 2026  Repurchased $33 million of Senior Secured Notes at 85% of par, contributing to a 0.1x reduction in leverage quarter-over-quarter Capitalization & Liquidity

Blackstone |Blackstone Mortgage Trust, Inc. 112% 130% 3Q 2022 LTM 3Q 2023 LTM $0.71 $0.87 $0.79 $0.79 $0.78 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 (1) Reflects change in Distributable Earnings per share in the three months ending September 30, 2023 compared to the prior period. See Appendix for reconciliation to GAAP net income, which declined by 72%. (2) Reflects ratio of Distributable Earnings per share to dividends declared per share for the respective periods. See Appendix for definition and reconciliation to GAAP net income. GAAP coverage of 27% and 47% for the three months and twelve months ending September 30, 2023, respectively. (3) See Appendix for definition and reconciliation to GAAP net income. 3 EARNINGS  3Q Distributable Earnings grew 10% year-over-year,(1) as higher rates continued to benefit floating rate portfolio  Dividend well covered(2) at 126% in 3Q and 130% over the last 12 months Earnings Per Share GAAP EPS $0.17$(0.28) $0.62 Dividend $0.68 $0.59 Distributable EPS(3) Prepayment Income Dividend Coverage(2) Dividend Coverage $0.60 GAAP Coverage 101% 47%

Blackstone |Blackstone Mortgage Trust, Inc. $153 $155 $166 $154 $190 $197 $214 $323 12/31/2022 3/31/2023 6/30/2023 9/30/202312/31/2022 3/31/2023 6/30/2023 9/30/2023 4 EARNINGS Stable Book Value ($ per share) CECL Reserve ($ in millions)  Excess earnings add to equity base and cushion the impact of credit migration; book value per share down only 1% year-to-date notwithstanding a 39% increase in CECL reserves over the period  Asset-specific CECL amount represents 23% of impaired loan cost basis, reserving against implied value decline of over 50% for the most challenged collateral $343 $352 $380 23% of 5-Rated Loans General Reserve Asset-Specific Reserves $26.26 $26.28 $26.30 $25.90 $477 12/ 3/ 2023 9/

Blackstone |Blackstone Mortgage Trust, Inc. (1) States and countries comprising less than 1% of total loan portfolio are excluded. (2) Based on Net Loan Exposure. See Appendix for definition. DC 1% TX 6% NY 15% NV 3% MA 2% IL 3% GA 2% FL 7% CA 13% VA, 2% AZ 2% CO 2% 5 PORTFOLIO  Well-diversified portfolio of 185 senior loans, secured by institutional assets across sectors and markets Collateral Diversification(2)Geographic Footprint(1)(2) ES 5% IE, 5% UK, 15% SE, 2% AU 6% NC, 1% DEU 1% US Office 27% Non-US Office 9% Multifamily 26% Hospitality 17% Industrial 10% Retail 4% Life Sciences/ Studio 2% Other Property 5% Sunbelt 25% Northeast 20% West 13% Midwest 4% Northwest 2% UK 15% Other Western Europe 15% Australia 6%

Blackstone |Blackstone Mortgage Trust, Inc. 2.8 2.9 2.9 2.9 2.9 - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Weighted Average Risk Rating 99% 97% 97% 96% 95% 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 6 CREDIT Weighted-Average Risk Rating(1)Performing Portfolio(1) % Performing Average 1M SOFR  BXMT’s loan portfolio has demonstrated resilience through market volatility and rapidly increasing interest rates; 95% performance(1) reflects strong overall credit quality and underwriting standards  Stable weighted-average risk rating of 2.9 as most assets continue to demonstrate positive business plan performance, offsetting limited universe of more challenged assets (1) Based on Net Loan Exposure. See Appendix for definition. 1 2 3 4 5 2.45% 3.88% 4.62% 5.04% 5.30% Weighted-Average Risk Rati

Blackstone |Blackstone Mortgage Trust, Inc. $1.7 $1.6 $1.6 $1.8 $1.8 $300 $1,303 $780 $367 2023 2024 2025 2026 2027 2028+ 7 CAPITALIZATION Debt to Equity and Liquidity ($ in billions) (1) Liquidity as of December 31, 2022, net of $220 million for convertible notes that matured in March 2023. (2) Represents gross principal amounts for (i) total outstanding secured debt, asset-specific debt, term loans, senior secured notes, and convertible notes, in each case excluding unamortized deferred financing costs and discounts, less cash, to (ii) total equity. (3) Represents gross principal amounts for (i) total outstanding secured debt, asset-specific debt, term loans, senior secured notes, and convertible notes, in each case excluding unamortized deferred financing costs and discounts, less cash, to (ii) Adjusted Equity. See Appendix for definition and reconciliation to GAAP total equity. (4) Excludes $22 million per annum of scheduled amortization payments under the Term Loan B.  Maintained record liquidity of $1.8 billion; leverage declined by 0.1x quarter-over-quarter  Well-structured balance sheet positioned to withstand volatility, with no capital markets mark-to-market provisions, limited credit mark-to-market, and no corporate debt maturities until 2026 Corporate Debt Maturities(4) ($ in millions) (1) LiquidityDebt-to-Equity Ratio(2) Debt-to-Equity Ratio, adj.(3) Convertible Notes Term Loan B Senior Secured Notes 3.4x 3.5x 3.5x 3.4x 3.2x 3.6x 3.8x 3.8x 3.7x 3.6x 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 2

Blackstone |Blackstone Mortgage Trust, Inc. Appendix 8

Blackstone |Blackstone Mortgage Trust, Inc. 9 APPENDIX (1) Date loan was originated or acquired by us, and the LTV as of such date, excluding any junior participations sold. Origination dates are subsequently updated to reflect material loan modifications. (2) Certain loans include an aggregate $1.1 billion of Non-Consolidated Senior Interests and excludes $48.8 million of junior loan interests that we have sold as of September 30, 2023. Total loan includes unfunded commitments. (3) The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates. Excludes loans accounted for under the cost-recovery method. (4) Maximum maturity assumes all extension options are exercised; however, floating rate loans generally may be repaid prior to their final maturity without penalty. Portfolio Details ($ in millions) Origination Total Principal Net Book Maximum Property Loan Per Origination Loan Type Date(1) Loan(2) Balance(2) Value Maturity(4) Location Type SQFT / Unit / Key LTV(1) Loan 1 Senior Loan 4/9/2018 $ 1,487 $ 1,111 $ 1,108 + 4.32 % + 4.64 % 6/9/2025 New York Office $392 / sqft 48 % Loan 2 Senior Loan 8/14/2019 1,043 954 952 + 3.02 % + 3.78 % 12/23/2024 Dublin - IE Mixed-Use $316 / sqft 74 % Loan 3 Senior Loan 6/24/2022 851 851 845 + 4.75 % + 5.07 % 6/21/2029 Diversified - AU Hospitality $387 / sqft 59 % Loan 4 Senior Loan 3/22/2018 600 600 600 + 3.25 % + 3.31 % 3/15/2026 Diversified - Spain Mixed-Use n / a 71 % Loan 5 Senior Loan(2) 8/7/2019 571 571 116 + 3.22 % + 3.46 % 9/9/2025 Los Angeles Office $712 / sqft 59 % Loan 6 Senior Loan 7/23/2021 480 456 452 + 4.10 % + 4.55 % 8/9/2027 New York Multi $611,846 / unit 58 % Loan 7 Senior Loan 3/30/2021 454 454 452 + 3.20 % + 3.41 % 5/15/2026 Diversified - SE Industrial $84 / sqft 76 % Loan 8 Senior Loan(2) 11/22/2019 470 383 76 + 3.78 % + 4.25 % 12/9/2025 Los Angeles Office $701 / sqft 69 % Loan 9 Senior Loan 12/9/2021 385 366 366 + 2.76 % + 2.89 % 12/9/2026 New York Mixed-Use $126 / sqft 50 % Loan 10 Senior Loan 9/23/2019 370 345 344 + 3.00 % + 3.27 % 8/16/2024 Diversified - Spain Hospitality $123,028 / key 62 % Loan 11 Senior Loan 4/11/2018 345 336 336 + 2.25 % + 2.28 % 5/1/2025 New York Office $426 / sqft 71 % Loan 12 Senior Loan 2/27/2020 303 302 302 + 2.70 % + 2.94 % 3/9/2025 New York Multi $795,074 / unit 59 % Loan 13 Senior Loan 5/6/2022 293 293 291 + 3.50 % + 3.79 % 5/6/2027 Diversified - UK Industrial $93 / sqft 53 % Loan 14 Senior Loan 9/29/2021 312 292 291 + 2.81 % + 3.03 % 10/9/2026 Washington, DC Office $381 / sqft 66 % Loan 15 Senior Loan 10/25/2021 290 290 288 + 4.00 % + 4.32 % 10/25/2024 Diversified - AU Hospitality $142,718 / key 56 % Loans 16 - 185 Senior Loans(2) Various 19,748 17,309 16,896 + 3.30 % + 3.63 % Various Various Various Various 65 % CECL reserve (463) Total/Wtd. avg. $ 28,002 $ 24,913 $ 23,252 + 3.38 % + 3.73 % 2.6 yrs 64 % Cash All-in Coupon(3) Yield(3)

Blackstone |Blackstone Mortgage Trust, Inc. 10 APPENDIX Consolidated Balance Sheets ($ in thousands, except per share data) September 30, 2023 December 31, 2022 Assets Cash and cash equivalents $421,495 $291,340 Loans receivable 23,715,901 25,017,880 Current expected credit loss reserve (463,423) (326,137) Loans receivable, net $23,252,478 $24,691,743 Other assets 369,446 370,902 Total assets $24,043,419 $25,353,985 Liabilities and equity Secured debt, net $12,793,344 $13,528,164 Securitized debt obligations, net 2,509,254 2,664,010 Asset-specific debt, net 930,757 942,503 Loan participations sold, net 275,184 224,232 Term loans, net 2,104,824 2,114,549 Senior secured notes, net 362,981 395,166 Convertible notes, net 295,527 514,257 Other liabilities 278,027 426,904 Total liabilities $19,549,898 $20,809,785 Commitments and contingencies — — Equity Class A common stock, $0.01 par value $1,723 $1,717 Additional paid-in capital 5,499,491 5,475,804 Accumulated other comprehensive income 10,606 10,022 Accumulated deficit (1,040,950) (968,749) Total Blackstone Mortgage Trust, Inc. stockholdersʼ equity $4,470,870 $4,518,794 Non-controlling interests 22,651 25,406 Total equity $4,493,521 $4,544,200 Total liabilities and equity $24,043,419 $25,353,985

Blackstone |Blackstone Mortgage Trust, Inc. 11 APPENDIX Consolidated Statements of Operations ($ in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Income from loans and other investments Interest and related income $519,342 $358,557 $1,532,618 $876,676 Less: Interest and related expenses 353,972 202,375 1,015,718 439,708 Income from loans and other investments, net $165,370 $156,182 $516,900 $436,968 Other expenses Management and incentive fees $28,882 $25,911 $92,747 $76,462 General and administrative expenses 12,001 12,932 37,888 37,701 Total other expenses $40,883 $38,843 $130,635 $114,163 Increase in current expected credit loss reserve (96,900) (12,248) (134,530) (22,694) Gain on extinguishment of debt 4,541 — 4,541 — Income before income taxes $32,128 $105,091 $256,276 $300,111 Income tax provision 1,568 1,172 4,663 2,064 Net income $30,560 $103,919 $251,613 $298,047 Net income attributable to non-controlling interests (1,036) (673) (2,681) (1,864) Net income attributable to Blackstone Mortgage Trust, Inc. $29,524 $103,246 $248,932 $296,183 Per share information (basic) Net income per share of common stock, basic $0.17 $0.60 $1.44 $1.74 Weighted-average shares of common stock outstanding, basic 172,648,118 170,971,874 172,620,799 170,303,470 Per share information (diluted) Net income per share of common stock, diluted $0.17 $0.59 $1.44 $1.71 Weighted-average shares of common stock outstanding, diluted 172,648,118 185,316,078 180,891,859 182,011,842

Blackstone |Blackstone Mortgage Trust, Inc. 12 APPENDIX (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. (2) Represents realized gains and losses on the repatriation of unhedged foreign currency. The difference between the value of such foreign currency on the date of conversion to USD and our cumulative basis in such foreign currency is not included in GAAP net income, but rather as a component of other comprehensive income on our consolidated financial statements. Quarterly Per Share Calculations (in thousands, except per share data) Distributable Earnings Reconciliation Book Value per Share Earnings per Share September 30, 2023 June 30, 2023 Stockholders' equity $4,470,870 $4,540,662 Shares Class A common stock 172,296 172,310 Deferred stock units 349 340 Total outstanding 172,645 172,650 Book value per share $25.90 $26.30 Three Months Ended September 30, 2023 June 30, 2023 Net income(1) $29,524 $101,651 Weighted-average shares outstanding, basic 172,648 172,615 Per share amount, basic $0.17 $0.59 Diluted earnings $29,524 $105,207 Weighted-average shares outstanding, diluted 172,648 180,886 Per share amount, diluted $0.17 $0.58 Three Months Ended September 30, 2023 June 30, 2023 Net income(1) $29,524 $101,651 Increase in current expected credit loss reserve 96,900 27,807 Non-cash compensation expense 7,610 7,665 Realized hedging and foreign currency gain (loss), net(2) 32 (130) Other items — 43 Adjustments attributable to non-controlling interests, net 118 (42) Distributable Earnings $134,184 $136,994 Weighted-average shares outstanding, basic 172,648 172,615 Distributable Earnings per share, basic $0.78 $0.79

Blackstone |Blackstone Mortgage Trust, Inc. (1) Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc. (2) Represents realized gains and losses on the repatriation of unhedged foreign currency. The difference between the value of such foreign currency on the date of conversion to USD and our cumulative basis in such foreign currency is not included in GAAP net income, but rather as a component of other comprehensive income on our consolidated financial statements. 13 APPENDIX Reconciliation of Net Income to Distributable Earnings (in thousands, except per share data) Three Months Ended, Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Net income (loss)(1) $29,524 $101,651 $117,757 ($47,540) Increase in current expected credit loss reserve 96,900 27,807 9,823 188,811 Non-cash compensation expense 7,610 7,665 7,655 8,128 Realized hedging and foreign currency gain (loss), net(2) 32 (130) 889 (511) Other items — 43 18 (25) Adjustments attributable to non-controlling interests, net 118 (42) (29) (268) Distributable Earnings $134,184 $136,994 $136,113 $148,595 Weighted-average shares outstanding, basic 172,648 172,615 172,598 171,605 Net income (loss) per share, basic $0.17 $0.59 $0.68 ($0.28) Distributable Earnings per share, basic $0.78 $0.79 $0.79 $0.87

Blackstone |Blackstone Mortgage Trust, Inc. (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. (2) Represents a realized loss related to loan principal amounts deemed nonrecoverable following a realization event during the three months ended December 31, 2021. This amount was previously recognized as a component of GAAP net income as an increase in our current expected credit loss reserve. (3) Represents realized gains and losses on the repatriation of unhedged foreign currency. The difference between the value of such foreign currency on the date of conversion to USD and our cumulative basis in such foreign currency is not included in GAAP net income, but rather as a component of other comprehensive income on our consolidated financial statements. 14 APPENDIX Reconciliation of Net Income to Distributable Earnings (cont.) (in thousands, except per share data) Three Months Ended, Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Net income(1) $103,246 $93,250 $99,687 $123,940 Charge-offs of current expected credit loss reserve(2) — — — (14,427) Increase (decrease) in current expected credit loss reserve 12,248 12,983 (2,537) 9,568 Non-cash compensation expense 8,219 8,418 8,650 7,463 Realized hedging and foreign currency loss, net(3) (1,698) (829) (200) (668) Other items (10) (65) (30) 120 Adjustments attributable to non-controlling interests, net (43) (46) (4) (30) Distributable Earnings $121,962 $113,711 $105,566 $125,966 Weighted-average shares outstanding, basic 170,972 170,666 169,254 162,057 Net income per share, basic $0.60 $0.55 $0.59 $0.76 Distributable Earnings per share, basic $0.71 $0.67 $0.62 $0.78

Blackstone |Blackstone Mortgage Trust, Inc. 15 APPENDIX Reconciliation of Adjusted Equity ($ in thousands) Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Total equity $4,493,521 $4,566,189 $4,560,699 $4,544,200 $4,683,907 Add back: aggregate CECL reserve 477,047 380,147 352,340 342,517 153,706 Adjusted Equity $4,970,568 $4,946,336 $4,913,039 $4,886,717 $4,837,613

Blackstone |Blackstone Mortgage Trust, Inc. 16 DEFINITIONS Distributable Earnings: Blackstone Mortgage Trust, Inc. (“BXMT”) discloses Distributable Earnings in this presentation. Distributable Earnings is a financial measure that is calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Distributable Earnings is a non-GAAP measure, which is defined as GAAP net income (loss), including realized gains and losses not otherwise included in GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by BXMT’s Manager, subject to approval by a majority of its independent directors. BXMT believes that Distributable Earnings provides meaningful information to consider in addition to net income and cash flow from operating activities determined in accordance with GAAP. This adjusted measure helps BXMT to evaluate its performance excluding the effects of certain transactions and GAAP adjustments that BXMT believes are not necessarily indicative of its current loan portfolio and operations. BXMT believes Distributable Earnings is a useful financial metric for existing and potential future holders of its class A common stock as historically, over time, Distributable Earnings has been a strong indicator of its dividends per share. Distributable Earnings mirrors the terms of the management agreement between BXMT and its Manager and for purposes of calculating the incentive fee expense. Distributable Earnings does not represent net income or cash generated from operating activities and should not be considered as an alternative to GAAP net income, or an indication of GAAP cash flows from operations, a measure of BXMT’s liquidity, or an indication of funds available for its cash needs. In addition, the methodology for calculating Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, BXMT’s reported Distributable Earnings may not be comparable to the Distributable Earnings reported by other companies. Adjusted Equity: BXMT discloses Adjusted Equity in this presentation. Adjusted Equity is a financial measure that is calculated and presented on the basis of methodologies other than in accordance with GAAP. Adjusted Equity reflects BXMT’s total equity, excluding the aggregate CECL reserve on loans receivable and unfunded commitments. BXMT believes that Adjusted Equity provides meaningful information to consider in addition to its total equity determined in accordance with GAAP in the context of assessing its debt-to-equity and total leverage ratios. The adjusted debt-to-equity and total leverage ratios are metrics used, in addition to unadjusted debt-to-equity and total leverage ratios, when evaluating BXMT’s capitalization structure, as Adjusted Equity excludes the unrealized impact of BXMT’s CECL reserve, which may vary from quarter-to-quarter as its loan portfolio changes and market and economic conditions evolve. BXMT believes these ratios, and therefore Adjusted Equity, are useful financial metrics for existing and potential future holders of its class A common stock to consider when evaluating how BXMT’s business is capitalized and the relative amount of leverage in its business. Adjusted Equity does not represent BXMT’s total equity and should not be considered as an alternate to GAAP total equity. In addition, BXMT’s methodology for calculating Adjusted Equity may differ from methodologies employed by other companies to calculate the same or similar supplemental measures, and accordingly, BXMT’s reported Adjusted Equity may not be comparable to the Adjusted Equity reported by other companies. Non-Consolidated Senior Interests: Senior interests in loans originated and syndicated to third parties. These non-recourse loan participations, which are excluded from the GAAP balance sheet, constitute additional financing capacity and are included in discussions of the loan portfolio. Net Loan Exposure: Represents loans that are included in BXMT’s consolidated financial statements, net of (i) participations sold, (ii) cost-recovery proceeds, and (iii) CECL reserves on its loans receivable. 1M SOFR: Represents 1-Month Term SOFR, which is an interest rate based on the Secured Overnight Financing Rate (SOFR), calculated and published for a 1-month tenor.

Blackstone |Blackstone Mortgage Trust, Inc. 17 FORWARD-LOOKING STATEMENTS AND IMPORTANT DISCLOSURE INFORMATION References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us,” or “our” refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise. Opinions expressed reflect the current opinions of BXMT as of the date appearing in this document only and are based on the BXMT's opinions of the current market environment, which is subject to change. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results. This presentation 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 BXMT’s current views with respect to, among other things, its operations and financial performance, its business plans and the impact of the current macroeconomic environment, including interest rate changes. 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. BXMT 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, 2022, 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 presentation and in the filings. BXMT assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.

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Cover	Oct. 25, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 25, 2023
Entity Registrant Name	Blackstone Mortgage Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	1-14788
Entity Tax Identification Number	94-6181186
Entity Address, Address Line One	345 Park Avenue
Entity Address, Address Line Two	24th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	212
Local Phone Number	655-0220
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	BXMT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001061630
Amendment Flag	false