EX-99.2 5 d531583dex992.htm EX-99.2 EX-99.2
Blackstone Mortgage Trust, Inc.
May 6, 2013
First Quarter 2013 Results
Exhibit 99.2

Blackstone Mortgage Trust
1
First Quarter 2013 Highlights
We completed our first full quarter under the management of a subsidiary of The Blackstone Group L.P.
and effective as of the close of business on May 6, 2013:
•
Changed
our
name
from
Capital
Trust,
Inc.
to
Blackstone
Mortgage
Trust,
Inc.
and
stock
ticker
symbol
from “CT”
to “BXMT,”
•
Completed a one-for-ten reverse stock split, and
•
Launched
our
new
corporate
website,
www.blackstonemortgagetrust.com.
March
31,
2013
consolidated
assets
were
$365.2
million
and
consolidated
liabilities
were
$202.7
million,
resulting
in
stockholders’
equity
of
$76.1
million,
(1)
or
$25.21
per
share.
(2)
•
Up $2.7 million from 4Q primarily as a result of increased CT Legacy book value
First
quarter
consolidated
net
loss
was
($3.1
million),
or
($1.03)
(2)
per
share.
•
Primarily resultant from the CT Legacy reconsolidation accounting, which resulted in a direct increase
in stockholders’
equity
and
minimal
earnings
from
the
CT
Legacy
portfolio
during
the
quarter,
and
non-
cash incentive plan accruals.
________________________________________________
(1)
Total equity of $162.4 million includes noncontrolling interests of $86.4 million.
(2)
Per share amounts have been retroactively updated to reflect the one-for-ten reverse stock split described above.

Blackstone Mortgage Trust
2
•
Cash and cash equivalents of $15.4 million;
•
Investment in CT Legacy Partners, with an
attributable book value of $48.5 million;
•
Residual interests in CT CDO I, with an
attributable book value of $6.6 million;
•
Other,
including
prepaid
expenses,
accounts
payable,
and
other
items;
(1)
and
Overview of Significant Assets
Our
book
value
totaled
$76.1
million
(or
$25.21
per
share)
as
of
March
31,
2013,
and
is
primarily
attributable to the following significant assets:
Book Value
($ in Millions)
Cash
$25.21
Book Value per Share
CT Legacy Partners
CT CDO I
$76.1
Other
(1)
CT
Opportunity
Partners
I,
LP
(“CTOPI”)
carried
interest
of
$10.4
million,
(2)
which
is
carried
at
a
book
value
of
$0.
(2)
(1)
Includes: (i) prepaid expenses and other assets, (ii) corporate accounts payable and accrued expenses, (iii) payables related to CTOPI tax-advance distributions,
and (iv) accounting adjustments for certain timing differences associated with liabilities under our secured notes and management incentive awards plans.
(2)
CTOPI carried interest is based on an allocation of the fund’s net asset value as of March 31, 2013. We have elected to defer recognition of revenue from our
investment in CTOPI, resulting in a net book value of zero.

Blackstone Mortgage Trust
3
CT Legacy Partners
(1)(2)
CT Legacy Partners is the March 2011 restructuring vehicle that owns our remaining legacy asset portfolio. Blackstone
Mortgage Trust owns a majority controlling interest in CT Legacy
Partners, subject to liabilities under its secured notes and
management incentive awards plan.
The CT Legacy Partners investment portfolio includes 26 loans and securities, all of which serve as collateral for its JPMorgan
repurchase facility with an outstanding balance of $20.2 million, which is not recourse to Blackstone Mortgage Trust.
•
See page 7 for a detailed presentation of the CT Legacy Partners
loans receivable portfolio.
________________________________________________
(Dollars in Thousands)
Mar. 31, 2013
Gross investment in CT Legacy Partners
Restricted cash
12,719
$                 
Securities, at fair value
11,702
Loans receivable, at fair value
150,332
Equity investments (Three-hotel portfolio)
4,059
Prepaid expenses, accrued interest receivable, and accounts payable, net
(4,005)
Repurchase obligations
(20,214)
Interest rate swap liabilities
(6,119)
Noncontrolling interests
(86,350)
Total gross investment in CT Legacy Partners
70,134
$               
Secured notes, including prepayment premium
(2)(3)
(11,059)
Management incentive awards plan, fully vested
(2)(4)
(10,563)
Net investment in CT Legacy Partners
48,512
$               
(1)
In March 2012, CT Legacy REIT merged into CT Legacy Partners to preserve the tax efficiency of the Legacy portfolio. The economics of the portfolio are 
substantially unchanged.
(2)
See Note 3 to our financial statements contained in the Form 10-Q, filed on May 6, 2013, for additional details.
(3)
Includes the full potential prepayment premium on secured notes. This liability is carried at its amortized basis of $8.7 million on our balance sheet 
as of March 31, 2013.
(4)
Assumes full payment of the management incentive awards plan based on a hypothetical GAAP liquidation value of CT Legacy Partners as of March 31, 2013. 
As of March 31, 2013, our balance sheet includes $6.2 million in accounts payable and accrued expenses for the management incentive awards plan.

Blackstone Mortgage Trust
4
CT CDO I
CT CDO I is a collateralized debt obligation issued in 2004. Blackstone Mortgage Trust owns the residual
debt and equity positions of CT CDO I.
The CT CDO I investment portfolio includes seven loans, all of which serve as collateral for its non-recourse
senior securitized debt obligations with an outstanding balance of $136.9 million.
•
See page 8 for a detailed presentation of the CT CDO I loans receivable portfolio.
(Dollars in Thousands)
Mar. 31, 2013
Assets and liabilities of CT CDO I
Loans receivable, net
139,500
$              
Loans held-for-sale, net
1,800
                      
Accrued interest receivable, prepaid expenses, and other assets
2,433
                      
Total assets
143,733
                
Accounts payable, accrued expenses and other liabilities
168
                         
Securitized debt obligations
136,944
                  
Total liabilities
137,112
                
Net investment in CT CDO I
6,621
$                    

Blackstone Mortgage Trust
5
CTOPI
CTOPI is a
private
equity
real
estate
fund
that
we
sponsored
and
formed
in
2007.
The
fund
invested
$491.5
million in 39 transactions, of which $288.6 million has been realized and $202.9 million remains
outstanding (carried at 133% of cost) as of March 31, 2013.
The carried interest in CTOPI entitles us to earn incentive compensation in an amount equal to 17.7% of the
fund’s profits, after a 9% preferred return and 100% return of capital to the CTOPI limited partners.
•
We own a net 55% of the carried interest of CTOPI’s general partner.
•
Any cash collections from the CTOPI carried interest would be offset by incentive awards to our former
employees, which provide for payment of 45% of the amount of carried interest distributions we receive.
As of March 31, 2013, Blackstone Mortgage Trust was allocated $11.8 million of carried interest from
CTOPI based on a hypothetical liquidation of the fund, reduced by tax-advance distributions received for a
net asset of $10.4 million. Other than tax-advance distributions, we have not received any cash payments
from CTOPI.
•
The net carried interest allocation of $11.8 million increased $3.7 million from 4Q, and is based on the
fair value of CTOPI’s net assets.
•
Recognition
of
the
revenue
related
to
the
CTOPI
carried
interest
has
been
deferred,
resulting
in a net
book value of zero as of March 31, 2013.

Blackstone Mortgage Trust
6
Book Value per Share
Stockholders’
equity totaled $76.1 million, or $25.21 per share as of March 31, 2013.
•
On April 26, 2013, our board of directors approved a one-for-ten reverse stock split, effective as of 
May 6, 2013.
•
All share and per share amounts have been retroactively updated to reflect the reverse stock split.
________________________________________________
(1)
Share and per share amounts have been retroactively updated to reflect the one-for-ten reverse stock split described above.
(2)
Stock units are granted to certain members of our board of directors in lieu of cash compensation for services and in lieu of dividends earned on previously granted stock units.
See Note 10 to our financial statements contained in the Form 10-Q, filed on May 6, 2013, for additional details.
(3)
Blackstone Mortgage Trust’s book value as of March 31, 2013 includes two of its significant assets, CT Legacy Partners and the CTOPI carried interest, recorded on a fair value
(Dollars in Thousands, Except per Share Data)
Mar. 31, 2013
Dec. 31, 2012
Stockholders' equity
76,095
$             
73,444
$             
Shares
(1)
Class A common stock
2,926,651
2,926,651
Restricted class A common stock
-
-
Stock units
(2)
91,366
89,756
Total
3,018,018
3,016,407
Book value per share
(3)
25.21
$               
24.35
$               
basis. The fair value of each of these assets represents a discount to the cash flows management has estimated these investments will generate.

Blackstone Mortgage Trust
7
(1)
In addition, CT Legacy Partners owns investments in securities with an aggregate face value of $135.3 million and a book value of $11.7 million as of March 31,
2013.
(2)
Represents the fair market value of each loan as of March 31, 2013.
(3)
All floating rate loans are indexed to one-month LIBOR.
(4)
Maturity dates assume all extension options are executed.
(5)
Principal balance represents our former mezzanine loan to this REO asset. As of March 31, 2013, our equity investment in this hotel portfolio was carried at a fair
value of $4.0 million and included in other assets on our consolidated balance sheet.
(6)
Includes four loans receivable investments, each of which was 100% impaired as of March 31, 2013. These losses have not yet been realized as of March 31, 2013.
CT Legacy Partners’
Loans Receivable
The
following
table
provides
details
of
CT
Legacy
Partners’
loan
portfolio
(1)
as
of
March
31,
2013:
________________________________________________
(Dollars in Millions)
Principal
Balance
Book
Value
(2)
Rate
(3)
Maturity
(4)
Loan Type
Geographic
Location
Property
Type
Loan A
27.0
$        
28.8
$        
L + 2.75%
12/31/14
Sub. mortgage
Northwest
Other
Loan B
25.4
25.0
L + 7.94%
4/9/13
Sub. mortgage
International
Hotel
Loan C
19.9
20.1
8.00%
9/1/14
Mezzanine
Northeast
Office
Loan D
17.9
12.5
L + 4.00%
3/15/12
Sr. mortgage
Northeast
Office
Loan E
15.0
13.7
L + 4.00%
3/9/14
Sr. mortgage
West
Hotel
Loan F
12.8
12.8
L + 1.96%
1/3/17
Sub. mortgage
Northeast
Multifamily
Loan G
14.4
14.2
L + 2.75%
12/31/14
Sub. mortgage
Northwest
Other
Loan H
14.3
11.9
L + 8.50%
6/9/13
Mezzanine
Southeast
Hotel
Loan I
8.0
7.8
12.00%
10/9/13
Mezzanine
Northeast
Office
Loan J
4.5
3.5
8.77%
2/1/16
Mezzanine
Northeast
Office
Other
(6)
98.2
-
Various
Various
Various
Various
Various
Total
307.4
$      
154.3
$      
Loan K
50.0
4.0
n/a
n/a
REO
Various
Hotel
(5)

Blackstone Mortgage Trust
8
CT CDO I’s Loans Receivable
The following table provides details of CT CDO I’s loan portfolio as of March 31, 2013:
________________________________________________
(Dollars in Millions)
Principal
Balance
Book
Value
Rate
(1)
Maturity
(2)
Loan Type
Geographic
Location
Property
Type
Loan A
62.5
$         
62.5
$         
L + 0.86%
5/3/13
Sr. mortgage
West
Office
Loan B
30.0
           
30.0
           
L + 7.25%
5/9/14
Sub. mortgage
West
Hotel
Loan C
27.0
           
27.0
           
L + 9.53%
10/9/13
Sub. mortgage
Northeast
Office
Loan D
20.0
           
20.0
           
L + 5.06%
10/9/13
Sub. mortgage
Diversified
Office
Loan E
(3)
6.6
             
1.8
             
L + 5.01%
2/9/13
Sub. mortgage
Southwest
Office
Other
(4)
18.1
           
-
             
Various
Various
Various
Various
Various
Total
164.2
$       
141.3
$       
(1)
All floating rate loans are indexed to one-month LIBOR.
(2)
Maturity dates assume all extension options are executed.
(3)
This loan has been classified as held-for-sale as of March 31, 2013. Accordingly, its book value represents estimated fair market value as of March 31, 2013.
(4)
Includes two loans receivable investments, each of which was 100% impaired as of March 31, 2013. These losses have not yet been realized as of March 31, 2013.

Blackstone Mortgage Trust
9
Consolidated Balance Sheet
(Dollars in Thousands)
Mar. 31, 2013
Dec. 31, 2012
Assets
Cash and cash equivalents
15,361
$         
15,423
$         
Restricted cash
12,719
14,246
Investment in CT Legacy Asset, at fair value
-
132,000
Securities, at fair value
11,702
-
Loans receivable, at fair value
150,332
-
Loans receivable, net
139,500
141,500
Loans held-for-sale, net
1,800
-
Equity investments in unconsolidated subsidiaries
20,046
13,306
Accrued interest receivable, prepaid expenses, and other assets
13,693
5,868
Total assets
365,153
$      
322,343
$      
Liabilities & Equity
Accounts payable, accrued expenses and other liabilities
30,760
$         
21,209
$         
Secured notes
8,671
8,497
Repurchase obligations
20,214
-
Securitized debt obligations
136,944
139,184
Interest rate swap liabilities
6,119
-
Total liabilities
202,708
168,890
Commitments and contingencies
-
-
Equity
Class A common stock, $0.01 par value
293
293
Additional paid-in capital
609,040
609,002
Accumulated deficit
(533,238)
(535,851)
Total Blackstone Mortgage Trust, Inc. stockholders' equity
76,095
73,444
Noncontrolling interests
86,350
80,009
Total equity
162,445
153,453
Total liabilities and equity
365,153
$      
322,343
$      

Blackstone Mortgage Trust
10
Consolidated Statement of Operations
________________________________________________
(1)
Share and per share amounts have been retroactively updated to reflect the one-for-ten reverse stock split described above.
(Dollars in Thousands, Except Share and per Share Data)
2013
2012
Income from loans and other investments:
Interest and related income
1,456
$                   
14,716
$                 
Less: Interest and related expenses
777
                         
23,342
                   
Income (loss) from loans and other investments, net
679
                         
(8,626)
                    
Other expenses:
General and administrative
2,038
                      
756
                         
Total other expenses
2,038
                      
756
                         
Total other-than-temporary impairments of securities
-
                          
-
                          
Portion of other-than-temporary impairments of securities recognized in other comprehensive income
-
                          
(160)
                        
Net impairments recognized in earnings
-
                          
(160)
                        
Recovery of provision for loan losses
-
                          
8
                             
Valuation allowance on loans held-for-sale
(200)
                        
-
                          
Fair value adjustment on investment in CT Legacy Asset
-
                          
3,954
                      
Gain on deconsolidation of subsidiaries
-
                          
146,380
                 
Income from equity investments in unconsolidated subsidiaries
-
                          
696
                         
(Loss) income before income taxes
(1,559)
                        
141,496
                    
Income tax provision
38
                           
301
                         
(Loss) income from continuing operations
(1,597)
$                  
141,195
$              
Loss from discontinued operations, net of tax
-
                          
(573)
                        
Net (loss) income
(1,597)
$                  
140,622
$              
Net income attributable to noncontrolling interests
(1,518)
                    
(74,069)
                  
Net (loss) income attributable to Blackstone Mortgage Trust, Inc.
(3,115)
$                  
66,553
$                 
Per share information (Basic)
(Loss) income from continuing operations per share of common stock
(1.03)
$                    
29.39
$                   
Loss from discontinued operations per share of common stock
-
$                        
(0.25)
$                    
Net (loss) income per share of common stock
(1.03)
$                    
29.14
$                   
Weighted average shares of common stock outstanding
3,016,425
             
2,283,741
             
Per share information (Diluted)
(Loss) Income from continuing operations per share of common stock
(1.03)
$                    
27.64
$                   
Loss from discontinued operations per share of common stock
-
$                        
(0.25)
$                    
Net (loss) income per share of common stock
(1.03)
$                    
27.39
$                   
Weighted average shares of common stock outstanding
3,016,425
             
2,430,147
             
Three Months Ended Mar. 31,
(1)

Blackstone Mortgage Trust
11
Forward-Looking Statements
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 Blackstone
Mortgage Trust’s current views with 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,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “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, 2012, as such factors may be
updated from time to time in its periodic filings with the Securities and Exchange Commission, 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. Blackstone
undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new
information, future developments or otherwise.