| Senior Asset-Backed Lending | Institutional Quality Real Estate | Value-Add Business Plans |
| First-lien claim secured by tangible commercial real estate properties with hard asset value | Assets well-suited to attract institutional debt and equity capital | Loans designed to support business plans aimed at growing property cash flows and value over time |
| Stringent Underwriting & Asset Management | Sophisticated Borrowers | Structural Protections |
| Rigorous processes informed by knowledge and experience of the Blackstone Real Estate platform | Experienced, well-capitalized borrowers who can support assets through periods of volatility | Loans generally include performance tests, cash sweeps, guarantees or other structural enhancements |
Blackstone Mortgage Trust, Inc.
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6
BXMT TARGET LOAN INVESTMENTS
| June 30, 2026 | December 31, 2025 |
| Assets |
| Cash and cash equivalents | $432,833 | $452,526 |
| Loans receivable | 17,334,730 | 18,069,134 |
| Current expected credit loss reserve | (397,835) | (284,440) |
| Loans receivable, net | $16,936,895 | $17,784,694 |
| Owned real estate, net | 1,296,989 | 1,134,975 |
| Investments in unconsolidated entities | 322,060 | 217,488 |
| Other assets | 415,265 | 413,263 |
| Total Assets | $19,404,042 | $20,002,946 |
| Liabilities and Equity |
| Secured debt, net | $8,708,944 | $10,117,292 |
| Securitized debt obligations, net | 2,732,964 | 2,139,719 |
| Asset-specific debt, net | 971,305 | 997,746 |
| Term loans, net | 1,878,562 | 1,808,000 |
| Senior secured notes, net | 1,217,499 | 784,876 |
| Convertible notes, net | 265,310 | 264,745 |
| Other liabilities | 364,871 | 386,178 |
| Total Liabilities | $16,139,455 | $16,498,556 |
| Commitments and contingencies |
| Equity | | |
| Class A common stock, $0.01 par value | $1,685 | $1,683 |
| Additional paid-in capital | 5,440,390 | 5,430,542 |
| Accumulated other comprehensive income | 11,234 | 12,113 |
| Accumulated deficit | (2,191,769) | (1,945,428) |
| Total Blackstone Mortgage Trust, Inc. stockholders’ equity | $3,261,540 | $3,498,910 |
| Non-controlling interests | 3,047 | 5,480 |
| Total Equity | $3,264,587 | $3,504,390 |
| Total Liabilities and Equity | $19,404,042 | $20,002,946 |
Blackstone Mortgage Trust, Inc.
Blackstone | 26
APPENDIX
**Consolidated Statements of Operations**
($ in thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, |
| 2026 | 2025 | 2026 | 2025 |
| Income from loans and other investments | | | | |
| Interest and related income | $309,748 | $359,537 | $615,305 | $691,594 |
| Less: Interest and related expenses | 227,182 | 264,727 | 447,918 | 506,960 |
| Income from loans and other investments, net | $82,566 | $94,810 | $167,387 | $184,634 |
| Revenue from owned real estate | 75,497 | 38,812 | 150,091 | 75,845 |
| Total net revenue | $158,063 | $133,622 | $317,478 | $260,479 |
| Expenses | | | | |
| Management and incentive fees | $14,641 | $17,036 | $29,454 | $34,271 |
| General and administrative expenses | 14,918 | 13,526 | 28,899 | 26,190 |
| Expenses from owned real estate | 81,440 | 47,796 | 163,415 | 94,098 |
| Total expenses | $110,999 | $78,358 | $221,768 | $154,559 |
| Increase in current expected credit loss reserve | ($134,403) | ($45,593) | ($189,458) | ($95,098) |
| Income (loss) from unconsolidated entities | 8,570 | (2,015) | 9,953 | (2,889) |
| Net loss on disposition of owned real estate | | | (160) | |
| Other income, net | 3 | 231 | 7 | 321 |
| (Loss) income before income taxes | ($78,766) | $7,887 | ($83,948) | $8,254 |
| Income tax provision | 2,501 | 903 | 3,659 | 1,621 |
| Net (loss) income | ($81,267) | $6,984 | ($87,607) | $6,633 |
| Net loss (income) attributable to non-controlling interests | $45 | ($15) | $88 | ($21) |
| Net (loss) income attributable to Blackstone Mortage Trust, Inc. | ($81,222) | $6,969 | ($87,519) | $6,612 |
| Per share information (basic and diluted) | | | | |
| Net (loss) income per share | ($0.48) | $0.04 | ($0.52) | $0.04 |
| Weighted-average shares of common stock outstanding, basic and diluted | 168,965 | 171,894 | 169,021 | 171,949 |
Blackstone Mortgage Trust, Inc.
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APPENDIX
**Quarterly Per Share Calculations**
(in thousands, except per share data)
| | Three Months Ended June 30, 2026 | Three Months Ended March 31, 2026 |
Distributable
Earnings
Reconciliation | Net loss<sup>(v)</sup> | ($81,222) | ($6,297) |
| Charge-offs of CECL reserves<sup>(w)</sup> | (28,620) | (46,451) |
| Increase in CECL reserves | 134,403 | 55,055 |
| Depreciation and amortization of owned real estate<sup>(x)</sup> | 21,104 | 21,717 |
| Adjustment to realized loss on disposition of owned real estate<sup>(y)</sup> | | (1,497) |
| Non-cash compensation expense | 6,675 | 6,687 |
| Realized hedging and foreign currency (loss) gain, net<sup>(z)</sup> | (1,098) | 4 |
| Allocable share of adjustments related to unconsolidated entities<sup>(aa)</sup> | 508 | 6,380 |
| Cash income from Agency Multifamily Lending Partnership, net<sup>(bb)</sup> | 30 | 29 |
| Adjustments attributable to non-controlling interests, net | (26) | 191 |
| Other items | (18) | (8) |
| Distributable Earnings | $51,736 | $35,810 |
| Charge-offs of CECL reserves<sup>(w)</sup> | $28,620 | $46,451 |
| GAAP realized loss on disposition of owned real estate<sup>(cc)</sup> | – | 160 |
| Adjustment to realized loss on disposition of owned real estate<sup>(y)</sup> | | 1,497 |
| Adjustments attributable to non-controlling interests | | (249) |
| Allocable share of adjustments related to unconsolidated entities<sup>(aa)</sup> | 51 | |
| Distributable Earnings prior to realized gains and losses | $80,407 | $83,669 |
| Weighted-average shares outstanding, basic<sup>(dd)</sup> | 168,965 | 169,078 |
| Distributable Earnings per share, basic | $0.31 | $0.21 |
| Distributable Earnings prior to realized gains and losses per share, basic | $0.48 | $0.49 |
| | June 30, 2026 | March 31, 2026 |
Book Value
per Share | Stockholders' equity | $3,261,540 | $3,414,960 |
| Shares | | |
| Class A common stock | 168,544 | 168,684 |
| Deferred stock units | 370 | 348 |
| Total outstanding | 168,913 | 169,032 |
| Book value per share | $19.31 | $20.20 |
| | Three Months Ended June 30, 2026 | Three Months Ended March 31, 2026 |
Earnings
per Share | Net loss<sup>(v)</sup> | ($81,222) | ($6,297) |
| Weighted-average shares outstanding, basic and diluted | 168,965 | 169,078 |
| Per share amount, basic and diluted | ($0.48) | ($0.04) |
Blackstone Mortgage Trust, Inc.
Blackstone | 28
APPENDIX
**Reconciliation of Net Income to Distributable Earnings**
(in thousands, except per share data)
| Three Months Ended December 31, 2025 | Three Months Ended September 30, 2025 |
| Net income<sup>(v)</sup> | $39,560 | $63,397 |
| Charge-offs of CECL reserves<sup>(w)</sup> | (433,924) | (42,111) |
| Increase (Decrease) in CECL reserves | 18,375 | (987) |
| Depreciation and amortization of owned real estate<sup>(x)</sup> | 21,380 | 15,388 |
| Adjustment to realized loss on disposition of owned real estate<sup>(y)</sup> | | |
| Non-cash compensation expense | 6,699 | 7,302 |
| Realized hedging and foreign currency loss, net<sup>(z)</sup> | (25) | (1,511) |
| Allocable share of adjustments related to unconsolidated entities<sup>(aa)</sup> | (8) | (990) |
| Cash income from Agency Multifamily Lending Partnership, net<sup>(bb)</sup> | 29 | 35 |
| Adjustments attributable to non-controlling interests, net | (1) | (41) |
| Other items | (39) | (46) |
| Distributable Earnings | ($347,954) | $40,436 |
| Charge-offs of CECL reserves<sup>(w)</sup> | $433,924 | $42,111 |
| GAAP realized loss on disposition of owned real estate<sup>(cc)</sup> | − | − |
| Adjustment to realized loss on disposition of owned real estate<sup>(y)</sup> | | |
| Adjustments attributable to non-controlling interests | | |
| Allocable share of adjustments related to unconsolidated entities<sup>(aa)</sup> | | |
| Distributable Earnings prior to realized gains and losses | $85,970 | $82,547 |
| Weighted-average shares outstanding, basic<sup>(dd)</sup> | 168,168 | 171,813 |
| Distributable Earnings per share, basic | ($2.07) | $0.24 |
| Distributable Earnings prior to realized gains and losses per share, basic | $0.51 | $0.48 |
Blackstone Mortgage Trust, Inc.
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DEFINITIONS
**Bank Loan Portfolio Joint Venture:** A joint venture BXMT entered into with a Blackstone-advised investment vehicle in the second quarter of 2025 to acquire portfolios of performing
commercial mortgage loans. BXMT’s equity interest in the joint venture is included in investments in unconsolidated entities on BXMT’s balance sheet.
**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 recognized in current period 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. Distributable Earnings mirrors the terms of BXMT's management agreement between BXMT's Manager and BXMT, for purposes of calculating its incentive fee expense.
BXMT's CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to its existing policy for reporting Distributable Earnings.
BXMT expects to only recognize such potential credit losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization event. This is
generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but realization and non-recoverability may also be concluded if, in BXMT's
determination, it is nearly certain that all amounts due will not be collected. The timing of any such credit loss realization in BXMT's Distributable Earnings may differ materially from
the timing of CECL reserves or charge-offs in BXMT's consolidated financial statements prepared in accordance with GAAP. The realized loss amount reflected in Distributable Earnings
will equal the difference between the cash received, or expected to be received, and the book value of the asset, and is reflective of its economic experience as it relates to the
ultimate realization of the loan.
BXMT believes that Distributable Earnings provides meaningful information to consider in addition to net income (loss) and cash flow from operating activities determined in accordance
with GAAP. 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. As a REIT, BXMT generally must distribute annually at least 90% of its net taxable income, subject to certain adjustments,
and therefore BXMT believes its dividends are one of the principal reasons stockholders may invest in BXMT's class A common stock. Distributable Earnings helps BXMT to evaluate its
performance excluding the effects of certain transactions and GAAP adjustments that BXMT believes are not necessarily indicative of BXMT's current investment portfolio and operations
and is a performance metric BXMT considers when declaring its dividends.
Furthermore, BXMT believes it is useful to present Distributable Earnings prior to realized gains and losses, which include but are not limited to charge-offs of CECL reserves, to reflect
BXMT’s direct operating results and help existing and potential future holders of BXMT’s class A common stock assess the performance of BXMT’s business excluding such realized gains or
losses. BXMT may make similar adjustments with respect to other types of investments, if and when applicable transactions occur. During the period from the first quarter of 2024 to the
fourth quarter of 2025, we reported this metric as Distributable Earnings prior to charge-offs of CECL reserves, as the only applicable realized gains or losses during such period were
charge-offs of CECL reserves. BXMT utilizes Distributable Earnings prior to realized gains and losses as an additional performance metric to consider when declaring BXMT’s dividends.
Distributable Earnings mirrors the terms of BXMT’s Management Agreement for purposes of calculating BXMT’s incentive fee expense. Therefore, Distributable Earnings prior to realized
gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains and losses had not occurred.
Distributable Earnings and Distributable Earnings prior to realized gains and losses are non-GAAP measures. BXMT defines Distributable Earnings as GAAP net income (loss), including
realized gains and losses not otherwise recognized in current period 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 BXMT's independent directors. Distributable Earnings mirrors the terms of BXMT's
management agreement between its Manager and BXMT, or BXMT's Management Agreement, for purposes of calculating BXMT's incentive fee expense. Therefore, Distributable Earnings
prior to realized gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains and losses had not occurred.
**Homebuilder Finance Joint Venture:** A joint venture BXMT entered into with a an unaffiliated third-party, alongside a Blackstone-advised investment vehicle, in the second quarter of 2026 to acquire an initial portfolio of single-family construction loans and to continue to acquire and fund such loans in the future. BXMT’s 45% equity interest in the joint venture is included in investments in unconsolidated entities on BXMT’s balance sheet.
**Net Lease Joint Venture:** A joint venture BXMT entered into with a Blackstone-advised investment vehicle in the fourth quarter of 2024 to acquire triple net lease properties. BXMT's 75% equity interest in the joint venture is included in investments in unconsolidated entities on BXMT's balance sheet.
**Net Loan Exposure:** Represents the principal balance of loans that are included in BXMT’s consolidated financial statements, net of (i) asset-specific debt, (ii) participations sold, (iii) cost-recovery proceeds, and (iv) total loans receivable CECL reserve. Does not include owned real estate assets or investments in unconsolidated entities.
Blackstone Mortgage Trust, Inc.
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ENDNOTES RELATING TO EARNINGS RELEASE
a. Includes $0.1B to reflect BXMT's 75% share of net lease properties acquired by its Net Lease Joint Venture and $0.1B to reflect BXMT's 45% share of a portfolio of
single-family construction loans acquired by its Homebuilder Finance Joint Venture.
b. Includes (i) multifamily and condo loans and (ii) BXMT's share of a portfolio of single-family construction loans acquired by its Homebuilder Finance Joint Venture.
c. Reflects, as of June 30, 2026, (i) BXMT's loan portfolio of $16.9B, which represents net book value less total loans receivable CECL reserves, (ii) BXMT's $0.7B share of
the carrying value of investments held by BXMT's Net Lease Joint Venture, (iii) BXMT's $0.5B share of the fair value of loans held by BXMT's Bank Loan Portfolio Joint
Venture, (iv) BXMT's $0.1B share of the fair value of the loans held by BXMT's Homebuilder Finance Joint Venture, (v) the $1.4B aggregate carrying value of BXMT's
owned real estate assets, and (vi) BXMT's $66M fair value of investments in debt securities.
d. Based on Net Loan Exposure. Refer to Definitions.
e. Excludes (i) BXMT's $0.7B share of the carrying value of investments held by BXMT's Net Lease Joint Venture, (ii) BXMT's $0.5B share of the fair value of loans held by
BXMT's Bank Loan Portfolio Joint Venture, (iii) BXMT's $0.1B share of the fair value of the loans held by BXMT's Homebuilder Finance Joint Venture, (iv) the $1.4B
aggregate carrying value of BXMT's owned real estate assets, and (v) BXMT's $66M fair value of investments in debt securities.
f. Non-MTM debt consists of, as of June 30, 2026, $3.4B of corporate debt, $2.8B of securitized debt, and $7.9B of borrowings under non-mark-to-market master
repurchase agreements, credit facilities, and asset-specific debt. The margin call provisions in BXMT's non-mark-to-market master repurchase agreements and credit
facilities only permit valuation adjustments if the loan or collateral pledged or sold by BXMT becomes defaulted.
g. Includes $0.5B to reflect BXMT's 75% share of net lease properties acquired by its Net Lease Joint Venture, $0.3B to reflect BXMT's 35% share of the portfolios of
performing senior loans acquired by its Bank Loan Portfolio Joint Venture, $0.1B to reflect BXMT's 45% share of a portfolio of single-family construction loans acquired
by its Homebuilder Finance Joint Venture, and $67M of investments in debt securities.
h. Includes hospitality, condo, data center, and office loans.
i. Includes (i) BXMT's share of a portfolio of single-family construction loans acquired by its Homebuilder Finance Joint Venture and (ii) investments in debt securities.
j. Investment types that represent less than 1% of BXMT's Investment Portfolio are included in Other Investments in the chart, which includes the Homebuilder Finance
Joint Venture and investment in debt securities.
k. Assets in BXMT's loan portfolio with multiple components are proportioned into the relevant collateral types and geographies based on their relative value.
l. States and countries composing less than 1% of total loan portfolio are excluded.
m. Geographic diversification excludes one U.S. dollar-denominated loan (0.4% of portfolio) that is located in Bermuda and allocated to "Other International".
n. Represents debt-to-equity ratio, which is the ratio of (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.
o. Excludes 1.0% per annum of scheduled amortization payments under the Term Loan B.
p. Date loan was originated or acquired by BXMT.
q. Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment.
r. Net book value represents outstanding principal balance, net of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery
proceeds.
s. 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 and nonaccrual methods, if any.
t. Maximum maturity assumes all extension options are exercised; however, BXMT's loans may be repaid prior to such date. Excludes loans accounted for under the cost-
recovery and nonaccrual methods, if any.
u. Reflects weighted average loan-to-value ("LTV") as of the date investments were originated or acquired by BXMT, excluding any loans that are impaired.
v. Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc.
Blackstone Mortgage Trust, Inc.
Blackstone | 31
ENDNOTES RELATING TO EARNINGS RELEASE
w. Represents realized losses related to loan principal amounts deemed non-recoverable during the applicable period.
x. Represents depreciation of owned real estate assets and amortization of intangible owned real estate assets and liabilities.
y. Represents an adjustment to the realized loss on the sale of a property held at depreciated cost. Because depreciation and amortization is a non-cash expense that is
excluded from Distributable Earnings, GAAP gains upon sale of a property are higher, than the respective realized amounts reflected in
Distributable Earnings. For Distributable Earnings, the amount is calculated as net sales proceeds less the property's carrying value prior to depreciation and
amortization.
z. Represents realized gain (loss) on the repatriation of unhedged foreign currency. These amounts were not included in GAAP net income (loss), but rather as a
component of other comprehensive income in BXMT's consolidated financial statements.
aa. Allocable share of adjustments related to unconsolidated entities for the three months ended June 30, 2026, reflects BXMT's share of non-cash items such as (i) $(3.8)
million of unrealized gains recorded by such unconsolidated entities, (ii) $4.3 million of depreciation and amortization, and (iii) related adjustments for realized gains,
if any. For the three months ended March 31, 2026, reflects BXMT's share of non-cash items such as (i) $3.2 million of unrealized losses recorded by such
unconsolidated entities, (ii) $3.1 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended
December 31, 2025, reflects BXMT's share of non-cash items such as (i) $(2.0) million of unrealized gains recorded by such unconsolidated entities, (ii) $2.0 million of
depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended September 30, 2025, reflects BXMT's share of non-
cash items such as (i) $(2.3) million of unrealized gains recorded by such unconsolidated entities, (ii) $1.3 million of depreciation and amortization, and (iii) related
adjustments for realized gains, if any.
bb. Represents (i) the non-cash income recognized under GAAP related to BXMT's Agency Multifamily Lending Partnership, in which BXMT receives a portion of origination,
servicing, and other fees for loans BXMT refers to M&T Realty Capital Corporation for origination, offset by the related loss-sharing obligation accruals and (ii) the cash
received related to such income previously recognized under GAAP.
cc. Represents the amount included on BXMT's consolidated statement of operations.
dd. The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of BXMT's convertible notes. Consistent with the treatment of
other unrealized adjustments to Distributable Earnings, these potentially issuable shares are excluded until a conversion occurs.
Blackstone Mortgage Trust, Inc.
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FORWARD-LOOKING STATEMENTS & 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 their impact,
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, 2025, 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.
Blackstone Mortgage Trust, Inc.
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