Slide 1: Blackstone Mortgage Trust Q3 2025 Company Presentation
Blackstone Mortgage Trust, Inc. Q3 2025 Company Presentation OCTOBER 2025 Blackstone Mortgage Trust, Inc.
Slide 2: Blackstone Mortgage Trust Overview
BLACKSTONE MORTGAGE TRUST OVERVIEW Blackstone Mortgage Trust (BXMT) is a publicly traded commercial mortgage REIT focused on real estate credit investments in North America, Europe, and Australia BXMT is managed by Blackstone, the largest owner of commercial real estate globally with over $600B
Slide 3: BXMT Market Positioning
BXMT MARKET POSITIONING BXMT is well-positioned for the current environment with a senior, floating-rate portfolio generating robust cash flow, and a strong balance sheet with substantial liquidity to support new investment Floating-rate portfolio Investments with generating attractive significant
Slide 4: Key Priorities
KEY PRIORITIES BXMT continues to demonstrate strong momentum on key priorities Key Priorities Strong Momentum $5.1B loans closed or acquired in 2025 to date,(b) concentrated in multifamily, industrial, and diversified Portfolio portfolios Turnover $5.0B repayments in 2025 to date, including $2
Slide 5: Blackstone Overview
BLACKSTONE OVERVIEW (a) World’s largest private markets asset manager(c) $1.2T+ $279B 40-yr Blackstone AUM (d) Private Wealth Channel AUM (d) track record (e) Business AUM (f) Real Estate $325B World’s largest owner of commercial real estate Credit & Insurance $407B World’s largest third-party focus
Slide 6: BREDS Platform Overview
BREDS PLATFORM OVERVIEW (a) Blackstone Real Estate Debt Strategies (“BREDS”) is the largest alternative manager of real estate credit, investing across Core, Core+ and Opportunistic debt strategies on behalf of institutional investors and insurance capital BREDS’ global scale, cross-market knowl
Slide 7: Superior Real Estate Platform
SUPERIOR REAL ESTATE PLATFORM (a) One fully integrated real estate platform across 12 global offices Blackstone Advantage Constant Communication Integrated Perspective Global Business Weekly 1 830+ professionals Partners’ Meeting 12 global offices Global ICMs Investment Review Committees
Slide 8: BXMT Lending Strategy
BXMT LENDING STRATEGY BXMT originates loans that are sized and structured to capitalize value-add business plans to drive cash flow growth and long-term value creation BXMT’s loans are repaid when borrowers sell or refinance assets, typically following execution of business plan BXMT Lending Str
Slide 9: BXMT Target Loan Investments
BXMT TARGET LOAN INVESTMENTS Loan Size $50M to $500M+ Collateral First mortgages on stabilized or value-add assets Property Type All commercial property types Geographies North America, Western Europe and Australia Loan to Value Last dollar 50% to 75% Rate SOFR + 2.25% and higher, scaled to risk Ter
Slide 10: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW (j) $16.8B global loan portfolio secured by institutional-quality real estate and diversified across sectors and markets Collateral Diversification(k) Geographic Distribution(l) Life Sciences / Studio Other Property 2% 4% Canada Self-Storage Australia 2% 3% 7% Sunbelt Retai
Slide 11: Loan Portfolio Evolution
LOAN PORTFOLIO EVOLUTION (j) BXMT's office exposure has been reduced by 48% since 2019 and is over 90% performing as of Q3’25 BXMT has repositioned its portfolio to reduce legacy office exposure and increase investment in multifamily and industrial, which now represent 47% of the portfolio Offic
Slide 12: Robust Capitalization
ROBUST CAPITALIZATION BXMT’s scale and strong track record afford consistent access to a wide variety of asset-level and corporate capital options, supporting efficient execution and balance sheet stability throughout market environments Term Loan Credit $11B+ Total corporate capital transactions
Slide 13: Robust Capitalization
ROBUST CAPITALIZATION BXMT’s capital structure prioritizes risk management and balance sheet stability 1. No capital markets and limited credit mark-to-market provisions protect liquidity 2. Prioritize lower cost over incremental leverage to optimize current income 3. Term-matched: debt maturities
Slide 14: Case Study: Bank Loan Portfolio Acquisition
CASE STUDY: BANK LOAN PORTFOLIO ACQUISITION (m) In Q3 2025, BXMT acquired a $0.3B share in a $0.6B portfolio of low-leverage, performing loans at a discount to par from a U.S. bank; diversified across 425 primarily fixed rate loans backed by stabilized net lease properties Year to date, BXMT has
Slide 15: Net Lease Investment Strategy
NET LEASE INVESTMENT STRATEGY In Q4 2024, BXMT entered into our Net Lease JV focused on acquiring well-located net lease properties with strong in-place cash flow coverage and tenants in the essential-use and service retail sectors Net lease strategy complements BXMT’s floating-rate lending mode
Slide 16: Multifamily Agency Lending Strategy
MULTIFAMILY AGENCY LENDING STRATEGY In June 2024, BXMT entered into a partnership with M&T Realty Capital to provide its borrowers access to agency multifamily execution through M&T’s Fannie Mae DUS and Freddie Mac Optigo platforms Agency lending partnership is highly complementary with core tra
Slide 17: Case Studies
Case Studies Blackstone Mortgage Trust, Inc. Blackstone | 16
Slide 18: Case Study: Trophy NYC Office Loan
CASE STUDY: TROPHY NYC OFFICE LOAN (m) In 2018, BXMT originated a $1.8B senior loan funding the construction and lease-up of the Spiral, a new-build, trophy office building in Hudson Yards; the loan repaid in Q1 2025, attracting strong institutional liquidity The transaction represented BXMT’s l
Slide 19: BXMT Sample Transactions
BXMT SAMPLE TRANSACTIONS (m) Austin Multifamily (Risk Rated 1) $37M floating-rate first mortgage loan originated in Q1 2021 New-build (2019 vintage), 184-unit multifamily asset targeting 55+ age demographic 95%+ occupied at rents above BXMT’s underwriting vs. 56% leased at origination Final
Slide 20: BXMT Sample Transactions (Cont'd)
BXMT SAMPLE TRANSACTIONS (m) (CONT’D) Minneapolis Industrial Portfolio (Risk Rated 3) $61M floating-rate first mortgage loan originated in Q4 2024 Industrial portfolio of five newly constructed properties with in-demand features Portfolio was 63% leased at origination with 7.4 years of WALT; v
Slide 21: Endnotes Relating to Company Presentation
ENDNOTES RELATING TO COMPANY PRESENTATION a. As of June 30, 2025. b. Reflects loans originated or acquired through September 30, 2025. Includes $0.2M of upsizes on existing loans. Includes $0.4B in OPB reflecting BXMT’s 29% share in a senior loan portfolio acquired in June 2025 by the Bank Loan Port
Slide 22: BXMT Q3 2025 Earnings Release
BXMT Q3 2025 Earnings Release Blackstone Mortgage Trust, Inc. Blackstone | 21
Slide 23: BXMT Highlights
BXMT HIGHLIGHTS Q3 GAAP EPS of $0.37 and Distributable EPS(1) of $0.24; Distributable EPS prior to charge-offs(1) of $0.48 excludes realized losses from loan resolutions Strong Q3 results driven by attractive new investments, positive credit momentum, and proactive liability management Earnings
Slide 24: Third Quarter Results
THIRD QUARTER RESULTS Q3 GAAP basic income per share of $0.37, Distributable Earnings(1) per share of $0.24, and Distributable EPS prior to charge-offs(1) of $0.48 Earnings Book value per share of $20.99, incorporates $4.16 per share of CECL reserves Paid Q3 dividend of $0.47 per share, equati
Slide 25: Earnings
EARNINGS Distributable Earnings prior to charge-offs(1) demonstrating continued momentum, increasing to $0.48 per share and covering the dividend of $0.47 per share Earnings power, book value, and stockholder economic return(h) supported by capital redeployment, share buybacks, and loan resoluti
Slide 26: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW (f) $16.8B portfolio of 137 loans secured by institutional-quality assets and diversified across sectors and markets Office exposure has declined by $3.7B since Q3’22; now composes only 29% of the portfolio Geographic Footprint(i) Collateral Diversification(j)(k) Life Sci
Slide 27: Investments
INVESTMENTS Closed $0.6B of direct loan originations with highly-attractive credit and return characteristics in Q3 and $1.7B closed or in closing(e) subsequent to quarter-end Acquired a $0.3B share in a bank loan portfolio at a discount to par and $0.1B of net lease properties Investment Activi
Slide 28: Credit
CREDIT (f) Resolved $0.4B of impaired loans(g) in Q3, driving a 71% reduction in impaired loans year over year; Q3 resolutions executed above aggregate carrying value, supporting book value Loan portfolio performance increased to 96% in Q3 from 94% last quarter, benefiting from loan resolutions,
Slide 29: Capitalization
CAPITALIZATION Well-structured balance sheet with ample liquidity of $1.3B and debt-to-equity(m) ratio of 3.5x; marginal cost of financing on new investments continues to decline as capital markets improve Enhanced capital structure in Q3 with accretive $400M Term Loan B repricing; upsized by $5
Slide 30: II. Appendix
II. Appendix Blackstone Mortgage Trust, Inc. Blackstone | 8
Slide 31: Portfolio Details
APPENDIX Portfolio Details ($ in millions) Origination Total Principal Net Book Cash All-in Maximum Loan per Origination (t) Property Type Location Date (p) Commitment (q) Balance Value (r) Coupon (s) Yield (s) Maturity SF/Unit/Key LTV (l) 1 Mixed-Use Dublin, IE 8/14/2019 $1,018 $970 $969 +3.20% +3.
Slide 32: Consolidated Balance Sheets
APPENDIX Consolidated Balance Sheets ($ in thousands, except per share data) September 30, 2025 December 31, 2024 Assets Cash and cash equivalents $377,921 $323,483 Loans receivable 18,066,919 19,047,518 Current expected credit loss reserve (695,719) (733,936) Loans receivable, net $17,371,200 $18,3
Slide 33: Consolidated Statements of Operations
APPENDIX Consolidated Statements of Operations ($ in thousands, except per share data) nice Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Income from loans and other investments Interest and related income $345,959 $430,092 $1,037,553 $1,382,367 Less: Interest
Slide 34: Quarterly Per Share Calculations
APPENDIX Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended September 30, 2025 Three Months Ended June 30, 2025 Distributable Net income (u) $63,397 $6,969 Earnings Charge-offs of CECL reserves(v) (42,111) (45,057) Reconciliation (Decrease) increase in CECL res
Slide 35: Definitions
DEFINITIONS Bank Loan Portfolio JV: A joint venture BXMT entered into with a Blackstone-advised investment vehicle in June 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 b
Slide 36: Endnotes
ENDNOTES a. Dividend yield based on share price of $18.14 as of October 28, 2025. b. Includes $0.3B to reflect BXMT’s 50% share of the portfolio of performing senior loans acquired by its Bank Loan Portfolio JV and $0.1B to reflect BXMT’s 75% share of net lease properties acquired by its Net Lease J
Slide 37: Forward-Looking Statements & Important Disclosure Information
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 opi