Blackstone Mortgage Trust Reports Second Quarter 2019 Results New - - PowerPoint PPT Presentation

_____________________________ Blackstone Mortgage Trust, Inc. 345 Park Avenue New York, New York 10154 T 212 655 0220

Blackstone Mortgage Trust Reports Second Quarter 2019 Results

New York, July 23, 2019: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its second quarter 2019 results. Stephen D. Plavin, Chief Executive Officer, said, “Our strong second quarter was highlighted by ramping global originations and highly efficient capital raising. We enter the third quarter very well positioned for future growth.” Blackstone Mortgage Trust issued a full detailed presentation of its second quarter 2019 results, which can be viewed at www.bxmt.com. Quarterly Investor Call Details Blackstone Mortgage Trust will host a conference call on Wednesday, July 24, 2019 at 10:00 a.m. ET to discuss second quarter 2019 results. The conference call can be accessed by dialing +1 (888) 268-4178 (U.S. domestic) or +1 (617) 597-5494 (international), with the passcode 245-054- 61# or by webcast at www.bxmt.com (listen only). For those unable to listen to the live broadcast, a recorded replay will be available on the company’s website or by telephone beginning approximately two hours after the event. The replay call number is +1 (888) 286-8010 (U.S. domestic) or +1 (617) 801-6888 (international), with the passcode 410-109-41#. 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. 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 (NYSE:BX) is one of the world’s leading investment firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. Blackstone does this by using extraordinary people and flexible capital to help companies solve problems. Blackstone’s asset management businesses, with $545 billion in assets under management,

include investment vehicles focused on private equity, real estate, public debt and equity, 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 Twitter @Blackstone. Forward-Looking Statements and Other Matters This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone Mortgage Trust’s current views with respect to, among other things, Blackstone Mortgage Trust’s operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone Mortgage Trust believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2018, 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. Blackstone Mortgage Trust assumes no obligation to update or supplement forward‐looking statements that become untrue because of subsequent events or circumstances. Investor and Media Relations Contacts Weston Tucker Investor Relations Blackstone +1 (212) 583-5231 tucker@blackstone.com Paula Chirhart Media Relations Blackstone +1 (212) 583-5011 paula.chirhart@blackstone.com

Blackstone Mortgage Trust, Inc.

July 23, 2019

Second Quarter Results

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 BXMT has increased in scale through strong origination volume while maintaining consistently low leverage  In 2Q’19, BXMT generated EPS of $0.59 and Core EPS(a) of $0.68

BXMT Highlights

Information included in this presentation is as of or for the period ended June 30, 2019, unless otherwise indicated. (a) See Appendix for a definition and reconciliation to GAAP net income. (b) Represents the twelve months ended June 30, 2019. (c) Based on annualized dividend and BXMT closing price as of July 22, 2019. (d) Includes $489 million and $406 million of Non-Consolidated Senior Interests as of June 30, 2018 and June 30, 2019, respectively, and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a $97 million subordinate risk retention interest as of June 30, 2019. (e) Reflects ratio of Core Earnings to dividends declared. (f) Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.

($ in billions, except per share data)

Performing Loans Dividend Yield(c)

100% 6.9% 110% 63%

Dividend Coverage(e) Loan-to-Value(d)(f)

+$3.0B

Portfolio Growth(d)

0%

Change in LTV(d)(f)

LTM Performance(b)

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Originations

 $1.3 billion of originations and $192 million of fundings under existing commitments  Continued international growth with $965 million of 1H’19 non-US originations

Earnings & Dividends

 EPS of $0.59 and Core Earnings(a) per share of $0.68, or $86 million  Increased book value per share by $0.53 to $27.85; paid $0.62 per share dividend

Second Quarter 2019 Results

Portfolio Composition Capitalization Interest Rates

 $15.8 billion(b) portfolio secured by institutional quality real estate in major markets  100% performing portfolio with a weighted average origination LTV(b)(c) of 63%  Closed a $500 million senior secured term loan at L+2.50% with a 7-year term  Issued 8.6 million shares at 1.32x P/B, generating $311 million of gross proceeds and

adding $0.52 to book value per share

(a) See Appendix for a definition and reconciliation to GAAP net income. (b) Includes $406 million of Non-Consolidated Senior Interests and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a $97 million subordinate risk retention interest. (c) Reflects weighted average LTV as of the date investments were originated or acquired by BXMT. (d) A subset of BXMT loans carries LIBOR floors, which are set at various levels.

 Floating rate assets and matched liabilities support book value and earnings stability  LIBOR floors mitigate the impact of potential rate declines(d)

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$26.38 $27.08 $27.85 2Q'17 2Q'18 2Q'19 $2.48 $0.35

Earnings & Dividends

 2Q GAAP EPS of $0.59 and Core Earnings(a) of $0.68 per share; $0.62 per share dividend equates to a 6.9% dividend yield(b)  Accretive equity issuances and retained earnings enhanced book value per share

(a) See Appendix for a definition and reconciliation to GAAP net income. (b) Based on annualized dividend and BXMT closing price as of July 22, 2019. (c) Represents the twelve months ended June 30, 2019. Retained Core Earnings refers to the amount of Core Earnings in excess of dividends paid for the periods presented. (d) Reflects ratio of Core Earnings to dividends declared.

   

$0.62

Quarterly Dividend Dividends Paid Retained Core Earnings(a)

Book Value Per Share Growth LTM Core Earnings Per Share(c)

114%

LTM Dividend Coverage(d)

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$3.0 $5.6

Originations

 $1.3 billion of originations in 2Q’19 and LTM(a) net fundings of $2.6 billion  Originations in U.S., U.K. and Germany demonstrate the benefit of Blackstone’s global reach

($ in billions)

LTM(a) Net Fundings

(a) Represents the twelve months ended June 30, 2019. (b) Excluding upsizes and loans originated in the Walker & Dunlop joint venture.

100% senior loans

  100% floating rate

U.S., U.K. and Germany



2Q 2019 Origination Highlights

 $134 million average loan size(b)

$2.6B

Net Fundings Fundings Repayments

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Portfolio Composition

 $15.8 billion portfolio(a) comprised of 124 assets secured by institutional quality real estate, with 71% in gateway markets  High quality 100% performing portfolio with low weighted average LTV(a)(b) of 63%

Major Market Focus(a) Collateral Diversification(a)

(a) Includes $406 million of Non-Consolidated Senior Interests and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a $97 million subordinate risk retention interest. (b) Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.

Weighted Average LTV(a)(b)

63%

Condo 47% 22% 14% 4% 2% 2% 1% 8% Self-Storage Retail Industrial Office Hotel Other Multi

$15.8B

portfolio ES 7% AU 2% HI 4% U.K. 10% States that comprise less than 1% of total loan portfolio DEU 2% IL 6% 1% CAN OH 1% MI 1% NY 24% MA 1% NJ 1% 1% WA FL 4% GA 3% DC 2% NC 1% TN 1% NV 2% TX 2% CO 1% 1% AZ CA 16% VA 6%

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Capitalization

 Entered into a $500 million senior secured term loan B at L+2.50% with a 7-year term  $311 million of equity raised at 1.32x P/B resulting in $0.52 per share of book value accretion  $10.9 billion of outstanding asset-level financing on a market-leading, match-funded basis

(a) Includes $1.3 billion of consolidated securitized debt obligations as well as $0.9 billion of securitized debt held by third-parties in the $1.0 billion 2018 Single Asset Securitization, which is not consolidated on BXMT’s balance sheet. Refer to our consolidated financial statements for further discussion of the subordinated risk retention interest related to the 2018 Single Asset Securitization. (b) Includes $406 million of Non-Consolidated Senior Interests, which result from non-recourse sales of senior loan interests in loans BXMT originates. BXMT’s net investments in these loans are reflected in the form of mezzanine or other subordinate loans on BXMT’s balance sheet. (c) Represents (i) total outstanding secured debt agreements, secured term loans, and convertible notes, less cash, to (ii) total equity.

($ in billions)

Financing

(Outstanding Balance)

Credit Facilities 11 Credit Providers Corporate Debt Term Loan and Convertible Notes Corporate Obligations Senior Loan Interests(b)

$8.3 $1.1 $0.4 $9.4

Securitized Debt(a)

$2.2

CLO and Single Asset Securitization

2.5x

Debt-to-Equity Ratio(c)

Senior Syndications

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97% 3%

Interest Rates

 Floating rate assets and matched liabilities support book value and earnings stability  LIBOR floors in certain loans mitigate the impact of potential rate declines

(a) Changes in interest rates and credit spreads may affect our net interest income from loans and other investments and therefore our net income. Reflects impact on net income, net of incentive fees, on U.S. dollar denominated portfolio. See Appendix for important disclosures. (b) Includes $406 million of Non-Consolidated Senior Interests and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a $97 million subordinate risk retention interest.

Sensitivity to USD LIBOR(a)

(Quarterly Earnings per Share)

Portfolio Fixed vs. Floating(b)

(% of Total Investment Exposure)

Floating Fixed

• 2.00%
• 1.50%
• 1.00%
• 0.50%

0.00% 0.50% 1.00% 1.50% 2.00%

Change in USD LIBOR

Floors Protect Against USD LIBOR Declines

$0.00 +$0.03 +$0.05 +$0.08 +$0.10 ($0.02) ($0.03) ($0.02) ($0.01)

Appendix

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1Q'19 Loans Outstanding Fundings Repayments 2Q'19 Loans Outstanding

GAAP Net Income Adjustments Core Earnings

Interest Income 223.4 $ $— 223.4 $ Interest Expense (116.9) — (116.9) Management and Incentive Fees (21.0) — (21.0) General and Administrative Expenses (2.1) — (2.1) Non-Cash Compensation (7.8) 7.8 — Hedging and Foreign Currency Income, net(a) — 3.2 3.2 Net Income Attributable to Non-controlling Interests (0.4) — (0.4) Total 75.2 $ 11.0 $ 86.2 $

Appendix – Second Quarter 2019 Operating Results & Net Fundings Net Fundings(b)

($ in billions)

Operating Results

($ in millions)

$15.8 $16.1 ($1.4)

(a) Primarily represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. These amounts are not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements. (b) Excludes the impact of changes in foreign currency rates and related hedges for non-USD investments. (c) Includes $450 million and $406 million of Non-Consolidated Senior Interests as of March 31, 2019 and June 30, 2019, respectively, and investment exposure to the $1.0 billion 2018 Single Asset Securitization through a subordinate risk retention interest with an outstanding face amount of $99 million and $97 million as of March 31, 2019 and June 30, 2019, respectively.

$0.68

Core Earnings per Share

$0.59

Net Income per Share

$1.1

(c) (c)

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Portfolio Details

($ in millions)

(a) Date loan was originated or acquired by BXMT, and the LTV as of such date. (b) In certain instances, loans are financed through the non-recourse sale of a senior loan interest that is not included in the consolidated financial statements. As of June 30, 2019, two loans in the portfolio have been financed with an aggregate $406 million of Non-Consolidated Senior Interests, which are included in the table above. (c) Portfolio excludes our $97 million subordinate risk retention interest in the $1.0 billion 2018 Single Asset Securitization. (d) Maximum maturity assumes all extension options are exercised; however, floating rate loans generally may be repaid prior to their final maturity without penalty. (e) Consists of both floating and fixed rates. The weighted-average cash coupon and all-in yield are expressed in terms excluding the relevant floating benchmark rates as of June 30, 2019.

Origination Total Principal Net Book Maximum Property Loan Per Origination Loan Type Date (a) Loan (b)(c) Balance (b)(c) Value Maturity (d) Location Type SQFT / Unit / Key LTV (a) Loan 1 Senior loan 3/22/2018 $ 1,063 $ 1,063 $ 1,058 L + 3.15 % L + 3.40 % 3/15/2023 Diversified - Spain Mixed-Use n/a 71 % Loan 2 Senior loan 5/11/2017 753 696 693 L + 3.40 % L + 3.60 % 6/10/2023 Washington DC Office $340 / sqft 62 % Loan 3 Senior loan (b) 8/6/2015 469 469 85 5.75 % 5.77 % 10/29/2022 Diversified - EUR Other n/a 71 % Loan 4 Senior loan 5/1/2015 355 342 342 L + 2.85 % L + 3.02 % 5/1/2023 New York Office $434 / sqft 68 % Loan 5 Senior loan 1/7/2015 350 331 331 L + 2.50 % L + 2.76 % 1/9/2021 New York Office $283 / sqft 53 % Loan 6 Senior loan 2/13/2018 330 328 327 L + 3.42 % L + 3.52 % 3/9/2023 New York Multi $793,303 / unit 62 % Loan 7 Senior loan 10/23/2018 352 323 321 L + 3.40 % L + 3.72 % 10/23/2021 New York Mixed-Use $293 / sqft 65 % Loan 8 Senior loan 3/31/2017 339 314 312 L + 3.50 % L + 3.87 % 8/9/2023 Maui Hotel $414,267 / key 61 % Loan 9 Senior loan 1/11/2019 305 305 301 L + 4.35 % L + 4.70 % 1/11/2026 Diversified - UK Other $147 / sqft 66 % Loan 10 Senior loan 11/30/2018 291 276 273 L + 2.83 % L + 3.20 % 12/9/2023 New York Hotel $225,514 / key 73 % Loan 11 Senior loan 11/30/2018 254 247 245 L + 2.80 % L + 3.17 % 12/9/2023 San Francisco Hotel $363,291 / key 73 % Loan 12 Senior loan 12/11/2018 310 241 239 L + 2.55 % L + 2.96 % 12/9/2023 Chicago Office $203 / sqft 78 % Loan 13 Senior loan 8/3/2016 276 240 240 L + 4.66 % L + 5.32 % 8/9/2021 New York Office $330 / sqft 57 % Loan 14 Senior loan 12/22/2017 225 225 224 L + 2.80 % L + 3.16 % 1/9/2023 Chicago Multi $326,087 / unit 65 % Loan 15 Senior loan 5/9/2018 219 219 218 L + 2.60 % L + 2.87 % 5/9/2023 New York Industrial $62 / sqft 70 % Loans 16 - 123 Senior loans Various 12,150 9,160 9,073 L + 3.45 % (e) L + 3.84 % (e) Various Various Various Various 62 % Total/Wtd. avg. $ 18,042 $ 14,779 $ 14,281 L + 3.42 % (e) L + 3.76 % (e) 3.7 yrs 64 % Cash All-in Coupon Yield

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Consolidated Balance Sheets

($ in thousands, except per share data)

June 30, 2019 December 31, 2018 Assets Cash and cash equivalents 80,584 $ 105,662 $ Loans receivable, net 14,280,919 14,191,200 Other assets 203,501 170,513 Total assets 14,565,004 $ 14,467,375 $ Liabilities and equity Secured debt agreements, net 8,257,370 $ 8,974,756 $ Loan participations sold, net — 94,418 Securitized debt obligations, net 1,287,364 1,285,471 Secured term loans, net 491,598 — Convertible notes, net 611,472 609,911 Other liabilities 140,775 128,212 Total liabilities 10,788,579 11,092,768 Commitments and contingencies — — Equity Class A common stock, $0.01 par value 1,343 1,234 Additional paid-in capital 4,354,571 3,966,540 Accumulated other comprehensive loss (29,420) (34,222) Accumulated deficit (579,131) (569,428) Total Blackstone Mortgage Trust, Inc. stockholdersʼ equity 3,747,363 3,364,124 Non-controlling interests 29,062 10,483 Total equity 3,776,425 3,374,607 Total liabilities and equity 14,565,004 $ 14,467,375 $

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Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Income from loans and other investments Interest and related income 223,369 $ 191,479 $ 448,128 $ 346,904 $ Less: Interest and related expenses 116,891 87,733 235,579 157,722 Income from loans and other investments, net 106,478 103,746 212,549 189,182 Other expenses Management and incentive fees 20,984 22,388 40,774 37,880 General and administrative expenses 9,897 8,747 19,210 17,454 Total other expenses 30,881 31,135 59,984 55,334 Income before income taxes 75,597 72,611 152,565 133,848 Income tax provision 46 104 147 224 Net income 75,551 $ 72,507 $ 152,418 $ 133,624 $ Net income attributable to non-controlling interests (377) (195) (680) (353) Net income attributable to Blackstone Mortgage Trust, Inc. 75,174 $ 72,312 $ 151,738 $ 133,271 $ Per share information (basic and diluted) Weighted-average shares of common stock outstanding 126,475,244 109,069,078 125,410,064 108,735,193 Net income per share of common stock 0.59 $ 0.66 $ 1.21 $ 1.23 $

Consolidated Statements of Operations

($ in thousands, except per share data)

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Three Months Ended June 30, 2019 March 31, 2019 Net income(a) 75,174 $ 76,565 $ Weighted-average shares outstanding, basic and diluted 126,475 124,333 Earnings per share, basic and diluted 0.59 $ 0.62 $ Three Months Ended June 30, 2019 March 31, 2019 Net income(a) 75,174 $ 76,565 $ Non-cash compensation expense 7,754 7,768 Hedging and foreign currency income, net(b) 3,237 3,271 Other items 58 95 Core Earnings 86,223 $ 87,699 $ Weighted-average shares outstanding, basic and diluted 126,475 124,333 Core Earnings per share, basic and diluted 0.68 $ 0.71 $ Three Months Ended June 30, 2019 March 31, 2019 Stockholdersʼ equity 3,747,363 $ 3,439,398 $ Shares Class A common stock 134,288 125,667 Deferred stock units 245 237 Total outstanding 134,533 125,904 Book value per share 27.85 $ 27.32 $

Per Share Calculations

(a) Represents net income attributable to Blackstone Mortgage Trust, Inc. (b) Primarily represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. These amounts are not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.

Core Earnings Reconciliation Book Value per Share Earnings per Share

(Amounts in thousands, except per share data)

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LTM Ended Jun 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sept 30, 2018 Net income(a) 303,547 $ 75,174 $ 76,565 $ 73,643 $ 78,165 $ Non-cash compensation expense 29,922 7,754 7,768 7,666 6,734 Hedging and foreign currency income, net(b) 10,380 3,237 3,271 1,942 1,930 Other items 1,137 58 95 394 590 Core Earnings 344,986 $ 86,223 $ 87,699 $ 83,645 $ 87,419 $ Weighted-average shares outstanding, basic and diluted 122,126 126,475 124,333 121,588 116,203 Net income per share, basic and diluted 2.49 $ 0.59 $ 0.62 $ 0.61 $ 0.67 $ Core Earnings per share, basic and diluted 2.83 $ 0.68 $ 0.71 $ 0.69 $ 0.75 $ Three Months Ended,

Reconciliation of Net Income to Core Earnings

(a) Represents net income attributable to Blackstone Mortgage Trust, Inc. (b) Primarily represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. These amounts are not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.

(Amounts in thousands, except per share data)

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Definitions

Core Earnings: Blackstone Mortgage Trust, Inc. (“BXMT”) discloses Core Earnings in this presentation. Core 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”). Core Earnings is an adjusted measure that helps BXMT evaluate its performance excluding the effects of certain transactions and GAAP adjustments that it believes are not necessarily indicative of its current loan origination portfolio and operations. Although according to its management agreement BXMT calculates the incentive and base management fees due to its Manager using Core Earnings before incentive fees expense, BXMT reports Core Earnings after incentive fees expense, as BXMT believes this is a more meaningful presentation of the economic performance of its class A common stock. Core Earnings is defined as GAAP net income (loss), including realized gains and losses not otherwise included in GAAP net income (loss), and excluding (i) net income (loss) attributable to the CT Legacy Portfolio, (ii) non-cash equity compensation expense, (iii) depreciation and amortization, (iv) unrealized gains (losses), and (v) certain non-cash items. Core 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. Core 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 BXMT’s GAAP cash flows from operations, a measure of BXMT’s liquidity, or an indication of funds available for its cash needs. In addition, BXMT’s methodology for calculating Core Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, its reported Core Earnings may not be comparable to the Core Earnings 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. Earnings Sensitivity to LIBOR: Reflects the impact on net income, net of incentive fees, assuming no changes in credit spreads, portfolio composition, or asset performance. Assumes no change in general and administrative expenses, management fees, or

• ther non-interest expenses relative to those incurred for the quarter ended June 30, 2019.

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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 BXMT’s current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “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, 2018, 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.