PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Presents unaudited consolidated financial statements for Blackstone Mortgage Trust, Inc. as of March 31, 2021, including balance sheets, operations, cash flows, and explanatory notes [Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) Q1 2021 total assets reached **$17.35 billion**, with net income of **$79.9 million** (**$0.54** per share), a significant recovery from the prior year Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$17,354,710** | **$16,958,955** | | Loans receivable, net | $16,888,002 | $16,399,166 | | **Total Liabilities** | **$13,450,617** | **$13,054,724** | | Secured debt agreements, net | $8,124,787 | $7,880,536 | | Securitized debt obligations, net | $2,875,241 | $2,922,499 | | **Total Equity** | **$3,904,093** | **$3,904,231** | Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2021 (in thousands, except per share data) | Three Months Ended March 31, 2020 (in thousands, except per share data) | | :--- | :--- | :--- | | Income from loans and other investments, net | $109,152 | $100,636 | | Decrease (increase) in CECL reserve | $1,293 | $(122,702) | | **Net income (loss) attributable to Company** | **$79,902** | **$(53,350)** | | **Net income (loss) per share** | **$0.54** | **$(0.39)** | Consolidated Cash Flow Highlights (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $83,048 | $68,617 | | Net cash used in investing activities | $(523,591) | $(249,266) | | Net cash provided by financing activities | $431,693 | $389,077 | | **Net (decrease) increase in cash** | **$(8,850)** | **$208,428** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Details company operations as a REIT, key accounting policies including CECL, and breakdowns of the loan portfolio, financing, derivatives, and equity - The company is a real estate finance company originating senior loans collateralized by commercial real estate, operating as a REIT and externally managed by a Blackstone subsidiary[28](index=28&type=chunk) - The company estimates its Current Expected Credit Loss (CECL) reserve using the Weighted Average Remaining Maturity (WARM) method, incorporating historical CMBS data and economic forecasts[42](index=42&type=chunk)[43](index=43&type=chunk) - An internal 5-point loan risk rating system, from 'Very Low Risk' (1) to 'Impaired/Loss Likely' (5), is the primary indicator for CECL reserve assessment[49](index=49&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=47&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Q1 2021 performance, highlighting **$0.59** Distributable Earnings per share, **$1.7 billion** loan originations, **100%** interest collection, and **$1.1 billion** liquidity - The company's investment objective is to preserve shareholder capital and generate attractive risk-adjusted returns, primarily via senior loan portfolio dividends[213](index=213&type=chunk) - Economic recovery from COVID-19 is gradual and uneven, with ongoing uncertainty despite fiscal stimulus and vaccine distribution[216](index=216&type=chunk)[217](index=217&type=chunk) Key Financial Indicators - Q1 2021 | Indicator | Value (per share) | | :--- | :--- | | Earnings Per Share | $0.54 | | Dividends Declared Per Share | $0.62 | | Distributable Earnings Per Share | $0.59 | | Book Value Per Share | $26.35 | [Loan Portfolio](index=52&type=section&id=Loan%20Portfolio) Q1 2021 saw **$1.7 billion** in loan originations, **$692.8 million** net fundings, an **$18.7 billion** portfolio with **64.5%** LTV, and **100%** interest collection Loan Activity (in thousands) | Activity | Q1 2021 (in thousands) | Q4 2020 (in thousands) | | :--- | :--- | :--- | | Loan originations | $1,735,129 | $228,900 | | Loan fundings | $1,491,682 | $478,464 | | Loan repayments and sales | $(798,839) | $(561,740) | | **Total net fundings (repayments)** | **$692,843** | **$(83,276)** | - The total investment portfolio was **$18.7 billion** as of March 31, 2021, with a weighted-average origination LTV of **64.5%** and a maximum maturity of **3.1 years**[233](index=233&type=chunk)[239](index=239&type=chunk) - The company collected **100%** of contractual interest payments in Q1 2021, with virtually no deferrals, including on hospitality assets[236](index=236&type=chunk) - The total Current Expected Credit Loss (CECL) reserve was **$184.0 million** as of March 31, 2021, reflecting COVID-19 macroeconomic impact and **$69.7 million** in specific impairments on two loans[243](index=243&type=chunk)[244](index=244&type=chunk)[247](index=247&type=chunk) [Portfolio Financing](index=56&type=section&id=Portfolio%20Financing) The portfolio is supported by **$13.0 billion** in asset-level financing and **$1.9 billion** in corporate financing, predominantly floating-rate to match its asset base Portfolio Financing Breakdown (in thousands) | Financing Type | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | Secured debt agreements | $8,142,728 | $7,896,863 | | Securitizations | $3,508,303 | $3,596,980 | | Asset-specific financings | $1,328,352 | $1,201,495 | | **Total portfolio financing** | **$12,979,383** | **$12,695,338** | Corporate Financing Breakdown (in thousands) | Financing Type | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | Secured term loans | $1,259,575 | $1,062,766 | | Convertible notes | $622,500 | $622,500 | | **Total corporate financing** | **$1,882,075** | **$1,685,266** | - As of March 31, 2021, **98%** of investments were floating-rate, financed with floating-rate liabilities, creating a net equity position positively correlated to rising interest rates[268](index=268&type=chunk) [Results of Operations](index=62&type=section&id=Our%20Results%20of%20Operations) Q1 2021 net income was **$79.9 million**, a decrease from Q4 2020 but a significant turnaround from Q1 2020, driven by CECL reserve changes and LIBOR impact Quarterly Results of Operations (in thousands) | Metric | Q1 2021 (in thousands) | Q4 2020 (in thousands) | | :--- | :--- | :--- | | Net interest income | $109,152 | $109,450 | | Total other expenses | $29,804 | $30,709 | | Decrease in CECL reserve | $1,293 | $5,813 | | **Net income attributable to Company** | **$79,902** | **$83,616** | Year-over-Year Quarterly Results (in thousands) | Metric | Q1 2021 (in thousands) | Q1 2020 (in thousands) | | :--- | :--- | :--- | | Net interest income | $109,152 | $100,636 | | Total other expenses | $29,804 | $31,068 | | Change in CECL reserve | $1,293 | $(122,702) | | **Net income (loss) attributable to Company** | **$79,902** | **$(53,350)** | [Liquidity and Capital Resources](index=64&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2021, total liquidity was **$1.1 billion** with a **3.8x** leverage ratio, facing **$3.5 billion** in unfunded loan commitments, supported by capital market access Leverage Ratios | Ratio | March 31, 2021 (ratio) | December 31, 2020 (ratio) | | :--- | :--- | :--- | | Debt-to-equity ratio | 2.6x | 2.5x | | Total leverage ratio | 3.8x | 3.6x | Sources of Liquidity (in thousands) | Source | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $280,126 | $289,970 | | Available borrowings under secured debt | $836,916 | $829,165 | | Loan principal payments held by servicer, net | $2,578 | $19,460 | | **Total** | **$1,119,620** | **$1,138,595** | - Unfunded loan commitments totaled **$3.5 billion** as of March 31, 2021, with **$2.4 billion** already financed through existing credit facilities[295](index=295&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=75&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Primary market risk is interest rate risk, with **98%** floating-rate investments benefiting from rising rates, alongside managed credit and hedged currency risks, and LIBOR transition uncertainty - The business model is positively correlated with rising interest rates, with **98%** of investments earning floating rates and financed by floating-rate liabilities[321](index=321&type=chunk) - Credit risk from borrower non-performance is mitigated by a low **64.5%** origination LTV, strong sponsor relationships, and robust asset management by Blackstone's real estate platform[327](index=327&type=chunk)[330](index=330&type=chunk)[331](index=331&type=chunk) - Currency risk on foreign-denominated loans is substantially mitigated by matching asset and financing currencies and using foreign currency forward contracts for hedging[336](index=336&type=chunk)[337](index=337&type=chunk) - The upcoming discontinuation of LIBOR and transition to alternative rates like SOFR presents uncertainty and risk to net interest income and investment values[322](index=322&type=chunk) [Controls and Procedures](index=78&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2021[338](index=338&type=chunk) - No material changes to internal control over financial reporting occurred during Q1 2021[339](index=339&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=79&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company was not involved in any material legal proceedings as of March 31, 2021 - No material legal proceedings were reported as of March 31, 2021[343](index=343&type=chunk) [Risk Factors](index=79&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to risk factors were reported from the Annual Report on Form 10-K for the year ended December 31, 2020 - No material changes to risk factors were reported for the quarter[344](index=344&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=79&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered sales of equity securities were reported during the period - None[345](index=345&type=chunk) [Exhibits](index=80&type=section&id=ITEM%206.%20EXHIBITS) Lists exhibits filed with Form 10-Q, including credit agreement amendments, CEO/CFO certifications, and Inline XBRL data files - Exhibits filed include amendments to Term Loan Credit Agreement and Master Repurchase Agreements, plus required CEO/CFO certifications[349](index=349&type=chunk)

Mortgage Trust Blackstone Mortgage Trust Reports Fourth Quarter and Full Year 2020 Results New York, February 10, 2021: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its fourth quarter and full year 2020 results. Full year EPS, Distributable EPS, and dividends paid per share were $0.97, $2.48, and $2.48, respectively. Stephen D. Plavin, Chief Executive Officer, said, "BXMT's strong 2020 results reflect the power and stability of our senior lending business. We generated consistent earnings in a ...

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) Q4 2020 Earnings Conference Call February 10, 2021 9:00 AM ET Company Representatives Mike Nash - Executive Chairman Steve Plavin - Chief Executive Officer Jonathan Pollack - Global Head of Real Estate Debt Strategies Katie Keenan - President Tony Marone - Chief Financial Officer Doug Armer - Executive Vice President, Capital Markets Weston Tucker - Head of Investor Relations Conference Call Participants Charlie Arestia - J.P. Morgan Stephen Laws - Raymond James J ...

PART I [Business](index=5&type=section&id=ITEM%201.%20BUSINESS) The company is a real estate finance REIT focused on originating senior loans for commercial properties in major global markets - Blackstone Mortgage Trust is a real estate finance company focused on originating senior loans for commercial real estate in North America, Europe, and Australia and operates as a REIT externally managed by a subsidiary of Blackstone[13](index=13&type=chunk) - The company's investment guidelines stipulate that no more than **25% of its equity** can be invested in a single investment without board committee approval[36](index=36&type=chunk) Investment Portfolio Overview as of December 31, 2020 | Metric | Balance Sheet Portfolio | Total Loan Exposure | Total Investment Portfolio | | :--- | :--- | :--- | :--- | | Number of investments | 120 | 120 | 121 | | Principal balance | $16.7 billion | $17.5 billion | $18.2 billion | | Net book value | $16.4 billion | $16.4 billion | $16.5 billion | | Unfunded loan commitments | $3.2 billion | $4.0 billion | $4.0 billion | | Weighted-average all-in yield | L + 3.53% | L + 3.58% | L + 3.56% | | Origination LTV | 64.9% | 64.9% | 64.0% | Portfolio Financing as of December 31, 2020 | Financing Type | Outstanding Principal Balance | | :--- | :--- | | Secured debt agreements | $7.90 billion | | Securitizations | $3.60 billion | | Asset-specific financings | $1.20 billion | | **Total portfolio financing** | **$12.70 billion** | [Risk Factors](index=13&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces significant risks from the COVID-19 pandemic, lending activities, financing, and its external management structure [Risks Related to the Ongoing COVID-19 Pandemic](index=13&type=section&id=Risks%20Related%20to%20the%20Ongoing%20COVID-19%20Pandemic) The COVID-19 pandemic adversely impacted collateral values, increased loan modifications, and materially raised credit loss reserves - The company's portfolio, particularly assets in the hotel and retail sectors, has been negatively impacted, with **17% of total investment exposure in hospitality assets** as of December 31, 2020[51](index=51&type=chunk) - The company processed **49 loan modifications in 2020**, representing an aggregate principal balance of **$6.5 billion**, including term extensions and covenant waivers[51](index=51&type=chunk) - The company materially increased its Current Expected Credit Loss (CECL) reserve, with a **net increase of $167.7 million** recorded during 2020, bringing the total to **$185.4 million**[53](index=53&type=chunk) [Risks Related to Our Lending and Investment Activities](index=15&type=section&id=Risks%20Related%20to%20Our%20Lending%20and%20Investment%20Activities) Lending risks include borrower defaults, intense competition, asset illiquidity, and the transition away from LIBOR - The company faces **significant competition** from other financial entities, which may limit loan origination opportunities and negatively affect yields[39](index=39&type=chunk)[70](index=70&type=chunk) - The adoption of the **Current Expected Credit Loss (CECL) model** has materially affected the allowance for loan losses, potentially creating more earnings volatility[83](index=83&type=chunk)[85](index=85&type=chunk) - Investments in subordinated instruments like B-Notes and mezzanine loans expose the company to a **greater risk of loss** in a default scenario[90](index=90&type=chunk)[93](index=93&type=chunk) - The planned discontinuation of LIBOR creates uncertainty, as the transition to alternative rates like SOFR may **adversely affect net interest income** and increase financing costs[35](index=35&type=chunk)[113](index=113&type=chunk) [Risks Related to Our Financing and Hedging](index=31&type=section&id=Risks%20Related%20to%20Our%20Financing%20and%20Hedging) Significant debt usage exposes the company to restrictive covenants, margin calls, and imperfect hedging outcomes - The company's **significant debt** exposes it to risks such as insufficient cash flow for payments and violation of covenants[138](index=138&type=chunk)[140](index=140&type=chunk) - Financing facilities may require the company to provide **additional collateral or repay debt** if the market value of pledged assets declines[143](index=143&type=chunk)[144](index=144&type=chunk) - The use of non-recourse securitizations exposes the company to **magnified losses**, and Dodd-Frank risk retention rules may increase costs[155](index=155&type=chunk)[157](index=157&type=chunk) - Hedging activities may be ineffective and expose the company to counterparty credit risk, with derivative agreements totaling **$1.7 billion in notional value** as of December 31, 2020[159](index=159&type=chunk)[163](index=163&type=chunk) [Risks Related to Our Relationship with Our Manager and its Affiliates](index=38&type=section&id=Risks%20Related%20to%20Our%20Relationship%20with%20Our%20Manager%20and%20its%20Affiliates) The company's reliance on its external manager, a Blackstone affiliate, creates potential conflicts of interest and high termination costs - The company is **completely reliant on its external Manager**, an affiliate of Blackstone, and has no employees of its own[170](index=170&type=chunk)[171](index=171&type=chunk) - The Manager's fee structure may incentivize strategies that are **not optimal for stockholders**, such as taking on riskier investments to boost short-term income[175](index=175&type=chunk)[177](index=177&type=chunk) - **Significant conflicts of interest** exist as Blackstone manages other vehicles with overlapping investment strategies, potentially reducing opportunities for the company[178](index=178&type=chunk)[180](index=180&type=chunk) - Terminating the Management Agreement without cause is costly, requiring a termination fee equal to **three times the average annual base management and incentive fees**[194](index=194&type=chunk) [Risks Related to Our Company](index=48&type=section&id=Risks%20Related%20to%20Our%20Company) Operational risks include maintaining exclusion from the Investment Company Act, regulatory changes, and cybersecurity threats - The company must conduct its operations to **avoid being regulated as an investment company**, which may restrict certain attractive investments[200](index=200&type=chunk)[203](index=203&type=chunk) - **Changes in laws and regulations**, such as the Dodd-Frank Act, could negatively impact operations and impose additional costs[209](index=209&type=chunk)[213](index=213&type=chunk) - The company is exposed to operational risks, including **cybersecurity threats and system failures**, which could result in significant losses and business disruption[226](index=226&type=chunk)[228](index=228&type=chunk) [Risks Related to our REIT Status and Certain Other Tax Items](index=55&type=section&id=Risks%20Related%20to%20our%20REIT%20Status%20and%20Certain%20Other%20Tax%20Items) Maintaining REIT status requires strict compliance with tax code provisions, including annual distribution requirements - **Failure to maintain REIT qualification** would subject the company to corporate income tax and prevent requalification for four years[235](index=235&type=chunk) - To comply with REIT asset tests, the company must ensure that at least **75% of its assets are qualified real estate assets** at the end of each quarter[239](index=239&type=chunk) - The company may recognize **"phantom income"** where taxable income exceeds cash received, complicating its ability to meet the 90% distribution requirement[254](index=254&type=chunk)[255](index=255&type=chunk) [Risks Related to Our Class A Common Stock](index=61&type=section&id=Risks%20Related%20to%20Our%20Class%20A%20Common%20Stock) The company's stock price is subject to high volatility, and charter provisions may deter potential takeovers - The market price of the company's class A common stock has been **highly volatile**, fluctuating between a high of **$40.51** and a low of **$13.02** following the COVID-19 outbreak[269](index=269&type=chunk) - Provisions in the company's charter and Maryland law may **deter potential acquisitions**, limiting opportunities for stockholders to sell shares at a premium[272](index=272&type=chunk)[273](index=273&type=chunk)[276](index=276&type=chunk) - **Future issuances of equity or debt securities** may dilute existing shareholders' ownership and adversely affect the market price of the stock[287](index=287&type=chunk) [Unresolved Staff Comments](index=67&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved staff comments from the Securities and Exchange Commission - There are **no unresolved staff comments**[298](index=298&type=chunk) [Properties](index=67&type=section&id=ITEM%202.%20PROPERTIES) The company's principal executive offices are located in leased space in New York and it does not own any real property - The company **leases its principal executive offices** and does not own any real property[299](index=299&type=chunk) [Legal Proceedings](index=67&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) As of year-end 2020, the company was not involved in any material legal proceedings - As of December 31, 2020, there were **no material legal proceedings** involving the company[300](index=300&type=chunk) [Mine Safety Disclosures](index=67&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company's business operations - **Not applicable**[301](index=301&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=68&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT'S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company's stock trades on the NYSE, with dividends subject to board discretion and no Q4 2020 stock repurchases - The company's class A common stock is listed on the NYSE under the ticker symbol **"BXMT"**[304](index=304&type=chunk) - The company **did not repurchase any of its class A common stock** in the fourth quarter of 2020[306](index=306&type=chunk) [Selected Financial Data](index=69&type=section&id=ITEM%206.%20SELECTED%20FINANCIAL%20DATA) This section presents a five-year summary of key operating and balance sheet data, showing recent financial trends Selected Operating Data (2016-2020) | (in thousands, except per share) | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | Interest and related income | $779,648 | $882,679 | $756,109 | $537,915 | $497,974 | | Net income | $140,414 | $307,393 | $285,813 | $217,968 | $246,440 | | Net income per share (Basic & Diluted) | $0.97 | $2.35 | $2.50 | $2.27 | $2.53 | | Dividends declared per share | $2.48 | $2.48 | $2.48 | $2.48 | $2.48 | Selected Balance Sheet Data (2016-2020) | (in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total assets | $16,958,955 | $16,551,871 | $14,467,375 | $10,258,825 | $8,812,615 | | Total liabilities | $13,054,724 | $12,767,190 | $11,092,768 | $7,341,419 | $6,319,012 | | Total equity | $3,904,231 | $3,784,681 | $3,374,607 | $2,917,406 | $2,493,603 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=70&type=section&id=ITEM%207.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) The discussion details the financial impact of COVID-19, including a significant increase in the CECL reserve and its effect on net income [Key Financial Measures and Indicators](index=71&type=section&id=I.%20Key%20Financial%20Measures%20and%20Indicators) The company uses Distributable Earnings, a non-GAAP measure, to evaluate performance excluding certain non-cash items like the CECL reserve Key Metrics for FY 2020 | Metric | Value | | :--- | :--- | | Net Income per Share | $0.97 | | Distributable Earnings per Share | $2.48 | | Dividends Declared per Share | $2.48 | | Book Value per Share (as of 12/31/20) | $26.42 | Reconciliation of GAAP Net Income to Distributable Earnings (FY 2020 vs 2019) | (in thousands) | Year Ended Dec 31, 2020 | Year Ended Dec 31, 2019 | | :--- | :--- | :--- | | Net income attributable to BXMT | $137,670 | $305,567 | | Increase in CECL reserve | $167,653 | — | | Non-cash compensation expense | $34,532 | $30,656 | | Other adjustments | $12,135 | $14,472 | | **Distributable Earnings** | **$351,990** | **$350,695** | [Loan Portfolio](index=74&type=section&id=II.%20Loan%20Portfolio) The loan portfolio saw modest net growth in 2020, with a high interest collection rate despite an increase in its overall risk rating - The company collected **99.7% of contractual interest payments** due during 2020, demonstrating the general strength of its borrowers[320](index=320&type=chunk)[337](index=337&type=chunk) - The **weighted-average risk rating** of the loan portfolio increased from **2.8 to 3.0** at year-end 2020, primarily due to downgrades of loans impacted by COVID-19[343](index=343&type=chunk) - The total **CECL reserve increased by $167.7 million** during 2020 to a total of **$185.4 million**, reflecting the macroeconomic impact of the pandemic[346](index=346&type=chunk) Loan Activity for Year Ended December 31, 2020 | Activity | Amount (in billions) | | :--- | :--- | | Loan originations | $1.6 | | Loan fundings | $2.1 | | Loan repayments and sales | $2.0 | | **Total net fundings** | **$0.14** | [Results of Operations](index=84&type=section&id=III.%20Our%20Results%20of%20Operations) Net income decreased significantly in 2020 due to a large provision for credit losses, while net interest income remained stable - The decrease in net income in 2020 was primarily due to the **$167.7 million increase in the CECL reserve**, reflecting the impact of the COVID-19 pandemic[375](index=375&type=chunk)[381](index=381&type=chunk) - **Net interest income increased by $8.0 million** year-over-year, driven by a larger loan portfolio and the benefit of interest rate floors[376](index=376&type=chunk) Consolidated Results of Operations (2018-2020) | (in thousands) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Income from loans and other investments, net | $432,177 | $424,176 | $396,484 | | Total other expenses | $123,787 | $117,289 | $110,363 | | Increase in current expected credit loss reserve | ($167,653) | — | — | | **Net income attributable to BXMT** | **$137,670** | **$305,567** | **$285,078** | | **Net income per share – basic and diluted** | **$0.97** | **$2.35** | **$2.50** | [Liquidity and Capital Resources](index=87&type=section&id=IV.%20Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position, increasing total available liquidity to $1.1 billion and improving its debt-to-equity ratio - Primary liquidity needs include funding **$3.2 billion in unfunded loan commitments**, for which the company has identified financing for $2.2 billion[405](index=405&type=chunk) Sources of Liquidity | (in thousands) | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $289,970 | $150,090 | | Available borrowings under secured debt agreements | $829,165 | $598,840 | | Loan principal payments held by servicer, net | $19,460 | $1,965 | | **Total Liquidity** | **$1,138,595** | **$750,895** | Leverage Ratios | Ratio | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Debt-to-equity ratio | 2.5x | 3.0x | | Total leverage ratio | 3.6x | 3.7x | [Other Items](index=90&type=section&id=V.%20Other%20Items) This section covers the company's REIT tax status, lack of off-balance sheet arrangements, and critical accounting policies like CECL - The company has elected to be taxed as a REIT and must **distribute at least 90% of its net taxable income annually** to maintain this status[413](index=413&type=chunk)[417](index=417&type=chunk) - The company adopted the **CECL accounting standard** on January 1, 2020, resulting in an initial charge to retained earnings of **$17.7 million**[421](index=421&type=chunk)[427](index=427&type=chunk) - The company's primary credit quality indicator is an **internal 5-point risk rating system**, and the CECL reserve for impaired loans is based on collateral fair value[425](index=425&type=chunk)[430](index=430&type=chunk) [Loan Portfolio Details](index=95&type=section&id=VI.%20Loan%20Portfolio%20Details) This section provides a comprehensive, loan-by-loan breakdown of the company's portfolio as of December 31, 2020 - A detailed table presents specifics for each of the **120 loans in the portfolio** as of December 31, 2020, including metrics like principal balance, coupon, and risk rating[435](index=435&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=100&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is primarily exposed to interest rate risk, credit risk heightened by the pandemic, and currency risk from foreign investments - The company's business model is **positively correlated to rising interest rates**, as 98% of its investments earn a floating rate of interest[441](index=441&type=chunk) - Credit risk is actively managed, and in response to COVID-19, the company closed **49 loan modifications in 2020**, representing **$6.5 billion in principal**[449](index=449&type=chunk) - The company mitigates currency risk by matching the currency of its foreign assets with borrowings and using **foreign currency forward contracts** to hedge its net asset exposure[457](index=457&type=chunk)[460](index=460&type=chunk) Interest Rate Sensitivity Analysis (12-Month Impact) | Change in Benchmark Rates | Impact on Net Interest Income (in thousands) | | :--- | :--- | | +50 basis points | ($16,463) | | +25 basis points | ($8,699) | | -25 basis points | $4,811 | | -50 basis points | $4,913 | [Financial Statements and Supplementary Data](index=104&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This item refers to the company's audited consolidated financial statements and supplementary data included in the report - The company's financial statements and supplementary data are located in the report **starting on page F-1**[461](index=461&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=104&type=section&id=ITEM%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - **None reported**[462](index=462&type=chunk) [Controls and Procedures](index=104&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and internal control over financial reporting were effective - Management concluded that the company's **disclosure controls and procedures were effective** as of the end of the fiscal year[463](index=463&type=chunk) - Management's report on internal control over financial reporting concluded that such controls were **effective as of December 31, 2020**, with an unqualified opinion from the auditor[466](index=466&type=chunk)[469](index=469&type=chunk)[470](index=470&type=chunk) [Other Information](index=105&type=section&id=ITEM%209B.%20OTHER%20INFORMATION) The company reports no other information for this item - **None**[471](index=471&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=106&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Required information is incorporated by reference from the company's 2021 definitive proxy statement - Information is **incorporated by reference** from the company's definitive proxy statement[473](index=473&type=chunk) [Executive Compensation](index=106&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) Required information is incorporated by reference from the company's 2021 definitive proxy statement - Information is **incorporated by reference** from the company's definitive proxy statement[474](index=474&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=106&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) This section provides information on equity compensation plans and incorporates other details by reference - Other information required by this item is **incorporated by reference** from the company's definitive proxy statement[476](index=476&type=chunk) Equity Compensation Plan Information as of December 31, 2020 | Plan category | Securities to be issued upon exercise of outstanding options, warrants, and rights | Weighted-average exercise price | Securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 306,691 | — | 2,263,098 | | Equity compensation plans not approved by security holders | — | — | — | | **Total** | **306,691** | **—** | **2,263,098** | [Certain Relationships and Related Transactions, and Director Independence](index=106&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Required information is incorporated by reference from the company's 2021 definitive proxy statement - Information is **incorporated by reference** from the company's definitive proxy statement[477](index=477&type=chunk) [Principal Accountant Fees and Services](index=106&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Required information is incorporated by reference from the company's 2021 definitive proxy statement - Information is **incorporated by reference** from the company's definitive proxy statement[478](index=478&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=107&type=section&id=ITEM%2015.%20EXHIBITS%2C%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists all financial statements, schedules, and exhibits filed as part of the annual report - This item provides an **index of all financial statements, schedules, and exhibits** included with or incorporated by reference into the annual report[479](index=479&type=chunk)[481](index=481&type=chunk) [Form 10-K Summary](index=117&type=section&id=ITEM%2016.%20FORM%2010-K%20SUMMARY) The company indicates that no Form 10-K summary is provided - **None**[493](index=493&type=chunk)

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) Q2 2020 Earnings Conference Call July 29, 2020 9:00 AM ET Company Participants Weston Tucker – Head-Investor Relations Steve Plavin – Chief Executive Officer Tony Marone – Chief Financial Officer Doug Armer – Executive Vice President-Capital Markets Conference Call Participants Don Fandetti – Wells Fargo Doug Harter – Credit Suisse Steve Delaney – JMP Securities Jade Rahmani – KBW Charlie Arestia – JPMorgan Stephen Laws – Raymond James George Bahamondes – Deutsche ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-14788 Blackstone Mortgage Trust, Inc. (Exact name of Registrant as specified in its charter) Maryland 94-61811 ...

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) Q1 2020 Earnings Conference Call April 29, 2020 10:00 AM ET Company Participants Weston Tucker - Head of Investor Relations Stephen Plavin - Chief Executive Officer Anthony Marone - Chief Financial Officer, Principal Accounting Officer and Assistant Secretary Katharine Keenan - President Douglas Armer - Executive Vice President of Capital Markets and Treasurer Conference Call Participants Richard Shane - JPMorgan Chase & Co. Steven Delaney - JMP Securities LLC Dou ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-14788 Blackstone Mortgage Trust, Inc. (Exact name of Registrant as specified in its charter) Maryland 94-6181 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-14788 Blackstone Mortgage Trust, Inc. (Exact name of Registrant as specified in its charter) Maryland 94-6181186 (State or other ju ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-14788 Blackstone Mortgage Trust, Inc. (Exact name of Registrant as specified in its charter) Maryland 94-61811 ...