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March 2017

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This presentation contains 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, Inc. (“BXMT”) current views with respect to, among other things, BXMT’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,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. 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, 2016, 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.

We refer to “Core Earnings”, which is a non-GAAP financial measure, in this presentation. A reconciliation of core earnings to net income, the most directly comparable GAAP measure, is included in this presentation and in our most recent Quarterly Report on Form 10-Q, and is available on our website at www.bxmt.com.

Slide 3 of this presentation references numerical data relating to Blackstone that includes activities of Blackstone Real Estate’s public and private portfolio companies unless otherwise noted.

Slide 17 of this presentation includes a reference to imputed core return on equity (“Imputed Core ROE”) and other economic terms relating to an illustrative BXMT loan transaction that are presented solely for purposes of illustrating the impact of using floating rate financing to finance the origination of a floating rate loan and should not be viewed as indicative of the results that will be achieved for any particular loan in BXMT’s portfolio or of BXMT’s results as a whole. The loan economics presented are hypothetical and based upon a number of assumptions, including no defaults on the loan, and are subject to various risks and uncertainties. Accordingly, there are or will be important factors, including those referred to above, that could cause the actual economics that are achieved on any loan in BXMT’s loan portfolio to differ materially from those indicated in this illustration. In particular, it should be noted that as a result of such factors the net spread between whole loan yields and the cost of related leverage, the leverage multiple applicable to any particular loan and allocable overhead may vary materially from period to period and across BXMT’s loan portfolio. Imputed Core ROE also excludes potential incentive management fees and is presented before any tax effects.

Information included in this presentation is as of or for the period ended December 31, 2016, unless otherwise indicated.

Forward-Looking Statements and Other Matters

1

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201 221 3 102 0 70 0 152 195 184 0 92 0 103 120 99 206 202

Large-Scale Portfolio

Institutional quality real estate located in major markets

Superior Sponsorship

Affiliation with BX, largest real estate private equity business in the world

BXMT Overview

Senior Lending Focused

Floating Rate Business

Returns increase with rising short-term USD interest rates

Attractive current income, conservative credit and efficient leverage to drive returns

Blackstone Mortgage Trust, Inc. (NYSE: BXMT) is a REIT that originates senior commercial mortgage loans in North America and Europe

2

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Superior Real Estate Platform

3

Blackstone Real Estate has proprietary insight, long standing expertise and superior access to deal flow

Office 146M Square Feet

One of the largest owners in the U.S.

Multifamily Major investor across the U.S.

142k Units

Retail Active investor

since 2011 80M

Square Feet

Hotel 290k Keys

One of the largest global investors

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Superior Real Estate Platform

4

Blackstone Real Estate is a premier debt and equity investment and asset management platform

Investor Capital Under Management

________________________________________________

Note: There can be no assurance that any Blackstone Fund or investment will be able to implement its investment strategy, achieve its objectives or avoid losses (a) Includes $1.0 billion of non-consolidated senior interests

107 professionals

$14 billion AUM

• Senior loans

• $9.8B(a) of assets

• $2.9B equity market capitalization

• Mezzanine debt

• Over $9B strategy

$102B • CMBS strategy

• Over $2.0B equity under management

BlackstoneBREDS

Drawdown BREDSLiquid

Mortgage Trust Funds Funds

BREP Global 46%

BREP Europe 20%

BREP Asia 6% BPP

14%

BREDS 14%

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Blackstone Advantage

Global Business

• 44% of RE partners have international experience

Scale Capital

• $102 billion RE AUM

• $15 billion raised in last twelve months

Long View

• Long term capital commitments

• Never a forced seller

Regular Meetings

Superior Real Estate Platform

Single Perspective

1 Global Real Estate

Platform

27 Partners average 12 years

at Blackstone

Weekly

• Partners’ Meeting

• Global ICMs

• Investment Review Committees

Quarterly

• Board Meetings

• Portfolio Asset Review

Annual

• Global Asset Reviews

• Strategy Sessions

420+ people, 12 offices, 3 business units but one fully integrated real estate platform

5

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Superior Real Estate Platform

Blackstone’s unique investment process is complemented by fully-integrated corporate infrastructure

6

BREDS Investment Committee

Jonathan Gray Global Head of Real Estate

Member of Blackstone Board of Directors

Jonathan Pollack Global Head of BREDS

Senior Managing Director of BREDS

Stephen Plavin CEO & President of BXMT

Senior Managing Director of BREDS

Michael Nash Executive Chairman of BXMT

Global Chairman of BREDS

Kathleen McCarthy Global COO of Real Estate

Senior Managing Director of Blackstone Real Estate

Kenneth Caplan Global CIO of Real Estate

Senior Managing Director of Blackstone Real Estate

Tim Johnson Head of North American Originations Senior Managing Director of BREDS

Rob Harper Head of US Asset Management

Senior Managing Director of Blackstone Real Estate

Joshua Mason PM Liquid Funds

Senior Managing Director of BREDS

Originations (US. & Europe) 33 professionals

Michael Zerda Managing Director of BREDS (Europe)

Michael Eglit Managing Director of BREDS (U.S.)

Katie Keenan Managing Director of BREDS (U.S.)

Asset Management 14 professionals

Thomas Ruffing Managing Director of BREDS

Leon Volchyok Principal of BREDS

Capital Markets / IR / Finance 15 professionals

Douglas Armer Managing Director of BREDS

Weston Tucker Managing Director of Blackstone External Relations

Anthony Marone CFO of BREDS

Managing Director of BREDS

Legal / Compliance 4 professionals

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Commercial Real Estate Fundamentals

Real estate continues to benefit from limited supply and moderate growth

U.S. Construction Completions(a)

Office, Retail, and Industrial Sectors

U.S. Public REIT NOI(b)

Same Store NOI Growth

________________________________________________

(a) CBRE Econometric Advisors, REIS, as of December 31, 2016 (b) Evercore ISI, as of September 30, 2016 7

0%

1%

2%

3%

2000 2003 2006 2009 2012 2015

New

Co

mp

leti

on

s a

s %

of

Inv

ento

ry

3Q’16 4.0%

-2%

0%

2%

4%

6%

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

25 Consecutive

Quarters

Down 56%

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$1,817

$559

$259

$398

$600

U.S. CRE Debt Holders(a)

($ in billions)

(Office, Industrial, and Retail Sectors)

Commercial Real Estate Debt Market

8

CMBS and bank lenders are reducing CRE lending activity under regulatory pressure

U.S. CMBS Issuance(b)

($ in billions)

(Office, Industrial, and Retail Sectors)

Life Companies

Other

U.S Depository Institutions

CMBS Issuers

GSEs

CMBS Volatility

BBB- Spreads(1) (bps)

Down 67%

________________________________________________

(a) Flow of Funds Accounts, Federal Reserve Board of Governors, as of 3Q 2016 (b) Commercial Mortgage Alert, as of 4Q 2016 and BAML 2017 CMBS Outlook report as of November 21, 2016

$229B

$75B

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Target Investments

9

$50 million to $500 million Loan Size

First mortgages on stabilized or transitional assets Collateral

All commercial property types Property Type

North America and Europe Geographies

LIBOR + 3.50% and higher, scaled to risk Rate

Last dollar 50% to 80% Loan to Value

3 to 5 years Term

Typically interest only Amortization

Typically 1.0% origination fee and 0.25% to 0.50% extension fees Fees

12 to 24 months of spread maintenance Prepayment

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Sample Transaction: SFO Airport Hotels

$130 million floating rate, first mortgage loan secured by the Westin and aLoft SFO Airport hotels

• 72% LTV; $200k per key

• Diverse demand drivers including airport traffic and SF/Silicon Valley business overflow

Loan upsized by $30 million 15 months after origination and refi call protection extended by 6 months

Blackstone office and hotel investments in California enabled definitive, efficient execution

10

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Sample Transaction: 401 North Michigan Avenue

$190 million floating rate, first mortgage loan secured by 401 North Michigan Avenue in Chicago

• Well located class A office building undergoing value-enhancing repositioning; 70% LTV

• Initial funding of $145 million with $45 million future funding commitment for building improvements and leasing

Transaction sourced through existing Blackstone relationship with experienced regional owner

Located in a core U.S. market where Blackstone has been an active investor

401 N. Michigan

401 N. Michigan

Wrigley Bldg.

Sheraton NBC

Tribune

11

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Sample Transaction: Woolworth Building

$320 million floating rate, first mortgage loan secured by the Woolworth Building, an iconic office tower located in Downtown Manhattan

• Adjacent to City Hall with convenient access to transportation hubs

• 789k sf, including 12k sf of retail; 68% LTV

Blackstone offered a one-stop solution for a repeat borrower in a major transaction

12

Westminster UES

Woolworth Building

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Sample Transaction: Aldwych House

£78 million floating rate, first mortgage loan secured by Aldwych House in central London

• Well located 162k sf prime office building undergoing £28.0 million, value-enhancing, refurbishment

• 50% LTV

Transaction sourced through existing Blackstone relationship with local operating partner paired with a well capitalized institutional sponsor

13

Aldwych House

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Portfolio Diversification

$9.8 billion portfolio comprising 107 senior loans secured by institutional quality real estate in North America (83%) and Europe (17%)

$3.0 billion of the $4.9 billion of loans acquired from GE have repaid and a further $817 million have been upsized or modified. Loans acquired from GE comprise 17% of the total portfolio, down from 44%(a)

Collateral Diversification

(Total Loan Exposure, % of Total)

Geographic Diversification

(Total Loan Exposure, % of Total)

Origination LTV (b)

(Total Loan Exposure, Weighted Average)

61%

________________________________________________

(a) As of June 30, 2015 (b) Reflects LTV as of the date loans were originated or acquired by BXMT 14

States that comprise less than 1% of total loan portfolio

CAN 5%

CA 17%

WA 2%

HI 2%

DC 2%

TX 2%

VA 2%

GA 4%

IL 7%

FL 10% UK

13%

DEU 3%

OR 1%

AZ 1%

CO 1% MD

1%

NC 1%

NL 1%

NY 25%

50%

20%

12%

5%

3% 7% Office

Multifamily

Hotel

Condo

Other

Retail

Manufactured Housing (MHC) 3%

50%

20%

12%

5%

3%

3% 7%

Office Multifamily

Hotel

Condo

Other

Retail

Manufactured Housing

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$ -

$500

$1,000

$1,500

$2,000

$2,500

$3,000

0% -50%

50% -55%

55% -60%

60% -65%

65% -70%

70% -75%

75% -80%

80% -85%

85% -100%

-

1,000

2,000

3,000

4,000

5,000

6,000

1 2 3 4 5

$0

$500

$1,000

$1,500

$2,000

$2,500

Portfolio Credit Quality

BXMT’s senior loan portfolio is 100% performing, with no defaulted or impaired loans

15

Origination Loan-to-Value(a)

(Total Loan Exposure, Dollars in Millions)

Weighted Avg 61%

Risk Rating Distribution(b)

(Total Loan Exposure, Dollars in Millions)

8 52 46 1 0 Loan Count:

Weighted Avg 2.5

________________________________________________ (a) Reflects LTV as of the date loans were originated or acquired by BXMT (b) Risk rating is assigned based on a variety of factors, including, without limitation, LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow

volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows: 1 – very low risk, 2 – low risk, 3 – medium risk, 4 – high risk/potential for loss, 5 – impaired/loss likely.

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Financing

16

BXMT has developed $9.5 billion of market leading financing capacity with an emphasis on stability through its long-term, matched funding, non-MTM strategy

Outstanding asset-level financing is long term with an average all-in cost of L+2.04%

$10.0 Total Financing Capacity

$4.8

• Seven cross collateralized, bilateral credit agreements

• Revolving credit facilities provide for efficient liquidity management and all-in pricing of L+1.70% to L+2.00%

• Term, currency and index matched

• No capital markets mark-to-market

Revolving Credit Facilities

$2.0

• Non-revolving; non-cross collateralized; generally non-recourse with limited margin call provisions

• Pricing directly related to underlying collateral assets

• 9 transactions with seven counterparties

• Non-debt structures: participations sold and non-consolidated senior interests

Asset-Specific Financings

$3.2

• Term and currency matched facility to finance GE portfolio acquisition

• Pro rata repayment for first 80% of repayments and sequential thereafter

• Floating rate index + 1.83%; 5bps rate increase in years 4 and 5

GE Portfolio Financing

Financing Capacity ($ in billions)

Leverage

2.3x Debt-to-Equity Ratio(b)

2.9x Total Leverage(c)

Credit Facilities

All-in cost of L+2.02%

Asset-Specific Financings

All-in cost of L+2.06%

Corporate Debt

Convertible Notes: 5.87%

Secured Facility: L+2.75%

Total Debt

Senior Loan Interests(a)

Pricing directly related to underlying collateral assets

Total Leverage

$3.6

$1.4

$2.2

$0.2

$6.0

$7.4

________________________________________________ (a) In addition to $350 million of loan participations sold, includes $1.0 billion 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. (b) Represents (i) total outstanding secured debt agreements, convertible notes, less cash, to (ii) total stockholders’ equity (c) Represents (i) total outstanding secured debt agreements, convertible notes, loan participations sold, and non-consolidated senior interests, less cash, to (ii) total stockholders’ equity

$5.5

$1.5

$0.6

Credit Facilities

GE Acquisition Facility

Asset-Specific Financing

Senior Loan Interests

$1.7

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Overhead

Leverage

Whole Loan Yield(b) L + 4.00%

Leverage:

Advance Rate 80.0%

All-in Cost(b) L + 2.00%

Net Spread 2.00%

Leverage Multiple 4.0 X

Levered Spread 8.00%

Base Return L + 4.00%

Gross ROI L + 12.00%

Less Overhead Allocations(c):

Management Fee 1.50%

General & Administrative 0.40%

Working Capital/

Equity Deployment 1.60% - 0.60%

Incentive Fee 0.30% - 0.50%

Imputed Core ROE L + 8.20% - 9.00%

Illustrative Loan Economics(a)

17

BXMT’s senior loans are supported by significant owner’s equity

Prudent use of balance sheet leverage drives attractive risk adjusted returns for BXMT stockholders

________________________________________________ (a) This illustration is presented solely for demonstrating our business model and should not be viewed as indicative of the results that will be achieved for any particular loan in BXMT’s

portfolio or of BXMT’s aggregate results. The loan economics presented are hypothetical and are subject to various risks and uncertainties. See “Forward‐Looking Statements and Other Matters” at the beginning of the presentation for further discussion of such risks and uncertainties.

(b) Whole loan yield and all-in cost of leverage include amortization of fees and expenses pursuant to GAAP in addition to current pay rates, and assume no defaults (c) Overhead allocations are illustrative, actual allocations vary materially and depend on expenses incurred, working capital and defensive liquidity needs, overall capital deployment and

performance among other factors

1.5% management fee

L+12.0% Gross ROI

LTV Capital Structure $ Cum.

Credit Facility Advance

$80.0 million

53.3% $80.0 million

BXMT Equity

$20.0 million

66.7% $100.0 million

Owner Equity

$50.0 million

100.0% $150.0 million

L+4.0% Return on Assets(b)

80% Advance Rate

L+2.0% All-In Cost(b)

3.0% - 3.8% Overhead Allocations(c)

L+8.2% - 9.0% Imputed Core ROE

4x Leverage Multiple

8.0% Levered Spread

L+12.0% Gross ROI

L+8.7% Imputed Core ROE

0.4% G&A

1.5% Management Fee(b)

1.6%-0.6% Working Capital

0.3%-0.5% Incentive Fee

Leverage Leverage:

L+2.0% All-in Cost(b)

80% Advance Rate

4x Leverage Multiple

2.0% Spread

1.5% Management Fee

0.4% G&A

1.0% Working Capital

0.4% Incentive Fee

Overhead(c)

Leverage

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Interest Rates

Core Earnings are positively correlated to changes in USD and GBP LIBOR, the benchmark indices for 85% of BXMT’s loan portfolio and related secured financings(a)

A 1.0% increase in USD LIBOR would increase net interest income per share by $0.19 per annum

________________________________________________

(a) Core Earnings are inversely correlated to EURIBOR and CDOR such that an increase of 50bps in either would decrease net interest income per share by less than $0.01 per year (b) As of December 31, 2016, $216 million of floating rate loans earned interest based on floors that were above the applicable index, with an average floor of 1.27%, based on total loan exposure

18

Portfolio Income Sensitivity to USD LIBOR

(Annual Dollars of Net Interest Income Per Share)

Net

In

tere

st I

nco

me

Per

Sh

are

USD LIBOR

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

0.77% 1.27% 1.77% 2.27% 2.77% 3.27%

Portfolio Fixed vs. Floating

(% of Total Loan Exposure)

Floating(b)

89%

Fixed

11%

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-10%

0%

10%

20%

30%

40%

50%

60%

Book Value Total Return

BXMT Total Return

19

BXMT's simple net interest margin business model and capital markets discipline has delivered strong current yield and book value growth to shareholders

BXMT Performance

$7.46

Dividends Paid

$1.75

BVPS Accretion

Accretive growth

Strong, stable dividend

Non-MTM portfolio

Preservation of capital

2013 2014 2015 2016

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69%

23%

8%

Re-IPO 22-May-13 $660 $25.50

Follow-on 9-Jan-14 261 26.75

Follow-on 2-Apr-14 259 28.15

Follow-on 19-Sep-14 256 27.85

Follow-on 14-Apr-15 702 30.50

ATM Program 14-May-15 11 30.04

Follow-on 1-Jun-15 341 29.65

BXMT Investor Base

Blackstone and Blackstone employees combined are BXMT’s largest shareholder

20

BXMT Ownership

________________________________________________

(a) Includes investments by BX employees and associates (b) Includes Citigroup, J.P. Morgan, Deutsche Bank, JMP, FBR, KBW, BAML, Credit Suisse and Wells Fargo latest estimates. (c) Based on TTM data as of December 31, 2016

Equity Research Coverage

591k shares | $16 million

Average Daily Trading Volume(c)

(a)

Re-IPO 22-May-13 $660 $25.50

Follow-on 9-Jan-14 261 26.75

Follow-on 2-Apr-14 259 28.15

Follow-on 19-Sep-14 256 27.85

Follow-on 14-Apr-15 702 30.50

ATM Program 14-May-15 11 30.04

Follow-on 1-Jun-15 341 29.65

Gross Offer

Offering Date Proceeds Price

Re-IPO 22-May-13 $660 $25.50

Follow-on 9-Jan-14 261 26.75

Follow-on 2-Apr-14 259 28.15

Follow-on 19-Sep-14 256 27.85

Follow-on 14-Apr-15 702 30.50

ATM Program 14-May-15 11 30.04

Follow-on 1-Jun-15 341 29.65

Offering Date Proceeds Price

Date Proceeds Price

Buy ratings from 6 of 9 research analysts(b)

$31.89 consensus stock price target

7.8% dividend yield and 1.21x price to book at price target

Retail

Institutional

BX

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BXMT Relative Value

Blackstone provides compelling relative value compared to other listed real estate products

Resi

mREITs Other Comm

mREITs Equity REITs

Yield

Sr. Strategy

Dividend Yield

Senior Loans

Floating Rate

Low Earnings Volatility

________________________________________________

Note: The composition of the various categories of REITs being compared with BXMT, as well as the characteristics compared, reflect our current views as of the date appearing in this material only and are not based on any index or other established categorization

21

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