Blackstone Mortgage Trust, Inc. Third Quarter 2021 Results OCTOBER 27, 2021 Exhibit 99.2

Blackstone  | Blackstone Mortgage Trust, Inc. 1 BXMT HIGHLIGHTS (1) Includes $998 million of Non-Consolidated Senior Interests and investment exposure to the $493 million 2018 Single Asset Securitization through a $79 million subordinate interest. (2) See Appendix for a definition and reconciliation to GAAP net income. (3) Reflects ratio of Distributable Earnings per share to dividends declared per share for three months ended September 30, 2021. $4.7 billion of originations led to $2.9 billion of portfolio growth and a record $22.0 billion (1) portfolio of high-quality senior loans at quarter-end Increased scale drove incremental earnings power, yielding GAAP EPS of $0.56 and Distributable EPS (2) of $0.63 in the third quarter $4.7B originations $3.5B financing activity 102% dividend coverage (3) Consistent, disciplined focus on        low-leverage loans to strong sponsors Attractive capital markets executions enhance structure and cost of capital Robust portfolio growth generates increased earnings momentum Growing Portfolio Optimized Capitalization

Blackstone  | Blackstone Mortgage Trust, Inc. 2 THIRD QUARTER 2021 RESULTS (1) See Appendix for a definition and reconciliation to GAAP net income. (2) Reflects ratio of Distributable Earnings per share to dividends declared per share for three months ended September 30, 2021. (3) Reflects weighted average LTV as of the date investments were originated or acquired by BXMT. (4) Includes $998 million of Non-Consolidated Senior Interests and investment exposure to the $493 million 2018 Single Asset Securitization through a $79 million subordinate interest. Earnings GAAP earnings per share of $0.56 and Distributable Earnings (1) per share of $0.63; declared $0.62 per share dividend Portfolio growth drove a sequential increase in Distributable Earnings and 102% dividend coverage (2) in the quarter CECL reserve decreased $0.04 per share to $0.86 per share due to continued positive credit migration and impact of recent originations Investments Originated 38 loans totaling $4.7 billion to well-capitalized borrowers with multifamily loans representing over 50% of the total $3.9 billion of fundings exceeding $886 million of repayments during the quarter and resulted in portfolio growth of $2.9 billion Last twelve months originations of $8.8 billion reflect credit quality and pace consistent with pre-pandemic levels, with a weighted average LTV (3) of 66% Portfolio Closed $2.8 billion of asset-level financings across 35 assets and nine counterparties on increasingly favorable economic and structural terms Priced $400 million of five-year secured notes at 3.75% inaugurating BXMT as a bond issuer and further diversifying financing sources Issued 10 million shares of common stock at a premium to book value resulting in $0.25 of accretion to book value per share and generating net proceeds of $312 million Capitalization $22.0 billion (4) senior loan portfolio secured by institutional quality real estate in major markets with a weighted average origination LTV (3)(4) of 65% Accelerating investment pace and continued turnover produced a newer vintage portfolio, 31% of which was originated in the last year 98% performing portfolio with continued strong credit performance, 100% interest collections and reduced CECL reserve

Blackstone  | Blackstone Mortgage Trust, Inc. $26.68 $26.92 6/30/2021 9/30/2021 3 EARNINGS 3Q GAAP earnings per share of $0.56 and Distributable Earnings (1) per share of $0.63 Portfolio growth supported issuance of premium equity in 3Q, driving book value increase of $0.24 per share Increasing EPS Increasing Book Value (1) See Appendix for a definition and reconciliation to GAAP net income. $0.57 $0.54 $0.89 $0.56 GAAP EPS +$0.24 Distributable EPS Portfolio Size (1) $18.2B $18.7B $19.2B $22.0B $0.60 $0.59 $0.61 $0.63 4Q ‘20 1Q ‘21 2Q ‘21 3Q ‘21

Blackstone  | Blackstone Mortgage Trust, Inc. LTM Origination Mix 4 INVESTMENTS LTM originations of $8.8 billion with a weighted average 66% LTV represent a continuation of pre-pandemic pace and leverage profile Investment mix reflects expanding activity in multifamily (43%) and Sunbelt (37%) markets Origination Volume and LTV ($ in billions) $8.8B originations $8.8B originations $8.4 $9.1 $4.4 $8.8 LTM 9/30/2018 LTM 9/30/2019 LTM 9/30/2020 LTM 9/30/2021 - $2.0 $4.0 $6.0 $8.0 $10.0 Retail 4% Hospitality 8% Industrial 8% Life Sciences 8% Multifamily 43% 63% Office 29% Northeast 23% Sunbelt 37% Europe 19% Northwest 1% Midwest 5% West 15% Originations LTV 60% 66% 66%

Blackstone  | Blackstone Mortgage Trust, Inc. 5 PORTFOLIO (1) Includes $998 million of Non-Consolidated Senior Interests and investment exposure to the $493 million 2018 Single Asset Securitization through a $79 million subordinate interest. (2) States and countries comprising less than 1% of total loan portfolio are excluded. $22.0 billion (1) senior loan portfolio comprising 157 investments with a weighted average origination LTV of 65% 31% of BXMT’s portfolio originated in the last twelve months reflecting more recent market conditions Major Market Focus (1)(2) Collateral Diversification (1) DEU, 1% UK, 9% IE, 6% ES, 7% CA 17% TX 6% IL 4% TN, 2% GA 5% FL 6% NY 17% DC, 2% HI, 2% SE, 3% NC, 2% MA, 2% NV 1% VA, 1% Other, 5% Life Sciences, 2% Retail, 4% Industrial, 4% Hospitality 15% Office 50% Multifamily 20%

Blackstone  | Blackstone Mortgage Trust, Inc. (1) Quarter-end liquidity of $1.1 billion includes $211 million of cash, $452 million of immediately available borrowings and $395 million of net proceeds due on settlement of the secured notes priced on September 24, 2021 and settled on October 5, 2021. (2) Represents (i) total outstanding secured debt, asset-specific debt, term loans, and convertible notes, less cash, to (ii) total equity. (3) Reflects the $400 million secured notes, which priced on September 24, 2021 at 3.75% and settled on October 5, 2021. (4) Represents annual interest expense on corporate debt over the weighted average balance of debt outstanding. 5.7% 5.2% 5.1% 4.9% 4.3% 3.9% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2016 2017 2018 2019 2020 Q3 2021 Proforma 6 CAPITALIZATION $2.8 billion of asset-level financings, $400 million of secured notes and $312 million of follow-on common equity represent a continued increase in balance sheet scale, diversification and efficiency Quarter-end liquidity (1) of $1.1 billion and debt-to-equity ratio (2) of 3.1x support ongoing growth within current capitalization Corporate Debt Progression (3) (4) Diversified Financing Sources (outstanding balance) 3Q 2021 Proforma (3) $18.2B financings Convertible Notes Term Loan B HY Notes Cost of Corporate Debt Convertible Notes, 3% Term Loan B, 8% HY Notes, 2% Asset-Specific Debt, 7% Securitizations 18% Secured Debt Facilities, 62%

Blackstone  | Blackstone Mortgage Trust, Inc. Appendix 7

Blackstone  | Blackstone Mortgage Trust, Inc. GAAP Net Income Adjustments Distributable Earnings Interest income $200.1 $     - $200.1 Interest expense (82.7) 0.1 (82.6) Management and incentive fees (19.3) - (19.3) General and administrative expenses and taxes (2.8) - (2.8) Increase in current expected credit loss reserve (2.8) 2.8 - Non-cash compensation (8.1) 8.1 - Realized hedging and foreign currency loss, net (1) - (0.8) (0.8) Net income attributable to non- controlling interests (0.6) (0.1) (0.7) Total $83.8 $10.1 $93.9 $19.0 $22.0 $3.9 $0.9 2Q ’21 Loans Outstanding Fundings Repayments 3Q ’21 Loans Outstanding 8 APPENDIX (1) Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on the date of conversion to USD and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income on our consolidated balance sheet. (2) Amounts may not add due to rounding. (3) Adjusted to reflect $155 million of non-cash fluctuations in foreign currency rates during the period for comparability to our total loan portfolio as of June 30, 2021. (4) Includes $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 million 2018 Single Asset Securitization through a $79 million subordinate interest. (5) Includes $998 million of Non-Consolidated Senior Interests and investment exposure to the $493 million 2018 Single Asset Securitization through a $79 million subordinate interest. Net Fundings (2) ($ in billions) 3Q 2021 Operating Results ($ in millions) $0.56 net income per share $0.63 distributable earnings per share (5) (3)(4)

Blackstone  | Blackstone Mortgage Trust, Inc. APPENDIX (1) Portfolio excludes our $79 million subordinate interest in the $493 million 2018 Single Asset Securitization. (2) Date loan was originated or acquired by us, and the LTV as of such date. Origination dates are subsequently updated to reflect material loan modifications. (3) 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 September 30, 2021, four loans in the portfolio have been financed with an aggregate $998 million of Non-Consolidated Senior Interests, which are included in the table above. (4) Maximum maturity assumes all extension options are exercised; however, floating rate loans generally may be repaid prior to their final maturity without penalty. (5) This loan is accounted for under the cost recovery method. (6) Consists of both floating and fixed rates. Spread and all-in yield assume applicable floating benchmark rates for weighted-average calculation. Excludes loans under the cost-recovery method. 9 Portfolio Details (1) ($ in millions) Origination Total Principal Net Book Maximum Property Loan Per Origination Loan Type Date (2) Loan (3) Balance (3) Value Maturity (4) Location Type SQFT / Unit / Key LTV (2) Loan 1 Senior loan 8/14/2019 $  1,275 $  1,238 $  1,233 + 2.53% + 2.99% 12/23/2024 Dublin - IE Office $450 / sqft 74 % Loan 2 Senior loan 3/22/2018 858 858 857 + 3.25% + 3.42% 3/15/2023 Diversified - Spain Mixed-Use n / a 71 % Loan 3 Senior loan 11/25/2019 724 690 692 + 2.30% + 2.59% 12/9/2024 New York Office $988 / sqft 65 % Loan 4 Senior loan 3/30/2021 570 570 564 + 3.20% + 3.41% 5/15/2026 Diversified - SE Industrial $104 / sqft 76 % Loan 5 Senior loan (3) 8/7/2019 746 441 87 + 3.12% + 3.60% 9/9/2025 Los Angeles Office $298 / sqft 59 % Loan 6 Senior loan 8/22/2018 363 363 362 + 3.15% + 3.28% 8/9/2023 Maui Hospitality $471,391 /  key 61 % Loan 7 Senior loan 9/23/2019 405 349 346 + 3.00% + 3.22% 11/15/2024 Diversified - Spain Hospitality $190,703 /  key 62 % Loan 8 Senior loan 4/11/2018 355 345 344 + 2.85% + 3.10% 5/1/2023 New York Office $437 / sqft 71 % Loan 9 Senior loan (3) 8/6/2015 325 325 59 5.75% 5.85% 10/29/2022 Diversified - EUR Other n / a 71 % Loan 10 Senior loan 1/11/2019 324 324 321 + 4.35% + 4.70% 1/11/2026 Diversified - UK Other $320 / sqft 74 % Loan 11 Senior loan 3/16/2021 491 310 306 + 3.85% + 4.15% 4/9/2026 Boston Life Sciences $765 / sqft 66 % Loan 12 Senior loan 2/27/2020 300 297 296 + 2.70% + 3.04% 3/9/2025 New York Mixed-Use $933 / sqft 59 % Loan 13 Senior loan 9/30/2019 306 297 297 + 3.66% + 3.75% 9/9/2024 Chicago Office $257 / sqft 58 % Loan 14 Senior loan 11/30/2018 286 286 285 n/m % (5) n/m % (5) 8/9/2025 New York Hospitality $306,870 /  key 73 % Loan 15 Senior loan 10/23/2018 290 274 273 + 2.80% + 3.04% 11/9/2024 Atlanta Office $255 / sqft 64 % Loans 16 - 156 Senior loans (3) Various 18,641 14,557 14,084 + 3.26 % (6) + 3.59 % (6) Various Various Various Various 64 % CECL reserve (130) Total/Wtd. avg. $  26,258 $  21,520 $  20,276 + 3.22 % (6) + 3.55 % (6) 3.3 yrs 66 % All-in Spread Yield

Blackstone  | Blackstone Mortgage Trust, Inc. APPENDIX 10 Consolidated Balance Sheets ($ in thousands, except per share data) September 30, 2021 December 31, 2020 Assets Cash and cash equivalents $211,180 $289,970 Loans receivable 20,406,466 16,572,715 Current expected credit loss reserve (130,388) (173,549) Loans receivable, net $20,276,078 $16,399,166 Other assets 218,614 269,819 Total assets $20,705,872 $16,958,955 Liabilities and equity Secured debt, net $11,170,330 $7,880,536 Securitized debt obligations, net 2,836,049 2,922,499 Asset-specific debt, net 320,895 391,269 Term loans, net 1,329,637 1,041,704 Convertible notes, net 618,985 616,389 Other liabilities 159,424 202,327 Total liabilities $16,435,320 $13,054,724 Commitments and contingencies — — Equity Class A common stock, $0.01 par value 1,570 1,468 Additional paid-in capital 5,039,384 4,702,713 Accumulated other comprehensive income 9,874 11,170 Accumulated deficit (814,278) (829,284) Total Blackstone Mortgage Trust, Inc. stockholders’ equity $4,236,550 $3,886,067 Non-controlling interests 34,002 18,164 Total equity $4,270,552 $3,904,231 Total liabilities and equity $20,705,872 $16,958,955

Blackstone  | Blackstone Mortgage Trust, Inc. APPENDIX 11 Consolidated Statements of Operations ($ in thousands, except per share data) 2021 2020 2021 2020 Income from loans and other investments Interest and related income $200,114 $193,939 $583,941 $590,797 Less: Interest and related expenses 82,690 78,978 243,413 268,070 Income from loans and other investments, net $117,424 $114,961 $340,528 $322,727 Other expenses Management and incentive fees 19,342 18,985 60,094 58,758 General and administrative expenses 10,841 11,242 32,108 34,320 Total other expenses $30,183 $30,227 $92,202 $93,078 (Increase) decrease in current expected credit loss reserve (2,767) 6,055 49,432 (173,466) Income before income taxes $84,474 $90,789 $297,758 $56,183 Income tax provision 70 20 346 192 Net income $84,404 $90,769 $297,412 $55,991 Net income attributable to non-controlling interests (647) (909) (2,158) (1,937) Net income attributable to Blackstone Mortgage Trust, Inc. $83,757 $89,860 $295,254 $54,054 Per share information (basic and diluted) Net income per share of common stock $0.56 $0.61 $2.00 $0.39 Weighted-average shares of common stock outstanding 149,214,819 146,484,651 147,971,737 140,157,620 Three Months Ended September 30, Nine Months Ended September 30,

Blackstone  | Blackstone Mortgage Trust, Inc. APPENDIX (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. (2) Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on the date of conversion to USD and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income on our consolidated balance sheet. 12 Per Share Calculations (in thousands, except per share data) Distributable Earnings Reconciliation Book Value per Share Earnings per Share September 30, 2021 June 30, 2021 Net income (1) $83,757 $131,595 Increase (decrease) in current expected credit loss reserve 2,767 (50,906) Non-cash compensation expense 8,080 8,020 Realized hedging and foreign currency (loss) income, net (2) (768) 744 Other items 116 194 Adjustments attributable to non-controlling interests, net (39) 248 Distributable Earnings $93,913 $89,895 Weighted-average shares outstanding, basic and diluted 149,215 147,343 Distributable Earnings per share, basic and diluted $0.63 $0.61 Three Months Ended September 30, 2021 June 30, 2021 Stockholders' equity $4,236,550 $3,930,961 Shares Class A common stock 157,016 147,016 Deferred stock units 356 328 Total outstanding 157,372 147,344 Book value per share $26.92 $26.68 Three Months Ended September 30, 2021 June 30, 2021 Net income (1) $83,757 $131,595 Weighted-average shares outstanding, basic and diluted 149,215 147,343 Per share amount, basic and diluted $0.56 $0.89 Three Months Ended

Blackstone  | Blackstone Mortgage Trust, Inc. APPENDIX (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. (2) Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on the date of conversion to USD and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income on our consolidated balance sheet. 13 Reconciliation of Net Income to Distributable Earnings (in thousands, except per share data) Three Months Ended, Sep 30, 2021 June 30, 2021 Mar 31, 2021 Dec 31, 2020 Net income (1) $83,757 $131,595 $79,902 $83,616 Increase (decrease) in current expected credit loss reserve 2,767 (50,906) (1,293) (5,813) Non-cash compensation expense 8,080 8,020 8,085 8,554 Realized hedging and foreign currency (loss) income, net (2) (768) 744 172 582 Other items 116 194 130 921 Adjustments attributable to non-controlling interests, net (39) 248 (47) 74 Distributable Earnings $93,913 $89,895 $86,949 $87,934 Weighted-average shares outstanding, basic and diluted 149,215 147,343 147,337 146,675 Net income per share, basic and diluted $0.56 $0.89 $0.54 $0.57 Distributable Earnings per share, basic and diluted $0.63 $0.61 $0.59 $0.60

Blackstone  | Blackstone Mortgage Trust, Inc. DEFINITIONS 14 Distributable Earnings: Blackstone Mortgage Trust, Inc. (“BXMT”) discloses Distributable Earnings in this presentation. Distributable Earnings is a financial measure that is calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Distributable Earnings is a non-GAAP measure, which we define as GAAP net income (loss), including realized gains and losses not otherwise included in GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by our Manager, subject to approval by a majority of our independent directors. During the three months ended September 30, 2021, we recorded a $3 million increase in current expected credit loss reserve, or CECL reserve, which has been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to our existing policy for reporting Distributable Earnings and the terms of the management agreement between our Manager and us. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income and cash flow from operating activities determined in accordance with GAAP. This adjusted measure helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our class A common stock as historically, over time, Distributable Earnings has been a strong indicator of our dividends per share. Distributable Earnings mirrors the terms of our management agreement between our Manager and us for purposes of calculating our incentive fee expense. Distributable 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 our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings may not be comparable to the Distributable 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. Non-Consolidated Securitized Debt Obligations: Senior securitized debt held by third-parties in the 2018 Single Asset Securitization. These non-recourse securitized debt obligations, which are excluded from the GAAP balance sheet, constitute additional financing capacity and are included in discussions of the loan portfolio.

Blackstone  | Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS 15 This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect BXMT’s current views with respect to, among other things, its operations and financial performance, its business plans and the impact of and recovery from the negative effects of the COVID-19 pandemic. You can identify these forward-looking statements by the use of words such as “outlook,” “objective,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. BXMT believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as such factors may be further 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.