Blackstone Mortgage Trust, Inc. · NYSE:BXMT

Blackstone Mortgage Trust — Q2 2026 Earnings Presentation

20 slides from Blackstone Mortgage Trust's earnings presentation, Jul 30, 2026

  1. Slide 1: Blackstone Mortgage Trust Reports Second-Quarter 2026 Results

    Blackstone Mortgage Trust Reports Second-Quarter 2026 Results New York, July 30, 2026 -- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) today reported its second-quarter 2026 results. The net loss attributable to Blackstone Mortgage Trust for the quarter was $81.2 million. Second-quarter EPS, Distribu

  2. Slide 2: Forward-Looking Statements and Other Matters

    Forward-Looking Statements and Other Matters This press release 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 BXMT’s current views with respect to, amo

  3. Slide 3: Blackstone Mortgage Trust, Inc. Q2 2026 Results

    Blackstone Mortgage Trust, Inc. Q2 2026 Results JULY 30, 2026 Blackstone Mortgage Trust, Inc.

  4. Slide 4: BXMT Highlights

    BXMT HIGHLIGHTS  Q2 GAAP EPS of $(0.48), Distributable EPS(1) of $0.31, and Distributable EPS prior to realized gains & losses(1) of $0.48  Continued execution on portfolio turnover, with strong repayments and active capital deployment into high-conviction investment themes accessible through Blac

  5. Slide 5: Q2 Results

    Q2 RESULTS  Q2 GAAP net loss per share of $(0.48), Distributable Earnings(1) per share of $0.31, and Distributable EPS prior to realized gains and losses(1) of $0.48 Earnings  Book value per share of $19.31, including $2.43 per share of CECL reserves and $0.76 per share of accumulated depreciation

  6. Slide 6: Earnings

    EARNINGS  Q2 Distributable Earnings prior to realized gains and losses(1) of $0.48 per share  Loan portfolio performance of 97%(d)(e) benefiting from loan resolutions and new vintage investments Distributable Earnings Per Share Loan Portfolio Performance(d)(e) Prior to Realized Gains and Losses(1)

  7. Slide 7: Investment Activity

    INVESTMENT ACTIVITY  Q2 investment activity of $1.4B(a) includes $1.1B of loan originations, $0.1B of net lease properties (at share), and $0.1B of single-family homebuilder finance loans (at share)  Capital allocation continues to shift towards residential,(b) industrial, and net lease sectors, w

  8. Slide 8: Investment Portfolio Overview

    INVESTMENT PORTFOLIO OVERVIEW (c)  Investment portfolio of $19.7B, benefiting from diversification and duration with increasing capital allocation towards complementary real estate credit strategies Investment Portfolio by Type(j)(k) Investment Portfolio by Geography(k) Other Investments 1% Owned R

  9. Slide 9: Loan Portfolio Overview

    LOAN PORTFOLIO OVERVIEW (d)  133 loans secured by institutional-quality assets and diversified across sectors and markets  51% secured by multifamily and industrial assets Geographic Footprint(l) Collateral Diversification(k)(m) Other Property 4% Life Sciences / Studio 2% CAN, 2% Self-Storage 3% I

  10. Slide 10: Capitalization

    CAPITALIZATION  Well-structured balance sheet with ample liquidity of $1.2B and debt-to-equity(n) ratio of 3.9x  88% non-MTM debt with no capital markets MTM provisions(f)  Issued $0.5B of Senior Secured Notes due 2031, further extending duration of liabilities Diversified Financing Sources Corpo

  11. Slide 11: II. Appendix

    II. Appendix Blackstone Mortgage Trust, Inc. Blackstone | 8

  12. Slide 12: Loan Portfolio Details

    APPENDIX Loan Portfolio Details ($ in millions) Origination Total Principal Net Book Cash All-in Maximum Loan per Origination Property Type Location Date (p) Commitment (q) Balance Value (r) Coupon (s) Yield (s) Maturity (t) SQFT/Unit LTV (u) 1 Hospitality Diversified, AU 6/24/2022 $913 $913 $909 +4

  13. Slide 13: Consolidated Balance Sheets

    APPENDIX Consolidated Balance Sheets ($ in thousands, except per share data) June 30, 2026 December 31, 2025 Assets Cash and cash equivalents $432,833 $452,526 Loans receivable 17,334,730 18,069,134 Current expected credit loss reserve (397,835) (284,440) Loans receivable, net $16,936,895 $17,784,69

  14. Slide 14: Consolidated Statements of Operations

    APPENDIX Consolidated Statements of Operations ($ in thousands, except per share data) nice Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Income from loans and other investments Interest and related income $309,748 $359,537 $615,305 $691,594 Less: Interest and related exp

  15. Slide 15: Quarterly Per Share Calculations

    APPENDIX Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended June 30, 2026 Three Months Ended March 31, 2026 Distributable Net loss (v) ($81,222) ($6,297) Earnings Charge-offs of CECL reserves (w) (28,620) (46,451) Reconciliation Increase in CECL reserves 134,40

  16. Slide 16: Reconciliation of Net Income to Distributable Earnings

    APPENDIX Reconciliation of Net Income to Distributable Earnings (in thousands, except per share data) Three Months Ended December 31, 2025 Three Months Ended September 30, 2025 (v) Net income $39,560 $63,397 (w) Charge-offs of CECL reserves (433,924) (42,111) Increase (Decrease) in CECL reserves 18,

  17. Slide 17: Definitions

    DEFINITIONS Bank Loan Portfolio Joint Venture: A joint venture BXMT entered into with a Blackstone-advised investment vehicle in the second quarter of 2025 to acquire portfolios of performing commercial mortgage loans. BXMT’s equity interest in the joint venture is included in investments in unconso

  18. Slide 18: Endnotes

    ENDNOTES a. Includes $0.1B to reflect BXMT’s 75% share of net lease properties acquired by its Net Lease Joint Venture and $0.1B to reflect BXMT’s 45% share of a portfolio of single-family construction loans acquired by its Homebuilder Finance Joint Venture. b. Includes (i) multifamily and condo loa

  19. Slide 19: Endnotes

    ENDNOTES w. Represents realized losses related to loan principal amounts deemed non-recoverable during the applicable period. x. Represents depreciation of owned real estate assets and amortization of intangible owned real estate assets and liabilities. y. Represents an adjustment to the realized lo

  20. Slide 20: Forward-Looking Statements & Important Disclosure Information

    FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us,” or “our” refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise. Opinions expressed reflect the current opi

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