Blackstone Mortgage Trust, Inc. · NYSE:BXMT

Blackstone Mortgage Trust — Q1 2026 Earnings Presentation

20 slides from Blackstone Mortgage Trust's earnings presentation, Apr 29, 2026

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

    Blackstone Mortgage Trust Reports First-Quarter 2026 Results New York, April 29, 2026 -- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) today reported its first-quarter 2026 results. The net loss attributable to Blackstone Mortgage Trust for the quarter was $6.3 million. First-quarter EPS, Distributab

  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. Q1 2026 Results

    Blackstone Mortgage Trust, Inc. Q1 2026 Results APRIL 29, 2026 Blackstone Mortgage Trust, Inc.

  4. Slide 4: BXMT Highlights

    BXMT HIGHLIGHTS  Q1 GAAP EPS of $(0.04), Distributable EPS(1) of $0.21, and Distributable EPS prior to realized gains and losses(1) of $0.49 Earnings Power Investment Activity Credit Performance Strong current income Capturing differentiated Well-performing loans in supporting attractive dividend o

  5. Slide 5: Q1 Results

    Q1 RESULTS  Q1 GAAP net loss per share of $(0.04), Distributable Earnings(1) per share of $0.21, and Distributable EPS prior to realized gains and losses(1) of $0.49 Earnings  Book value per share of $20.20, including $1.80 per share of CECL reserves and $0.57 per share of accumulated depreciation

  6. Slide 6: Earnings

    EARNINGS  Q1 Distributable Earnings prior to realized gains and losses(1) of $0.49 per share, providing coverage of the $0.47 per share dividend  Loan portfolio performance of 98%(c)(d) supporting earnings power, and benefiting from loan resolutions and new vintage investments Distributable Earnin

  7. Slide 7: Investment Activity

    INVESTMENT ACTIVITY  Investment activity of $0.5B(b) in Q1 includes $0.3B of loan originations and a $0.2B share of net lease property acquisitions, with highly-attractive credit and return characteristics – Gross loan originations were $0.8B, including three loans financed through syndication(e) 

  8. Slide 8: Investment Portfolio Overview

    INVESTMENT PORTFOLIO OVERVIEW (f)  Investment portfolio of $19.7B, benefiting from diversification and duration with increasing capital allocation towards complementary real estate credit strategies Investment Portfolio by Type(k) Investment Portfolio by Geography $19.7B investment portfolio Net Le

  9. Slide 9: Loan Portfolio Overview

    LOAN PORTFOLIO OVERVIEW (c)  130 loans secured by institutional-quality assets and diversified across sectors and markets  51% secured by multifamily or industrial assets Geographic Footprint(l) Collateral Diversification(m)(n) Life Sciences / Studio Other Property 4% 2% CAN, 2% Self-Storage 3% Mu

  10. Slide 10: Capitalization

    CAPITALIZATION  Well-structured balance sheet with ample liquidity of $1.0B and debt-to-equity(o) ratio of 3.7x  Strong access to diversified financing sources; 86% non-MTM debt with no capital markets MTM provisions(p)  No corporate debt maturities until 2027 Diversified Financing Sources Corpor

  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 (r) Commitment (s) Balance Value (t) Coupon (u) Yield (u) Maturity (v) SQFT/Unit LTV (i) 1 Mixed-Use Dublin, IE 8/14/2019 $988 $942 $942 +3.20% +3

  13. Slide 13: Consolidated Balance Sheets

    APPENDIX Consolidated Balance Sheets ($ in thousands, except per share data) March 31, 2026 December 31, 2025 Assets Cash and cash equivalents $549,153 $452,526 Loans receivable 17,557,936 18,069,134 Current expected credit loss reserve (291,590) (284,440) Loans receivable, net $17,266,346 $17,784,6

  14. Slide 14: Consolidated Statements of Operations

    APPENDIX Consolidated Statements of Operations ($ in thousands, except per share data) nice Three Months Ended March 31, 2026 2025 Income from loans and other investments Interest and related income $305,557 $332,057 Less: Interest and related expenses 220,736 242,233 Income from loans and other inv

  15. Slide 15: Quarterly Per Share Calculations

    APPENDIX Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended March 31, 2026 Three Months Ended December 31, 2025 Distributable Net (loss) income(w) ($6,297) $39,560 Earnings Charge-offs of CECL reserves (x) (46,451) (433,924) Reconciliation Increase in CECL rese

  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 September 30, 2025 June 30, 2025 (w) Net income $63,397 $6,969 (x) Charge-offs of CECL reserves (42,111) (45,057) (Decrease) increase in CECL reserves (987) 45,593 (y) Depreciatio

  17. Slide 17: Definitions

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

  18. Slide 18: Endnotes

    ENDNOTES a. Dividend yield based on share price of $20.01 as of April 28, 2026. b. Includes $0.2B to reflect BXMT’s 75% share of net lease properties acquired by its Net Lease Joint Venture and $67M of investments in debt securities. c. Based on Net Loan Exposure. Refer to Definitions. d. Excludes (

  19. Slide 19: Endnotes

    ENDNOTES w. Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc. x. Represents realized losses related to loan principal amounts deemed non-recoverable during the applicable period. y. Represents depreciation of owned real estate assets and amortization of intangible owned re

  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

Blackstone Mortgage Trust — Q1 2026 Earnings Presentation on 6ix