Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q4 2025 Earnings Presentation
19 slides from Blackstone Mortgage Trust's earnings presentation, Feb 11, 2026
Slide 1: Blackstone Mortgage Trust Reports Fourth-Quarter and Full-Year 2025 Results
Blackstone Mortgage Trust Reports Fourth-Quarter and Full-Year 2025 Results New York, February 11, 2026 -- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) today reported its fourth-quarter and full-year 2025 results. The net income attributable to Blackstone Mortgage Trust for the year was $110 million
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
Slide 3: Fourth Quarter and Full Year 2025 Results
Blackstone Mortgage Trust, Inc. Fourth Quarter and Full Year 2025 Results FEBRUARY 11, 2026 Blackstone Mortgage Trust, Inc.
Slide 4: BXMT Highlights
BXMT HIGHLIGHTS Q4 GAAP EPS of $0.24, Distributable EPS(1) of $(2.07), and Distributable EPS prior to charge-offs(1) of $0.51 Full-year 2025 GAAP EPS of $0.64, Distributable EPS(1) of $(1.43), and Distributable EPS prior to charge-offs(1) of $1.86 Earnings Power Investment Activity Credit Perfor
Slide 5: Fourth Quarter and 2025 Results
FOURTH QUARTER AND 2025 RESULTS Q4 GAAP net income per share of $0.24, Distributable Earnings(1) per share of $(2.07), and Distributable EPS prior to charge-offs(1) of $0.51; $0.64, $(1.43), and $1.86, respectively, for full-year 2025 Earnings Book value per share of $20.75, incorporates $1.76 p
Slide 6: Earnings
EARNINGS Q4 Distributable Earnings prior to charge-offs(1) of $0.51 per share, up 21% from Q1 and providing coverage of the $0.47 per share dividend Earnings power, book value, and stockholder economic return(g) supported by capital redeployment, share repurchases, and stable credit performance
Slide 7: Investment Activity
INVESTMENT ACTIVITY Robust full-year investment activity of $6.8B(b) driving earnings power and portfolio diversification includes a $0.7B share in bank loan portfolios acquired at discounts and $0.3B share of net lease property acquisitions $5.7B of loan originations concentrated in multifamily
Slide 8: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW (c) 131 loans secured by institutional-quality assets and diversified across sectors and markets 50% of the loan portfolio secured by multifamily or industrial investments Geographic Footprint(k) Collateral Diversification(l)(m) Life Sciences / Studio 2% Other Property 4%
Slide 9: Credit
CREDIT (c) Resolved $0.6B of impaired loans(n) in Q4, driving a 96% reduction from Q3’24 peak Loan portfolio performance of 99% reflects strong execution on loan resolutions, with no new watchlist or impaired loans in Q4 Impaired Loans Loan Portfolio Performance ($ in billions) $2.3 99% 96% 95%
Slide 10: Capitalization
CAPITALIZATION Well-structured balance sheet with ample liquidity of $1.0B and debt-to-equity(o) ratio of 3.9x; continued decline in marginal financing costs supporting investment returns as capital markets normalize Extended or repriced $2.8B(f) of Term Loan B since year-end 2024, reducing spre
Slide 11: II. Appendix
II. Appendix Blackstone Mortgage Trust, Inc. Blackstone | 8
Slide 12: Portfolio Details
APPENDIX Portfolio Details ($ in millions) Origination Total Principal Net Book Cash All-in Maximum Loan per Origination (v) Property Type Location Date (r) Commitment (s) Balance Value (t) Coupon (u) Yield (u) Maturity SF/Unit/Key LTV (i) 1 Mixed-Use Dublin, IE 8/14/2019 $1,004 $957 $956 +3.20% +3.
Slide 13: Consolidated Balance Sheets
APPENDIX Consolidated Balance Sheets ($ in thousands, except per share data) December 31, 2025 December 31, 2024 Assets Cash and cash equivalents $452,526 $323,483 Loans receivable 18,069,134 19,047,518 Current expected credit loss reserve (284,440) (733,936) Loans receivable, net $17,784,694 $18,31
Slide 14: Consolidated Statements of Operations
APPENDIX Consolidated Statements of Operations (in thousands, except per share data) nice Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Income from loans and other investments Interest and related income $318,848 $386,676 $1,356,401 $1,769,043 Less: Interest an
Slide 15: Quarterly Per Share Calculations
APPENDIX Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended December 31, 2025 Three Months Ended September 30, 2025 Distributable Net income (w) $39,560 $63,397 Earnings Charge-offs of CECL reserves (x) (433,924) (42,111) Reconciliation Increase (decrease) in C
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 March 31, 2025 June 30, 2025 (w) Net (loss) income ($357) $6,969 Charge-offs of CECL reserves(x) (41,824) (45,057) Increase in CECL reserves 49,505 45,593 (y) Depreciation and amo
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
Slide 18: Endnotes
ENDNOTES a. Dividend yield based on share price of $19.61 as of February 10, 2026. b. Includes $0.7B to reflect BXMT’s 35% share of the portfolio of performing senior loans acquired by its Bank Loan Portfolio Joint Venture and $0.3B to reflect BXMT’s 75% share of net lease properties acquired by its
Slide 19: 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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