Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q2 2025 Earnings Presentation
16 slides from Blackstone Mortgage Trust's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter 2025 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Second Quarter 2025 Results JULY 30, 2025
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. BXMT HIGHLIGHTS Note: The information in this presentation is as of June 30, 2025, and all averages are weighted averages, unless otherwise stated. Opinions expressed reflect the current opinions of BXMT as of the date indicated only and are based on BXMT’
Slide 3: Second Quarter Results
Blackstone |Blackstone Mortgage Trust, Inc. SECOND QUARTER RESULTS (1) See Appendix for definition and reconciliation to GAAP net income (loss). 2 ▪ Q2 GAAP basic income per share of $0.04, Distributable Earnings(1) per share of $0.19, and Distributable EPS prior to charge-offs(1) of $0.45 ▪ Book va
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. EARNINGS ▪ Q2 Distributable Earnings prior to charge-offs(1) of $0.45 per share; strong investment activity and continued resolution momentum driving earnings power ▪ Book value per share continues to be supported by loan resolutions executed above aggrega
Slide 5: Loan Portfolio Overview
Blackstone |Blackstone Mortgage Trust, Inc. LOAN PORTFOLIO OVERVIEW(f) 4 AU, 6% ES, 4% IE, 7% UK, 20% SE, 3% DEU, 1% TX, 6% NY, 11% NV, 2% MA, 1% IL, 3% GA, 2% FL, 8% CA, 9% VA, 2% AZ, 2% CO, 2% WA, 2% Sunbelt 24% Northeast 14% West 10%Midwest 4% Northwest 3% UK 20% Other Europe 17% Australia 6% Can
Slide 6: Portfolio Activity
Blackstone |Blackstone Mortgage Trust, Inc. PORTFOLIO ACTIVITY 5 ▪ Strong new origination activity exceeding repayments and driving earnings inflection in portfolio, which has grown by $1.4B over the last two quarters to $18.4B(f) ▪ New investments largely concentrated in multifamily, well-leased in
Slide 7: Credit
Blackstone |Blackstone Mortgage Trust, Inc. CREDIT 6 ▪ Resolved $0.2B of impaired loans(d) in Q2, bringing total resolutions since Q3 2024 to $1.7B across 15 transactions; Q2 resolutions executed above aggregate carrying value, supporting book value ▪ Loan portfolio performance steady at 94%,(f) ben
Slide 8: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. CAPITALIZATION 7 ▪ Well-structured balance sheet with ample liquidity of $1.1B and debt-to-equity(n) ratio of 3.8x; marginal cost of financing on new investments continues to decline as capital markets improve ▪ Enhanced capital structure in Q2 with accret
Slide 9: Appendix
Blackstone |Blackstone Mortgage Trust, Inc. II. Appendix 8
Slide 10: Portfolio Details
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 9 Portfolio Details ($ in millions) Property Type Location Origination Date (q) Total Commitment (r) Principal Balance Net Book Value (s) Cash Coupon (t) All-in Yield (t) Maximum Maturity (u) Loan per SF/Unit/Key Origination LTV (m) 1 Mixed-Use Du
Slide 11: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 10 Consolidated Balance Sheets ($ in thousands, except per share data) June 30, 2025 December 31, 2024 Assets Cash and cash equivalents $388,049 $323,483 Loans receivable 19,706,105 19,047,518 Current expected credit loss reserve (740,851) (733,93
Slide 12: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 11 Consolidated Statements of Operations ($ in thousands, except per share data) nice 2025 2024 2025 2024 Income from loans and other investments Interest and related income $359,537 $466,152 $691,594 $952,275 Less: Interest and related expenses 2
Slide 13: Quarterly Per Share Calculations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 12 Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended June 30, 2025 Three Months Ended March 31, 2025 Net income (loss)(v) $6,969 ($357) Charge-offs of CECL reserves (w ) (45,057) (41,824) Increase in CECL re
Slide 14: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. DEFINITIONS 13 Bank Loan Portfolio JV: A joint venture BXMT entered into with a Blackstone-advised investment vehicle in June 2025 to acquire a portfolio of performing commercial mortgage loans. BXMT’s equity interest in the joint venture is accounted for
Slide 15: Endnotes
Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 14 a. Includes $0.4B in Outstanding Principal Balance reflecting BXMT’s 29% share in the Bank Loan Portfolio JV. Refer to Definitions. b. For illustrative purposes only. Actual results for each investment could differ materially from the results p
Slide 16: Forward-Looking Statements & Important Disclosure Information
Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION 15 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 otherw
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