Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q2 2026 Earnings Presentation
34 slides from Blackstone Mortgage Trust's earnings presentation, July 2026
Slide 1: Blackstone Mortgage Trust, Inc. Q2 2026 Company Presentation
Blackstone Mortgage Trust, Inc. Q2 2026 Company Presentation JULY 2026 Blackstone Mortgage Trust, Inc.
Slide 2: Blackstone Mortgage Trust Overview
BLACKSTONE MORTGAGE TRUST OVERVIEW ▪ Blackstone Mortgage Trust (BXMT) is a publicly traded commercial mortgage REIT focused on real estate credit investments in North America, Europe, and Australia ▪ BXMT is managed by Blackstone, the largest owner of commercial real estate globally with over $600B
Slide 3: Blackstone Overview
BLACKSTONE OVERVIEW World’s largest alternative asset manager(c) $1.3T+ $324B 40-year Blackstone AUM (d) Private Wealth Channel AUM (d) track record (d) Business AUM (e) Credit & Insurance $469B World’s largest third-party focused credit business Real Estate $314B World’s largest owner of commercial
Slide 4: BREDS Platform Overview
BREDS PLATFORM OVERVIEW ▪ Blackstone Real Estate Debt Strategies (“BREDS”) is the largest alternative manager of real estate credit, investing across Core, Core+ and Opportunistic debt strategies on behalf of institutional investors and insurance capital ▪ BREDS’ global scale, cross-market knowledge
Slide 5: Superior Real Estate Platform
SUPERIOR REAL ESTATE PLATFORM ▪ One fully integrated real estate platform across 12 global offices Blackstone Advantage Constant Communication Integrated Perspective Global Business Weekly 1 ▪ 812 professionals ▪ Partners’ Meeting ▪ 12 global offices ▪ Global ICMs ▪ Investment Review Committees glob
Slide 6: BXMT Investment Portfolio
BXMT INVESTMENT PORTFOLIO (i)(j)(k) ▪ BXMT has proactively diversified its $19.7B portfolio with complementary real estate credit strategies Floating Rate Mortgage Loans Predominately senior floating rate mortgage loans Other Investments Bank Loan JV secured by institutional-quality real estate, wit
Slide 7: BXMT Lending Strategy
BXMT LENDING STRATEGY ▪ BXMT originates loans that are sized and structured to capitalize value-add business plans to drive cash flow growth and long-term value creation ▪ BXMT’s loans are repaid when borrowers sell or refinance assets, typically following execution of business plan BXMT Lending Str
Slide 8: BXMT Target Loan Investments
BXMT TARGET LOAN INVESTMENTS Loan Size $50M to $500M+ Collateral First mortgages on stabilized or value-add assets Property Type All commercial property types Geographies North America, Western Europe and Australia Loan to Value Last dollar 50% to 75% Rate SOFR + 2.25% and higher, scaled to risk Ter
Slide 9: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW (l) ▪ 133 loans secured by institutional-quality real estate and diversified across sectors and markets Collateral Diversification(k) Geographic Distribution(k)(m) Life Sciences / Studio Other Property 2% 4% Canada Self-Storage Australia 2% 3% 7% Retail Sunbelt Industrial 25%
Slide 10: Investment Portfolio Evolution
INVESTMENT PORTFOLIO EVOLUTION (n) ▪ BXMT has repositioned its portfolio to reduce legacy office exposure and increase investment in diversified, high-conviction investment themes, which now represent ~50% of the investment portfolio Office Exposure Target Investments ($ in billions) ($ in billions)
Slide 11: BXMT Sample Transactions
BXMT SAMPLE TRANSACTIONS (p) Virginia Data Center (Risk Rated 3) ▪ $405M ($26M retained net of syndication), 64% LTV(q) fixed-rate mezzanine loan originated in Q1 2026 ▪ 44MW turnkey data center 100% leased to an investment grade tenant ▪ Located in Northern Virginia, one of the strongest data cente
Slide 12: Case Study: Bank Loan Portfolio Acquisitions
CASE STUDY: BANK LOAN PORTFOLIO ACQUISITIONS (p) ▪ In Q3 2025, BXMT acquired a $0.3B share in a $0.6B portfolio of low-leverage, performing loans at a discount to par from a U.S. bank; diversified across 425 primarily fixed rate loans backed by stabilized net lease properties ▪ In 2025, BXMT partici
Slide 13: Net Lease Investment Strategy
NET LEASE INVESTMENT STRATEGY ▪ In Q4 2024, BXMT entered into a Net Lease JV focused on acquiring well-located net lease properties with strong in-place cash flow coverage and tenants in the essential-use and service retail sectors ▪ Net lease strategy complements BXMT’s floating-rate lending model
Slide 14: Robust Capitalization
ROBUST CAPITALIZATION ▪ BXMT’s scale and strong track record afford consistent access to a wide variety of asset-level and corporate capital options, supporting efficient execution and balance sheet stability throughout market environments Term Loan Credit $12.5B+ Total corporate capital transaction
Slide 15: Robust Capitalization
ROBUST CAPITALIZATION ▪ BXMT’s capital structure prioritizes risk management and balance sheet stability 1. No capital markets and limited credit mark-to-market provisions(b) 2. Prioritize lower cost over incremental leverage to optimize current income 3. Term-matched: debt maturities correspond to
Slide 16: Endnotes Relating to Company Presentation
ENDNOTES RELATING TO COMPANY PRESENTATION a. As of March 31, 2026. b. The majority of BXMT's master repurchase agreements and secured credit facilities are non-mark-to-market, which means the margin call provisions only permit valuation adjustments if the loan or collateral pledged or sold by us bec
Slide 17: BXMT Q2 2026 Earnings Release
BXMT Q2 2026 Earnings Release Blackstone Mortgage Trust, Inc. Blackstone | 16
Slide 18: 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
Slide 19: 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
Slide 20: 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)
Slide 21: 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,
Slide 22: 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
Slide 23: 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
Slide 24: 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 $0.5B of Senior Secured Notes due 2031, further extending duration of liabilities Diversified Financing Sources Corpo
Slide 25: I. Appendix
I. Appendix Blackstone Mortgage Trust, Inc. Blackstone | 24
Slide 26: Loan Portfolio Details
APPENDIX Loan Portfolio Details ($ 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 $909 +4
Slide 27: Consolidated Balance Sheets
APPENDIX Consolidated Balance Sheets ($ 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 $17,784,69
Slide 28: Consolidated Statements of Operations
APPENDIX Consolidated Statements of Operations ($ 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
Slide 29: 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 134,403
Slide 30: 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 Net income(v) $39,560 $63,397 (w) Charge-offs of CECL reserves (433,924) (42,111) Increase (Decrease) in CECL reserves 18,3
Slide 31: 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
Slide 32: Endnotes Relating to Earnings Release
ENDNOTES RELATING TO EARNINGS RELEASE 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
Slide 33: Endnotes Relating to Earnings Release
ENDNOTES RELATING TO EARNINGS RELEASE 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
Slide 34: 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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