Blackstone Mortgage Trust, Inc. · NYSE:BXMT

Blackstone Mortgage Trust — FY2025 Earnings Presentation

17 slides from Blackstone Mortgage Trust's earnings presentation, Feb 11, 2026

  1. Slide 1: Fourth Quarter and Full Year 2025 Results

    Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Fourth Quarter and Full Year 2025 Results FEBRUARY 11, 2026

  2. Slide 2: BXMT Highlights

    Blackstone |Blackstone Mortgage Trust, Inc. BXMT HIGHLIGHTS Note: The information in this presentation is as of December 31, 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 B

  3. Slide 3: Fourth Quarter and 2025 Results

    Blackstone |Blackstone Mortgage Trust, Inc. FOURTH QUARTER AND 2025 RESULTS (1) See Appendix for definition and reconciliation to GAAP net income (loss). 2  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;

  4. Slide 4: Book Value and Dividends Per Share

    Blackstone |Blackstone Mortgage Trust, Inc. $0.42 $0.45 $0.48 $0.51 3/31/2025 6/30/2025 9/30/2025 12/31/2025 $20.99 $20.75 $21.22$0.47 9/30/2025 Book Value 12/31/2025 Book Value Dividends 12/31/2025 Book Value and Dividends EARNINGS  Q4 Distributable Earnings prior to charge-offs(1) of $0.51 per sh

  5. Slide 5: Investment Activity

    Blackstone |Blackstone Mortgage Trust, Inc. Industrial 43% Multifamily 25% Bank Loan Portfolios 10% Net Lease 5% Other Loans 17% INVESTMENT ACTIVITY 4  Robust full-year investment activity of $6.8B(b) driving earnings power and portfolio diversification includes a $0.7B share in bank loan portfolio

  6. Slide 6: Loan Portfolio Overview

    Blackstone |Blackstone Mortgage Trust, Inc. LOAN PORTFOLIO OVERVIEW(c) WA, 2% 48% International AU, 7% ES, 4% IE, 7% UK, 21% SE, 3% DEU, 1% TX, 4% NY, 7% NV, 2% MA, 1% IL, 3% GA, 1% FL, 8% CA, 10% VA, 2% AZ, 2% CO, 2% HI, 1% Geographic Footprint(k) CAN, 2% NL, 2%  131 loans secured by institutional

  7. Slide 7: Credit

    Blackstone |Blackstone Mortgage Trust, Inc. CREDIT(c) 6  Resolved $0.6B of impaired loans(n) in Q4, driving a 96% reduction from Q3’24 peak  Loan portfolio performance of 99% reflects strong execution on loan resolutions, with no new watchlist or impaired loans in Q4 Impaired Loans ($ in billions)

  8. Slide 8: Capitalization

    Blackstone |Blackstone Mortgage Trust, Inc. CAPITALIZATION 7  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

  9. Slide 9: Appendix

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

  10. Slide 10: Portfolio Details

    Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 9 Portfolio Details ($ in millions) Property Type Location Origination Date (r) Total Commitment (s) Principal Balance Net Book Value (t) Cash Coupon (u) All-in Yield (u) Maximum Maturity (v) Loan per SF/Unit/Key Origination LTV (i) 1 Mixed-Use Du

  11. Slide 11: Consolidated Balance Sheets

    Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 10 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) (73

  12. 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 $318,848 $386,676 $1,356,401 $1,769,043 Less: Interest and related expenses

  13. 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 December 31, 2025 Three Months Ended September 30, 2025 Net income(w) $39,560 $63,397 Charge-offs of CECL reserves(x) (433,924) (42,111) Increase (decreas

  14. Slide 14: Reconciliation of Net Income to Distributable Earnings

    Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 13 Reconciliation of Net Income to Distributable Earnings (in thousands, except per share data) March 31, 2025 June 30, 2025 Net (loss) income(w) ($357) $6,969 Charge-offs of CECL reserves(x) (41,824) (45,057) Increase in CECL reserves 49,505 45,5

  15. Slide 15: Definitions

    Blackstone |Blackstone Mortgage Trust, Inc. DEFINITIONS 14 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 incl

  16. Slide 16: Footnotes

    Blackstone |Blackstone Mortgage Trust, Inc. 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 n

  17. Slide 17: Forward-Looking Statements & Important Disclosure Information

    Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION 16 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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