Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q2 2026 Earnings Presentation
18 slides from Blackstone Mortgage Trust's earnings presentation, Jul 30, 2026
Slide 1: Blackstone Mortgage Trust, Inc. Q2 2026 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Q2 2026 Results JULY 30, 2026
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. BXMT HIGHLIGHTS Note: The information in this presentation is as of June 30, 2026, 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: Q2 Results
Blackstone |Blackstone Mortgage Trust, Inc. Q2 RESULTS (1) See Appendix for definition and reconciliation to GAAP net (loss) income. 2 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 Book va
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. 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 (1) See Appendix for definition and reconciliation to GAAP
Slide 5: Investment Activity
Blackstone |Blackstone Mortgage Trust, Inc. Multifamily 30% Industrial 28%Hospitality 12% Retail 11% Net Lease 10% Homebuilder Finance 9% INVESTMENT ACTIVITY 4 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-fami
Slide 6: Investment Portfolio Overview
Blackstone |Blackstone Mortgage Trust, Inc. US 63% UK 13% Other EU 16% AUS 6% Other 2% Industrial 23% Multifamily 21% US Office 16% Non-US Office 5% Hospitality 9% Retail 4% Self-Storage 3% Life Sciences / Studio 1% Other Loans 4% Net Lease JV 3% Bank Loan JV 3% Other Investments 1% Owned Real Estat
Slide 7: Loan Portfolio Overview
Blackstone |Blackstone Mortgage Trust, Inc. Sunbelt 25% Northeast 13% West 11%Midwest 3% Northwest 3% UK 17% Other Europe 19% Australia 7% Canada 2% LOAN PORTFOLIO OVERVIEW(d) WA, 2% 45% International AU, 7% ES, 4% IE, 6% UK, 17% SE, 3% DEU, 2% TX, 4% NY, 9% NV, 2% MA, 1% IL, 2% GA, 2% FL, 7% CA, 10
Slide 8: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. 55% 22% 17% 6% Secured Debt Agreements Corporate Debt Securitized Debt Asset-Specific Debt CAPITALIZATION 7 Well-structured balance sheet with ample liquidity of $1.2B and debt-to-equity(n) ratio of 3.9x 88% non-MTM debt with no capital markets MTM pro
Slide 9: II. Appendix
Blackstone |Blackstone Mortgage Trust, Inc. II. Appendix 8
Slide 10: Loan Portfolio Details
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 9 Loan Portfolio Details ($ in millions) Property Type Location Origination Date (p) Total Commitment (q) Principal Balance Net Book Value (r) Cash Coupon (s) All-in Yield (s) Maximum Maturity (t) Loan per SQFT/Unit Origination LTV (u) 1 Hospitali
Slide 11: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 10 Consolidated Balance Sheets ($ in thousands, except per share data) June 30, 2026 December 31, 2025 Assets Cash and cash equivalents $432,833 $452,526 Loans receivable 17,334,730 18,069,134 Current expected credit loss reserve (397,835) (284,44
Slide 12: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 11 Consolidated Statements of Operations ($ in thousands, except per share data) nice 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 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, 2026 Three Months Ended March 31, 2026 Net loss(v) ($81,222) ($6,297) Charge-offs of CECL reserves(w) (28,620) (46,451) Increase in CECL reserves
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) Three Months Ended December 31, 2025 Three Months Ended September 30, 2025 Net income(v) $39,560 $63,397 Charge-offs of CECL reserves(w) (433,924) (42,
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 the second quarter of 2025 to acquire portfolios of performing commercial mortgage loans. BXMT’s equity interest in the join
Slide 16: Endnotes
Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 15 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 Ven
Slide 17: Endnotes
Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 16 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.
Slide 18: Forward-Looking Statements & Important Disclosure Information
Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION 17 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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