Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q1 2026 Earnings Presentation
18 slides from Blackstone Mortgage Trust's earnings presentation, Apr 29, 2026
Slide 1: Blackstone Mortgage Trust Q1 2026 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Q1 2026 Results APRIL 29, 2026
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. BXMT HIGHLIGHTS Note: The information in this presentation is as of March 31, 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: Q1 Results
Blackstone |Blackstone Mortgage Trust, Inc. Q1 RESULTS (1) See Appendix for definition and reconciliation to GAAP net (loss) income. 2 Q1 GAAP net loss per share of $(0.04), Distributable Earnings(1) per share of $0.21, and Distributable EPS prior to realized gains and losses(1) of $0.49 Book va
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. EARNINGS Q1 Distributable Earnings prior to realized gains and losses(1) of $0.49 per share, providing coverage of the $0.47 per share dividend Loan portfolio performance of 98%(c)(d) supporting earnings power, and benefiting from loan resolutions and
Slide 5: Investment Activity
Blackstone |Blackstone Mortgage Trust, Inc. Industrial 29% Retail 8% Condo 8%Data Center 5% US Office 2% Net Lease 36% UK Bank Loan Portfolio SRT 12% INVESTMENT ACTIVITY 4 Investment activity of $0.5B(b) in Q1 includes $0.3B of loan originations and a $0.2B share of net lease property acquisitions
Slide 6: Investment Portfolio Overview
Blackstone |Blackstone Mortgage Trust, Inc. INVESTMENT PORTFOLIO OVERVIEW(f) Investment Portfolio by Type(k) Investment portfolio of $19.7B, benefiting from diversification and duration with increasing capital allocation towards complementary real estate credit strategies 5 Loan Portfolio $19.7B i
Slide 7: Loan Portfolio Overview
Blackstone |Blackstone Mortgage Trust, Inc. Sunbelt 23% West 11% Northeast 11% Midwest 4% Northwest 3% UK 21% Other Europe 18% Australia 7% Canada 2% LOAN PORTFOLIO OVERVIEW(c) WA, 2% 48% International AU, 7% ES, 3% IE, 7% UK, 21% SE, 3% DEU, 2% TX, 4% NY, 7% NV, 2% MA, 1% IL, 3% GA, 2% FL, 6% CA, 9
Slide 8: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. 60% 15% 19% 6% Secured Debt Agreements Corporate Debt Securitized Debt Asset-Specific Debt CAPITALIZATION 7 Well-structured balance sheet with ample liquidity of $1.0B and debt-to-equity(o) ratio of 3.7x Strong access to diversified financing sources;
Slide 9: Appendix
Blackstone |Blackstone Mortgage Trust, Inc. II. Appendix 8
Slide 10: Loan Portfolio Details
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 9 Loan Portfolio Details ($ in millions) Property Type Location Origination Date (r) Total Commitment (s) Principal Balance Net Book Value (t) Cash Coupon (u) All-in Yield (u) Maximum Maturity (v) Loan per SQFT/Unit Origination LTV (i) 1 Mixed-Use
Slide 11: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 10 Consolidated Balance Sheets ($ in thousands, except per share data) March 31, 2026 December 31, 2025 Assets Cash and cash equivalents $549,153 $452,526 Loans receivable 17,557,936 18,069,134 Current expected credit loss reserve (291,590) (284,4
Slide 12: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 11 Consolidated Statements of Operations ($ in thousands, except per share data) nice 2026 2025 Income from loans and other investments Interest and related income $305,557 $332,057 Less: Interest and related expenses 220,736 242,233 Income from l
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 March 31, 2026 Three Months Ended December 31, 2025 Net (loss) income(w) ($6,297) $39,560 Charge-offs of CECL reserves(x) (46,451) (433,924) Increase in C
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) September 30, 2025 June 30, 2025 Net income(w) $63,397 $6,969 Charge-offs of CECL reserves(x) (42,111) (45,057) (Decrease) increase in CECL reserves (9
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
Slide 16: Endnotes
Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 15 a. Dividend yield based on share price of $20.01 as of April 28, 2026. b. Includes $0.2B to reflect BXMT’s 75% share of net lease properties acquired by its Net Lease Joint Venture and $67M of investments in debt securities. c. Based on Net Loa
Slide 17: Endnotes
Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 16 w. Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc. x. Represents realized losses related to loan principal amounts deemed non-recoverable during the applicable period. y. Represents depreciation of owned real estate
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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