Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q4 2024 Earnings Presentation
18 slides from Blackstone Mortgage Trust's earnings presentation, Feb 12, 2025
Slide 1: Fourth Quarter and Full Year 2024 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Fourth Quarter and Full Year 2024 Results FEBRUARY 12, 2025
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. BXMT HIGHLIGHTS Note: The information in this presentation is as of December 31, 2024, unless otherwise stated. Opinions expressed reflect the current opinions of BXMT as of the date appearing in the materials only and are based on BXMT’s opinions of the c
Slide 3: Fourth Quarter and 2024 Results
Blackstone |Blackstone Mortgage Trust, Inc. FOURTH QUARTER AND 2024 RESULTS (1) See Appendix for definition and reconciliation to GAAP net income. 2 ▪ Q4 GAAP basic income per share of $0.21, Distributable Earnings(1) per share of $(1.25), and Distributable EPS prior to charge-offs(1) of $0.44; $(1.
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. EARNINGS 3 ▪ 2024 Distributable Earnings prior to charge-offs(1) of $2.15 substantially in line with 2024 dividend ▪ Book value per share enhanced by Q4 loan resolutions executed above aggregate reserve levels and share repurchases; including dividends, ge
Slide 5: Portfolio Overview
Blackstone |Blackstone Mortgage Trust, Inc. PORTFOLIO OVERVIEW 4 ▪ Well-diversified portfolio of 130 loans, secured by institutional-quality assets across sectors and markets Collateral Diversification(e)(i) AU, 5% ES, 4% IE, 6% UK, 17% SE, 2% DEU, 1% Geographic Footprint(e)(h) TX, 6% NY, 16% NV, 2%
Slide 6: Portfolio Activity
Blackstone |Blackstone Mortgage Trust, Inc. PORTFOLIO ACTIVITY 5 ▪ Robust repayment activity of $5.2B in 2024, demonstrating accelerating institutional liquidity for collateral assets ▪ 2024 repayments include $2.0B of office loans across 10 assets;(j) $1.5B office loans repaid in Q1 2025 to date St
Slide 7: Portfolio Activity: Capitalizing on Attractive Origination Environment
Blackstone |Blackstone Mortgage Trust, Inc. 53% 37% 20% 31% 23% 16% 2% 11% 4% 3% 2024 2025 Closed or In Closing Multifamily Industrial Self-Storage Hospitality Office Retail (c) PORTFOLIO ACTIVITY 6 ▪ Closed $0.4B of new loan originations in 2024, largely concentrated in multifamily and industrial s
Slide 8: Credit
Blackstone |Blackstone Mortgage Trust, Inc. CREDIT 7 ▪ BXMT resolved $1.1B of impaired loans in Q4, bringing total 2024 resolutions to $1.6B across 16 transactions; Q4 resolutions above carrying value resulted in a $32M net CECL reversal, supporting book value ▪ Portfolio performance increased 5% qu
Slide 9: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. CAPITALIZATION 8 ▪ Robust repayment activity drove quarter-over-quarter decrease in debt-to-equity ratio(g) to 3.5x from 3.8x, while liquidity remained strong at $1.5B ▪ Extended $1.0B of corporate debt, resulting in long-dated, laddered maturity schedule
Slide 10: Appendix
Blackstone |Blackstone Mortgage Trust, Inc. II. Appendix 9
Slide 11: Appendix: Portfolio Details
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 10 Portfolio Details ($ in millions) Loan Type (n) Origination Date (o) Total Loan (n) Principal Balance (n) Net Book Value Cash Coupon (p) All-in Yield (p) Maximum Maturity (q) Location Property Type Loan per SF/Unit/Key Origination LTV (f) Loan
Slide 12: Appendix: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 11 Consolidated Balance Sheets ($ in thousands, except per share data) December 31, 2024 December 31, 2023 Assets Cash and cash equivalents $323,483 $350,014 Loans receivable 19,047,518 23,787,012 Current expected credit loss reserve (733,936) (57
Slide 13: Appendix: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 12 Consolidated Statements of Operations ($ in thousands, except per share data) nice 2024 2023 2024 2023 Income from loans and other investments Interest and related income $386,676 $505,003 $1,769,043 $2,037,621 Less: Interest and related expens
Slide 14: Appendix: Quarterly Per Share Calculations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 13 Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended December 31, 2024 Three Months Ended September 30, 2024 Net income (loss)(r ) $37,190 ($56,384) Charge-offs of CECL reserves (s) (294,064) (16,989) Increa
Slide 15: Reconciliation of Net Income to Distributable Earnings
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 14 Reconciliation of Net Income to Distributable Earnings (in thousands, except per share data) Twelve Months Ended December 31, 2024 Net loss(r ) (204,088) Charge-offs of CECL reserves (s) (384,603) Increase in CECL reserves 538,801 Non-cash comp
Slide 16: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. DEFINITIONS 15 Distributable Earnings: Blackstone Mortgage Trust, Inc. (“BXMT”) discloses Distributable Earnings in this presentation. Distributable Earnings is a financial measure that is calculated and presented on the basis of methodologies other than i
Slide 17: Endnotes
Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 16 a. Dividend yield based on share price of $18.93 as of February 11, 2025. b. Based on impaired loan balance as of September 30, 2024. c. Transactions not yet closed are subject to conditions, and there can be no assurance such transactions will
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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