Slide 1: Blackstone Mortgage Trust, Inc. Second Quarter 2025 Results
Blackstone Mortgage Trust, Inc. Second Quarter 2025 Results JULY 30, 2025 Blackstone Mortgage Trust, Inc.
Slide 2: BXMT Highlights
BXMT HIGHLIGHTS ▪ Q2 GAAP EPS of $0.04 and Distributable EPS(1) of $0.19; Distributable EPS prior to charge-offs(1) of $0.45 excludes realized loss from loan resolution ▪ Robust capital deployment, loan resolution momentum, and balance sheet management demonstrating strong execution on key prioritie
Slide 3: Second Quarter Results
SECOND QUARTER RESULTS ▪ Q2 GAAP basic income per share of $0.04, Distributable Earnings (1) per share of $0.19, and Distributable EPS prior to charge-offs(1) of $0.45 Earnings ▪ Book value per share of $21.04, incorporates $4.39 per share of CECL reserves ▪ Paid Q2 dividend of $0.47 per share, equa
Slide 4: Earnings
EARNINGS ▪ Q2 Distributable Earnings prior to charge-offs(1) of $0.45 per share; strong investment activity and continued resolution momentum driving earnings power ▪ Book value per share continues to be supported by loan resolutions executed above aggregate carrying values; including dividends, gen
Slide 5: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW (f) ▪ Well-diversified portfolio of 144 loans, secured by institutional-quality assets across sectors and markets ▪ Office exposure has declined by 29% over the past year; now comprising only 28% of the portfolio Geographic Footprint(f)(i) Collateral Diversification(f)(j)(k)
Slide 6: Portfolio Activity
PORTFOLIO ACTIVITY ▪ Strong new origination activity exceeding repayments and driving earnings inflection in portfolio, which has grown by $1.4B over the last two quarters to $18.4B(f) ▪ New investments largely concentrated in multifamily, well-leased industrial portfolios, and a $0.4B share of a di
Slide 7: Credit
CREDIT ▪ Resolved $0.2B of impaired loans(d) in Q2, bringing total resolutions since Q3 2024 to $1.7B across 15 transactions; Q2 resolutions executed above aggregate carrying value, supporting book value ▪ Loan portfolio performance steady at 94%,(f) benefiting from loan resolutions, new vintage inv
Slide 8: Capitalization
CAPITALIZATION ▪ Well-structured balance sheet with ample liquidity of $1.1B and debt-to-equity(n) ratio of 3.8x; marginal cost of financing on new investments continues to decline as capital markets improve ▪ Enhanced capital structure in Q2 with accretive $1.0B Term Loan B repricing and maturity e
Slide 9: II. Appendix
II. Appendix Blackstone Mortgage Trust, Inc. Blackstone | 8
Slide 10: Portfolio Details
APPENDIX Portfolio Details ($ in millions) Origination Total Principal Net Book Cash All-in Maximum Loan per Origination Property Type Location Date (q) Commitment (r) Balance Value (s) Coupon (t) Yield (t) Maturity (u) SF/Unit/Key LTV (m) 1 Mixed-Use Dublin, IE 8/14/2019 $1,059 $1,007 $1,005 +3.20%
Slide 11: Consolidated Balance Sheets
APPENDIX Consolidated Balance Sheets ($ in thousands, except per share data) June 30, 2025 December 31, 2024 Assets Cash and cash equivalents $388,049 $323,483 Loans receivable 19,706,105 19,047,518 Current expected credit loss reserve (740,851) (733,936) Loans receivable, net $18,965,254 $18,313,58
Slide 12: Consolidated Statements of Operations
APPENDIX Consolidated Statements of Operations ($ in thousands, except per share data) nice Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Income from loans and other investments Interest and related income $359,537 $466,152 $691,594 $952,275 Less: Interest and related exp
Slide 13: Quarterly Per Share Calculations
APPENDIX Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended June 30, 2025 Three Months Ended March 31, 2025 Distributable Net income (loss) (v) $6,969 ($357) Earnings Charge-offs of CECL reserves (w ) (45,057) (41,824) Reconciliation Increase in CECL reserves 4
Slide 14: Definitions
DEFINITIONS Bank Loan Portfolio JV: A joint venture BXMT entered into with a Blackstone-advised investment vehicle in June 2025 to acquire a portfolio of performing commercial mortgage loans. BXMT’s equity interest in the joint venture is accounted for as an investment in an unconsolidated entity an
Slide 15: Endnotes
ENDNOTES a. Includes $0.4B in Outstanding Principal Balance reflecting BXMT’s 29% share in the Bank Loan Portfolio JV. Refer to Definitions. b. For illustrative purposes only. Actual results for each investment could differ materially from the results presented. Based on completed or expected asset-
Slide 16: 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