Blackstone Mortgage Trust, Inc. · NYSE:BXMT

Blackstone Mortgage Trust — Q3 2025 Earnings Presentation

16 slides from Blackstone Mortgage Trust's earnings presentation, Oct 29, 2025

  1. Slide 1: Third Quarter 2025 Results

    Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Third Quarter 2025 Results OCTOBER 29, 2025

  2. Slide 2: BXMT Highlights

    Blackstone |Blackstone Mortgage Trust, Inc. BXMT HIGHLIGHTS Note: The information in this presentation is as of September 30, 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

  3. Slide 3: Third Quarter Results

    Blackstone |Blackstone Mortgage Trust, Inc. THIRD QUARTER RESULTS (1) See Appendix for definition and reconciliation to GAAP net income (loss). 2  Q3 GAAP basic income per share of $0.37, Distributable Earnings(1) per share of $0.24, and Distributable EPS prior to charge-offs(1) of $0.48  Book val

  4. Slide 4: Earnings

    Blackstone |Blackstone Mortgage Trust, Inc. EARNINGS  Distributable Earnings prior to charge-offs(1) demonstrating continued momentum, increasing to $0.48 per share and covering the dividend of $0.47 per share  Earnings power, book value, and stockholder economic return(h) supported by capital red

  5. Slide 5: Loan Portfolio Overview

    Blackstone |Blackstone Mortgage Trust, Inc. Sunbelt 22% Northeast 14% West 11%Midwest 4% Northwest 3% UK 19% Other Europe 18% Australia 7% Canada 2% LOAN PORTFOLIO OVERVIEW(f) WA, 2% 46% International AU, 7% ES, 4% IE, 7% UK, 19% SE, 3% DEU, 1% TX, 4% NY, 11% NV, 2% MA, 1% IL, 3% GA, 1% FL, 8% CA, 1

  6. Slide 6: Investments

    Blackstone |Blackstone Mortgage Trust, Inc. INVESTMENTS 5  Closed $0.6B of direct loan originations with highly-attractive credit and return characteristics in Q3 and $1.7B closed or in closing(e) subsequent to quarter-end  Acquired a $0.3B share in a bank loan portfolio at a discount to par and $

  7. Slide 7: Credit

    Blackstone |Blackstone Mortgage Trust, Inc. CREDIT(f) 6  Resolved $0.4B of impaired loans(g) in Q3, driving a 71% reduction in impaired loans year over year; Q3 resolutions executed above aggregate carrying value, supporting book value  Loan portfolio performance increased to 96% in Q3 from 94% la

  8. Slide 8: Capitalization

    Blackstone |Blackstone Mortgage Trust, Inc. CAPITALIZATION 7  Well-structured balance sheet with ample liquidity of $1.3B and debt-to-equity(m) ratio of 3.5x; marginal cost of financing on new investments continues to decline as capital markets improve  Enhanced capital structure in Q3 with accret

  9. Slide 9: Appendix

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

  10. Slide 10: Appendix: Portfolio Details

    Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 9 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 SF/Unit/Key Origination LTV (l) 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) September 30, 2025 December 31, 2024 Assets Cash and cash equivalents $377,921 $323,483 Loans receivable 18,066,919 19,047,518 Current expected credit loss reserve (695,719) (7

  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 $345,959 $430,092 $1,037,553 $1,382,367 Less: Interest and related expens

  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 September 30, 2025 Three Months Ended June 30, 2025 Net income(u) $63,397 $6,969 Charge-offs of CECL reserves(v) (42,111) (45,057) (Decrease) increase in

  14. Slide 14: Definitions

    Blackstone |Blackstone Mortgage Trust, Inc. DEFINITIONS 13 Bank Loan Portfolio JV: 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 included in inv

  15. Slide 15: Endnotes

    Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 14 a. Dividend yield based on share price of $18.14 as of October 28, 2025. b. Includes $0.3B to reflect BXMT’s 50% share of the portfolio of performing senior loans acquired by its Bank Loan Portfolio JV and $0.1B to reflect BXMT’s 75% share of n

  16. Slide 16: Forward-Looking Statements & Important Disclosure Information

    Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION 15 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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