Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q4 2025 Earnings Presentation
33 slides from Blackstone Mortgage Trust's earnings presentation, February 2026
Slide 1: Q4 2025 Company Presentation
Blackstone Mortgage Trust, Inc. Q4 2025 Company Presentation FEBRUARY 2026 Blackstone Mortgage Trust, Inc.
Slide 2: Blackstone Mortgage Trust Overview
BLACKSTONE MORTGAGE TRUST OVERVIEW Blackstone Mortgage Trust (BXMT) is a publicly traded commercial mortgage REIT focused on real estate credit investments in North America, Europe, and Australia BXMT is managed by Blackstone, the largest owner of commercial real estate globally with over $600B
Slide 3: Blackstone Overview
BLACKSTONE OVERVIEW World’s largest alternative asset manager(c) ~$1.3T $302B 40-year Blackstone AUM (d) Private Wealth Channel AUM (d) track record (d) Business AUM (e) Credit & Insurance $319B World’s largest third-party focused credit business Real Estate $443B World’s largest owner of commercial
Slide 4: BREDS Platform Overview
BREDS PLATFORM OVERVIEW Blackstone Real Estate Debt Strategies (“BREDS”) is the largest alternative manager of real estate credit, investing across Core, Core+ and Opportunistic debt strategies on behalf of institutional investors and insurance capital BREDS’ global scale, cross-market knowledge
Slide 5: Superior Real Estate Platform
SUPERIOR REAL ESTATE PLATFORM One fully integrated real estate platform across 12 global offices Blackstone Advantage Constant Communication Integrated Perspective Global Business Weekly 1 830 professionals Partners’ Meeting 12 global offices Global ICMs Investment Review Committees glob
Slide 6: BXMT Investment Portfolio
BXMT INVESTMENT PORTFOLIO BXMT has proactively diversified its portfolio with complementary real estate credit strategies, driving a more resilient stream of current income to support the current dividend Floating Rate Mortgage Loans Predominately senior floating rate mortgage Net Lease Owned Real
Slide 7: BXMT Lending Strategy
BXMT LENDING STRATEGY BXMT originates loans that are sized and structured to capitalize value-add business plans to drive cash flow growth and long-term value creation BXMT’s loans are repaid when borrowers sell or refinance assets, typically following execution of business plan BXMT Lending Str
Slide 8: BXMT Target Loan Investments
BXMT TARGET LOAN INVESTMENTS Loan Size $50M to $500M+ Collateral First mortgages on stabilized or value-add assets Property Type All commercial property types Geographies North America, Western Europe and Australia Loan to Value Last dollar 50% to 75% Rate SOFR + 2.25% and higher, scaled to risk Ter
Slide 9: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW (i) $16.8B global loan portfolio secured by institutional-quality real estate and diversified across sectors and markets Collateral Diversification(j) Geographic Distribution(j)(k) Life Sciences / Studio Other Property 2% 4% Canada Self-Storage Australia 2% 3% 7% Retail Mul
Slide 10: Loan Portfolio Evolution
LOAN PORTFOLIO EVOLUTION (i) BXMT's office exposure has been reduced by over 50% since 2019 and is currently 99% performing BXMT has repositioned its portfolio to reduce legacy office exposure and increase investment in multifamily and industrial, which now represent 50% of the loan portfolio Of
Slide 11: BXMT Sample Transactions
BXMT SAMPLE TRANSACTIONS (l) French Industrial Portfolio (Risk Rated 3) €91M, 68% LTV(m) floating-rate first mortgage loan originated in Q4 2025 High-quality, 5-asset, 141k square meter portfolio of well-located industrial properties with a w.a. 2019-year build 100% occupied, cross-collaterali
Slide 12: Case Study: Bank Loan Portfolio Acquisition
CASE STUDY: BANK LOAN PORTFOLIO ACQUISITION (l) In Q3 2025, BXMT acquired a $0.3B share in a $0.6B portfolio of low-leverage, performing loans at a discount to par from a U.S. bank; diversified across 425 primarily fixed rate loans backed by stabilized net lease properties Year to date, BXMT has
Slide 13: Net Lease Investment Strategy
NET LEASE INVESTMENT STRATEGY In Q4 2024, BXMT entered into our Net Lease JV focused on acquiring well-located net lease properties with strong in-place cash flow coverage and tenants in the essential-use and service retail sectors Net lease strategy complements BXMT’s floating-rate lending mode
Slide 14: Robust Capitalization
ROBUST CAPITALIZATION BXMT’s scale and strong track record afford consistent access to a wide variety of asset-level and corporate capital options, supporting efficient execution and balance sheet stability throughout market environments Term Loan Credit $11B+ Total corporate capital transactions
Slide 15: Robust Capitalization
ROBUST CAPITALIZATION BXMT’s capital structure prioritizes risk management and balance sheet stability 1. No capital markets and limited credit mark-to-market provisions help protect liquidity(b) 2. Prioritize lower cost over incremental leverage to optimize current income 3. Term-matched: debt ma
Slide 16: Endnotes Relating to Company Presentation
ENDNOTES RELATING TO COMPANY PRESENTATION a. As of September 30, 2025. b. The majority of BXMT's master repurchase agreements and secured credit facilities are non-mark-to-market, which means the margin call provisions only permit valuation adjustments if the loan or collateral pledged or sold by us
Slide 17: BXMT Q4 and FY 2025 Earnings Release
BXMT Q4 and FY 2025 Earnings Release Blackstone Mortgage Trust, Inc. Blackstone | 16
Slide 18: BXMT Highlights
BXMT HIGHLIGHTS Q4 GAAP EPS of $0.24, Distributable EPS(1) of $(2.07), and Distributable EPS prior to charge-offs(1) of $0.51 Full-year 2025 GAAP EPS of $0.64, Distributable EPS(1) of $(1.43), and Distributable EPS prior to charge-offs(1) of $1.86 Earnings Power Investment Activity Credit Perfor
Slide 19: Fourth Quarter and 2025 Results
FOURTH QUARTER AND 2025 RESULTS Q4 GAAP net income per share of $0.24, Distributable Earnings(1) per share of $(2.07), and Distributable EPS prior to charge-offs(1) of $0.51; $0.64, $(1.43), and $1.86, respectively, for full-year 2025 Earnings Book value per share of $20.75, incorporates $1.76 p
Slide 20: Earnings
EARNINGS Q4 Distributable Earnings prior to charge-offs(1) of $0.51 per share, up 21% from Q1 and providing coverage of the $0.47 per share dividend Earnings power, book value, and stockholder economic return(g) supported by capital redeployment, share repurchases, and stable credit performance
Slide 21: Investment Activity
INVESTMENT ACTIVITY Robust full-year investment activity of $6.8B(b) driving earnings power and portfolio diversification includes a $0.7B share in bank loan portfolios acquired at discounts and $0.3B share of net lease property acquisitions $5.7B of loan originations concentrated in multifamily
Slide 22: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW (c) 131 loans secured by institutional-quality assets and diversified across sectors and markets 50% of the loan portfolio secured by multifamily or industrial investments Geographic Footprint(k) Collateral Diversification(l)(m) Life Sciences / Studio 2% Other Property 4%
Slide 23: Credit
CREDIT (c) Resolved $0.6B of impaired loans(n) in Q4, driving a 96% reduction from Q3’24 peak Loan portfolio performance of 99% reflects strong execution on loan resolutions, with no new watchlist or impaired loans in Q4 Impaired Loans Loan Portfolio Performance ($ in billions) $2.3 99% 96% 95%
Slide 24: Capitalization
CAPITALIZATION Well-structured balance sheet with ample liquidity of $1.0B and debt-to-equity(o) ratio of 3.9x; continued decline in marginal financing costs supporting investment returns as capital markets normalize Extended or repriced $2.8B(f) of Term Loan B since year-end 2024, reducing spre
Slide 25: II. Appendix
II. Appendix Blackstone Mortgage Trust, Inc. Blackstone | 24
Slide 26: Portfolio Details
APPENDIX Portfolio Details ($ in millions) Origination Total Principal Net Book Cash All-in Maximum Loan per Origination (v) Property Type Location Date (r) Commitment (s) Balance Value (t) Coupon (u) Yield (u) Maturity SF/Unit/Key LTV (i) 1 Mixed-Use Dublin, IE 8/14/2019 $1,004 $957 $956 +3.20% +3.
Slide 27: Consolidated Balance Sheets
APPENDIX Consolidated Balance Sheets ($ in thousands, except per share data) December 31, 2025 December 31, 2024 Assets Cash and cash equivalents $452,526 $323,483 Loans receivable 18,069,134 19,047,518 Current expected credit loss reserve (284,440) (733,936) Loans receivable, net $17,784,694 $18,31
Slide 28: Consolidated Statements of Operations
APPENDIX Consolidated Statements of Operations (in thousands, except per share data) nice Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Income from loans and other investments Interest and related income $318,848 $386,676 $1,356,401 $1,769,043 Less: Interest an
Slide 29: Quarterly Per Share Calculations
APPENDIX Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended December 31, 2025 Three Months Ended September 30, 2025 Distributable Net income (w) $39,560 $63,397 Earnings Charge-offs of CECL reserves (x) (433,924) (42,111) Reconciliation Increase (decrease) in C
Slide 30: Reconciliation of Net Income to Distributable Earnings
APPENDIX Reconciliation of Net Income to Distributable Earnings (in thousands, except per share data) Three Months Ended March 31, 2025 June 30, 2025 (w) Net (loss) income ($357) $6,969 Charge-offs of CECL reserves(x) (41,824) (45,057) Increase in CECL reserves 49,505 45,593 (y) Depreciation and amo
Slide 31: Definitions
DEFINITIONS 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 included in investments in unconsolidated entities
Slide 32: Endnotes Relating to Earnings Release
ENDNOTES RELATING TO EARNINGS RELEASE a. Dividend yield based on share price of $19.61 as of February 10, 2026. b. Includes $0.7B to reflect BXMT’s 35% share of the portfolio of performing senior loans acquired by its Bank Loan Portfolio Joint Venture and $0.3B to reflect BXMT’s 75% share of net lea
Slide 33: 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
Blackstone Mortgage Trust — Q4 2025 Earnings Presentation on 6ix