Financial Results - Blackstone Mortgage Trust, Inc. reported its financial results for Q3 2025 on October 29, 2025[5]. - The company provided a detailed presentation alongside the press release, which includes comprehensive financial data[5]. Documentation - The press release and presentation are available as Exhibits 99.1 and 99.2, respectively[7]. - The report is not deemed "filed" under the Securities Exchange Act of 1934, ensuring it is not subject to certain liabilities[6]. Official Approval - The Chief Financial Officer, Anthony F. Marone, Jr., signed the report, indicating official approval of the financial results[10].

Financial Performance - For the three months ended September 30, 2025, the company recorded basic net earnings per share of $0.37 and declared a dividend of $0.47 per share[291]. - The company reported net income of $63.4 million for the third quarter of 2025, compared to $7.0 million in the previous quarter[293]. - Total net revenues for the three months ended September 30, 2025, were $132,711 thousand, a slight decrease of $1,142 thousand compared to the previous quarter[362]. - Income from unconsolidated entities for the three months ended September 30, 2025, was $3,924 thousand, a recovery from a loss of $2,015 thousand in the previous quarter[369]. - For the nine months ended September 30, 2025, income from loans and other investments, net, decreased by $93,975 thousand to $283,538 thousand compared to the same period in 2024[373]. - The company recorded a $94.1 million increase in CECL reserves for the nine months ended September 30, 2025, compared to a $519.7 million increase during the same period in 2024[378]. - The company declared dividends of $1.41 per share, totaling $241.5 million, during the nine months ended September 30, 2025, down from $1.71 per share or $296.6 million in the same period in 2024[382]. Loan Portfolio - Loan originations for the three months ended September 30, 2025, totaled $945.1 million, with $642.1 million from new loan originations and $303.0 million from loan portfolio acquisitions[306]. - The loan portfolio as of September 30, 2025, had a principal balance of $18.2 billion and a net book value of $17.4 billion, with 137 loans in total[310]. - The weighted-average cash coupon for the loan portfolio was +3.24%, and the weighted-average all-in yield was +3.46%[310]. - As of September 30, 2025, 96% of loans were performing with risk ratings of "1" through "4," while 4% were impaired with a risk rating of "5"[320]. - The total loan portfolio financing as of September 30, 2025, was $12.66 billion, a decrease from $12.87 billion as of December 31, 2024[338]. - The subordinate loan portfolio totaled $812 million, with a net book value of $716 million, and an all-in yield of +6.42%[433]. - The company maintains a diversified loan portfolio across various property types, including multifamily, office, and hospitality sectors[439]. Capital Structure and Liquidity - As of September 30, 2025, the company's capitalization structure included $3.6 billion of common equity, $2.9 billion of corporate debt, and $12.7 billion of asset-level financings[384]. - The company had $1.3 billion of liquidity available for short-term cash requirements as of September 30, 2025[385]. - The adjusted debt-to-equity ratio was 2.9x as of September 30, 2025, compared to 3.0x as of December 31, 2024[386]. - The company generated cash flow from operating activities of $139.6 million and received $4.8 billion from loan principal collections during the nine months ended September 30, 2025[392]. - The company has access to further liquidity through public and private offerings of equity and debt securities, with a shelf registration statement effective until July 2028[393]. Credit and Risk Management - The company’s CECL reserves were $42.1 million in charge-offs for the third quarter, reflecting ongoing credit risk management[300]. - The company is exposed to credit risk, with performance dependent on borrowers' ability to generate adequate cash flows from collateral properties[449]. - The company mitigates counterparty risk by depositing cash with high credit-quality institutions and conducting comprehensive credit analysis before lending[455][456]. - The company has hedged substantially all net asset exposure to foreign currencies with foreign currency forward contracts as of September 30, 2025[457]. Real Estate and Asset Management - The company operates as a REIT and must distribute at least 90% of its net taxable income annually to maintain its tax status[285]. - The company benefits from the expertise of its Manager, which is part of Blackstone Real Estate, the largest owner of commercial real estate globally[284]. - As of September 30, 2025, the company held 10 real estate owned (REO) assets with an aggregate carrying value of $1.0 billion[332]. - The company has committed to new acquisitions, including a hospitality property in San Francisco valued at $201,530 thousand[441]. Interest Rate Exposure - 98% of the loans by principal balance earned a floating rate of interest, primarily indexed to SOFR, as of September 30, 2025[356]. - The projected net exposure to interest rate changes indicates an increase in interest income of $66,331 thousand with a 50 basis points increase in rates, and $132,834 thousand with a 100 basis points increase[443]. - 92% of performing loans had interest rate caps as of September 30, 2025, with a weighted-average strike price of 3.7%[448]. - The company has a notional amount of $450.0 million in interest rate swaps that convert fixed rate exposure to floating rate exposure for certain notes[445].

Core Insights - The article provides a market analysis focusing on the S&P 500 and specific investment corporations, highlighting their performance and market trends [1] Group 1: S&P 500 - The S&P 500 index is a key indicator of the overall market performance, reflecting the health of the U.S. economy [1] - Recent trends indicate fluctuations in the S&P 500, influenced by macroeconomic factors and investor sentiment [1] Group 2: Chimera Investment Corporation - Chimera Investment Corporation's performance is analyzed in the context of its investment strategies and market positioning [1] - The company has shown resilience in its financial metrics, contributing positively to its valuation [1] Group 3: AGNC Investment Corp - AGNC Investment Corp is discussed regarding its dividend yield and investment portfolio, which are critical for attracting investors [1] - The company’s financial health is assessed through its earnings reports and market response [1] Group 4: Blackstone Mortgage Trust Inc. - Blackstone Mortgage Trust Inc. is evaluated based on its loan origination and asset management strategies [1] - The company’s growth potential is linked to the real estate market dynamics and interest rate trends [1]

Financial Performance - Q2 GAAP basic income per share was $0.04, Distributable Earnings per share was $0.19, and Distributable EPS prior to charge-offs was $0.45[6] - Paid a Q2 dividend of $0.47 per share, equating to a 9.7% annualized dividend yield[6] - Book value per share was $21.04, incorporating $4.39 per share of CECL reserves[6] Portfolio Activity - Originated $2.2 billion and collected $1.6 billion of repayments in Q2, resulting in a quarter-end portfolio of $18.4 billion across 144 loans[6] - Acquired a $0.4 billion share of a performing senior loan portfolio from a US regional bank at a discount to par[6] - The portfolio is well-diversified, with 27% in multifamily, 20% in US office, and 18% in industrial properties[12] - Office exposure has decreased by 29% over the past year and now comprises 28% of the portfolio[13] Credit Quality - Resolved $0.2 billion of impaired assets in Q2 above aggregate carrying value, with total resolutions of $1.7 billion since Q3 2024, reducing the impaired loan balance by 55% from its peak[6] - CECL reserves remained stable QoQ at $755 million, representing 3.8% of the principal balance[6] - The performing loan portfolio stands at 94%[18] Capitalization and Liquidity - Maintained strong liquidity of $1.1 billion to support portfolio turnover into new investments[6] - Repriced $1.0 billion of Term Loan B, reducing the spread by 65bps and extending the maturity to 2030[6]

分组1 - Blackstone Mortgage Trust reported quarterly earnings of $0.19 per share, missing the Zacks Consensus Estimate of $0.20 per share, and down from $0.56 per share a year ago, representing an earnings surprise of -5.00% [1] - The company posted revenues of $94.81 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 13.72%, and down from $126.77 million year-over-year [2] - Blackstone Mortgage shares have increased approximately 11.3% since the beginning of the year, outperforming the S&P 500's gain of 8.3% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.28 on revenues of $113.85 million, and for the current fiscal year, it is $1.04 on revenues of $429.87 million [7] - The Zacks Industry Rank for REIT and Equity Trust is in the top 22% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - The estimate revisions trend for Blackstone Mortgage was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, suggesting expected outperformance in the near future [6]

[Form 8-K Current Report](index=1&type=section&id=Form%208-K%20Current%20Report) [Cover Page & General Information](index=1&type=section&id=Cover%20Page%20%26%20General%20Information) This section identifies Blackstone Mortgage Trust, Inc. as the registrant filing a Form 8-K, with its Class A common stock listed on the NYSE - Company: Blackstone Mortgage Trust, Inc[1](index=1&type=chunk) - Report Date (Earliest Event): July 30, 2025[1](index=1&type=chunk) - Registered Security: Class A common stock, par value $0.01 per share, trading under the symbol BXMT on the New York Stock Exchange[2](index=2&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=4&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) Blackstone Mortgage Trust, Inc. announced Q2 2025 financial results through a furnished press release and presentation, not filed under Section 18 - The company issued a press release and a detailed presentation on July 30, 2025, to announce its financial results for the second quarter ended June 30, 2025[5](index=5&type=chunk) - The press release and presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively[5](index=5&type=chunk) - The information provided under this item is considered 'furnished' and not 'filed' for the purposes of Section 18 of the Securities Exchange Act of 1934, limiting liability under that section[6](index=6&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=4&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits furnished with the Form 8-K, including the Q2 2025 financial results press release and presentation Exhibits Furnished with Form 8-K | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release of Blackstone Mortgage Trust, Inc. dated July 30, 2025 | | 99.2 | Presentation of Blackstone Mortgage Trust, Inc. dated July 30, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signature](index=5&type=section&id=Signature) The report is duly signed by Anthony F. Marone, Jr., Chief Financial Officer of Blackstone Mortgage Trust, Inc., on July 30, 2025 - The report was signed on July 30, 2025, by Anthony F. Marone, Jr., in his capacity as Chief Financial Officer[10](index=10&type=chunk)

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for the period [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Blackstone Mortgage Trust reported Q2 2025 net income of **$7.0 million** ($0.04 per share), a significant improvement from a **$61.1 million net loss** in Q2 2024, driven by a lower CECL reserve increase, with total assets at **$20.6 billion** and total equity at **$3.6 billion** Consolidated Balance Sheet Highlights (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$20,584,441** | **$19,801,955** | | Loans receivable, net | $18,965,254 | $18,313,582 | | **Total Liabilities** | **$16,960,904** | **$16,007,766** | | Secured debt, net | $10,683,320 | $9,696,334 | | **Total Equity** | **$3,623,537** | **$3,794,189** | Consolidated Statement of Operations Highlights (in thousands, except per share data) | | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Income from loans, net** | **$94,810** | **$126,772** | **$184,634** | **$269,165** | | Increase in CECL reserve | ($45,593) | ($152,408) | ($95,098) | ($387,277) | | **Net income (loss)** | **$6,984** | **($60,202)** | **$6,633** | **($183,372)** | | Net income (loss) per share | $0.04 | ($0.35) | $0.04 | ($1.06) | - The company declared a dividend of **$0.47 per share** for the quarter ended June 30, 2025, consistent with the prior quarter but lower than the **$0.62 per share** declared in the same quarter of 2024[219](index=219&type=chunk)[220](index=220&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=58&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS%20%28MD%26A%29) Management views commercial real estate as recovering despite volatility, with the loan portfolio growing to **$19.9 billion** (94% performing), Q2 2025 key metrics including **$0.04 EPS** and **$0.19 Distributable Earnings per share**, and strong liquidity maintained at **$1.1 billion** Key Financial Indicators (per share) | Metric | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | Net Earnings per Share, basic | $0.04 | ($0.00) | | Distributable Earnings per Share, basic | $0.19 | $0.17 | | Dividends Declared per Share | $0.47 | $0.47 | | Book Value per Share | $21.04 | $21.42 | - The loan portfolio had a principal balance of **$19.9 billion** across 144 loans with a weighted-average risk rating of 3.1, with **94%** of loans performing (risk-rated 1-4)[300](index=300&type=chunk)[310](index=310&type=chunk)[314](index=314&type=chunk) - Total liquidity as of June 30, 2025, was **$1.1 billion**, consisting of cash, available borrowings, and net receivables from servicers[385](index=385&type=chunk) - In Q2 2025, the company entered into a Bank Loan Portfolio Joint Venture with a Blackstone-advised vehicle, acquiring a **29% interest** in a **$1.4 billion portfolio** of 171 performing senior commercial real estate loans[326](index=326&type=chunk)[327](index=327&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=91&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risks include interest rate, credit, and currency risks, with **98%** of loans being floating-rate, a **$558.8 million** CECL reserve on 14 loans, and currency risk largely mitigated by matching asset and liability currencies - As of June 30, 2025, **98%** of the company's loans by principal balance earned a floating rate of interest, creating a net positive exposure to rising interest rates[437](index=437&type=chunk) Interest Rate Sensitivity Analysis (Net Impact on Earnings over 12 months, in thousands) | Change in Rates | Net Exposure Impact | | :--- | :--- | | +100 Basis Points | $14,376 | | +50 Basis Points | $7,120 | | -50 Basis Points | ($6,849) | | -100 Basis Points | ($8,103) | - Credit risk is a key focus, with an asset-specific CECL reserve of **$558.8 million** on 14 loans with an aggregate amortized cost basis of **$1.6 billion**[445](index=445&type=chunk) - Currency risk is managed by matching asset and liability currencies and hedging substantially all net asset exposure to foreign currencies with forward contracts[452](index=452&type=chunk)[453](index=453&type=chunk) [Controls and Procedures](index=93&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) The company's CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[455](index=455&type=chunk) - No changes occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[456](index=456&type=chunk) [PART II. OTHER INFORMATION](index=94&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides information on legal proceedings, risk factors, unregistered sales of equity securities, defaults upon senior securities, and exhibits [Legal Proceedings](index=94&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company reported no material legal proceedings as of June 30, 2025 - The company reports no material legal proceedings as of the end of the quarter[458](index=458&type=chunk) [Risk Factors](index=94&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to previously disclosed risk factors were reported for the quarter - No material changes to the previously disclosed risk factors were reported for the quarter[459](index=459&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=95&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During Q2 2025, the company repurchased **2,100 shares** of common stock at an average price of **$18.38 per share**, with **$89.2 million** remaining available under the repurchase program Share Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 0 | N/A | | May 2025 | 2,100 | $18.38 | | June 2025 | 0 | N/A | | **Total** | **2,100** | **$18.38** | - The share repurchase program, authorized in July 2024 for up to **$150.0 million**, had **$89.2 million** remaining available as of June 30, 2025[461](index=461&type=chunk) [Defaults Upon Senior Securities](index=96&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) The company reported no defaults upon its senior securities during the period - None[462](index=462&type=chunk) [Exhibits](index=97&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including amendments to credit agreements and required CEO/CFO certifications - Key exhibits filed include amendments to the Term Loan Credit Agreement and various Master Repurchase Agreements, as well as required CEO/CFO certifications[464](index=464&type=chunk)

Group 1 - The article highlights Blackstone Mortgage Trust (NYSE: BXMT) as a noteworthy real estate finance company that originates senior loans [1] - Binary Tree Analytics (BTA) aims to provide transparency and analytics in capital markets, focusing on CEFs, ETFs, and Special Situations, with a goal of delivering high annualized returns and low volatility [1] Group 2 - The author has a beneficial long position in BXMT shares through various financial instruments [2]

Core Viewpoint - Blackstone Mortgage Trust (BXMT) reported quarterly earnings of $0.17 per share, significantly exceeding the Zacks Consensus Estimate of $0.01 per share, but down from $0.65 per share a year ago, indicating a substantial earnings surprise of 1,600% [1] Group 1: Earnings Performance - The company has surpassed consensus EPS estimates for the last four quarters, with a notable earnings surprise of 237.50% in the previous quarter [2][1] - Blackstone Mortgage's revenues for the quarter ended March 2025 were $89.82 million, missing the Zacks Consensus Estimate by 22.85%, and down from $142.39 million year-over-year [2] Group 2: Stock Performance and Outlook - Blackstone Mortgage shares have increased by approximately 8.9% since the beginning of the year, contrasting with a decline of -5.5% in the S&P 500 [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the earnings outlook for upcoming quarters [4][3] Group 3: Earnings Estimates and Industry Context - The current consensus EPS estimate for the upcoming quarter is $0.37 on revenues of $120.36 million, and for the current fiscal year, it is $1.07 on revenues of $478.78 million [7] - The REIT and Equity Trust industry, to which Blackstone Mortgage belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, which may impact stock performance [8]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported a GAAP net loss of effectively zero and distributable earnings (DE) of $0.17 per share, with DE prior to charge-offs at $0.42 per share [4][20] - The company paid a dividend of $0.47 per share for the first quarter [4] - The impaired loan balance decreased by 58% from its peak, now standing at $970 million or 5% of the portfolio [15][22] Business Line Data and Key Metrics Changes - The company achieved $1.8 billion in repayments, with 86% from office properties, and $1.6 billion in new investments, marking the highest quarterly originations in over two years [10] - The portfolio is now 95% performing, up from 88% at the trough, with US office exposure reduced from nearly 40% to 21% [12][22] - The company commenced a net lease investment strategy, acquiring 27 properties concentrated in defensive businesses with average lease terms of 18 years [13][14] Market Data and Key Metrics Changes - The company noted that real estate cash flows are expected to benefit from diminished supply, which is at historically low levels [7] - The overall cost of capital remains around 40% lower than peak levels, with banks and investors under-allocated to real estate, supporting continued lending demand [8] Company Strategy and Development Direction - The company is focused on minimizing credit risk while leveraging its platform to generate target returns, with 90% of 2025 activity backed by multifamily properties or cross-collateralized industrial portfolios [11] - The strategy includes optimizing the balance sheet, with liquidity at $1.6 billion and a leverage ratio of 3.4 times, the lowest in three years [16][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the real estate sector's ability to outperform despite macroeconomic uncertainties, citing a recovery phase and a well-functioning capital market [6][7] - The company anticipates continued strong performance in multifamily and industrial sectors, while monitoring the hospitality sector closely [60][61] Other Important Information - The company has a robust balance sheet with nearly 70% of its structure being non-mark-to-market, providing stability in volatile market conditions [17][27] - The company executed a $1 billion CLO with a 30-month reinvestment feature, enhancing its capital structure [27] Q&A Session Summary Question: What is the current status of the four-rated loans? - The company has around $500 million in non-modified four-rated office loans, down significantly from $1 billion a year ago, and is focused on modifications and resolutions [33][34] Question: How do you see the impact of the new CLO on originations? - The new CLO provides optionality for financing new originations, with strong relationships with lenders ensuring good liquidity [35][36] Question: How do you expect loan growth in the coming quarters? - The company aims to grow the portfolio towards the $20 billion mark, with a focus on credit quality [44] Question: What trends are observed in the repo market? - The company has maintained strong relationships with lenders, with banks eager to grow their credit facility exposure [50][53] Question: How is the performance of the hospitality sector? - Hospitality exposure is currently at 6.5% of the portfolio, and while it is being monitored closely, the overall performance has been resilient [57][60] Question: What is the outlook for international exposure? - The company has a strong presence in Europe, with no specific cap on international exposure, and is optimistic about the relative value of investments in that market [74][78] Question: Will there be another CLO issuance this year? - The company is monitoring the CLO market closely and sees potential for another issuance later in the year if market conditions remain favorable [80][82] Question: What is the pace of resolving remaining impaired loans? - The company is optimistic about continuing to resolve impaired assets, with a clear path for several resolutions already in progress [84][86]