Financial Data and Key Metrics Changes - For Q1 2025, the company reported a GAAP net loss of effectively zero and distributable earnings of $0.17 per share, with distributable earnings prior to charge-offs at $0.42 per share [5][21] - The company paid a dividend of $0.47 per share for the first quarter [5] - The capital allocation strategy has improved the credit composition of the overall asset base, with 95% of the portfolio performing, up from 88% at the trough [12] Business Line Data and Key Metrics Changes - The company achieved $1.8 billion in repayments, with 86% in office, and $1.6 billion in new investments, marking the highest level of quarterly originations in over two years [10] - The investment strategy focuses on minimizing credit risk while leveraging platform advantages, with 90% of 2025 activity backed by multifamily properties or cross-collateralized industrial portfolios [11] - The impaired loan balance has been reduced by 58% from the peak, with resolutions contributing to a $64 million reversal in the CECL reserve [15][25] Market Data and Key Metrics Changes - The company noted that real estate is well-positioned to outperform despite macroeconomic uncertainties, with capital broadly available and cost of capital around 40% lower than peak levels [8][9] - The company has diversified geographically, with over 40% of investments abroad, and US office exposure reduced from nearly 40% to just 21% [12] Company Strategy and Development Direction - The company is focused on three key drivers: portfolio turnover through repayments and redeployment, resolution of impaired loans, and optimization of the balance sheet [6][10] - The company has commenced a net lease investment strategy, acquiring 27 properties in defensive sectors with strong lease terms [14] - The company aims to grow its portfolio towards the $20 billion target discussed in the previous quarter while being mindful of credit risks [44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the real estate market's recovery, noting that cash flows should benefit from diminished supply and historically low levels of new construction [7][9] - The company is well-positioned with a strong balance sheet, $1.6 billion in liquidity, and a debt-to-equity ratio of 3.4 times, the lowest in three years [16][27] - Management highlighted the importance of maintaining strong relationships with lenders and the competitive dynamics in the borrowing market [51][52] Other Important Information - The company has executed a $1 billion reinvesting CLO, enhancing its capital structure and providing flexibility for future investments [17][26] - The company has seen a shift towards less transitional and more resilient investment strategies due to rising construction costs and market volatility [66] Q&A Session Summary Question: About the migration of loans rated four to three - Management indicated that the focus is on non-modified four-rated office loans, which have decreased significantly from $1 billion to around $500 million [33][34] Question: Impact of the new CLO on originations - Management confirmed that the new CLO provides optionality for financing new originations, with strong liquidity and capital markets access [36][37] Question: Growth potential of the loan book - Management expects to grow the portfolio towards the $20 billion target, with $2 billion in loans currently closing [44] Question: Trends in the repo market and relationships with lenders - Management noted strong relationships with lenders, with banks eager to grow their credit facility exposure [51][52] Question: Performance of hospitality, multifamily, and industrial sectors - Management highlighted that hospitality exposure is down to 6.5% of the portfolio, while multifamily performance remains resilient, and industrial sectors are also showing strength [56][59] Question: Changes in borrower profiles post-tariff announcements - Management observed a shift towards lighter value-add business plans and shorter duration risks due to cost pressures [66] Question: Future CLO issuance - Management indicated that the CLO market is stabilizing, and they are monitoring opportunities for future issuances [81][84] Question: Context around the general reserve increase - Management clarified that the general reserve increase reflects long-term credit risk profiles and is not meant to capture short-term volatility [91] Question: Size of recent loan resolutions - Management mentioned that recent resolutions total around $200 million, with a focus on maximizing value over time for REO assets [93][96]

Company Overview - Blackstone Mortgage Trust (BXMT) focuses on real estate credit investments in North America, Europe, and Australia[3] - BXMT is managed by Blackstone, the largest owner of commercial real estate globally with $602 billion of Total Enterprise Value (TEV)[3] - Blackstone has $1.2 trillion assets under management[9] Portfolio and Investment Activity - BXMT has closed or is in the process of closing over $3.5 billion in loans in 2025 to date, primarily in multifamily or cross-collateralized industrial and self-storage portfolios[7] - In Q1 2025, BXMT received $1.8 billion in repayments, including $1.6 billion from office loans[7] - The portfolio performance improved to 95% in Q1 2025[7] - BXMT originated $1.6 billion across 14 loans in Q1 2025, with another $2.0 billion closed or in closing post quarter-end[73] Balance Sheet and Capitalization - BXMT issued $1.0 billion CRE CLO in Q1 2025[7] - BXMT has $1.6 billion in quarter-end liquidity[71] - The company's debt-to-equity ratio is 3.4x[71] Financial Performance - Q1 GAAP EPS was $(0.00), and Distributable EPS was $0.17[72] - Distributable EPS prior to charge-offs was $0.42[72] - Book value per share is $21.42, incorporating $4.39 per share of CECL reserves[73]

[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 Q1 2025 financial results via furnished press release and presentation, not deemed filed - The company announced **Q1 2025 financial results** on April 30, 2025[5](index=5&type=chunk) - Results were provided in a press release (Exhibit 99.1) and a detailed presentation (Exhibit 99.2)[5](index=5&type=chunk) - Information and exhibits are **furnished, not filed**, limiting liability under Section 18 of the Exchange Act[6](index=6&type=chunk) [Financial Statements and Exhibits](index=4&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists furnished exhibits for the Form 8-K, including press release, company presentation, and interactive data file List of Exhibits | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release of Blackstone Mortgage Trust, Inc. dated April 30, 2025 | | 99.2 | Presentation of Blackstone Mortgage Trust, Inc. dated April 30, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements for Blackstone Mortgage Trust, Inc. for Q1 2025, including balance sheets, statements of operations, cash flows, and accompanying notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $19.96 billion as of March 31, 2025, driven by higher cash and real estate owned, while total liabilities also rose due to increased secured and securitized debt Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$19,957,475** | **$19,801,955** | | Loans receivable, net | $18,308,171 | $18,313,582 | | Cash and cash equivalents | $668,563 | $323,483 | | Real estate owned, net | $619,796 | $588,185 | | **Total Liabilities** | **$16,268,757** | **$16,007,766** | | Secured debt, net | $10,000,027 | $9,696,334 | | Securitized debt obligations, net | $2,559,896 | $1,936,956 | | **Total Equity** | **$3,688,718** | **$3,794,189** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a net loss of $0.35 million for Q1 2025, a significant improvement from the $123.17 million loss in Q1 2024, primarily due to a smaller increase in the CECL reserve Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Income from loans and other investments, net | $89,824 | $142,392 | | Total net revenues | $126,947 | $145,355 | | Increase in current expected credit loss reserve | ($49,505) | ($234,868) | | **Net loss** | **($351)** | **($123,170)** | | Net loss attributable to Blackstone Mortgage Trust, Inc. | ($357) | ($123,838) | | **Net loss per share, basic and diluted** | **($0.00)** | **($0.71)** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by $343.3 million in Q1 2025, driven by strong operating and investing activities, partially offset by financing outflows Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $100,516 | $94,610 | | Net cash provided by investing activities | $260,939 | $376,316 | | Net cash used in financing activities | ($18,142) | ($404,343) | | **Net increase in cash and cash equivalents** | **$343,313** | **$66,583** | [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the company's accounting policies, CECL methodology, loan portfolio characteristics, financing instruments, equity transactions, and related-party dealings - The company is a real estate finance company externally managed by a subsidiary of Blackstone Inc., operating as a **REIT**[22](index=22&type=chunk) - The CECL reserve is estimated primarily using a **Weighted-Average Remaining Maturity (WARM) method**, incorporating historical CMBS loss data from **Trepp**, macroeconomic forecasts, and internal risk ratings (**1-5 scale**)[38](index=38&type=chunk)[39](index=39&type=chunk)[49](index=49&type=chunk) Loan Portfolio Overview (as of March 31, 2025) | Metric | Value | | :--- | :--- | | Number of loans | 138 | | Principal balance | $19.2 billion | | Weighted-average all-in yield | +3.70% | | Weighted-average risk rating | 3.0 | - The loan portfolio is primarily composed of Office (**29%** of net loan exposure), Multifamily (**30%**), and Hospitality (**15%**). Geographically, **59%** is in the United States and **41%** is International[98](index=98&type=chunk) - In Q1 2025, the CECL reserve for loans receivable increased by a net **$49.4 million** to a total of **$741.5 million**. This was driven by a **$32.9 million** increase in general reserves and the impairment of one additional office loan, partially offset by a **$41.8 million** charge-off on a resolved loan[106](index=106&type=chunk) - As of March 31, 2025, **13** loans were rated '5' (Impaired) with an aggregate amortized cost of **$1.5 billion** and an asset-specific CECL reserve of **$555.4 million**[107](index=107&type=chunk) - The company acquired **one** Real Estate Owned (REO) asset in Q1 2025 via a deed-in-lieu of foreclosure, bringing the total to **eight** REO assets with a net carrying value of **$619.8 million**[118](index=118&type=chunk)[119](index=119&type=chunk) - In Q1 2025, the company repurchased **1.8 million** shares of its Class A common stock for **$31.6 million**. An additional **$89.2 million** remains available under the repurchase program[186](index=186&type=chunk) - A dividend of **$0.47** per share was declared on March 14, 2025[194](index=194&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's analysis of Q1 2025 financial condition and operations, covering key indicators, investment portfolio performance, operating results, liquidity, and capital resources [Key Financial Measures and Indicators](index=38&type=section&id=I.%20Key%20Financial%20Measures%20and%20Indicators) Management highlights key metrics for Q1 2025, including a basic net loss per share of $0.00, a $0.47 dividend, $21.42 book value per share, and $0.17 Distributable Earnings per share Key Metrics Per Share (Q1 2025) | Metric | Value | | :--- | :--- | | Net Loss Per Share, Basic | $ (0.00) | | Dividends Declared Per Share | $ 0.47 | | Distributable Earnings Per Share, Basic | $ 0.17 | | Book Value Per Share | $ 21.42 | - Distributable Earnings, a **non-GAAP measure**, is presented to evaluate performance excluding certain non-cash GAAP adjustments and is a key metric considered for dividends[265](index=265&type=chunk)[267](index=267&type=chunk) [Investment Portfolio](index=40&type=section&id=II.%20Investment%20Portfolio) The loan portfolio totaled $19.2 billion across 138 loans as of March 31, 2025, with 95% performing and a weighted-average risk rating of 3.0, while the CECL reserve increased to $741.5 million Loan Activity (Q1 2025, in billions) | Activity | Amount | | :--- | :--- | | Loan Originations/Acquisitions | $1.6 | | Loan Fundings | $1.7 | | Loan Repayments and Sales | $1.8 | - **95%** of the loan portfolio was performing (risk-rated 1-4) as of March 31, 2025, with a weighted-average risk rating of **3.0**[291](index=291&type=chunk)[294](index=294&type=chunk) - The total loans receivable CECL reserve was **$741.5 million** as of March 31, 2025. The increase in the quarter was mainly due to a change in portfolio mix and one new office loan impairment[296](index=296&type=chunk) - The company's portfolio financing totaled **$13.1 billion**, consisting of secured debt, securitizations (CLOs), and asset-specific debt[304](index=304&type=chunk) - Substantially all loans are **floating rate**, creating a net equity position that is **positively correlated** to rising interest rates[318](index=318&type=chunk) [Results of Operations](index=48&type=section&id=III.%20Our%20Results%20of%20Operations) Q1 2025 results show a $11.7 million decrease in net interest income quarter-over-quarter, offset by increased REO revenue, and a significant reduction in net loss year-over-year due to a smaller CECL reserve increase Quarter-over-Quarter Operational Changes (Q1 2025 vs Q4 2024, in millions) | Item | Q1 2025 | Q4 2024 | Change | | :--- | :--- | :--- | :--- | | Income from loans and other investments, net | $89.8 | $101.6 | ($11.7) | | Revenue from real estate owned | $37.0 | $11.8 | $25.2 | | Increase in CECL reserve | ($49.5) | ($19.1) | ($30.4) | | **Net (loss) income attributable to BXMT** | **($0.4)** | **$37.2** | **($37.5)** | - The decrease in net interest income QoQ was driven by a **$2.2 billion** decrease in the weighted-average loan portfolio balance and lower average floating rates[326](index=326&type=chunk) - The increase in REO revenue and expenses QoQ was due to the full-quarter impact of four assets acquired in Q4 2024 and one new asset acquired in Q1 2025[327](index=327&type=chunk)[329](index=329&type=chunk) - Compared to Q1 2024, the increase in the CECL reserve was **$185.4 million** lower, which was the primary driver for the significant reduction in net loss year-over-year[337](index=337&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=IV.%20Liquidity%20and%20Capital%20Resources) As of March 31, 2025, total liquidity was $1.6 billion, with a capitalization structure of $3.7 billion equity and $15.9 billion debt, resulting in a 3.4x debt-to-equity ratio Liquidity and Leverage (as of March 31, 2025) | Metric | Value | | :--- | :--- | | Total Liquidity | $1.6 billion | | Cash and cash equivalents | $668.6 million | | Debt-to-equity ratio | 3.4x | | Total Leverage Ratio | 4.1x | - Primary uses of liquidity include funding new loans, servicing debt, and paying dividends. The company has **$1.0 billion** in unfunded loan commitments[361](index=361&type=chunk)[365](index=365&type=chunk) - During Q1 2025, the company repurchased **1.8 million** shares of common stock for **$31.6 million**[363](index=363&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section details the company's market risk exposures, including interest rate, credit, capital market, counterparty, and currency risks, along with their respective mitigation strategies - The company's net income generally increases with rising interest rates. A hypothetical **100 basis point** increase in rates is projected to increase net earnings by approximately **$15.7 million** over a 12-month period[411](index=411&type=chunk)[412](index=412&type=chunk) - Credit risk is managed via underwriting and active asset management, leveraging Blackstone's real estate platform. As of March 31, 2025, there was a **$555.4 million** asset-specific CECL reserve on **13** loans[416](index=416&type=chunk)[418](index=418&type=chunk)[419](index=419&type=chunk) - Currency risk is mitigated by matching the currency of assets to their financing and using foreign currency forward contracts to hedge substantially all net asset exposure[424](index=424&type=chunk) - To mitigate borrower non-performance risk from rising rates, **86%** of performing loans have interest rate caps or guarantees[415](index=415&type=chunk) [Controls and Procedures](index=61&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures are **effective**[427](index=427&type=chunk) - There were **no material changes** in internal control over financial reporting during the first quarter of 2025[428](index=428&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=61&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) As of March 31, 2025, the company reported no involvement in any material legal proceedings - The company was **not involved in any material legal proceedings** as of March 31, 2025[430](index=430&type=chunk) [Risk Factors](index=61&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024, were reported - There have been **no material changes** to the risk factors from the most recent Form 10-K[431](index=431&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) In Q1 2025, the company repurchased 1.8 million shares of Class A common stock for $31.6 million, with $89.2 million remaining available under the repurchase program Share Repurchase Activity (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 2025 | 1,792,836 | $17.63 | | February 2025 | — | — | | March 2025 | — | — | | **Total** | **1,792,836** | **$17.63** | - The share repurchase program was authorized in July 2024 for up to **$150.0 million** and has no specified expiration date[433](index=433&type=chunk) [Other Information](index=63&type=section&id=ITEM%205.%20OTHER%20INFORMATION) Three company officers, including the CEO and CFO, adopted Rule 10b5-1 trading arrangements in Q1 2025 for automatic share sales to cover tax withholding on restricted stock vesting - The CEO (Katharine A. Keenan), CFO (Anthony F. Marone, Jr.), and Deputy CFO (Marcin Urbaszek) each adopted a **Rule 10b5-1 sales plan** in March 2025[436](index=436&type=chunk) - The plans are designed to automatically sell shares to cover tax withholding obligations related to the vesting of restricted stock grants made in December 2024[436](index=436&type=chunk) [Exhibits](index=63&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the quarterly report, including amendments to credit agreements, officer certifications, and interactive data files - Key exhibits filed include amendments to a Master Repurchase Agreement and an Amended and Restated Master Repurchase and Securities Contract[437](index=437&type=chunk) - Certifications from the CEO and CFO pursuant to **Sections 302 and 906 of the Sarbanes-Oxley Act** are included as exhibits[437](index=437&type=chunk) [Signatures](index=64&type=section&id=SIGNATURES) - The report was duly signed on April 30, 2025, by Katharine A. Keenan (Chief Executive Officer), Anthony F. Marone, Jr. (Chief Financial Officer), and Marcin Urbaszek (Deputy Chief Financial Officer)[443](index=443&type=chunk)

Group 1 - The mortgage market is experiencing significant activity, with rates at a critical juncture, as evidenced by Blackstone Mortgage Trust, Inc.'s month-over-month performance [1] - There are notable dislocations between the market value of Blackstone Mortgage Trust and its fundamental performance, indicating potential investment opportunities [1] Group 2 - Pearl Gray is an independent market research firm that specializes in systematic analysis of bonds, investment funds, and REITs, primarily focusing on the financial and real estate sectors [1] - The mission of Pearl Gray is to discover actionable total return ideas by integrating rigorous academic theories with practical experience and common sense [1]

Blackstone Mortgage Trust (BXMT) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of a loss of $0.32 per share. This compares to earnings of $0.69 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 237.50%. A quarter ago, it was expected that this real estate finance company would post earnings of $0.36 per share when it actually produced earnings of $0.49, delivering a surprise of 36.11%. ...

(State or Other Jurisdiction of Incorporation) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 12, 2025 Blackstone Mortgage Trust, Inc. (Exact name of registrant as specified in its charter) (Commission File Number) (I.R.S. Employer Maryland 1-14788 94-6181186 Identification No.) 345 Park Avenue, 24th Floor New York, New York 10154 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K 345 Park Avenue, 24th Floor New York, New York 10154 (Address of principal executive offices)(Zip Code) Registrant's telephone number, including area code: (212) 655-0220 Securities registered pursuant to Section 12(b) of the Act: ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURI ...

Blackstone Mortgage Trust Inc. (NYSE:BXMT) Q3 2024 Earnings Conference Call October 23, 2024 9:00 AM ET Company Participants Katie Keenan - Chief Executive Officer Anthony Marone - Chief Financial Officer Tim Hayes - Vice President, Shareholder Relations Conference Call Participants Don Fandetti - Wells Fargo Tom Catherwood - BTIG Harsh Hemnani - Green Street Steve Delaney - Citizens JMP Jade Ramani - KBW Doug Harter - UBS Rick Shane - JP Morgan Eric Dray - Bank of America Operator Good day and welcome to t ...

Blackstone Mortgage Trust (BXMT) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.78 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 36.11%. A quarter ago, it was expected that this real estate finance company would post earnings of $0.50 per share when it actually produced earnings of $0.56, delivering a surprise of 12%.Over the last ...