Blackstone Mortgage Trust, Inc. (NYSE:BXMT) Q1 2023 Earnings Conference Call April 26, 2023 9:00 AM ET Company Participants Tim Hayes - VP, Shareholder Relations Katie Keenan - CEO Tony Marone - CFO Austin Pena - EVP, Investments Conference Call Participants Steve DeLaney - JMP Securities Sarah Barcomb - BTIG Doug Harter - Credit Suisse Stephen Laws - Raymond James Don Fandetti - Wells Fargo Jade Rahmani - KBW Rick Shane - JPMorgan Arren Cyganovich - Citi Operator Good day, and welcome to the Blackstone Mor ...

FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Blackstone Mortgage Trust, Inc. (Exact name of Registrant as specified in its charter) Maryland 94-6181186 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 345 Park Avenue, 24th Floor New York, New York 10154 ( ...

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) Q4 2022 Earnings Conference Call February 8, 2023 9:00 AM ET Company Participants Tim Hayes - Vice President, Shareholder Relations Katie Keenan - Chief Executive Officer Tony Marone - Chief Financial Officer Austin Pena - Executive Vice President, Investments Conference Call Participants Doug Harter - Credit Suisse Don Fandetti - Wells Fargo Steve DeLaney - JMP Securities Jade Rahmani - KBW Eric Hagan - BTIG Derek Hewett - Bank of America Stephen Laws - Raymond J ...

Financial Performance - Blackstone Mortgage Trust reported a full year 2022 net income of $24864 million[25] - Full year Distributable Earnings per share was $287, and dividends paid per share were $248[25] - The company achieved a full year dividend coverage of 116%[21, 23] - Q4 Distributable EPS was $087, representing a 12% year-over-year growth[21, 34] Portfolio and Investments - The company has a $268 billion senior loan portfolio secured by institutional assets[7, 35, 42] - The weighted average origination Loan-to-Value (LTV) of the portfolio is 64%[35] - In 2022, the company collected $37 billion in repayments, with office loans representing 45% ($17 billion) of the total[35] - New originations in the second half of 2022 totaled $674 million, with 70% focused on the industrial sector, yielding a loan yield of +549% relative to the portfolio average of +376%[35, 46] Capitalization and Liquidity - The company strategically raised $12 billion of capital in 2022, increasing liquidity to $16 billion[35, 49] - The company's debt structure is well-structured, with 64% being non-mark-to-market and 36% being credit mark-to-market only[50]

Financial Performance - For the year ended December 31, 2022, the company reported a net loss of $47.5 million, compared to a net income of $248.6 million for the year ended December 31, 2021[415]. - The company experienced a net decrease in cash and cash equivalents of $249.5 million for the year ended December 31, 2022, compared to a net increase of $263.2 million for the year ended December 31, 2021[148]. - The company reported cash flows provided by operating activities of $396.8 million for the year ended December 31, 2022, compared to $382.5 million for the year ended December 31, 2021[148]. - Cash flows used in investing activities were $(3.25) billion for the year ended December 31, 2022, compared to $(5.63) billion for the year ended December 31, 2021[148]. - The company paid $421.4 million in dividends on its class A common stock during the year ended December 31, 2022[148]. Corporate Financing and Debt - The company’s total corporate financing as of December 31, 2022, was $3.08 billion, an increase from $2.37 billion as of December 31, 2021[420]. - The debt-to-equity ratio increased to 3.8x as of December 31, 2022, compared to 3.2x as of December 31, 2021[432]. - During the year ended December 31, 2022, the company borrowed an additional $825 million under term loan facilities with an interest rate of SOFR plus 3.50%[480]. - The company issued $300 million of 5.50% convertible senior notes due 2027, and raised $70.7 million from the issuance of 2.3 million shares of Class A common stock[480]. - The company received $1.7 billion of net proceeds from secured debt borrowings during the year ended December 31, 2022[148]. Loan Portfolio and Commitments - The company has unfunded commitments of $3.8 billion related to 121 loans receivable as of December 31, 2022[435]. - The total loan exposure as of December 31, 2022, was $18.43 billion, with an all-in yield of +3.58%[4]. - The principal balance of the loan portfolio was $26.81 billion, with a net book value of $24.69 billion and unfunded loan commitments of $4.51 billion[477]. - The loan portfolio's weighted-average origination loan-to-value (LTV) ratio was 63.9% as of December 31, 2022, indicating significant equity value[3]. - Loan fundings for the year ended December 31, 2022, totaled $344.9 million, with additional fundings of $90.5 million during the last quarter[2]. Credit Risk and CECL Reserve - The company recorded a $211.5 million increase in the Current Expected Credit Loss (CECL) reserve for the year ended December 31, 2022, compared to a $39.9 million decrease in the previous year[427]. - The current expected credit loss (CECL) reserve reflects estimates of potential credit losses related to loans and debt securities, utilizing the Weighted Average Remaining Maturity (WARM) method[106]. - The company is exposed to credit risk, with loan performance dependent on sponsors' ability to generate adequate cash flows from properties serving as collateral[90]. - The company assesses the CECL reserve on an individual basis, which requires significant judgments and assumptions that may change over time[108]. - The sensitivity of assumptions related to the CECL reserve may vary from quarter to quarter, reflecting changes in the loan portfolio and market conditions[108]. Market Conditions and Economic Factors - Rising interest rates may adversely affect existing borrowers, impacting the collateral underlying certain loans[439]. - Inflation has reached generational highs, prompting the Federal Reserve to raise interest rates, which may adversely affect existing borrowers and slow corporate profit growth[93]. - The company is required to distribute at least 90% of its net taxable income annually to maintain its REIT status, with potential tax implications for undistributed income[101]. - The company is subject to various risks associated with the commercial real estate market, including occupancy rates and macroeconomic factors[92]. - Financial services regulation has increased significantly, and future changes in legislation or administration could negatively impact the company's financial performance[179]. Investment Strategy and Management - The company focuses on originating or acquiring senior, floating rate mortgage loans secured by first priority mortgages on commercial real estate assets[475]. - The company is committed to managing risk and incorporates ESG factors into its investment process[487]. - The company relies on Blackstone's expertise in navigating market cycles, which informs its credit and underwriting processes[92]. - The company has established long-term relationships with numerous corporations, which may influence investment decisions[126]. - The company is exploring new strategies for market expansion, particularly in diversified locations across the US and Europe[114]. Regulatory and Compliance Risks - The company conducts operations to avoid registration as an investment company, which may limit its ability to pursue certain investment opportunities[169]. - Compliance with laws and regulations may require changes to business practices, potentially impacting operations and financial condition[172]. - The company is subject to significant restrictions on proprietary trading activities due to the "Volcker Rule" provisions of the Dodd-Frank Act, which may lead to increased capital requirements and regulatory scrutiny[176]. - Non-bank companies face varying licensing requirements across U.S. states and foreign jurisdictions, which could incur additional expenses[203]. - The extensive requirements of the Dodd-Frank Act may significantly affect financial markets and the terms of financing from lender counterparties[205].

Financial Performance - Net income attributable to Blackstone Mortgage Trust for the third quarter was $103.2 million[1] - Third quarter EPS was $0.60, Distributable EPS was $0.71, and dividends paid per basic share were $0.62[1] - The company has $1.7 billion in liquidity[12, 13] - Distributable Earnings for the quarter was $122 million[24] Portfolio Highlights - The company has a fully-scaled $26.1 billion portfolio[11, 13] - The portfolio is 99% performing[12, 14] - The portfolio's weighted average origination LTV is 64%[12, 13] - 96% of the portfolio has rate caps or other structural protections[13] Investment Activity - Third quarter originations totaled $438 million, with 78% backed by industrial assets[13, 20] - Loan fundings were $697 million, while loan repayments were $443 million[13, 20]

Financial Data and Key Metrics Changes - For Q3 2022, the company reported GAAP net income per share of $0.60 and distributable earnings of $0.71 per share, reflecting a 15% increase from Q1 levels [6][40] - The company maintained a liquidity position of $1.7 billion, more than double the level from March 2020 [10][48] - Book value increased slightly to $27.20, with earnings covering the dividend and adding $0.10 to book value [44] Business Line Data and Key Metrics Changes - The company generated $0.71 of distributable earnings, up 13% year-over-year, while maintaining a consistent overall portfolio size of $26 billion [10][42] - The office portfolio remains stable with 92% Class A assets, 100% performing, and $349 million in office loans repaid over the last three months [20][24] - The company closed $438 million of new loans at lower than average LTVs and above average spreads, indicating a focus on quality lending [46] Market Data and Key Metrics Changes - The office segment is facing challenges, but high-quality office spaces are seeing continued tenant demand, with New York City's leasing activity up 28% year-over-year [18][19] - In Europe, the company has seen strong credit performance, with a focus on high conviction sectors and lower LTVs compared to US transactions [26][27] - The overall originations averaged 58% LTV with an all-in yield of 5.41% over base rates, indicating a favorable investment environment [28] Company Strategy and Development Direction - The company emphasizes low leverage, strong borrowers, and high-quality real estate, which positions it well in the current economic environment [8][10] - The strategy includes maintaining a matched balance sheet to insulate against market volatility and focusing on high-quality assets that can capture rent growth [30][35] - The company is looking for unique investment opportunities, including legacy loan acquisitions and new builds in dynamic markets [58][60] Management's Comments on Operating Environment and Future Outlook - Management noted heightened uncertainty in global economic conditions but emphasized the resilience and earnings power of the business [7][10] - The company expects an increasingly attractive investment environment, supported by a robust liquidity position and a focus on high-quality assets [29][48] - Management highlighted the importance of dividend income in periods of high inflation, with a commitment to maintaining a reliable dividend [51][50] Other Important Information - The company has maintained 100% interest collection despite a 300 basis point increase in rates since the beginning of the year [15] - The company has seen no new impairments or non-accrual loans, with a net $937 million of loans upgraded this quarter [43] - The company has a strong track record with lenders, maintaining open dialogue and confidence in its credit performance [82] Q&A Session Summary Question: Quality of downgraded office loans and sponsor equity - Management indicated that the downgraded loans represent only 3% of the portfolio and that sponsors have made recent cash commitments, indicating ongoing investment in the assets [52][53] Question: Net portfolio growth outlook - Management stated that while there are interesting opportunities, the focus will be on maintaining a well-invested portfolio with stable earnings power [55] Question: Appetite for new office loans - Management expressed a selective approach, focusing on high-quality new builds in strong markets while being cautious about legacy assets [58] Question: Repayment outlook for the portfolio - Management expects overall transaction volumes to decrease, with some deals sticking around longer due to patient sponsors [64][66] Question: Sensitivity of cap rates to rising interest rates - Management noted that 96% of loans have rate caps or structural enhancements, which mitigate the impact of rising rates on borrowers' ability to pay [71] Question: Upcoming portfolio loan maturities - Management indicated that upcoming maturities are minimal, about 7% of the portfolio, with plans in place for refinancing or sales [73][75] Question: Conversations with counterparties regarding credit marks - Management reported maintaining strong relationships with lenders, who have confidence in the company's income and liquidity [81][82] Question: Details on rate caps in the portfolio - Management confirmed that rate caps are in place for new originations, with many currently in the money, providing structural protection [84]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO ______ Commission File Number: 001-14788 Blackstone Mortgage Trust, Inc. (Exact name of Registrant as specified in its charter) Maryland 94-6181 ...

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) Q2 2022 Earnings Conference Call July 27, 2022 9:00 AM ET CompanyParticipants Weston Tucker - Head of Shareholder Relations Katie Keenan - Chief Executive Officer Tony Marone - Chief Financial Officer Conference Call Participants Stephen Laws - Raymond James Don Fandetti - Wells Fargo Jade Rahmani - KBW Rick Shane - JPMorgan Operator Welcome to the Blackstone Mortgage Trust Second Quarter 2022 Investor Conference Call. [Operator Instructions] I would like to advis ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO ______ Commission File Number: 001-14788 Blackstone Mortgage Trust, Inc. (Exact name of Registrant as specified in its charter) Maryland 94-6181186 ( ...