Company Overview - Blackstone Mortgage Trust (BXMT) focuses on real estate credit investments in North America, Europe, and Australia[2] - BXMT is managed by Blackstone, the largest owner of commercial real estate globally with over $600 billion of Total Enterprise Value (TEV)[2] - BREDS platform has acquired $22 billion in bank loan portfolios since Q4 2023[10] - BREDS has $143 billion in loan originations since inception[10] Portfolio Activity - BXMT closed or acquired $51 billion in loans in 2025 to date, concentrated in multifamily, industrial, and diversified portfolios[6] - BXMT had $50 billion in repayments in 2025 to date, including $22 billion in office[6] - BXMT resolved $21 billion of impaired loans since Q3 2024 at a premium to aggregate carrying value[6] - Impaired loan balance reduced by 71% from peak[6] - Total Q3 2025 investments were $10 billion, including $06 billion of loan originations[61] Financial Performance - Q3 2025 dividend per share was $047, equating to a 104% annualized yield[58] - Q3 GAAP EPS was $037 and Distributable EPS was $024[60] - Distributable EPS prior to charge-offs was $048[60] - Book value per share was $2099[61] - Total credit facilities amount to $185 billion across 13 bank counterparties, including $75 billion of availability[61] Portfolio Composition - The loan portfolio totals $168 billion[20] - Multifamily and Industrial sectors now represent 47% of the portfolio[23] - Office exposure has been reduced by 48% since 2019[23] - 96% of the loan portfolio is performing as of Q3 2025[61] Capitalization - BXMT has completed over $11 billion in total corporate capital transactions since inception[25] - A $04 billion Term Loan B transaction in Q3 2025 reduced the spread by 100 basis points[6] - The company has $13 billion in quarter-end liquidity[58]

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]