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]