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Blackstone Mortgage Trust (BXMT) investor relations material

Blackstone Mortgage Trust Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary30 Jul, 2025

Executive summary

  • Q2 GAAP EPS was $0.04; Distributable EPS was $0.19, and $0.45 prior to charge-offs, reflecting strong capital deployment and loan resolution momentum.

  • Net income attributable for Q2 2025 was $7.0 million.

  • Book value per share at quarter-end was $21.04, including $4.39 per share of CECL reserves.

  • Paid a Q2 dividend of $0.47 per share, representing a 9.7% annualized yield.

  • Portfolio grew to $18.4B across 144 loans, with 82% of new originations in multifamily or industrial sectors and 68% sourced internationally.

Financial highlights

  • Originated $2.2B in new loans and collected $1.6B in repayments during Q2.

  • Acquired $0.4B share of a performing senior loan portfolio at a discount to par.

  • Resolved $0.2B of impaired assets above carrying value; total resolutions since Q3 2024 reached $1.7B, reducing impaired loan balance by 55%.

  • CECL reserves stable at $755M, 3.8% of principal balance.

  • Q2 distributable earnings prior to charge-offs were $0.45 per share, supporting dividend coverage.

Outlook and guidance

  • Management highlights robust capital deployment and expects continued portfolio turnover into new investments.

  • Improving capital markets are reducing financing costs for new investments.

  • Forward-looking statements reflect expectations regarding operations, financial performance, and macroeconomic impacts, including interest rate changes.

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Frequently asked questions

Blackstone Mortgage Trust Inc is a real estate finance company that originates and manages senior loans secured by commercial real estate assets. It primarily targets floating-rate mortgage loans for institutional-quality properties in major markets. The company is externally managed by a subsidiary of Blackstone. It is headquartered in New York, New York, and its shares are listed on the NYSE.

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