Blackstone Mortgage Trust (BXMT) Q2 2024 earnings summary

Executive summary

• Reported a Q2 2024 GAAP net loss of $61.1 million, or $0.35 per share, with distributable earnings of $0.49 per share and $0.56 per share prior to charge-offs.

• Paid a Q2 dividend of $0.62 per share and declared a Q3 dividend of $0.47 per share, reflecting a sustainable payout level.

• Board authorized a $150 million common stock repurchase program in July 2024.

• Portfolio is 90% performing, with significant progress on non-performing loan resolutions and asset sales.

• CEO highlighted strong liquidity, accelerating repayments, and an emerging investment pipeline.

Financial highlights

• Collected $1.7 billion in repayments in H1 2024; July repayments exceeded Q2 total, with over $700 million collected.

• Book value per share was $22.90 as of June 30, 2024, net of cumulative CECL reserves of $5.21 per share.

• Interest and related income was $466.2 million in Q2 2024; net interest income was $126.8 million.

• Total assets were $22.6 billion and total equity was $4.0 billion as of June 30, 2024.

• Distributable earnings per share were $0.49 in Q2 2024, prior to CECL charge-offs $0.56 per share.

Outlook and guidance

• Q3 2024 dividend declared at $0.47 per share, payable October 15, 2024.

• Management expects to fund $1.8 billion of unfunded loan commitments over a weighted-average period of 2.3 years.

• Focus remains on managing credit risk, maintaining liquidity, and redeploying capital amid ongoing market uncertainty.

• Second half of 2024 expected to be more active for investments, leveraging strong liquidity and market opportunities.

• Dividend level set to balance current income with capital deployment for future growth.