Blackstone Mortgage Trust : Earnings Presentation - Q1 2026

Published: 2026-04-29 07:11:10 ET BXMT

Published on 04/29/2026 at 07:11 am EDT

Blackstone Mortgage Trust Reports First-Quarter 2026 Results

New York, April 29, 2026 -- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) today reported its first-quarter 2026 results. The net loss attributable to Blackstone Mortgage Trust for the quarter was $6.3 million. First-quarter EPS, Distributable EPS, Distributable EPS prior to realized gains and losses, and dividends paid per basic share were $(0.04), $0.21, $0.49, and $0.47 respectively.

Tim Johnson, Chief Executive Officer said, "BXMT's first quarter results clearly demonstrate the breadth of our platform as we captured differentiated investments across diversified strategies and markets and completed over $2 billion in corporate and securitized debt financings. These initiatives on both sides of the balance sheet are driving strong earnings power and long-term shareholder value."

Blackstone Mortgage Trust issued a full presentation of its first-quarter 2026 results, which can be viewed at https://www.bxmt.com. An updated investor presentation may also be viewed on the website.

Quarterly Investor Call Details

Blackstone Mortgage Trust will host a conference call today at 9:00 a.m. ET to discuss results. To register for the webcast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1757309&tp_key=05eb0b62eb. For those unable to listen to the live broadcast, a recorded replay will be available on the company's website at www.bxmt.com beginning approximately two hours after the event.

About Blackstone Mortgage Trust

Blackstone Mortgage Trust (NYSE: BXMT) is a real estate finance company that originates, acquires and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These loans are financed in a variety of ways, depending on our view of the most prudent strategy available for each of our investments. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone. Further information is available at https://www.bxmt.com.

About Blackstone

Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Blackstone Mortgage Trust, Inc.

345 Park Avenue

New York, New York 10154 T 212 655 0220

Q1 2026 Results

Blackstone Mortgage Trust, Inc.

APRIL 29, 2026

Q1 GAAP EPS of $(0.04), Distributable EPS(1) of $0.21, and Distributable EPS prior to realized gains and losses(1) of $0.49

Earnings Power

Strong current income supporting attractive dividend

Investment Activity

Capturing differentiated opportunities across channels

Credit Performance

Well-performing loans in high-conviction sectors

$0.49

distributable EPS prior to realized gains and losses(1)

$0.47

dividend per share, equating to a 9.4% annualized yield(a)

$0.5B

total investments(b)

net lease properties acquired

98%

performing loan portfolio(c)(d)

50%+

loans secured by residential and industrial investments(c)(d)

Note: The information in this presentation is as of March 31, 2026, and all averages are weighted averages, unless otherwise stated. Opinions expressed reflect the current opinions of BXMT as of the date indicated only and are based on BXMT's opinions of the current market environment, which is subject to change. Estimates, targets, forecasts, or similar predictions or returns are necessarily speculative, hypothetical, and inherently uncertain in nature, and it can be expected that some or all of the assumptions underlying such estimates, targets, forecasts, or similar predictions or returns contained herein will not materialize and/or that actual events and consequences thereof will vary materially from the assumptions upon which such estimates, targets, forecasts, or similar predictions or returns have been based. BXMT's manager is a subsidiary of Blackstone.

(1) See Appendix for definition and reconciliation to GAAP net (loss) income.

Earnings

Q1 GAAP net loss per share of $(0.04), Distributable Earnings(1) per share of $0.21, and Distributable EPS prior to realized gains and losses(1) of $0.49

Book value per share of $20.20, including $1.80 per share of CECL reserves and $0.57 per share of accumulated depreciation and amortization of owned real estate

Paid Q1 dividend of $0.47 per share, equating to a 9.4% annualized dividend yield(a)

Investments

Total Q1 investments of $0.5B, including $0.3B of loan originations and a $0.2B share of net lease acquisitions

Gross loan originations were $0.8B, including the non-consolidated senior interests in loans financed through non-recourse, non-MTM syndications(e)

82% of investments composed of industrial and data center loans, bank loans, and net lease properties

$0.6B of repayments in Q1, including $0.3B or 54% in office loans

Portfolio

Investment portfolio of $19.7B(f)

Loan portfolio is 98%(c)(d) performing, with more than half concentrated in residential and industrial sectors

Resolved one impaired hospitality loan and sold one multifamily owned real estate property approximately in line with carrying value

Four loan upgrades and four loan downgrades, including two new impaired loans; weighted-average risk rating stable at 3.0

Capitalization and Liquidity

Stable, well-structured balance sheet with strong liquidity of $1.0B and over $9.0B of availability across 16 bank counterparties, including one new non-MTM facility closed in Q1

Issued a $1.0B reinvesting commercial real estate CLO, enhancing balance sheet structure and flexibility

Re-priced and upsized $0.7B of Term Loan B, reducing spread by 50bps

No corporate debt maturities until 2027

Q1 Distributable Earnings prior to realized gains and losses(1) of $0.49 per share, providing coverage of the $0.47 per share dividend

Loan portfolio performance of 98%(c)(d) supporting earnings power, and benefiting from loan resolutions and new vintage investments

Distributable Earnings Per Share Prior to Realized Gains and Losses(1)

Loan Portfolio Performance(c)(d)

99%

98%

96%

94%

$0.51

$0.48

$0.49

$0.45

$0.47

dividend

6/30/2025 9/30/2025 12/31/2025 3/31/2026

GAAP EPS

Q2 2025 Q3 2025 Q4 2025 Q1 2026

$0.04

$0.37

$0.24

$(0.04)

Distributable EPS(1)

$0.19

$0.24

$(2.07)

$0.21

Investment activity of $0.5B(b) in Q1 includes $0.3B of loan originations and a $0.2B share of net lease property acquisitions, with highly-attractive credit and return characteristics

- Gross loan originations were $0.8B, including three loans financed through syndication(e)

Over $1.0B of new investments closed or in closing(g) subsequent to quarter-end

Investment Activity(b) Q1 2026 Investment Highlights

$0.5B

investments

UK Bank Loan Portfolio SRT 12%

Industrial 29%

82% industrial and data center loans, bank loans, and net lease assets

✓

68% avg. loan origination LTV(h)(i)

Net Lease 36%

Office 2%

Data Center 5%

Retail 8%

Condo 8%

+9.3% avg. levered loan spread over base rates(h)(j)

Investment portfolio of $19.7B, benefiting from diversification and duration with increasing capital allocation towards complementary real estate credit strategies

Investment Portfolio by Type(k) Investment Portfolio by Geography

$19.7B

investment portfolio

Net Lease 3%

Bank Loan Portfolios

Owned Real Estate 7%

Australia

Other 3%

3% Other Loans

Industrial

23% US

Life Sciences / Studio 1% Self-Storage

Other Europe 15%

58%

Retail 3%

Hospitality 9%

Non-US Office 6%

Multifamily 22%

UK 18%

US Office 17%

130 loans secured by institutional-quality assets and diversified across sectors and markets

51% secured by multifamily or industrial assets

Geographic Footprint(l) Collateral Diversification(m)(n)

WWAA,,23%%

NV, 2%

CO, 2%

IL, 3%

CAN, 2%

NY, 7%

MA, 1%

Life Sciences / Studio 2%

Self-Storage 3%

Retail 4%

Hospitality 10%

Non-US Office 7%

Other Property 4%

Multifamily 26%

Multifamily or Industrial

VA, 3%

CA, 9%

AZ, 2%

US Office 19%

Industrial 25%

IE, 7%

HI, 2%

UK, 21% SE, 3%

NL, 2%

TX, 4%

GA, 2%

FL, 6%

Other Europe 18%

Australia 7%

Canada 2%

Sunbelt 23%

West

ES, 3%

FR, 1%

DEU, 2%

AU, 7%

International

UK 21%

Northwest 3%

11%

Northeast 11%

Midwest 4%

Well-structured balance sheet with ample liquidity of $1.0B and debt-to-equity(o) ratio of 3.7x

Strong access to diversified financing sources; 86% non-MTM debt with no capital markets MTM provisions(p)

No corporate debt maturities until 2027

Diversified Financing Sources

(outstanding balance)

Corporate Debt Maturities(q)

($ in billions)

1198%%

1159%%

60%

57%

$0.8

$0.7

$0.5

$0.3

$0.5

non-MTM(p)

2026 2027 2028 2029 2030 2031+

Loan Portfolio Details

($ in millions)

Property Type

Location

Origination

Date (r)

Total Commitment (s)

Principal Balance

Net Book

Value (t)

Cash Coupon (u)

All-in Yield (u)

Maximum

Maturity (v)

Loan per SQFT/Unit

Origination

LTV (i)

Mixed-Use

Dublin, IE

8/14/2019

$988

$942

+3.20%

+3.95%

1/29/2027

$272 / sqft

74%

Hospitality

Diversified, AU

6/24/2022

913

908

+4.75%

+4.93%

6/21/2030

$415 / sqft

59%

Mixed-Use

Austin

6/28/2022

675

539

536

+4.60%

+5.08%

7/9/2029

$448 / sqft

53%

Mixed-Use

Diversified, Spain

3/22/2018

498

+3.25%

4/15/2026

n / a

71%

Industrial

Diversified, SE

3/30/2021

489

+3.20%

+3.41%

5/18/2027

$88 / sqft

76%

Self-Storage

Diversified, CAN

2/20/2025

449

+3.50%

2/9/2030

$154 / sqft

58%

Industrial

Diversified, US

10/28/2025

419

415

+2.65%

+3.01%

11/9/2030

$100 / sqft

78%

Mixed-Use

New York

12/9/2021

385

384

383

+2.76%

+3.00%

12/9/2026

$131 / sqft

50%

Industrial

Diversified, UK

4/7/2025

344

343

+2.55%

+2.88%

4/7/2030

$341 / sqft

67%

Office

Chicago

12/11/2018

356

343

345

+1.75%

+1.88%

12/9/2026

$287 / sqft

78%

Multifamily

London, UK

12/23/2021

341

339

+4.25%

+4.95%

6/24/2028

$377,079 / unit

59%

Industrial

Diversified, UK

5/15/2025

299

+2.70%

+2.89%

5/15/2028

$141 / sqft

69%

Office

Seattle

1/26/2022

338

298

297

+4.10%

+4.44%

2/9/2027

$607 / sqft

56%

Office

Washington, DC

9/29/2021

293

+2.81%

+3.05%

10/9/2026

$382 / sqft

66%

Industrial

Diversified, UK

5/6/2022

291

+3.50%

+3.71%

5/6/2027

$92 / sqft

53%

Loans 16-130

11,730

10,797

10,731

CECL Reserve

(292)

Total / Wtd. Avg.

$18,808

$17,639

$17,266

+3.23%

+3.46%

2.4 yrs

65%

Consolidated Balance Sheets

($ in thousands, except per share data)

March 31, 2026

December 31, 2025

Assets

Cash and cash equivalents

$549,153

$452,526

Loans receivable

17,557,936

18,069,134

Current expected credit loss reserve

(291,590)

(284,440)

Loans receivable, net

$17,266,346

$17,784,694

Owned real estate, net

1,149,085

1,134,975

Investments in unconsolidated entities

244,400

217,488

Other assets

420,824

413,263

Total Assets

$19,629,808

$20,002,946

Liabilities and Equity

Secured debt, net

$9,089,438

$10,117,292

Securitized debt obligations, net

2,874,489

2,139,719

Asset-specific debt, net

959,352

997,746

Term loans, net

1,881,392

1,808,000

Senior secured notes, net

782,215

784,876

Convertible notes, net

265,028

264,745

Other liabilities

359,842

386,178

Total Liabilities

$16,211,756

$16,498,556

Commitments and contingencies

Equity

Class A common stock, $0.01 par value

1,687

1,683

Additional paid-in capital

5,436,583

5,430,542

Accumulated other comprehensive income

7,857

12,113

Accumulated deficit

(2,031,167)

(1,945,428)

Total Blackstone Mortgage Trust, Inc. stockholders' equity

3,414,960

3,498,910

Non-controlling interests

3,092

5,480

Total Equity

3,418,052

3,504,390

Total Liabilities and Equity

$19,629,808

$20,002,946

Consolidated Statements of Operations

($ in thousands, except per share data)

Three Months Ended March 31,

2026

2025

Income from loans and other investments

Interest and related income

$305,557

$332,057

Less: Interest and related expenses

220,736

242,233

Income from loans and other investments, net

$84,821

$89,824

Revenue from owned real estate

74,594

37,033

Total net revenue

$159,415

$126,857

Expenses

Management and incentive fees

14,813

17,235

General and administrative expenses

13,981

12,664

Expenses from owned real estate

81,975

46,302

Total expenses

$110,769

$76,201

Increase in current expected credit loss reserve

(55,055)

(49,504)

Income (loss) from unconsolidated entities

1,383

(874)

Net loss on disposition of owned real estate

(160)

Other income, net

(Loss) income before income taxes

($5,182)

$367

Income tax provision

1,158

718

Net loss

($6,340)

($351)

Net loss (income) attributable to non-controlling interests

(6)

Net loss attributable to Blackstone Mortgage Trust, Inc.

($6,297)

($357)

Per share information (basic and diluted)

Net loss per share of common stock, basic and diluted

($0.04)

($0.00)

Weighted-average shares of common stock outstanding, basic and diluted

169,078

172,005

Quarterly Per Share Calculations

(in thousands, except per share data)

Three Months Ended March 31, 2026

Three Months Ended December 31, 2025

Distributable

Net (loss) income(w)

($6,297)

$39,560

Earnings

Charge-offs of CECL reserves(x)

(46,451)

(433,924)

Reconciliation

Increase in CECL reserves

55,055

18,375

Depreciation and amortization of owned real estate(y)

21,717

21,380

Adjustment to realized loss on disposition of owned real estate(z)

(1,497)

Non-cash compensation expense

6,687

6,699

Realized hedging and foreign currency gain (loss), net(aa)

(25)

Allocable share of adjustments related to unconsolidated entities(bb)

6,380

(8)

Cash income from Agency Multifamily Lending Partnership, net(cc)

Adjustments attributable to non-controlling interests, net

191

(1)

Other items

(8)

(39)

Distributable Earnings

$35,810

($347,954)

Charge-offs of CECL reserves(x)

46,451

433,924

GAAP realized loss on disposition of owned real estate(dd)

160

Adjustment to realized loss on disposition of owned real estate(z)

1,497

Adjustments attributable to non-controlling interests

(249)

Distributable Earnings prior to realized gains and losses

$83,669

$85,970

Weighted-average shares outstanding, basic(ee)

169,078

168,168

Distributable Earnings per share, basic

$0.21

($2.07)

Distributable Earnings per share, basic, prior to realized gains and losses

$0.49

$0.51

March 31, 2026

December 31, 2025

Book Value

Stockholders' equity

$3,414,960

$3,498,910

per Share

Class A common stock

168,684

168,259

Deferred stock units

348

340

Total outstanding

169,032

168,599

Book value per share

$20.20

$20.75

Three Months Ended March 31, 2026

Three Months Ended December 31, 2025

Earnings

Net (loss) income(w)

($6,297)

$39,560

per Share

Weighted-average shares outstanding, basic and diluted

169,078

168,168

Per share amount, basic and diluted

($0.04)

$0.24

Reconciliation of Net Income to Distributable Earnings

(in thousands, except per share data)

Three Months Ended

September 30, 2025

June 30, 2025

Net income(w)

$63,397

$6,969

Charge-offs of CECL reserves(x)

(42,111)

(45,057)

(Decrease) increase in CECL reserves

(987)

45,593

Depreciation and amortization of owned real estate(y)

15,388

17,046

Adjustment to realized loss on disposition of owned real estate(z)

Non-cash compensation expense

7,302

7,303

Realized hedging and foreign currency loss, net(aa)

(1,511)

(703)

Allocable share of adjustments related to unconsolidated entities(bb)

(990)

1,665

Cash (non-cash) income from Agency Multifamily Lending Partnership, net(cc)

(127)

Adjustments attributable to non-controlling interests, net

(41)

(52)

Other items

(46)

(11)

Distributable Earnings

$40,436

$32,626

Charge-offs of CECL reserves(x)

$42,111

$45,057

GAAP realized loss on disposition of owned real estate(dd)

Adjustment to realized loss on disposition of owned real estate(z)

Adjustments attributable to non-controlling interests

Distributable Earnings prior to realized gains and losses

$82,547

$77,683

Weighted-average shares outstanding, basic(ee)

171,813

171,894

Distributable Earnings per share, basic

$0.24

$0.19

Distributable Earnings per share, basic, prior to realized gains and losses

$0.48

$0.45

Bank Loan Portfolio Joint Venture: A joint venture BXMT entered into with a Blackstone-advised investment vehicle in June 2025 to acquire portfolios of performing commercial mortgage loans. BXMT's equity interest in the joint venture is included in investments in unconsolidated entities on BXMT's balance sheet.

Distributable Earnings: Blackstone Mortgage Trust, Inc. ("BXMT") discloses Distributable Earnings in this presentation. Distributable Earnings is a financial measure that is calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("GAAP").

Distributable Earnings is a non-GAAP measure, which is defined as GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by BXMT's manager, subject to approval by a majority of its independent directors. Distributable Earnings mirrors the terms of BXMT's management agreement between BXMT's Manager and BXMT, for purposes of calculating its incentive fee expense.

BXMT's CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to its existing policy for reporting Distributable Earnings. BXMT expects to only recognize such potential credit losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but realization and non-recoverability may also be concluded if, in BXMT's determination, it is nearly certain that all amounts due will not be collected. The timing of any such credit loss realization in BXMT's Distributable Earnings may differ materially from the timing of CECL reserves or charge-offs in BXMT's consolidated financial statements prepared in accordance with GAAP. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the book value of the asset, and is reflective of its economic experience as it relates to the ultimate realization of the loan.

BXMT believes that Distributable Earnings provides meaningful information to consider in addition to net income (loss) and cash flow from operating activities determined in accordance with GAAP. BXMT believes Distributable Earnings is a useful financial metric for existing and potential future holders of its class A common stock as historically, over time, Distributable Earnings has been a strong indicator of its dividends per share. As a REIT, BXMT generally must distribute annually at least 90% of its net taxable income, subject to certain adjustments, and therefore BXMT believes its dividends are one of the principal reasons stockholders may invest in BXMT's class A common stock. Distributable Earnings helps BXMT to evaluate its performance excluding the effects of certain transactions and GAAP adjustments that BXMT believes are not necessarily indicative of BXMT's current investment portfolio and operations and is a performance metric BXMT considers when declaring its dividends.

Furthermore, BXMT believes it is useful to present Distributable Earnings prior to realized gains and losses, which include but are not limited to charge-offs of CECL reserves, to reflect BXMT's direct operating results and help existing and potential future holders of BXMT's class A common stock assess the performance of BXMT's business excluding such realized gains or losses. BXMT may make similar adjustments with respect to other types of investments, if and when applicable transactions occur. During the period from the first quarter of 2024 to the fourth quarter of 2025, we reported this metric as Distributable Earnings prior to charge-offs of CECL reserves, as the only applicable realized gains or losses during such period were charge-offs of CECL reserves. BXMT utilizes Distributable Earnings prior to realized gains and losses as an additional performance metric to consider when declaring BXMT's dividends. Distributable Earnings mirrors the terms of BXMT's Management Agreement for purposes of calculating BXMT's incentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains and losses had not occurred.

Distributable Earnings and Distributable Earnings prior to realized gains and losses are non-GAAP measures. BXMT defines Distributable Earnings as GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by BXMT's Manager, subject to approval by a majority of BXMT's independent directors. Distributable Earnings mirrors the terms of BXMT's management agreement between its Manager and BXMT, or BXMT's Management Agreement, for purposes of calculating BXMT's incentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains and losses had not occurred.

Net Lease Joint Venture: A joint venture BXMT entered into with a Blackstone-advised investment vehicle in 2024 to acquire triple net lease properties. BXMT's 75% equity interest in the joint venture is included in investments in unconsolidated entities on BXMT's balance sheet.

Net Loan Exposure: Represents the principal balance of loans that are included in BXMT's consolidated financial statements, net of (i) asset-specific debt, (ii) participations sold,

(iii) cost-recovery proceeds, and (iv) total loans receivable CECL reserve. Does not include owned real estate assets or investments in unconsolidated entities.

Dividend yield based on share price of $20.01 as of April 28, 2026.

Includes $0.2B to reflect BXMT's 75% share of net lease properties acquired by its Net Lease Joint Venture and $67M of investments in debt securities.

Based on Net Loan Exposure. Refer to Definitions.

Excludes (i) BXMT's $0.5B share of the carrying value of investments held by BXMT's Net Lease Joint Venture, (ii) BXMT's $0.6B share of the fair value of loans held by BXMT's Bank Loan Portfolio Joint Venture, (iii) the $1.3B aggregate carrying value of BXMT's owned real estate assets, and (iv) BXMT's $66M fair value of investments in debt securities.

Gross loan originations include $0.6B of loans financed by syndicating senior loans to unaffiliated third parties. These non-recourse, non-MTM senior interests are not consolidated on BXMT's balance sheet. BXMT's investment in these loans, net of non-consolidated senior interests, was $90M.

Reflects, as of March 31, 2026, (i) BXMT's loan portfolio of $17.3B, which represents net book value less total loans receivable CECL reserves, (ii) BXMT's $0.5B share of the carrying value of investments held by BXMT's Net Lease Joint Venture, (iii) BXMT's $0.6B share of the fair value of loans held by BXMT's Bank Loan Portfolio Joint Venture, (iv) the $1.3B aggregate carrying value of BXMT's owned real estate assets, and (v) BXMT's $66M fair value of investments in debt securities.

Transactions not yet closed are subject to conditions, and there can be no assurance such transactions will be completed on their contemplated terms, or at all.

Excludes (i) $10M of upsizes on existing loans, (ii) BXMT's $0.2B share of the investments acquired by the Net Lease Joint Venture, and (iii) $67M of investments in debt securities.

Reflects weighted average loan-to-value ("LTV") as of the date investments were originated or acquired by BXMT, excluding any loans that are impaired.

For illustrative purposes only. Actual results for each investment could differ materially from the results presented. Based on completed or expected asset-level financing, as applicable. Represents BXMT's expectations of implied levered spreads over applicable base rate, based on all-in loan yield and all-in cost of maximum asset-level borrowings; excludes corporate-level debt as well as management fees and expenses.

Investment types that represent less than 1% of our Investment Portfolio are excluded from the chart.

States and countries composing less than 1% of total loan portfolio are excluded.

Assets with multiple components are proportioned into the relevant collateral types and geographies based on their relative value.

Geographic diversification excludes one U.S. dollar-denominated loan (0.4% of portfolio) that is located in Bermuda and allocated to "Other International".

Represents debt-to-equity ratio, which is the ratio of (i) total outstanding secured debt, asset-specific debt, term loans, senior secured notes, and convertible notes, in each case excluding unamortized deferred financing costs and discounts, less cash, to (ii) total equity.

Non-MTM debt consists of, as of March 31, 2026, $3.0B of corporate debt, $2.9B of securitized debt, and $7.9B of borrowings under non-mark-to-market master repurchase agreements, credit facilities, and asset-specific debt. The margin call provisions in BXMT's non-mark-to-market master repurchase agreements and credit facilities only permit valuation adjustments if the loan or collateral pledged or sold by BXMT becomes defaulted.

Excludes 1.0% per annum of scheduled amortization payments under the Term Loan B.

Date loan was originated or acquired by BXMT.

Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment.

Net book value represents outstanding principal balance, net of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds.

The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

Maximum maturity assumes all extension options are exercised; however, BXMT's loans may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc.

Represents realized losses related to loan principal amounts deemed non-recoverable during the applicable period.

Represents depreciation of owned real estate assets and amortization of intangible owned real estate assets and liabilities.

Represents an adjustment to the realized loss on the sale of a property held at depreciated cost. Because depreciation and amortization is a non-cash expense that is excluded from Distributable Earnings, GAAP gains upon sale of a property are higher, and GAAP losses are lower, than the respective realized amounts reflected in Distributable Earnings. For Distributable Earnings, the amount is calculated as net sales proceeds less the property's carrying value prior to depreciation and amortization.

Represents realized gain (loss) on the repatriation of unhedged foreign currency. These amounts were not included in GAAP net income (loss), but rather as a component of other comprehensive income in BXMT's consolidated financial statements.

Allocable share of adjustments related to unconsolidated entities for the three months ended March 31, 2026, reflects BXMT's share of non-cash items such as (i) $3.2 million of unrealized losses recorded by such unconsolidated entities, (ii) $3.1 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended December 31, 2025, reflects BXMT's share of non-cash items such as (i) $(2.0) million of unrealized gains recorded by such unconsolidated entities, (ii) $2.0 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended September 30, 2025, reflects BXMT's share of non-cash items such as (i) $(2.3) million of unrealized gains recorded by such unconsolidated entities, (ii) $1.3 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the three months ended June 30, 2025, reflects BXMT's share of non-cash items such as (i) $0.9 million of unrealized losses recorded by such unconsolidated entities, (ii) $0.7 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any.

Represents (i) the non-cash income recognized under GAAP related to BXMT's Agency Multifamily Lending Partnership, in which BXMT receives a portion of origination, servicing, and other fees for loans BXMT refers to M&T Realty Capital Corporation for origination, offset by the related loss-sharing obligation accruals and (ii) the cash received related to such income previously recognized under GAAP.

Represents the amount included on BXMT's consolidated statement of operations.

The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of BXMT's convertible notes. Consistent with the treatment of other unrealized adjustments to Distributable Earnings, these potentially issuable shares are excluded until a conversion occurs.

References herein to "Blackstone Mortgage Trust," "Company," "we," "us," or "our" refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise. Opinions expressed reflect the current opinions of BXMT as of the date appearing in this document only and are based on the BXMT's opinions of the current market environment, which is subject to change. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results.

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect BXMT's current views with respect to, among other things, its operations and financial performance, its business plans and the impact of the current macroeconomic environment, including interest rate changes. You can identify these forward-looking statements by the use of words such as "outlook," "objective," "indicator," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. BXMT believes these factors include but are not limited to those described under the section entitled "Risk Factors" in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in its periodic filings with the Securities and Exchange Commission ("SEC") which are accessible on the SEC's website at https://www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in the filings. BXMT assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.

Disclaimer

Blackstone Mortgage Trust Inc. published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2026 at 11:10 UTC.