Blackstone Mortgage Trust Reports Third Quarter 2024 Results

Rhea-AI Summary

Blackstone Mortgage Trust (NYSE: BXMT) reported a net loss of $56 million in Q3 2024. The company posted third quarter EPS of ($0.32), Distributable EPS of $0.39, Distributable EPS prior to charge-offs of $0.49, and paid dividends of $0.47 per basic share. CEO Katie Keenan highlighted the emerging real estate market recovery, noting accelerated repayments, resolutions, and redeployment. The company maintains $1.5 billion in liquidity and is pursuing an expanding global pipeline in the current investment environment.

Positive

• Strong liquidity position of $1.5 billion
• Maintained dividend payment at $0.47 per share
• Distributable EPS of $0.39 despite market challenges

Negative

• Net loss of $56 million in Q3 2024
• Negative EPS of ($0.32)
• Distributable EPS declined to $0.39 from $0.49 pre-charge-offs

Insights

Financial Analyst

Blackstone Mortgage Trust's Q3 results reveal significant challenges, with a net loss of $56 million and EPS of -$0.32. The distributable EPS of $0.39 shows operational resilience but declined from the pre-charge-off figure of $0.49. While maintaining a dividend of $0.47 per share, the payout currently exceeds the distributable earnings, raising sustainability concerns.

The $1.5 billion liquidity position provides a strong buffer for future opportunities, particularly important given the real estate market's current volatility. The accelerating repayments and resolutions indicate portfolio management progress, though charge-offs impact profitability. The expanding global pipeline suggests potential for yield enhancement, but careful risk management will be important in the current market environment.

NEW YORK--(BUSINESS WIRE)-- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) today reported its third quarter 2024 results. The net loss attributable to Blackstone Mortgage Trust for the quarter was $56 million. Third quarter EPS, Distributable EPS, Distributable EPS prior to charge-offs, and dividends paid per basic share were ($0.32), $0.39, $0.49, and $0.47, respectively.

Katie Keenan, Chief Executive Officer, said, “The emerging real estate market recovery is driving strong momentum in BXMT’s business, with repayments, resolutions, and redeployment all accelerating. With $1.5 billion of liquidity and an expanding global pipeline, we are well positioned to capitalize on today’s attractive investment environment.”

Blackstone Mortgage Trust issued a full presentation of its third quarter 2024 results, which can be viewed at 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=1690501&tp_key=c125cd17c6. 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 senior loans collateralized by 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 from our loan portfolio. 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 senior loans are capitalized by accessing a variety of financing options, 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 www.bxmt.com.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements and Other Matters

This press release contains 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, 2023, 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 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 release and in the filings. BXMT assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.

We refer to “Distributable EPS” and “Distributable EPS prior to charge-offs,” which are non-GAAP financial measures, in this press release. A reconciliation to net income attributable to Blackstone Mortgage Trust, the most directly comparable GAAP measure, is included in our full detailed presentation of third quarter 2024 results and is available on our website at www.bxmt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241023116956/en/

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Source: Blackstone Mortgage Trust, Inc.

FAQ

What was Blackstone Mortgage Trust's (BXMT) net loss in Q3 2024?

Blackstone Mortgage Trust reported a net loss of $56 million in the third quarter of 2024.

What dividend did BXMT pay in Q3 2024?

BXMT paid a dividend of $0.47 per basic share in the third quarter of 2024.

How much liquidity does BXMT have as of Q3 2024?

Blackstone Mortgage Trust maintains $1.5 billion in liquidity as of Q3 2024.

What was BXMT's Distributable EPS in the third quarter of 2024?

BXMT's Distributable EPS was $0.39, while Distributable EPS prior to charge-offs was $0.49.