Blackstone Mortgage Trust, Inc. · NYSE:BXMT

Blackstone Mortgage Trust — Q3 2026 Earnings Presentation

18 slides from Blackstone Mortgage Trust's earnings presentation, Oct 29, 2026

  1. Slide 1: Blackstone Mortgage Trust, Inc. Q3 2026 Results

    gage Trust, Inc. Blackstone Mortgage Trust, Inc. Q3 2026 Results OCTOBER 29, 2026

  2. Slide 2: BXMT Highlights

    Blackstone |Blackstone Mortgage Trust, Inc. BXMT HIGHLIGHTS Note: The information in this presentation is as of September 30, 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

  3. Slide 3: Q3 Results

    Blackstone |Blackstone Mortgage Trust, Inc. Q3 RESULTS (1) See Appendix for definition and reconciliation to GAAP net (loss) income. 2  Q3 GAAP net loss per share of $1.95, Distributable Earnings(1) per share of $0.38, and Distributable EPS prior to realized gains and losses(1) of $0.42; paid a div

  4. Slide 4: Earnings

    Blackstone |Blackstone Mortgage Trust, Inc. EARNINGS  Q3 Distributable Earnings prior to realized gains and losses(1) of $0.42 per share  Ended Q3 with $0.9B of watchlist loans, $0.9B of impaired loans, and $1.5B of owned real estate; in aggregate, down 17% QoQ(g) (1) See Appendix for definition a

  5. Slide 5: Portfolio Activity

    Blackstone |Blackstone Mortgage Trust, Inc. PORTFOLIO ACTIVITY 4  Q3 investment activity of $0.5B(d) includes $0.3B of loan originations, $0.1B of net lease properties (at share), $0.1B of investments in debt securities, and $50M of single-family homebuilder finance loans (at share)  Q3 loan repay

  6. Slide 6: Investment Portfolio Overview

    Blackstone |Blackstone Mortgage Trust, Inc. US 65% UK 13% Other EU 12% AUS 7% Other 3% INVESTMENT PORTFOLIO OVERVIEW(c) Investment Portfolio by Type(l)  Investment portfolio of $17.0B with increasing capital allocation toward complementary real estate credit strategies  Diversified exposure with n

  7. Slide 7: Loan Portfolio Overview

    Blackstone |Blackstone Mortgage Trust, Inc. LOAN PORTFOLIO OVERVIEW(a) WA, 2% AU, 9% ES, 5% IE, 4% UK, 17% DEU, 2% TX, 5% NY, 11% NV, 1% MA, 2% IL, 3% GA, 2% FL, 7% CA, 6% VA, 3% AZ, 2% CO, 1% HI, 2% Geographic Footprint(m) CAN, 2% NL, 2%  114 loans secured by institutional-quality assets and diver

  8. Slide 8: Capitalization

    Blackstone |Blackstone Mortgage Trust, Inc. 51% 24% 18% 7% Secured Debt Agreements Corporate Debt Securitized Debt Asset-Specific Debt CAPITALIZATION 7  Well-structured balance sheet with ample liquidity of $1.3B and debt-to-equity(o) ratio of 3.9x  89% non-MTM debt with no capital markets MTM pro

  9. Slide 9: II. Appendix

    Blackstone |Blackstone Mortgage Trust, Inc. II. Appendix 8

  10. Slide 10: Loan Portfolio Held-for-Investment Details

    Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 9 Loan Portfolio Held-for-Investment Details ($ in millions) Property Type Location Origination Date (q) Total Commitment (r) Principal Balance Amortized Cost Basis (s) Cash Coupon (t) All-in Yield (t) Maximum Maturity (u) Loan per SQFT/Unit Origi

  11. Slide 11: Consolidated Balance Sheets

    Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 10 Consolidated Balance Sheets ($ in thousands, except per share data) September 30, 2026 December 31, 2025 Assets Cash and cash equivalents $511,504 $452,526 Loans receivable, held-for-investment 14,563,834 18,069,134 Current expected credit loss

  12. Slide 12: Consolidated Statements of Operations

    Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 11 Consolidated Statements of Operations ($ in thousands, except per share data) nice 2026 2025 2026 2025 Income from loans and other investments Interest and related income $280,614 $345,959 $895,919 $1,037,553 Less: Interest and related expenses

  13. Slide 13: Quarterly Per Share Calculations

    Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 12 Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended September 30, 2026 Three Months Ended June 30, 2026 Net loss(w) ($327,005) ($81,222) Valuation adjustment on loans receivable, held-for-sale(x) 63,909 – C

  14. Slide 14: Reconciliation of Net Income to Distributable Earnings

    Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 13 Reconciliation of Net Income to Distributable Earnings (in thousands, except per share data) Three Months Ended March 31, 2026 Three Months Ended December 31, 2025 Net (loss) income(w) ($6,297) $39,560 Charge-offs of CECL reserves(y) (46,451) (

  15. Slide 15: Definitions

    Blackstone |Blackstone Mortgage Trust, Inc. DEFINITIONS 14 Bank Loan Portfolio Joint Venture: A joint venture BXMT entered into with a Blackstone-advised investment vehicle in the second quarter of 2025 to acquire portfolios of performing commercial mortgage loans. BXMT’s equity interest in the join

  16. Slide 16: Endnotes

    Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 15 a. Based on Net Loan Exposure. Refer to Definitions. Excludes $0.6B of loans held-for-sale from portfolio as of September 30, 2026. b. Non-MTM debt consists of, as of September 30, 2026, $3.4B of corporate debt, $2.7B of securitized debt, and $

  17. Slide 17: Endnotes

    Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 16 t. 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. u. Maximum maturity assumes all exte

  18. Slide 18: Forward-Looking Statements & Important Disclosure Information

    Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION 17 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 otherw

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