Blackstone Mortgage Trust Q4 2024 Earnings Report

Key Takeaways

Blackstone Mortgage Trust (BXMT) reported a GAAP EPS of $0.21 and a Distributable EPS of $(1.25) for Q4 2024. Loan resolutions and repayments accelerated, reducing impaired loans and supporting book value. The company reported $1.6 billion in Q4 repayments and a 10% annualized dividend yield.

Total Revenue

$114M

Previous year: $501M

-77.1%

EPS

-$1.25

Previous year: $0.69

-281.2%

Dividend Yield

10%

Book Value Per Share

$21.9

Q4 Loan Repayments

$1.6B

Cash and Equivalents

$323M

Previous year: $350M

-7.6%

Total Assets

$19.8B

Previous year: $24B

-17.6%

Blackstone Mortgage Trust Revenue

Blackstone Mortgage Trust EPS

Blackstone Mortgage Trust Revenue by Segment

Blackstone Mortgage Trust Revenue by Geographic Location

Forward Guidance

BXMT is positioned for further growth in 2025 with over $2 billion in loan originations closed or in closing, continued loan resolutions, and a strong balance sheet.

Positive Outlook

Accelerating capital deployment with over $2B in new loan originations in early 2025.
Significant progress in resolving impaired loans, reducing balance sheet risk.
Strong liquidity position with $1.5B in available liquidity.
Book value supported by loan resolutions executed above aggregate reserve levels.
Continued dividend payout with a 10% annualized yield.

Challenges Ahead

Q4 GAAP EPS includes losses from loan resolutions, impacting overall profitability.
Distributable EPS remains negative due to charge-offs and credit losses.
Exposure to office real estate remains a challenge despite significant repayments.
Interest rate volatility may impact loan performance and future investment yields.
Macroeconomic uncertainty could affect the pace of loan resolutions and new investments.