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Dec 31, 2024
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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