The following is a summary of the Blackstone Mortgage Trust, Inc. (BXMT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Blackstone Mortgage Trust reported a GAAP net loss of $0.71 per share for Q1 2024.

• Distributable earnings and distributable earnings prior to charge-offs were reported at $0.33 and $0.55 per share respectively.

• The company paid a dividend of $0.62 per share for the first quarter.

• Blackstone finished Q1 2024 with close to record liquidity levels, ending the quarter at $1.7 billion.

• Blackstone has seen net cash proceeds trend upwards over five consecutive quarters, with Q1 2024 showing $1 billion collected versus $353 million funding.

Business Progress:

• Blackstone's portfolio is 92% performing, with $0.65 distributable earnings prior to charge-off covering its $0.62 dividend.

• The company collected over $1 billion in repayments in Q1 2024, including a refinancing of one of their largest office loans through a CMBS transaction.

• Blackstone is actively seeking to accelerate portfolio turnover to move through the credit cycle and return to core lending business.

• The company continues to negotiate with borrowers and resolve impairments through sales, restructurings, and foreclosures.

• Despite increased rate outlook, Blackstone remains optimistic due to downward path of interest rates, normalization of spreads across real estate lending markets, and continual market liquidity.

• Blackstone has a continued focus on the long-term earnings power for future dividend considerations.

More details: Blackstone Mortgage Trust IR

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