Blackstone Mortgage Trust Inc (NYSE:BXMT)
$ 19.01 -0.06 (-0.31%) Market Cap: 3.30 Bil Enterprise Value: 21.32 Bil PE Ratio: 0 PB Ratio: 0.83 GF Score: 65/100
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Q2 2024 Blackstone Mortgage Trust Inc Earnings Call Transcript

Jul 24, 2024 / 01:00PM GMT
Release Date Price: $17.35 (-11.61%)

Key Points

Positve
  • Blackstone Mortgage Trust Inc (BXMT) reported a GAAP net loss of $0.38 per share, but distributable earnings were $0.49 per share, indicating strong operational performance despite challenges.
  • The company declared a third-quarter dividend of $0.47 per share and authorized a $150 million common stock repurchase, reflecting confidence in long-term value creation.
  • BXMT has a 90% performing portfolio at the end of the quarter, showing resilience and effective management.
  • The company collected $1.7 billion in repayments through various lender profiles, indicating strong liquidity and repayment momentum.
  • BXMT's partnership with M&T Realty Capital is expected to provide long-term income potential with minimal incremental cost, enhancing the business model.
Negative
  • BXMT reported a GAAP net loss of $0.38 per share, highlighting ongoing financial challenges.
  • Credit issues remain concentrated in the US office sector, with significant reserves representing 29% of impaired office assets.
  • The company downgraded 12 loans, including three impairments, reflecting ongoing credit quality concerns.
  • Near-term earnings are expected to be encumbered by assets on non-accrual, impacting overall financial performance.
  • BXMT's debt-to-equity ratio increased slightly to 3.9 times, indicating higher leverage and potential financial risk.
Operator

Good day and welcome to the Blackstone Mortgage Trust second quarter 2024 investor call. Today's call is being recorded. (Operator Instructions)

At this time, I'd like to turn the conference over to Tim Hayes, Vice President, Shareholder Relations. Please go ahead.

Timothy Hayes
Blackstone Mortgage Trust Inc - Vice President - Shareholder Relations

Good morning, and welcome everyone to Blackstone Mortgage Trust's second quarter 2024 earnings conference call. I'm joined today by Tim Johnson, Chair of the Board of Directors; Katie Keenan, Chief Executive Officer; Tony Marone, Chief Financial Officer; and Austin Pena, Executive Vice President of Investments.

This morning, we filed our 10-Q and issued a press release with the presentation of our results, which are available on our website and have been filed with the SEC. I'd like to remind everyone that today's call may include forward-looking statements, which are subject to risks, uncertainties, and other factors outside of the company's control. Actual results may differ materially.

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