Wed, Jul 24, 10:46 AM (45 days ago)
Blackstone Mortgage Trust, Inc. (BXMT) reported a net loss of $61 million for Q2 2024, compared to a net income of $102 million in Q2 2023. The company declared a dividend of $0.62 per share. The loan portfolio saw $103 million in new originations, $376 million in fundings, and $701 million in repayments and sales during the quarter. The portfolio's weighted-average cash coupon and all-in yield were +3.35% and +3.67%, respectively. The current expected credit loss (CECL) reserve increased by $142.6 million, primarily due to three new impaired loans, bringing the total CECL reserve to $893.9 million. The company’s book value per share decreased to $22.90 from $23.83. BXMT's portfolio is diversified across property types and geographies, with a weighted-average loan-to-value ratio of 62.9%. The company maintains robust asset management practices and benefits from Blackstone's real estate expertise.