Q3 2024 Blackstone Mortgage Trust Inc Earnings Call Transcript
Key Points
- Blackstone Mortgage Trust Inc (BXMT) reported a significant increase in liquidity, with $1.8 billion in repayments, marking the fourth highest repayment quarter ever.
- The company is actively in new investment mode, with nearly $700 million of new originations closed or in closing, focusing on sectors like multi-family, industrial, self-storage, and resort hotels.
- BXMT's portfolio turnover is accelerating, driven by repayments, resolutions, and redeployments, indicating strong forward momentum.
- The company has a strong pipeline of non-performing loan resolutions, with clear visibility on resolving over half of the $2.3 billion of impaired loans.
- BXMT's stock offers a 10% dividend yield, providing an attractive stream of current income as global yields climb.
- BXMT reported a GAAP net loss of $0.32 per share for the third quarter.
- The company expects to crystallize $225 million to $275 million of realized losses from non-performing loan resolutions in the near term.
- There is a temporary earnings drag expected in the fourth quarter due to the timing mismatch between repayments and new investments.
- BXMT's non-performing loan measure is at 12%, which is expected to be the peak, but still indicates significant credit challenges.
- The company trades at a deep discount, with the market pricing in another $600 million-plus of credit losses beyond the $1 billion already reserved.
Good day and welcome to Blackstone Mortgage Trust third quarter 2024 investor call. Today's conference 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.
Good morning and welcome everyone to Blackstone Mortgage Trustâs third quarter 2024 earnings conference call. I am joined today by 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 a presentation of our results, which are available on our website and have been filed with the SEC. Iâd like to remind everyone that todayâs call may include forward-looking statements which are subject to risks, uncertainties, and other factors outside of the companyâs control. Actual results may differ materially.
For a discussion of some of the risks that can affect
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
