Blackstone Mortgage Trust, Inc. reported its financial results for the first quarter of 2025, revealing a net loss of $357,000, or $0.00 per share, compared to a net loss of $123.8 million, or $0.71 per share, in the same period last year. The company generated total net revenues of $126.9 million, a decrease from $145.4 million in the prior year, primarily due to a decline in interest income from loans and other investments, which fell to $332.1 million from $486.1 million. This decline was attributed to a decrease in the weighted-average principal balance of the loan portfolio and lower average floating rate indices.
The company's total assets increased to $19.96 billion as of March 31, 2025, up from $19.80 billion at the end of 2024. This growth was driven by an increase in cash and cash equivalents, which rose to $668.6 million from $323.5 million. Loans receivable remained relatively stable, with a net book value of $18.31 billion, slightly down from $18.31 billion at the end of the previous fiscal year. The current expected credit loss (CECL) reserve increased to $741.5 million, reflecting a $49.4 million increase during the quarter, primarily due to changes in the portfolio mix and one additional impaired loan.
Operationally, Blackstone Mortgage Trust continued to expand its portfolio, originating or acquiring $1.6 billion in loans during the quarter. The company reported a weighted-average cash coupon of 3.39% and a weighted-average all-in yield of 3.70% for its loans. The loan portfolio consisted of 138 loans with a principal balance of $19.22 billion, and the company had $1.03 billion in unfunded loan commitments. The weighted-average maximum maturity of the loans was 2.3 years, with an origination loan-to-value (LTV) ratio of 63.3%.
Looking ahead, Blackstone Mortgage Trust remains focused on managing its loan portfolio and mitigating risks associated with credit quality and market conditions. The company emphasized its commitment to maintaining strong relationships with borrowers and leveraging the expertise of its external manager, Blackstone Inc. The outlook for the remainder of 2025 will depend on broader economic conditions, particularly in the commercial real estate market, as well as the performance of its loan portfolio. The company declared a dividend of $0.47 per share for the quarter, consistent with the previous quarter, reflecting its ongoing commitment to returning value to shareholders.
About BLACKSTONE MORTGAGE TRUST, INC.
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