- Blackstone Mortgage Trust Inc (NYSE:BXMT) reported Q1 2023 distributable EPS of $0.79 (+27% Y/Y), beating the consensus of $0.74.
- Income from loans and other investments came in at $174.2 million, beating the consensus of $170.4 million, with interest and related income rising to $491.4 million from $234.4 million a year ago.
- The company had a senior loan portfolio of $26.7 billion in Q1, secured by institutional quality real estate and reflecting higher interest rates.
- BXMT’s U.S. office represents 25% of net loan exposure, with over 50% post-2015 vintage or Sunbelt collateral.
- The company witnessed a weighted average risk rating of 2.9 as the majority of assets continued healthy performance.
- The company reported strong credit performance, with 100% interest collection and no defaults in the quarter.
- The company paid a dividend per share of $0.62 in Q1, representing solid dividend coverage of 127%.
- As of Q1, the company had $1.6 billion of liquidity, with no capital markets mark-to-market provisions, limited credit mark-to-market, and no corporate debt maturities until 2026.
- Price Action: BXMT shares are trading higher by 6.5% at $18.00 on the last check Wednesday.
Global Markets Today While US Was Sleeping
On Wednesday, August 9, the U.S. markets closed lower, ahead of the monthly update on inflation for July due Thursday.
