Blackstone Mortgage Trust Files 2024 10-K

TL;DR

BXMT filed its 2024 10-K. Full financials out.

AI Summary

Blackstone Mortgage Trust, Inc. filed its 2024 10-K on February 12, 2025, reporting on its fiscal year ending December 31, 2024. The company, a real estate investment trust, is headquartered at 345 Park Avenue, New York, NY. The filing details its financial performance and operations for the year.

Why It Matters

This filing provides a comprehensive overview of Blackstone Mortgage Trust's financial health and strategic direction for the past fiscal year, crucial for investors assessing its performance and future prospects.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing providing historical data and disclosures, not indicating immediate new risks.

Key Numbers

• 2024 — Fiscal Year (Reporting period for the 10-K filing.)
• 1231 — Fiscal Year End (Indicates the end date of the reporting period.)

Key Players & Entities

• BLACKSTONE MORTGAGE TRUST, INC. (company) — Filer
• 0001061630-25-000024 (filing_id) — Accession Number
• 20241231 (date) — Fiscal Year End
• 20250212 (date) — Filing Date
• 345 PARK AVENUE (address) — Business and Mail Address
• NEW YORK (location) — City
• NY (location) — State
• 10154 (zip_code) — Zip Code
• 2126550220 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.01 — stered Class A common stock, par value $0.01 per share BXMT New York Stock Exchange
• $1.1 — d total assets under management of over $1.1 trillion as of December 31, 2024. Our
• $315.4 billion — with over 12,500 commercial assets and $315.4 billion of investor capital under management as
• $77.2 billion — based in London and Australia, managed $77.2 billion of investor capital. Our chief executi
• $431.9 million — ber 31, 2024, we originated or acquired $431.9 million of loans. Loan fundings during the year
• $1.6 b — . Loan fundings during the year totaled $1.6 billion, with loan repayments and sales o
• $5.2 b — lion, with loan repayments and sales of $5.2 billion, for net repayments of $3.6 billi
• $3.6 billion — of $5.2 billion, for net repayments of $3.6 billion. 4 The following table details over
• $19.2 billion — ith an outstanding principal balance of $19.2 billion that are included in our consolidated f
• $817.5 million — consolidated financial statements, (ii) $817.5 million of non-consolidated senior interests in
• $100.1 million — inancial statements, and excludes (iii) $100.1 million of junior loan interests that we have s
• $228.1 million — atements. We have retained an aggregate $228.1 million of subordinate mezzanine loans, as of D
• $208.7 million — n cases to an expiration date. Excludes $208.7 million of unfunded loan commitments related to
• $1.2 billion — non-consolidated senior interests, (ii) $1.2 billion of asset-specific debt, (iii) $106.7 mi
• $106.7 million — 2 billion of asset-specific debt, (iii) $106.7 million of cost-recovery proceeds, and (iv) our

Filing Documents

• bxmt-20241231.htm (10-K) — 4832KB
• exhibit10232024.htm (EX-10.23) — 40KB
• exhibit1914q24.htm (EX-19.1) — 32KB
• exhibit2112024.htm (EX-21.1) — 131KB
• exhibit2312024.htm (EX-23.1) — 2KB
• exhibit3114q24.htm (EX-31.1) — 8KB
• exhibit3124q24.htm (EX-31.2) — 8KB
• exhibit3214q24.htm (EX-32.1) — 5KB
• exhibit3224q24.htm (EX-32.2) — 5KB
• exhibit9914q24.htm (EX-99.1) — 10KB
• bxmt-20241231_g1.gif (GRAPHIC) — 7KB
• bxmt-20241231_g2.jpg (GRAPHIC) — 40KB
• bxmt-20241231_g3.jpg (GRAPHIC) — 56KB
• bxmt-20241231_g4.jpg (GRAPHIC) — 58KB
• bxmt-20241231_g5.jpg (GRAPHIC) — 64KB
• 0001061630-25-000024.txt ( ) — 24159KB
• bxmt-20241231.xsd (EX-101.SCH) — 140KB
• bxmt-20241231_cal.xml (EX-101.CAL) — 130KB
• bxmt-20241231_def.xml (EX-101.DEF) — 771KB
• bxmt-20241231_lab.xml (EX-101.LAB) — 1219KB
• bxmt-20241231_pre.xml (EX-101.PRE) — 1049KB
• bxmt-20241231_htm.xml (XML) — 3964KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 10 ITEM 1B. UNRESOLVED STAFF COMMENTS 58 ITEM 1C. CYBERSECURITY 59 ITEM 2.

PROPERTIES

PROPERTIES 60 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 60 ITEM 4. MINE SAFETY DISCLOSURES 60 PART II. ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 61

[Reserved]

ITEM 6. [Reserved] 61 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 62 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 95 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 97 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 97 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 97 ITEM 9B. OTHER INFORMATION 98 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 98 PART III. ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 99 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 99 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 99 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 99 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 99 PART IV. ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 100 ITEM 16. FORM 10-K SUMMARY 110

SIGNATURES

SIGNATURES 111 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES F -1 Forward-Looking Information; Risk Factor Summary This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and portfolio management and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "estimate," "expect," "project," "projections," "plans," "seeks," "anticipates," "will," "should," "could," "may," "designed to," "foreseeable future," "believe," "scheduled" and similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. We assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Our actual results may differ significantly from any results expressed or implied by these forward-looking statements. A summary of the principal risk factors that make investing in our securities risky and might cause our actual results to differ is set forth below. The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. This summary should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth in the section entitled "Risk Factors" in this report. Fluctuations in interest rat

BUSINESS

ITEM 1. BUSINESS References herein to "Blackstone Mortgage Trust," "company," "we," "us," or "our" refer to Blackstone Mortgage Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise. Our Company Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate financing, depending on our view of the most prudent financing option available for each of our investments. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol "BXMT." Our principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act. We are organized as a holding company and conduct our business primarily through our various subsidiaries. We operate our business as one segmen