BXMT Q1 net income $99.7M, EPS $0.59; distributable EPS $0.62, dividend coverage 100%

BLACKSTONE MORTGAGE TRUST, INC.

2022-Q1 EPS reported $0.58

Net income $99.7M, GAAP EPS $0.59 (diluted $0.58); distributable EPS $0.62, in-line with $0.62 dividend.
Record portfolio $25.6B (incl. $1.8B non-consolidated senior interests); 99% floating-rate loans positioned for rising rates.
Originations $3.4B in Q1; weighted-average origination LTV 65%; 99% performing loans with 100% interest collections.
Issued $300M 5.50% convertible notes due 2027 to refinance May 2022 notes; total liquidity $1.2B.
Portfolio shift: multifamily now 26% (vs. 11% YoY), office down to 42% (from 54% YoY).

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