Blackstone Mortgage Trust Shares Up 6% On Q1 Earnings Beat

Blackstone Mortgage Trust Inc 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.