• Blackstone Mortgage Trust discussed Q4 2024 results on a Feb. 12 investor call attended by CEO Katie Keenan, CFO Tony Marone, EVP Investments Austin Peña.
• GAAP net income USD 0.21 per share; distributable earnings -USD 1.25 per share due to USD 294 million charge-offs; DE ex-charge-offs USD 0.44.
• Resolved USD 1.1 billion of impaired loans, lifting performing loans to 93%; book value USD 21.87 per share, helped by a USD 32 million CECL reserve reversal.
• Liquidity rose to USD 1.9 billion; debt-to-equity cut to 3.5x; completed a USD 1.1 billion corporate debt transaction to extend maturities.
• Management flagged earnings troughing now, improving in Q2; USD 2 billion pipeline closed or in closing, with levered returns roughly 900-1,000 basis points over base rates.

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