Blackstone Mortgage Trust, Inc. (NYSE:BXMT) Q1 2023 Earnings Conference Call April 26, 2023 9:00 AM ET

Company Participants

Tim Hayes - VP, Shareholder Relations

Katie Keenan - CEO

Tony Marone - CFO

Austin Pena - EVP, Investments

Conference Call Participants

Steve DeLaney - JMP Securities

Sarah Barcomb - BTIG

Doug Harter - Credit Suisse

Stephen Laws - Raymond James

Don Fandetti - Wells Fargo

Jade Rahmani - KBW

Rick Shane - JPMorgan

Arren Cyganovich - Citi

Operator

Good day, and welcome to the Blackstone Mortgage Trust First Quarter 2023 Investor Call. Today's call is being recorded. [Operator Instructions] At this time, all participants are in a listen-only mode. [Operator Instructions]

At this time, I would like to turn the conference over to Tim Hayes, Vice President, Shareholder Relations. Please go ahead.

Tim Hayes

Good morning, and welcome everyone to Blackstone Mortgage Trust first quarter 2023 conference call. I'm joined today by Katie Keenan, Chief Executive Officer; Tony Marone, Chief Financial Officer; and Austin Pena, Executive Vice President of Investments. This morning we filed our 10-Q and issued a press release and the presentation of our results, which are available on our website and have been filed with the SEC.

I'd like to remind everyone that today's call may include forward-looking statements, which are uncertain and outside of the company's control, actual results may differ materially. For a discussion of some of the risks that could affect results, please see the Risk Factors section of our most recent 10-K. We do not undertake any duty to update forward-looking statements.

We will also refer to certain non-GAAP measures on this call and for reconciliations, you should refer to the press release and our 10-Q. This audio cast is copyrighted material of Blackstone Mortgage Trust and may not be duplicated without our consent.

For the first-quarter, we reported GAAP net income of $0.68 per share, while distributable earnings were $0.79 per share. A few weeks ago, we paid a dividend of $0.62 per share with respect to the first quarter. If you have any questions following today's call, please let me know.

With that, I'll now turn things over to Katie.

Katie Keenan

Thanks, Tim. BXMT's results this quarter stand in clear contrast to the negative macro backdrop. We reported $0.79 per share of distributable earnings, an increase of 27% year-over-year. Our earnings covered our dividend by a considerable margin of 127%. Our credit performance was steady with no defaults.