Blackstone Mortgage Trust, Inc. (NYSE:BXMT) Q4 2022 Earnings Conference Call February 8, 2023 9:00 AM ET

Company Participants

Tim Hayes - Vice President, Shareholder Relations

Katie Keenan - Chief Executive Officer

Tony Marone - Chief Financial Officer

Austin Pena - Executive Vice President, Investments

Conference Call Participants

Doug Harter - Credit Suisse

Don Fandetti - Wells Fargo

Steve DeLaney - JMP Securities

Jade Rahmani - KBW

Eric Hagan - BTIG

Derek Hewett - Bank of America

Stephen Laws - Raymond James

Rick Shane - JPMorgan

Arren Cyganovich - Citi

Operator

Good day. And welcome everyone to the Blackstone Mortgage Trust Fourth Quarter and Full Year 2022 Investor Call. At this time, all participants are in listen-only mode. [Operator Instructions]

I would like to advise all parties that this conference is being recorded. And with that, let me hand it over to Tim Hayes, Vice President with Shareholder Relations. Please go ahead.

Tim Hayes

Thank you. Good morning. And welcome to Blackstone Mortgage Trust fourth quarter and full year 2022 conference call. I am 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-K and issued a press release with a presentation of our results, which are available on our website and have been filed with the SEC.

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 our 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-K. This audio cast is copyrighted material of Blackstone Mortgage Trust and may not be duplicated without our consent.

For the fourth quarter, we reported a GAAP net loss of $0.28 per share, while distributable earnings were $0.87 per share. A few weeks ago, we paid a dividend of $0.62 per share with respect to the fourth quarter. If you have any questions following today’s call, please let me know.

With that, I will now turn things over to Katie.

Katie Keenan

Thanks, Tim. The snapshot of this quarter’s earnings comes down to two key numbers, $0.87 per share, our distributable earnings, an all-time record for BXMT and $0.94 per share, our net change to book value reflecting the impact of our CECL reserve increase given the more challenging credit environment.