Blackstone Mortgage Trust, Inc. (NYSE:BXMT) Q1 2024 Earnings Conference Call April 24, 2024 9:00 AM ET

Company Participants

Timothy Hayes - VP, Shareholder Relations
Anthony Marone - CFO, Treasurer, and Principal Accounting Officer
Katie Keenan - President and CEO

Conference Call Participants

Doug Harter - UBS
Stephen Laws - Raymond James
Sarah Barcomb - BTIG
Jade Rahmani - KBW
Rick Shane - JPMorgan

Operator

Good day and welcome to the Blackstone Mortgage Trust First Quarter 2024 Investor Call. Today's call is being recorded. At this time, all participants are in a listen-mode only. [Operator Instructions]

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

Timothy Hayes

Good morning and welcome everyone to Blackstone Mortgage Trust's first quarter 2024 earnings conference call. I'm joined today by Tim Johnson, Chair of the Board of Directors; 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 with 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 subject to risks, uncertainties, and other factors 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 a GAAP net loss of $0.71 per share, while distributable earnings and distributable earnings prior to charge-offs were $0.33 and $0.55 per share. A few weeks ago, we paid a dividend of $0.62 per share with respect to the first quarter. Please let me know if you have any questions following today's call.

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

Katie Keenan

Thanks Tim. A quarter into the year, we continue to see a positive direction of travel for real estate. Liquidity has returned to the market with CMBS issuance multiples above year ago levels.