Originations save Blackstone Mortgage Trust 4Q earnings
Total loan origination portfolio reaches $2 billion
New York-based Blackstone Mortgage Trust (BXMT) recorded a net income for the full year of $15 million, or 81 cents per share, driven by significant growth in the loan origination portfolio.
The total loan origination portfolio reached $2 billion in the fourth quarter, with a weighted average loan-to-value ratio of 65%.
For the fourth quarter, Blackstone posted and net income of $7.1 million, or 24 cents per share.
“We continue to successfully execute on the strategy we articulated in May, growing our portfolio of floating rate loans to $2.0 billion and generating Core Earnings of $0.41 for the fourth quarter,” Stephen Plavin, CEO, said.
“Our operating advantages as part of the Blackstone real estate platform have enabled us to build a high quality loan portfolio and maintain great access to efficient debt and equity capital that we have raised and deployed in a highly disciplined manner,” Plavin added.