What caused BXMT's EPS to decline in 2024?

The decline in BXMT's EPS in 2024 can be attributed to several factors:

1. **Charge-offs and Loan Resolutions**: BXMT experienced significant charge-offs, amounting to $294 million, which directly impacted its net income and EPS. These charge-offs were primarily related to office loans, which were affected by the ongoing downturn in the office sector. The company's efforts to resolve these impaired loans and the associated charge-offs contributed to the decline in EPS.
2. **Distributable Earnings Impact**: The company's Distributable Earnings (Excluding Charge-offs) were reported at $0.44 per share for Q4 2024, which is lower than the previous quarter's figures. This indicates that even excluding the charge-offs, the company's earnings per share were lower due to other factors such as interest income, operating expenses, or loan prepayment penalties.

In summary, the decline in BXMT's EPS in 2024 was primarily caused by charge-offs related to office loans and lower distributable earnings.