Blackstone Mortgage Trust, Inc. Earnings Recaps
Q1 2026
May 3, 2026
Shares of Blackstone Mortgage Trust fell 5.1% following first-quarter results, with investor disappointment centered on a reported GAAP net loss and continued deceleration in loan portfolio growth. Despite management's emphasis on portfolio resilience and new investments, the market reaction suggests that the outlook or underlying earnings quality fell short of expectations.
Key takeaways
- Reported a GAAP net loss of $0.04 per share; distributable earnings were $0.21 per share.
- Dividend of $0.47 per share was paid, but earnings coverage relied on distributable numbers.
- Loan portfolio remained flat at just under $20 billion, signaling ongoing sluggish growth.
- New originations reached $275 million with a weighted average LTV of 68%; gross originations exceeded $800 million, but net portfolio expansion was minimal.
- While management highlighted new data center and net lease investments, the weak stock response underscores lingering investor concerns over future earnings trajectory and portfolio performance.
Q3 2025
Oct 29, 2025
Blackstone Mortgage Trust (BXMT) delivered strong third-quarter results with robust investment activity and a stable credit profile, leading to distributable earnings that cover the quarterly dividend.
Key takeaways
- Reported distributable earnings prior to charge-offs of $0.48 per share, surpassing the $0.47 dividend payout.
- Achieved $1 billion in investment activity during the quarter, focusing on high-conviction sectors like multifamily and industrial.
- Maintained a strong balance sheet with no new impaired loans; average loan-to-value ratio of 67% reflects prudent credit management.
- Executed a $600 million acquisition of a diversified loan portfolio, enhancing yield in a constrained supply environment.
- With stock trading at a discount to book value, BXMT has repurchased over $100 million of its shares this year, offering a dividend yield of 10.4%.