Blackstone Mortgage Trust (BXMT) Q1 2026 earnings summary

Executive summary

• Reported a GAAP net loss of $0.04 per share ($6.3 million) for Q1 2026, with distributable EPS of $0.21 and distributable EPS prior to realized gains and losses of $0.49, covering the $0.47 per share dividend for the third consecutive quarter.

• Portfolio ended the quarter just under $20 billion, with 98% of the loan portfolio performing and over half secured by multifamily and industrial assets.

• Closed over $540 million in new investments, including $275–$300 million in loan originations and $197–$200 million in net lease acquisitions.

• Book value per share at quarter end was $20.20, reflecting CECL reserves and accumulated depreciation.

• Completed over $2 billion in corporate and securitized debt financings during the quarter.

Financial highlights

• Distributable EPS prior to realized gains and losses was $0.49; distributable EPS was $0.21; GAAP net loss per share was $(0.04).

• Paid a $0.47 per share dividend, with a yield of approximately 9.4%–9.5%.

• Book value per share at quarter-end was $20.20, down 2.7% from the prior period, mainly due to increased CECL reserves and depreciation.

• Investment portfolio totaled $19.7 billion, with 82% of new investments in industrial, data center, bank loans, and net lease assets.

• Loan portfolio is 98% performing, with $0.6 billion in repayments, including $0.3 billion in office loans.

Outlook and guidance

• Forward pipeline remains strong with over $1 billion closed or in closing for Q2.

• Portfolio repositioning continues, with increased allocation to multifamily and industrial sectors and a targeted net lease portfolio growth from 3% to potentially 10% of the overall portfolio.

• Continued focus on redeploying capital from asset sales to higher-yielding investments.

• Management expects continued volatility in CECL reserves, primarily driven by incremental loan impairments and broader market conditions.

• Management emphasized the breadth of the platform and ongoing efforts to capture differentiated investments.