Blackstone Mortgage Trust (BXMT) Q3 2026 Earnings
Distributable EPS of $0.38 includes $6,874 thousand of CECL charge-offs (realized losses); Distributable EPS prior to realized gains and losses was $0.42. GAAP EPS of $(1.95) reflects a $264.8 million increase in CECL reserves, a $63.9 million valuation adjustment on loans held-for-sale, and a $36.4 million impairment of owned real estate.
How Did BXMT Stock React to Q3 2026 Earnings?
Did BXMT Beat Earnings? Q3 2026 Results
Yes. Blackstone Mortgage Trust reported Q3 2026 earnings of $0.38 a share on Oct 29, 2026, beating the $0.24 consensus estimate by 56.4%. Revenue was $141.9M against a $76.7M estimate.
Blackstone Mortgage Trust delivered a sharp beat against muted expectations in Q3 2026, posting adjusted distributable EPS of $0.38 against a consensus estimate of $0.24, a 56.44% beat, while revenue of $141.90 million cleared the $76.70 million estimate by 85.01% and rose 6.9% year over year. The headline numbers, however, were shadowed by a GAAP loss of $1.95 per share, driven by a $264.77 million increase in CECL reserves, a $63.91 million valuation adjustment on loans moved to held-for-sale, and a $36.37 million impairment of owned real estate, as the company aggressively repositioned its $17.00 billion loan portfolio. The clearest sign of that effort was a 56% quarter-over-quarter drop in watchlist loans to $900.00 million, alongside $2.30 billion in repayments and sales during the quarter. Management also reset the common dividend to $0.30 per share for Q4, a level the board described as sustainable across a range of rate and credit environments, as capital is increasingly redeployed toward residential, net lease, and industrial credit strategies.
- $2.3B of Q3 loan repayments and sales (including $251M of sales); 88% pre-2023 vintage
- Sold nearly $1.0B of loans in Q3 and Q4 to date at $0.93 of carrying value, including $0.5B office and $0.2B multifamily watchlist loans
- Watchlist loans down 56% QoQ to $0.9B, lowest since Q4 2019
- Watchlist loans, impaired loans and owned real estate in aggregate down 17% QoQ
- $264.8M increase in CECL reserves; total CECL reserves of $606M ($444M asset-specific, $162M general)
- $63.9M valuation adjustment on loans receivable held-for-sale and $36.4M impairment of owned real estate
- Revenue from owned real estate of $77.5M vs $33.7M in the prior-year quarter
- Investment portfolio declined to $17.0B from $19.7B at June 30, 2026
- Book value per share of $17.06 vs $19.31 at June 30, 2026
- Loan portfolio 93% performing; six new impaired loans
“BXMT remains focused on balancing current return with long-term earnings power through disciplined capital allocation. We assess the dividend with our Board each quarter, considering a variety of factors, and our Board has declared a fourth quarter dividend of $0.30 per share, which we believe can be sustained through a range of rate and credit environments.”
Blackstone Mortgage Trust CEO, on the earnings call
What Is Blackstone Mortgage Trust's Outlook?
Management reset the dividend to $0.30 per share for Q4 2026, a level it believes can be sustained through a range of rate and credit environments. BXMT expects to continue driving portfolio turnover and dynamically allocating capital toward complementary real estate credit strategies. It cites a stable, well-structured balance sheet with $1.3 billion of liquidity and 89% non-mark-to-market debt. No numeric earnings or revenue guidance was provided.
BXMT YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $141.9M | $132.7M | +6.9% |
BXMT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.