Q2 26 EPS
$-0.48
MISS 231.15%
Est. $0.37
Q2 26 Revenue
$158.1M
BEAT +67.26%
Est. $94.5M
vs S&P Since Q2 26
-17.1%
TRAILING MARKET
BXMT -12.9% vs S&P +4.2%
Market Reaction
Did BXMT Beat Earnings? Q2 2026 Results
Blackstone Mortgage Trust delivered a sharply split Q2 2026, posting revenue of $158.06 million that cleared the $94.50 million consensus by 67.26% and surged 79.6% year over year, yet the strong top-line result was overwhelmed by a deep earnings mis… Read more Blackstone Mortgage Trust delivered a sharply split Q2 2026, posting revenue of $158.06 million that cleared the $94.50 million consensus by 67.26% and surged 79.6% year over year, yet the strong top-line result was overwhelmed by a deep earnings miss, with GAAP EPS coming in at -$0.48 against a consensus estimate of $0.37, a shortfall of 231.15%. The primary culprit was a $134.40 million build in the company's current expected credit loss reserve, which swelled total CECL reserves to $410.00 million by quarter-end and drove a GAAP net loss of $81.22 million, a painful reversal from net income of $6.97 million in the year-ago period. Three loans were newly classified as impaired, two tied to office properties, highlighting continued stress in that sector. On a non-GAAP basis, distributable EPS of $0.31 and book value per share declining to $19.31 from $20.20 sequentially framed a quarter where core operations held relatively steady even as credit charges dominated the headline results.
Key Takeaways
- • Increased CECL reserves of $134.4M drove GAAP net loss despite positive core income
- • Revenue from owned real estate nearly doubled year-over-year to $75.5M
- • Net income from loans and other investments declined to $82.6M from $94.8M due to lower interest income
- • 97% loan portfolio performance rate on net loan exposure basis
- • Capital reallocation toward residential, industrial, and net lease sectors
BXMT YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
BXMT Revenue by Segment
With YoY comparisons, source: SEC Filings
“BXMT's second quarter results reflect continued execution of our goal of accelerating portfolio turnover and reallocating capital into high-conviction investment themes. With a well-structured balance sheet and the resources of Blackstone's global platform, we are well positioned to drive our strategic initiatives forward and capture attractive opportunities in the market today.”
— Tim Johnson, Q2 2026 Earnings Press Release
BXMT Earnings Trends
BXMT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BXMT EPS Trend
Earnings per share: estimate vs actual
BXMT Revenue Trend
Quarterly revenue: estimate vs actual
BXMT Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.37 | $-0.48 | -231.15% | $158.1M | +67.26% |
| Q1 26 MISS | $0.35 | $-0.04 | -111.38% | $159.4M | +80.29% |
| Q4 25 MISS FY | $0.27 | $0.24 | -11.11% | $159.3M | +51.84% |
| FY Full Year | $0.87 | $0.64 | -26.09% | $552.8M | +33.78% |
| Q3 25 BEAT | $0.27 | $0.37 | +35.23% | $132.7M | +32.99% |
| Q2 25 MISS | $0.26 | $0.04 | -84.85% | $133.9M | +40.42% |
| Q1 25 MISS | $0.28 | $0.00 | -100.00% | $126.9M | +18.38% |