Blackstone Mortgage Trust Inc - Class A

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.