Q1 25 EPS
$0.00
MISS 100.00%
Est. $0.28
Q1 25 Revenue
$126.9M
BEAT +18.38%
Est. $107.2M
vs S&P Since Q1 25
-32.5%
TRAILING MARKET
BXMT +1.8% vs S&P +34.3%
Market Reaction
Did BXMT Beat Earnings? Q1 2025 Results
Blackstone Mortgage Trust delivered a mixed first quarter for 2025, posting a near-breakeven GAAP result that fell well short of Wall Street's earnings expectations while revenue came in ahead of estimates. The company reported essentially zero EPS, … Read more Blackstone Mortgage Trust delivered a mixed first quarter for 2025, posting a near-breakeven GAAP result that fell well short of Wall Street's earnings expectations while revenue came in ahead of estimates. The company reported essentially zero EPS, missing the $0.28 consensus by 100%, though revenue of $126.95 million beat the $107.23 million estimate by 18.38%, even as it declined 10.8% from a year ago. The most material driver of the quarter was a sharp reduction in credit loss provisioning, with the CECL reserve build of $49.51 million representing a fraction of the $234.87 million recorded in Q1 2024, helping the company narrow its net loss to just $357,000 compared to $123.84 million a year prior. Office loan repayments of $1.60 billion helped push office exposure down 31% over the past year, while new originations tilted heavily toward industrial, self-storage, and multifamily. Looking ahead, management pointed to $3.50 billion in year-to-date originations closed or in closing, with new loans yielding an average 9% levered return, as evidence of strengthening forward momentum.
Key Takeaways
- • $1.6 billion of new loan originations across 14 loans in Q1
- • $1.8 billion of loan repayments including $1.6 billion of office loans
- • Resolution of $0.4 billion of impaired loans above aggregate carrying value
- • Office exposure declined 31% over the past 12 months
- • Portfolio improved to 95% performing from 93% in Q4
- • CECL reserve increase of $49.5 million versus $234.9 million in Q1 2024
- • $25 million net reduction in asset-specific CECL reserve from resolutions
BXMT YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
BXMT Revenue by Segment
With YoY comparisons, source: SEC Filings
“BXMT continued to build momentum this quarter, with $1.6 billion of new originations and $2.2 billion of repayments and resolutions driving portfolio turnover, capital deployment and future earnings power. With our scaled platform and cycle-tested balance sheet supported by $1.6 billion of liquidity, BXMT is well positioned in today's dynamic environment.”
— Katie Keenan, Q1 2025 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |