Q2 25 EPS
$0.04
MISS 84.85%
Est. $0.26
Q2 25 Revenue
$133.9M
BEAT +40.42%
Est. $95.3M
vs S&P Since Q2 25
-20.9%
TRAILING MARKET
BXMT -3.5% vs S&P +17.4%
Market Reaction
Did BXMT Beat Earnings? Q2 2025 Results
Blackstone Mortgage Trust delivered a split verdict in Q2 2025, posting revenue of $133.85 million that cleared the $95.33 million consensus estimate by 40.42% and surged 622.1% year over year, yet GAAP earnings of $0.04 per share fell sharply short … Read more Blackstone Mortgage Trust delivered a split verdict in Q2 2025, posting revenue of $133.85 million that cleared the $95.33 million consensus estimate by 40.42% and surged 622.1% year over year, yet GAAP earnings of $0.04 per share fell sharply short of the $0.26 analyst consensus, a miss of 84.85%, as realized loan charge-offs weighed on the bottom line. The quarter's most material driver was $2.60 billion in new loan originations and acquisitions, including a discounted purchase of a performing senior loan portfolio from a U.S. Regional bank, pushing net loan exposure to $18.40 billion across 144 loans. Credit quality continued to improve, with $200 million in impaired loans resolved above carrying value and total resolutions since Q3 2024 reaching $1.70 billion, cutting impaired balances by 55% from peak. Looking ahead, management pointed to greater than 9% average levered spreads on new originations and declining office exposure as evidence of an earnings inflection in progress, though no specific quantitative guidance was offered. The company's earnings call was cancelled following a tragedy at 345 Park Avenue, with prepared remarks posted online instead.
Key Takeaways
- • $2.6B loan originations and acquisitions in Q2, with 82% secured by multifamily or diversified industrial portfolios
- • $1.6B loan repayments collected in Q2
- • Greater than 9% average levered spread over base rates on new investments
- • $0.2B of impaired loan resolutions above aggregate carrying value in Q2
- • $1.7B total impaired loan resolutions since Q3 2024, reducing impaired loan balance by 55% from peak
- • Office exposure declined from 36% to 28% of portfolio over last twelve months
- • CECL reserves stable quarter-over-quarter at $755M (3.8% of principal balance)
- • 65bps spread reduction on $1.0B Term Loan B repricing
BXMT YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
BXMT Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are devastated by the horrific events at 345 Park Avenue and the loss of our brilliant colleague and friend, Wesley LePatner, who was a beloved member of the Blackstone family, as well as the brave security personnel, NYPD officer, and other innocent victim. Our prayers are with their families, and everyone impacted by this senseless tragedy.”
— Katie Keenan, Q2 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% |