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Q3 25 EPS
$0.37
BEAT +35.23%
Est. $0.27
Q3 25 Revenue
$132.7M
BEAT +32.99%
Est. $99.8M
vs S&P Since Q3 25
-12.3%
TRAILING MARKET
BXMT -4.2% vs S&P +8.1%
Market Reaction
Did BXMT Beat Earnings? Q3 2025 Results
Blackstone Mortgage Trust delivered a strong third quarter, posting GAAP EPS of $0.37 against a consensus estimate of $0.27, a beat of 35.23%, while revenue of $132.71 million topped expectations by 32.99% and climbed 21.1% from a year ago. The resul… Read more Blackstone Mortgage Trust delivered a strong third quarter, posting GAAP EPS of $0.37 against a consensus estimate of $0.27, a beat of 35.23%, while revenue of $132.71 million topped expectations by 32.99% and climbed 21.1% from a year ago. The results marked a sharp reversal from the prior-year period, when BXMT reported a net loss of $56.38 million; net income attributable to the company reached $63.40 million this quarter, driven most directly by a dramatic improvement in credit performance. Impaired loan balances fell 71% year-over-year, the portfolio's performing percentage rose to 96%, and $400 million of impaired loans were resolved at above aggregate carrying value during the quarter, with no new impaired loans added. The company deployed $1 billion in new investments and collected $1.60 billion in loan repayments, while post-quarter originations of $1.70 billion already in closing point to continued capital deployment momentum. Some observers continue to weigh BXMT's improving fundamentals against its premium valuation, but the quarter's breadth of execution across credit, investment, and balance sheet optimization left little ambiguity about the direction of travel.
Key Takeaways
- • Attractive new loan originations with >9% average levered spread over base rates
- • Positive credit momentum with 96% performing portfolio, up from 94% last quarter
- • $0.4B of impaired loan resolutions executed above aggregate carrying value
- • 71% reduction in impaired loan balance year-over-year
- • Capital redeployment into new investments driving current income
- • Proactive liability management including Term Loan B repricing with 100bps spread reduction
- • Declining secured debt costs on new originations from +1.80% (FY 2024) to +1.43% (Q3 2025)
- • Eight loan upgrades including six office loans; average risk rating improved to 3.0 from 3.1
BXMT YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
BXMT Revenue by Segment
With YoY comparisons, source: SEC Filings
“BXMT's third quarter results underscore the continued forward momentum across all aspects of our business, including earnings power, investment activity, credit performance, and balance sheet optimization. Our scaled platform with over 160 real estate debt professionals provides differentiated access to a range of compelling investments across the world, driving strong returns for our shareholders.”
— Katie Keenan, Q3 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% |