Q4 25 EPS
$0.24
MISS 11.11%
Est. $0.27
Q4 25 Revenue
$159.3M
BEAT +51.84%
Est. $104.9M
vs S&P Since Q4 25
-18.4%
TRAILING MARKET
BXMT -10.8% vs S&P +7.6%
Full Year 2025 Results
FY 25 EPS
$0.64
MISS 26.09%
Est. $0.87
FY 25 Revenue
$552.8M
BEAT +33.78%
Est. $413.2M
Market Reaction
Did BXMT Beat Earnings? Q4 2025 Results
Blackstone Mortgage Trust delivered a sharply mixed fourth quarter, posting GAAP EPS of $0.24 against a consensus estimate of $0.41, a miss of 41.46%, even as revenue of $159.32 million cleared expectations by 38.37% and rose 39.2% year over year. Th… Read more Blackstone Mortgage Trust delivered a sharply mixed fourth quarter, posting GAAP EPS of $0.24 against a consensus estimate of $0.41, a miss of 41.46%, even as revenue of $159.32 million cleared expectations by 38.37% and rose 39.2% year over year. The headline earnings shortfall was driven by $433.92 million in CECL reserve charge-offs tied to loan principal deemed non-recoverable, which pushed distributable EPS including charge-offs to a deeply negative $2.07 for the quarter; stripping those out, distributable EPS prior to charge-offs reached $0.51, covering the $0.47 quarterly dividend and signaling underlying earnings power that management argues is improving. Credit quality told a more encouraging story, with the loan portfolio reaching 99% performing status by year-end and impaired loan balances shrinking 96% from their Q3 2024 peak to just $100 million. Some analysts have flagged that dividend sustainability remains sensitive to ongoing credit losses, a risk that lingered even as management pointed to robust capital deployment, balance sheet optimization, and diversified originations across multifamily and industrial assets as drivers of continued positive momentum heading into 2026.
Key Takeaways
- • Robust capital deployment of $6.8B in total 2025 investments driving earnings power
- • Q4 Distributable EPS prior to charge-offs of $0.51, up 21% from Q1, covering $0.47 dividend
- • Credit performance improvement with 99% performing loan portfolio, up from 96% in Q3
- • 96% reduction in impaired loan balance from Q3 2024 peak
- • CECL reserves decreased 60% year-over-year to $296M
- • Six loan upgrades in Q4 with no new watchlist or impaired loans
- • Repricing of $2.8B Term Loan B reducing spread by 89bps
- • $109M of share repurchases at weighted-average price of $18.20 per share
BXMT YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
BXMT Revenue by Segment
With YoY comparisons, source: SEC Filings
“BXMT's strong fourth quarter results demonstrate continued positive momentum, with robust capital deployment across diversified investments, improved credit performance, and balance sheet optimization driving earnings power and dividend coverage. We believe the global scale of our platform continues to uniquely position BXMT to capture attractive opportunities and deliver for our investors.”
— Tim Johnson, Q4 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% |