Blackstone Mortgage Trust Inc - Class A
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.60%.
Did BXMT Beat Earnings? Q1 2026 Results
Blackstone Mortgage Trust delivered a sharply mixed first quarter for fiscal 2026, posting a GAAP loss of $0.04 per share that missed the $0.35 consensus estimate by 111.38%, even as revenue of $159.41 million cleared expectations by 80.29% and more than doubled year-over-year, rising 106.1% from the prior-year period. The headline loss was driven primarily by a $55.05 million increase in the company's CECL reserve, which overwhelmed otherwise stronger operating results; on a non-GAAP basis, Distributable EPS prior to realized gains and losses came in at $0.49, comfortably covering the $0.47 quarterly dividend. Revenue growth was fueled by a near-doubling of owned real estate revenue to $74.59 million from $37.03 million a year ago, reflecting BXMT's expanding net lease and owned property strategy. With over $1.00 billion of new investments closed or in closing subsequent to quarter-end, no corporate debt maturities until 2027, and $1.00 billion of liquidity on hand, management signaled confidence in continued deployment momentum through the remainder of the year.
- Near-doubling of owned real estate revenue year-over-year to $74.6M from $37.0M
- 98% performing loan portfolio with over half secured by multifamily and industrial assets
- Diversification into complementary strategies including net lease and bank loan portfolio investments
- Loan resolutions and new vintage investments supporting earnings power
- $0.6B of repayments with 54% from office loans, de-risking office exposure
- 86% non-mark-to-market debt structure providing balance sheet stability
“BXMT's first quarter results clearly demonstrate the breadth of our platform as we captured differentiated investments across diversified strategies and markets and completed over $2 billion in corporate and securitized debt financings. These initiatives on both sides of the balance sheet are driving strong earnings power and long-term shareholder value.”
Blackstone Mortgage Trust CEO, on the earnings call
Forward Guidance & Outlook
BXMT noted over $1.0 billion of new investments have closed or are in the process of closing subsequent to quarter-end, signaling continued deployment activity. The company emphasized its strong earnings power with Distributable EPS prior to realized gains and losses of $0.49 covering the $0.47 dividend. The company highlighted no corporate debt maturities until 2027, stable liquidity of $1.0 billion, and over $9.0 billion of availability across 16 bank counterparties, positioning it for continued investment activity.
BXMT YoY Financials
BXMT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.