Q1 26 EPS
$-0.04
MISS 111.38%
Est. $0.35
Q1 26 Revenue
$159.4M
BEAT +80.29%
Est. $88.4M
vs S&P Since Q1 26
-19.8%
TRAILING MARKET
BXMT -15.1% vs S&P +4.7%
Market Reaction
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 … Read more 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.
Key Takeaways
- • 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 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
Q1 2026 vs Q1 2025, source: SEC Filings
BXMT Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Tim Johnson, Q1 2026 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% |