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Blackstone Mortgage Trust (BXMT) investor relations material
Blackstone Mortgage Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 reported GAAP net income of $63.4 million or $0.37 per share, with distributable earnings of $0.24 per share and $0.48 per share prior to charge-offs, covering the $0.47 dividend.
Book value per share was $20.99 at quarter-end, reflecting strong credit performance and $4.16 per share in CECL reserves.
Robust investment activity included $1 billion in Q3 and $1.7 billion in originations closed or in closing post-quarter end.
Leadership transition announced, with Katie Keenan stepping down as CEO and Tim Johnson appointed as incoming CEO.
The company operates as a REIT, distributing most taxable income as dividends and focusing on senior loans secured by institutional assets in major markets across North America, Europe, and Australia.
Financial highlights
Distributable earnings prior to charge-offs increased by $0.03 from the prior quarter.
Dividend of $0.47 per share paid, with a 10.4% annualized yield and 8% annualized economic return to stockholders in Q3.
Repurchased $77 million of common stock in Q3 and Q4 to date at an average price of $18.44 per share, with nearly $140 million repurchased since 2024 program inception.
CECL reserves declined to $712 million, representing 3.9% of outstanding principal balance, with a net reversal of $11 million in specific reserves.
Net income for Q3 2025 was $63.4 million, compared to a net loss of $55.8 million in Q3 2024.
Outlook and guidance
Expectation to close over $7 billion of new investments in 2025, diversifying the portfolio and enhancing credit composition.
Management expects continued improvement in commercial real estate markets, supported by declining interest rates and low new supply.
Focus remains on capital redeployment, share buybacks, and loan resolutions above carrying value to support earnings and book value.
Continued confidence in dividend sustainability, with further earnings potential from redeploying capital from REO and impaired loans.
Anticipate additional resolutions of impaired loans and further credit improvements in coming quarters.
Impact of charge-offs on Distributable EPS?
Detail compelling investments driving returns.
Impact of interest rate changes on portfolio?
Share buyback strategy vs. new investments?
Strategic role of fixed-rate investments?
Office portfolio credit outlook?
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Next Blackstone Mortgage Trust earnings date
Q4 202511 Feb, 2026
Next Blackstone Mortgage Trust earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
Blackstone Mortgage Trust Inc is a real estate finance company that originates and manages senior loans secured by commercial real estate assets. It primarily targets floating-rate mortgage loans for institutional-quality properties in major markets. The company is externally managed by a subsidiary of Blackstone. It is headquartered in New York, New York, and its shares are listed on the NYSE.
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