Blackstone Mortgage Trust (BXMT) Q1 2026 earnings summary

Executive summary

• Reported a GAAP net loss of $6.3 million or $0.04 per share for Q1 2026, with distributable EPS of $0.21 and distributable EPS prior to realized gains and losses of $0.49, covering the $0.47 per share dividend for the third consecutive quarter.

• Paid a $0.47 per share dividend, yielding approximately 9.5%.

• Portfolio ended the quarter just under $20 billion, with $540 million of new investments, including $275–$300 million in loan originations and $197–$200 million in net lease acquisitions.

• 98% of the loan portfolio is performing, with over half secured by multifamily and industrial assets.

• The company operates as a REIT, distributing most taxable income as dividends, and is externally managed.

Financial highlights

• Book value per share at quarter end was $20.20, down 2.7% from the prior period, mainly due to increased CECL reserves and depreciation.

• Levered returns on investments were 900 basis points over base rates, with average levered loan spread at +9.3%.

• Debt-to-equity ratio was 3.7x at quarter end, with $1 billion in liquidity.

• Net revenues were $159.4 million, up year-over-year, driven by higher revenue from owned real estate.

• $46 million of realized losses related to the resolution of an impaired San Francisco hotel loan.

Outlook and guidance

• Forward pipeline remains strong with over $1 billion closed or in closing for Q2.

• Management expects continued volatility in CECL reserves due to incremental loan impairments and market conditions.

• Portfolio repositioning continues, with increased allocation to multifamily and industrial sectors.

• Net lease portfolio targeted to grow to at least 10% of the overall portfolio over time.

• Continued focus on redeploying capital from owned real estate to higher-yielding new originations.