Blackstone Mortgage Trust (BXMT) Q2 2026 earnings summary

Executive summary

• Reported a GAAP net loss of $81.2 million or $0.48 per share for Q2 2026, with distributable earnings (DE) of $0.31 per share and DE prior to realized gains/losses of $0.48 per share.

• Paid a dividend of $0.47 per share for the quarter, covered by DE prior to realized gains/losses.

• Executed $1.2 billion in repayments and redeployed $1.4 billion into new investments, focusing on residential, industrial, and net lease sectors.

• Book value per share was $19.31 as of June 30, 2026, reflecting increased CECL reserves and depreciation.

• Management emphasized ongoing portfolio turnover, capital reallocation into high-conviction themes, and reduced office exposure.

Financial highlights

• Q2 2026 GAAP net loss attributable to shareholders was $81.2 million or $(0.48) per share.

• Distributable EPS prior to realized gains and losses was $0.48; Distributable EPS was $0.31; dividend was $0.47 per share.

• Total net revenue for Q2 was $158.1 million, with net interest income of $82.6 million.

• CECL reserves increased to $397.8 million, mainly due to new impairments in office and multifamily loans.

• Investment portfolio totaled $19.7 billion as of June 30, 2026.

Outlook and guidance

• Management expects continued volatility in CECL reserves and potential further loan impairments, especially in the office sector.

• Capital deployment will remain focused on high-conviction themes, particularly residential, industrial, and net lease sectors.

• Targeting a significant reduction in office and legacy pre-2023 loan exposure by year-end.

• Dividend policy remains focused on distributing substantially all taxable income, with short-term impacts from impairments and repayments evaluated by the board.

• Forward-looking statements highlight risks from macroeconomic conditions, including interest rate changes.