Blackstone Mortgage Trust Inc

Latest Results (25.02.2026):

Blackstone Mortgage Trust, Inc.'s fourth-quarter and full-year 2025 results show improving operating momentum: full-year net income attributable to the company was about $110 million (GAAP EPS $0.64), with full-year Distributable EPS of $(1.43) and Distributable EPS prior to charge-offs of $1.86. For Q4 2025, GAAP EPS was $0.24, Distributable EPS was $(2.07) and Distributable EPS prior to charge-offs was $0.51; the company paid a Q4 dividend of $0.47 (a 9.6% annualized yield based on the referenced share price).

Key full-year and Q4 financials

Full-year 2025 net income attributable to Blackstone Mortgage Trust, Inc. ≈ $110M; GAAP EPS $0.64. Full-year Distributable EPS $(1.43); Distributable EPS prior to charge-offs $1.86. Q4 2025 GAAP EPS $0.24; Q4 Distributable EPS $(2.07); Q4 distributable prior to charge-offs $0.51. Total dividends paid per basic share for the year: $1.88.

Dividend and shareholder returns

Paid a Q4 dividend of $0.47 per share (reported as a 9.6% annualized yield on the cited share price). In 2025 BXMT repurchased $109M of Class A common stock at a weighted-average price of $18.20, supporting per‑share economics alongside redeployment of capital.

Investment activity and portfolio size

Investment portfolio totaled $20.0B at year-end. Total 2025 investments were $6.8B (including $5.7B of loan originations, ~$0.7B share of bank loan portfolios acquired at discounts, and ~$0.3B share of net-lease acquisitions). Q4 originations were $1.4B and were 100% secured by multifamily or diversified industrial assets.

Credit performance

Loan portfolio performing rate improved to 99% (up from 96% in Q3). BXMT resolved ~$0.6B of impaired loans in Q4, amounting to a 96% reduction in impaired loan balance from the Q3’24 peak. No new watchlist or impaired loans were added in Q4 and the credit weighted-average risk rating remained stable at 3.0.

Reserves and earnings adjustments

CECL reserves declined materially year‑over‑year (reported down ~60% to roughly $296M) and included a ~$33M net reversal from loan resolutions executed above carrying value in 2025. BXMT presents Distributable Earnings both including and prior to CECL charge-offs to show operating earnings power excluding realized credit charge-offs.

Capital structure & liquidity

Reported liquidity of $1.0B in cash plus $7.0B+ of available capacity across 15 bank counterparties. Over 80% of debt is non‑mark‑to‑market at year‑end. BXMT extended/repriced $2.8B of Term Loan B since YE’24 (reducing spread by ~89 bps) and has no corporate debt maturities until 2027; reported debt‑to‑equity ratio ~3.9x.

Portfolio diversification and metrics

At year‑end BXMT’s portfolio comprised 131 loans diversified across geography and property types; ~50% of loan exposure was to multifamily or industrial. Weighted-average loan characteristics: ~65% origination LTV and ~3.2% coupon / ~3.4% all‑in yield on the consolidated loan portfolio (weighted averages as reported).

Investor access and materials

BXMT issued a full presentation and will host (or hosted) a conference call/webcast to discuss Q4 and full‑year 2025 results; the presentation and replay are available on the company website (www.bxmt.com) and the company provided a webcast registration link in its release.