Blackstone Mortgage Trust Inc

Latest Results (28.11.2025):

Blackstone Mortgage Trust, Inc. reported third-quarter 2025 (Q3 2025) results with net income attributable to the company of $63.4 million. GAAP basic EPS was $0.37; Distributable EPS was $0.24 and Distributable EPS prior to charge-offs was $0.48. The company paid a $0.47 dividend per basic share (a 10.4% annualized yield based on the October 28, 2025 share price) and reiterated strong investment activity, credit improvements and balance sheet optimization.

Key financials

Q3 2025 net income attributable to Blackstone Mortgage Trust, Inc. was $63.4M; GAAP EPS $0.37; Distributable EPS $0.24; Distributable EPS prior to charge-offs $0.48; dividend paid per basic share $0.47.

Dividends & yield

The $0.47 quarterly dividend equates to a 10.4% annualized yield based on the stated $18.14 share price on October 28, 2025.

Portfolio performance & credit

The loan portfolio totaled about $16.8B across 137 loans; performing portfolio improved to 96% (up from 94% last quarter). Impaired loans were down 71% year-over-year and there were no new impaired loans in Q3.

Reserves & book value

CECL reserves decreased QoQ to approximately $712M (about 3.9% of outstanding principal per the report). Book value per share was $20.99 as of September 30, 2025.

Investment activity & pipeline

BXMT invested $1.0B in Q3 (including $0.6B of direct originations, $0.3B share of a bank loan portfolio via the Bank Loan Portfolio JV and $0.1B via the Net Lease JV) and reported an additional $1.7B of originations closed or in closing post-quarter.

Liquidity & capital structure

Quarter-end liquidity was $1.3B with total credit facility capacity of $18.5B (including $7.5B available). Reported debt-to-equity was about 3.5x and BXMT repriced and upsized a $400M Term Loan B, reducing spread by ~100 basis points.

Capital return & buybacks

The company repurchased $77M of common stock in Q3 and Q4 to date at an average price of $18.44 per share, and emphasized redeployment of capital into higher-return originations and loan resolutions.

Other operational notes

BXMT collected $1.6B of loan repayments in Q3 (including $0.3B of office loans), highlighted that ~75% of recent originations were secured by multifamily or diversified industrial portfolios, and noted continued geographic diversification with significant international exposure.