BXMT · Blackstone Mortgage Trust, Inc.

Blackstone Mortgage Trust reported a GAAP net loss of $6.3 million for Q1 2026, or $(0.04) per share, compared to a net loss of $0.4 million in the prior-year quarter. The loss was driven by a $55.1 million increase in current expected credit loss (CECL) reserves and $21.7 million in depreciation and amortization of owned real estate. However, on a distributable earnings basis, which adjusts for non-cash items, the company generated $35.8 million, or $0.21 per share. Distributable EPS prior to realized gains and losses was $0.49, comfortably covering the $0.47 quarterly dividend, equating to a 9.4% annualized yield. The company deployed $0.5 billion in new investments during the quarter, including $0.3 billion in loan originations and $0.2 billion in net lease property acquisitions, with 82% of investments concentrated in industrial, data center, bank loans, and net lease assets. The loan portfolio remained healthy at 98% performing, with over half secured by multifamily or industrial properties. Management highlighted the breadth of the platform, noting over $2 billion in corporate and securitized debt financings completed during the quarter. The balance sheet is well-structured with $1.0 billion in liquidity and no corporate debt maturities until 2027. The company also issued a $1.0 billion reinvesting CRE CLO and repriced its Term Loan B, reducing the spread by 50 basis points. Overall, the results demonstrate strong earnings power from diversified investment activity and prudent credit management.