Blackstone Mortgage Trust, Inc. (BXMT) Earnings
Blackstone Mortgage Trust, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.39. BXMT has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +45.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.38 | $0.49 | +28.9% | $159M | +34.1% |
| Feb 11, 2026 | $0.22 | $0.51 | +131.8% | $389M | +283.7% |
| Oct 29, 2025 | $0.19 | $0.24 | +26.3% | $133M | +22.6% |
| Jul 30, 2025 | $0.20 | $0.19 | -5.0% | $134M | +41.2% |
| Apr 30, 2025 | $0.01 | $0.17 | +1600.0% | $127M | +38.0% |
| Feb 12, 2025 | $-0.87 | $0.44 | +150.6% | $114M | +3.5% |
| Oct 23, 2024 | $0.36 | $0.49 | +36.1% | $112M | +1.7% |
| Jul 24, 2024 | $0.50 | $0.56 | +12.0% | $461M | +250.3% |
| Feb 14, 2024 | $0.66 | $0.69 | +4.5% | $154M | -1.8% |
| Oct 25, 2023 | $0.72 | $0.78 | +8.3% | $165M | +1.9% |
| Jul 26, 2023 | $0.69 | $0.79 | +14.5% | $177M | +4.2% |
| Feb 8, 2023 | $0.72 | $0.87 | +20.8% | $191M | +23.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
· BXMT's first quarter results demonstrate the breadth of its platform and ability to execute on both sides of the balance sheet amidst real estate recovery. · Leveraged scale and proprietary sourcing channels to capture attractive investments across sectors, markets, and strategies. · Closed first data center loan and invested in diversified UK bank loan portfolio. · Real estate fundamentals recovering, with REITs outperforming S&P 500. · Portfolio performance: received over $600 million of repayments, resolved impaired hospitality loan, sold multifamily property. · Investments generated levered returns of 900 basis points over base rates. · Actively in capital markets: accretively refinanced $700 million of corporate debt, issued $1.3 billion of securitized debt, added non-mark-to-market credit facility. · Net lease portfolio scaling, reaching $516 million at quarter end with $120 million in closing
Segment performance
For the first quarter, GAAP net loss was $0.04 per share, distributable earnings were $0.21 per share, and distributable earnings prior to realize gains and losses were 49 cents per share. The loan portfolio ended the quarter at $16.4 billion across 130 loans, with more than 50% in multifamily and industrial, and was 98% performing. The net lease portfolio reached $516 million at quarter end, up from $66 million the previous year, with $120 million in closing. The own real estate portfolio generated $14 million of NOI this quarter, with an annualized asset yield on carrying value of approximately 3.5%
Analyst Q&A
Q: Tom Catherwood with BTIG asked about Q1 loan origination activity impact, net lease pipeline and platform advantage.
A: Austin said Q1 origination activity was regular with syndications, net lease pipeline target to grow, and platform has excellent team, experienced individuals, granular investment profile complementing floating rate lending business.
Q: Rick Shane with JPMorgan asked about loan maturities strategy and CECL reserve rate.
A: Marcin said they take active approach with borrowers, general reserve around 100 - 120 basis points, not expecting dramatic change soon.
Q: Chris Muller with Citizens Capital Market asked about bank loan portfolio acquisitions drivers and 10-year impact on borrower sentiment.
A: Tim said bank loan portfolio acquisitions driven by M&A activity, 10-year impact sees capital markets active, CMBS issuance up, credit availability good.
Q: Jade Romani with KBW asked about CECL provision drive and REO portfolio resolution timeline.
A: Marcin said CECL provision had general and specific components, Austin added loans were idiosyncratic, Jade was told patient approach to REO portfolio resolution.
Q: Harsh Hemnani with Green Street asked about SRT transaction collateral geography and data center loan underwriting.
A: Austin said SRT transaction was UK-focused, data center loan underwriting is thoughtful for credit and return.
Q: Don Fandetti with Wells Fargo asked about office market thoughts.
A: Said office market fundamentals improving, leasing activity picking up, capital markets activity solid