Blackstone Mortgage Trust Earnings Call Transcripts
Fiscal Year 2026
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Q3 brought a $1.95/share GAAP loss, $0.42/share DE before realized items, and a 12% QoQ decline in book value. Legacy exposure fell through loan sales and repayments; the $0.30 dividend is expected to be covered in Q4 and 2027.
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Q2 2026 saw a GAAP net loss of $0.48 per share and distributable earnings of $0.31 per share, with significant portfolio rotation into residential, industrial, and net lease sectors. Office exposure was reduced, impairments increased CECL reserves, and capital is being redeployed into high-conviction strategies.
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The meeting covered director elections, auditor ratification, and executive compensation, with all proposals passing. Voting procedures and governance protocols were followed, and stakeholders had the opportunity for Q&A.
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Reported Q1 GAAP net loss of $0.04 per share, but distributable earnings covered the dividend for the third straight quarter. Portfolio remains strong with new investments, robust liquidity, and a growing net lease segment, despite some loan impairments and market volatility.
Fiscal Year 2025
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Q4 and full-year 2025 saw strong distributable earnings prior to charge-offs, a 99% performing loan portfolio, and significant portfolio rotation into multifamily, industrial, and net lease assets. Book value rose to $20.75 per share, with robust capital markets activity and a 9.5% dividend yield.
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Q3 2025 saw stable book value, strong credit performance, and distributable earnings prior to charge-offs of $0.48 per share, covering the $0.47 dividend. Investment activity was robust, with $1 billion in Q3 and $1.7 billion in the pipeline, while share buybacks accelerated at a discount to book value.
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First quarter results featured strong portfolio turnover, improved credit quality, and robust capital markets activity, with distributable earnings of $0.17 per share and a 95% performing portfolio. Balance sheet strength and diversified investments position the business for continued growth and resilience.
Fiscal Year 2024
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Q4 saw a major turnaround with 49% of impaired loans resolved, portfolio performance at 93%, and book value stable. Liquidity reached record highs, office exposure declined, and a robust pipeline positions the business for growth in 2025.
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Q3 saw strong loan repayments, improved liquidity, and a rebound in real estate values, enabling redeployment into high-return investments. Impaired loan resolutions are accelerating, with earnings expected to rebound in 2025 as capital is redeployed and credit trends improve.
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Reported a Q2 GAAP net loss of $0.35 per share, with 90% of the portfolio performing and strong repayment momentum. Focus remains on resolving non-performing office loans, redeploying capital, and leveraging a $150 million stock buyback amid improving market conditions.