second-quarter 2026
Filed Jul 30, 2026Blackstone Mortgage Trust Reports Second-Quarter 2026 Results
The company reported a GAAP net loss attributable to Blackstone Mortgage Trust of $81.2 million and GAAP EPS of $(0.48), while reporting non-GAAP Distributable EPS of $0.31 and Distributable EPS prior to realized gains and losses of $0.48.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net loss attributable to Blackstone Mortgage TrustGAAP | $81.2 million | – | – |
| EPSGAAP | $(0.48) | – | – |
| Distributable EPSnon-GAAP | $0.31 | – | – |
| Distributable EPS prior to realized gains and lossesnon-GAAP | $0.48 | – | – |
| Dividends paid per basic shareother | $0.47 | – | – |
Capital returns
- Dividends paid per basic share were $0.47.
What drove it
- Management cited continued execution of its goal of accelerating portfolio turnover and reallocating capital into high-conviction investment themes.
- Management cited a well-structured balance sheet and the resources of Blackstone’s global platform as positioning the company to pursue strategic initiatives and market opportunities.
Concerns
- The quarter produced a net loss attributable to Blackstone Mortgage Trust of $81.2 million and GAAP EPS of $(0.48).
- Distributable EPS was $0.31, while Distributable EPS prior to realized gains and losses was $0.48, highlighting the reported impact of realized gains and losses on the former non-GAAP measure.
- The filing provides no portfolio, credit-performance, liquidity, debt, revenue, expense, cash-flow, or forward-guidance detail.
What to watch
- Portfolio turnover and the redeployment of capital into management’s identified high-conviction investment themes.
- The relationship between GAAP results, Distributable EPS, and Distributable EPS prior to realized gains and losses.
- Additional portfolio and balance-sheet detail in the full second-quarter 2026 presentation referenced by the company.
Analysis
Blackstone Mortgage Trust reported a mixed second quarter of 2026. The filing reports a GAAP net loss attributable to Blackstone Mortgage Trust of $81.2 million and GAAP EPS of $(0.48). At the same time, the company reported non-GAAP Distributable EPS of $0.31 and non-GAAP Distributable EPS prior to realized gains and losses of $0.48.
The disclosed non-GAAP measures indicate that realized gains and losses were a material item in the quarter’s reported earnings presentation. The release states that a reconciliation of Distributable EPS and Distributable EPS prior to realized gains and losses to net income attributable to Blackstone Mortgage Trust is available in the company’s full detailed second-quarter 2026 presentation, but that reconciliation is not included in this filing text.
Management characterized its operating focus as accelerating portfolio turnover and reallocating capital into high-conviction investment themes. The CEO also emphasized the company’s balance-sheet structure and Blackstone’s global platform resources. The release does not provide quantitative evidence on loan originations, repayments, asset mix, credit performance, financing costs, liquidity, debt, or changes in the investment portfolio.
Capital returns disclosed in the release consist of dividends paid of $0.47 per basic share. The filing does not provide a revenue figure, margins, operating income, cash flow, repurchases, balance-sheet balances, or outlook. As a result, the key reported points for investors are the GAAP loss, the distinction between the two disclosed non-GAAP per-share measures, the dividend paid, and management’s stated plan to increase portfolio turnover and redeploy capital.
Management, verbatim
BXMT’s second quarter results reflect continued execution of our goal of accelerating portfolio turnover and reallocating capital into high-conviction investment themes. With a well-structured balance sheet and the resources of Blackstone’s global platform, we are well positioned to drive our strategic initiatives forward and capture attractive opportunities in the market today.
Tim Johnson, Chief Executive Officer
Not in the filing
stated, not guessed- Period-end date
- Total revenue
- Revenue comparisons and growth rates
- Segment revenue and segment comparisons
- Gross profit or gross margin
- Operating expenses
- Operating income
- Net income reconciliation and detailed realized gains and losses
- Weighted-average shares outstanding
- Prior-year and prior-quarter EPS comparisons
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Debt and financing balances
- Liquidity
- Loan portfolio balance and composition
- Loan originations, repayments, and credit-performance metrics
- Share repurchases
- Forward guidance
- Prior guidance for comparison
- Detailed reconciliation of non-GAAP Distributable EPS measures to GAAP net income attributable to Blackstone Mortgage Trust
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.