Blackstone Mortgage Trust
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Blackstone Mortgage Trust (BXMT) investor relations material

Blackstone Mortgage Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Q4 2025 GAAP EPS was $0.24, with distributable EPS prior to charge-offs at $0.51; full-year GAAP EPS was $0.64, and distributable EPS prior to charge-offs was $1.86.

  • Reported net income attributable for 2025 was $110 million, reflecting continued positive momentum in the fourth quarter.

  • Book value per share at year-end was $20.75, with a Q4 dividend of $0.47 per share, yielding 9.6% annualized.

  • 99% of the loan portfolio is performing, with a 96% reduction in impaired loan balance from peak.

  • Management highlighted robust capital deployment, improved credit performance, and balance sheet optimization as key drivers.

Financial highlights

  • Net income for the year reached $110 million, with full-year EPS at $0.64.

  • Distributable EPS was $(1.43), while Distributable EPS prior to charge-offs was $1.86.

  • Q4 distributable EPS prior to charge-offs increased 21% from Q1, covering the dividend.

  • Book value per share declined slightly from $21.22 in Q1 to $20.75 at year-end.

  • $109M of class A common stock was repurchased in 2025 at an average price of $18.20.

Outlook and guidance

  • Portfolio repositioning continues, with increased focus on multifamily and industrial sectors.

  • Management expressed confidence in the platform's ability to capture attractive opportunities and deliver for investors.

  • No corporate debt maturities until 2027, supporting near-term financial stability.

  • Anticipate cash flows from owned real estate to decline in Q1 due to seasonal factors but expect positive DE over time.

  • Plan to maintain a diversified investment approach, focusing on risk-adjusted returns and further portfolio diversification.

Reconcile credit performance with full-year charge-offs
Explain dividend coverage given negative Distributable EPS
How does global scale mitigate macro risks?
Describe the long-term portfolio composition
Detail REO exit strategy and capital redeployment
Discuss future capital structure and funding costs
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Frequently asked questions

Blackstone Mortgage Trust Inc is a real estate finance company that originates and manages senior loans secured by commercial real estate assets. It primarily targets floating-rate mortgage loans for institutional-quality properties in major markets. The company is externally managed by a subsidiary of Blackstone. It is headquartered in New York, New York, and its shares are listed on the NYSE.

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