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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.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.
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