10-Q · April 29, 2026
Blackstone Mortgage Trust (BXMT) reported Q1 2026 revenues of $369 million, a decrease of 8% from the previous quarter and a drop of 15% year-over-year. The gross margin increased significantly to 34.4%, while diluted…
BXMT earnings analysis
10-Q · Filed October 29, 2026 · Our reading of the company's report
The latest report
The provided 10-Q excerpt does not include the current-quarter income statement, balance sheet, cash flow statement, segment results, or MD&A operating metrics, so revenue, margins, EPS, free cash flow, and…
Read full summary
The provided 10-Q excerpt does not include the current-quarter income statement, balance sheet, cash flow statement, segment results, or MD&A operating metrics, so revenue, margins, EPS, free cash flow, and period-over-period trends cannot be determined. The filing shows a predominantly floating-rate portfolio, with 96% of loans earning floating-rate interest, but liabilities exceeded floating-rate assets by $184.2 million and a 100-basis-point rate increase is projected to reduce 12-month net interest income by $1.5 million. Credit risk remains significant, with a $444.5 million CECL reserve covering 12 loans, while management reported no material changes to previously disclosed risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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96% of Loans Are Floating Rate
The portfolio remained predominantly floating rate: 96% of loans by principal balance earned floating-rate interest as of September 30, 2026. Management states that rising rates generally increase net income, although the net exposure was liability-sensitive by $184.2 million.
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Quantified Rate Sensitivity
The filing estimates that a 50-basis-point increase in rates would reduce 12-month net interest income by $0.7 million, while a 100-basis-point increase would reduce it by $1.5 million, reflecting the liability-sensitive net exposure.
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$36 Million of Share Repurchases
BXMT repurchased 2,553,362 shares during the quarter at an average price of $14.09 per share. The remaining authorization was $109.816 million at September 30, 2026.
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No Material Legal Proceedings
The company reported no material legal proceedings as of September 30, 2026, and management concluded that disclosure controls were effective at quarter-end.
What to watch
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Liability-Sensitive Interest Exposure
Floating-rate liabilities exceeded floating-rate assets by $184.2 million. A 100-basis-point rate increase is projected to reduce 12-month net interest income by $1.5 million, while a 100-basis-point decrease is projected to increase it by $9.5 million.
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Large Credit Loss Reserves
Credit deterioration remains material: BXMT had a $444.5 million asset-specific CECL reserve related to 12 loans with an aggregate $1.3 billion amortized cost basis, net of cost-recovery proceeds.
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CRE and Borrower Default Risk
The filing states there were no material changes to the risk factors disclosed in the 2025 Form 10-K. However, the company continues to identify borrower non-performance and commercial real estate stress as risks; $1.3 billion of floating-rate impaired loans were excluded from the rate-sensitivity asset calculation.
Management's outlook
The provided filing text does not contain quantitative revenue or EPS guidance. The filing states that 96% of loans by principal balance earned floating rates as of September 30, 2026 and provides interest-rate sensitivity analysis, but no formal earnings outlook.
Earlier filings 4
10-K · February 11, 2026
Blackstone Mortgage Trust (BXMT) positions itself as an externally managed, Blackstone‑backed REIT that primarily originates, acquires and manages senior, mostly floating‑rate commercial mortgage loans in North America,…
10-Q · October 29, 2025
Blackstone Mortgage Trust reported a materially improved quarter: net income of $63,408,000 and diluted EPS of $0.37 for Q3 2025, reversing a Q3 2024 loss of $(55,844,000) and $(0.32) per share. Total net revenues rose…
10-K · February 12, 2025
Blackstone Mortgage Trust (BXMT) positions itself as an externally managed, Blackstone-backed REIT focused on originating and acquiring senior, largely floating-rate commercial mortgage loans in North America, Europe…
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