BLACKSTONE MORTGAGE TRUST, INC.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 11, 2026
BXMT$11.16-2.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-12.
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-11.
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 269 previous paragraphs and 780 current paragraphs.
58 unchanged; 144 reworded; 286 added; 66 removed; 1 previous and 292 current paragraphs rearranged.
Tables are not compared: 28 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (286)
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RESULTS OF OPERATIONS
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estate, with $319.3 billion of investor capital under management as of December 31, 2025. Blackstone Real Estate operates
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as one globally integrated business with 787 real estate professionals globally as of December 31, 2025 and investments in
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North America, Europe, Asia and Latin America. In the United States, Blackstone Real Estate is one of the largest owners
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•GAAP netincome of$109.6 million, or$0.64 per share, Distributable Earnings was a loss of$245.3 million, or
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$1.43 per share, and Distributable Earnings prior to charge-offs of CECL reserves was$317.6 million, or$1.86
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share and accumulated depreciation and amortization of owned real estate assets of $0.47 per share.
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Investment portfolio:
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•Investment Portfolio of$20.0 billion as of December 31, 2025, which consisted of (i) our Loan Portfolio of
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$17.8 billion, which represents net book value less total loans receivable CECL reserves, (ii) our$589.7 million
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share of the carrying value of loans held by the Bank Loan Portfolio Joint Venture, (iii) our$321.1 million share
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of the fair value of assets held by the Net Lease Joint Venture, and (iv) the aggregate carrying value of our owned
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real estate assets of$1.3 billion.
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•Resolved$2.3 billion of impaired loans across 12 transactions during the year. Generated$32.7 million of
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•Acquired or otherwise consolidated five additional owned real estate assets with an aggregate acquisition date fair
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value of$654.3 million. Held 12 owned real estate assets with an aggregate carrying value of$1.3 billion as of
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•Invested$104.3 million into the Net Lease Joint Venture to acquire 178 triple net lease assets at an aggregate price
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of$316.4 million, at share.
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•Invested$102.8 million into our Bank Loan Portfolio Joint Venture to acquiretwo portfolios of performing
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commercial mortgage loans, with an aggregate principal balance of$719.4 million, at share.
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•Refinanced an aggregate$2.2 billion of our corporate debt, reducing cost under our term loan facilities by 0.70%
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while extending the weighted-average maturity by 1.6 years.
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•Lowered the weighted-average credit spread on our$10.1 billion of secured debt to+1.83% over respective
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benchmark rates as of December 31, 2025, relative to+1.92% as of December 31, 2024.
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•Issued a$1.0 billion commercial real estate CLO securitization, further diversifying our balance sheet with a non-
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mark-to-market, non-recourse financing structure.
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•Repurchased$109.4 million of common stock, generating$0.13 of book value per share accretion. Authorized an
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incremental increase to our share repurchase program in October to repurchase up to$150.0 million of common
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stock.
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For thethree months ended December 31, 2025, we recorded basic netearnings per share of$0.24, declared a dividend of
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cumulative CECL reserves of$1.76 per share and accumulated depreciation and amortization of owned real estate assets of
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$0.47 per share.
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thousands, except per share data):
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ultimate realization of the loan.
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our dividends.
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charge-offs had not occurred.
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(3)Represents depreciation of owned real estate assets and amortization of intangible real estate assets and liabilities.
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statements.
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(5)Allocable share of adjustments related to unconsolidated entities for thethree months ended December 31, 2025
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reflects our share of non-cash items such as (i)$(2.0) million of unrealized gains recorded by such unconsolidated
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•Debt-to-equity ratio of 3.5x as of December 31, 2024, down from 3.7x as of December 31, 2023.
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•Borrowed an additional $650.0 million under our senior term loan facilities with an interest rate of SOFR plus 3.75% and maturity in 2028, and issued $450.0 million aggregate principal amount of senior secured notes due 2029, repaying $1.0 billion of term loans with a 2026 maturity.
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•Repurchased $66.9 million of aggregate corporate debt principal at a discount, generating total gain of $5.4 million, and $29.2 million of common stock, generating $0.07 of incremental book value accretion per share.
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II. Loan Portfolio
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During the year ended December 31, 2024, we originated or acquired $431.9 million of loans. Loan fundings during the year totaled $1.6 billion and loan repayments and sales totaled $5.2 billion. We generated interest income of $1.8 billion and incurred interest expense of $1.3 billion during the year, which resulted in $479.1 million of net interest income during the year ended December 31, 2024.
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Portfolio Overview
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(1)Includes new loan originations and acquisitions, and additional commitments made under existing loans.
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(2)Loan fundings during the three months ended and year ended December 31, 2024, include $47.2 million and $181.3 million, respectively, of additional fundings under related non-consolidated senior interests.
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(3)Loan repayments and sales during the year ended December 31, 2024, include $512.1 million of additional repayments or reduction of loan exposure under related non-consolidated senior interests. There were no such related loan repayments during the three months ended December 31, 2024.
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(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $19.2 billion that are included in our consolidated financial statements, (ii) $817.5 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. We have retained an aggregate $228.1 million of subordinate mezzanine loans, as of December 31, 2024, related to non-consolidated senior interests that are included in our balance sheet portfolio.
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(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $19.2 billion that are included in our consolidated financial statements, (ii) $817.5 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 to our consolidated financial statements for further discussion of loan participations sold.
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(3)Includes all impaired loans.
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(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $19.2 billion that are included in our consolidated financial statements, (ii) $817.5 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 to our consolidated financial statements for further discussion of loan participations sold.
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Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information advantages derived from our position as part of Blackstone’s real estate platform. Blackstone’s real estate group is the largest owner of commercial real estate globally with over 12,500 commercial assets and a proven track record of successfully navigating market cycles and emerging stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and gives us the tools to expertly asset manage our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.
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(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $19.2 billion that are included in our consolidated financial statements, (ii) $817.5 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 to our consolidated financial statements for further discussion of loan participations sold.
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(2)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2024, which is our total loan exposure net of (i) $817.5 million of non-consolidated senior interests, (ii) $1.2 billion of asset-specific debt, (iii) $106.7 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $733.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
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During the three months ended December 31, 2024, we recorded a net decrease of $302.9 million in the asset-specific CECL reserve related to our impaired loans. The decrease was primarily driven by the resolution of eight impaired loans during the quarter, resulting in charge-offs of CECL reserves of $294.1 million. This was offset by one additional loan that was impaired during the three months ended December 31, 2024. As of December 31, 2024, the income accrual was suspended on this loan as the recovery of income and principal was doubtful. During the three months ended December 31, 2024, we recorded $3.0 million of interest income on this loan.
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Multifamily Joint Venture
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As of December 31, 2024, our multifamily joint venture held a $43.3 million loan, which is included in the loan disclosures above. As of December 31, 2024, our Multifamily Joint Venture also held a $32.4 million REO asset. Refer to Note 2 to our consolidated financial statements for additional discussion of our multifamily joint venture.
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Portfolio Financing
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Secured Credit Facilities
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During the year ended December 31, 2024, we repurchased an aggregate principal amount of $2.3 million of the B-1 Term Loan at a weighted-average price of 99%, an aggregate principal amount of $30.8 million of the Senior Secured Notes at a weighted-average price of 88%, and an aggregate principal amount of $33.8 million of the Convertible Notes at a weighted-average price of 93%. This resulted in gains on extinguishment of debt of $25,000, $3.3 million, and $2.0 million, respectively, during the year ended December 31, 2024.
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Floating Rate Portfolio
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(4)Excludes $817.5 million of non-consolidated senior interests and $100.1 million of loan participations sold, as of December 31, 2024. Our non-consolidated senior interests and loan participations sold are structurally non-recourse and term-matched to the corresponding loans, and have no impact on our net floating rate exposure.
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Income from loans and other investments, net decreased $191.6 million during the year ended December 31, 2024 compared to the year ended December 31, 2023. The decrease was primarily due to a decline in interest income related to additional loans accounted for under the cost-recovery method during the year ended December 31, 2024, as well as a decrease in the weighted-average principal balance of our loan portfolio by $2.1 billion during the year ended
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Revenue from real estate owned
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Revenue from REO increased by $13.0 million during the year ended December 31, 2024 compared to the year ended December 31, 2023 due to seven REO assets being acquired during the year. There was no revenue from REO during the years ended December 31, 2023 and 2022.
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Other income
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Other income relates to origination, servicing, and other fees recognized in connection with our Agency Multifamily Lending Partnership. Other income increased by $1.1 million during the year ended December 31, 2024 as a result of the referral of four loans pursuant to the Agency Multifamily Lending Partnership that were originated and sold by MTRCC. There was no other income recognized during the years ended December 31, 2023 and 2022.
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During the year ended December 31, 2023, we recognized a gain on extinguishment of debt of $4.6 million related to the repurchase of an aggregate principal amount of $33.9 million of our Senior Secured Notes. There was no repurchase activity or gain on extinguishment of debt in the year ended December 31, 2022.
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During the year ended December 31, 2024, we recorded a $538.8 million increase in our CECL reserves, as compared to a $249.8 million increase during the year ended December 31, 2023. These incremental CECL reserves primarily reflect a
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$163.0 million increase in the specific reserves related to certain impaired loans in our portfolio, most of which were secured by office buildings. The office sector is generally facing reduced tenant and capital markets demand in recent years. These impairments are each determined individually as a result of changes in the specific credit quality factors for such loans. These factors included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. In addition, our general CECL reserves decreased primarily as a result of loan repayments reducing the size of our portfolio during the year ended December 31, 2024.
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During the year ended December 31, 2023, we recorded a $249.8 million increase in our CECL reserves, as compared to a
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$211.5 million increase during the year ended December 31, 2022. These CECL reserves reflect certain impaired loans in
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our portfolio, as well as an additional increase in our CECL reserves due to macroeconomic conditions.
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Loss from unconsolidated entities
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The income tax provision decreased by $3.0 million during the year ended December 31, 2024 as compared to the year ended December 31, 2023, due to a decrease in the income tax provisions related to our taxable REIT subsidiaries.
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The income tax provision increased by $2.4 million during the year ended December 31, 2023 as compared to the year ended December 31, 2022, due to an increase in the income tax provisions related to our taxable REIT subsidiaries.
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During the year ended December 31, 2024, we declared dividends of $2.18 per share, or $377.8 million in aggregate. During the year ended December 31, 2023, we declared dividends of $2.48 per share, or $427.9 million in aggregate. During the year ended December 31, 2022, we declared dividends of $2.48 per share, or $423.6 million in aggregate.
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Income from loans and other investments, net decreased $6.8 million during the three months ended December 31, 2024 compared to the three months ended September 30, 2024. The decrease was primarily due to a decrease in the weighted-average principal balance of our loan portfolio by $1.6 billion during the three months ended December 31, 2024, as well as a decline in interest income related to two additional loans accounted for under the cost-recovery method effective September 30, 2024. This was offset by a decrease in the weighted-average principal balance of our outstanding financing arrangements by $1.1 billion for the three months ended December 31, 2024 compared to the three months ended September 30, 2024.
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
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The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. In addition to historical data, this discussion and analysis contains forward looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from those in this discussion and analysis as a result of various factors, including but not limited to those discussed in Part, 1. Item 1A, “Risk Factors” in this Annual Report on Form 10-K.
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The following discussion should be read in conjunction with the consolidated financial statements and notes thereto
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Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate financing, depending on our view of the most prudent financing option available for each of our investments. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.”
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real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.”
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We benefit from the deep knowledge, experience and information advantages of our Manager, which is a part of Blackstone’s real estate platform. Blackstone’s real estate group is the largest owner of commercial real estate globally with over 12,500 commercial assets and a proven track record of successfully navigating market cycles and emerging stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and we believe gives us the tools to expertly manage the assets in our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.
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of rental housing, industrial, office, hospitality and retail assets. The market-leading real estate expertise derived from the
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We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries.
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exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding
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•GAAP net loss of $204.1 million, or $1.17 per share, Distributable Earnings were a loss of $5.5 million, or $0.03 per share, and Distributable Earnings prior to charge-offs was $372.8 million, or $2.15 per share, with dividends declared of $377.8 million, or $2.18 per share.
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per share, with dividends declared of$320.6 million, or$1.88 per share.
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•Book value per share of $21.87 as of December 31, 2024, which is net of cumulative CECL reserves of $4.31 per share.
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•Book value per share of$20.75 as of December 31, 2025, which is net of cumulative CECL reserves of $1.76 per
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•Portfolio of 130 loans as of December 31, 2024, with a weighted-average origination loan-to-value ratio of 62.6% and weighted-average all-in yield of + 3.76%, excluding impaired, cost-recovery, and non-accrual loans.
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•Loan Portfolio of 131 loans as of December 31, 2025, with a weighted-average origination loan-to-value ratio of
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•Loan originations or acquisitions of $431.9 million.
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•Closed$5.7 billion of loan originations or acquisitions.
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•During the year we realized $5.2 billion of loan repayments and sales, including $2.0 billion of office loans.
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•Realized$6.1 billion of loan repayments and sales, including$2.3 billion of office loans.
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•93% of loans, based on net loan exposure, are performing as of December 31, 2024.
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•99% of loans, based on net loan exposure, are performing as of December 31, 2025.
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•Resolved $1.6 billion of impaired loans across 16 transactions during the year. Generated $34.5 million of incremental book value as aggregate charge-offs of CECL reserves outperformed reserve levels.
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incremental book value as aggregate charge-offs were within CECL reserve levels.
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•Maintained substantial liquidity throughout the year, with liquidity of $1.5 billion as of December 31, 2024.
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•Maintained substantial liquidity throughout the year, with liquidity of$1.0 billion as of December 31, 2025.
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As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per share, dividends declared, Distributable Earnings, Distributable Earnings prior to charge-offs, and book value per share. For the three months ended December 31, 2024, we recorded basic net earnings per share of $0.21, declared a dividend of $0.47 per share, reported $(1.25) per share of Distributable Earnings, and reported $0.44 per share of Distributable Earnings prior to charge-offs. In addition, our book value as of December 31, 2024 was $21.87 per share, which is net of cumulative CECL reserves of $4.31 per share.
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As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per
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As further described below, Distributable Earnings and Distributable Earnings prior to charge-offs are measures that are not prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. Distributable Earnings and Distributable Earnings prior to charge-offs helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations. In addition, Distributable Earnings and Distributable Earnings prior to charge-offs are performance metrics we consider when declaring our dividends.
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As further described below, Distributable Earnings and Distributable Earnings prior to charge-offs are measures that are
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The following table sets forth the calculation of basic net income (loss) per share and dividends declared per share ($ in thousands, except per share data):
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The following table sets forth the calculation of basic net income (loss) per share and dividends declared per share ($ in
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(1)Represents net income (loss) attributable to Blackstone Mortgage Trust. Refer to Note 15 to our consolidated financial statements for the calculation of diluted net (loss) income per share.
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(1)Represents net income (loss) attributable to Blackstone Mortgage Trust. Refer to Note 15 to our consolidated
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Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves are non-GAAP measures. We define Distributable Earnings as GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by our Manager, subject to approval by a majority of our independent directors. Distributable Earnings mirrors the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to charge-offs of CECL reserves is calculated net of the incentive fee expense that would have been recognized if such charge-offs had not occurred.
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Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves are non-GAAP measures. We
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Our CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but realization and non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The timing of any such credit loss realization in our Distributable Earnings may differ materially from the timing of CECL reserves or charge-offs in our consolidated financial statements prepared in accordance with GAAP. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the book value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan.
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Our CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses)
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We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flow from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our class A common stock as historically, over time, Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our class A common stock. Refer to Note 17 to our consolidated financial statements for further discussion of our distribution requirements as a REIT. Further, Distributable Earnings helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations, and is a performance metric we consider when declaring our dividends.
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We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss)
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Furthermore, we believe it is useful to present Distributable Earnings prior to charge-offs of CECL reserves to reflect our direct operating results and help existing and potential future holders of our class A common stock assess the performance of our business excluding such charge-offs. We utilize Distributable Earnings prior to charge-offs of CECL reserves as an additional performance metric to consider when declaring our dividends. Distributable Earnings mirrors the terms of our Management Agreement for purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to charge-offs of CECL reserves is calculated net of the incentive fee expense that would have been recognized if such charge-offs had not occurred.
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Furthermore, we believe it is useful to present Distributable Earnings prior to charge-offs of CECL reserves to reflect our
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Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves do not represent net income (loss) or cash generated from operating activities and should not be considered as alternatives to GAAP net income (loss), or indicators of our GAAP cash flows from operations, measures of our liquidity, or indicators of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves may not be comparable to similar metrics reported by other companies.
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Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves do not represent net income (loss)
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The following table provides a reconciliation of Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves to GAAP net income (loss) ($ in thousands, except per share data):
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The following table provides a reconciliation of Distributable Earnings and Distributable Earnings prior to charge-offs of
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(1)Represents net income (loss) attributable to Blackstone Mortgage Trust.
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(1)Representsnet income (loss) attributable to Blackstone Mortgage Trust.
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(3)Represents realized losses on the repatriation of unhedged foreign currency. These amounts were not included in GAAP net income (loss), but rather as a component of other comprehensive income in our consolidated financial statements.
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(4)Represents realized losses on the repatriation of unhedged foreign currency. These amounts were not included in
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(4)Represents the non-cash portion of income recognized related to our Agency Multifamily Lending Partnership, in which we receive a portion of origination, servicing, and other fees for loans we refer to MTRCC for origination, offset by the related guarantee liability accruals. Refer to Note 2 to our consolidated financial statements for additional information on our Agency Multifamily Lending Partnership.
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Partnership, in which we receive a portion of origination, servicing, and other fees for loans we refer to MTRCC for
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(5)Represents a contingent liability related to a sale of a loan.
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(7)Represents a contingent liability related to a sale of a loan.
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(6)Represents the implied incentive fee expense that would have been incurred if such charge-offs had not occurred, as calculated on a quarterly basis. No incentive fee expense would have been incurred for the nine months ended December 31, 2024 and the $6.3 million would have been incurred in the three months ended March 31, 2024.
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(8)Represents the implied incentive fee expense that would have been incurred if such charge-offs had not occurred, as
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(7)The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of our Convertible Notes then outstanding. Consistent with the treatment of other unrealized adjustments to Distributable Earnings, these potentially issuable shares are excluded until a conversion occurs. Refer to Note 15 to our consolidated financial statements for the calculation of diluted net income per share.
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(9)The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of our
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(1)The book value per share excludes shares issuable from a potential conversion of our Convertible Notes then outstanding. Refer to Note 15 to our consolidated financial statements for the calculation of diluted net income per share.
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(1)The book value per share excludes shares issuable from a potential conversion of our Convertible Notes then
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The following table details our loan origination activity ($ in thousands):
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The following table details our loan portfolio activity ($ in thousands):
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(2)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date. Excludes $208.7 million of unfunded loan commitments related to our non-consolidated senior interests, as these commitments will not require cash outlays from us.
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(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real
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(3)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable to each investment. As of December 31, 2024, substantially all of our loans by total loan exposure earned a floating rate of interest, primarily indexed to SOFR. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.
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(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark
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(5)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable to each loan. As of December 31, 2024, substantially all of our loans by total loan exposure earned a floating rate of interest, primarily indexed to SOFR. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.
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rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable to each loan. As of
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(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans and other investments may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of December 31, 2024, 10% of our loans by total loan exposure were subject to yield maintenance or other prepayment restrictions and 90% were open to repayment by the borrower without penalty.
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(3)Maximum maturity assumes all extension options are exercised by the borrower; however, our loans and other
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(5)Based on LTV as of the dates loans were originated or acquired by us, excluding any loans that are impaired and any junior participations sold.
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(4)Based on LTV as of the dates loans were originated or acquired by us, excluding any loans that are impaired.
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The following table details the index rate floors for our loan portfolio based on total loan exposure as of December 31, 2024 ($ in thousands):
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The following table details the index rate floors for our Loan Portfolio as of December 31, 2025 ($ in thousands):
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(2)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Swiss Franc currencies.
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(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies.
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(4)As of December 31, 2024, the weighted-average index rate floor of our total loan exposure was 1.04%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.65%. As of December 31, 2023, the weighted-average index rate floor of our total loan exposure was 0.56%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.02%.
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(3)As of December 31, 2025, the weighted-average index rate floor of our floating-rate Loan Portfolio principal
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The following table details the floating benchmark rates for our loan portfolio based on total loan exposure as of December 31, 2024 (total loan exposure amounts in thousands):
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The following table details the floating benchmark rates for our Loan Portfolio as of December 31, 2025 (Loan Portfolio
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appearing elsewhere in this Annual Report on Form 10-K. In addition to historical data, this discussion and analysis
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contains forward-looking statements about our business, operations and financial performance based on current
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expectations that involve risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from
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those in this discussion and analysis as a result of various factors, including but not limited to those discussed in Part, 1.
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Item 1A, “Risk Factors” in this Annual Report on Form 10-K.
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strength of the Blackstone platform deeply informs our credit and underwriting process, and we believe it gives us the tools
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to manage the assets in our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.
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company and conduct our business primarily through our various subsidiaries.
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64.9% and weighted-average all-in yield of+3.39%, excluding impaired, cost-recovery, and non-accrual loans.
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share, dividends declared, Distributable Earnings, Distributable Earnings prior to charge-offs, and book value per share.
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$0.47 per share, reported$(2.07) per share of Distributable Earnings, and reported$0.51 per share of Distributable
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Earnings prior to charge-offs. In addition, our book value as of December 31, 2025 was$20.75 per share, which is net of
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not prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP.
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Distributable Earnings and Distributable Earnings prior to charge-offs helps us to evaluate our performance, excluding the
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effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan
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portfolio and operations. In addition, Distributable Earnings and Distributable Earnings prior to charge-offs are
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performance metrics we consider when declaring our dividends.
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financial statements for the calculation of diluted net (loss) income per share.
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define Distributable Earnings as GAAP net income (loss), including realized gains and losses not otherwise recognized in
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current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and
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amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted
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from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as
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determined by our Manager, subject to approval by a majority of our independent directors. Distributable Earnings mirrors
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the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of
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calculating our incentive fee expense. Therefore, Distributable Earnings prior to charge-offs of CECL reserves is calculated
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net of the incentive fee expense that would have been recognized if such charge-offs had not occurred.
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pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit
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losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization
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event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but
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realization and non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due
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will not be collected. The timing of any such credit loss realization in our Distributable Earnings may differ materially from
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the timing of CECL reserves or charge-offs in our consolidated financial statements prepared in accordance with GAAP.
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The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or
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expected to be received, and the book value of the asset, and is reflective of our economic experience as it relates to the
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and cash flow from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a
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useful financial metric for existing and potential future holders of our class A common stock as historically, over time,
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Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute
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annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are
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one of the principal reasons stockholders may invest in our class A common stock. Refer to Note 17 to our consolidated
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financial statements for further discussion of our distribution requirements as a REIT. Further, Distributable Earnings helps
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(3)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.