BLACKSTONE MORTGAGE TRUST, INC.
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 30, 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-Q
Period ended 2026-03-31; filed 2026-04-29.
0001061630-26-000029
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
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Item 2. 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 783 previous paragraphs and 813 current paragraphs.
552 unchanged; 169 reworded; 83 added; 56 removed; 6 previous and 9 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 (83)
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including our share related to unconsolidated entities, of$0.76 per share.
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except per share data):
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(1)Representsnet loss attributable to Blackstone Mortgage Trust, Inc. Refer to Note 14 to our consolidated financial
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statements for the calculation of dilutednet loss per share.
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chart, which includes our Homebuilder Finance Joint Venture and investment in debt securities.
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$1.2 billion.
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had a risk rating of “4.” This loan was not impaired as of June 30, 2026 as we expect to fully recover all contractual
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capitalized, and experienced sponsors.
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aggregate amortized cost basis of$502.0 million that were impaired during thethree months ended June 30, 2026, of which
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two are secured by office properties, and the other is secured by an office/mixed-use asset. The office sector recovery in
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certain markets has continued to lag other commercial real estate sectors, which has, in certain cases, extended business
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plans on transitional properties and impacted their performance, affecting some borrowers’ willingness and ability to
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continue to support their assets. Impairments are determined individually as a result of changes in specific credit quality
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factors for such loans. These factors include, among others, (i) the performance of the underlying property collateral, (ii)
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discussions with the borrower, (iii) borrower events of default, and (iv) other facts and circumstances affecting the
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borrower’s willingness and ability to satisfy its contractual obligations under the terms of the loan. During thethree months
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decrease in our general CECL reserve was primarily driven bychanges in risk ratings, and a decrease in our loans
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receivable balance, partially offset by new loan originations and an increase in the historical loss rate used in reserve
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calculations related to the additional CECL reserve charge-offs.
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months ended June 30, 2026, we didnot receive any cash proceeds from such loans that would have been applied as a
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Bank Loan Portfolio Joint Venture was$502.2 million.
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Our Bank Loan Portfolio Joint Venture is recorded on our consolidated balance sheets ininvestments in unconsolidated
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entities. As of June 30, 2026, our investment in the joint venture totaled$99.8 million. During thesix months ended
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$9.0 million ofincome from unconsolidated entities in our consolidated statements of operations.
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consolidated balance sheets ininvestments in unconsolidated entities. As of June 30, 2026, our investment in the joint
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venture totaled$185.9 million. During thesix months ended June 30, 2026, we contributed$100.0 million to the joint
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Homebuilder Finance Joint Venture
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advised investment vehicle, to acquire an initial $286.7 million portfolio of construction loans collateralized by single
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family homes, and to continue to acquire and fund such loans in the future, or our Homebuilder Finance Joint Venture. The
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loans are secured by single family homes under construction that are located throughout various markets in the United
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share of the fair value of the loans held by our Homebuilder Finance Joint Venture was$149.1 million.
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Our Homebuilder Finance Joint Venture is recorded on our consolidated balance sheets ininvestments in unconsolidated
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entities. As of June 30, 2026, our investment in the joint venture totaled$36.3 million. During thethree andsix months
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ended June 30, 2026, we made$36.0 million of contributions to the joint venture, didnot receive any distributions, and
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recorded$0.3 million ofincome from unconsolidated entities in our consolidated statements of operations.
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on a pro rata basis.
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any loans to MTRCC.
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(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of
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facility lenders.
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average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all
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assets of$0.57 per share.
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thousands, except per share data):
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(1)Represents net (loss) income attributable to Blackstone Mortgage Trust. Refer to Note 14 to our consolidated
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financial statements for the calculation of diluted net (loss) income per share.
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$630.9 million.
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aggregate amortized cost basis of$156.7 million were in default. With respect to one of these loans, the default was a
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technical default as a result of the non-payment of an extension fee, the loan was not past its maturity date and was current
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experienced sponsors.
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capital, or other mitigating factors.
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estate asset. This was largely offset by additions to our asset-specific CECL reserve related totwo additional loans with a
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total amortized cost basis of$284.8 million that were impaired during thethree months ended March 31, 2026. The income
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months ended March 31, 2026, we received an aggregate$0.5 million of cash proceeds from such loans that were applied
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Bank Loan Portfolio Joint Venture was$553.4 million.
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Our Bank Loan Portfolio Joint Venture is recorded on our consolidated balance sheets as an investment in unconsolidated
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entities. As of March 31, 2026, our investment in the joint venture totaled$101.3 million. During thethree months ended
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recorded$0.9 million ofincome from unconsolidated entities in our consolidated statements of operations.
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consolidated balance sheets as an investment in unconsolidated entities. As of March 31, 2026, our investment in
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unconsolidated entities related to the joint venture totaled$143.1 million. During thethree months ended March 31, 2026,
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refer any loans to MTRCC.
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(2)Represents the amount of new borrowings we closed during thethree months ended March 31, 2026.
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(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.
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securitized debt obligations.
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(3)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts
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statements for further information.
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Refer to Note 2, Note 10, Note 11, and Note 12 to our consolidated financial statements for further discussion of our Term
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Income from loans and other investments, netincreased$0.9 million during thethree months ended March 31, 2026
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primarily due to the issuance of our FL6 CLO and B-9 Term Loan. This increase was partially offset by (i) a
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$490.3 million decrease in the weighted-average principal balance of our loan portfolio, and(ii) declines in floating-rate
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indices.
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Revenue from owned real estate decreased by$0.8 million during thethree months ended March 31, 2026 compared to the
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hospitality assets. This was partially offset by the acquisition or consolidation oftwo owned real estate assets during the
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three months ended December 31, 2025, as thethree months ended March 31, 2026 reflected a full quarter of income
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recognition compared to a partial period during thethree months ended December 31, 2025.
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compared to thethree months ended December 31, 2025, primarily due to a$6.9 million increase in expenses from owned
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real estate mainly as a result of the acquisition or consolidation oftwo owned real estate assets during thethree months
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ended December 31, 2025, as thethree months ended March 31, 2026 reflected a full quarter of expense recognition
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compared to a partial period during thethree months ended December 31, 2025, which was partially offset by the benefit
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loans that were impaired during thethree months ended March 31, 2026, and (ii) anincrease in our general CECL reserves
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driven bynew loan originations.
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compared to$7.3 million during thethree months ended December 31, 2025. This decrease was primarily due to lower
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per share. For thethree months ended March 31, 2026, we recorded basic netloss per share of$0.04, declared a dividend
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per share. For thethree months ended June 30, 2026, we recorded basic netloss per share of$0.48, declared a dividend of
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of $0.47 per share, reported$0.21 per share of Distributable Earnings, and reported$0.49 per share of Distributable
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$0.47 per share, reported$0.31 per share of Distributable Earnings, and reported$0.48 per share of Distributable Earnings
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Earnings prior to realized gains and losses. In addition, our book value as of March 31, 2026 was$20.20 per share, which
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prior to realized gains and losses. In addition, our book value as of June 30, 2026 was$19.31 per share, which is net of
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is net of cumulative CECL reserves of$1.80 per share and accumulated depreciation and amortization of owned real estate
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cumulative CECL reserves of$2.43 per share, and accumulated depreciation and amortization of owned real estate assets,
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America, or GAAP. Distributable Earnings and Distributable Earnings prior to realized gains and losses helps us to
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America, or GAAP. Distributable Earnings and Distributable Earnings prior to realized gains and losses help us to evaluate
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evaluate our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not
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our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily
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necessarily indicative of our current investments and operations. In addition, Distributable Earnings and Distributable
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indicative of our current investments and operations. In addition, Distributable Earnings and Distributable Earnings prior to
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Earnings prior to realized gains and losses are performance metrics we consider when declaring our dividends.
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realized gains and losses are performance metrics we consider when declaring our dividends.
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The following table sets forth the calculation of basic net income (loss) per share and dividends declared per share ($ in
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The following table sets forth the calculation of basicnet loss per share and dividends declared per share ($ in thousands,
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(1)Representsnet (loss) income attributable to Blackstone Mortgage Trust.
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(1)Representsnet loss attributable to Blackstone Mortgage Trust, Inc.
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(5)Represents realized losses on the repatriation of unhedged foreign currency. These amounts were not included in
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(5)Represents realized (losses) gains on the repatriation of unhedged foreign currency. These amounts were not
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GAAPnet (loss) income, but rather as a component of other comprehensive income in our consolidated financial
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included in GAAPnet loss, but rather as a component of other comprehensive income in our consolidated financial
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our share of non-cash items such as (i)$3.2 million of unrealized losses recorded by such unconsolidated entities,
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our share of non-cash items such as (i)$(3.8) million of unrealized gains recorded by such unconsolidated entities,
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(ii) $3.1 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the
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(ii) $4.3 million of depreciation and amortization, and (iii) related adjustments for realized gains, if any. For the
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three months ended December 31, 2025, reflects our share of non-cash items such as (i)$(2.0) million of unrealized
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three months ended March 31, 2026, reflects our share of non-cash items such as (i)$3.2 million of unrealized losses
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gains recorded by such unconsolidated entities, (ii)$2.0 million of depreciation and amortization, and (iii) related
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recorded by such unconsolidated entities, (ii)$3.1 million of depreciation and amortization, and (iii) related
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Our Investment Portfolio consists of our Loan Portfolio, our investments in our Bank Loan Portfolio Joint Venture and Net
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Our Investment Portfolio consists of our Loan Portfolio, our investments in our Bank Loan Portfolio Joint Venture, Net
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Lease Joint Venture, our owned real estate assets, and our investments in debt securities. The chart below details the
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Lease Joint Venture and Homebuilder Finance Joint Venture, our owned real estate assets, and our investment in debt
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composition of our Investment Portfolio as of March 31, 2026:
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securities. The chart below details the composition of our Investment Portfolio as of June 30, 2026:
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(1)Our Investment Portfolio reflects the gross amount of our investments as of March 31, 2026, which consists of (i)
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(1)Our Investment Portfolio reflects the gross amount of our investments as of June 30, 2026, which consists of (i) our
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our Loan Portfolio, which represents net book value less total loans receivable CECL reserves, (ii) our share of the
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Loan Portfolio, which represents net book value less total loans receivable CECL reserves, (ii) our share of the
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by our Bank Loan Portfolio Joint Venture, (iv) the aggregate carrying value of our owned real estate assets, and (v)
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by both our Bank Loan Portfolio Joint Venture and Homebuilder Finance Joint Venture, (iv) the aggregate carrying
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the fair value of our investments in debt securities.
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value of our owned real estate assets, and (v) the fair value of our investments in debt securities.
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(3)Investment types that represent less than 1% of our Investment Portfolio are excluded from the chart.
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(3)Investment types that represent less than 1% of our Investment Portfolio are included in Other Investments in the
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During thethree months ended March 31, 2026, we originated or acquired$274.9 million of loans, inclusive of additional
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During thethree months ended June 30, 2026, we originated or acquired$1.2 billion of loans, inclusive of additional
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During thethree months ended March 31, 2026, loan fundings totaled$295.9 million and loan repayments and sales totaled
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During thethree months ended June 30, 2026, loan fundings totaled$1.2 billion and loan repayments and sales totaled
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(1)Excludes amounts for loans held by our Bank Loan Portfolio Joint Venture, which are included in investments in
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(1)Excludes amounts for loans held by our Bank Loan Portfolio Joint Venture and Homebuilder Finance Joint Venture,
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unconsolidated entities on our consolidated balance sheets.
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which are included ininvestments in unconsolidated entities on our consolidated balance sheets.
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methods, if any. As of March 31, 2026, 41% of our loans by principal balance were subject to yield maintenance or
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methods, if any. As of June 30, 2026, 47% of our loans by principal balance were subject to yield maintenance or
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other prepayment restrictions and 59% were open to repayment by the borrower without penalty.
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other prepayment restrictions and 53% were open to repayment by the borrower without penalty.
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(3)As of March 31, 2026, the weighted-average index rate floor of our floating-rate Loan Portfolio principal balance
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(3)As of June 30, 2026, the weighted-average index rate floor of our floating-rate Loan Portfolio principal balance was
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was 1.40%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was
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1.53%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 2.11%.
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As of March 31, 2026, 98% of our loans, based on net loan exposure, were performing with risk ratings of “1” through “4,”
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As of June 30, 2026, 97% of our loans, based on net loan exposure, were performing with risk ratings of “1” through “4,”
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and the remaining 2% were impaired with a risk rating of “5.” As of March 31, 2026, two of our performing loans with an
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and the remaining 3% were impaired with a risk rating of “5.” As of June 30, 2026, one of our performing loans with an
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on its interest payments. The other loan was in payment default and was less than 90 days past due on its interest payment.
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amortized cost basis of$148.8 million was in payment default, was less than 90 days past due on its interest payment, and
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Both of these loans had a risk rating of “4.” All other borrowers under performing loans were in compliance with the
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principal and interest amounts due under the loan agreement. All other borrowers under performing loans were in
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applicable contractual terms of each respective loan, including any required payment of interest. We believe this
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compliance with the applicable contractual terms of each respective loan, including any required payment of interest. We
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demonstrates the overall strength of our loan portfolio and the commitment and financial wherewithal of our borrowers
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believe this demonstrates the overall strength of our loan portfolio and the commitment and financial wherewithal of our
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generally, which are primarily affiliated with large real estate private equity funds and other strong, well-capitalized, and
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borrowers generally, which are primarily affiliated with large real estate private equity funds and other strong, well-
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certain investments. As of March 31, 2026, we had an aggregate$84.9 million asset-specific CECL reserve related toseven
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certain investments. As of June 30, 2026, we had an aggregate$219.5 million asset-specific CECL reserve related tonine
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aggregate 75% ownership interest in the joint venture as of June 30, 2026. As of June 30, 2026, our share of the carrying
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In the second quarter of 2026, we entered into a joint venture with an unaffiliated third-party, alongside a Blackstone-
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(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-
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extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured
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(7)Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.
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due 2031. In connection with the issuance of the Senior Secured Notes due 2029 and Senior Secured Notes due
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arrangements, and(ii) a decline in interest income related to additional loans accounted for under the cost-recovery method
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asset during thethree months ended June 30, 2026. This increase was partially offset by the seasonality of the operations at
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2026, we (i) received$1.8 billion from loan principal collections, sales proceeds, and cost-recovery proceeds, (ii) received
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made by its investors, including us, on a pro rata basis.
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(7)Includes an interest rate swap with a$35.6 million notional amount that effectively converts our floating rate
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Loans, Senior Secured Notes, and Convertible Notes.
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issuance of the Senior Secured Notes due 2029, we entered into an interest rate swap with a notional amount of
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During thethree months ended March 31, 2026, we declared dividends of$0.47 per share, or$79.3 million in aggregate.
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certain that all amounts due will not be collected.