BXMT · Blackstone Mortgage Trust, Inc.
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AI Brief
Q2 FY26 earnings call · Jul 30, 2026TL;DR. BXMT reported a Q2 GAAP net loss of $0.48 per share driven by three new loan impairments, including a $345 million Chicago office loan, with book value declining 4% to $19.31. The company is accelerating portfolio turnover, launching sales of a $1+ billion loan portfolio (mostly office) and its 686-key San Francisco Hyatt, while deploying capital into new high-conviction strategies like homebuilder finance and net lease.
- + Q2 originations reached $1.4B with 78% in residential, industrial, and net lease sectors and $1.2B of additional repayments collected in July
- + Entered single-family homebuilder finance with $130M initial loan acquisition in a JV, targeting a $200B TAM with mid- to high-teens levered yields
- + Office exposure reduced from 36% to 21% of portfolio as part of deliberate turnover strategy
- + Watchlist reduced 23% quarter-over-quarter to $2B with upgrade of largest watchlist loan via credit-enhancing modification
- + Balance sheet extended with $450M senior secured notes issuance at tightest new issue spread ever achieved
- − Reported Q2 GAAP net loss of $0.48 per share driven by three new loan impairments
- − Book value declined 4% to $19.31 per share due to $0.80 increase in CECL reserves
- − $1B watchlist subset under pressure from higher rates, with $345M Chicago office loan impairment as largest
- − Loan portfolio performance declined to 97% from 98% with three new watchlist additions including Denver office and Hawaii hotel
- − Distributable Earnings expected to be impacted in Q3 by new impairments and timing of large July repayments
- − Dividend under Board reevaluation as portfolio turnover initiatives may impact book value and earnings
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
REIT - Mortgage — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
BXMT
this stock
Blackstone Mortgage Trust, Inc.
|
$2.07B | -41.5% | +653.4% | 153.9 | 6.5% |
|
NLY
Annaly Capital Management Inc
|
$13.51B | -19.8% | — | 4.9 | 2.4% |
|
AGNC
AGNC Investment Corp.
|
$10.03B | -21.1% | — | 4.8 | 9.2% |
|
RITM
Rithm Capital Corp.
|
$4.76B | -21.7% | -6.7% | 14.2 | 5.2% |
|
STWD
Starwood Property Trust, Inc.
|
$4.69B | -29.7% | -5.3% | — | 5.2% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| BXMT | -2.2% | -19.3% | -43.4% | -2.2% | -41.5% |
| SPY | +1.9% | +1.9% | +10.8% | +1.9% | +14.0% |
| vs SPY | -4.1% | -21.2% | -54.2% | -4.1% | -55.4% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.