Blackstone Mortgage Trust (BXMT), a real estate finance company externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone Inc., reported a GAAP net income of $109.6 million, or $0.64 per share, for the year ended December 31, 2025. This compares to a net loss of $204.1 million for the year ended December 31, 2024. The company's distributable earnings (DE) showed a loss of $245.3 million, or $1.43 per share, but DE prior to charge-offs of CECL reserves was $317.6 million, or $1.86 per share. Dividends declared were $320.6 million, or $1.88 per share.

The company's investment portfolio totaled $20.0 billion as of December 31, 2025, consisting of a $17.8 billion loan portfolio (net of CECL reserves), a $589.7 million share of loans held by the Bank Loan Portfolio Joint Venture, a $321.1 million share of assets held by the Net Lease Joint Venture, and $1.3 billion in owned real estate assets. During the year, BXMT originated or acquired $5.7 billion in loans and realized $6.1 billion in loan repayments and sales. The loan portfolio consisted of 131 loans with a weighted-average origination loan-to-value ratio of 64.9% and a weighted-average all-in yield of +3.39%, excluding impaired, cost-recovery, and non-accrual loans.

Strategic developments included the acquisition or consolidation of five owned real estate assets with an aggregate fair value of $654.3 million, bringing the total to 12 owned real estate assets with a carrying value of $1.3 billion. The company also invested $104.3 million into the Net Lease Joint Venture, acquiring 178 triple net lease properties, and $102.8 million into the Bank Loan Portfolio Joint Venture, acquiring two bank loan portfolios totaling $719.4 million at share. BXMT also refinanced $2.2 billion of corporate debt, reducing costs and extending maturities.

Operationally, 99% of BXMT's loans, based on net loan exposure, were performing as of December 31, 2025. The company resolved $2.3 billion of impaired loans across 12 transactions, generating $32.7 million of incremental book value as aggregate charge-offs were within CECL reserve levels. The company also lowered the weighted-average credit spread on its $10.1 billion of secured debt to +1.83% over respective benchmark rates, compared to +1.92% at the end of 2024. As of December 31, 2025, BXMT had total liquidity of $1.0 billion and no corporate debt maturities until 2027. The company's book value per share was $20.75, net of cumulative CECL reserves of $1.76 per share and accumulated depreciation and amortization of owned real estate assets of $0.47 per share.

About BLACKSTONE MORTGAGE TRUST, INC.

Blackstone Mortgage Trust, Inc. is a real estate finance company specializing in originating, acquiring, and managing senior loans and debt investments secured by commercial real estate in North America, Europe, and Australia. Operating as a REIT, it focuses on floating-rate, first-priority mortgage loans backed by institutional-quality assets. Externally managed by a Blackstone subsidiary, the company leverages Blackstone’s global real estate expertise and capital to deliver risk-adjusted returns through diversified lending and financing strategies.

This description was generated via AI from an annual report. Updated 8 months ago.

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