EarningsQ2 2026 Earnings Report
MX:BXMT Q2 2026 EPS Results
Actual EPS$5.27
Consensus EPS$7.00
Beat/MissMissed by -$1.73
One Year Ago EPS$3.23
MX:BXMT Q2 2026 Revenue Results
Actual Revenue$6.49B
Expected Revenue$2.67B
Beat/MissBeat by +$3.82B
YoY Revenue Growth-2.87%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:BXMT Upcoming Earnings
Blackstone Mortgage's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:BXMT Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a constructive strategic narrative: management is actively recycling capital into diversified, higher-conviction sectors (net lease, home builder finance, residential, industrial), has materially reduced office exposure, demonstrated strong capital markets execution and maintained liquidity. Offsetting these positives are near-term earnings pressures from three loan impairments, a notable CECL reserve build ($0.80/share increase to total CECL $2.43/share), a GAAP net loss ($0.48/share), a QoQ book value decline of ~4%, and concentrated stress in a ~$1 billion subset of watchlist office loans. Overall, the company presented substantial forward-looking actions and momentum that appear to outweigh the near-term credit and accounting headwinds, but management flagged potential short-term impacts to distributable earnings and the dividend while they execute the portfolio rotation.Company Guidance
Strong capital recycling and reinvestment
Collected $1.2 billion of repayments in Q2 (mostly pre-2023 vintage) and reinvested $1.4 billion into new investments; collected another ~$1.4 billion in July. Management also referenced approximately $13 billion of repayments over the period that have driven redeployment into higher-conviction sectors.
Diversification into high-conviction sectors (net lease and home builder finance)
Entered single-family home builder finance (TAM ~$200 billion) and acquired ~ $130 million of loans at share in a new JV; net lease portfolio at $661 million (acquired >$135 million of properties at share). Joint venture capital invested rose to $322 million from $244 million QoQ, and JV-related DE recognized was ~$9 million in Q2. Management highlighted mid-to-high-teens levered yields in homebuilder finance and a deliberate move toward smaller, more granular investments (average investment size down from >$130M to ~ $20M).
Material reduction in office exposure and watchlist progress
Reduced total office exposure from 36% of the portfolio to 21%. Watchlist declined from $2.5 billion to $2.0 billion quarter-over-quarter (management referenced a ~20–23% reduction). Management expects a path to reduce exposure to office and legacy pre-2023 loans by 40%+ by year-end via repayments, restructurings and selective sales.
Strong capital markets execution and liquidity position
Ended the quarter with $1.2 billion of liquidity. Issued $450 million of senior secured notes in May priced at the tightest new-issue spread for the company, largely pre-funding a 2027 maturity; after repayment, no maturities until 2029 and nearly five years weighted average term on corporate debt. Approximately 88% of borrowings are non-mark-to-market with no mark-to-market provisions.
Solid portfolio performance and income sources
97% of the loan portfolio was performing at quarter end (down slightly from 98%). DE prior to realized gains/losses was $0.48 per share and covered the $0.47 per share declared dividend. Owned real estate generated $15 million of NOI in the quarter (up ~$1 million QoQ). Many performing office loans (risk-rating 3 or better) have average debt yield of ~10% and nearly half were in the refinancing market.
MX:BXMT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed