BXMT earnings analysis
What we found in BXMT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Blackstone Mortgage Trust (BXMT) reported Q1 2026 revenues of $369 million, a decrease of 8% from the previous quarter and a drop of 15% year-over-year. The gross margin increased significantly to 34.4%, while diluted EPS remained undisclosed for the quarter. Operating cash flow turned positive with $96 million, and the firm maintained a strong liquidity position with total liquidity of $1 billion and no corporate maturities until 2027.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Total revenue decreased to $369M, down 15% YoY.
- Improved Gross Margin
- Gross margin improved to 34.4%, up from 28.6% in Q4 2025.
- Positive Operating Cash Flow
- Operating cash flow reached $96M, indicating improved liquidity.
- Strong Liquidity Position
- Total liquidity stands at $1 billion with no corporate maturities until 2027.
- Stable Free Cash Flow
- Free cash flow reported at $96M, showing effective cash management.
- Gradual EPS Recovery Expected
- While EPS remains undisclosed for Q1, previous quarter EPS was $0.04, indicating potential stability.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Interest Rate Sensitivity
- 97% of loans are at floating rates, increasing exposure to market rate fluctuations.
- Credit Risk Concerns
- $84.9M asset-specific CECL reserve reflects potential credit defaults on loans.
- Market Dependence
- Performance is highly dependent on commercial real estate conditions, which can fluctuate.
What they reported.
What the company itself reported, taken out of the document.
- Gross margin
- 34.4%
- Operating margin
- 0.3%
What they said about what is next.
Expectations are optimistic but numeric guidance deferred to a later earnings call.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 11, 2026
- Blackstone Mortgage Trust (BXMT) positions itself as an externally managed, Blackstone‑backed REIT that primarily originates, acquires and manages senior, mostly floating‑rate commercial mortgage loans in North America,…
- 10-Q · October 29, 2025
- Blackstone Mortgage Trust reported a materially improved quarter: net income of $63,408,000 and diluted EPS of $0.37 for Q3 2025, reversing a Q3 2024 loss of $(55,844,000) and $(0.32) per share. Total net revenues rose…
- 10-K · February 12, 2025
- Blackstone Mortgage Trust (BXMT) positions itself as an externally managed, Blackstone-backed REIT focused on originating and acquiring senior, largely floating-rate commercial mortgage loans in North America, Europe…
- 10-Q · April 24, 2024
- Blackstone Mortgage Trust reported Q1 results driven by a large CECL reserve build that produced a net loss of $123,838,000 (diluted loss per share $(0.71)). Interest income (interest and related income) was…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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