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,…
Earnings analysis · 10-Q
BXMT earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue Decline
Total revenue decreased to $369M, down 15% YoY.
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Improved Gross Margin
Gross margin improved to 34.4%, up from 28.6% in Q4 2025.
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Positive Operating Cash Flow
Operating cash flow reached $96M, indicating improved liquidity.
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Strong Liquidity Position
Total liquidity stands at $1 billion with no corporate maturities until 2027.
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Stable Free Cash Flow
Free cash flow reported at $96M, showing effective cash management.
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Gradual EPS Recovery Expected
While EPS remains undisclosed for Q1, previous quarter EPS was $0.04, indicating potential stability.
What to watch
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Interest Rate Sensitivity
97% of loans are at floating rates, increasing exposure to market rate fluctuations.
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Credit Risk Concerns
$84.9M asset-specific CECL reserve reflects potential credit defaults on loans.
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Market Dependence
Performance is highly dependent on commercial real estate conditions, which can fluctuate.
Management's outlook
Expectations are optimistic but numeric guidance deferred to a later earnings call.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.