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Blackstone Mortgage Trust reported a 2025 profit but with heavy credit charges that weighed on non‑GAAP earnings. Net income attributable to the company was $110 million, or $0.64 per share. Full‑year Distributable EPS was $(1.43), but $1.86 per share prior to charge‑offs, while dividends paid totaled $1.88 per share.
For Q4 2025, GAAP EPS was $0.24; Distributable EPS was $(2.07), and $0.51 per share prior to charge‑offs, covering the $0.47 dividend. Credit metrics improved sharply: 99% of the loan portfolio was performing, impaired loan balances fell 96% from their peak, and CECL reserves declined 60% year‑over‑year to $296 million.
The investment portfolio reached $20.0 billion, supported by $6.8 billion of 2025 investments concentrated in multifamily and industrial assets. Book value per share was $20.75. The company reported $1.0 billion of liquidity, a debt‑to‑equity ratio of 3.9x, $109 million of share repurchases at $18.20 per share, and $2.8 billion of Term Loan B extended or repriced, reducing spread by 89 bps with no corporate debt maturities until 2027.
Blackstone Mortgage Trust is a real estate finance REIT focused on senior loans secured by commercial properties in North America, Europe, and Australia. It is externally managed by a Blackstone affiliate and trades on the NYSE under the symbol BXMT.
The company’s loan portfolio totals $18.2 billion across 131 loans, primarily senior, floating‑rate mortgages, and it also owns 12 real estate assets with a carrying value of $1.3 billion. In 2025 it originated or acquired $5.7 billion of loans, with $5.6 billion of fundings and $6.1 billion of repayments and sales.
BXMT uses varied financing, including secured credit facilities, CLOs, securitizations and asset‑specific debt, with $13.3 billion of portfolio financing outstanding and $1.0 billion of liquidity as of year‑end 2025. About 97% of its loan portfolio by principal is floating rate. The company targets debt‑to‑equity leverage below 4‑to‑1 and had a non‑affiliate market value of roughly $3.2 billion and 168,738,642 class A shares outstanding. The report highlights extensive risk factors, including interest‑rate and credit‑spread volatility, commercial real estate weakness (especially office), CECL reserve increases, construction and transitional loan risks, foreclosure and real‑estate ownership risks, competition for deals, leverage and liquidity risks, and the need to maintain REIT and Investment Company Act status.
Blackstone Mortgage Trust, Inc. director Lynne B. Sagalyn reported an acquisition of Class A Common Stock on January 15, 2026. She received 3,300 shares at a reference price of $19.50 per share, bringing her total directly held Class A Common Stock to 152,828 shares after the transaction. According to the footnote, these shares represent Class A Common Stock units received in lieu of cash dividends on units she already owned, and those units convert to Class A Common Stock on a one-for-one basis.
Blackstone Mortgage Trust director Cotton Leonard W reported acquiring 1,534 shares of Class A common stock on January 15, 2026. These shares came from Class A Common Stock Units received in lieu of cash dividends on units he already owned, and they convert into common stock on a one-for-one basis at a reference price of $19.50 per share. The dividend amount used to calculate these units was $0.47 per share, matching the company’s Class A dividend paid that day. After this transaction, Leonard beneficially owned 88,681 Class A shares, which include 91 shares accumulated since his last filing through a dividend reinvestment plan.
Blackstone Mortgage Trust director Henry N. Nassau reported acquiring additional Class A common stock through a dividend-equivalent award. On January 15, 2026, he received 2,550 shares of Class A common stock, reported at a price of $19.50 per share. These shares represent Class A common stock units received in lieu of cash dividends on units he already owned, which convert to common stock on a one-for-one basis. Following this transaction, Nassau beneficially owned 196,351 shares of Blackstone Mortgage Trust Class A common stock in direct ownership.
Blackstone Mortgage Trust director Nnenna Lynch reported acquiring 809 shares of Class A Common Stock on January 15, 2026 at a price of $19.5 per share. After this transaction, she beneficially owned 34,405 Class A Common shares in total, held directly.
According to the footnote, these 809 shares represent Class A Common Stock Units received in lieu of cash dividends on Class A Common Stock Units already owned. The number of units was based on the company’s $0.47 per share dividend paid on January 15, 2026 and the closing price of the stock on that date, and each unit converts into one share of Class A Common Stock.
Blackstone Mortgage Trust reported an insider transaction by a director and President involving its Class A common stock. On 12/31/2025, the reporting person sold 3,131 shares of Class A common stock at a weighted average price of $19.2379 per share, leaving 78,633 shares beneficially owned directly after the transaction.
The sales were made under Rule 10b5-1 trading plans adopted on March 3, 2023, March 5, 2024, and February 28, 2025, and were executed to cover tax withholding obligations related to the vesting of previously granted restricted stock awards. The filing notes that the shares were sold in multiple trades between $19.235 and $19.245 per share.
Blackstone Mortgage Trust insider plans sale of Class A shares under Rule 144. A holder intends to sell 3,131 shares of Class A common stock through Merrill Lynch on the NYSE, with an aggregate market value of $60,233.85. These shares were acquired on 12/30/2025 through the vesting of a restricted stock unit award granted as part of the issuer’s equity compensation. The filing notes that 167,723,732 shares of Class A common stock are outstanding, and that during the past three months the same seller disposed of 15,000 Class A shares for gross proceeds of $275,476.57. The seller represents that he is not aware of any undisclosed material adverse information about the issuer.
Blackstone Mortgage Trust, Inc. director reported a transfer of Class A common stock under insider reporting rules. On 12/25/2025, the reporting person gifted 10,777 shares of Class A common stock at a reported price of $0, coded as a gift transaction. After this estate-planning transfer to a trust for the benefit of family members, the director now beneficially owns 149,528 shares directly. The director is not the trustee of the receiving trust, which means day-to-day control over those gifted shares rests with someone else.
Blackstone Mortgage Trust, Inc. reported insider transactions by its deputy chief financial officer. On 12/15/2025, the officer received 15,337 shares of restricted Class A common stock granted under the company’s stock incentive plan at a price of $0, bringing direct holdings to 27,028 shares.
On 12/17/2025, 400 Class A shares were sold at $20.2901 per share under Rule 10b5-1 trading plans adopted on March 6, 2025 to satisfy tax withholding obligations related to previously vested restricted stock awards, leaving 26,628 Class A shares owned directly.