BLACKSTONE MORTGAGE TRUST, INC. — Form 8-K
Filed October 29, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 52/100
What the filing says
Blackstone Mortgage Trust reported Q3 2026 GAAP net loss of $327M ($1.95 per share) but distributable EPS of $0.38 prior to realized gains. Key metric: watchlist loans fell 56% QoQ to $0.9B (lowest since Q4 2019); company sold ~$1.0B loans at 0.93x carrying value and repaid/collected $2.3B in Q3 (88% pre-2023 vintage). Investment portfolio declined to $17.0B from $20.0B since year-end; book value per share fell to $17.06 from $20.73 (12/31/2025). Board declared Q4 dividend of $0.30/share (payable 1/15/2027). Liquidity of $1.3B; debt-to-equity 3.9x with 89% non-mark-to-market debt.
Why this rating
Significant portfolio contraction (~$3B or 15% decline YTD) and asset quality improvement offset by realized losses and mark-to-book sales below par. Event is material relative to $3.2B market cap but not trajectory-changing; ongoing dividend sustainability is key watch.
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