Capital Trust Stock Earnings Reports

Blackstone Mortgage Trust (BXMT) reported Q1 2026 results with a GAAP net loss of $0.04 per share, distributable earnings (DE) of $0.21 per share, and DE prior to realized gains and losses of $0.49 per share. The company paid a $0.47 per share dividend for the quarter, marking the third consecutive quarter of dividend coverage on a DE-prior basis. Portfolio highlights: investments remained near $20 billion with loans ~87% of the portfolio; Q1 closed $540 million of new investments (including $275 million of originations at a 68% weighted average LTV), a first data center loan, and a GBP 50 million U.K. bank loan portfolio. The loan portfolio was 98% performing, with repayments of over $600 million (more than half from U.S. office) and gross loan originations over $800 million when including syndicated positions. Net lease JV at-share assets scaled to $516 million with strong lease metrics. BXMT executed $700 million of corporate debt repricing, issued a $1 billion CLO, closed securitization for net lease JV, and added a new non-mark-to-market credit facility; non-mark-to-market borrowings now represent ~86% of total debt. Book value was $20.20 per share (down 2.7% quarter-over-quarter) driven by a $0.33 per share CECL reserve increase and $0.13 per share D&A; total CECL reserves are $1.80 per share with $1.30 attributable to the general reserve (~100–120 bps). Management emphasized diversified sourcing via Blackstone platform, resilient capital markets (U.S. CMBS issuance up ~15% YOY), attractive relative value in real estate credit, and a patient approach to owned real estate dispositions to maximize value. The firm reiterated strong liquidity (~$1 billion), a conservative balance sheet (debt/equity ~3.7x), and ongoing focus on resolving impaired assets while redeploying capital into higher-yielding opportunities.