Every material Form 8-K Blackstone Mortgage Trust has filed with the SEC since July 24, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Blackstone Mortgage Trust reported a third-quarter 2026 net loss attributable to the company of $327 million, or $(1.95) per share, and declared a fourth-quarter 2026 dividend of $0.30 per share. The Q3 dividend paid was $0.47 per share, so the declared Q4 payout is lower. The loss was driven by a $264.8 million increase in credit loss reserves and other charges, which matters to shareholders because it reduces book value and the dividend is their main return.
Q3 2026 net loss attributable to the company was $327 million, or $(1.95) per share, compared with net income of $63 million, or $0.37 per share, in Q3 2025.
Distributable EPS was $0.38 and Distributable EPS prior to realized gains and losses was $0.42, versus $0.48 in Q2 2026.
The Board declared a Q4 2026 dividend of $0.30 per share, payable January 15, 2027, to holders of record as of December 31, 2026; the Q3 dividend paid was $0.47 per share.
Book value per share was $17.06 at September 30, 2026, down from $19.31 at June 30, 2026, and CECL reserves were $606 million.
Blackstone Mortgage Trust reported a second-quarter 2026 net loss attributable to the company of $81.2 million, or $(0.48) per share, compared with net income of $7.0 million, or $0.04 per share, a year earlier. Total net revenue rose to $158.1 million from $133.6 million, but the quarter included a $134.4 million increase in credit loss reserves, and book value per share fell to $19.31 from $20.20 at March 31, 2026.
Q2 2026 GAAP net loss attributable to the company was $81.2 million, or $(0.48) per share, versus net income of $7.0 million, or $0.04 per share, in Q2 2025.
Total net revenue was $158.1 million, up from $133.6 million in Q2 2025.
Distributable EPS was $0.31; before realized gains and losses it was $0.48, compared with $0.49 in Q1 2026.
Book value per share was $19.31 at June 30, 2026, versus $20.20 at March 31, 2026; the company paid a Q2 dividend of $0.47 per share.
On May 19, 2026, Blackstone Mortgage Trust closed a $450 million private offering of 6.250% senior secured notes maturing June 1, 2031. The company said it plans to use the proceeds for general corporate purposes, including paying down existing secured debt, which adds new fixed-rate debt while the filing does not report any change to earnings or guidance.
Principal amount: $450 million; interest of 6.250% per year, paid semi-annually starting December 1, 2026
Notes are senior secured, sharing first-priority collateral with the term loan and existing 3.750% notes due 2027 and 7.750% notes due 2029
Indenture covenants include a maximum Total Debt to Total Assets Ratio of 83.333% before a Collateral Fall-Away Event
Change of control triggers an offer to repurchase at 101% of principal plus accrued interest
Blackstone Mortgage Trust reported a first-quarter 2026 net loss attributable to the company of $6.3 million, or $(0.04) per share, compared with a $(0.00) loss per share a year earlier. Distributable EPS was $0.21 and Distributable EPS prior to realized gains and losses was $0.49, which covered the $0.47 per share dividend paid in the quarter. Book value per share fell to $20.20 from $20.75 at December 31, 2025.
Q1 2026 GAAP net loss attributable to the company was $6.3 million, or $(0.04) per share, versus $(0.00) per share in Q1 2025.
Distributable EPS was $0.21, compared with $(2.07) in Q4 2025; prior to realized gains and losses it was $0.49, compared with $0.51 in Q4 2025.
Total net revenue was $159.4 million, up from $126.9 million in Q1 2025.
Book value per share was $20.20 at March 31, 2026, versus $20.75 at December 31, 2025.
Blackstone Mortgage Trust said its board appointed Deputy Chief Financial Officer Marcin Urbaszek as Chief Financial Officer, Treasurer and Assistant Secretary, effective at the close of business on February 11, 2026. Anthony F. Marone, Jr. resigned from the same roles on the same date, saying he is resigning to focus on his duties as Global Head of Blackstone Real Estate Finance and that the decision was not due to any disagreement with the company. The filing describes a change in the company's top finance role but does not provide any financial results or guidance.
Marcin Urbaszek appointed CFO, Treasurer and Assistant Secretary, effective February 11, 2026; board approved on February 8, 2026
Urbaszek has been Deputy CFO since January 2, 2025 and previously was CFO of Granite Point Mortgage Trust
Anthony F. Marone, Jr. resigned as CFO, Treasurer and Assistant Secretary; he delivered his resignation on February 6, 2026
Blackstone Mortgage Trust reported fourth-quarter and full-year 2025 results on February 11, 2026. Fourth-quarter GAAP net income per share rose to $0.24 from $0.21 a year earlier, but Distributable EPS was $(2.07) after $433.9 million of CECL reserve charge-offs. Before those charge-offs, Distributable EPS was $0.51, which covered the $0.47 per share dividend.
Q4 GAAP EPS $0.24 vs. $0.21 in Q4 2024; Q4 total net revenues $159.3 million vs. $114.4 million
Q4 Distributable EPS $(2.07), including $433.9 million of CECL reserve charge-offs; before charge-offs, $0.51
Full-year 2025 net income attributable to the company was $110 million, vs. a net loss of $204.1 million in 2024
Q4 dividend of $0.47 per share; book value per share $20.75 at December 31, 2025, vs. $20.99 at September 30, 2025
Blackstone Mortgage Trust reported third-quarter 2025 net income attributable to the company of $63.4 million, or $0.37 per share, compared with a net loss of $56.4 million, or $0.32 per share, in the same quarter of 2024. Distributable EPS was $0.24, or $0.48 before charge-offs, which covered the $0.47 per share dividend paid for the quarter.
Q3 2025 GAAP EPS $0.37 versus a loss of $0.32 per share in Q3 2024; Distributable EPS $0.24 and $0.48 before charge-offs
Dividend of $0.47 per share paid in Q3, equal to a 10.4% annualized yield based on an $18.14 share price as of October 28, 2025
Book value per share $20.99 at September 30, 2025, versus $21.04 at June 30, 2025
Repurchased $77 million of common stock in Q3 and Q4 to date at an average price of $18.44 per share
Blackstone Mortgage Trust increased its board from eight to nine directors and elected Jean Hsu to fill the new seat, effective October 22, 2025. Hsu previously led private debt at CalPERS and retired in July 2024, bringing over 25 years of fixed income, real estate and private credit experience to the board.
Board expanded from eight to nine directors; Jean Hsu elected to fill the new seat on October 22, 2025
Hsu was Head of Private Debt at CalPERS until her retirement in July 2024
Hsu also serves on the board of Antares Private Credit Fund since June 2025
Hsu's director compensation follows the non-employee director terms in the 2025 proxy statement filed April 30, 2025
Blackstone Mortgage Trust's board appointed Timothy S. Johnson, the company's Chair, as Chief Executive Officer, and F. Austin Peña, Executive Vice President, Investments, as President and a director, both effective November 10, 2025. The changes coincide with Katharine A. Keenan's resignation as CEO, President and director after she was named CEO of Blackstone Real Estate Income Trust, Inc.
Timothy S. Johnson becomes CEO effective November 10, 2025, and continues as Chair; the board approved the actions on September 18, 2025.
F. Austin Peña becomes President and a director effective November 10, 2025; he has led over $11 billion of real estate credit investments since joining Blackstone in 2013.
Katharine A. Keenan resigns as CEO, President and director effective November 10, 2025, and as Global Head of Core+ Real Estate effective immediately; she remains a Senior Managing Director at Blackstone.
Blackstone Mortgage Trust reported second-quarter 2025 net income attributable to the company of $7.0 million, or $0.04 per share, compared with a net loss of $61.1 million in the same quarter of 2024. Distributable EPS was $0.19, up from $0.17 in the first quarter, and the company paid a $0.47 per share dividend, while book value per share fell to $21.04 from $21.42 at March 31, 2025. The company cancelled its earnings conference call after a shooting at 345 Park Avenue, and posted prepared remarks on its website instead.
Q2 2025 net income attributable to the company was $7.0 million, or $0.04 per share, versus a net loss of $61.1 million in Q2 2024
Distributable EPS was $0.19 for Q2 2025 and $0.45 before charge-offs of CECL reserves
Dividend paid was $0.47 per share; book value per share was $21.04 at June 30, 2025, down from $21.42 at March 31, 2025
CEO Katie Keenan said the company was devastated by events at 345 Park Avenue, including the loss of colleague Wesley LePatner; the earnings call was cancelled
Blackstone Mortgage Trust reported first-quarter 2025 results on April 30, 2025, with a net loss attributable to the company of $0.4 million, or $(0.00) per share, compared with a $123.8 million loss a year earlier. Total net revenues fell to $126.9 million from $145.4 million, while distributable EPS was $0.17 and book value per share declined to $21.42 from $21.87 at year-end 2024. The results show a much smaller loss than a year ago, but lower revenue and a lower book value per share.
Q1 net loss attributable to the company was $357 thousand, or $(0.00) per share, versus a $123.8 million loss in Q1 2024
Distributable EPS was $0.17; before $41.8 million of CECL reserve charge-offs, it was $0.42
Total net revenues were $126.9 million, down from $145.4 million in Q1 2024
Q1 dividend of $0.47 per share paid; book value per share was $21.42 at March 31, 2025
Blackstone Mortgage Trust reported a 2024 net loss attributable to the company of $204 million, or $(1.17) per share, compared with net income of $247 million, or $1.43 per share, in 2023. Fourth-quarter net income attributable to the company was $37 million, or $0.21 per share, but full-year Distributable EPS was $(0.03), below the $2.18 in dividends paid per share, and book value per share fell to $21.87 from $22.17 at September 30, 2024.
Full-year 2024 net loss attributable to the company: $204 million, or $(1.17) per share, versus 2023 net income of $1.43 per share
Q4 2024 net income attributable to the company: $37 million, or $0.21 per share, versus a Q3 2024 loss of $(0.32) per share
Full-year 2024 Distributable EPS: $(0.03); before charge-offs of CECL reserves: $2.15, versus $2.18 in dividends paid per share
Q4 2024 dividend of $0.47 per share; book value per share $21.87 at December 31, 2024, including $4.31 per share of CECL reserves
Blackstone Mortgage Trust elected Marcin Urbaszek as Deputy Chief Financial Officer and Principal Accounting Officer, effective January 2, 2025. Director Thomas E. Dobrowski gave notice of his resignation from the board effective January 15, 2025, and the board reduced its size from nine members to eight.
Marcin Urbaszek, 48, was elected Deputy CFO and Principal Accounting Officer on January 2, 2025; he previously served as CFO of Granite Point Mortgage Trust (NYSE: GPMT)
Thomas E. Dobrowski resigned from the board effective January 15, 2025, after 26 years of service to the company and its predecessor business
The filing states Dobrowski's resignation was not the result of any disagreement with the company on operations, policies or practices
Board size decreased from nine members to eight, effective upon Dobrowski's resignation
Blackstone Mortgage Trust completed a $450 million offering of 7.750% senior secured notes due 2029 and entered a $650 million add-on term loan (Term B-5 Loans) maturing December 10, 2028. The company said the term loan proceeds refinanced loans maturing April 23, 2026, and the notes proceeds will go to general corporate purposes, including paying down existing secured debt, so the filing shows new borrowing and refinancing rather than a change in operations.
$450 million of 7.750% senior secured notes due December 1, 2029, with interest paid semi-annually from June 1, 2025
$650 million of additional term loans (Term B-5) maturing December 10, 2028, priced at 3.75% over Term SOFR or 2.75% over the alternate base rate, with a 0.50% floor
Term loan proceeds refinanced term loans maturing April 23, 2026; the Indenture caps the Total Debt to Total Assets Ratio at 83.333% before a Collateral Fall-Away Event
Blackstone Mortgage Trust reported a third-quarter 2024 net loss attributable to the company of $56 million, compared with net income of $30 million in the same quarter of 2023. The loss reflects a $132 million increase in credit loss reserves, while Distributable EPS fell to $0.39 from $0.49 in the prior quarter. For shareholders, the results show weaker earnings, though management cited accelerating loan repayments and $1.5 billion of quarter-end liquidity.
Q3 2024 GAAP net loss attributable to the company was $56 million, or $0.32 per basic share, versus net income of $29.5 million a year earlier
Total net revenues were $112 million for Q3 2024, down from $170 million in Q3 2023
Book value per share was $22.17 at September 30, 2024, down from $22.90 at June 30, 2024
Dividends paid were $0.47 per share for the quarter
Blackstone Mortgage Trust reported a second quarter 2024 net loss attributable to the company of $61 million, or ($0.35) per share, compared with net income of $101.7 million in the same quarter of 2023. The company also declared a third quarter dividend of $0.47 per share, down from the $0.62 per share paid for the second quarter, and authorized a share repurchase program of up to $150.0 million.
Q2 2024 net loss attributable to the company of $61 million, or ($0.35) per share, versus net income of $101.7 million in Q2 2023
Distributable EPS of $0.49 for Q2 2024, up from $0.33 in Q1 2024; Distributable EPS prior to charge-offs was $0.56
Q3 2024 dividend of $0.47 per share, payable October 15, 2024, to stockholders of record as of September 30, 2024
Board authorized a share repurchase program of up to $150.0 million of class A common stock
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