Key Highlights

  • A USD 0.47 quarterly Dividend annualizes to USD 1.88, about 16.9 percent of the latest quote of USD 11.13 for Blackstone Mortgage Trust (NYSE:BXMT). Published screener data shows 17.08 percent; both are snapshots, not guarantees.
  • Book value fell to USD 19.31 per share at June 30, 2026 from USD 20.20 at March 31, so the latest quote is near 58 percent of Book Value (simple arithmetic).
  • Second quarter GAAP loss was USD 0.48 per share. Distributable Earnings were USD 0.31, or USD 0.48 before realized gains and losses, against the USD 0.47 dividend.
  • The board declared USD 0.47 on September 15, 2026 for holders of record September 30, payable October 15. The CECL reserve stood at USD 410 million, or USD 2.43 per share.

Where the 16.9 Percent Comes From

The board of Blackstone Mortgage Trust (NYSE:BXMT) declared USD 0.47 per class A share for the third quarter on September 15, 2026, with a Record Date of September 30 and payment on October 15. Published releases show USD 0.47 for each quarter from late 2024 on, so no cut was found in the last 12 months. Multiplying by four gives USD 1.88, and dividing by the latest quote of USD 11.13 gives about 16.9 percent, against 17.08 percent in published screener data. Market Value is about USD 1.88 billion on the same screener. The Yield is a snapshot of the latest distribution, not a guarantee.

Senior Loans, Reserves and Book Value

Blackstone Mortgage Trust (NYSE:BXMT) is a commercial mortgage REIT that originates senior loans secured by real estate and funds them with borrowings. At June 30, 2026 the Loan portfolio had a net book value of USD 16.9 billion, Debt to Equity was 3.9 times and 88 percent of debt carried no Capital Markets mark-to-market provisions. The company said it is accelerating turnover, cutting office exposure from 36 percent to 21 percent and putting USD 1.4 billion into residential, industrial, net Lease and homebuilder finance. Owned real estate was USD 1.135 billion, down from USD 1.297 billion at year-end, and the CECL reserve covers expected loan losses.

Coverage Gap, Discount and What to Watch

Distributable earnings of USD 0.31 fell short of the USD 0.47 dividend by USD 0.16 (simple arithmetic), and only the figure before realized losses, USD 0.48, covered it. A quote near 58 percent of book value suggests investors doubt reserves are sufficient. Risks include more impaired loans, losses on owned property, which earns little, and slower redeployment of repaid capital. The company's own presentation said 97 percent of the loan portfolio was performing, though it added three newly impaired loans in the quarter. Watch the October 15 payment and third quarter results, whose date was not verified in this check. Continued repayments and redeployment would be the key tests of earnings power.

Where Things Stand

Blackstone Mortgage Trust (NYSE:BXMT) shows a yield near 16.9 percent because the quote is about 58 percent of book value while the USD 0.47 dividend has held. Distributable earnings of USD 0.31 did not cover it last quarter, and book value fell USD 0.89. The yield is a snapshot, not a guarantee. The next datapoints are the October 15 payment and third quarter results. This is informational analysis, not Investment advice.