Blackstone Mortgage Trust, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the Securities and Exchange Commission on October 29, 2026, reporting a net loss attributable to the company of $327,005 thousand for the third quarter.

Key Highlights

  • Net loss of $327.0 million attributable to Blackstone Mortgage Trust, Inc. for the three months ended September 30, 2026, compared to net income of $63.4 million in the same period of 2025.
  • Loss per share of $1.95 (basic and diluted) for Q3 2026, versus earnings per share of $0.37 in Q3 2025, based on weighted-average shares of 167,959,467.
  • CECL reserve increased by $264,766 thousand in Q3 2026, with the reserve standing at $597,324 thousand as of September 30, 2026, up from $284,440 thousand at December 31, 2025.
  • Total assets declined to $17,459,593 thousand as of September 30, 2026, from $20,002,946 thousand at December 31, 2025, reflecting a reduction in loans receivable held-for-investment.
  • Valuation adjustment of $63,909 thousand recorded on loans receivable held-for-sale, and an impairment of owned real estate of $36,371 thousand, both in Q3 2026.
  • Nine-month net loss of $414,524 thousand attributable to the company, compared to net income of $70,009 thousand for the nine months ended September 30, 2025.
  • Shares outstanding were 165,988,840 as of September 30, 2026, down from 168,259,023 at December 31, 2025.

Blackstone Mortgage Trust Reports Q3 2026 Financial Results and Balance Sheet Changes

According to the filing, Blackstone Mortgage Trust, Inc. (NYSE:BXMT) reported a net loss attributable to the company of $327,005 thousand for the three months ended September 30, 2026, a significant reversal from net income of $63,397 thousand reported in the corresponding prior-year quarter. For the nine months ended September 30, 2026, the company disclosed a net loss of $414,524 thousand, compared to net income of $70,009 thousand for the same period in 2025. The company attributed a material portion of the quarterly loss to an increase in the current expected credit loss, or CECL, reserve of $264,766 thousand, as well as a $63,909 thousand valuation adjustment on loans receivable held-for-sale and a $36,371 thousand impairment of owned real estate.

The consolidated balance sheet as of September 30, 2026 reflected total assets of $17,459,593 thousand, down from $20,002,946 thousand at December 31, 2025, the filing disclosed. Loans receivable held-for-investment, net of the CECL reserve, declined to $13,966,510 thousand from $17,784,694 thousand over the same period. Total liabilities fell to $14,619,914 thousand from $16,498,556 thousand, while total stockholders' equity attributable to Blackstone Mortgage Trust, Inc. declined to $2,837,609 thousand from $3,498,910 thousand. The accumulated deficit grew to $2,596,961 thousand as of September 30, 2026, from $1,945,428 thousand at December 31, 2025.

On the income statement, the company reported interest and related income of $280,614 thousand for Q3 2026, compared to $345,959 thousand in Q3 2025. Revenue from owned real estate rose to $77,481 thousand from $33,733 thousand year over year. Total net revenue for the quarter was $141,903 thousand, versus $132,637 thousand in Q3 2025. The filing noted that consolidated variable interest entity assets totaled $3.7 billion as of September 30, 2026, and consolidated VIE liabilities totaled $2.7 billion.

What Was Disclosed

Blackstone Mortgage Trust filed its Q3 2026 quarterly report disclosing a net loss of $327,005 thousand for the three months ended September 30, 2026, driven by increased CECL reserves, a valuation adjustment on held-for-sale loans, and an owned real estate impairment. Total assets contracted to $17.5 billion from $20.0 billion at year-end 2025.