Blackstone Mortgage Trust posts Q3 loss
Overview
US real estate lender reported Q3 net loss of $327 mln
Q3 EPS was negative, with distributable EPS at $0.38
Company cited higher rates and slow office recovery as weighing on reserves and book value
Outlook
Company declares Q4 dividend of $0.30 per share, payable Jan 15, 2027
Company believes $0.30 per share dividend can be sustained through various rate and credit environments
Company says watchlist is at lowest level since 2019 and legacy portfolio is shrinking rapidly
Result Drivers
PORTFOLIO TURNOVER - Co said it continued to drive portfolio turnover, reducing legacy exposure
HIGHER RATES & OFFICE RECOVERY - CEO said higher rates and elongated office recovery impacted reserves and book value
WATCHLIST IMPROVEMENT - Co said its watchlist is at the lowest level since 2019, with legacy portfolio shrinking rapidly
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Income Attributable | -$327 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the specialized reits peer group is "buy"
Wall Street's median 12-month price target for Blackstone Mortgage Trust Inc is $16.00, about 51.5% above its October 28 closing price of $10.56
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 10 three months ago
Reuters Recommended Reads
Oct 28 - KKR Real Estate Finance Trust posts smaller Q3 loss on strong loan repayments
Oct 28 - Franklin BSP Realty Trust posts Q3 net loss on credit losses
Oct 26 - TPG RE Finance Trust Q3 distributable earnings fall on realized loan loss
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)