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Blackstone Mortgage Trust posts Q3 loss

By Reuters News


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


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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