Blackstone MortgageTrust

Q2 FY2026 EarningsQ2 FY26 results presented a mixed performance against consensus, characterized by a top-line beat but significant bottom-line misses driven by elevated credit reserves. Revenue reached $158.1M, exceeding the $91.6M estimate, largely due to a surge in real estate revenue. However, GAAP EPS was -$0.48 vs. $0.24 expected, following a $134.4M increase in CECL reserves. Book value per share (BPS) declined to $19.31, falling short of the $20.27 consensus as loan impairments, particularly in the office sector, continued to pressure the balance sheet.