Blackstone Mortgage Trust posts Q3 2026 loss as loan impairments mount

what happened

In the third quarter of 2026, BXMT brought in $141.9 million of revenue, 7% more than a year earlier. The firm still swung to a net loss of $327 million attributable to the company, or $1.95 per diluted share, compared with net income of $63.4 million in the prior-year period. Management linked the deterioration to higher loan impairments and a slow recovery in office real estate.

The firm made $366 million of new loans, but repayments and sales reached $2.3 billion, so the loan book shrank. Six more loans became impaired, five of them secured by offices. BXMT also agreed to sell eight mostly office-backed US whole loans for estimated net proceeds of $616 million, a deal that closed after quarter-end. The figures come from TradingView, based on a summary of the company's SEC filing.

why it matters

For commercial real estate lenders, the report shows that office loan stress is still spreading, while the $616 million loan sale offers a clue to what buyers will pay. For BXMT shares, a bigger loss and fresh impairments weigh on capital, although the sale eases some portfolio risk.

market impact

BXMT shares and the US office-loan market: a bigger loss and impairments add pressure on the stock

• ▼BXMT shares pressure down — a wider loss and new loan impairments erode the company's capital base

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