Key Highlights

  • The quarterly payout falls by a calculated 36.2%, from USD 0.47 to USD 0.30 per Class A share, an annualized USD 1.20 that is payable January 15, 2027.
  • Paying USD 0.47 when distributable Earnings were USD 0.38 per share in the third quarter, or USD 0.42 excluding realized gains and losses, yields a calculated Payout Ratio of 124%.
  • Quarter-end debt-to-equity held at 3.9 times, and roughly 89% of Debt is not marked to market. Liquidity stood at USD 1.3 billion, and no corporate maturities come due before 2029.
  • CECL reserves climbed to USD 3.64 per share, and the GAAP result was a USD 1.95 per share loss, while Book Value fell roughly 12% from the second quarter to USD 17.06.

Payout Reset and Record Dates at Blackstone Mortgage Trust, Inc. (NYSE:BXMT)

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) declared a fourth-quarter 2026 Dividend of USD 0.30 per Class A common share. Shareholders of record on December 31, 2026 are set to receive it on January 15, 2027. The prior rate was USD 0.47 per share for the third quarter, and that same amount had been declared on June 15 and September 15, 2026. The new figure is a calculated 36.2% lower, which annualizes to USD 1.20 per share. The chief executive said the board reviews the payout every quarter and that the USD 0.30 level can be held through a range of rate and Credit conditions.

How Distributable Earnings Compare With the New Payout at Blackstone Mortgage Trust, Inc. (NYSE:BXMT)

Distributable earnings is the usual coverage gauge for a commercial mortgage REIT. In the third quarter the figure was USD 0.38 per share, and USD 0.42 before realized gains and losses. Under GAAP the company reported a USD 327 million loss, equal to USD 1.95 per share. Measured against the USD 0.30 payout, the ratio is 1.27 times using USD 0.38 and 1.40 times using USD 0.42. Management told analysts on the Earnings Call that it expects dividends to be covered during the fourth quarter and into 2027, though it flagged softer forward earnings as the portfolio shrinks.

Loan Book, Reserves and Repayments at Blackstone Mortgage Trust, Inc. (NYSE:BXMT)

Management's commentary on the call put the Loan book of Blackstone Mortgage Trust, Inc. (NYSE:BXMT) at USD 17 billion, with third-quarter repayments reaching USD 2.3 billion, the most since the fourth quarter of 2021. New lending of roughly USD 500 million was added. Reserves split into USD 2.67 asset-specific and USD 0.97 general, for a total of USD 3.64 per share. Real estate owned came to USD 1.5 billion spread across 15 assets. Of the legacy office book, USD 2 billion is rated 3 or better, leaving USD 1.2 billion, roughly 7% of the portfolio. Share Buybacks totaled USD 36 million.

Where Things Stand

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) has cut its payout to USD 0.30, which sits below third-quarter distributable earnings of USD 0.38 per share. On reported coverage the lower rate looks supportable, although the GAAP result was a loss and book value fell. Removing the 124% overshoot leaves a calculated 1.27 times cushion. Balance Sheet markers include USD 17.06 book value per share, 3.9 times Leverage and USD 1.3 billion of liquidity, while loan repayments return capital. Management attributed the reserve build and book value decline to higher rates and a slower office recovery, and beyond the expectation to cover the dividend, the company has issued no numeric earnings guidance.