Blackstone Mortgage Trust reported a $327 million net loss for the third quarter of 2026 and declared a lower dividend for the fourth quarter. The commercial real estate lender also reported positive distributable earnings, a measure it presents separately from its net loss.
- Third-quarter results: Net loss attributable to the company was $327 million, or $1.95 per share. Distributable EPS was $0.38, and distributable EPS before realized gains and losses was $0.42.
- Dividend reduction: The company paid $0.47 per share for the third quarter and declared a fourth-quarter dividend of $0.30 per share—a reduction of $0.17, or about 36%.
- Payment dates: The $0.30 dividend is payable January 15, 2027, to shareholders of record on December 31, 2026.
- Management’s rationale and priorities: CEO Tim Johnson said the board assesses the dividend each quarter and believes the new rate can be sustained across a range of interest-rate and credit conditions. He also pointed to a stable balance sheet, strong liquidity and plans to continue turning over the loan portfolio and reallocating capital.
The reported net loss and positive distributable EPS are different measures of the quarter’s performance; the announcement does not explain the specific drivers of the $327 million loss. The dividend is lower than the amount paid for the third quarter, while management characterized the new level as sustainable.