Blackstone Mortgage Trust reported a $327 million net loss for the third quarter of 2026, even as it generated positive distributable earnings. The commercial real estate lender also declared a fourth-quarter dividend of 30 cents per share, below the 47 cents per share paid during the third quarter.
The results highlight a gap between the company’s reported loss and its distributable earnings, a measure it uses to describe earnings available for distribution. The announcement did not explain the specific drivers of the quarterly net loss.
Key details
- Third-quarter results: Blackstone Mortgage Trust reported a net loss attributable to the company of $327 million, or $1.95 per basic share.
- Distributable earnings: Distributable earnings were 38 cents per share. Excluding realized gains and losses, they were 42 cents per share.
- Dividend: The company declared a dividend of 30 cents per share for the fourth quarter. It is payable January 15, 2027, to shareholders of record on December 31, 2026.
- Compared with the prior quarter: The company said it paid 47 cents per basic share in dividends during the third quarter. The newly declared fourth-quarter dividend is 17 cents lower per share.
- Management’s stated priorities: Chief Executive Tim Johnson said the company is balancing current returns against long-term earnings potential and will continue to assess its dividend quarterly. He cited a stable balance sheet, strong liquidity and access to Blackstone’s platform as support for continued portfolio turnover and capital allocation.
The declared fourth-quarter dividend is below both third-quarter distributable earnings measures: 30 cents versus 38 cents per share, or 42 cents before realized gains and losses. The announcement does not provide a detailed explanation for the net loss or additional information about the dividend decision.