BXMT Q4 2025: GAAP EPS $0.24, Distributable EPS prior to charge-offs $0.51, dividend covered

BLACKSTONE MORTGAGE TRUST, INC.

2025-FY EPS reported $0.64

Full-year 2025 GAAP net income $110M; GAAP EPS $0.64; Distributable EPS prior to charge-offs $1.86; dividend $1.88.
Q4 distributable EPS prior to charge-offs $0.51 covers $0.47 dividend (9.6% annualized yield based on $19.61 price).
Total 2025 investments $6.8B: $5.7B loan originations (80% multifamily/industrial) and $1B in bank loan/lease acquisitions.
Loan portfolio 99% performing; impaired loan balance reduced 96% from $2.3B peak to $0.1B; no new watchlist loans in Q4.
CECL reserves down 60% YoY to $296M; book value $20.75; $109M stock repurchased at $18.20 average price.

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