Shares of Blackstone Mortgage Trust Inc. (BXMT) dropped to a 52-week low of $13.72 on Friday, extending a 29.6% decline over the past year. The commercial mortgage real estate investment trust reported second-quarter 2026 distributable earnings of $0.31 per share, missing analyst estimates of $0.42, though revenue rose to $158.06 million, surpassing the projected $127.34 million.
The company’s book value per share fell 4%, driven by higher Current Expected Credit Losses reserves and depreciation of owned properties. Blackstone Mortgage Trust also repaid $1.2 billion in loans and deployed $1.4 billion in new investments, primarily in residential, industrial, and net lease assets. Its watchlist exposure declined to $2.0 billion from $2.5 billion in the prior quarter.
Analysts at Citizens maintained a Market Perform rating, citing ongoing portfolio rotation, while Raymond James downgraded the stock from Outperform to Market Perform, citing concerns over portfolio quality and potential further erosion in book value. Management cautioned that short-term earnings may remain under pressure.
The trust has maintained dividend payments for 15 consecutive years, with a current yield of 13.61%. Price targets suggest a potential 30% upside, though recent performance has weighed on investor sentiment.
