- Blackstone Mortgage Trust (BXMT) expects to close more than $7B in new investments by year-end 2025, spanning loan originations, acquisitions, and net lease strategies.
- Q3 net income came in at $63.4M, with distributable EPS of $0.24 and a dividend payout of $0.47 per share.
- CEO transition: Katie Keenan is stepping down to take over leadership of Blackstone Real Estate Income Trust and the firm’s Core+ Real Estate platform following the tragic death of Wesley LePatner.
- Despite operational momentum, BXMT’s stock price remains near multi-year lows, creating what Keenan calls an “opportunity,” with $100M in stock repurchases completed this year.
A Strong Quarter Amid a Shifting Market
Blackstone Mortgage Trust is aiming for a major investment year, with plans to exceed $7B in new deals across multiple channels by the end of 2025, per the Commercial Observer. The announcement came during its third-quarter earnings call, where the company highlighted $1B in Q3 investment activity and an additional $1.7B already closed or set to close post-quarter.
Katie Keenan, BXMT’s outgoing CEO, emphasized the company’s resilience, calling its Q3 performance evidence of “continued forward momentum” in earnings, investment activity, and balance sheet optimization.
Leadership Change Amid Tragedy
Keenan will soon transition into a broader leadership role, replacing the late Wesley LePatner at Blackstone Real Estate Income Trust (BREIT) and assuming the role of global head of Blackstone’s Core+ Real Estate business. Her new position will take full effect November 10, though she’s already assumed parts of the role.
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Stock Price Lags Performance
While BXMT has outperformed operationally, Keenan acknowledged a disconnect between performance and market valuation. The company’s stock trades within 10% of recent lows, despite a steady 10.4% dividend yield and a strong investment pipeline.
This gap has spurred BXMT to repurchase over $100M in stock this year at discounts to book value, a move framed as both opportunistic and strategic.
What’s Next
BXMT continues to lean into recovery tailwinds and sees ongoing opportunity in the evolving credit and real estate markets. With a pipeline of new originations and solid liquidity, the firm remains positioned for aggressive growth heading into 2026.
