Blackstone Mortgage Trust’s (BXMT) $20 billion loan portfolio ended the year strong in 2025, performing at 99 percent, and the publicly traded real estate investment trust (REIT) reported during its fourth-quarter earnings call that it closed $6.8 billion in new investments in 2025.

The company reported net income for the year of $110 million, with full-year earnings per share of 64 cents. Distributable earnings per share was $1.86 and dividends paid per basic share was $1.88 on the year. 

The firm’s fourth-quarter earnings per share came out to 51 cents, up from 37 cents in the prior quarter and up 20 percent from the start of 2025, while its fourth-quarter earnings per share was 47 cents, up from 24 cents in the third quarter. 

All told, BXMT delivered a 21 percent total return for shareholders in 2025. 

Tim Johnson, chairman and global head at Blackstone Real Estate Debt Strategy, stated during the earnings call that 85 percent of the firm’s loans in 2025 were in multifamily, industrial, bank loan portfolios, and the net-lease space. 

“BXMT reported strong fourth-quarter results, further building upon the positive momentum in earnings power and credit performance achieved throughout 2025,” Johnson said. “We’ve strategically broadened BXMT’s scope to target these complementary investment channels, supporting capital deployment over the past year and reinforcing earnings power with greater diversification and duration.”  

He also noted that BXMT’s global platform closed $20 billion in loan originations and acquisitions and traded more than $15 billion in CRE securities in 2025. The firm executed over $5 billion in corporate and securitized debt transactions in the last 12 months, including $2.8 billion of corporate-term repricings and extensions, which helped reduce the firm’s borrowing spread. 

“These transactions extended the duration of our liabilities, drove funding costs lower, and further diversified and strengthened our capital structure,” said Johnson, who noted that BXMT plans to strategically exit its owned real estate properties in the months ahead in order to deploy capital into new investments. 

Johnson described the current CRE credit markets as “highly liquid and underpinned by solid real estate fundamentals,” as CMBS issuance has increased 40 percent year-over-year, construction starts are still down, and values of assets are increasing across the board.  

“As a result, we’ve seen the deal dam start to break, with more enthusiasm from investors to start to transact,” he said, noting that BXMT’s loan originations were up 50 percent in January 2026 compared to January 2025.

Austin Peña, president of Blackstone Mortgage Trust, said that BXMT closed $1.5 billion of investments in the fourth quarter of 2025, with approximately $1.4 billion of new loan originations and $900 million of net-lease acquisitions. 

All of the firm’s loans in the quarter were secured by multifamily and industrial assets, of which 80 percent were diversified portfolios, including a $419 million loan made into a U.S. industrial portfolio made up of 11 performing assets leased at 94 percent, according to Peña. 

“We like lending on portfolios like this. They diversify BXMT’s credit exposure across multiple markets and tenants, limiting the impact of idiosyncratic risk via cross collateralization,” said Peña. 

Johnson added that Anthony Marrone Jr., chief financial officer, will be stepping down from his position and will be replaced by Marcin Urbaszek, who joined the company in 2024 and has served as deputy chief financial officer.    

Brian Pascus can be reached at bpascus@commercialobserver.com.