Fitch Affirms Blackstone Mortgage's IDR at 'BB-'; Outlook Stable

Fitch Ratings has affirmed Blackstone Mortgage Trust, Inc.'s Long-Term Issuer Default Rating at 'BB-', with a Stable Outlook. The affirmation reflects BXMT's affiliation with Blackstone Inc., its adequate liquidity profile, and improving loan impairments. However, BXMT faces constraints due to its narrow commercial real estate focus, elevated office exposure, and reliance on secured funding. Profitability is improving, but leverage remains above peers. Fitch expects continued asset quality challenges and elevated provisioning into 2026.