BXMT — what changed in the latest 10-Q
A section-by-section comparison of BXMT's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-29 vs the prior 10-Q · 2026-07-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +170 | −133 | ~133 | 427 |
| Market risk (Item 3) | Text added/removed | +9 | −5 | ~13 | 56 |
| Controls & procedures | Text added/removed | 0 | 0 | ~15 | 3 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-29
During the three months ended September 30, 2026, we entered into an agreement to sell eight whole mortgage loans to an
unaffiliated third party for total estimated net sales proceeds of $615.6 million, which resulted in these loans being
classified as loans receivable, held-for-sale on our consolidated balance sheets as of September 30, 2026. This resulted in a
$63.9 million valuation adjustment recognized to reduce the carrying value of these loans, which was $679.5 million prior
to the adjustment. Two of the whole loans consisted of both a performing senior loan and an impaired subordinate loan.
Text removed vs the prior filing · source: 10-Q · 2026-07-30
Adjustment to realized loss on disposition of owned real estate(4)
Allocable share of adjustments related to unconsolidated entities(6)
Cash income from Agency Multifamily Lending Partnership, net(7)
Adjustment to realized loss on disposition of owned real estate(4)
Allocable share of adjustments related to unconsolidated entities(6)
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-10-29
will decrease net income. However, in periods in which our floating rate liabilities exceed our floating rate assets, including
as a result of floating rate corporate debt or a greater concentration in owned real estate, loans on nonaccrual status, or
similar assets that do not generate floating rate interest income, rising interest rates may decrease our net income. As of
September 30, 2026, 96% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR,
and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is
Text removed vs the prior filing · source: 10-Q · 2026-07-30
will decrease net income. As of June 30, 2026, 97% of our loans by principal balance earned a floating rate of interest,
primarily indexed to SOFR, and were financed with liabilities that pay interest at floating rates, which resulted in an
amount of net equity that is positively correlated to changing interest rates, subject to the impact of interest rate floors on
(7)Includes amounts outstanding under our secured debt, securitizations, asset-specific debt, Term Loans, Senior
(1)Includes Swedish Krona, Australian Dollar, and Canadian Dollar currencies.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice