Blackstone Mortgage Trust (BXMT) Financials

Blackstone Mortgage Trust (NYSE:BXMT) has experienced notable fluctuations in its financial performance over the last several years through Q1 2025. Here’s an analysis of key trends observed from the income statements, cash flow statements, and balance sheets:

• Loan and Lease Interest Income remains a primary revenue driver, showing substantial amounts (over $300M in Q1 2025), though with occasional volatility in quarterly figures.
• Operating cash flows have generally remained strong and positive, with Q1 2025 showing $100.5M net cash from continuing operating activities, indicating solid operational cash generation capability.
• Blackstone has demonstrated active management of investments with frequent purchases and sales, leading to positive net cash flows from investing activities in recent quarters (e.g., $261M net inflow in Q1 2025).
• The company maintains significant cash and equivalents, which increased substantially to $668.6M in Q1 2025 from lower levels in previous quarters, supporting liquidity.
• Total assets have remained relatively stable around $19.95B as of Q1 2025, showing a maintained asset base despite some fluctuations in loans and leases.
• Blackstone continues to carry substantial long-term debt, approximately $15.9B in Q1 2025, which represents a consistent leverage profile but requires careful monitoring for interest coverage and repayment capabilities.
• Dividend payments remain steady around $80-110 million per quarter, reflecting a commitment to returning cash to shareholders; however, this should be balanced against net losses in recent quarters.
• Recent quarters show net losses, including a small loss in Q1 2025 (-$351K) following more significant losses in prior quarters, marking challenges in profitability despite high revenues.
• Total non-interest expenses have increased significantly, reaching nearly $368M in Q1 2025, including large special charges that pressure net income results.
• There is a heavy reliance on earnings from loans and leases interest income with zero or low interest expense reported in some quarters which can skew net interest income presentation and warrants closer review for financial sustainability.

Overall, Blackstone Mortgage Trust presents a mixed financial profile. Operational cash flow strength and solid asset management are positives, but increased expenses and losses in recent quarters raise concerns about near-term profitability. Investors should watch the company’s ability to control costs and sustain dividends amid market and interest rate changes affecting mortgage trust companies.