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Blackstone Mortgage Trust (BXMT) Financials

Blackstone Mortgage Trust logo
$14.49 -0.01 (-0.04%)
Closing price 08/14/2026 03:59 PM Eastern
Extended Trading
$14.55 +0.06 (+0.39%)
As of 08/14/2026 07:34 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Blackstone Mortgage Trust

Annual Income Statements for Blackstone Mortgage Trust

This table shows Blackstone Mortgage Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 197 238 218 285 306 138 419 249 247 -204 110
Consolidated Net Income / (Loss)		 212 246 218 286 307 140 422 251 250 -202 110
Net Income / (Loss) Continuing Operations		 212 246 218 286 307 140 422 251 250 -202 110
Total Pre-Tax Income 		212 247 218 286 307 141 423 254 255 -199 113
Total Revenue		 258 314 303 396 424 432 514 628 2,042 1,788 1,542
Net Interest Income / (Expense)		 258 314 303 396 424 432 514 628 2,038 1,769 1,356
Total Interest Income		 411 498 538 756 883 780 855 1,339 2,038 1,769 1,356
Loans and Leases Interest Income		 - - - - - - - 1,339 2,038 1,769 1,356
Total Interest Expense		 152 184 235 360 459 347 340 711 0.00 0.00 0.00
Total Non-Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 628 4.62 19 185
Other Service Charges		 - - - - - - - 0.00 0.00 1.06 0.40
Net Realized & Unrealized Capital Gains on Investments		 - - - - - - 0.00 0.00 4.62 5.35 0.00
Other Non-Interest Income		 - - - - - - - 0.00 0.00 13 185
Total Non-Interest Expense		 58 70 85 110 117 291 92 374 1,787 1,985 1,437
Other Operating Expenses		 80 84 85 110 117 124 132 162 1,537 1,446 1,324
Other Special Charges		 -22 -13 - - 0.00 168 -40 212 250 539 112
Nonoperating Income / (Expense), net		 12 3.19 - - - - - - 0.00 -2.75 8.31
Income Tax Expense		 0.50 0.20 0.31 0.31 -0.51 0.32 0.42 3.00 5.36 2.37 3.67
Net Income / (Loss) Attributable to Noncontrolling Interest		 15 8.14 0.34 0.74 1.83 2.74 3.08 2.42 3.34 2.26 0.10
Basic Earnings per Share		 $2.41 $2.53 $2.27 $2.50 $2.35 $0.97 $2.77 $1.46 $1.43 ($1.17) $0.64
Weighted Average Basic Shares Outstanding		 81.74M 94.17M 95.96M 113.86M 130.09M 141.80M 151.52M 170.63M 172.67M 173.78M 170.96M
Diluted Earnings per Share		 $2.41 $2.53 $2.27 $2.50 $2.35 $0.97 $2.77 $1.46 $1.43 ($1.17) $0.64
Weighted Average Diluted Shares Outstanding		 81.74M 94.17M 95.96M 113.86M 130.09M 141.80M 151.52M 170.63M 172.67M 173.78M 170.96M
Weighted Average Basic & Diluted Shares Outstanding		 81.74M 94.17M 95.96M 113.86M 130.09M 141.80M 168.61M 172.28M 173.67M 171.59M 168.74M
Cash Dividends to Common per Share		 $2.28 $2.48 $2.48 $2.48 $2.48 $2.48 $2.48 $2.48 $2.48 $2.18 $1.88

Quarterly Income Statements for Blackstone Mortgage Trust

This table shows Blackstone Mortgage Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -2.38 -124 -61 -56 37 -0.36 6.97 63 40 -6.30 -81
Consolidated Net Income / (Loss)		 -1.72 -123 -60 -56 37 -0.35 6.98 63 40 -6.34 -81
Net Income / (Loss) Continuing Operations		 -1.72 -123 -60 -56 37 -0.35 6.98 63 40 -6.34 -81
Total Pre-Tax Income 		-1.02 -122 -59 -55 37 0.37 7.89 65 40 -5.18 -79
Total Revenue		 -200 145 127 112 1,083 369 399 380 394 380 385
Net Interest Income / (Expense)		 -200 142 127 108 1,070 332 360 346 319 306 310
Total Interest Income		 505 486 466 430 387 332 360 346 319 306 310
Loans and Leases Interest Income		 - 486 466 430 - 332 360 346 319 306 310
Total Interest Expense		 705 344 339 322 -683 0.00 0.00 0.00 - 0.00 0.00
Total Non-Interest Income		 505 145 127 112 384 37 39 133 -208 75 76
Other Service Charges		 - 0.00 0.00 0.00 - 0.09 0.23 0.07 0.01 0.00 0.00
Other Non-Interest Income		 - 0.00 0.00 1.21 - 37 39 34 75 75 75
Total Non-Interest Expense		 -199 268 186 167 1,043 368 389 319 361 387 473
Other Operating Expenses		 -314 33 33 35 1,025 318 343 320 343 332 338
Other Special Charges		 115 235 152 132 18 50 46 -0.99 18 55 134
Nonoperating Income / (Expense), net		 - - - - - -0.87 -2.02 3.92 7.27 1.38 8.57
Income Tax Expense		 0.70 1.00 1.22 0.61 -0.46 0.72 0.90 1.51 0.54 1.16 2.50
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.66 0.67 0.86 0.54 0.19 0.01 0.02 0.01 0.07 -0.04 -0.05
Basic Earnings per Share		 ($0.01) ($0.71) ($0.35) ($0.32) $0.21 $0.00 $0.04 $0.37 $0.23 ($0.04) ($0.48)
Weighted Average Basic Shares Outstanding		 172.67M 174.04M 173.97M 173.64M 173.78M 172.00M 171.89M 171.81M 170.96M 169.08M 168.96M
Diluted Earnings per Share		 $0.01 ($0.71) ($0.35) ($0.32) $0.21 $0.00 $0.04 $0.37 $0.23 ($0.04) ($0.48)
Weighted Average Diluted Shares Outstanding		 172.67M 174.04M 173.97M 173.64M 173.78M 172.00M 171.89M 171.81M 170.96M 169.08M 168.96M
Weighted Average Basic & Diluted Shares Outstanding		 173.67M 173.58M 173.62M 172.99M 171.59M 171.58M 171.58M 167.72M 168.74M 168.68M 168.54M

Annual Cash Flow Statements for Blackstone Mortgage Trust

This table details how cash moves in and out of Blackstone Mortgage Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 42 -29 21 -3.95 45 138 263 -249 55 -19 121
Net Cash From Operating Activities		 171 237 227 290 304 337 382 397 459 366 276
Net Cash From Continuing Operating Activities		 171 237 227 290 304 337 382 397 459 366 276
Net Income / (Loss) Continuing Operations		 212 246 218 286 307 140 422 251 250 -202 110
Consolidated Net Income / (Loss)		 212 246 218 286 307 140 422 251 250 -202 110
Depreciation Expense		 - - - - - - - 0.00 0.00 9.41 69
Amortization Expense		 -15 -21 -16 -19 -26 -19 -28 -32 -24 -21 -21
Non-Cash Adjustments to Reconcile Net Income		 -8.04 15 24 28 30 51 25 225 -2.26 539 99
Changes in Operating Assets and Liabilities, net		 -17 -4.05 1.85 -4.97 -8.10 165 -37 -47 235 41 20
Net Cash From Investing Activities		 -4,823 434 -781 -4,252 -1,871 -88 -5,627 -3,254 1,444 3,497 359
Net Cash From Continuing Investing Activities		 -4,823 434 -781 -4,252 -1,871 -88 -5,627 -3,254 1,444 3,497 359
Purchase of Property, Leasehold Improvements and Equipment		 - - - - - - - 0.00 0.00 -0.59 -13
Purchase of Investment Securities		 -7,204 -3,167 -3,639 -8,025 -6,950 -2,243 -12,660 -7,050 -1,930 -1,705 -6,461
Sale and/or Maturity of Investments		 2,637 3,601 2,858 3,261 5,050 1,828 6,872 3,722 3,356 5,171 6,762
Other Investing Activities, net		 -238 0.00 0.00 512 29 326 161 75 18 32 71
Net Cash From Financing Activities		 4,694 -700 575 3,958 1,613 -111 5,508 2,607 -1,848 -3,883 -514
Net Cash From Continuing Financing Activities		 4,694 -700 575 3,958 1,613 -111 5,508 2,607 -1,848 -3,883 -514
Issuance of Debt		 6,885 3,240 5,599 9,498 7,339 5,097 14,250 7,401 2,030 2,754 6,175
Repayment of Debt		 -3,030 -3,671 -5,160 -5,718 -5,748 -5,083 -8,975 -4,389 -3,418 -6,158 -6,202
Repurchase of Common Equity		 - - - - - - - 0.00 0.00 -29 -110
Payment of Dividends		 -167 -233 -235 -277 -321 -349 -371 -421 -427 -404 -323
Other Financing Activities, Net		 -42 -36 -21 -22 -30 -54 -34 -54 -32 -46 -55
Cash Interest Paid		 127 165 207 319 426 312 288 608 1,293 1,261 967
Cash Income Taxes Paid		 0.13 0.29 0.30 0.55 -0.11 0.23 -0.07 0.68 6.67 4.48 4.01

Quarterly Cash Flow Statements for Blackstone Mortgage Trust

This table details how cash moves in and out of Blackstone Mortgage Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -74 67 -40 -53 7.40 343 -287 -8.89 74 98 -115
Net Cash From Operating Activities		 111 95 100 87 85 101 57 -18 136 170 65
Net Cash From Continuing Operating Activities		 111 95 100 87 85 101 57 -18 136 170 65
Net Income / (Loss) Continuing Operations		 -1.72 -123 -60 -56 37 -0.35 6.98 63 40 -6.34 -81
Consolidated Net Income / (Loss)		 -1.72 -123 -60 -56 37 -0.35 6.98 63 40 -6.34 -81
Depreciation Expense		 - 0.00 - 1.03 8.19 16 17 15 21 21 20
Amortization Expense		 -6.45 -5.88 -6.32 -6.18 -2.80 -1.28 -6.60 -10 -2.98 -6.34 -9.66
Non-Cash Adjustments to Reconcile Net Income		 1.33 -1.59 -0.32 -2.26 4.83 2.22 96 -8.71 9.31 62 127
Changes in Operating Assets and Liabilities, net		 118 225 167 150 37 84 -55 -78 69 100 9.26
Net Cash From Investing Activities		 256 376 488 1,286 1,347 261 -492 833 -242 221 -35
Net Cash From Continuing Investing Activities		 256 376 488 1,286 1,347 261 -492 833 -242 221 -35
Purchase of Property, Leasehold Improvements and Equipment		 - 0.00 - - - -4.26 -2.59 -1.63 -4.29 -11 -8.43
Purchase of Investment Securities		 -410 -391 -449 -540 -398 -1,852 1,745 -4,592 -1,761 -126 -77
Sale and/or Maturity of Investments		 992 642 1,045 1,573 1,688 2,035 -2,182 5,410 1,499 345 41
Other Investing Activities, net		 -327 125 -109 253 57 83 -52 16 24 12 9.82
Net Cash From Financing Activities		 -440 -404 -628 -1,426 -1,424 -18 147 -823 180 -293 -146
Net Cash From Continuing Financing Activities		 -440 -404 -628 -1,426 -1,424 -18 147 -823 180 -293 -146
Issuance of Debt		 265 590 190 434 1,540 2,065 1,522 585 2,002 1,175 1,688
Repayment of Debt		 -591 -878 -704 -1,733 -2,843 -1,948 -1,288 -1,304 -1,662 -1,369 -1,741
Repurchase of Common Equity		 - 0.00 - - -18 -32 -0.04 -16 -62 -0.80 -3.03
Payment of Dividends		 -107 -107 -108 -108 -81 -81 -81 -81 -80 -79 -79
Other Financing Activities, Net		 -8.05 -8.94 -6.01 -9.22 -22 -22 -6.52 -8.08 -19 -19 -11
Cash Interest Paid		 311 344 324 326 268 245 238 253 230 206 221
Cash Income Taxes Paid		 1.44 1.16 0.86 2.63 -0.17 0.78 0.97 1.68 0.58 1.89 3.42

Annual Balance Sheets for Blackstone Mortgage Trust

This table presents Blackstone Mortgage Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 9,377 8,813 10,259 14,467 16,552 16,959 22,703 25,354 24,036 19,802 20,003
Cash and Due from Banks		 96 76 70 106 150 290 551 291 350 323 453
Trading Account Securities		 9.44 - - - - - - - 0.00 4.45 217
Loans and Leases, Net of Allowance		 9,077 8,693 10,057 14,191 0.00 16,573 22,003 25,018 23,787 19,048 18,069
Loans and Leases		 9,077 8,693 10,057 14,191 - 16,573 22,003 25,018 23,787 19,048 18,069
Other Assets		 184 44 100 171 16,402 96 149 45 -101 427 1,264
Total Liabilities & Shareholders' Equity		 9,377 8,813 10,259 14,467 16,552 16,959 22,703 25,354 24,036 19,802 20,003
Total Liabilities		 6,871 6,319 7,341 11,093 12,767 13,055 18,085 20,810 19,649 16,008 16,499
Long-Term Debt		 6,777 6,231 7,201 10,965 12,268 12,852 17,853 20,383 19,286 15,725 16,112
Other Long-Term Liabilities		 94 88 141 128 324 202 231 427 363 283 386
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,506 2,494 2,917 3,375 3,785 3,904 4,619 4,544 4,388 3,794 3,504
Total Preferred & Common Equity		 2,493 2,494 2,911 3,364 3,763 3,886 4,588 4,519 4,368 3,787 3,499
Total Common Equity		 2,493 2,494 2,911 3,364 3,763 3,886 4,588 4,519 4,368 3,787 3,499
Common Stock		 3,071 3,091 3,508 3,968 4,371 4,704 5,375 5,478 5,509 5,513 5,432
Retained Earnings		 -546 -541 -567 -569 -593 -829 -795 -969 -1,151 -1,734 -1,945
Accumulated Other Comprehensive Income / (Loss)		 -33 -56 -30 -34 -16 11 8.31 10 9.45 8.27 12
Noncontrolling Interest		 13 0.00 6.34 10 22 18 31 25 20 6.88 5.48

Quarterly Balance Sheets for Blackstone Mortgage Trust

This table presents Blackstone Mortgage Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 25,386 24,863 24,043 23,266 22,637 21,443 19,957 20,584 19,700 19,630 19,404
Cash and Due from Banks		 516 483 421 414 374 322 669 388 378 549 433
Trading Account Securities		 - - - - - - 29 108 183 244 322
Loans and Leases, Net of Allowance		 0.00 24,483 23,716 23,189 22,871 21,603 19,050 19,706 18,067 17,558 17,335
Loans and Leases		 - 24,483 23,716 23,189 22,871 21,603 19,050 19,706 18,067 17,558 17,335
Other Assets		 24,870 -103 -94 -337 -608 -481 210 382 1,072 1,278 1,314
Total Liabilities & Shareholders' Equity		 25,386 24,863 24,043 23,266 22,637 21,443 19,957 20,584 19,700 19,630 19,404
Total Liabilities		 20,825 20,296 19,550 19,101 18,632 17,583 16,269 16,961 16,102 16,212 16,139
Long-Term Debt		 20,542 20,002 19,272 18,843 18,375 17,236 15,927 16,529 15,463 15,852 15,775
Other Long-Term Liabilities		 283 - 278 258 257 346 341 432 639 360 365
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 4,561 4,566 4,494 4,165 4,005 3,860 3,689 3,624 3,597 3,418 3,265
Total Preferred & Common Equity		 4,535 4,541 4,471 4,145 3,985 3,845 3,682 3,617 3,591 3,415 3,262
Total Common Equity		 4,535 4,541 4,471 4,145 3,985 3,845 3,682 3,617 3,591 3,415 3,262
Common Stock		 5,485 5,493 5,501 5,518 5,526 5,523 5,488 5,496 5,487 5,438 5,442
Retained Earnings		 -958 -963 -1,041 -1,383 -1,552 -1,690 -1,815 -1,889 -1,906 -2,031 -2,192
Accumulated Other Comprehensive Income / (Loss)		 7.83 11 11 9.87 10 11 8.59 9.80 9.32 7.86 11
Noncontrolling Interest		 25 26 23 20 20 16 6.75 6.77 6.70 3.09 3.05

Annual Metrics And Ratios for Blackstone Mortgage Trust

This table displays calculated financial ratios and metrics derived from Blackstone Mortgage Trust's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.41 $2.53 $2.27 $2.50 $2.35 $0.97 $2.77 $1.46 $1.43 ($1.17) $0.64
Adjusted Weighted Average Basic Shares Outstanding		 93.93M 94.82M 108.19M 123.76M 135.36M 147.04M 151.52M 170.63M 172.67M 173.78M 170.96M
Adjusted Diluted Earnings per Share		 $2.41 $2.53 $2.27 $2.50 $2.35 $0.97 $2.77 $1.46 $1.43 ($1.17) $0.64
Adjusted Weighted Average Diluted Shares Outstanding		 93.93M 94.82M 108.19M 123.76M 135.36M 147.04M 151.52M 170.63M 172.67M 173.78M 170.96M
Adjusted Basic & Diluted Earnings per Share		 $2.41 $2.53 $2.27 $2.50 $2.35 $0.97 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 81.74M 94.17M 95.96M 113.86M 130.09M 141.80M 168.61M 172.28M 173.67M 171.59M 168.74M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Blackstone Mortgage Trust

This table displays calculated financial ratios and metrics derived from Blackstone Mortgage Trust's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 168,738,642.00 168,683,520.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 168,738,642.00 168,683,520.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.04 -0.48
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -204.74% -16.55% -28.52% -17.22% 640.98% 153.99% 214.41% 239.23% - 2.97% -3.34%
EBITDA Growth		 86.16% -212.82% -167.64% -311.80% 703.52% 112.68% 130.62% 209.07% - -50.89% -484.55%
EBIT Growth		 97.79% -201.43% -156.88% -271.91% 4,000.98% 101.02% 116.79% 210.44% - -629.01% -982.00%
NOPAT Growth		 97.79% -172.13% -140.28% -226.51% 5,351.16% 98.61% 121.24% 254.09% - -287.19% -797.23%
Net Income Growth		 96.35% -203.89% -158.74% -282.74% 2,278.50% 99.72% 111.60% 213.54% - -1,706.27% -1,263.62%
EPS Growth		 104.00% -205.97% -160.34% -288.24% 2,000.00% 100.00% 111.43% 215.63% - 0.00% -1,300.00%
Operating Cash Flow Growth		 -14.63% -13.69% -20.50% -22.25% -23.94% 6.24% -42.87% -120.87% - 68.86% 13.94%
Free Cash Flow Firm Growth		 150.36% 281.75% 187.14% 207.80% 234.63% 68.77% 4.06% -20.29% - -89.92% -52.92%
Invested Capital Growth		 -5.03% -8.34% -8.91% -11.23% -17.55% -14.74% -9.95% -9.65% - -1.77% -5.53%
Revenue Q/Q Growth		 -138.20% -5.52% -12.78% 242.11% 149.64% -65.90% 7.96% -4.72% - -3.58% 1.34%
EBITDA Q/Q Growth		 -126.20% -1,614.66% 49.00% 7.55% 174.65% -63.96% 22.77% 230.23% - -84.30% -1,061.35%
EBIT Q/Q Growth		 -103.17% -11,912.59% 51.72% 6.36% 171.83% -96.87% 697.90% 516.00% - -119.96% -1,230.33%
NOPAT Q/Q Growth		 -102.33% -11,912.59% 51.72% 6.36% 196.69% -103.18% 838.76% 579.44% - -114.16% -1,230.33%
Net Income Q/Q Growth		 -105.62% -7,077.74% 51.12% 7.24% 166.94% -100.94% 2,089.74% 807.90% - -116.00% -1,181.81%
EPS Q/Q Growth		 -94.12% -7,200.00% 50.70% 8.57% 165.63% -100.00% 0.00% 825.00% - -117.39% -1,100.00%
Operating Cash Flow Q/Q Growth		 -0.79% -13.82% 5.89% -13.04% -2.95% 18.89% -43.06% -131.77% - 24.52% -61.58%
Free Cash Flow Firm Q/Q Growth		 46.62% 60.37% 6.92% 22.43% 59.39% -19.12% -34.07% -6.22% - 623.93% 208.07%
Invested Capital Q/Q Growth		 -0.39% -2.81% -2.73% -5.73% -7.48% 0.50% 2.74% -5.42% - -1.77% -1.20%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 0.00% -88.10% -51.52% -13.92% 4.16% 4.40% 5.00% 17.34% - 2.10% -19.91%
EBIT Margin		 0.00% -84.05% -46.53% -12.74% 3.66% 0.34% 2.48% 16.06% - -1.73% -22.67%
Profit (Net Income) Margin		 0.00% -84.74% -47.49% -12.88% 3.45% -0.10% 1.75% 16.70% - -1.67% -21.09%
Tax Burden Percent		 168.73% 100.82% 102.06% 101.11% 101.24% -95.64% 88.55% 97.67% - 122.35% 103.18%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 93.07% 29.57% 79.65% 106.43% - 78.93% 90.19%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% -1.24% 195.64% 11.45% 2.33% - 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -1.58% -0.83% -0.20% 0.29% -0.03% 0.24% 1.99% - -0.10% -1.25%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -1.77% -0.93% -0.30% 0.29% -0.03% 0.23% 2.02% - -0.11% -1.37%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -8.00% -4.14% -1.29% 1.22% -0.11% 1.03% 8.84% - -0.48% -6.43%
Return on Equity (ROE)		 0.00% -9.58% -4.97% -1.49% 1.51% -0.14% 1.27% 10.84% - -0.58% -7.68%
Cash Return on Invested Capital (CROIC)		 6.19% 8.74% 8.88% 11.16% 18.60% 15.66% 10.44% 10.68% - 2.26% 5.68%
Operating Return on Assets (OROA)		 0.00% -2.23% -1.17% -0.28% 0.30% 0.03% 0.26% 1.99% - -0.14% -1.75%
Return on Assets (ROA)		 0.00% -2.25% -1.19% -0.29% 0.28% -0.01% 0.19% 2.07% - -0.13% -1.62%
Return on Common Equity (ROCE)		 0.00% -9.53% -4.94% -1.48% 1.50% -0.14% 1.27% 10.81% - -0.58% -7.67%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.20% -3.88% -6.27% 0.00% -2.15% -0.33% 2.99% - 3.04% 0.47%
Net Operating Profit after Tax (NOPAT)		 -0.71 -86 -41 -39 37 -1.19 8.77 60 - -4.60 -61
NOPAT Margin		 0.00% -58.83% -32.57% -8.91% 3.45% -0.32% 2.20% 15.69% - -1.21% -15.87%
Net Nonoperating Expense Percent (NNEP)		 0.01% 0.19% 0.10% 0.09% 0.00% 0.00% 0.01% -0.02% - 0.01% 0.12%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 184.05% 146.53% 112.74% 96.34% 99.66% 97.52% 83.94% - 101.73% 122.67%
Earnings before Interest and Taxes (EBIT)		 -1.02 -122 -59 -55 40 1.24 9.90 61 - -6.57 -87
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -7.47 -128 -65 -60 45 16 20 66 - 7.98 -77
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.75 0.80 0.76 0.86 0.80 0.93 0.91 0.88 - 0.95 0.88
Price to Tangible Book Value (P/TBV)		 0.75 0.80 0.76 0.86 0.80 0.93 0.91 0.88 - 0.95 0.88
Price to Revenue (P/Rev)		 4.82 5.12 5.07 6.53 1.68 1.71 1.45 1.24 - 2.08 1.86
Price to Earnings (P/E)		 13.21 667.65 0.00 0.00 0.00 0.00 0.00 29.47 - 31.18 185.20
Dividend Yield		 13.12% 12.90% 14.24% 12.26% 12.52% 10.15% 9.77% 10.21% - 9.82% 11.09%
Earnings Yield		 7.57% 0.15% 0.00% 0.00% 0.00% 0.00% 0.00% 3.39% - 3.21% 0.54%
Enterprise Value to Invested Capital (EV/IC)		 0.94 0.95 0.94 0.96 0.94 0.95 0.97 0.96 - 0.96 0.96
Enterprise Value to Revenue (EV/Rev)		 32.89 33.66 35.32 40.01 10.30 9.29 8.52 7.15 - 11.94 11.83
Enterprise Value to EBITDA (EV/EBITDA)		 96.12 0.00 0.00 0.00 0.00 0.00 931.69 124.06 - 128.22 379.72
Enterprise Value to EBIT (EV/EBIT)		 87.02 1,721.30 0.00 0.00 0.00 0.00 0.00 163.22 - 190.66 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 88.89 2,663.17 0.00 0.00 0.00 0.00 0.00 169.89 - 198.22 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 48.41 49.03 50.35 51.47 50.27 50.21 59.05 81.43 - 53.72 51.56
Enterprise Value to Free Cash Flow (EV/FCFF)		 14.78 10.35 10.10 8.08 4.59 5.60 8.76 8.51 - 42.15 16.35
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 4.40 4.52 4.59 4.46 4.14 4.32 4.56 4.30 - 4.64 4.83
Long-Term Debt to Equity		 4.40 4.52 4.59 4.46 4.14 4.32 4.56 4.30 - 4.64 4.83
Financial Leverage		 4.44 4.51 4.48 4.37 4.28 4.43 4.58 4.38 - 4.47 4.69
Leverage Ratio		 5.53 5.58 5.54 5.44 5.36 5.50 5.67 5.52 - 5.57 5.81
Compound Leverage Factor		 5.53 5.58 5.54 5.44 4.99 1.63 4.51 5.87 - 4.40 5.24
Debt to Total Capital		 81.47% 81.90% 82.11% 81.70% 80.56% 81.20% 82.02% 81.13% - 82.26% 82.85%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Long-Term Debt to Total Capital		 81.47% 81.90% 82.11% 81.70% 80.56% 81.20% 82.02% 81.13% - 82.26% 82.85%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.08% 0.09% 0.09% 0.07% 0.04% 0.03% 0.03% 0.04% - 0.02% 0.02%
Common Equity to Total Capital		 18.45% 18.01% 17.80% 18.22% 19.40% 18.77% 17.95% 18.84% - 17.72% 17.13%
Debt to EBITDA		 83.46 -1,801.29 -106.63 -65.73 -75.43 -248.14 791.74 105.11 - 109.65 329.04
Net Debt to EBITDA		 81.94 -1,761.72 -104.46 -64.50 -73.87 -237.72 773.16 102.54 - 105.85 320.01
Long-Term Debt to EBITDA		 83.46 -1,801.29 -106.63 -65.73 -75.43 -248.14 791.74 105.11 - 109.65 329.04
Debt to NOPAT		 77.18 2,306.12 -174.95 -103.72 -114.20 -295.79 -2,349.11 143.94 - 169.51 -1,543,456.06
Net Debt to NOPAT		 75.78 2,255.46 -171.39 -101.78 -111.85 -283.38 -2,293.96 140.42 - 163.63 -1,501,105.74
Long-Term Debt to NOPAT		 77.18 2,306.12 -174.95 -103.72 -114.20 -295.79 -2,349.11 143.94 - 169.51 -1,543,456.06
Noncontrolling Interest Sharing Ratio		 0.00% 0.52% 0.53% 0.46% 0.33% 0.34% 0.35% 0.30% - 0.14% 0.14%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,253 2,009 2,148 2,630 4,192 3,391 2,235 2,096 - 342 1,052
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 2,361.75% 2,209.77% -1,112.85% - 1,611.54% 773.95%
Free Cash Flow to Firm to Interest Expense		 1.78 5.84 6.33 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense		 0.16 0.28 0.30 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.16 0.28 0.30 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.03 0.03 0.02 0.08 0.09 0.11 0.12 - 0.08 0.08
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 23,674 23,008 22,379 21,097 19,519 19,616 20,153 19,060 - 19,270 19,039
Invested Capital Turnover		 0.03 0.03 0.03 0.02 0.08 0.09 0.11 0.13 - 0.08 0.08
Increase / (Decrease) in Invested Capital		 -1,253 -2,095 -2,189 -2,669 -4,155 -3,392 -2,227 -2,037 - -346 -1,114
Enterprise Value (EV)		 22,213 21,761 21,045 20,231 18,420 18,698 19,451 18,250 - 18,537 18,204
Market Capitalization		 3,257 3,312 3,024 3,301 3,012 3,432 3,303 3,159 - 3,231 2,859
Book Value per Share		 $25.35 $23.81 $22.95 $22.14 $21.89 $21.46 $21.08 $20.93 - $20.24 $19.34
Tangible Book Value per Share		 $25.35 $23.81 $22.95 $22.14 $21.89 $21.46 $21.08 $20.93 - $20.24 $19.34
Total Capital		 23,674 23,008 22,379 21,097 19,519 19,616 20,153 19,060 - 19,270 19,039
Total Debt		 19,286 18,843 18,375 17,236 15,725 15,927 16,529 15,463 - 15,852 15,775
Total Long-Term Debt		 19,286 18,843 18,375 17,236 15,725 15,927 16,529 15,463 - 15,852 15,775
Net Debt		 18,936 18,429 18,001 16,914 15,401 15,259 16,141 15,085 - 15,303 15,342
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 4.26 2.59 1.63 - 11 8.43
Net Nonoperating Expense (NNE)		 1.00 38 19 17 0.00 -0.84 1.78 -3.83 - 1.74 20
Net Nonoperating Obligations (NNO)		 19,286 18,843 18,375 17,236 15,725 15,927 16,529 15,463 - 15,852 15,775
Total Depreciation and Amortization (D&A)		 -6.45 -5.88 -6.32 -5.15 5.40 15 10 4.86 - 15 11
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.01) ($0.71) ($0.35) ($0.32) $0.21 $0.00 $0.04 $0.37 $0.23 ($0.04) ($0.48)
Adjusted Weighted Average Basic Shares Outstanding		 172.67M 174.04M 173.97M 173.64M 173.78M 172.00M 171.89M 171.81M 170.96M 169.08M 168.96M
Adjusted Diluted Earnings per Share		 $0.01 ($0.71) ($0.35) ($0.32) $0.21 $0.00 $0.04 $0.37 $0.23 ($0.04) ($0.48)
Adjusted Weighted Average Diluted Shares Outstanding		 172.67M 174.04M 173.97M 173.64M 173.78M 172.00M 171.89M 171.81M 170.96M 169.08M 168.96M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 173.67M 173.58M 173.62M 172.99M 171.59M 171.58M 171.58M 167.72M 168.74M 168.68M 168.54M
Normalized Net Operating Profit after Tax (NOPAT)		 80 79 66 54 39 36 49 59 - 34 33
Normalized NOPAT Margin		 0.00% 54.27% 52.12% 12.47% 3.56% 9.62% 12.33% 15.43% - 8.96% 8.55%
Pre Tax Income Margin		 0.00% -84.05% -46.53% -12.74% 3.41% 0.10% 1.98% 17.09% - -1.36% -20.45%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 -0.36 -0.17 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense		 0.00 -0.25 -0.12 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 -0.36 -0.17 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 -0.25 -0.12 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 170.84% 5,236.35% -277.44% -178.28% -200.17% -478.19% -2,965.88% 301.42% - 309.22% 2,069.08%
Augmented Payout Ratio		 170.84% 5,236.35% -277.44% -178.28% -214.66% -555.24% -3,480.92% 362.85% - 385.09% 2,598.32%

Financials Breakdown Chart

Key Financial Trends

Blackstone Mortgage Trust (NYSE:BXMT) showed a meaningful improvement in quarterly earnings power in early 2026, but the broader multi-year trend still points to a business that has had to navigate rising credit stress, lower interest income, and highly volatile quarterly results.

In Q1 2026, BXMT reported a net loss of $6.3 million, compared with net income of $39.6 million in Q4 2025 and a much larger loss in Q1 2025. Revenue and operating cash flow remained solid, but earnings were pressured by high operating expenses and special charges. The balance sheet also shows that the company has deleveraged somewhat from 2024 levels, while retaining a large cash position and a substantial loan book.

  • Operating cash flow was strong in Q1 2026. BXMT generated $169.7 million of net cash from operating activities, well above the $136.3 million it produced in Q4 2025 and far better than the weak operating results seen in parts of 2024.
  • Liquidity improved materially year over year. Cash and equivalents rose to $549.2 million at March 31, 2026, up from $377.9 million a year earlier, giving the company more flexibility.
  • Equity increased versus prior year-end. Total common equity reached $3.41 billion in Q1 2026, compared with $3.68 billion in Q1 2025 and $3.59 billion in Q3 2025, showing the balance sheet remains sizable.
  • Loan-related interest income remained high. Q1 2026 loan and lease interest income was $305.6 million, still a strong top-line base for a mortgage REIT.
  • Financing activity supported cash generation. The company used debt issuance and repayments actively, and net cash ended the quarter higher by $97.7 million.
  • The revenue mix remains lumpy. BXMT’s quarterly results still depend heavily on non-interest income, investment sales, and portfolio management actions rather than a smooth earnings stream.
  • Net income remains sensitive to special charges. Q1 2026 had $55.2 million of special charges, which contributed to the quarterly loss despite strong operating cash flow.
  • Debt is still large relative to equity. Long-term debt of $15.9 billion against $3.4 billion of common equity leaves leverage elevated, even though that is lower than some prior periods.
  • Dividend coverage is still something investors should watch closely. Cash dividends to common remained $0.47 per share in Q1 2026, while EPS was negative at -$0.04.
  • Earnings deteriorated sharply from Q4 2025. BXMT moved from $39.6 million of net income in Q4 2025 to a $6.3 million loss in Q1 2026.
  • Profitability has been volatile over the last four years. The company swung from strong profits in 2023 to heavy losses in 2024, then back to mixed results in 2025 and early 2026.
  • Interest income has trended lower than 2024 peaks. Quarterly loan interest income was $486.1 million in Q1 2024, but only $305.6 million in Q1 2026.
  • Credit and asset quality pressure has shown up in the income statement. BXMT posted very large special charges in several periods, including Q1 2024, Q2 2024, and Q1 2026.
  • Debt repayments have often exceeded new borrowing in recent quarters. That can be healthy if it reflects deleveraging, but it also signals a less aggressive growth posture and potentially tighter lending conditions.

Bottom line: BXMT’s latest quarter suggests improving liquidity and solid operating cash generation, but earnings remain uneven and the company still faces pressure from high leverage, special charges, and lower interest income than in prior years. For retail investors, the key question is whether credit performance and earnings can stabilize enough to support the dividend sustainably.

08/16/26 12:35 AM ETAI Generated. May Contain Errors.

Blackstone Mortgage Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Blackstone Mortgage Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Blackstone Mortgage Trust's net income appears to be on a downward trend, with a most recent value of $109.67 million in 2025, falling from $211.89 million in 2015. The previous period was -$201.83 million in 2024. View Blackstone Mortgage Trust's forecast to see where analysts expect Blackstone Mortgage Trust to go next.

Over the last 10 years, Blackstone Mortgage Trust's total revenue changed from $258.22 million in 2015 to $1.54 billion in 2025, a change of 497.1%.

Blackstone Mortgage Trust's total liabilities were at $16.50 billion at the end of 2025, a 3.1% increase from 2024, and a 140.1% increase since 2015.

In the past 10 years, Blackstone Mortgage Trust's cash and equivalents has ranged from $69.65 million in 2017 to $551.15 million in 2021, and is currently $452.53 million as of their latest financial filing in 2025.


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Financial statements for NYSE:BXMT last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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