Blackstone Mortgage Trust, Inc.
BXMT NYSE Real Estate Investment Trusts Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$553M
10.9%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$110M
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.08 EPS (TTM)
What Blackstone Mortgage Trust, Inc. does
No business description yet.
- Legal name
- BLACKSTONE MORTGAGE TRUST, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Accession · CIK
- 0001061630-26-000009
0001061630
Revenue and margins
Blackstone Mortgage Trust, Inc. had $553M of revenue in fiscal 2025, up 10.9% on the year before.
FY16
Revenue $314M
FY17
Revenue $303M
FY18
Revenue $396M
FY19
Revenue $424M
FY20
Revenue $432M
FY21
Revenue $514M
FY22
Revenue $1.3B
FY23
Revenue $1.3B
FY24
Revenue $499M
FY25
Revenue $553M
Q3 '23
Revenue $335M
Q4 '23
Revenue $308M
Q1 '24
Revenue $288M
Q2 '24
Revenue $254M
Q3 '24
Revenue $112M
Q4 '24
Revenue $114M
Q1 '25
Revenue $127M
Q2 '25
Revenue $134M
Q3 '25
Revenue $133M
Q4 '25
Revenue $159M
Q1 '26
Revenue $159M
Q2 '26
Revenue $158M
FY16
Gross —
Operating —
Net 76.0%
FCF —
FY17
Gross —
Operating —
Net 71.8%
FCF —
FY18
Gross —
Operating —
Net 71.9%
FCF —
FY19
Gross —
Operating —
Net 72.0%
FCF —
FY20
Gross —
Operating —
Net 31.9%
FCF —
FY21
Gross —
Operating —
Net 81.5%
FCF —
FY22
Gross —
Operating —
Net 19.8%
FCF —
FY23
Gross —
Operating —
Net 18.3%
FCF —
FY24
Gross —
Operating —
Net −40.9%
FCF —
FY25
Gross —
Operating —
Net 19.8%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 8.8%
FCF —
Q4 '23
Gross —
Operating —
Net −0.8%
FCF —
Q1 '24
Gross —
Operating —
Net −43.0%
FCF —
Q2 '24
Gross —
Operating —
Net −24.1%
FCF —
Q3 '24
Gross —
Operating —
Net −50.4%
FCF —
Q4 '24
Gross —
Operating —
Net 32.5%
FCF —
Q1 '25
Gross —
Operating —
Net −0.3%
FCF —
Q2 '25
Gross —
Operating —
Net 5.2%
FCF —
Q3 '25
Gross —
Operating —
Net 47.8%
FCF —
Q4 '25
Gross —
Operating —
Net 24.8%
FCF —
Q1 '26
Gross —
Operating —
Net −4.0%
FCF —
Q2 '26
Gross —
Operating —
Net −51.4%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −14.2% a year. Loss periods are shown in red.
FY16
Net income $238M
FY17
Net income $218M
FY18
Net income $285M
FY19
Net income $306M
FY20
Net income $138M
FY21
Net income $419M
FY22
Net income $249M
FY23
Net income $247M
FY24
Net income −$204M
FY25
Net income $110M
Q3 '23
Net income $29.5M
Q4 '23
Net income −$2.4M
Q1 '24
Net income −$124M
Q2 '24
Net income −$61.1M
Q3 '24
Net income −$56.4M
Q4 '24
Net income $37.2M
Q1 '25
Net income −$0.4M
Q2 '25
Net income $7.0M
Q3 '25
Net income $63.4M
Q4 '25
Net income $39.6M
Q1 '26
Net income −$6.3M
Q2 '26
Net income −$81.2M
FY16
Diluted EPS $2.53
FY17
Diluted EPS $2.27
FY18
Diluted EPS $2.50
FY19
Diluted EPS $2.35
FY20
Diluted EPS $0.97
FY21
Diluted EPS $2.77
FY22
Diluted EPS $1.46
FY23
Diluted EPS $1.43
FY24
Diluted EPS −$1.17
FY25
Diluted EPS $0.64
Q3 '23
Diluted EPS $0.17
Q4 '23
Diluted EPS $0.01
Q1 '24
Diluted EPS −$0.71
Q2 '24
Diluted EPS −$0.35
Q3 '24
Diluted EPS −$0.32
Q4 '24
Diluted EPS $0.21
Q1 '25
Diluted EPS $0.00
Q2 '25
Diluted EPS $0.04
Q3 '25
Diluted EPS $0.37
Q4 '25
Diluted EPS $0.23
Q1 '26
Diluted EPS −$0.04
Q2 '26
Diluted EPS −$0.48
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 9.6%
Return on assets 2.7%
FY17
Return on capital —
Return on equity 8.1%
Return on assets 2.3%
FY18
Return on capital —
Return on equity 9.1%
Return on assets 2.3%
FY19
Return on capital —
Return on equity 8.6%
Return on assets 2.0%
FY20
Return on capital —
Return on equity 3.6%
Return on assets 0.8%
FY21
Return on capital —
Return on equity 9.9%
Return on assets 2.1%
FY22
Return on capital —
Return on equity 5.5%
Return on assets 1.0%
FY23
Return on capital —
Return on equity 5.5%
Return on assets 1.0%
FY24
Return on capital —
Return on equity −5.0%
Return on assets −0.9%
FY25
Return on capital —
Return on equity 3.0%
Return on assets 0.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $237M
Capital spending —
FY17
Cash from operations $227M
Capital spending —
FY18
Cash from operations $290M
Capital spending —
FY19
Cash from operations $304M
Capital spending —
FY20
Cash from operations $337M
Capital spending —
FY21
Cash from operations $382M
Capital spending —
FY22
Cash from operations $397M
Capital spending —
FY23
Cash from operations $459M
Capital spending —
FY24
Cash from operations $366M
Capital spending —
FY25
Cash from operations $276M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $112M
Capital spending —
Q4 '23
Cash from operations $111M
Capital spending —
Q1 '24
Cash from operations $94.6M
Capital spending —
Q2 '24
Cash from operations $100M
Capital spending —
Q3 '24
Cash from operations $87.1M
Capital spending —
Q4 '24
Cash from operations $84.5M
Capital spending —
Q1 '25
Cash from operations $101M
Capital spending —
Q2 '25
Cash from operations $57.2M
Capital spending —
Q3 '25
Cash from operations −$18.2M
Capital spending —
Q4 '25
Cash from operations $136M
Capital spending —
Q1 '26
Cash from operations $170M
Capital spending —
Q2 '26
Cash from operations $65.2M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Blackstone Mortgage Trust, Inc. returned $432M to shareholders in fiscal 2025. The diluted share count fell 1.6%.
FY16
Dividends $233M
Buybacks —
FY17
Dividends $235M
Buybacks —
FY18
Dividends $277M
Buybacks —
FY19
Dividends $321M
Buybacks —
FY20
Dividends $349M
Buybacks —
FY21
Dividends $371M
Buybacks —
FY22
Dividends $421M
Buybacks $0.0M
FY23
Dividends $427M
Buybacks $0.0M
FY24
Dividends $404M
Buybacks $29.2M
FY25
Dividends $323M
Buybacks $110M
Dividends
Buybacks
Q3 '23
Dividends $107M
Buybacks —
Q4 '23
Dividends $107M
Buybacks $0.0M
Q1 '24
Dividends $107M
Buybacks $0.0M
Q2 '24
Dividends $108M
Buybacks $0.0M
Q3 '24
Dividends $108M
Buybacks $11.0M
Q4 '24
Dividends $81.3M
Buybacks $18.2M
Q1 '25
Dividends $81.2M
Buybacks $31.6M
Q2 '25
Dividends $80.6M
Buybacks $0.0M
Q3 '25
Dividends $80.6M
Buybacks $16.1M
Q4 '25
Dividends $80.2M
Buybacks $61.8M
Q1 '26
Dividends $79.1M
Buybacks $0.8M
Q2 '26
Dividends $79.3M
Buybacks $3.0M
Dividends
Buybacks
FY16
Diluted shares 0.09B
FY17
Diluted shares 0.10B
FY18
Diluted shares 0.11B
FY19
Diluted shares 0.13B
FY20
Diluted shares 0.14B
FY21
Diluted shares 0.15B
FY22
Diluted shares 0.17B
FY23
Diluted shares 0.17B
FY24
Diluted shares 0.17B
FY25
Diluted shares 0.17B
Balance sheet
Cash, debt and the ratios that show how comfortably Blackstone Mortgage Trust, Inc. can carry it.
FY16
Cash $75.6M
Debt —
FY17
Cash $103M
Debt —
FY18
Cash $106M
Debt $9.6B
FY19
Cash $150M
Debt $11.5B
FY20
Cash $290M
Debt $10.0B
FY21
Cash $551M
Debt $15.1B
FY22
Cash $291M
Debt $17.6B
FY23
Cash $350M
Debt $16.5B
FY24
Cash $323M
Debt —
FY25
Cash $453M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $551M | $291M | $350M | $323M | $453M |
| Debt incl. finance leases | $15.1B | $17.6B | $16.5B | — | — |
| Debt / equity | 3.3x | 3.9x | 3.8x | — | — |
| Total assets | $22.7B | $25.4B | $24.0B | $19.8B | $20.0B |
| Total liabilities | $18.1B | $20.8B | $19.6B | $16.0B | $16.5B |
| Shareholders' equity | $4.6B | $4.5B | $4.4B | $3.8B | $3.5B |
| Net debt (− = net cash) | $14.5B | $17.3B | $16.2B | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | ✕ | ✓ | ✕ | ✕ | ✓ | — | — |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 6 | — / 6 | 2 / 7 | 4 / 7 | 3 / 7 | 4 / 7 | 6 / 7 | — / 6 | — / 6 |
| Accruals ratio | 0.0% | −0.1% | −0.0% | 0.0% | −1.2% | 0.2% | −0.6% | −0.9% | −2.6% | −0.8% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $314M | $303M | $396M | $424M | $432M | $514M | $1.3B | $1.3B | $499M | $553M |
| Net interest income | $314M | $303M | $396M | $424M | $432M | $514M | $628M | $671M | — | — |
| Noninterest income | — | — | — | — | — | — | $628M | $675M | $499M | $553M |
| Noninterest expense | $83.7M | $84.8M | $110M | $117M | $124M | $132M | $162M | $170M | $156M | $335M |
| Provision for credit losses | — | $0.0M | $0.0M | — | — | — | — | — | — | — |
| Interest expense | $184M | $235M | $360M | $459M | $347M | $340M | $711M | $1.4B | — | — |
| Pretax income | $247M | $218M | $286M | $307M | $141M | $423M | $254M | $255M | −$199M | $113M |
| Income tax | $0.2M | $0.3M | $0.3M | −$0.5M | $0.3M | $0.4M | $3.0M | $5.4M | $2.4M | $3.7M |
| Net income | $238M | $218M | $285M | $306M | $138M | $419M | $249M | $247M | −$204M | $110M |
| Net income to common | — | — | — | — | — | — | — | — | −$204M | $110M |
| Diluted EPS | $2.53 | $2.27 | $2.50 | $2.35 | $0.97 | $2.77 | $1.46 | $1.43 | −$1.17 | $0.64 |
| Diluted shares | 0.09B | 0.10B | 0.11B | 0.13B | 0.14B | 0.15B | 0.17B | 0.17B | 0.17B | 0.17B |
| Cash flow | ||||||||||
| Cash from operations | $237M | $227M | $290M | $304M | $337M | $382M | $397M | $459M | $366M | $276M |
| Depreciation and amortization | — | — | — | — | — | — | $0.0M | $0.0M | $9.4M | $68.8M |
| Stock-based compensation | $21.9M | $24.0M | $28.2M | $30.7M | $34.5M | $31.6M | $33.4M | $30.7M | $31.8M | $28.3M |
| Share buybacks | — | — | — | — | — | — | $0.0M | $0.0M | $29.2M | $110M |
| Dividends paid | $233M | $235M | $277M | $321M | $349M | $371M | $421M | $427M | $404M | $323M |
| Dividends and buybacks | $233M | $235M | $277M | $321M | $349M | $371M | $421M | $427M | $433M | $432M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $75.6M | $103M | $106M | $150M | $290M | $551M | $291M | $350M | $323M | $453M |
| Total debt | — | — | $9.6B | $11.5B | $10.0B | $15.1B | $17.6B | $16.5B | — | — |
| Loans, net | $8.7B | $10.1B | $14.2B | $16.2B | $16.4B | $21.9B | $24.7B | $23.2B | $18.3B | $17.8B |
| Total assets | $8.8B | $10.3B | $14.5B | $16.6B | $17.0B | $22.7B | $25.4B | $24.0B | $19.8B | $20.0B |
| Total liabilities | $6.3B | $7.3B | $11.1B | $12.8B | $13.1B | $18.1B | $20.8B | $19.6B | $16.0B | $16.5B |
| Shareholders' equity | $2.5B | $2.9B | $3.4B | $3.8B | $3.9B | $4.6B | $4.5B | $4.4B | $3.8B | $3.5B |
| Margins | ||||||||||
| Net margin | 76.0% | 71.8% | 71.9% | 72.0% | 31.9% | 81.5% | 19.8% | 18.3% | −40.9% | 19.8% |
| Net interest share of revenue | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 50.0% | 49.8% | — | — |
| Efficiency ratio | 26.7% | 28.0% | 27.8% | 27.7% | 28.6% | 25.6% | 12.9% | 12.6% | 31.4% | 60.7% |
| Returns | ||||||||||
| Return on equity | 9.6% | 8.1% | 9.1% | 8.6% | 3.6% | 9.9% | 5.5% | 5.5% | −5.0% | 3.0% |
| Return on assets | 2.7% | 2.3% | 2.3% | 2.0% | 0.8% | 2.1% | 1.0% | 1.0% | −0.9% | 0.6% |
| Return on tangible equity | 9.6% | 7.5% | 8.5% | 8.1% | 3.5% | 9.1% | 5.5% | 5.6% | −5.4% | 3.1% |
| Growth | ||||||||||
| Revenue growth | — | −3.4% | 30.8% | 7.0% | 1.9% | 19.0% | 144.2% | 7.2% | −63.0% | 10.9% |
| Net income growth | — | −8.7% | 31.0% | 7.2% | −54.9% | 204.5% | −40.7% | −0.8% | −182.8% | — |
| EPS growth | — | −10.3% | 10.1% | −6.0% | −58.7% | 185.6% | −47.3% | −2.1% | −181.8% | — |
| Share count change | — | 1.9% | 18.6% | 14.3% | 9.0% | 6.9% | 12.6% | 1.2% | 0.6% | −1.6% |
| Financial health | ||||||||||
| Debt / equity | — | — | 2.9x | 3.0x | 2.6x | 3.3x | 3.9x | 3.8x | — | — |
| Provision / loans | — | 0.0% | 0.0% | — | — | — | — | — | — | — |
| Capital allocation | ||||||||||
| Stock comp / revenue | 7.0% | 7.9% | 7.1% | 7.2% | 8.0% | 6.2% | 2.7% | 2.3% | 6.4% | 5.1% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | 2.0 | 4.0 | 3.0 | 4.0 | 6.0 | — | — |
| Accruals ratio | 0.0% | −0.1% | −0.0% | 0.0% | −1.2% | 0.2% | −0.6% | −0.9% | −2.6% | −0.8% |
Source: SEC EDGAR XBRL filings (CIK 0001061630). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.