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BXMT logoBlackstone Mortgage Trust, Inc.(BXMT)Earnings, Financials & Key Ratios

BXMT•NYSE•REIT / Real Estate
$19.29
$3.25B mkt cap·30.1× P/E·Price updated May 6, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryCommercial mortgage loan REITs
AboutBlackstone Mortgage Trust, Inc., a real estate finance company, originates senior loans collateralized by commercial properties in North America, Europe, and Australia. The company operates as a real estate investment trust for federal income tax purposes. It generally would not be subject to U.S. federal income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as Capital Trust, Inc. and changed its name to Blackstone Mortgage Trust, Inc. in May 2013. Blackstone Mortgage Trust, Inc. was founded in 1997 and is headquartered in New York, New York.Show more
  • Revenue$1.52B-14.0%
  • FFO$178M+191.6%
  • FFO/Share1.04+193.2%
  • FFO Payout180.89%+187.2%
  • FFO per Share1.04+193.2%
  • NOI Margin76.86%-17.6%
  • FFO Margin11.73%+206.5%
  • ROE3%+160.2%
  • ROA0.55%+159.1%
  • Debt/Assets80.81%+1.7%
  • Net Debt/EBITDA13.56-3.3%
  • Book Value/Share20.50-6.1%
Technical→

BXMT Key Insights

Blackstone Mortgage Trust, Inc. (BXMT) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓High NOI margin of 76.9%
  • ✓Trading at only 0.9x book value

✗Weaknesses

  • ✗High debt to equity ratio of 4.6x
  • ✗Weak 3Y average ROE of 1.2%
  • ✗Dividend exceeds FFO - may not be sustainable
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

BXMT Price & Volume

Blackstone Mortgage Trust, Inc. (BXMT) stock price & volume — 10-year historical chart

Loading chart...

BXMT Growth Metrics

Blackstone Mortgage Trust, Inc. (BXMT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years13.99%
5 Years14.41%
3 Years4.86%
TTM-6.97%

Profit CAGR

10 Years-5.69%
5 Years-4.46%
3 Years-23.9%
TTM228.56%

EPS CAGR

10 Years-12.42%
5 Years-7.98%
3 Years-24.04%
TTM229.95%

Return on Capital

10 Years4.28%
5 Years6.13%
3 Years7.61%
Last Year11.31%

BXMT Recent Earnings

Blackstone Mortgage Trust, Inc. (BXMT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
Apr 29, 2026
EPS
$0.49
Est $0.38
+28.9%
Revenue
$159M
Est $119M
+34.1%
Q1 2026
Feb 11, 2026
EPS
$0.51
Est $0.22
+131.8%
Revenue
$84M
Est $126M
-33.3%
Q4 2025
Oct 29, 2025
EPS
$0.24
Est $0.19
+26.3%
Revenue
$133M
Est $108M
+22.6%
Q3 2025
Jul 30, 2025
EPS
$0.19
Est $0.20
-5.0%
Revenue
$134M
Est $95M
+41.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.49vs $0.38+28.9%
$159Mvs $119M+34.1%
Q1 2026Feb 11, 2026
$0.51vs $0.22+131.8%
$84Mvs $126M-33.3%
Q4 2025Oct 29, 2025
$0.24vs $0.19+26.3%
$133Mvs $108M+22.6%
Q3 2025Jul 30, 2025
$0.19vs $0.20-5.0%
$134Mvs $95M+41.2%
Based on last 12 quarters of dataView full earnings history →

BXMT Peer Comparison

Blackstone Mortgage Trust, Inc. (BXMT) competitors in Commercial mortgage loan REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
KREF logoKREFKKR Real Estate Finance Trust Inc.Direct Competitor422.45M6.57-6.26-22.72%-23.56%-8.4%3.83
TRTX logoTRTXTPG RE Finance Trust, Inc.Direct Competitor664.08M8.5915.07123.25%23.2%5.7%3.08
ACRE logoACREAres Commercial Real Estate CorporationDirect Competitor287.24M5.22-318.29-2.79%-1.6%-0.18%2.06
RC logoRCReady Capital CorporationDirect Competitor330.14M2.04-0.78-92.98%-16.58%3.12
GPMT logoGPMTGranite Point Mortgage Trust Inc.Direct Competitor70.87M1.49-1.28187.77%-30.49%-7.1%2.12
BRSP logoBRSPBrightSpire Capital, Inc.Direct Competitor775.15M5.95-22.88-4.5%-9.47%-3.34%2.68
STWD logoSTWDStarwood Property Trust, Inc.Product Competitor6.93B18.3315.02-7.88%21.77%5.49%2.96
ARI logoARIApollo Commercial Real Estate Finance, Inc.Product Competitor1.45B10.9513.521.28%17.9%6.88%4.27

Compare BXMT vs Peers

Blackstone Mortgage Trust, Inc. (BXMT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs KREF

Most directly comparable listed peer for BXMT.

Scale Benchmark

vs MS

Larger-name benchmark to compare BXMT against a more recognizable public peer.

Peer Set

Compare Top 5

vs KREF, TRTX, ACRE, RC

BXMT Income Statement

Blackstone Mortgage Trust, Inc. (BXMT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue537.08M756.67M882.87M775.79M847.73M1.32B2.01B1.77B1.52B1.54B
Revenue Growth %8.03%40.89%16.68%-12.13%9.27%55.6%52.6%-12.18%-13.96%-6.97%
Property Operating Expenses54.84M74.83M78.44M77.92M88.47M110.29M119.09M119.06M351.97M574.93M
Net Operating Income (NOI)
482.24M▲ 0%
681.84M▲ 41.4%
804.44M▲ 18.0%
697.88M▼ 13.2%
759.26M▲ 8.8%
1.21B▲ 59.2%
1.89B▲ 56.7%
1.65B▼ 12.9%
1.17B▼ 29.1%
960.53M▲ 0%
NOI Margin %89.79%90.11%91.12%89.96%89.56%91.64%94.08%93.27%76.86%62.56%
Operating Expenses263.96M395.72M497.55M214.02M3.26M243.75M275.5M559.73M79.29M64.84M
G&A Expenses00000000028.79M
EBITDA451.87M646.33M766.68M483.86M756M965.06M1.62B1.1B1.16B948.31M
EBITDA Margin %84.13%85.42%86.84%62.37%89.18%73.16%80.63%62.14%76.17%61.76%
Depreciation & Amortization00000009.41M68.84M52.63M
D&A / Revenue %0%0%0%0%0%0%0%0.53%4.53%3.43%
Operating Income
218.28M▲ 0%
286.12M▲ 31.1%
306.89M▲ 7.3%
483.86M▲ 57.7%
756M▲ 56.2%
965.06M▲ 27.7%
1.62B▲ 67.7%
1.09B▼ 32.7%
1.09B▲ 0.1%
895.68M▲ 0%
Operating Margin %40.64%37.81%34.76%62.37%89.18%73.16%80.4%61.6%71.65%58.33%
Interest Expense234.87M359.63M458.5M347.47M340.22M710.9M1.37B1.29B988.95M4M
Interest Coverage1.92x1.80x1.67x1.39x2.22x1.36x1.19x0.85x1.11x-
Non-Operating Income-233.59M-360.21M-459.8M000-4.62M-2.6M-8.31M-9.18M
Pretax Income
218.28M▲ 0%
286.12M▲ 31.1%
306.89M▲ 7.3%
140.74M▼ 54.1%
422.7M▲ 200.3%
254.06M▼ 39.9%
255.26M▲ 0.5%
-199.46M▼ 178.1%
113.34M▲ 156.8%
107.79M▲ 0%
Pretax Margin %40.64%37.81%34.76%18.14%49.86%19.26%12.68%-11.28%7.45%7.02%
Income Tax314K308K-506K323K423K3M5.36M2.37M3.67M4.11M
Effective Tax Rate %0.14%0.11%-0.16%0.23%0.1%1.18%2.1%-1.19%3.24%3.81%
Net Income
217.63M▲ 0%
285.08M▲ 31.0%
305.57M▲ 7.2%
137.67M▼ 54.9%
419.19M▲ 204.5%
248.64M▼ 40.7%
246.56M▼ 0.8%
-204.09M▼ 182.8%
109.57M▲ 153.7%
103.63M▲ 0%
Net Margin %40.52%37.68%34.61%17.75%49.45%18.85%12.25%-11.54%7.2%6.75%
Net Income Growth %-8.67%30.99%7.19%-54.95%204.49%-40.69%-0.84%-182.78%153.69%228.56%
Funds From Operations (FFO)
217.63M▲ 0%
285.08M▲ 31.0%
247.64M▼ 13.1%
80.83M▼ 67.4%
350.29M▲ 333.4%
166.89M▼ 52.4%
246.56M▲ 47.7%
-194.68M▼ 179.0%
178.41M▲ 191.6%
216.74M▲ 0%
FFO Margin %40.52%37.68%28.05%10.42%41.32%12.65%12.25%-11.01%11.73%14.12%
FFO Growth %----67.36%333.39%-52.36%--191.64%414.24%
FFO per Share2.272.501.900.572.310.981.43-1.121.041.28
FFO Payout Ratio %107.98%97.26%129.61%431.68%105.82%252.49%173.16%-207.53%180.89%147.92%
EPS (Diluted)
2.27▲ 0%
2.50▲ 10.1%
2.35▼ 6.0%
0.97▼ 58.7%
2.77▲ 185.6%
1.46▼ 47.3%
1.43▼ 2.1%
-1.17▼ 181.8%
0.64▲ 154.7%
0.61▲ 0%
EPS Growth %-10.28%10.13%-6%-58.72%185.57%-47.29%-2.05%-181.82%154.7%229.95%
EPS (Basic)2.272.502.350.972.771.461.43-1.170.64-
Diluted Shares Outstanding95.96M113.86M130.09M141.8M151.52M170.63M172.67M173.78M170.96M169.08M

BXMT Balance Sheet

Blackstone Mortgage Trust, Inc. (BXMT) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets10.26B14.47B16.55B16.96B22.7B25.35B24.04B19.8B20B19.63B
Asset Growth %16.41%41.02%14.41%2.46%33.87%11.68%-5.2%-17.62%1.01%-17.82%
Real Estate & Other Assets-74.99M-201.83M01.2M-78.08M00-91.08M1.22B1.16B
PP&E (Net)00000009.34M42.15M52.04M
Investment Securities01000K01000K1000K001000K1000K1000K
Total Current Assets69.65M14.37B016.88B0000586.53M688.78M
Cash & Equivalents69.65M105.66M150.09M289.97M551.15M291.34M350.01M323.48M452.53M549.15M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets-10.2B0-16.38B119.16M-638.21M-481.98M-565.87M-484.62M00
Intangible Assets000000077.29M117.09M106.18M
Total Liabilities7.34B11.09B12.77B13.05B18.08B20.81B19.65B16.01B16.5B16.21B
Total Debt7.24B10.96B12.59B12.91B17.9B20.44B19.3B15.73B16.16B15.89B
Net Debt7.17B10.86B12.44B12.62B17.35B20.15B18.95B15.41B15.71B15.34B
Long-Term Debt7.2B10.96B12.44B12.85B5.62B6.92B6.62B6.03B6.05B6.8B
Short-Term Borrowings4.91M8.91B150.14M58.91M12.28B13.53B12.68B9.7B10.12B9.09B
Capital Lease Obligations0000000000
Total Current Liabilities000192.3M000010.27B9.25B
Accounts Payable14.16M25.59M02.67M29.85M80.26M97.82M77.86M58.87M63.63M
Deferred Revenue7.34B11.09B00000000
Other Liabilities-7.2B-2.05B-12.44B10.03M-5.62B-6.92B-6.62B-6.03B180.57M160.45M
Total Equity
2.92B▲ 0%
3.37B▲ 15.7%
3.78B▲ 12.2%
3.9B▲ 3.2%
4.62B▲ 18.3%
4.54B▼ 1.6%
4.39B▼ 3.4%
3.79B▼ 13.5%
3.5B▼ 7.6%
3.42B▲ 0%
Equity Growth %17%15.67%12.15%3.16%18.3%-1.61%-3.45%-13.52%-7.64%-31.3%
Shareholders Equity2.91B3.36B3.76B3.89B4.59B4.52B4.37B3.79B3.5B3.41B
Minority Interest6.34M10.48M22.1M18.16M30.52M25.41M19.79M6.88M5.48M3.09M
Common Stock1.08M1.23M1.35M1.47M1.68M1.72M1.73M1.73M1.68M1.69M
Additional Paid-in Capital3.51B3.97B4.37B4.7B5.37B5.48B5.51B5.51B5.43B5.44B
Retained Earnings-567.17M-569.43M-592.55M-829.28M-794.83M-968.75M-1.15B-1.73B-1.95B-2.03B
Preferred Stock0000000000
Return on Assets (ROA)2.28%2.31%1.97%0.82%2.11%1.03%1%-0.93%0.55%0.52%
Return on Equity (ROE)8.04%9.06%8.54%3.58%9.84%5.43%5.52%-4.99%3%2.93%
Debt / Assets70.56%75.79%76.07%76.13%78.85%80.63%80.29%79.43%80.81%80.97%
Debt / Equity2.48x3.25x3.33x3.31x3.88x4.50x4.40x4.15x4.61x4.61x
Net Debt / EBITDA15.87x16.80x16.23x26.08x22.95x20.88x11.68x14.02x13.56x13.56x
Book Value per Share30.4029.6429.0927.5330.4826.6325.4121.8320.5020.22

BXMT Cash Flow Statement

Blackstone Mortgage Trust, Inc. (BXMT) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations227.46M290M304.04M336.61M382.48M396.82M458.84M366.45M275.87M275.87M
Operating CF Growth %-3.88%27.5%4.84%10.71%13.63%3.75%15.63%-20.14%-24.72%-33.66%
Operating CF / Revenue %42.35%38.33%34.44%43.39%45.12%30.08%22.79%20.73%18.14%17.97%
Net Income217.97M285.81M307.39M140.41M422.27M251.06M249.9M-201.83M0103.63M
Depreciation & Amortization00-57.93M-56.84M-68.91M-81.75M013.04M031.94M
Stock-Based Compensation24.03M28.15M30.66M53.81M31.65M33.41M30.66M31.83M021.3M
Other Non-Cash Items-16.39M-19M-25.91M145.34M-74.68M241.55M192.71M482.81M255.99M96.6M
Working Capital Changes1.85M-4.97M-8.1M-2.96M3.24M-47.44M-14.42M40.6M19.88M85.3M
Cash from Investing-780.75M-4.25B-1.87B-88.25M-5.63B-3.25B1.44B3.5B359.4M319.29M
Acquisitions (Net)0000000000
Purchase of Investments-20.87M-114.41M-6.52M-133.43M-77.77M-23.06M-233.54M-157.23M0-337.92M
Sale of Investments6.45M47.53M49.67M90.43M76.38M353.32M163.68M91.47M02.22M
Other Investing-766.34M-4.18B-1.91B-45.25M-5.63B-3.58B1.51B3.56B359.4M654.99M
Cash from Financing574.74M3.96B1.61B-110.77M5.51B2.61B-1.85B-3.88B-514.42M-789.13M
Dividends Paid-234.99M-277.26M-320.96M-348.91M-370.66M-421.39M-426.93M-404.02M-322.73M-320.6M
Common Dividends-234.99M-277.26M-320.96M-348.91M-370.66M-421.39M-426.93M-404.02M-322.73M-320.6M
Debt Issuance (Net)1000K1000K1000K1000K1000K1000K-1000K-1000K-1000K0
Share Repurchases0000000-29.23M-109.51M-78.66M
Other Financing-21.46M-21.6M-29.58M-53.94M-34.45M-53.53M-32.17M-45.95M-55.3M-35.49M
Net Change in Cash
26.95M▲ 0%
3.14M▼ 88.3%
44.43M▲ 1313.1%
139.88M▲ 214.8%
261.18M▲ 86.7%
-259.81M▼ 199.5%
58.67M▲ 122.6%
-26.53M▼ 145.2%
129.04M▲ 586.4%
-119.41M▲ 0%
Exchange Rate Effect5.5M7.09M-1.01M2.29M-2.06M-10.33M3.7M-7.39M8.18M5.35M
Cash at Beginning75.57M102.52M105.66M150.09M289.97M551.15M291.34M350.01M323.48M452.53M
Cash at End102.52M105.66M150.09M289.97M551.15M291.34M350.01M323.48M452.53M549.15M
Free Cash Flow
227.46M▲ 0%
290M▲ 27.5%
304.04M▲ 4.8%
336.61M▲ 10.7%
382.48M▲ 13.6%
396.82M▲ 3.7%
458.84M▲ 15.6%
365.86M▼ 20.3%
275.87M▼ 24.6%
334.55M▲ 0%
FCF Growth %-3.88%27.5%4.84%10.71%13.63%3.75%15.63%-20.26%-24.6%-10.15%
FCF / Revenue %42.35%38.33%34.44%43.39%45.12%30.08%22.79%20.7%18.14%21.79%

BXMT Key Ratios

Blackstone Mortgage Trust, Inc. (BXMT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share2.272.51.90.572.310.981.43-1.121.041.28
FFO Payout Ratio107.98%97.26%129.61%431.68%105.82%252.49%173.16%-207.53%180.89%147.92%
NOI Margin89.79%90.11%91.12%89.96%89.56%91.64%94.08%93.27%76.86%62.56%
Net Debt / EBITDA15.87x16.80x16.23x26.08x22.95x20.88x11.68x14.02x13.56x13.56x
Debt / Assets70.56%75.79%76.07%76.13%78.85%80.63%80.29%79.43%80.81%80.97%
Interest Coverage1.92x1.80x1.67x1.39x2.22x1.36x1.19x0.85x1.11x-
Book Value / Share30.429.6429.0927.5330.4826.6325.4121.8320.520.22
Revenue Growth8.03%40.89%16.68%-12.13%9.27%55.6%52.6%-12.18%-13.96%-6.97%

BXMT SEC Filings & Documents

Blackstone Mortgage Trust, Inc. (BXMT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Feb 11, 2026·SEC

Material company update

Feb 11, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 11, 2026·SEC

FY 2025

Feb 12, 2025·SEC

FY 2024

Feb 14, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 29, 2025·SEC

FY 2025

Jul 30, 2025·SEC

BXMT Frequently Asked Questions

Blackstone Mortgage Trust, Inc. (BXMT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Blackstone Mortgage Trust, Inc. (BXMT) reported $1.54B in revenue for fiscal year 2025. This represents a 41399% increase from $3.7M in 1996.

Blackstone Mortgage Trust, Inc. (BXMT) saw revenue decline by 14.0% over the past year.

Yes, Blackstone Mortgage Trust, Inc. (BXMT) is profitable, generating $103.6M in net income for fiscal year 2025 (7.2% net margin).

Dividend & Returns

Yes, Blackstone Mortgage Trust, Inc. (BXMT) pays a dividend with a yield of 9.79%. This makes it attractive for income-focused investors.

Blackstone Mortgage Trust, Inc. (BXMT) has a return on equity (ROE) of 3.0%. This is below average, suggesting room for improvement.

Industry Metrics

Blackstone Mortgage Trust, Inc. (BXMT) generated Funds From Operations (FFO) of $216.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Blackstone Mortgage Trust, Inc. (BXMT) offers a 9.79% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More BXMT

Blackstone Mortgage Trust, Inc. (BXMT) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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