The firm's total assets have shrunk from $24.0 billion in 2023Q4 to $19.6 billion in 2026Q1, yet the debt-to-equity ratio remains high at 4.65x due to the ongoing erosion of equity value.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 19.63B | 20B | 19.8B | 24.04B | 25.35B | 22.7B | 16.96B | 16.55B | 14.47B | 10.26B | 8.81B | 9.38B | 4.59B | 2.21B | 322.34M | 1.37B | 4.12B | 1.94B | 2.84B | 3.21B | 2.65B | 1.56B | 877.77M | 397.14M | 384.98M | 678.8M | 644.39M | 827.8M | 766.4M | 317.4M | 30M |
| Asset Growth % | -17.82% | 1.01% | -17.62% | -5.2% | 11.68% | 33.87% | 2.46% | 14.41% | 41.02% | 16.41% | -6.01% | 104.35% | 107.36% | 586.47% | -76.41% | -66.84% | 112.78% | -31.78% | -11.61% | 21.25% | 70.05% | 77.44% | 121.02% | 3.16% | -43.29% | 5.34% | -22.16% | 8.01% | 141.46% | 958% | -10.45% |
| Real Estate & Other Assets | 1.16B | 1.22B | -91.08M | 0 | 0 | -78.08M | 1.2M | 0 | -201.83M | -74.99M | -79.65M | 9.26B | 4.53B | 2.14B | -145.31M | -13M | -516.71M | -717.55M | -854.59M | -877.84M | -810.97M | -487.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 52.04M | 42.15M | 9.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 307K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.6M |
| Investment Securities | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 1000K | 0 | 1000K | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 688.78M | 586.53M | 0 | 0 | 0 | 0 | 16.88B | 0 | 14.37B | 69.65M | 8.81B | 96.45M | 4.51B | 2.1B | 156.92M | 54.1M | 633.16M | 1.19B | 0 | 44.85M | 41.03M | 34.41M | 38.89M | 12.92M | 15.04M | 17.46M | 18.84M | 48.7M | 55M | 50.4M | 5.4M |
| Cash & Equivalents | 549.15M | 452.53M | 323.48M | 350.01M | 291.34M | 551.15M | 289.97M | 150.09M | 105.66M | 69.65M | 75.57M | 96.45M | 51.81M | 52.34M | 15.42M | 34.82M | 24.45M | 27.95M | 45.38M | 25.83M | 26.14M | 24.97M | 24.58M | 8.74M | 10.19M | 11.65M | 11.39M | 38.7M | 46.6M | 49.3M | 4.7M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 700K |
| Other Current Assets | 0 | 0 | -484.62M | -565.87M | -481.98M | -638.21M | 119.16M | -16.38B | 0 | -10.2B | 0 | -9.22B | 0 | -88.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 106.18M | 117.09M | 77.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10M | 8.4M | 1.1M | 0 |
| Total Liabilities | 16.21B | 16.5B | 16.01B | 19.65B | 20.81B | 18.08B | 13.05B | 12.77B | 11.09B | 7.34B | 6.32B | 6.87B | 3.09B | 1.46B | 168.89M | 1.5B | 4.53B | 2.11B | 2.44B | 2.8B | 2.22B | 1.22B | 561.27M | 211.66M | 211.93M | 428.23M | 338.58M | 522.9M | 472.2M | 174.1M | 5.5M |
| Total Debt | 15.89B | 16.16B | 15.73B | 19.3B | 20.44B | 17.9B | 12.91B | 12.59B | 10.96B | 7.24B | 6.23B | 6.78B | 3.01B | 495.25M | 147.68M | 1.39B | 3.85B | 1.33B | 1.38B | 1.4B | 1.97B | 1.19B | 65.18M | 278.01M | 200.06M | 407.2M | 326.09M | 505.1M | 455.4M | 167M | 5.2M |
| Net Debt | 15.34B | 15.71B | 15.41B | 18.95B | 20.15B | 17.35B | 12.62B | 12.44B | 10.86B | 7.17B | 6.16B | 6.68B | 609.48M | 237.36M | 132.26M | 89.78M | 3.83B | 1.3B | 1.34B | 1.37B | 1.94B | 798.77M | 40.59M | 177.02M | 189.87M | 395.55M | 314.7M | 466.4M | 408.8M | 117.7M | 500K |
| Long-Term Debt | 6.8B | 6.05B | 6.03B | 6.62B | 6.92B | 5.62B | 12.85B | 12.44B | 10.96B | 7.2B | 6.23B | 6.78B | 3.01B | 495.25M | 147.68M | 1.39B | 3.85B | 1.33B | 1.38B | 1.4B | 1.26B | 823.74M | 452.14M | 278.01M | 200.06M | 407.2M | 326.09M | 505.1M | 455.4M | 167M | 5.2M |
| Short-Term Borrowings | 9.09B | 10.12B | 9.7B | 12.68B | 13.53B | 12.28B | 58.91M | 150.14M | 8.91B | 4.91M | 210K | 1.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 704.44M | 144.7M | 90.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 9.25B | 10.27B | 0 | 0 | 0 | 0 | 192.3M | 0 | 0 | 0 | 0 | 0 | 0 | 1.21B | 0 | 0 | 0 | 0 | 353M | 0 | 0 | 0 | 18M | 14M | 12M | 21M | 13M | 18M | 0 | 0 | 0 |
| Accounts Payable | 63.63M | 58.87M | 77.86M | 97.82M | 80.26M | 29.85M | 2.67M | 0 | 25.59M | 14.16M | 9.05M | 93.68M | 61.01M | 97.15M | 21.21M | 11.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.09B | 7.34B | -1.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.62M | 228K | 836K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 160.45M | 180.57M | -6.03B | -6.62B | -6.92B | -5.62B | 10.03M | -12.44B | -2.05B | -7.2B | 5.05B | -1.12B | -3.01B | -495.25M | -147.68M | -1.39B | -3.85B | -1.33B | -1.38B | -1.4B | -1.26B | -1.05B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 3.42B | 3.5B | 3.79B | 4.39B | 4.54B | 4.62B | 3.9B | 3.78B | 3.37B | 2.92B | 2.49B | 2.51B | 1.5B | 756.75M | 153.45M | -128.94M | -411.19M | -169.17M | 401.44M | 408.24M | 426.27M | 338.85M | 316.5M | 185.48M | 173.04M | 250.57M | 305.81M | 304.9M | 294.2M | 143.3M | 24.5M |
| Equity Growth % | -31.3% | -7.64% | -13.52% | -3.45% | -1.61% | 18.3% | 3.16% | 12.15% | 15.67% | 17% | -0.48% | 66.95% | 98.33% | 393.15% | 219.01% | 68.64% | -143.07% | -142.14% | -1.66% | -4.23% | 25.8% | 7.06% | 70.63% | 7.19% | -30.94% | -18.06% | 0.3% | 3.64% | 105.3% | 484.9% | -1.61% |
| Shareholders Equity | 3.41B | 3.5B | 3.79B | 4.37B | 4.52B | 4.59B | 3.89B | 3.76B | 3.36B | 2.91B | 2.49B | 2.49B | 1.47B | 717.91M | 73.44M | -110.42M | -411.19M | -169.17M | 401.44M | 408.24M | 426.27M | 338.85M | 316.5M | 96.02M | 84.06M | 102.63M | 158.67M | 158.6M | 148.7M | 143.3M | 24.5M |
| Minority Interest | 3.09M | 5.48M | 6.88M | 19.79M | 25.41M | 30.52M | 18.16M | 22.1M | 10.48M | 6.34M | 6.16B | 13.14M | 35.52M | 38.84M | 80.01M | -18.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 89.47M | 88.99M | 147.94M | 147.14M | 146.3M | 145.5M | 0 | 0 |
| Common Stock | 1.69M | 1.68M | 1.73M | 1.73M | 1.72M | 1.68M | 1.47M | 1.35M | 1.23M | 1.08M | 945K | 937K | 583K | 295K | 293K | 220K | 219K | 219K | 220K | 176K | 174K | 153K | 148K | 65K | 165K | 187K | 221K | 200K | 0 | 0 | 0 |
| Additional Paid-in Capital | 5.44B | 5.43B | 5.51B | 5.51B | 5.48B | 5.37B | 4.7B | 4.37B | 3.97B | 3.51B | 3.09B | 3.07B | 2.03B | 1.25B | 609M | 597.05M | 559.41M | 559.14M | 557.43M | 426.11M | 417.64M | 326.3M | 321.94M | 141.4M | 126.81M | 136.81M | 181.51M | 189.5M | 0 | 0 | 0 |
| Retained Earnings | -2.03B | -1.95B | -1.73B | -1.15B | -968.75M | -794.83M | -829.28M | -592.55M | -569.43M | -567.17M | -541.14M | -545.79M | -547.59M | -536.17M | -535.85M | -667.11M | -920.36M | -689.4M | -115.2M | -9.37M | -4.26M | -2.48M | -9.41M | -11.32M | -13.61M | -3.87M | -12.51M | -20.7M | -35.4M | -45.7M | -39.8M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63K | 100K | 100K | 12.3M | 0 |
| Return on Assets (ROA) | 0.52% | 0.55% | -0.93% | 1% | 1.03% | 2.11% | 0.82% | 1.97% | 2.31% | 2.28% | 2.62% | 2.82% | 2.65% | 1.19% | 21.47% | 9.41% | -6.12% | -24.14% | -1.9% | 2.88% | 2.57% | 3.62% | 3.45% | 3.46% | -1.83% | 1.42% | 1.33% | 2.15% | 2.47% | -2.65% | -1.26% |
| Return on Equity (ROE) | 2.93% | 3% | -4.99% | 5.52% | 5.43% | 9.84% | 3.58% | 8.54% | 9.06% | 8.04% | 9.53% | 9.83% | 7.98% | 3.3% | 1479.11% | - | - | -496.34% | -14.21% | 20.22% | 14.13% | 13.46% | 8.76% | 7.54% | -4.6% | 3.37% | 3.2% | 5.71% | 6.13% | -5.48% | -1.62% |
| Debt / Assets | 80.97% | 80.81% | 79.43% | 80.29% | 80.63% | 78.85% | 76.13% | 76.07% | 75.79% | 70.56% | 70.71% | 72.28% | 65.62% | 22.38% | 45.81% | 101.81% | 93.47% | 68.45% | 48.79% | 43.47% | 74.32% | 76.63% | 7.43% | 70% | 51.97% | 59.99% | 50.6% | 61.02% | 59.42% | 52.62% | 17.33% |
| Debt / Equity | 4.65x | 4.61x | 4.15x | 4.40x | 4.50x | 3.88x | 3.31x | 3.33x | 3.25x | 2.48x | 2.50x | 2.70x | 2.01x | 0.65x | 0.96x | - | - | - | 3.45x | 3.42x | 4.62x | 3.52x | 0.21x | 1.50x | 1.16x | 1.63x | 1.07x | 1.66x | 1.55x | 1.17x | 0.21x |
| Net Debt / EBITDA | 16.18x | 13.56x | 14.02x | 11.68x | 20.88x | 22.95x | 26.08x | 16.23x | 16.80x | 15.87x | 14.38x | 18.31x | 3.58x | 5.33x | 0.41x | 0.26x | - | - | 24.40x | 18.90x | 36.25x | 9.64x | 2.09x | 7.44x | 6.48x | 7.83x | 5.04x | 5.99x | 7.82x | - | 2.50x |
| Book Value per Share | 20.22 | 20.50 | 21.83 | 25.41 | 26.63 | 30.48 | 27.53 | 29.09 | 29.64 | 30.40 | 26.48 | 30.65 | 31.01 | 40.86 | 62.00 | -53.84 | -183.81 | -75.59 | 190.26 | 230.77 | 267.76 | 220.89 | 307.88 | 180.26 | 195.88 | 208.11 | 309.01 | 329.59 | 481.10 | 444.00 | 91.87 |
CRE portfolio credit impairment
As reported in financial statements, BXMT's total assets have contracted from $24.0 billion in 2023Q4 to $19.6 billion by 2026Q1, signaling a deliberate reduction in the firm's balance sheet footprint as management navigates a challenging commercial real estate lending environment and prioritizes capital preservation.
The consistent decline in total assets suggests that the firm is prioritizing the runoff of existing loan positions over new originations. This contraction appears to be a defensive posture, likely intended to reduce exposure to volatile office-sector collateral while managing the firm's overall leverage profile.
Based on BXMT's reported figures, the debt-to-equity ratio has remained elevated, hovering around 4.65x in 2026Q1, which indicates that the firm's deleveraging efforts have been largely offset by the erosion of equity value due to ongoing credit loss provisions and portfolio impairments.
Maintaining a leverage ratio above 4.5x in a period of declining asset values suggests limited flexibility for the balance sheet. Investors should monitor whether this leverage level constrains the firm's ability to absorb further credit shocks without necessitating additional capital actions or further dividend adjustments.
According to recent SEC filings, cash reserves fluctuated significantly, reaching $549.2 million in 2026Q1, a level that appears intended to provide a buffer against potential liquidity demands arising from the firm's reliance on short-term, asset-specific financing facilities in a volatile interest rate environment.
While the cash balance has increased from the 2024Q4 level of $323.5 million, this liquidity must be viewed against the backdrop of the firm's substantial debt obligations. The reliance on repo-style financing means that liquidity is not just a function of cash on hand, but also of the firm's continued access to credit markets.
Financial data indicates that the firm's book value may be subject to significant downward pressure, as the persistent gap between GAAP net income and distributable earnings suggests that non-cash credit loss reserves are increasingly necessary to account for the deteriorating quality of the underlying loan portfolio.
The potential for 'stale' asset valuations on the balance sheet warrants further investigation, particularly regarding the internal risk ratings of the office-heavy loan book. If the firm is forced to recognize these impairments more aggressively, the resulting impact on equity could further strain the already elevated leverage ratios.
Quick answers to the most common questions about buying BXMT stock.
As of 2025, Blackstone Mortgage Trust, Inc. (BXMT) had total assets of $20.00B including $586.5M in current assets.
Blackstone Mortgage Trust, Inc. (BXMT) carries total debt of $16.16B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Blackstone Mortgage Trust, Inc. (BXMT) has total shareholders' equity (book value) of $3.50B ($20.50 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Blackstone Mortgage Trust, Inc. (BXMT) reported a current ratio of 0.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.