Cash flow quality remains fragile, evidenced by a negative FCF margin of -4.9% in 2025Q3 and a dividend payout ratio relative to AFFO that reached a concerning 5.10x in 2025Q1.
| 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 |
|---|
| Cash from Operations | 345.08M | 275.87M | 366.45M | 458.84M | 396.82M | 382.48M | 336.61M | 304.04M | 290M | 227.46M | 236.65M | 171.39M | 80.64M | 28.69M | 6.77M | 28.07M | 36.38M | 39.75M | 54.07M | 87.05M | 64.82M | 50.76M | 21.99M | 13.53M | -23.99M | 12.77M | 11.88M | 24.2M | 14.8M | 2.9M | 400K |
| Operating CF Growth % | -33.66% | -24.72% | -20.14% | 15.63% | 3.75% | 13.63% | 10.71% | 4.84% | 27.5% | -3.88% | 38.07% | 112.55% | 181.04% | 323.94% | -75.89% | -22.83% | -8.49% | -26.48% | -37.89% | 34.29% | 27.7% | 130.87% | 62.48% | 156.41% | -287.86% | 7.5% | -50.92% | 63.51% | 410.34% | 625% | -69.23% |
| Operating CF / Revenue % | 22.47% | 18.14% | 20.73% | 22.79% | 30.08% | 45.12% | 43.39% | 34.44% | 38.33% | 42.35% | 47.6% | 41.74% | 43.64% | 53.97% | 16.53% | 21.22% | 20.94% | 31.79% | 25.81% | 32.87% | 35.78% | 48.42% | 40.12% | 35.61% | -61.45% | 24.36% | 20.66% | 35.48% | 31.76% | 50% | 10.81% |
| Net Income | 103.63M | 0 | -201.83M | 249.9M | 251.06M | 422.27M | 140.41M | 307.39M | 285.81M | 217.97M | 246.44M | 211.88M | 100.49M | 25.42M | 280.07M | 252.32M | -185.34M | -576.44M | -57.54M | 84.37M | 54.07M | 44.11M | 21.98M | 13.53M | -9.74M | 9.37M | 9.76M | 17.1M | 13.4M | -4.6M | -400K |
| Depreciation & Amortization | 31.94M | 0 | 13.04M | 0 | -81.75M | -68.91M | -56.84M | -57.93M | 0 | 0 | -40.34M | -36.05M | -19.79M | 0 | 0 | 0 | 20K | 71K | 179K | 1.81M | 861K | -3.17M | 1.1M | -220K | -1.37M | -1.94M | -1.78M | -700K | 1.8M | 100K | 100K |
| Stock-Based Compensation | 21.3M | 0 | 31.83M | 30.66M | 33.41M | 31.65M | 53.81M | 30.66M | 28.15M | 24.03M | 21.9M | 20.72M | 9.72M | 6.24M | 1.58M | 505K | 138K | 293K | 525K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 96.6M | 255.99M | 482.81M | 192.71M | 241.55M | -74.68M | 145.34M | -25.91M | -19M | -16.39M | 19.34M | 20.71M | 9.9M | -1.27M | -267.93M | -222.75M | 6.25M | 612.92M | 106.99M | -2.06M | 3.97M | 3.64M | -424K | -811K | -21.77M | 3.9M | 9.01M | 7.9M | 3.8M | 1.3M | 600K |
| Working Capital Changes | 85.3M | 19.88M | 40.6M | -14.42M | -47.44M | 3.24M | -2.96M | -8.1M | -4.97M | 1.85M | -4.05M | -17.11M | -4.88M | -1.7M | -6.96M | -2.01M | 736K | 952K | 1.96M | 2.93M | 5.08M | 3.7M | 1.89M | 2.82M | 712K | 2.48M | -1.76M | 2.2M | -1.1M | 6.1M | 100K |
| Cash from Investing | 319.29M | 359.4M | 3.5B | 1.44B | -3.25B | -5.63B | -88.25M | -1.87B | -4.25B | -780.75M | 443.64M | -4.82B | -2.41B | -1.78B | 189.6M | 2.09B | 328.93M | 122.25M | 154.59M | -358.6M | -1.16B | -662.97M | -416.71M | 5.72M | 301.34M | -40.03M | 155.55M | -76.6M | -447.9M | -243.1M | -500K |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.39M | -3.41M | -2.97M | -3.7M | 0 | -1.85M | 0 | 23K | 119K | 26K | 5K | 183K | 495K | 100K | 500K | 0 | 100K |
| Purchase of Investments | -337.92M | 0 | -157.23M | -233.54M | -23.06M | -77.77M | -133.43M | -6.52M | -114.41M | -20.87M | -14.73M | 0 | 0 | 0 | 0 | 0 | 0 | -660K | -660K | -134.67M | -1.82B | -249.84M | -68.01M | -6.16M | -40M | -257.88M | -36.61M | -185.9M | -60.3M | 0 | -15.8M |
| Sale of Investments | 2.22M | 0 | 91.47M | 163.68M | 353.32M | 76.38M | 90.43M | 49.67M | 47.53M | 6.45M | 41.57M | 0 | 0 | 416K | 56.54M | 94.41M | 55.86M | 25.2M | 30.55M | 88.4M | 69.38M | 23.15M | 30.04M | 43.41M | 199.23M | 103.04M | 1.45M | 3.3M | 57.9M | 0 | 1.7M |
| Other Investing | 654.99M | 359.4M | 3.56B | 1.51B | -3.58B | -5.63B | -45.25M | -1.91B | -4.18B | -766.34M | 416.8M | -4.82B | -2.41B | -1.78B | 115.66M | 2B | 276.04M | -7.7M | 124.73M | -309.68M | 589.5M | -436.29M | -378.74M | -31.54M | 142.11M | 114.81M | 190.71M | 106M | -445.5M | -242.6M | 13.6M |
| Cash from Financing | -789.13M | -514.42M | -3.88B | -1.85B | 2.61B | 5.51B | -110.77M | 1.61B | 3.96B | 574.74M | -699.6M | 4.69B | 2.33B | 1.79B | -215.76M | -2.11B | -368.81M | -179.43M | -189.11M | 271.23M | 1.1B | 612.6M | 412.97M | -20.7M | -278.81M | 27.53M | -194.82M | 44.5M | 430.5M | 284.8M | -100K |
| Dividends Paid | -320.6M | -322.73M | -404.02M | -426.93M | -421.39M | -370.66M | -348.91M | -320.96M | -277.26M | -234.99M | -232.78M | -166.98M | -84.24M | -7.78M | -48.96M | 0 | 0 | 0 | -95.79M | -66.36M | -43.69M | -32.49M | -15.47M | -8.3M | 0 | -737K | -1.61M | -2.4M | -3.1M | -1.3M | 0 |
| Common Dividends | -320.6M | -322.73M | -404.02M | -426.93M | -421.39M | -370.66M | -348.91M | -320.96M | -277.26M | -234.99M | -232.78M | -166.98M | -84.24M | -7.78M | -48.96M | 0 | 0 | 0 | -93.45M | -66.36M | -43.69M | -32.49M | -15.47M | -8.3M | 0 | -737K | -1.61M | -2.4M | -3.1M | -1.3M | 0 |
| Debt Issuance (Net) | 0 | -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 | -100K |
| Share Repurchases | -78.66M | -109.51M | -29.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -356K | -85K | 0 | -27.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -35.49M | -55.3M | -45.95M | -32.17M | -53.53M | -34.45M | -53.94M | -29.58M | -21.6M | -21.46M | -36.42M | -41.58M | 715.41M | -171.81M | -16K | -19K | 0 | 18.66M | 1.85M | -3.18M | 282.93M | -7.05M | 8.52M | 0 | 35.82M | 0 | 0 | 126.9M | 145.2M | -100K | 0 |
| Net Change in Cash | -119.41M | 129.04M | -26.53M | 58.67M | -259.81M | 261.18M | 139.88M | 44.43M | 3.14M | 26.95M | -20.88M | 44.64M | -532K | 36.92M | -19.39M | 10.37M | -3.5M | -17.43M | 19.55M | -313K | 1.17M | 391K | 15.85M | -1.45M | -1.47M | 263K | -27.39M | -7.8M | -2.6M | 44.6M | 100K |
| Exchange Rate Effect | 5.35M | 8.18M | -7.39M | 3.7M | -10.33M | -2.06M | 2.29M | -1.01M | 7.09M | 5.5M | -1.58M | 113K | -2.21M | 23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 300K |
| Cash at Beginning | 452.53M | 323.48M | 350.01M | 291.34M | 551.15M | 289.97M | 150.09M | 105.66M | 102.52M | 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 | 38.78M | 46.6M | 49.3M | 4.7M | 4.8M |
| Cash at End | 549.15M | 452.53M | 323.48M | 350.01M | 291.34M | 551.15M | 289.97M | 150.09M | 105.66M | 102.52M | 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 | 38.8M | 46.7M | 49.3M | 4.9M |
| Free Cash Flow | 334.55M | 275.87M | 365.86M | 458.84M | 396.82M | 382.48M | 336.61M | 304.04M | 290M | 227.46M | 236.65M | 171.39M | 80.64M | 28.69M | 6.77M | 28.07M | 36.38M | 148.87M | 54.03M | 86.27M | 64.82M | 50.74M | 19.46M | 13.51M | -23.99M | 12.59M | 11.38M | 24.1M | 14.3M | 2.4M | 300K |
| FCF Growth % | -10.15% | -24.6% | -20.26% | 15.63% | 3.75% | 13.63% | 10.71% | 4.84% | 27.5% | -3.88% | 38.07% | 112.55% | 181.04% | 323.94% | -75.89% | -22.83% | -75.56% | 175.5% | -37.36% | 33.08% | 27.76% | 160.72% | 44.09% | 156.29% | -290.63% | 10.57% | -52.77% | 68.53% | 495.83% | 700% | -70% |
| FCF / Revenue % | 21.79% | 18.14% | 20.7% | 22.79% | 30.08% | 45.12% | 43.39% | 34.44% | 38.33% | 42.35% | 47.6% | 41.74% | 43.64% | 53.97% | 16.53% | 21.22% | 20.94% | 119.06% | 25.79% | 32.57% | 35.78% | 48.4% | 35.51% | 35.54% | -61.47% | 24.01% | 19.8% | 35.34% | 30.69% | 41.38% | 8.11% |
CRE portfolio credit impairment
As reported in financial statements, BXMT's FFO-to-Net Income conversion has been highly erratic, with the ratio swinging from -281.56 in 2025Q1 to 3.45 by 2025Q4, suggesting that GAAP earnings are currently an unreliable proxy for the firm's actual underlying cash-generating capacity in this credit-stressed environment.
The extreme divergence between GAAP net income and FFO highlights the significant impact of non-cash CECL provisions on the bottom line. Investors should monitor whether this volatility stabilizes as the portfolio's risk rating matures, as the current disconnect complicates the assessment of core operating performance.
Based on BXMT's reported figures, the dividend payout ratio relative to AFFO reached a concerning 5.10x in 2025Q1, indicating that the firm has struggled to maintain dividend coverage from recurring cash flows, necessitating a closer look at the sustainability of current distribution levels for income-focused investors.
The inability to consistently cover the dividend with AFFO suggests that the firm may be relying on capital recycling or balance sheet liquidity to maintain payouts. This trend warrants further investigation into whether management will prioritize further dividend adjustments to align with actual distributable cash flow.
According to recent SEC filings, BXMT's GAAP net income frequently fails to reflect cash-based performance, as evidenced by the $6.3M net loss in 2026Q1 despite positive operating cash flow of $169.7M, illustrating the heavy influence of non-cash credit loss reserves on reported profitability metrics.
The accounting treatment of potential credit losses creates a persistent wedge between GAAP results and the cash available for operations. Analysts should interpret these losses as accounting-driven impairments rather than immediate cash outflows, though they remain a valid indicator of rising credit risk within the portfolio.
Financial data indicates that while operating cash flow appears positive, the firm's FCF margin has fluctuated significantly, dropping to -4.9% in 2025Q3, which suggests that the underlying cash flow profile is more fragile than the headline operating cash flow figures might initially imply to market participants.
The reliance on non-cash adjustments and the potential for PIK interest to inflate revenue figures suggest that the quality of cash flow may be lower than reported. Investors should monitor the trend of non-accrual loans, as these may eventually manifest as a permanent erosion of the firm's cash-generating base.
Quick answers to the most common questions about buying BXMT stock.
Blackstone Mortgage Trust, Inc. (BXMT) generated $275.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Blackstone Mortgage Trust, Inc. (BXMT) generated $275.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Blackstone Mortgage Trust, Inc. (BXMT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Blackstone Mortgage Trust, Inc. (BXMT) returned $322.7M to shareholders via cash dividends and spent $109.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.