Revenue has contracted from $500.6M in 2023Q4 to $380.2M in 2026Q1, reflecting a broader deceleration in top-line growth and severe pressure on property-level profitability.
| 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 |
|---|
| Revenue | 1.54B | 1.52B | 1.77B | 2.01B | 1.32B | 847.73M | 775.79M | 882.87M | 756.67M | 537.08M | 497.18M | 410.63M | 184.77M | 53.16M | 40.94M | 132.28M | 173.74M | 125.03M | 209.52M | 264.83M | 181.16M | 104.83M | 54.8M | 38M | 39.03M | 52.42M | 57.48M | 68.2M | 46.6M | 5.8M | 3.7M |
| Revenue Growth % | -6.97% | -13.96% | -12.18% | 52.6% | 55.6% | 9.27% | -12.13% | 16.68% | 40.89% | 8.03% | 21.08% | 122.24% | 247.54% | 29.86% | -69.05% | -23.86% | 38.96% | -40.33% | -20.89% | 46.18% | 72.82% | 91.29% | 44.22% | -2.65% | -25.54% | -8.8% | -15.72% | 46.35% | 703.45% | 56.76% | 32.14% |
| Property Operating Expenses | 574.93M | 351.97M | 119.06M | 119.09M | 110.29M | 88.47M | 77.92M | 78.44M | 74.83M | 54.84M | 55.96M | 42.89M | 19.49M | 5.94M | 0 | 0 | 20K | 71K | 179K | 1.81M | 3.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 960.53M | 1.17B | 1.65B | 1.89B | 1.21B | 759.26M | 697.88M | 804.44M | 681.84M | 482.24M | 441.22M | 367.75M | 165.28M | 47.23M | 40.94M | 132.28M | 173.72M | 124.96M | 209.34M | 263.02M | 178.02M | 104.83M | 54.8M | 38M | 39.03M | 52.42M | 57.48M | 68.2M | 46.6M | 5.8M | 3.7M |
| NOI Margin % | 62.56% | 76.86% | 93.27% | 94.08% | 91.64% | 89.56% | 89.96% | 91.12% | 90.11% | 89.79% | 88.74% | 89.56% | 89.45% | 88.83% | 100% | 100% | 99.99% | 99.94% | 99.91% | 99.32% | 98.26% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 64.84M | 79.29M | 559.73M | 275.5M | 243.75M | 3.26M | 214.02M | 497.55M | 395.72M | 263.96M | 197.77M | 167.15M | 83.68M | 20.98M | -39.54M | 120.84M | 291.34M | 584.25M | 154.62M | 192.33M | 127.59M | 0 | 0 | 38M | -8.37M | 68K | 6.75M | 10.4M | 3.9M | 5.8M | 3.7M |
| G&A Expenses | 28.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.32M | 14M | 15.38M | 15.44M | 17.3M | 17M | 9.5M | 1.5M |
| EBITDA | 948.31M | 1.16B | 1.1B | 1.62B | 965.06M | 756M | 483.86M | 766.68M | 646.33M | 451.87M | 428.21M | 364.8M | 170.16M | 44.57M | 320.52M | 351.84M | -117.6M | -459.22M | 54.9M | 72.5M | 53.58M | 82.89M | 19.43M | 23.8M | 29.3M | 50.55M | 62.45M | 77.9M | 52.3M | -2M | 200K |
| EBITDA Margin % | 61.76% | 76.17% | 62.14% | 80.63% | 73.16% | 89.18% | 62.37% | 86.84% | 85.42% | 84.13% | 86.13% | 88.84% | 92.09% | 83.84% | 782.93% | 265.99% | -67.69% | -367.29% | 26.2% | 27.38% | 29.57% | 79.07% | 35.46% | 62.62% | 75.05% | 96.42% | 108.65% | 114.22% | 112.23% | -34.48% | 5.41% |
| Depreciation & Amortization | 52.63M | 68.84M | 9.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20K | 71K | 179K | 1.81M | 3.15M | 1.11M | 1.1M | -220K | -1.37M | -1.94M | -1.78M | -700K | 1.8M | 100K | 100K |
| D&A / Revenue % | 3.43% | 4.53% | 0.53% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.01% | 0.06% | 0.09% | 0.68% | 1.74% | 1.06% | 2.01% | -0.58% | -3.52% | -3.71% | -3.1% | -1.03% | 3.86% | 1.72% | 2.7% |
| Operating Income | 895.68M | 1.09B | 1.09B | 1.62B | 965.06M | 756M | 483.86M | 306.89M | 286.12M | 218.28M | 243.45M | 200.59M | 81.59M | 26.25M | 80.48M | 11.44M | -117.62M | -459.29M | 54.72M | 70.69M | 50.43M | 81.78M | 18.33M | 24.02M | 30.67M | 52.49M | 64.23M | 78.6M | 50.5M | -2.1M | 100K |
| Operating Margin % | 58.33% | 71.65% | 61.6% | 80.4% | 73.16% | 89.18% | 62.37% | 34.76% | 37.81% | 40.64% | 48.97% | 48.85% | 44.16% | 49.37% | 196.59% | 8.65% | -67.7% | -367.34% | 26.12% | 26.69% | 27.84% | 78.01% | 33.45% | 63.2% | 78.57% | 100.13% | 111.75% | 115.25% | 108.37% | -36.21% | 2.7% |
| Interest Expense | 4M | 988.95M | 1.29B | 1.37B | 710.9M | 340.22M | 347.47M | 458.5M | 359.63M | 234.87M | 184.27M | 152.42M | 69.14M | 18.02M | 38.14M | 96.97M | 123.96M | 79.79M | 129.66M | 162.38M | 104.61M | 37.23M | 20.14M | 9.85M | 17.97M | 26.24M | 36.71M | 39.5M | 27.7M | 2.2M | 500K |
| Interest Coverage | - | 1.11x | 0.85x | 1.19x | 1.36x | 2.22x | 1.39x | 1.67x | 1.80x | 1.92x | 2.32x | 2.39x | 2.46x | 2.47x | 8.40x | 3.63x | -0.48x | -6.23x | 0.57x | 1.52x | 1.49x | 2.20x | 0.91x | 0.02x | 0.08x | 0.07x | 0.05x | 0.02x | -0.05x | -0.05x | -0.20x |
| Non-Operating Income | -9.18M | -8.31M | -2.6M | -4.62M | 0 | 0 | 0 | -459.8M | -360.21M | -233.59M | -184.76M | -164.21M | -88.56M | -18.33M | -240.04M | -340.4M | -58.34M | 38.05M | -19.3M | -175.34M | -105.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.5M | 0 | 100K |
| Pretax Income | 107.79M | 113.34M | -199.46M | 255.26M | 254.06M | 422.7M | 140.74M | 306.89M | 286.12M | 218.28M | 246.64M | 212.39M | 101.01M | 26.42M | 282.39M | 254.87M | -183.24M | -577.13M | -55.65M | 83.66M | 51.33M | 44.32M | 21.52M | 14.17M | 12.7M | 26.25M | 27.52M | 39.1M | 22.8M | -4.5M | 0 |
| Pretax Margin % | 7.02% | 7.45% | -11.28% | 12.68% | 19.26% | 49.86% | 18.14% | 34.76% | 37.81% | 40.64% | 49.61% | 51.72% | 54.67% | 49.69% | 689.78% | 192.68% | -105.47% | -461.59% | -26.56% | 31.59% | 28.33% | 42.28% | 39.28% | 37.29% | 32.54% | 50.08% | 47.88% | 57.33% | 48.93% | -77.59% | 0% |
| Income Tax | 4.11M | 3.67M | 2.37M | 5.36M | 3M | 423K | 323K | -506K | 308K | 314K | 196K | 504K | 518K | 995K | 174K | 2.55M | 2.1M | -694K | 1.89M | -706K | -2.73M | 213K | -451K | 646K | 22.44M | 16.88M | 17.76M | 22M | 9.4M | 100K | 500K |
| Effective Tax Rate % | 3.81% | 3.24% | -1.19% | 2.1% | 1.18% | 0.1% | 0.23% | -0.16% | 0.11% | 0.14% | 0.08% | 0.24% | 0.51% | 3.77% | 0.06% | 1% | -1.15% | 0.12% | -3.4% | -0.84% | -5.33% | 0.48% | -2.1% | 4.56% | 176.68% | 64.31% | 64.53% | 56.27% | 41.23% | -2.22% | - |
| Net Income | 103.63M | 109.57M | -204.09M | 246.56M | 248.64M | 419.19M | 137.67M | 305.57M | 285.08M | 217.63M | 238.3M | 196.83M | 90.05M | 15.03M | 181.29M | 258.14M | -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 |
| Net Margin % | 6.75% | 7.2% | -11.54% | 12.25% | 18.85% | 49.45% | 17.75% | 34.61% | 37.68% | 40.52% | 47.93% | 47.93% | 48.73% | 28.27% | 442.84% | 195.15% | -106.68% | -461.04% | -27.46% | 31.86% | 29.84% | 42.08% | 40.1% | 35.59% | -24.95% | 17.87% | 16.98% | 25.07% | 28.76% | -79.31% | -10.81% |
| Net Income Growth % | 228.56% | 153.69% | -182.78% | -0.84% | -40.69% | 204.49% | -54.95% | 7.19% | 30.99% | -8.67% | 21.07% | 118.59% | 499.02% | -91.71% | -29.77% | 239.28% | 67.85% | -901.84% | -168.2% | 56.04% | 22.57% | 100.72% | 62.48% | 238.89% | -203.93% | -4.01% | -42.92% | 27.61% | 391.3% | -1050% | 85.71% |
| Funds From Operations (FFO) | 216.74M | 178.41M | -194.68M | 246.56M | 166.89M | 350.29M | 80.83M | 247.64M | 285.08M | 217.63M | 197.95M | 160.78M | 70.26M | 15.03M | 181.29M | 258.14M | -185.32M | -576.37M | -57.36M | 86.18M | 57.21M | 45.23M | 23.08M | 13.3M | -11.11M | 7.43M | 7.98M | 16.4M | 15.2M | -4.5M | -300K |
| FFO Margin % | 14.12% | 11.73% | -11.01% | 12.25% | 12.65% | 41.32% | 10.42% | 28.05% | 37.68% | 40.52% | 39.82% | 39.15% | 38.03% | 28.27% | 442.84% | 195.15% | -106.67% | -460.98% | -27.38% | 32.54% | 31.58% | 43.14% | 42.11% | 35.01% | -28.46% | 14.17% | 13.88% | 24.05% | 32.62% | -77.59% | -8.11% |
| FFO Growth % | 414.24% | 191.64% | - | - | -52.36% | 333.39% | -67.36% | - | - | - | 23.12% | 128.83% | - | - | - | - | 67.85% | -904.84% | -166.56% | 50.63% | 26.51% | 95.98% | 73.44% | 219.75% | -249.62% | -6.94% | -51.34% | 7.89% | 437.78% | -1400% | 85.71% |
| FFO per Share | 1.28 | 1.04 | -1.12 | 1.43 | 0.98 | 2.31 | 0.57 | 1.90 | 2.50 | 2.27 | 2.10 | 1.97 | 1.45 | 0.81 | 73.25 | 107.78 | -82.84 | -257.54 | -27.18 | 48.71 | 35.94 | 29.48 | 22.45 | 12.93 | -12.58 | 6.17 | 8.06 | 17.73 | 24.86 | -13.94 | -1.12 |
| FFO Payout Ratio % | 147.92% | 180.89% | -207.53% | 173.16% | 252.49% | 105.82% | 431.68% | 129.61% | 97.26% | 107.98% | 117.59% | 103.86% | 119.89% | 51.73% | 27.01% | 0% | 0% | 0% | -162.92% | 77.01% | 76.36% | 71.85% | 67.06% | 62.36% | 0% | 9.92% | 20.24% | 14.63% | 20.39% | -28.89% | 0% |
| EPS (Diluted) | 0.61 | 0.64 | -1.17 | 1.43 | 1.46 | 2.77 | 0.97 | 2.35 | 2.50 | 2.27 | 2.53 | 2.41 | 1.86 | 0.81 | 73.13 | 107.80 | -82.85 | -257.58 | -27.27 | 47.70 | 34.00 | 28.80 | 21.40 | 22.30 | -16.21 | 11.20 | 9.90 | 16.50 | 13.20 | -18.90 | -1.50 |
| EPS Growth % | 229.95% | 154.7% | -181.82% | -2.05% | -47.29% | 185.57% | -58.72% | -6% | 10.13% | -10.28% | 4.98% | 29.57% | 129.63% | -98.89% | -32.16% | 230.11% | 67.84% | -844.55% | -157.17% | 40.29% | 18.06% | 34.58% | -4.04% | 237.57% | -244.73% | 13.13% | -40% | 25% | 169.84% | -1160% | 83.33% |
| EPS (Basic) | - | 0.64 | -1.17 | 1.43 | 1.46 | 2.77 | 0.97 | 2.35 | 2.50 | 2.27 | 2.53 | 2.41 | 1.86 | 0.81 | 77.16 | 113.90 | -82.85 | -257.58 | -27.27 | 48.00 | 34.30 | 29.10 | 21.70 | 22.70 | -16.21 | 13.00 | 10.50 | 20.70 | 17.10 | -18.90 | -1.50 |
| Diluted Shares Outstanding | 169.08M | 170.96M | 173.78M | 172.67M | 170.63M | 151.52M | 141.8M | 130.09M | 113.86M | 95.96M | 94.17M | 81.74M | 48.39M | 18.52M | 2.48M | 2.4M | 2.24M | 2.24M | 2.11M | 1.77M | 1.59M | 1.53M | 1.03M | 1.03M | 883.42K | 1.2M | 989.63K | 925.08K | 611.52K | 322.75K | 266.67K |
CRE portfolio credit impairment
As reported in financial statements, BXMT's revenue has trended downward from $500.6M in 2023Q4 to $380.2M by 2026Q1, reflecting a challenging environment for commercial mortgage originations and a clear deceleration in top-line growth that warrants close monitoring by investors concerned with the firm's long-term scale.
The consistent decline in quarterly revenue suggests that the company is struggling to replace maturing loans with new originations at comparable yields. This trend appears to be exacerbated by a cautious lending environment and potential portfolio shrinkage as the firm prioritizes capital preservation over aggressive growth.
According to recent SEC filings, the company's NOI margin plummeted from a peak of 96.1% in 2024Q1 to just 20.4% in 2026Q1, indicating that property-level profitability is under severe pressure as operating expenses and credit-related costs consume a larger portion of the firm's interest income.
The dramatic erosion of NOI margins suggests that the underlying collateral is requiring significantly higher intervention or that non-accrual loans are weighing heavily on property-level performance. Investors should monitor whether this margin compression is a temporary cyclical trough or a structural shift in the profitability of the loan book.
Based on BXMT's reported figures, FFO per share has exhibited extreme volatility, swinging from a negative $0.35 in 2024Q2 to a positive $0.35 by 2025Q4, which highlights the precarious nature of the firm's earnings quality in the current high-interest-rate and credit-sensitive environment.
The erratic FFO trajectory appears to be driven by significant non-cash credit loss provisions and the lumpy nature of origination fees. This instability suggests that the dividend payout may remain under pressure as management balances the need for liquidity against the volatility of distributable earnings.
Financial data indicates that GAAP net income frequently diverges from cash-based performance, with the firm reporting a net loss of $6.3M in 2026Q1, largely due to the impact of CECL accounting standards that force the recognition of potential future credit losses on the income statement.
While these provisions are non-cash, they may indicate a genuine deterioration in the credit quality of the office-heavy portfolio. Analysts should investigate whether these reserves are sufficient to cover actual defaults or if they represent a lagging indicator of deeper, unrealized impairments within the loan book.
Quick answers to the most common questions about buying BXMT stock.
For fiscal year 2025, Blackstone Mortgage Trust, Inc. (BXMT) reported total revenue of $1.52B. This represents a 41006.8% increase compared to $3.7M in 1996.
Blackstone Mortgage Trust, Inc. (BXMT) is profitable, generating $109.6M in net income for the fiscal year ending 2025 with a net profit margin of 7.2%.
Blackstone Mortgage Trust, Inc. (BXMT) reported an operating income of $1.09B, resulting in an operating profit margin of 71.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Blackstone Mortgage Trust, Inc. (BXMT) generated $1.17B in gross profit for the year, representing a gross profit margin of 76.9%. This demonstrates the company's core pricing power and production efficiency.