Revenue contracted about 22 percent from $461.3M to $358.1M and NOI margin compressed from 95.9% to 5.6% over the same period, a deterioration that appears far larger than the revenue decline alone would explain.
Blackstone Mortgage Trust, Inc. (BXMT) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 1.51B | 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 % | -1.4% | -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 | 771.01M | 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) | 736.98M | 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 % | 48.87% | 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 | 287.08M | 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 | 56.75M | 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 | 680.51M | 1.16B | 1.1B | 1.62B | 1.02B | 797M | 521.26M | 339.08M | 646.33M | 451.87M | 262.79M | 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 % | 45.13% | 76.17% | 62.14% | 80.63% | 76.95% | 94.02% | 67.19% | 38.41% | 85.42% | 84.13% | 52.86% | 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 | 63.7M | 68.84M | 9.41M | 0 | 50.02M | 41M | 37.4M | 32.2M | 0 | 0 | 19.34M | 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 % | 4.22% | 4.53% | 0.53% | 0% | 3.79% | 4.84% | 4.82% | 3.65% | 0% | 0% | 3.89% | 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 | 449.9M | 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 % | 29.83% | 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 | 2.24x | 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 | -180.05M | -8.31M | -2.6M | -4.62M | 96K | -6.92M | 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 | -370.17M | 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 % | -24.55% | 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 | 5.45M | 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 % | -1.47% | 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 | -375.05M | 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 % | -24.87% | 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 % | -449.86% | 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) | -305.06M | 178.41M | -194.68M | 246.56M | 298.66M | 460.19M | 175.07M | 337.76M | 285.08M | 217.63M | 257.64M | 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 % | -20.23% | 11.73% | -11.01% | 12.25% | 22.64% | 54.29% | 22.57% | 38.26% | 37.68% | 40.52% | 51.82% | 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 % | -812.68% | 191.64% | - | - | -35.1% | 162.86% | -48.17% | - | - | - | 60.25% | 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 | -1.82 | 1.04 | -1.12 | 1.43 | 1.75 | 3.04 | 1.23 | 2.60 | 2.50 | 2.27 | 2.74 | 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 % | -78.22% | 180.89% | -207.53% | 173.16% | 141.09% | 80.54% | 199.29% | 95.03% | 97.26% | 107.98% | 90.35% | 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) | -2.23 | 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 % | -462.23% | 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 | 167.96M | 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 |
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.
Key Metrics
Top Statement Risk
Negative FFO and earnings
Metrics are mathematically derived from official filings.
Revenue Contraction Persists Through 2026
Based on reported figures, BXMT's quarterly revenue fell from $461.3M in 2024Q2 to $358.1M in 2026Q3, a decline of roughly 22 percent that signals a shrinking interest-earning base rather than a temporary dip.
The sustained year-over-year revenue declines, including -24.2% in 2025Q1 and -4.0% in 2026Q3, suggest the portfolio is running off faster than it is being redeployed. Investors should monitor whether the 2026Q1 rebound to $380.2M proves durable or was a timing effect. The data does not isolate acquisitions from repayments, so the driver of the contraction warrants further investigation.
NOI Margin Collapse Signals Stress
BXMT's NOI margin compressed from 95.9% in 2024Q2 to 5.6% in 2026Q3, based on reported quarterly figures, a deterioration that appears far larger than revenue decline alone would explain.
The NOI series is internally inconsistent with a stable operating structure: 2026Q2 shows NOI equal to revenue at 100.0%, which may indicate a reporting classification change or missing expense data rather than an operational improvement. Given this, margin trends should be treated with caution. The reliable signal is the sharp drop in 2026Q3, which warrants further investigation into the expense and impairment components.
FFO Turns Negative Amid Dilution
As reported in financial statements, BXMT's FFO swung to -$304.5M in 2026Q3, or -$1.81 per share, while diluted EPS of -$1.95 indicates losses are being recognized at the earnings line as well.
A negative FFO of this magnitude suggests the dividend, currently yielding 2.4 to 2.8 percent, may not be covered by recurring cash earnings in the near term. The FFO series has been volatile, moving from -$55.2M in 2024Q3 to +$78.4M in 2025Q3 before reversing. Investors should monitor the dividend policy and any further equity issuance, though the reported data does not confirm dilution levels.
Earnings Recovery Case Remains Unproven
The strongest bull argument rests on 2025 FFO per share of $0.35 to $0.46, which, based on reported figures, suggests underlying earnings power existed before the 2026 losses.
If the 2026 losses are driven by one-time impairments or credit reserves rather than structural decline, the 2025 run-rate could be a better guide to normalized earnings. However, the data does not identify the source of the 2026 charges, so this interpretation cannot be confirmed. The recovery thesis should be treated as a hypothesis requiring evidence from the loss components.