Detailed financial statements for Blackstone Mortgage Trust, Inc. (BXMT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Blackstone Mortgage Trust, Inc. (BXMT) functions as a real estate finance entity, primarily engaged in originating senior-level debt secured by commercial properties. These investment activities span across North America, Europe, and Australia. For U.S. federal income tax considerations, the company is organized as a Real Estate Investment Trust (REIT).
Analysis Summary
Blackstone Mortgage Trust, Inc. reported revenue of $1.52B in the most recent fiscal year, growing at a 5-year CAGR of 14.4%. Net income reached $109.6M, with a -4.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 66.6%, operating margin 57.3%, net margin 1.0%. Free cash flow grew at -3.9% CAGR over 5 years.
At the current price of $11.01, BXMT trades at a P/E of 133.69 and an ROE of 0.45%. Market capitalisation stands at $1.9B.
Balance sheet quality for BXMT: current ratio of 0.1, net debt of $15.71B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $275.9M represents 252% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $497.2M | $537.1M | $756.7M | $882.9M | $775.8M | $847.7M | $1.32B | $2.01B | $1.77B | $1.52B |
| Cost of Revenue | $56.0M | $54.8M | $74.8M | $78.4M | $77.9M | $88.5M | $110.3M | $119.1M | $119.1M | $352.0M |
| Gross Profit | $441.2M | $482.2M | $681.8M | $804.4M | $697.9M | $759.3M | $1.21B | $1.89B | $1.65B | $1.17B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $197.8M | $264.0M | $395.7M | $497.6M | $214.0M | $3.3M | $243.8M | $275.5M | $559.7M | $79.3M |
| Operating Income | $243.4M | $218.3M | $286.1M | $306.9M | $483.9M | $756.0M | $965.1M | $1.62B | $1.09B | $1.09B |
| EBITDA | $428.2M | $451.9M | $646.3M | $766.7M | $483.9M | $762.9M | $965.0M | $1.62B | $1.10B | $1.17B |
| Interest Expense | $184.3M | $234.9M | $359.6M | $458.5M | $347.5M | $340.2M | $710.9M | $1.37B | $1.29B | $988.9M |
| Pre-tax Income | $246.6M | $218.3M | $286.1M | $306.9M | $140.7M | $422.7M | $254.1M | $255.3M | -$199.5M | $113.3M |
| Income Tax | $196,000 | $314,000 | $308,000 | -$506,000 | $323,000 | $423,000 | $3.0M | $5.4M | $2.4M | $3.7M |
| Net Income | $238.3M | $217.6M | $285.1M | $305.6M | $137.7M | $419.2M | $248.6M | $246.6M | -$204.1M | $109.6M |
| EPS | $2.53 | $2.27 | $2.50 | $2.35 | $0.97 | $2.77 | $1.46 | $1.43 | $-1.17 | $0.64 |
| EPS (Diluted) | $2.53 | $2.27 | $2.50 | $2.35 | $0.97 | $2.77 | $1.46 | $1.43 | $-1.17 | $0.64 |
| Shares Outstanding (Diluted) | $94.2M | $96.0M | $113.9M | $130.1M | $141.8M | $151.5M | $170.6M | $172.7M | $173.8M | $171.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $373.0M | $389.0M | $380.2M | $380.7M |
| Gross Profit | $298.0M | $273.3M | $77.4M | $366.1M |
| Operating Income | $307.4M | $267.5M | $48.6M | $249.4M |
| EBITDA | $326.4M | $295.7M | $215.6M | $270.1M |
| Net Income | $63.4M | $39.6M | -$6.3M | -$81.3M |
| EPS | $0.37 | $0.23 | $-0.04 | $-0.48 |
| EPS (Diluted) | $0.37 | $0.23 | $-0.04 | $-0.48 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $75.6M | $69.7M | $105.7M | $150.1M | $290.0M | $551.2M | $291.3M | $350.0M | $323.5M | $452.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $32.9M | $10.11B | $56.7M | $16.23B | $16.47B | $86.1M | $189.6M | $214.8M | $160.1M | $133.0M |
| Inventory | -$4.1M | 0 | -$9.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $8.81B | $69.7M | $14.37B | 0 | $16.88B | 0 | 0 | 0 | 0 | $586.5M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $9.3M | $42.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $77.3M | $117.1M |
| Total Assets | $8.81B | $10.26B | $14.47B | $16.55B | $16.96B | $22.70B | $25.35B | $24.04B | $19.80B | $20.00B |
| Accounts Payable | $9.0M | $14.2M | $25.6M | 0 | $2.7M | $29.9M | $80.3M | $97.8M | $77.9M | $58.9M |
| Short-term Debt | $210,000 | $4.9M | $8.91B | $150.1M | $58.9M | $12.28B | $13.53B | $12.68B | $9.70B | $10.12B |
| Total Current Liabilities | 0 | 0 | 0 | 0 | $192.3M | 0 | 0 | 0 | 0 | $10.27B |
| Long-term Debt | $6.23B | $7.20B | $10.96B | $12.44B | $12.85B | $5.62B | $6.92B | $6.62B | $6.03B | $6.05B |
| Total Liabilities | $6.32B | $7.34B | $11.09B | $12.77B | $13.05B | $18.08B | $20.81B | $19.65B | $16.01B | $16.50B |
| Retained Earnings | -$541.1M | -$567.2M | -$569.4M | -$592.5M | -$829.3M | -$794.8M | -$968.7M | -$1.15B | -$1.73B | -$1.95B |
| Total Equity | $2.49B | $2.91B | $3.36B | $3.76B | $3.89B | $4.59B | $4.52B | $4.37B | $3.79B | $3.50B |
| Total Debt | $6.23B | $7.24B | $10.96B | $12.59B | $12.91B | $17.90B | $20.44B | $19.30B | $15.73B | $16.16B |
| Net Debt | $6.16B | $7.17B | $10.86B | $12.44B | $12.62B | $17.35B | $20.15B | $18.95B | $15.41B | $15.71B |
| Working Capital | $8.81B | $69.7M | $14.37B | 0 | $16.69B | 0 | 0 | 0 | 0 | -$9.69B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $377.9M | $452.5M | $549.2M | $432.8M |
| Total Assets | $19.70B | $20.00B | $19.63B | $19.40B |
| Total Liabilities | $16.10B | $16.50B | $16.21B | $16.14B |
| Total Equity | $3.59B | $3.50B | $3.41B | $3.26B |
| Total Debt | $15.80B | $16.16B | $15.89B | $15.81B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $246.4M | $218.0M | $285.8M | $307.4M | $140.4M | $422.3M | $251.1M | $249.9M | -$201.8M | $109.7M |
| Depreciation & Amortization | -$40.3M | 0 | 0 | -$57.9M | -$56.8M | -$68.9M | -$81.7M | 0 | $13.0M | 0 |
| Stock-based Compensation | $21.9M | $24.0M | $28.2M | $30.7M | $53.8M | $31.6M | $33.4M | $30.7M | $31.8M | $28.3M |
| Change in Working Capital | -$4.1M | $1.8M | -$5.0M | -$8.1M | -$3.0M | $3.2M | -$47.4M | -$14.4M | $40.6M | $19.9M |
| Operating Cash Flow | $236.7M | $227.5M | $290.0M | $304.0M | $336.6M | $382.5M | $396.8M | $458.8M | $366.5M | $275.9M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$590,000 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$29.2M | -$109.5M |
| Dividends Paid | -$232.8M | -$235.0M | -$277.3M | -$321.0M | -$348.9M | -$370.7M | -$421.4M | -$426.9M | -$404.0M | -$322.7M |
| Free Cash Flow | $236.7M | $227.5M | $290.0M | $304.0M | $336.6M | $382.5M | $396.8M | $458.8M | $365.9M | $275.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$18.2M | $136.3M | $169.7M | -$169.7M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$18.2M | $136.3M | $169.7M | -$169.7M |
| Dividends Paid | -$80.6M | -$80.2M | -$79.1M | -$79.3M |
| Stock-based Compensation | $7.3M | $6.7M | $6.7M | -$6.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.0% | +40.9% | +16.7% | -12.1% | +9.3% | +55.6% | +52.6% | -12.2% | -14.0% | |
| Net Income Growth (YoY) | -8.7% | +31.0% | +7.2% | -54.9% | +204.5% | -40.7% | -0.8% | -182.8% | +153.7% | |
| EPS Growth (YoY) | -10.3% | +10.1% | -6.0% | -58.7% | +185.6% | -47.3% | -2.1% | -181.8% | +154.7% | |
| Shares Change (YoY) | +1.9% | +18.6% | +14.3% | +9.0% | +6.9% | +12.6% | +1.2% | +0.6% | -1.6% | |
| FCF Growth (YoY) | -3.9% | +27.5% | +4.8% | +10.7% | +13.6% | +3.7% | +15.6% | -20.3% | -24.6% | |
| Gross Margin | 88.7% | 89.8% | 90.1% | 91.1% | 90.0% | 89.6% | 91.6% | 94.1% | 93.3% | 76.9% |
| Operating Margin | 49.0% | 40.6% | 37.8% | 34.8% | 62.4% | 89.2% | 73.2% | 80.4% | 61.6% | 71.6% |
| EBITDA Margin | 86.1% | 84.1% | 85.4% | 86.8% | 62.4% | 90.0% | 73.2% | 80.6% | 62.3% | 76.7% |
| Net Margin | 47.9% | 40.5% | 37.7% | 34.6% | 17.7% | 49.4% | 18.8% | 12.2% | -11.5% | 7.2% |
| FCF Margin | 47.6% | 42.4% | 38.3% | 34.4% | 43.4% | 45.1% | 30.1% | 22.8% | 20.7% | 18.1% |
| Effective Tax Rate | 0.1% | 0.1% | 0.1% | -0.2% | 0.2% | 0.1% | 1.2% | 2.1% | -1.2% | 3.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.51 | $2.37 | $2.55 | $2.34 | $2.37 | $2.52 | $2.33 | $2.66 | $2.11 | $1.61 |
| Dividends Per Share | $2.47 | $2.45 | $2.44 | $2.47 | $2.46 | $2.45 | $2.47 | $2.47 | $2.32 | $1.89 |
| Shares Outstanding (Basic) | $94.2M | $96.0M | $113.9M | $130.1M | $141.8M | $151.5M | $170.6M | $172.7M | $173.8M | $171.0M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 0.45% |
| Return on Invested Capital | 3.31% |
| Return on Assets | 0.08% |
| Gross Margin | 66.64% |
| Operating Margin | 57.33% |
| Net Margin | 1.01% |
Financial Health
| Debt / Equity | 4.85 |
| Current Ratio | 0.06 |
| Piotroski F-Score | 7 |
| Altman Z-Score | -0.34 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 11.89 | 14.18 | 12.74 | 15.84 | 28.38 | 11.05 | 14.50 | 14.87 | -14.88 | 29.89 |
| P/B | 1.14 | 1.06 | 1.08 | 1.29 | 1.00 | 1.01 | 0.80 | 0.84 | 0.80 | 0.93 |
| P/S | 5.70 | 5.75 | 4.79 | 5.48 | 5.03 | 5.47 | 2.74 | 1.82 | 1.71 | 2.15 |
| Gross Margin | 88.7% | 89.8% | 90.1% | 91.1% | 90.0% | 89.6% | 91.6% | 94.1% | 93.3% | 76.9% |
| Operating Margin | 49.0% | 40.6% | 37.8% | 34.8% | 62.4% | 89.2% | 73.2% | 80.4% | 61.6% | 71.6% |
| Net Margin | 47.9% | 40.5% | 37.7% | 34.6% | 17.7% | 49.4% | 18.8% | 12.2% | -11.5% | 7.2% |
Related companies: ABR · CDP · HIW · MFA · NMRK · OUT · RWT
Explore sector: Real Estate · REIT - Mortgage
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