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BXMT

Blackstone Mortgage Trust, Inc.

BXMT

Blackstone Mortgage Trust, Inc. • NYSE
$19.47 ▲ 0.05% (+0.01)
Market Cap $3.35 B
52w High $21.24
52w Low $16.51
Dividend Yield 1.88%
P/E 30.9
Volume 575.45K
Outstanding Shares 172.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $132.711M ▲ $132.711M ▲ $63.397M ▲ 47.771% ▲ $0.37 ▲ $0
Q2-2025 $88.029M ▲ $78.358M ▲ $6.969M ▲ 7.917% ▲ $0.041 ▲ $0
Q1-2025 $77.352M ▼ $76.201M ▼ $-357K ▼ -0.462% ▼ $-0.002 ▼ $0 ▼
Q4-2024 $114.448M ▲ $114.448M ▲ $37.191M ▲ 32.496% ▲ $0.21 ▲ $3.633M ▲
Q3-2024 $109.562M $109.562M $-56.384M -51.463% $-0.32 $185K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $377.921M ▼ $19.7B ▼ $16.102B ▼ $3.591B ▼
Q2-2025 $388.049M ▼ $20.584B ▲ $16.961B ▲ $3.617B ▼
Q1-2025 $668.563M ▲ $19.957B ▲ $16.269B ▲ $3.682B ▼
Q4-2024 $323.483M ▲ $19.802B ▼ $16.008B ▼ $3.787B ▼
Q3-2024 $322.104M $21.443B $17.583B $3.845B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $63.408M ▲ $-18.184M ▼ $832.652M ▲ $-823.36M ▼ $-10.128M ▲ $-18.184M ▼
Q2-2025 $6.984M ▲ $57.233M ▼ $-492.027M ▼ $147.342M ▲ $-280.514M ▼ $57.233M ▼
Q1-2025 $-351K ▼ $100.516M ▲ $260.939M ▼ $-18.142M ▲ $345.08M ▲ $100.516M ▲
Q4-2024 $37.383M ▲ $84.545M ▼ $1.347B ▲ $-1.424B ▲ $1.379M ▲ $84.545M ▼
Q3-2024 $-55.844M $87.115M $1.286B $-1.426B $-51.772M $87.115M

Five-Year Company Overview

Income Statement

Income Statement BXMT’s income statement shows a business that has grown its interest income over the past five years but with increasingly choppy profitability. Revenue has risen meaningfully as the loan book expanded and higher rates boosted interest earnings. However, earnings have been volatile: profitability was strongest a few years ago, then flattened, and most recently slipped into a loss. That recent loss likely reflects higher credit costs, stress in parts of commercial real estate, and the impact of higher funding costs rather than a collapse in underlying activity. Overall, BXMT is generating more income than in the past but converting less of it into net profit, highlighting elevated risk and credit pressure in the current environment.

Balance Sheet

Balance Sheet BXMT’s balance sheet looks like a typical mortgage REIT: a large pool of loans financed mainly with debt, and a relatively modest equity cushion. Total assets grew significantly over the medium term and then edged down, suggesting some de‑risking or slower new lending more recently. Debt levels remain high compared with equity, which is normal for this model but means results are sensitive to changes in credit quality and funding markets. Cash balances are small relative to total assets, again standard for a lender, but the broader Blackstone platform and indicated liquidity provide an important backstop. The key watchpoint here is the health of the loan portfolio rather than traditional manufacturing-style assets.

Cash Flow

Cash Flow BXMT’s cash flow profile is steadier than its accounting earnings. Operating cash flow has been consistently positive over the last several years, and because the business is not capital‑intensive, free cash flow largely tracks operating cash flow. This suggests that, despite swings in reported profit, the loan portfolio has continued to throw off cash. There is essentially no traditional capital spending, so cash generation is mostly driven by loan interest receipts, funding costs, and credit performance. The main risk to this steadiness would be a sharp deterioration in loan repayments or a need to support troubled borrowers, rather than any structural cash burn.

Competitive Edge

Competitive Edge BXMT’s competitive position is tightly linked to Blackstone’s global real estate franchise. The Blackstone name gives BXMT strong credibility with large, institutional borrowers and access to a steady pipeline of complex, often sizable deals that many competitors cannot easily pursue. Its focus on senior, floating‑rate commercial real estate loans tends to position it higher in the capital structure, which can offer more protection in stressed scenarios. Being part of a broader real estate debt platform also allows BXMT to offer tailored structures and compete on flexibility, not just price. The flip side is concentration in commercial real estate cycles: sectors like office remain a clear source of risk, and credit quality and reserve levels will be critical to watch. Overall, BXMT benefits from brand, scale, and relationships, but remains exposed to macro and property‑specific downturns.

Innovation and R&D

Innovation and R&D BXMT does not run a classic research and development program, but it benefits from Blackstone’s heavy investment in data, analytics, and technology infrastructure. Access to deep property‑level data, sophisticated underwriting tools, and advanced risk analytics helps BXMT evaluate complex transitional assets and large loans more effectively than many smaller peers. Blackstone’s technology efforts, including investments in emerging prop‑tech and financial technology, can quietly improve BXMT’s deal sourcing, credit monitoring, and portfolio management over time. Future innovation seems likely to center on better data‑driven credit decisions, more integrated financing solutions, and expansion into adjacent strategies like net lease assets, rather than on traditional “R&D spending.”

Summary

BXMT is a scaled, specialized commercial real estate lender whose financials reflect both the strength and the stress of its niche. Income has grown with a larger loan book and higher rates, but profitability has turned volatile and recently negative, as credit costs and market headwinds in commercial real estate weigh on results. The balance sheet is highly leveraged, which is normal for a mortgage REIT but leaves limited room for error if asset quality worsens. Cash flows from operations remain positive and relatively stable, giving some comfort that the core lending engine continues to function even when reported earnings dip. Strategically, BXMT’s biggest asset is its connection to Blackstone: brand reputation, global deal flow, and powerful data and analytics give it clear advantages in sourcing and underwriting loans. At the same time, heavy exposure to commercial real estate and reliance on debt funding mean that credit conditions, property values, and funding markets will largely determine how the story evolves from here.

NEWS

October 29, 2025 · 7:00 AM UTC

Blackstone Mortgage Trust Reports Third-Quarter 2025 Results

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October 22, 2025 · 4:15 PM UTC

Jean Hsu Appointed to the Board of Directors of Blackstone Mortgage Trust

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September 26, 2025 · 4:15 PM UTC

Blackstone Mortgage Trust Announces Third-Quarter 2025 Earnings Release and Conference Call

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September 15, 2025 · 4:15 PM UTC

Blackstone Mortgage Trust Declares $0.47 Per Share Dividend

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