BLACKSTONE MORTGAGE TRUST, INC.

Listed Company

BXMTCIK 0001061630NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$109.57M

Total Assets

$20.00B

Equity

$3.50B

Shares Out

168.68M

Op. Cash Flow

$275.87M

Business

Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other debt or credit-oriented investments collateralized by commercial real estate. It offers primarily senior, floating-rate mortgage loans, whole loans, loan participations, subordinate and mezzanine loans, securitizations, CLOs, and other financing structures and may hold real estate owned (REO) assets. It operates as a single reportable segment and is externally managed by BXMT Advisors, a Blackstone subsidiary that provides investment and management services. It focuses on opportunities in North America, Europe, and Australia and uses credit facilities, securitizations, joint ventures and capital markets to finance and distribute its investments.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and related income	1,356	1,769	2,038	1,339	—
Less: Interest and related expenses	989	1,290	1,367	711	—
Income from loans and other investments, net	367	479	671	628	—
Revenue from owned real estate	185	13	0	0	—
Gain on extinguishment of debt	0	5	5	0	0
Other income	400,000	1	0	0	—
Total net revenue	553	499	675	628	—
Management and incentive fees	68	75	119	—	—
General and administrative expenses	52	54	51	52	43
Expenses from owned real estate	216	22	0	0	—
Other expenses	6,000	6	0	0	—
Total expenses	335	156	170	162	132
Increase in current expected credit loss reserve	−112	−539	−250	−212	40
Income (loss) from unconsolidated entities	8	−3	0	0	—
Income (loss) before income taxes	113	−199	255	254	423
Income tax provision	4	2	5	3	423,000
Net income (loss)	110	−202	250	251	422
Net income attributable to non-controlling interests	−100,000	−2	−3	−2	−3
Net income (loss) attributable to Blackstone Mortgage Trust, Inc.	110	−204	247	249	419
Basic (in dollars per share)	0.64	−1.17	1.43	1.46	2.77
Diluted (in dollars per share)	0.64	−1.17	1.43	1.46	2.77
Basic (in shares)	171	174	173	171	152
Diluted (in shares)	171	174	173	171	152

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	453	323	350	291	551
Loans receivable	18,069	19,048	23,787	25,018	22,003
Current expected credit loss reserve	−284	−734	−577	−326	−125
Loans receivable, net	17,785	18,314	23,210	24,692	21,878
Owned real estate, net	1,135	588	0	—	—
Investments in unconsolidated entities (includes $111,010 and $0 at fair value as of December 31, 2025 and December 31, 2024, respectively)	217	4	0	—	—
Other assets	413	572	476	371	274
Total Assets	20,003	19,802	24,036	25,354	22,703
Loan participations sold, net	0	100	337	—	—
Senior secured notes, net	785	771	363	395	394
Other liabilities	386	283	363	427	231
Total Liabilities	16,499	16,008	19,649	20,810	18,085
Commitments and contingencies (Note 22)	—	—	—	0	0
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 168,259,023 and 172,792,094 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	2	2	2	2	2
Additional paid-in capital	5,431	5,511	5,507	5,476	5,373
Accumulated other comprehensive income	12	8	10	10	8
Accumulated deficit	−1,945	−1,734	−1,151	−969	−795
Total Blackstone Mortgage Trust, Inc. stockholders equity	3,499	3,787	4,368	4,519	4,588
Non-controlling interests	5	7	20	25	31
Total Equity	3,504	3,794	4,388	4,544	4,619
Total Liabilities and Equity	20,003	19,802	24,036	25,354	22,703

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash compensation expense	28	32	31	33	32
Amortization of deferred fees on loans	−59	−64	−78	−82	−69
Amortization of deferred financing costs and premiums/discounts on debt obligations	38	43	54	50	41
Payment-in-kind interest, net of interest received	−20	−17	−3	0	0
Straight-line rental income	3	151,000	0	0	—
Depreciation and amortization of owned real estate	69	9	0	0	—
Distributions of earnings from unconsolidated entities	2	0	0	—	—
Unrealized loss (gain) on derivative financial instruments, net	3	−2	3	−4	−4
Realized gain on derivative financial instruments, net	−21	−10	−28	−16	4
Other assets	30	45	−21	−106	−22
Other liabilities	−11	−5	6	59	25
Net cash provided by operating activities	276	366	459	397	382
Principal fundings of loans receivable	−5,617	−1,356	−1,344	−6,810	−12,550
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable	6,219	4,791	2,840	3,255	6,730
Origination and other fees received on loans receivable	71	32	18	75	—
Payments under derivative financial instruments	−203	−150	−234	−23	—
Receipts under derivative financial instruments	131	90	164	353	—
Collateral deposited under derivative agreements	−433	−192	−352	−217	—
Return of collateral deposited under derivative agreements	413	290	352	114	—
Investment in unconsolidated entities	−207	−7	0	0	—
Capital expenditures on owned real estate	−13	−590,000	0	0	—
Net cash provided by investing activities	359	3,497	1,444	−3,254	−5,627
Proceeds from issuance of securitized debt obligations	1,022	0	0	0	804
Proceeds from sale of loan participations	0	0	101	245	—
Repayments of loan participations	−104	−236	0	0	—
Proceeds from issuance of senior secured notes	0	450	0	0	400
Payment of deferred financing costs	−54	−31	−23	−46	−44
Contributions from non-controlling interests	0	1	0	5	56
Distributions to non-controlling interests	−2	−16	−9	−13	−47
Dividends paid on class A common stock	−323	−404	−427	−421	−371
Repurchases of class A common stock	−110	−29	0	0	—
Net cash used in financing activities	−514	−3,883	−1,848	2,607	5,508
Net increase (decrease) in cash and cash equivalents	121	−19	55	−249	263
Effects of currency translation on cash and cash equivalents	8	−7	4	−10	−2
Payments of interest	−967	−1,261	−1,293	−608	−288
Payments of income taxes	−4	−4	−7	−676,000	73,000
Loan principal payments held by servicer, net	71	109	48	7	18
Transfer of senior loans to owned real estate	565	591	0	0	—
Assumption of other assets and liabilities related to owned real estate	89	168	0	0	—
Accrued capital expenditures on owned real estate	333,000	1	0	0	—

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