BLACKSTONE MORTGAGE TRUST, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BLACKSTONE MORTGAGE TRUST, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
General and administrative	27.7	29.9	35.5	38.9	45.9	43.2	52.2	51.1	53.9	52.2
Interest expense	184	235	360	459	347	340	711	1,367
Pre-tax income	247	218	286	307	141	423	254	255	-199	113
Income tax	0.2	0.31	0.31	-0.51	0.32	0.42	3	5.36	2.37	3.67
Net income to minority interests	8.14	0.34	0.74	1.83	2.74	3.08	2.42	3.34	2.26	0.1
Net income	238	218	285	306	138	419	249	247	-204	110
EPS, basic	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, basic (weighted)	94.2	96	114	130	142	152	171	173	174	171
Shares, diluted (weighted)	94.2	96	114	130	142	152	171	173	174	171
Dividend per share	2.48	2.48	2.48	2.48	2.48	2.48	2.48	2.48	2.18	1.88

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	75.6	103	106	150	290	551	291	350	323	453
Total assets	8,813	10,259	14,467	16,552	16,959	22,703	25,354	24,036	19,802	20,003
Total liabilities	6,319	7,341	11,093	12,767	13,055	18,085	20,810	19,649	16,008	16,499
Total debt			9,619	11,453	9,982	15,072	17,577	16,502
Paid-in capital	3,090	3,507	3,967	4,370	4,703	5,373	5,476	5,507	5,511	5,431
Retained earnings	-541	-567	-569	-593	-829	-795	-969	-1,151	-1,734	-1,945
Other comprehensive income	-56.2	-29.7	-34.2	-16.2	11.2	8.31	10	9.45	8.27	12.1
Shareholders' equity	2,494	2,911	3,364	3,763	3,886	4,588	4,519	4,368	3,787	3,499
Minority interests		6.34	10.5	22.1	18.2	30.5	25.4	19.8	6.88	5.48
Total equity	2,494	2,917	3,375	3,785	3,904	4,619	4,544	4,388	3,794	3,504
Total liabilities and equity	8,813	10,259	14,467	16,552	16,959	22,703	25,354	24,036	19,802	20,003
Shares outstanding	94.5	108	123	135	147	168	172	173	173	168

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	246	218	286	307	140	422	251	250	-202	110
Depreciation and amortization							0	0	9.41	68.8
Stock-based compensation	21.9	24	28.2	30.7	34.5	31.6	33.4	30.7	31.8	28.3
Cash from operations	237	227	290	304	337	382	397	459	366	276
Cash from investing	434	-781	-4,252	-1,871	-88.3	-5,627	-3,254	1,444	3,497	359
Debt issued				0	0	400	0	0	450	0
Debt repaid						0	0	-28.9
Stock issued	0.03	392	476	372	278	638	70.7	0	0
Share buybacks							0	0	-29.2	-110
Dividends paid	-233	-235	-277	-321	-349	-371	-421	-427	-404	-323
Cash from financing	-700	575	3,958	1,613	-111	5,508	2,607	-1,848	-3,883	-514
Exchange rate effect	-1.58	5.5	7.09	-1.01	2.29	-2.06	-10.3	3.7	-7.39	8.18
Net change in cash	-28.9	21.5	-3.95	45.4	138	263	-249	55	-19.1	121
Interest paid	165	207	319	426	312	288	608	1,293	1,261	967
Income taxes paid	0.29	0.3	0.55	-0.11	0.23	-0.07	0.68	6.67	4.48	4.01

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	27.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.1%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income CAGR, 3y	-23.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-4.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-24.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-8.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-24.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-11.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-3.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-13.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-8.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-5.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-7.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-8.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	83.2%	Total liabilities / total assets.
Tangible book value	$3.26B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$2.09	Cash from operations / diluted weighted shares.
Book value per share	$19.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.35	Tangible book value / shares outstanding.
Cash per share	$2.57	(Cash + short-term investments) / shares outstanding.
Payout ratio	2,068.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.11B	Share price x shares outstanding.
Enterprise value	$1.67B	Market cap + total debt - cash - short-term investments.
P/E	136x	Market cap / net income. Only when net income is positive.
P/B	0.65x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.65x	Market cap / tangible book value, when positive.
P/OCF	5.97x	Market cap / cash from operations, when positive.
Earnings yield	0.7%	Net income / market cap (the inverse of P/E).
Dividend yield	15.2%	Dividends paid over the period / market cap.
Shareholder yield	19.0%	(Dividends paid + share buybacks) / market cap.

Was BLACKSTONE MORTGAGE TRUST, INC. profitable in fiscal 2025?

Yes. Net income was $109.6M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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