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Blackstone Mortgage Trust, Inc., a real estate finance company, originates, acquires, and manages loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate. The company's investment portfolio consists of senior floating rate mortgage loans that are secured by a first-priority mortgage on commercial real estate assets. It has operations in the United States, the United Kingdom, Ireland, Australia, Spain, Sweden, Canada, rest of Europe, and internationally. It operates as a real estate investment trust for federal income tax purposes. The company was formerly known as Capital Trust, Inc. and changed its name to Blackstone Mortgage Trust, Inc. in May 2013. Blackstone Mortgage Trust, Inc. was incorporated in 1998 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $553M | - | $110M | $276M | 3.1% | 12.1% | -153.7% |
| 2024 | $493M | - | $-204M | $366M | -5.4% | -26.5% | -182.8% |
| 2023 | $671M | - | $247M | $459M | 5.6% | 6.8% | -0.8% |
| 2022 | $628M | - | $249M | $397M | 5.5% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 628.05 | 670.66 | 493.18 | 552.83 |
| Operating Revenue | - | 628.05 | 670.66 | 493.18 | 552.83 |
| Selling General And Administration | - | 41.27 | 37.87 | 38.75 | 36.17 |
| Interest Income | - | 1,338.95 | 2,037.62 | 1,769.04 | 1,356.40 |
| Interest Expense | - | 710.90 | 1,366.96 | 1,289.97 | 988.95 |
| Net Interest Income | - | 628.05 | 670.66 | 479.07 | 367.45 |
| Pretax Income | - | 254.06 | 255.26 | -199.46 | 113.34 |
| Tax Provision | - | 3 | 5.36 | 2.37 | 3.67 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0.10 | 3.86 | 5.99 |
| Net Income Continuous Operations | - | 251.06 | 249.90 | -201.83 | 109.67 |
| Net Income From Continuing And Discontinued Operation | - | 248.64 | 246.56 | -204.09 | 109.57 |
| Net Income From Continuing Operation Net Minority Interest | - | 248.64 | 246.56 | -204.09 | 109.57 |
| Net Income | - | 248.64 | 246.56 | -204.09 | 109.57 |
| Net Income Common Stockholders | - | 248.64 | 246.56 | -204.09 | 109.57 |
| Net Income Including Noncontrolling Interests | - | 251.06 | 249.90 | -201.83 | 109.67 |
| Normalized Income | - | 248.64 | 242.04 | -218.62 | -69.42 |
| Diluted NI Availto Com Stockholders | - | 248.64 | 246.56 | -204.09 | 109.57 |
| Basic Average Shares | - | 170.63 | 172.67 | 173.78 | 170.96 |
| Diluted Average Shares | - | 170.63 | 172.67 | 173.78 | 170.96 |
| Reconciled Depreciation | - | 0 | 0 | 9.41 | - |
| Total Unusual Items | - | 0 | 4.62 | 18.39 | 184.98 |
| Total Unusual Items Excluding Goodwill | - | 0 | 4.62 | 18.39 | 184.98 |
| Minority Interests | - | -2.42 | -3.34 | -2.26 | -0.10 |
| Special Income Charges | - | 0 | 4.62 | 5.35 | 0 |
| General And Administrative Expense | - | 41.27 | 37.87 | 38.75 | 36.17 |
| Other Gand A | - | 7.86 | 7.22 | 6.92 | 7.91 |
| Salaries And Wages | - | 33.41 | 30.66 | 31.83 | 28.26 |
| Professional Expense And Contract Services Expense | - | 10.92 | 13.27 | 15.18 | 16 |
| Other Non Interest Expense | - | 110.29 | 119.09 | 102.52 | 283.14 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Blackstone Mortgage Trust, Inc.this co. | BXMT | $3.1B | 28.40↓ discount | 0.89 | 3.1% | - |
| Acadia Realty Trust | AKR | $3.2B | 188.23 | 1.43 | 0.8% | 23.75 |
| Cushman & Wakefield Limited | CWK | $3.1B | 35.25 | 1.59 | 4.5% | 10.21 |
| Highwoods Properties, Inc. | HIW | $3.1B | 19.71 | 1.30 | 6.6% | 10.86 |
| Curbline Properties Corp. | CURB |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $3.1B |
| 76.74 |
| 1.60 |
| 2.1% |
| 25.57 |
| LXP Industrial Trust | LXP | $3.0B | 26.93 | 1.57 | 5.8% | 10.60 |
| Medical Properties Trust, Inc. | MPT | $3.0B | - | 0.65 | -6.0% | 15.11 |
| Urban Edge Properties | UE | $3.0B | 31.72 | 2.30 | 7.3% | 14.67 |
| Uniti Group Inc. | UNIT | $2.9B | 2.19 | 7.53 | 343.1% | 5.29 |
| Peer Median | - | 31.72 | 1.58 | 5.2% | 12.76 | |