# BLACKSTONE MORTGAGE TRUST, INC. (BXMT) Informational only - not investment advice. CIK: 0001061630 SIC: 6798 Real Estate Investment Trusts SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/) Latest 10-K filed: 2026-02-11 SEC page: https://www.sec.gov/edgar/browse/?CIK=1061630 Filing source: https://www.sec.gov/Archives/edgar/data/1061630/000106163026000009/bxmt-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-11 · accession 0001061630-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001061630.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 1,356,401,000 USD | 2025 | verified | | Net income | 109,569,000 USD | 2025 | verified | | Assets | 20,002,946,000 USD | 2025 | verified | | Net margin | 8.08% | 2025 | computed | | Revenue YoY | -23.33% | 2025 | computed | | ROE | 3.13% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | BXMT | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 8.1% | 16.8% | 36 | 149 | | Revenue growth | -23.3% | 3.7% | 5 | 149 | | ROE | 3.1% | 5.7% | 37 | 151 | | ROA | 0.5% | 1.5% | 28 | 155 | | Liabilities / equity | 4.72 | 1.48 | 81 | 151 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1356401000 | USD | 2025 | 2026-02-11 | | Net income | 109569000 | USD | 2025 | 2026-02-11 | | Assets | 20002946000 | USD | 2025 | 2026-02-11 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001061630.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2012 | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | | | | | 1,338,954,000 | 2,037,621,000 | 1,769,043,000 | 1,356,401,000 | | Net income | | | | 238,297,000 | 217,631,000 | 285,078,000 | 305,567,000 | 137,670,000 | 419,193,000 | 248,642,000 | 246,555,000 | -204,088,000 | 109,569,000 | | Diluted EPS | 73.13 | 0.81 | 1.86 | | | | 2.35 | 0.97 | 2.77 | 1.46 | 1.43 | -1.17 | 0.64 | | Operating cash flow | | | | 236,652,000 | 227,461,000 | 290,002,000 | 304,037,000 | 336,607,000 | 382,483,000 | 396,825,000 | 458,841,000 | 366,453,000 | 275,873,000 | | Dividends paid | | | | 232,775,000 | 234,989,000 | 277,260,000 | 320,961,000 | 348,907,000 | 370,662,000 | 421,386,000 | 426,927,000 | 404,016,000 | 322,731,000 | | Share buybacks | | | | | | | | | | 0.00 | 0.00 | 29,233,000 | 109,507,000 | | Assets | | | | 8,812,615,000 | 10,258,825,000 | 14,467,375,000 | 16,551,871,000 | 16,958,955,000 | 22,703,289,000 | 25,353,985,000 | 24,036,178,000 | 19,801,955,000 | 20,002,946,000 | | Liabilities | | | | 6,319,012,000 | 7,341,419,000 | 11,092,768,000 | 12,767,190,000 | 13,054,724,000 | 18,084,578,000 | 20,809,785,000 | 19,648,674,000 | 16,007,766,000 | 16,498,556,000 | | Stockholders' equity | | | | 2,493,603,000 | 2,911,066,000 | 3,364,124,000 | 3,762,583,000 | 3,886,067,000 | 4,588,187,000 | 4,518,794,000 | 4,367,711,000 | 3,787,308,000 | 3,498,910,000 | | Cash and cash equivalents | | | | 75,567,000 | 102,518,000 | 105,662,000 | 150,090,000 | 289,970,000 | 551,154,000 | 291,340,000 | 350,014,000 | 323,483,000 | 452,526,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2012 | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | | | | 18.57% | 12.10% | -11.54% | 8.08% | | Return on equity | | | | 9.56% | 7.48% | 8.47% | 8.12% | 3.54% | 9.14% | 5.50% | 5.64% | -5.39% | 3.13% | | Return on assets | | | | 2.70% | 2.12% | 1.97% | 1.85% | 0.81% | 1.85% | 0.98% | 1.03% | -1.03% | 0.55% | | Liabilities / equity | | | | 2.53 | 2.52 | 3.30 | 3.39 | 3.36 | 3.94 | 4.61 | 4.50 | 4.23 | 4.72 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/BXMT/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001061630.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.59 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.67 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.58 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | | 29,524,000 | 0.17 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | | -2,377,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | | -123,838,000 | -0.71 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 466,152,000 | -61,057,000 | -0.35 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 430,092,000 | -56,384,000 | -0.32 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 386,676,000 | 37,191,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 332,057,000 | -357,000 | 0.00 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 359,537,000 | 6,969,000 | 0.04 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 345,959,000 | 63,397,000 | 0.37 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 318,848,000 | 39,560,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 305,557,000 | -6,297,000 | -0.04 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 309,748,000 | -81,222,000 | -0.48 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from BXMT's latest 10-K: [/company/BXMT/business/](/company/BXMT/business/). ## Risk Factors Verbatim Item 1A Risk Factors from BXMT's latest 10-K: [/company/BXMT/risk-factors/](/company/BXMT/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1061630/000106163026000069/bxmt-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-07-30 Report date: 2026-06-30 ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us,” or “our” refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q and with our Annual Report on Form 10-K for the year ended December 31, 2025. In addition to historical data, this discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which reflect our current views with respect to, among other things, our business, operations and financial performance. You can identify these forward-looking statements by the use of words such as “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “seeks,” “anticipates,” “should,” “could,” “may,” “designed to,” “foreseeable future,” “believe,” “scheduled,” and similar expressions. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from those in this discussion and analysis as a result of various factors, including but not limited to those discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 and elsewhere in this Quarterly Report on Form 10-Q. Introduction 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 or relating to commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our investments in a variety of ways, including borrowing under secured credit facilities, issuing collateralized loan obligations, or CLOs, other securitization transactions, syndicating senior loans and/or participations, and other forms of asset-level financing, depending on our view of the most prudent financing option available for each of our investments. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” We benefit from the deep knowledge, experience and information advantages of our Manager, which is a part of Blackstone Real Estate. Blackstone Real Estate was founded in 1991 and is the world’s largest owner of commercial real estate. Blackstone Real Estate operates as one globally integrated business with investments in North America, Europe, Asia and Latin America. In the United States, Blackstone Real Estate is one of the largest owners of rental housing, industrial, office, hospitality and retail assets. The market-leading real estate expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and we believe it gives us the tools to manage the assets in our portfolio and work with our borrowers throughout periods of economic stress and uncertainty. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries. 57 I. Key Financial Measures and Indicators As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per share, dividends declared, Distributable Earnings, Distributable Earnings prior to realized gains and losses, and book value per share. For the three months ended June 30, 2026, we recorded basic net loss per share of $0.48, declared a dividend of $0.47 per share, reported $0.31 per share of Distributable Earnings, and reported $0.48 per share of Distributable Earnings prior to realized gains and losses. In addition, our book value as of June 30, 2026 was $19.31 per share, which is net of cumulative CECL reserves of $2.43 per share, and accumulated depreciation and amortization of owned real estate assets, including our share related to unconsolidated entities, of $0.76 per share. As further described below, Distributable Earnings and Distributable Earnings prior to realized gains and losses are measures that are not prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. Distributable Earnings and Distributable Earnings prior to realized gains and losses help us to evaluate our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current investments and operations. In addition, Distributable Earnings and Distributable Earnings prior to realized gains and losses are performance metrics we consider when declaring our dividends. Earnings Per Share and Dividends Declared The following table sets forth the calculation of basic net loss per share and dividends declared per share ($ in thousands, except per share data): [[GREPCENT_TABLE]] [["","Three Months Ended"],["","June 30, 2026","","March 31, 2026"],["Net loss(1)","$(81,222)","","$(6,297)"],["Weighted-average shares outstanding, basic","168,964,515","","169,078,373"],["Net loss per share, basic","$(0.48)","","$(0.04)"],["Dividends declared per share","$0.47","","$0.47"]] [[/GREPCENT_TABLE]] (1)Represents net loss attributable to Blackstone Mortgage Trust, Inc. Refer to Note 14 to our consolidated financial statements for the calculation of diluted net loss per share. Distributable Earnings and Distributable Earnings Prior to Realized Gains and Losses Distributable Earnings and Distributable Earnings prior to realized gains and losses are non-GAAP measures. We define Distributable Earnings as GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by our Manager, subject to approval by a majority of our independent directors. Distributable Earnings mirrors the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains or losses had not occurred. Our CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but realization and non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The timing of any such credit loss realization in our Distributable Earnings may differ materially from the timing of CECL reserves or charge-offs in our consolidated financial statements prepared in accordance with GAAP. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the book value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flow from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our class A common stock as historically, over time, Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute 58 annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our class A common stock. Refer to Note 16 to our consolidated financial statements for further discussion of our distribution requirements as a REIT. Further, Distributable Earnings helps us to evaluate our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current investment portfolio and operations, and is a performance metric we consider when declaring our dividends. Furthermore, we believe it is useful to present Distributable Earnings prior to realized gains and losses, which include but are not limited to charge-offs of CECL reserves, to reflect our direct operating results and help existing and potential future holders of our class A common stock assess the performance of our business excluding such realized gains or losses. We may make similar adjustments with respect to other types of investments, if and when applicable transactions occur. During the period from the first quarter of 2024 to the fourth quarter of 2025, we reported this metric as Distributable Earnings prior to charge-offs of CECL reserves, as the only applicable realized gains or losses during such period were charge-offs of CECL reserves. We utilize Distributable Earnings prior to realized gains and losses as an additional performance metric to consider when declaring our dividends. Distributable Earnings mirrors the terms of our Management Agreement for purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to realized gains and losses is calculated net of the incentive fee expense that would have been recognized if such realized gains or losses had not occurred. Distributable Earnings and Distributable Earnings prior to realized gains and losses do not represent net income (loss) or cash generated from operating activities and should not be considered as alternatives to GAAP net income (loss), or indicators of our GAAP cash flows from operations, measures of our liquidity, or indicators of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings and Distributable Earnings prior to realized gains and losses may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings and Distributable Earnings prior to realized gains and losses may not be comparable to similar metrics reported by other companies. 59 The following table prov [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1061630/000106163026000009/bxmt-20251231.htm Complete FY 2025 MD&A: /company/BXMT/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-11 Report date: 2025-12-31 ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. In addition to historical data, this discussion and analysis contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from those in this discussion and analysis as a result of various factors, including but not limited to those discussed in Part, 1. Item 1A, “Risk Factors” in this Annual Report on Form 10-K. Introduction 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 or relating to commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our investments in a variety of ways, including borrowing under secured credit facilities, issuing collateralized loan obligations, or CLOs, other securitization transactions, syndicating senior loans and/or participations, and other forms of asset-level financing, depending on our view of the most prudent financing option available for each of our investments. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” We benefit from the deep knowledge, experience and information advantages of our Manager, which is a part of Blackstone Real Estate. Blackstone Real Estate was founded in 1991 and is the world’s largest owner of commercial real estate, with $319.3 billion of investor capital under management as of December 31, 2025. Blackstone Real Estate operates as one globally integrated business with 787 real estate professionals globally as of December 31, 2025 and investments in North America, Europe, Asia and Latin America. In the United States, Blackstone Real Estate is one of the largest owners of rental housing, industrial, office, hospitality and retail assets. The market-leading real estate expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and we believe it gives us the tools to manage the assets in our portfolio and work with our borrowers throughout periods of economic stress and uncertainty. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries. 2025 Highlights Operating results: •GAAP net income of $109.6 million, or $0.64 per share, Distributable Earnings was a loss of $245.3 million, or $1.43 per share, and Distributable Earnings prior to charge-offs of CECL reserves was $317.6 million, or $1.86 per share, with dividends declared of $320.6 million, or $1.88 per share. •Book value per share of $20.75 as of December 31, 2025, which is net of cumulative CECL reserves of $1.76 per share and accumulated depreciation and amortization of owned real estate assets of $0.47 per share. Investment portfolio: •Investment Portfolio of $20.0 billion as of December 31, 2025, which consisted of (i) our Loan Portfolio of $17.8 billion, which represents net book value less total loans receivable CECL reserves, (ii) our $589.7 million share of the carrying value of loans held by the Bank Loan Portfolio Joint Venture, (iii) our $321.1 million share of the fair value of assets held by the Net Lease Joint Venture, and (iv) the aggregate carrying value of our owned real estate assets of $1.3 billion. •Loan Portfolio of 131 loans as of December 31, 2025, with a weighted-average origination loan-to-value ratio of 64.9% and weighted-average all-in yield of +3.39%, excluding impaired, cost-recovery, and non-accrual loans. •Closed $5.7 billion of loan originations or acquisitions. •Realized $6.1 billion of loan repayments and sales, including $2.3 billion of office loans. •99% of loans, based on net loan exposure, are performing as of December 31, 2025. 86 •Resolved $2.3 billion of impaired loans across 12 transactions during the year. Generated $32.7 million of incremental book value as aggregate charge-offs were within CECL reserve levels. •Acquired or otherwise consolidated five additional owned real estate assets with an aggregate acquisition date fair value of $654.3 million. Held 12 owned real estate assets with an aggregate carrying value of $1.3 billion as of December 31, 2025. •Invested $104.3 million into the Net Lease Joint Venture to acquire 178 triple net lease assets at an aggregate price of $316.4 million, at share. •Invested $102.8 million into our Bank Loan Portfolio Joint Venture to acquire two portfolios of performing commercial mortgage loans, with an aggregate principal balance of $719.4 million, at share. Capital markets, financing, and liquidity: •Refinanced an aggregate $2.2 billion of our corporate debt, reducing cost under our term loan facilities by 0.70% while extending the weighted-average maturity by 1.6 years. •Lowered the weighted-average credit spread on our $10.1 billion of secured debt to +1.83% over respective benchmark rates as of December 31, 2025, relative to +1.92% as of December 31, 2024. •Issued a $1.0 billion commercial real estate CLO securitization, further diversifying our balance sheet with a non- mark-to-market, non-recourse financing structure. •Maintained substantial liquidity throughout the year, with liquidity of $1.0 billion as of December 31, 2025. •Repurchased $109.4 million of common stock, generating $0.13 of book value per share accretion. Authorized an incremental increase to our share repurchase program in October to repurchase up to $150.0 million of common stock. 87 I. Key Financial Measures and Indicators As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per share, dividends declared, Distributable Earnings, Distributable Earnings prior to charge-offs, and book value per share. For the three months ended December 31, 2025, we recorded basic net earnings per share of $0.24, declared a dividend of $0.47 per share, reported $(2.07) per share of Distributable Earnings, and reported $0.51 per share of Distributable Earnings prior to charge-offs. In addition, our book value as of December 31, 2025 was $20.75 per share, which is net of cumulative CECL reserves of $1.76 per share and accumulated depreciation and amortization of owned real estate assets of $0.47 per share. As further described below, Distributable Earnings and Distributable Earnings prior to charge-offs are measures that are not prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. Distributable Earnings and Distributable Earnings prior to charge-offs helps us to evaluate our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations. In addition, Distributable Earnings and Distributable Earnings prior to charge-offs are performance metrics we consider when declaring our dividends. Earnings Per Share and Dividends Declared The following table sets forth the calculation of basic net income (loss) per share and dividends declared per share ($ in thousands, except per share data): [[GREPCENT_TABLE]] [["","Three Months Ended","","Year Ended December 31,"],["","December 31, 2025","","2025","","2024"],["Net income (loss)(1)","$39,560","","$109,569","","$(204,088)"],["Weighted-average shares outstanding, basic","168,167,576","","170,961,564","","173,782,523"],["Net income (loss) per share, basic","$0.24","","$0.64","","$(1.17)"],["Dividends declared per share","$0.47","","$1.88","","$2.18"]] [[/GREPCENT_TABLE]] (1)Represents net income (loss) attributable to Blackstone Mortgage Trust. Refer to Note 15 to our consolidated financial statements for the calculation of diluted net (loss) income per share. Distributable Earnings and Distributable Earnings Prior to Charge-Offs Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves are non-GAAP measures. We define Distributable Earnings as GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by our Manager, subject to approval by a majority of our independent directors. Distributable Earnings mirrors the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to charge-offs of CECL reserves is calculated net of the incentive fee expense that would have been recognized if such charge-offs had not occurred. Our CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but realization and non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The timing of any such credit loss realization in our Distributable Earnings may differ materially from the timing of CECL reserves or charge-offs in our consolidated financial statements prepared in accordance with GAAP. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the book value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flow from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our class A common stock as historically, over time, 88 Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our class A common stock. Refer to Note 17 to our consolidated financial statements for further discussion of our distribution requirements as a [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/BXMT/mda/fy2025/ All MD&A years: /company/BXMT/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/BXMT/mda/fy2024/): filed 2025-02-12; accession 0001061630-25-000024 (https://www.sec.gov/Archives/edgar/data/1061630/000106163025000024/bxmt-20241231.htm) - [FY 2023 MD&A](/company/BXMT/mda/fy2023/): filed 2024-02-14; accession 0001061630-24-000029 (https://www.sec.gov/Archives/edgar/data/1061630/000106163024000029/bxmt-20231231.htm) - [FY 2022 MD&A](/company/BXMT/mda/fy2022/): filed 2023-02-08; accession 0001061630-23-000010 (https://www.sec.gov/Archives/edgar/data/1061630/000106163023000010/bxmt-20221231.htm) - [FY 2021 MD&A](/company/BXMT/mda/fy2021/): filed 2022-02-09; accession 0001061630-22-000016 (https://www.sec.gov/Archives/edgar/data/1061630/000106163022000016/bxmt-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BXMT.md · JSON record: /company/BXMT.json · verified financials: /company/BXMT/financials.json / /company/BXMT/financials.csv · machine TOC for the whole site: /llms.txt