Short answer
BLACKSTONE MORTGAGE TRUST, INC. (BXMT) filed its fiscal 2025 10-K annual report with the SEC on Feb 11, 2026. It reported revenue of $66M (+653.4% year over year) and net income of $110M.
- Top risk flagged: Cybersecurity risk of data loss and business interruption, with oversight by Blackstone’s CSO and CTO reporting annually to board
FY2025 key financial metrics · XBRL
- Revenue
- $66M
- +653.4% YoY
- Net income
- $110M
- +153.7% YoY
- EPS (diluted)
- $0.64
- +154.7% YoY
- ROE
- 3.1%
- +8.5 pp YoY
- Operating cash flow
- $276M
- −24.7% YoY
Source: XBRL data from the BLACKSTONE MORTGAGE TRUST, INC. (BXMT) FY2025 10-K on SEC EDGAR. USD.
BLACKSTONE MORTGAGE TRUST, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model focused on credit-granting and secured transactions in North America, Europe, Australia
- Compliance emphasis on Equal Credit Opportunity Act provisions for commercial loans highlighted this year
- Continued strategy to avoid registration as an investment company under Investment Company Act maintained
- Regulatory environment uncertainty noted with potential future changes in risk management, leverage, disclosures
- No material adverse effect from existing statutes and regulations reported for fiscal year 2026
Management Discussion & Analysis
- Total net revenues $159.3M for Q4 2025, up $26.6M QoQ; income from loans net $83.9M, down $15.0M QoQ; owned real estate revenue up $41.7M
- Net income $39.6M for Q4 2025, down $23.8M QoQ; net income per share $0.24 vs $0.37; expenses $108.1M, up $35.4M mainly due to owned real estate
- Best segment: owned real estate revenue $75.4M, +$41.7M QoQ with related expenses $78.4M; worst: loans with net income down $15.0M due to $677.5M portfolio decline
- Cash flow: operating cash $275.9M for 2025; repurchased 6.0M shares at $18.20 avg cost totaling $109.4M; dividends paid $322.7M; loans funded $5.6B; liquidity $1.0B as of year-end
- Outlook/risks: CECL reserve increased $18.4M in Q4, driven by credit quality deterioration especially office loans; potential further reserve volatility tied to market conditions
Risk Factors
- Cybersecurity risk of data loss and business interruption, with oversight by Blackstone’s CSO and CTO reporting annually to board
- Board audit committee reviews IT security controls and compliance, managing cybersecurity risks tied to Blackstone and its Manager
- Operational vulnerability in reliance on Blackstone’s centralized cybersecurity program and third-party vendor risk assessments
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.