BLACKSTONE MORTGAGE TRUST, INC.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets as of and
Consolidated Balance Sheets
(in thousands, except share data)
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $452,526 | $323,483 |
| Loans receivable | 18,069,134 | 19,047,518 |
| Current expected credit loss reserve | (284,440) | (733,936) |
| Loans receivable, net | 17,784,694 | 18,313,582 |
| Owned real estate, net | 1,134,975 | 588,185 |
| Investments in unconsolidated entities (includes $111,010 and $0 at fair value as of December 31, 2025 and December 31, 2024, respectively) | 217,488 | 4,452 |
| Other assets | 413,263 | 572,253 |
| Total Assets | $20,002,946 | $19,801,955 |
| Liabilities and Equity | ||
| Secured debt, net | $10,117,292 | $9,696,334 |
| Securitized debt obligations, net | 2,139,719 | 1,936,956 |
| Asset-specific debt, net | 997,746 | 1,224,841 |
| Loan participations sold, net | — | 100,064 |
| Term loans, net | 1,808,000 | 1,732,073 |
| Senior secured notes, net | 784,876 | 771,035 |
| Convertible notes, net | 264,745 | 263,616 |
| Other liabilities | 386,178 | 282,847 |
| Total Liabilities | 16,498,556 | 16,007,766 |
| Commitments and contingencies (Note 22) | ||
| Equity | ||
| 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 | 1,683 | 1,728 |
| Additional paid-in capital | 5,430,542 | 5,511,053 |
| Accumulated other comprehensive income | 12,113 | 8,268 |
| Accumulated deficit | (1,945,428) | (1,733,741) |
| Total Blackstone Mortgage Trust, Inc. stockholders’ equity | 3,498,910 | 3,787,308 |
| Non-controlling interests | 5,480 | 6,881 |
| Total Equity | 3,504,390 | 3,794,189 |
| Total Liabilities and Equity | $20,002,946 | $19,801,955 |
Note: The consolidated balance sheets as of December 31, 2025 and 2024 include assets of consolidated variable interest
entities, or VIEs, that can only be used to settle obligations of each respective VIE, and liabilities of consolidated VIEs for
which creditors do not have recourse to Blackstone Mortgage Trust, Inc. As of December 31, 2025 and 2024, assets of the
consolidated VIEs totaled$3.3 billion and$2.4 billion, respectively, and liabilities of the consolidated VIEs totaled
$2.2 billion and$2.0 billion, respectively. Refer to Note 20 for further discussion of the VIEs.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.