Income StatementBalance SheetCash FlowSegments
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Blackstone Mortgage Trust Business Segments

Business, geographic, and product segment breakdowns

Blackstone Mortgage Trust generates $2.0B in annual revenue across 4 key segments: Australia ($4.5B), Canada ($1.1B), Ireland ($4.7B), and Midwest ($2.7B). Based on the Q1 2024 filing.

Australia (TTM)$4.5BCanada (TTM)$1.1BIreland (TTM)$4.7BMidwest (TTM)$2.7BNortheast (TTM)$8.6BNorthwest (TTM)$1.8BOther Europe (TTM)$3.3BOther International (TTM)$243.4M
Latest FilingQ1 2024
Report Date2024-04-24
Market Cap$3.1B
P/E Ratio29.76
ROE2.92%

Geographic

Net loan exposure

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sunbelt$4.1B$4.4B$4.5B$3.7B$3.9B$3.7B
United Kingdom$2.8B$3.0B$3.6B$3.1B$3.6B$3.5B
West$1.7B$1.8B$1.9B$1.9B$1.9B$1.8B
Northeast$3.5B$3.0B$2.6B$2.4B$1.8B$1.8B
Australia$923.5M$1.1B$1.1B$1.1B$1.1B$1.2B
Ireland$1.0B$1.1B$1.2B$1.2B$1.1B$1.1B
Other Europe$451.2M$512.6M$767.9M$737.2M$872.5M$894.5M
Midwest$820.9M$797.3M$723.6M$713.4M$609.4M$613.0M
Spain$744.3M$758.2M$699.8M$595.0M$638.1M$508.0M
Sweden$429.7M$473.7M$502.8M$504.9M$500.9M$487.4M
Northwest$432.8M$458.4M$477.6M$446.8M$454.5M$458.2M
Canada—$273.3M$291.7M$285.0M$288.5M$284.7M
Other International$61.0M$60.9M$60.9M$60.9M$60.8M$60.8M

Number of loans

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sunbelt—48.001.00——44.00
West—22.001.00——23.00
United Kingdom—16.002.000.002.0019.00
Northeast—21.002.00——17.00
Other Europe—3.002.000.001.007.00
Midwest1.0011.00———6.00
Australia—4.001.00——4.00
Ireland—3.00———3.00
Northwest—4.00———3.00
Canada—1.00———1.00
Other International0.251.00———1.00
Spain—3.00———1.00
Sweden—1.00———1.00

Principal balance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sunbelt$4.5B$4.9B$5.0B$4.2B$4.7B$4.5B
United Kingdom$2.9B$3.1B$3.7B$3.1B$3.6B$3.5B
Northeast$4.6B$3.3B$2.9B$2.8B$1.9B$1.9B
West$1.9B$1.9B$2.0B$2.0B$2.0B$1.8B
Australia$920.2M$1.1B$1.1B$1.1B$1.1B$1.2B
Ireland$1.1B$1.1B$1.2B$1.2B$1.1B$1.1B
Other Europe$455.4M$517.6M$772.1M$741.6M$875.6M$896.7M
Midwest$997.2M$943.9M$866.6M$855.7M$619.7M$625.8M
Spain$785.4M$802.6M$747.8M$643.1M$684.1M$553.7M
Sweden$429.1M$473.4M$502.8M$505.3M$502.1M$488.6M
Northwest$432.6M$459.4M$478.7M$448.6M$457.2M$461.9M
Canada—$434.4M$459.3M$449.0M$455.4M$449.1M
Other International$60.7M$60.8M$60.9M$61.0M$61.1M$61.2M

Acquisition Date Fair Value

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
San Francisco, CA$201.5M————$41.1M
Denver, CO$33.3M———$114.7M—

Net Loan Exposure Percentage of Portfolio

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sunbelt—25.0%——1.0%23.0%
Northeast—17.0%———11.0%
West2.5%10.0%—1.0%—11.0%
Other Europe2.0%4.0%—1.0%—5.0%
Midwest1.0%4.0%———4.0%
Northwest1.0%3.0%———3.0%
Other International0.0%0.0%0.0%0.0%0.0%0.0%