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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 377,921 $ 323,483
Loans receivable 18,066,919 19,047,518
Current expected credit loss reserve (695,719) (733,936)
Loans receivable, net 17,371,200 18,313,582
Real estate owned, net 933,635 588,185
Investments in unconsolidated entities (includes $104,867 and $0 at fair value as of September 30, 2025 and December 31, 2024, respectively) 182,598 4,452
Other assets 834,219 572,253
Total Assets 19,699,573 19,801,955
Liabilities and Equity    
Loan participations sold, net 0 100,064
Senior secured notes, net 785,215 771,035
Convertible notes, net 264,463 263,616
Other liabilities 639,372 282,847
Total Liabilities 16,102,170 16,007,766
Commitments and contingencies (Note 22)
Equity    
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 170,720,119 and 172,792,094 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 1,707 1,728
Additional paid-in capital 5,485,421 5,511,053
Accumulated other comprehensive income 9,320 8,268
Accumulated deficit (1,905,746) (1,733,741)
Total Blackstone Mortgage Trust, Inc. stockholders’ equity 3,590,702 3,787,308
Non-controlling interests 6,701 6,881
Total Equity 3,597,403 3,794,189
Total Liabilities and Equity 19,699,573 19,801,955
Secured debt, net    
Liabilities and Equity    
Long-term debt 9,540,224 9,696,334
Securitized debt obligations, net    
Liabilities and Equity    
Long-term debt 2,470,067 1,936,956
Asset-specific debt, net    
Liabilities and Equity    
Long-term debt 627,916 1,224,841
Secured term loans, net    
Liabilities and Equity    
Long-term debt $ 1,774,913 $ 1,732,073