Blackstone Mortgage Trust, Inc. Financial Ratios — BXMT

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	9.41	21.44	1.19	2.65	2.82	2.62	2.28	2.31	1.97	0.82	2.11	1.03	1	-0.93	0.55
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.91	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-913.35	517.71	62.01	78.38	75.8	75.4	72.03	72.16	72.35	32.56	82.16	40.45	38.06	-40.44	20.5
Profit Margin (%)	-925.94	331.88	35.28	69.87	70.25	72.85	71.81	71.9	72.04	31.86	81.48	39.59	36.76	-41.38	19.82
Net Income to Common Margin (%)	-925.94	331.88	35.28	69.87	70.25	72.85	71.81	71.9	72.04	31.86	81.48	39.59	36.76	-41.38	19.82
Effective Tax Rate (%)	0.56	0.06	3.77	0.51	0.24	0.08	0.14	0.11	- -	0.23	0.1	1.18	2.1	- -	3.24
Dvd Payout Ratio (%)	- -	12.85	21.71	75.93	73.58	91.43	107.64	96.76	103.8	243.72	87.14	166.25	168.59	-202.44	294.01
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	1,391	148	495	3,011	6,777	6,237	7,239	10,965	12,591	12,852	17,901	20,443	19,300	15,729	16,164
ST Debt	- -	- -	- -	2,041	5,657	5,052	4,772	8,915	9,753	7,881	12,280	13,528	12,683	9,696	10,117
LT Debt	1,391	148	495	970	1,120	1,184	2,467	2,050	2,838	4,972	5,621	6,915	6,617	6,032	6,046
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,672.02	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,637.63	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-48.81	-166.15	-24.22	-11.96	-5.81	-6.13	-5.52	-3.93	-3.57	-4.88	-3.49	-3.81	-4.78	-8.75	-9.72
Long-Term Debt/Equity (%)	- -	96.24	65.44	64.63	44.7	47.49	84.57	60.74	74.99	127.35	121.7	152.18	150.8	158.99	172.54
Long-Term Debt/Capital (%)	197.12	-47.97	-27,838.95	38.81	17.93	20.79	36.94	19.7	23.61	41.29	32.8	35.46	36.41	43.08	42.5
Long-Term Debt/Total Assets (%)	101.81	45.81	22.38	21.21	11.95	13.44	24.05	14.17	17.15	29.32	24.76	27.28	27.53	30.46	30.23
Total Debt/Equity (%)	-1,078.89	96.24	65.44	200.6	270.47	250.1	248.13	324.91	332.69	329.19	387.57	449.88	439.88	414.55	461.24
Total Debt/Capital (%)	197.12	-47.97	-27,838.95	120.47	108.51	109.48	108.38	105.36	104.73	106.72	104.45	104.83	106.22	112.32	113.63
Total Debt/Total Assets (%)	101.81	45.81	22.38	65.84	72.28	70.77	70.56	75.79	76.07	75.79	78.85	80.63	80.29	79.43	80.81
Net Debt to Equity	-1,051.89	86.19	58.53	197.15	266.62	247.07	245.75	321.78	328.72	321.76	375.64	443.47	431.9	406.02	448.33
Net Debt/Capital (%)	202.16	-40.91	-818.38	120.9	108.65	109.61	108.47	105.41	104.79	106.89	104.6	104.9	106.34	112.61	114.07
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-48.81	-166.15	-24.22	-11.96	-5.81	-6.13	-5.52	-3.93	-3.57	-4.88	-3.49	-3.81	-4.78	-8.75	-9.72
Long-Term Debt/Equity (%)	- -	96.24	65.44	64.63	44.7	47.49	84.57	60.74	74.99	127.35	121.7	152.18	150.8	158.99	172.54
Long-Term Debt/Capital (%)	197.12	-47.97	-27,838.95	38.81	17.93	20.79	36.94	19.7	23.61	41.29	32.8	35.46	36.41	43.08	42.5
Long-Term Debt/Total Assets (%)	101.81	45.81	22.38	21.21	11.95	13.44	24.05	14.17	17.15	29.32	24.76	27.28	27.53	30.46	30.23
Total Debt/Equity (%)	-1,078.89	96.24	65.44	200.6	270.47	250.1	248.13	324.91	332.69	329.19	387.57	449.88	439.88	414.55	461.24
Total Debt/Capital (%)	197.12	-47.97	-27,838.95	120.47	108.51	109.48	108.38	105.36	104.73	106.72	104.45	104.83	106.22	112.32	113.63
Total Debt/Total Assets (%)	101.81	45.81	22.38	65.84	72.28	70.77	70.56	75.79	76.07	75.79	78.85	80.63	80.29	79.43	80.81
CFO/Total Liabilities	1.93	4.01	1.97	2.63	2.49	3.75	3.1	2.61	2.38	2.58	2.11	1.91	2.34	2.29	1.67
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-0.69	-1.98	-0.11	0.14	0.14	0.22	0.2	0.17	0.2	0.14	0.13	0.08	0.07	0.02	0.01

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	-0.45	1.53	0.98	2.63	10.3	9.34	8.48	8.32	6.88	6.48	6.73	4.56	3.32	2.63	3.77
Days Sales Outstanding	-805.7	239.33	370.58	138.6	35.43	39.07	43.03	43.84	53.06	56.33	54.22	80.1	110.05	138.76	96.76
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	25	49	502	1,410	2,187	2,832	3,088	3,627	4,842	3,904	4,640	3,612	3,673	3,026	3,270
- Cash & Cash Equivalents	35	15	52	52	96	76	70	106	150	290	551	291	350	323	453
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	-19	80	39	36	13	- -	6	10	22	18	31	25	20	7	5
+ Total Debt	1,391	148	495	3,011	6,777	6,237	7,239	10,965	12,591	12,852	17,901	20,443	19,300	15,729	16,164
Enterprise Value	1,363	262	984	4,405	8,881	8,993	10,264	14,497	17,305	16,484	22,020	23,790	22,642	18,438	18,987
Total Capital	706	-308	-2	2,499	6,245	5,696	6,679	10,407	12,022	12,043	17,138	19,502	18,170	14,004	14,225
Total Debt/Capital (%)	197.12	-47.97	-27,838.95	120.47	108.51	109.48	108.38	105.36	104.73	106.72	104.45	104.83	106.22	112.32	113.63
Total Debt / EV	1.02	0.56	0.5	0.68	0.76	0.69	0.71	0.76	0.73	0.78	0.81	0.86	0.85	0.85	0.85
EV/Sales	- -	4.79	23.1	34.18	31.7	27.49	33.87	36.56	40.8	38.14	42.8	37.88	33.76	37.39	34.34
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,959.99	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	47.2	38.64	34.33	54.62	51.82	38	45.12	49.99	56.92	48.97	57.57	59.95	49.35	50.31	68.83
EV/Free Cash Flow to Firm	47.2	38.64	34.33	54.62	51.82	38	45.12	49.99	56.92	48.97	57.57	59.95	49.35	50.31	68.83
Diluted Market Cap	27	52	502	1,410	2,187	2,832	3,088	3,627	4,842	3,904	4,640	3,612	3,673	3,026	3,270
Diluted Enterprise Value	1,365	264	984	4,405	8,881	8,993	10,264	14,497	17,305	16,484	22,020	23,790	22,642	18,438	18,987
EV per Share	601.52	111.48	53.14	91.02	108.65	95.5	106.96	127.32	133.03	116.25	145.32	139.42	131.13	106.1	111.06
TTM Sales	-28	55	43	129	280	327	303	396	424	432	514	628	671	493	553
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	29	7	29	81	171	237	227	290	304	337	382	397	459	366	276
TTM Free Cash Flow to Firm	29	7	29	81	171	237	227	290	304	337	382	397	459	366	276

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	0.93	7.68	17.53	17.49	12.76	11.97	13.58	12.51	15.92	11.6	12.13	9.1	8	8.26	11.86
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	1,363	262	984	4,405	8,881	8,993	10,264	14,497	17,305	16,484	22,020	23,790	22,642	18,438	18,987
Low Price	7.2	11	18.1	26.51	22.34	22.13	29.76	29.51	31.26	12.67	25.82	20.87	16.61	16.53	16.51
EV/Sales	- -	4.79	23.1	34.18	31.7	27.49	33.87	36.56	40.8	38.14	42.8	37.88	33.76	37.39	34.34
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,959.99	- -
Price/Earnings	0.1	0.27	33.43	15.66	11.11	11.88	14.19	12.72	15.85	28.36	11.07	14.53	14.9	- -	29.85
Price/Earnings Average	0.12	0.21	30.84	15.32	11.96	11.03	13.8	12.99	15.06	27.14	11.29	19.6	14.62	-15.96	29.85
Price/Earnings High	0.24	0.35	36.35	16.14	13.21	12.39	14.59	14.26	16.29	41.84	12.3	22.58	17.37	-18.77	33.14
Price/Earnings Low	0.06	0.14	22.3	14.25	9.28	8.74	13.12	11.79	13.31	13.05	9.33	14.32	11.63	-14.08	25.76
Price/Book Value	-0.04	-0.09	-0.94	-2.58	-4.01	-5.24	-5.46	-6.38	-8.19	-4.72	-5.85	-3.74	-3.2	-1.75	-1.68
Price/Book Value Average	-0.05	-0.07	-0.87	-2.52	-4.32	-4.86	-5.3	-6.52	-7.79	-4.51	-5.96	-5.04	-3.14	-1.88	-1.68
Price/Book Value High	-0.09	-0.12	-1.02	-2.66	-4.77	-5.46	-5.61	-7.15	-8.42	-6.96	-6.5	-5.81	-3.73	-2.21	-1.87
Price/Book Value Low	-0.02	-0.05	-0.63	-2.35	-3.35	-3.86	-5.04	-5.91	-6.88	-2.17	-4.93	-3.68	-2.5	-1.66	-1.45
Price/Tangible Book Value	-0.2	0.32	0.66	0.94	0.87	1.14	1.06	1.07	1.28	1	1	0.79	0.84	0.81	0.97
Price/Tangible Book Value Average	-0.25	0.25	0.61	0.92	0.94	1.05	1.03	1.1	1.22	0.96	1.02	1.07	0.82	0.88	0.97
Price/Tangible Book Value High	-0.48	0.41	0.72	0.97	1.04	1.18	1.09	1.2	1.32	1.48	1.12	1.24	0.98	1.03	1.07
Price/Tangible Book Value Low	-0.13	0.17	0.44	0.85	0.73	0.84	0.98	1	1.07	0.46	0.85	0.78	0.65	0.77	0.83
Price/Sales	-0.91	0.9	11.79	10.94	7.81	8.66	10.19	9.15	11.41	9.03	9.02	5.75	5.48	6.13	5.92
Price/Sales Average	-1.16	0.7	10.88	10.7	8.4	8.03	9.91	9.34	10.85	8.65	9.2	7.76	5.37	6.61	5.92
Price/Sales High	-2.23	1.15	12.82	11.28	9.28	9.02	10.48	10.25	11.74	13.33	10.03	8.94	6.39	7.77	6.57
Price/Sales Low	-0.59	0.47	7.87	9.95	6.52	6.37	9.42	8.47	9.59	4.16	7.6	5.67	4.28	5.82	5.11
Price/Cash Flow	0.88	7.28	17.53	17.49	12.76	11.97	13.58	12.51	15.92	11.6	12.13	9.1	8	8.26	11.86
Price/Cash Flow Average	1.12	5.62	16.17	17.1	13.73	11.1	13.2	12.77	15.14	11.1	12.37	12.28	7.85	8.89	11.86
Price/Cash Flow High	2.15	9.29	19.06	18.03	15.17	12.47	13.96	14.02	16.37	17.11	13.49	14.15	9.33	10.45	13.16
Price/Cash Flow Low	0.56	3.81	11.69	15.91	10.65	8.81	12.56	11.59	13.37	5.34	10.23	8.97	6.25	7.84	10.23
Price/Free Cash Flow Average	1.18	5.93	16.17	17.1	13.73	11.1	13.2	12.77	15.14	11.1	12.37	12.28	7.85	8.89	11.86
Price/Free Cash Flow High	2.27	9.8	19.06	18.03	15.17	12.47	13.96	14.02	16.37	17.11	13.49	14.15	9.33	10.45	13.16
Price/Free Cash Flow Low	0.6	4.02	11.69	15.91	10.65	8.81	12.56	11.59	13.37	5.34	10.23	8.97	6.25	7.84	10.23
EV/Sales Average	- -	4.59	22.19	33.94	32.29	26.87	33.59	36.76	40.23	37.76	42.98	39.89	33.66	37.86	34.35
EV/Sales High	- -	5.04	24.13	34.51	33.17	27.86	34.15	37.67	41.12	42.44	43.81	41.07	34.67	39.02	35
EV/Sales Low	- -	4.36	19.18	33.19	30.41	25.2	33.1	35.89	38.97	33.27	41.39	37.8	32.56	37.08	33.53
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,984.64	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2,045.52	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,943.73	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	11.25	21	27.13	29.14	26.76	30.07	32.18	31.86	37.22	27.53	30.62	21.17	21.27	17.41	19.13
High Price	27.4	26.8	29.5	30.04	31.8	31.35	33.08	35.7	38.27	40.62	34.04	32.91	24.8	22.04	21.24
Enterprise Value Average	1,370	250	945	4,374	9,047	8,788	10,178	14,573	17,066	16,318	22,111	25,051	22,573	18,670	18,988
Enterprise Value High	1,400	275	1,028	4,448	9,293	9,113	10,350	14,934	17,442	18,340	22,538	25,793	23,252	19,242	19,348
Enterprise Value Low	1,354	238	817	4,277	8,520	8,245	10,032	14,229	16,530	14,377	21,293	23,739	21,838	18,285	18,539

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	2	3	30	58	94	95	108	123	135	147	168	172	173	173	168
Diluted Weighted Avg Shares	2	2	19	48	82	94	96	114	130	142	152	171	173	174	171
Basic Weighted Avg Shares	2	2	19	48	82	94	96	114	130	142	152	171	173	174	171
Revenue per Share	-12.3	23.25	2.3	2.66	3.43	3.47	3.16	3.48	3.26	3.05	3.4	3.68	3.88	2.84	3.23
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.05	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	113.9	77.16	0.81	1.86	2.41	2.53	2.27	2.5	2.35	0.97	2.77	1.46	1.43	-1.17	0.64
Basic EPS from Cont Ops	111.72	120.3	1.37	2.08	2.59	2.62	2.27	2.51	2.36	0.99	2.79	1.47	1.45	-1.16	0.64
Diluted EPS, GAAP	107.8	73.13	0.81	1.86	2.41	2.53	2.27	2.5	2.35	0.97	2.77	1.46	1.43	-1.17	0.64
Diluted EPS from Cont Ops	105.74	114.01	1.37	2.08	2.59	2.62	2.27	2.51	2.36	0.99	2.79	1.47	1.45	-1.16	0.64
Dividend per Share	- -	20.87	0.42	1.74	2.04	2.47	2.45	2.44	2.47	2.46	2.45	2.47	2.47	2.32	1.89
Cash Flow per Share	12.74	2.88	1.55	1.67	2.1	2.51	2.37	2.55	2.34	2.37	2.52	2.33	2.66	2.11	1.61
Free Cash Flow per Basic Share	12.74	2.88	1.55	1.67	2.1	2.51	2.37	2.55	2.34	2.37	2.52	2.33	2.66	2.11	1.61
Cash & Equivalents per Share	15.36	6.57	2.83	1.07	1.18	0.8	0.73	0.93	1.15	2.04	3.64	1.71	2.03	1.86	2.65
Book Value per Share	-294.25	-228.29	-28.93	-11.3	-6.67	-5.74	-5.9	-4.99	-4.54	-5.84	-5.23	-5.67	-6.66	-9.97	-11.37
Tangible Book Value per Share	-56.89	65.41	40.86	31.01	30.65	26.48	30.4	29.64	29.09	27.53	30.48	26.63	25.41	21.39	19.81

Blackstone Mortgage Trust, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)