Blackstone Mortgage Trust (BXMT) Operating Expenses (2010 - 2026)
Blackstone Mortgage Trust (BXMT) reported Operating Expenses of $111 million for Q2 2026, up 41.7% from $78.36 million a year earlier and up 0.2% from the prior quarter.
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Analysis
Blackstone Mortgage Trust (BXMT) Operating Expenses (2010 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Blackstone Mortgage Trust's Operating Expenses came in at $402.53 million, up 64.3% year-over-year; for FY2025, it came in at $335.32 million, up 114.3% from FY2024.
- Operating Expenses has a five-year compound annual growth rate of 22.1% (FY2020 to FY2025).
- By year, Operating Expenses came in at $156.44 million in FY2024 (-8.1%), $170.23 million in FY2023 (+4.8%), $162.49 million in FY2022 (+23.4%) and $131.64 million in FY2021 (+6.3%).
- The Q2 2026 figure ranks as the highest quarterly Operating Expenses in data going back to Q2 2010.
- Year over year, Operating Expenses has now increased in each of the last seven quarters, with growth averaging 73.0% over the last eight quarters.
- The high point for year-over-year Operating Expenses in five years was Q2 2025 (growth of 135.0%); the low point was Q2 2024 (a decline of 27.2%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $110.77 million (Q1 2026), $108.06 million (Q4 2025) and $72.7 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Orix | 43.85 Bn | 44.35 Bn | - | 4.66 Bn |
| 2 | Rocket Companies | 43.67 Bn | 29.35 Bn | - | 2.50 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.48 Bn | - | 541.02 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 25.52 Bn | 25.52 Bn | - | 2.07 Bn |
| 5 | Synchrony Financial | 23.24 Bn | -44.73 Bn | - | 1.33 Bn |
| 6 | Affirm Holdings | 22.66 Bn | 16.35 Bn | - | 1.02 Bn |
| 7 | Royal Gold | 20.35 Bn | 19.57 Bn | 390.45 Mn | 173.18 Mn |
| 8 | Annaly Capital Management | 15.27 Bn | 6.37 Bn | - | 58.19 Mn |
| 9 | Ares Capital | 13.74 Bn | 11.17 Bn | - | - |
| 10 | Blackstone Mortgage Trust | 2.09 Bn | 283.93 Mn | - | 111.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 111.00 Mn |
| Mar 31, 2026 | 110.77 Mn |
| Dec 31, 2025 | 108.06 Mn |
| Sep 30, 2025 | 72.70 Mn |
| Jun 30, 2025 | 78.36 Mn |
| Mar 31, 2025 | 76.20 Mn |
| Dec 31, 2024 | 55.72 Mn |
| Sep 30, 2024 | 34.71 Mn |
| Jun 30, 2024 | 33.35 Mn |
| Mar 31, 2024 | 32.66 Mn |
| Dec 31, 2023 | 39.60 Mn |
| Sep 30, 2023 | 40.88 Mn |
| Jun 30, 2023 | 45.84 Mn |
| Mar 31, 2023 | 43.92 Mn |
| Dec 31, 2022 | 48.32 Mn |
| Sep 30, 2022 | 38.84 Mn |
| Jun 30, 2022 | 39.47 Mn |
| Mar 31, 2022 | 35.85 Mn |
| Dec 31, 2021 | 39.43 Mn |
| Sep 30, 2021 | 30.18 Mn |
API Access
Blackstone Mortgage Trust Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=BXMT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "BXMT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=BXMT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();