Tearsheet

Blackstone Mortgage Trust (BXMT)

Market Price (12/4/2025): $19.76 | Market Cap: $3.4 Bil
Sector: Financials | Industry: Mortgage REITs

Blackstone Mortgage Trust (BXMT)

Market Price (12/4/2025): $19.76
Market Cap: $3.4 Bil
Sector: Financials
Industry: Mortgage REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.5%, FCF Yield is 7.1%	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 488%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44%	Weak multi-year price returns 2Y Excs Rtn is -40%, 3Y Excs Rtn is -60%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.5%
2	Low stock price volatility Vol 12M is 24%	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.29	Short seller report Muddy Waters Research report on 12/6/2023.
3	Megatrend and thematic drivers Megatrends include Digital & Alternative Assets, and Sustainable & Green Buildings. Themes include Private Credit, and ESG REITs.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.5%, FCF Yield is 7.1%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44%
2	Low stock price volatility Vol 12M is 24%
3	Megatrend and thematic drivers Megatrends include Digital & Alternative Assets, and Sustainable & Green Buildings. Themes include Private Credit, and ESG REITs.
4	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5	Weak multi-year price returns 2Y Excs Rtn is -40%, 3Y Excs Rtn is -60%
6	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.29
7	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 488%
8	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.5%
9	Short seller report Muddy Waters Research report on 12/6/2023.

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$19.76	$16.18	$17.56	$15.48	$20.38
Market Cap CYE ($ Bil)	3.4	2.8	3.0	2.7	3.3
Total Debt ($ Bil)	15.8	15.7	19.3	20.4	17.9
Total Cash ($ Bil)	0.4	0.3	0.4	0.3	0.6
Enterprise Value ($ Bil)	18.8	18.5	22.3	23.1	21.2
Valuation Ratios
P/S TTM	6.2	6.1	5.5	5.8	9.0
P/EBIT TTM	0.0	0.0	0.0	0.0	0.0
P/E TTM	29.5	-14.8	14.9	14.5	11.1
Sector Ratios
P/S TTM (Sector)	3.4	5.8	4.3	3.7	4.2
P/EBIT TTM (Sector)	11.5	20.7	16.6	17.7	29.1
P/E TTM (Sector)	21.0	38.0	26.5	25.7	51.5

	12/4/25	2024	2023
Share Price CYE	$19.76	$16.18	$17.56
Market Cap CYE ($ Bil)	3.4	2.8	3.0
Total Debt ($ Bil)	15.8	15.7	19.3
Total Cash ($ Bil)	0.4	0.3	0.4
Enterprise Value ($ Bil)	18.8	18.5	22.3
Valuation Ratios
P/S TTM	6.2	6.1	5.5
P/EBIT TTM	0.0	0.0	0.0
P/E TTM	29.5	-14.8	14.9
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8
P/EBIT TTM (Sector)	8.1	8.5	7.5
P/E TTM (Sector)	11.7	11.6	10.2

	BXMT	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.5
Rev Chg Q	21.1%	7.1%
Rev Chg LTM	-4.6%	6.1%
Rev Chg 3Y Avg	-4.5%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
CFO/Rev LTM	44.1%	20.5%
Net Inc Mgn	21.1%	13.1%
VALUATION	HIGH
P/S	6.2	3.2
P/CFO	14.1	15.8
P/FCF	14.1	20.5
P/E	29.5	23.5

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Metric	Value	Date	Source
Number of Senior Loans	149	10212024	Link
Weighted Average Loan-to-Value (LTV) at Origination	63%	3312025	Link
Performing Loans Percentage	95%	9302023	Link
Distributable Earnings Per Share	0.24	9302025	Link
Distributable Earnings Prior to Charge-offs Per Share	0.48	9302025	Link
Book Value Per Share	20.99	9302025	Link
CECL Reserves to Outstanding Principal Balance Ratio	3.9%	9302025	Link
U.S. Office Portfolio Percentage	21%	3312025	Link
Multifamily Portfolio Percentage	30%	3312025	Link
Hospitality Portfolio Percentage	15%	3312025	Link
Industrial Portfolio Percentage	11%	3312025	Link

Upcoming
2/11/2026	Earnings Release	Rev: - EPS: -

BXMT Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points explaining the stock movement for Blackstone Mortgage Trust (BXMT) from August 31, 2025, to December 4, 2025:

1. Strong Third-Quarter 2025 Earnings and Revenue Beat: Blackstone Mortgage Trust reported a net income of $63.4 million for the third quarter of 2025. The company's revenue increased by 18.6% year-over-year to $133.6 million, surpassing Wall Street expectations, although Distributable EPS modestly missed consensus estimates. Distributable EPS prior to charge-offs stood at $0.48, adequately covering the $0.47 dividend per share.

2. Improved Credit Performance and Portfolio Health: The company demonstrated improved credit performance, with 96% of its loan portfolio performing and no new impaired loans reported. Blackstone Mortgage Trust successfully resolved $0.4 billion of impaired loans above their aggregate carrying value, and CECL (Current Expected Credit Losses) reserves declined to $712 million, supporting a book value per share of $20.99. The impaired loan balance decreased by 71% compared to its peak in the previous year.

3. Robust Investment Activity and Capital Deployment: BXMT engaged in significant investment activity during the third quarter, totaling $1.0 billion. This included $0.6 billion in new originations, a $0.3 billion share in a bank loan portfolio joint venture, and a $0.1 billion net lease joint venture, all yielding attractive levered spreads exceeding 9%. Furthermore, an additional $1.7 billion in investments were expected to close after the quarter, with management projecting over $7 billion in new investments for the entirety of 2025.

4. Balance Sheet Optimization and Reduced Funding Costs: The company proactively optimized its balance sheet by repricing and upsizing a $400 million Term Loan B, which resulted in a 100-basis-point reduction in its spread. This strategic move contributed to a strong liquidity position of $1.3 billion and a healthy debt-to-equity ratio of 3.5x. Overall, Blackstone Mortgage Trust successfully reduced its cost of capital by refinancing and extending more than $2 billion of corporate debt.

5. Consistent Dividend Coverage and Share Repurchase Program: Blackstone Mortgage Trust maintained its quarterly dividend of $0.47 per share, which was declared on September 15, 2025, with an ex-dividend date of September 30, 2025, and a payment date of October 15, 2025. The dividend was well-covered by distributable earnings prior to charge-offs. The company also continued its share repurchase program, buying back $16 million in Q3 at an average price of $18.69 per share, contributing to capital returns.

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Stock Movement Drivers

Fundamental Drivers

The 4.3% change in BXMT stock from 9/3/2025 to 12/3/2025 was primarily driven by a 4.8% change in the company's Total Revenues ($ Mil).

	9032025	12032025	Change
Stock Price ($)	18.94	19.76	4.31%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	484.81	507.96	4.77%
P/S Multiple	6.72	6.68	-0.49%
Shares Outstanding (Mil)	171.89	171.81	0.05%
Cumulative Contribution			4.31%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
BXMT	4.3%
Market (SPY)	6.2%	17.2%
Sector (XLF)	0.1%	26.1%

Fundamental Drivers

The 10.7% change in BXMT stock from 6/4/2025 to 12/3/2025 was primarily driven by a 6.3% change in the company's Total Revenues ($ Mil).

	6042025	12032025	Change
Stock Price ($)	17.84	19.76	10.73%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	477.73	507.96	6.33%
P/S Multiple	6.42	6.68	4.03%
Shares Outstanding (Mil)	172.00	171.81	0.11%
Cumulative Contribution			10.73%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
BXMT	10.7%
Market (SPY)	15.1%	30.2%
Sector (XLF)	5.8%	36.5%

Fundamental Drivers

The 16.1% change in BXMT stock from 12/3/2024 to 12/3/2025 was primarily driven by a 20.5% change in the company's P/S Multiple.

	12032024	12032025	Change
Stock Price ($)	17.01	19.76	16.14%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	532.49	507.96	-4.61%
P/S Multiple	5.55	6.68	20.47%
Shares Outstanding (Mil)	173.64	171.81	1.05%
Cumulative Contribution			16.13%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
BXMT	16.1%
Market (SPY)	14.3%	58.1%
Sector (XLF)	7.4%	60.8%

Fundamental Drivers

The 13.9% change in BXMT stock from 12/4/2022 to 12/3/2025 was primarily driven by a 348.5% change in the company's P/E Multiple.

	12042022	12032025	Change
Stock Price ($)	17.35	19.76	13.88%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	610.91	507.96	-16.85%
Net Income Margin (%)	68.77%	21.10%	-69.31%
P/E Multiple	7.06	31.67	348.51%
Shares Outstanding (Mil)	170.97	171.81	-0.49%
Cumulative Contribution			13.88%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
BXMT	6.6%
Market (SPY)	53.2%	49.1%
Sector (XLF)	52.4%	49.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BXMT Return	-18%	20%	-24%	13%	-8%	21%	-5%
Peers Return	-9%	28%	-21%	13%	18%	5%	29%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
BXMT Win Rate	50%	67%	58%	50%	58%	50%
Peers Win Rate	47%	66%	47%	57%	58%	40%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
BXMT Max Drawdown	-65%	-6%	-25%	-19%	-19%	-1%
Peers Max Drawdown	-46%	-4%	-35%	-19%	-8%	-12%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: RITM, PECO, CUZ, IRT, NLY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	BXMT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-49.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	96.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-67.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	211.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-11.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	13.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	121 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-98.4%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	6252.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1480 days

Compare to RITM, PECO, CUZ, IRT, NLY

In The Past

Blackstone Mortgage Trust's stock fell -49.2% during the 2022 Inflation Shock from a high on 11/11/2021. A -49.2% loss requires a 96.7% gain to breakeven.

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About Blackstone Mortgage Trust (BXMT)

Blackstone Mortgage Trust, Inc., a real estate finance company, originates senior loans collateralized by commercial properties in North America, Europe, and Australia. The company operates as a real estate investment trust for federal income tax purposes. It generally would not be subject to U.S. federal income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as Capital Trust, Inc. and changed its name to Blackstone Mortgage Trust, Inc. in May 2013. Blackstone Mortgage Trust, Inc. was founded in 1997 and is headquartered in New York, New York.

AI Generated Analysis | Feedback

Here are 1-2 brief analogies to describe Blackstone Mortgage Trust (BXMT):

Simon Property Group for commercial real estate debt. (If Simon Property Group owns and operates large retail properties, BXMT provides the mortgages for large commercial properties across various sectors.)
Prologis for commercial real estate loans. (Similar to how Prologis owns and manages vast industrial real estate, BXMT finances a wide range of commercial property developments by originating loans.)

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Senior Commercial Real Estate Loans: BXMT originates and acquires senior debt secured by high-quality commercial properties, primarily in North America, Europe, and Australia.
Floating-Rate First Mortgages: These loans feature interest rates that adjust with market benchmarks, which helps mitigate interest rate risk for the trust.

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Blackstone Mortgage Trust (BXMT) primarily sells its services (i.e., originates and acquires senior loans) to other companies and institutional investors, not to individuals.

Due to the nature of commercial real estate lending and for competitive and privacy reasons, BXMT does not publicly disclose the specific names of its individual borrowers (its "customers") or their stock symbols. Its loan portfolio is diversified across numerous projects and sponsors.

Instead, its customer base consists of a diverse range of institutional-grade sponsors who require financing for commercial real estate projects. These customers generally fall into the following categories:

Commercial Real Estate Developers: Entities focused on developing new commercial properties or redeveloping existing ones across various asset classes (e.g., office, industrial, multifamily, hospitality, retail).
Real Estate Private Equity Firms and Investment Funds: Investment vehicles that acquire, manage, and divest commercial real estate assets, seeking debt financing for their portfolio properties or new acquisitions.
Large Property Owners and Institutional Sponsors: Established companies or institutions that own and manage significant portfolios of commercial real estate and require financing for acquisitions, refinancing, or property improvements.

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Blackstone Inc. (BX)
Deloitte & Touche LLP
Skadden, Arps, Slate, Meagher & Flom LLP

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Timothy S. Johnson, Chief Executive Officer and Chairman of the Board

Mr. Johnson is set to become the Chief Executive Officer of Blackstone Mortgage Trust effective November 10, 2025, and also serves as the Chairman of the Board. He is the Global Head of Blackstone Real Estate Debt Strategies (BREDS). Before joining Blackstone in 2011, Mr. Johnson co-founded BroadPeak Funding, a boutique commercial real estate finance company. Prior to that, he was a Vice President in the Lehman Brothers Global Commercial Real Estate Group from 2002 to 2008.

Anthony F. Marone, Jr., Chief Financial Officer, Managing Director, Treasurer and Assistant Secretary

Mr. Marone serves as the Chief Financial Officer for Blackstone Mortgage Trust and is also a Managing Director and Chief Financial Officer of Blackstone Real Estate Debt Strategies. He joined Blackstone in 2012. Previously, Mr. Marone was the Vice President and Controller of Capital Trust, Inc., the predecessor business to BXMT, which was acquired by Blackstone in December 2012. He also worked in the Real Estate Assurance practice of PricewaterhouseCoopers LLP.

F. Austin Peña, President and Director

Mr. Peña will assume the role of President and be elected as a Director of Blackstone Mortgage Trust effective November 10, 2025. He currently serves as the Executive Vice President, Investments, and a Managing Director of Blackstone Real Estate Debt Strategies. Since joining Blackstone in 2013, Mr. Peña has been responsible for BXMT's investment strategy, loan sourcing, and has led over $11 billion in real estate credit investments.

Marcin Urbaszek, Deputy Chief Financial Officer and Principal Accounting Officer

Mr. Urbaszek is the Deputy Chief Financial Officer and Principal Accounting Officer for Blackstone Mortgage Trust and a Managing Director in Blackstone Real Estate Debt Strategies. Before joining Blackstone in 2024, he held the positions of Chief Financial Officer, Treasurer, and Head of Investor Relations at Granite Point Mortgage Trust Inc. (NYSE: GPMT) since its inception in 2017. He brings over 20 years of experience in corporate finance and strategic advisory.

Scott Mathias, Chief Compliance Officer and Secretary

Mr. Mathias serves as the Chief Compliance Officer and Secretary of Blackstone Mortgage Trust. He is also a Managing Director and Co-Chief Compliance Officer of Blackstone Real Estate and Chief Compliance Officer of BXMT Advisors L.L.C. Mr. Mathias joined Blackstone in 2016. Prior to his time at Blackstone, he was an associate in the Private Funds group at Simpson Thacher & Bartlett LLP, where he provided counsel to prominent sponsors of private equity and hedge funds.

AI Generated Analysis | Feedback

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Blackstone Mortgage Trust (BXMT) operates in the commercial real estate finance sector, specializing in originating and acquiring senior loans collateralized by commercial properties. Its addressable markets for these main products and services are in the U.S., Europe, and Australia.

For the U.S., the total commercial and multifamily mortgage debt outstanding was approximately $4.79 trillion as of the fourth quarter of 2024.
For Europe, the estimated total commercial real estate debt market was €1.5 trillion (approximately $1.6 trillion) as of 2022.
For Australia, the commercial real estate debt held by banks reached a record of $415.7 billion in June 2025.

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Blackstone Mortgage Trust (BXMT) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

Portfolio Turnover and Redeployment into New Credit Opportunities: The company anticipates generating revenue growth by actively managing its loan portfolio, facilitating repayments, and subsequently redeploying that capital into new, high-quality credit opportunities. This strategy was evident in Q1 2025 with $1.6 billion of new originations and $2.2 billion of repayments and resolutions, which fueled portfolio turnover and capital deployment for future earnings. The company also reported a strong investment pipeline in Q3 2025, with $1.7 billion in total originations closed or in closing.
Resolution of Impaired Loans: A significant driver of future earnings potential is the effective resolution of impaired loans. Management expects that the earnings will continue to benefit from these resolutions, unlocking capital that can then be redeployed. The Q3 2025 earnings call specifically highlighted that capital redeployment and resolutions of impaired loans, including two that closed at quarter-end, are expected to benefit earnings.
Expansion into Diverse Investment Channels and Geographies: BXMT is diversifying its investment approach by exploring various channels, including originations, portfolio acquisitions, net lease, and bank loan portfolios. The company is also geographically diversified, with over 40% of its investments being international, which helps buffer against domestic market fluctuations and provides a natural hedge to its traditional floating-rate business. This broad approach aims to find compelling relative value and diversify the composition of its earnings.
Optimization of the Balance Sheet and Capitalization: Strengthening the balance sheet and optimizing capitalization are crucial for unlocking future earnings potential. CEO Katie Keenan has emphasized that scale, insight, capitalization, portfolio quality, and platform are essential drivers of value, particularly during periods of market change.
Capitalizing on Improving Market Conditions: BXMT is positioned to benefit from a recovery in market conditions, characterized by stable or improving real estate fundamentals, constrained new supply, and increasing liquidity and transaction activity. This environment supports robust repayment levels in their pre-rate hike portfolio and provides a strong pipeline for new investments.

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Share Repurchases

Blackstone Mortgage Trust (BXMT) has repurchased approximately $140 million of shares since establishing its program in 2024.
The company repurchased $16 million of common stock in the third quarter of 2025 and an additional $61 million in the fourth quarter of 2025 so far.
BXMT's Board of Directors approved replenishing its share buyback capacity by $150 million in the third quarter of 2025.

Share Issuance

As of June 30, 2025, 9,967,334 shares of Class A common stock were available for future issuance.
An "at the market" stock offering program authorized the potential sale of up to $480.9 million of additional Class A common stock as of June 30, 2025.
Net proceeds from the issuance of Class A common stock totaled approximately $52.155 million in the first half of 2022.

Outbound Investments

Blackstone Mortgage Trust expects to close over $7 billion in new investments in 2025, encompassing originations, loan acquisitions, and its net lease strategy.
In the third quarter of 2025, BXMT closed $1 billion in total investments, including the acquisition of a 50% interest in a $600 million portfolio of granular loans secured by fully occupied net lease retail assets.
The company has strategically diversified its portfolio by reducing U.S. office exposure to 21% and increasing investments in multifamily, industrial, and self-storage sectors, which now constitute approximately 50% of its portfolio.

Better Bets than Blackstone Mortgage Trust (BXMT)

	BXMT	Better Performance than BXMT
Metric	Value	INDUSTRY: Mortgage REITs
Rev Chg LTM	-4.6%	NLY (473.5%), DX (87.1%), ARI (36.3%), RITM (25.7%), PMT (4.7%)
Rev Chg 3Y Avg	-4.5%	NLY (143.3%), AGNC (108.3%), ARR (73.0%), DX (63.4%), RITM (-3.7%)
CFO/Rev LTM	44.1%	ARR (245.1%), NLY (167.8%), STWD (86.4%), AGNC (63.2%), DX (52.8%)
FCF/Rev LTM	44.1%	ARR (245.1%), NLY (114.7%), STWD (82.8%), AGNC (63.2%), DX (52.8%)
Total Yield	13.6%	ABR (22.8%), ARI (19.8%), ARR (19.1%), STWD (14.9%), RITM (14.4%)
P/S	6.2	RITM (2.1), TWO (2.6), ABR (4.5), ARI (5.1), LADR (5.9)

	BXMT	Better Performance than BXMT
Metric	Value	SECTOR: Financials
Rev Chg LTM	-4.6%	MA (14.6%), V (11.3%), BAC (8.9%), JPM (8.6%), WFC (0.2%)
Rev Chg 3Y Avg	-4.5%	BRK-B (19.8%), JPM (13.4%), MA (13.2%), V (10.9%), BAC (5.2%)
CFO/Rev LTM	44.1%	RY (135.4%), V (57.6%), BAC (57.3%), MA (56.1%), COF (46.3%)
FCF/Rev LTM	44.1%	RY (131.7%), CME (63.8%), BAC (57.3%), V (53.9%), MA (52.5%)
Total Yield	13.6%	FNMA (21.2%), MFC (17.0%), TD (16.6%), BNS (14.3%), USB (13.7%)
P/S	6.2	BRK-B (2.7), WFC (3.2), BAC (3.6), MS (3.9), JPM (4.9)

	BXMT	Better Performance than BXMT
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-4.6%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-4.5%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
CFO/Rev LTM	44.1%	META (56.8%), MSFT (50.0%), MU (46.9%), PLTR (46.6%), NVDA (46.6%)
FCF/Rev LTM	44.1%	PLD (59.3%), SPG (50.7%), APP (50.6%), ANET (47.9%), PLTR (46.0%)
Total Yield	13.6%	CMCSA (23.8%), CNQ (17.1%), VZ (16.8%), UPS (15.4%), MO (14.1%)
P/S	6.2	WMT (1.1), XOM (1.4), COST (1.5), AMZN (3.5), JNJ (4.8)

		Best Bets In Financials Sector
	BXMT
What You Pay
P/E	29.5
P/EBIT	�
What You Get
Rev Chg Q	21.1%
Rev Chg LTM	-4.6%
Rev Chg 3Y Avg	-4.5%
FCF/Rev 3Y Avg	61.8%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

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	Title	Topic	Date
0	DASHBOARDS
1	With Blackstone Mortgage Trust Stock Surging, Have You Considered The Downside?	Return
2	Why Blackstone Mortgage Trust Stock Moved: BXMT Stock Has Gained 26% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	Blackstone Mortgage Trust (BXMT) Valuation Ratios Comparison	Financials
4	BXMT Dip Buy Analysis
5	Blackstone Mortgage Trust Total Shareholder Return (TSR): 4.7% in 2024 and 7.1% 3-yr compounded annual returns (above peer average)
6	Time To Buy Blackstone Mortgage Trust Stock?	Buy or Fear
7	Blackstone Mortgage Trust (BXMT) Operating Cash Flow Comparison	Financials
8	Blackstone Mortgage Trust (BXMT) Net Income Comparison	Financials
9	Blackstone Mortgage Trust vs. S&P500 Correlation	Correlation
10	Blackstone Mortgage Trust Price Volatility	Volatility
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High		December 4th, 2025

	Title
0	DASHBOARDS
1	With Blackstone Mortgage Trust Stock Surging, Have You Considered The Downside?
2	Why Blackstone Mortgage Trust Stock Moved: BXMT Stock Has Gained 26% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	Blackstone Mortgage Trust (BXMT) Valuation Ratios Comparison
4	BXMT Dip Buy Analysis
5	Blackstone Mortgage Trust Total Shareholder Return (TSR): 4.7% in 2024 and 7.1% 3-yr compounded annual returns (above peer average)
6	Time To Buy Blackstone Mortgage Trust Stock?
7	Blackstone Mortgage Trust (BXMT) Operating Cash Flow Comparison
8	Blackstone Mortgage Trust (BXMT) Net Income Comparison
9	Blackstone Mortgage Trust vs. S&P500 Correlation
10	Blackstone Mortgage Trust Price Volatility
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select past ideas related to BXMT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	9.5%	9.5%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.1%	0.1%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.7%	-7.7%	-11.0%
BXMT_6302024_Short_Squeeze	06302024	BXMT	Blackstone Mortgage Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	5.3%	22.0%	-1.9%
BXMT_12312023_Short_Squeeze	12312023	BXMT	Blackstone Mortgage Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-12.4%	-8.8%	-18.9%
BXMT_6302023_Short_Squeeze	06302023	BXMT	Blackstone Mortgage Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	8.1%	-5.3%	-12.3%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	9.5%	9.5%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.1%	0.1%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.7%	-7.7%	-11.0%
BXMT_6302024_Short_Squeeze	06302024	BXMT	Blackstone Mortgage Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	5.3%	22.0%	-1.9%
BXMT_12312023_Short_Squeeze	12312023	BXMT	Blackstone Mortgage Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-12.4%	-8.8%	-18.9%
BXMT_6302023_Short_Squeeze	06302023	BXMT	Blackstone Mortgage Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	8.1%	-5.3%	-12.3%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Blackstone Mortgage Trust

Peers to compare with:

Financials

	BXMT	RITM	PECO	CUZ	IRT	NLY	Median
Name	Blacksto.	Rithm Ca.	Phillips.	Cousins .	Independ.	Annaly C.
Mkt Price	19.76	11.42	34.87	25.59	17.25	22.82	21.29
Mkt Cap	3.4	6.2	4.4	4.3	4.0	15.0	4.3
Rev LTM	508	2,981	712	964	652	1,703	838
Op Inc LTM	-	-	191	219	122	-	191
FCF LTM	224	-2,936	201	-80	127	1,953	164
FCF 3Y Avg	365	-1,260	208	156	69	1,260	182
CFO LTM	224	-2,931	336	417	285	2,857	311
CFO 3Y Avg	365	-1,216	313	383	267	1,976	339

Growth & Margins

	BXMT	RITM	PECO	CUZ	IRT	NLY	Median
Name	Blacksto.	Rithm Ca.	Phillips.	Cousins .	Independ.	Annaly C.
Rev Chg LTM	-4.6%	25.7%	10.7%	16.4%	0.8%	473.5%	13.6%
Rev Chg 3Y Avg	-4.5%	-3.7%	7.9%	8.5%	6.7%	143.3%	7.3%
Rev Chg Q	21.1%	45.4%	10.4%	18.7%	4.4%	637.1%	19.9%
QoQ Delta Rev Chg LTM	4.8%	8.0%	2.5%	4.2%	1.1%	81.6%	4.5%
Op Mgn LTM	-	-	26.8%	22.7%	18.8%	-	22.7%
Op Mgn 3Y Avg	-	-	25.6%	22.4%	20.7%	-	22.4%
QoQ Delta Op Mgn LTM	-	-	1.2%	0.0%	-0.4%	-	0.0%
CFO/Rev LTM	44.1%	-98.3%	47.2%	43.2%	43.8%	167.8%	44.0%
CFO/Rev 3Y Avg	61.8%	-41.9%	48.1%	44.4%	41.0%	-	44.4%
FCF/Rev LTM	44.1%	-98.5%	28.2%	-8.3%	19.4%	114.7%	23.8%
FCF/Rev 3Y Avg	61.8%	-43.8%	32.0%	19.8%	10.6%	-	19.8%

Valuation

	BXMT	RITM	PECO	CUZ	IRT	NLY	Median
Name	Blacksto.	Rithm Ca.	Phillips.	Cousins .	Independ.	Annaly C.
Mkt Cap	3.4	6.2	4.4	4.3	4.0	15.0	4.3
P/S	6.2	2.1	6.1	5.0	5.9	7.8	6.0
P/EBIT	-	-	21.8	23.3	37.9	-	23.3
P/E	29.5	7.0	52.7	84.4	171.8	8.9	41.1
P/CFO	14.1	-2.1	12.8	11.7	13.4	4.6	12.2
Total Yield	13.6%	14.4%	5.5%	5.5%	4.5%	11.3%	8.4%
Dividend Yield	10.2%	0.0%	3.6%	4.3%	3.9%	0.0%	3.8%
FCF Yield 3Y Avg	10.6%	-19.8%	4.8%	4.8%	1.9%	11.4%	4.8%
D/E	5.0	5.3	0.6	0.7	0.6	2.2	1.5
Net D/E	4.9	3.6	0.6	0.7	0.6	2.2	1.4

Returns

	BXMT	RITM	PECO	CUZ	IRT	NLY	Median
Name	Blacksto.	Rithm Ca.	Phillips.	Cousins .	Independ.	Annaly C.
1M Rtn	6.5%	3.2%	3.2%	-0.6%	7.8%	7.1%	4.9%
3M Rtn	4.3%	-5.5%	-0.7%	-11.3%	-1.1%	9.9%	-0.9%
6M Rtn	10.7%	6.5%	-0.3%	-8.4%	-5.0%	29.0%	3.1%
12M Rtn	16.1%	11.9%	-7.6%	-13.4%	-16.3%	33.1%	2.2%
3Y Rtn	13.9%	70.3%	19.8%	14.3%	7.4%	58.4%	17.0%
1M Excs Rtn	6.6%	3.2%	3.3%	-0.6%	7.8%	7.2%	4.9%
3M Excs Rtn	-2.9%	-12.4%	-7.7%	-16.8%	-7.3%	3.0%	-7.5%
6M Excs Rtn	-4.0%	-8.2%	-15.0%	-23.1%	-19.7%	14.3%	-11.6%
12M Excs Rtn	0.1%	-2.5%	-22.1%	-29.4%	-31.7%	18.2%	-12.3%
3Y Excs Rtn	-60.2%	1.3%	-49.4%	-55.1%	-60.9%	-8.9%	-52.3%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/29/2025	2/12/2025	2/14/2024	2/8/2023	2/9/2022	2/10/2021	2/11/2020
Key Financials
Total Revenue	508	493	671	628	514	432	424
Net Income	107	-204	247	249	419	138	306
EPS	0.63	-1.17	1.43	1.46	2.77	0.97	2.35
Growth Rates
Total Revenue Growth	-4.6%	-26.5%	6.8%	22.1%	19.0%	1.9%	7.0%
Net Income Growth	144.0%	-182.8%	-0.8%	-40.7%	204.5%	-54.9%	7.2%
Margins
Net Income Margin	21.1%	-41.4%	36.8%	39.6%	81.5%	31.9%	72.0%
Cash & Debt
Total Cash	378	323	350	291	551	290	150
Total Debt	15,798	15,729	19,300	20,443	17,901	12,852	12,591
Net Debt / (Cash)	15,420	15,405	18,950	20,152	17,350	12,562	12,441
Cash Flows
Net Cash from Operations	224	366	459	397	382	337	304
Free Cash from Operations	224	366	459	397	382	337	304
Returns to Shareholders
Dividends	324	404	427	421	371	349	321
Share Repurchases	66	29	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/29/2025	7/30/2025	4/30/2025	2/12/2025	10/23/2024	7/24/2024	4/24/2024	2/14/2024	10/25/2023	7/26/2023	4/26/2023	2/8/2023
Key Financials Quarterly
Total Revenue	133	134	127	114	110	127	142	154	165	177	174	191
Net Income	63	7	-0	37	-56	-61	-124	-2	30	102	118	-48
EPS	0.37	0.04	0.00	0.22	-0.32	-0.35	-0.71	-0.01	0.17	0.59	0.68	-0.28
Key Financials TTM
Total Revenue TTM	508	485	478	493	532	588	639	671	708	699	669	628
Net Income TTM	107	-13	-81	-204	-244	-158	5	247	201	275	267	249
Growth Rates Quarterly
Total Revenue Growth	21.1%	5.6%	-10.8%	-25.6%	-33.7%	-28.5%	-18.3%	-19.5%	5.9%	20.6%	30.3%	9.9%
Net Income Growth	212.4%	111.4%	99.7%	1664.6%	-291.0%	-160.1%	-205.2%	95.0%	-71.4%	9.0%	18.1%	-138.4%
Margins Quarterly
Net Income Margin	47.8%	5.2%	-0.3%	32.5%	-51.5%	-48.2%	-87.0%	-1.5%	17.9%	57.3%	67.6%	-24.9%
Cash & Debt
Total Cash	378	388	669	323	322	374	414	350	421	483	516	291
Total Debt	15,798	16,578	15,929	15,729	17,341	18,375	18,868	19,300	19,322	20,039	20,585	20,443
Net Debt / (Cash)	15,420	16,190	15,260	15,405	17,019	18,001	18,454	18,950	18,900	19,556	20,069	20,152
Cash Flows Quarterly
FCF from Operations	-18	57	101	85	87	100	95	111	112	126	110	130
Cash Flows TTM
FCF from Operations TTM	224	329	372	366	393	418	444	459	478	449	416	397
Returns to Shareholders Quarterly
Dividends	81	81	81	81	108	108	107	107	107	107	106	106
Share Repurchases	16	0	32	18	11	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	1.2%	0.1%	0.0%	0.7%	-1.0%	-1.0%	-2.0%	-0.0%	0.5%	1.6%	1.9%	-0.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	0.5%	-0.0%	-0.4%	-1.0%	-1.1%	-0.6%	0.0%	1.0%	0.8%	1.1%	1.1%	1.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Originates and acquires commercial mortgage loans and related investments	671	628	514	432	424
Total	671	628	514	432	424

Price Behavior

Price Behavior

Market Price	$19.76
Market Cap ($ Bil)	3.4
First Trading Date	11/05/1987
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$18.54	$18.55
DMA Trend	up	indeterminate
Distance from DMA	6.6%	6.5%
	3M	1YR
Volatility	20.3%	24.4%
Downside Capture	32.74	69.73
Upside Capture	43.03	75.13
Correlation (SPY)	17.2%	58.0%

BXMT Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.29	0.34	0.31	0.54	0.72	0.99
Up Beta	-0.29	-0.17	0.12	0.71	0.67	0.82
Down Beta	0.36	0.28	0.24	0.16	0.79	0.89
Up Capture	85%	67%	36%	57%	61%	111%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	20	28	64	124	367
Down Capture	16%	39%	40%	70%	79%	105%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	19	31	58	121	373

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of BXMT With Other Asset Classes (Last 1Y)
	BXMT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.5%	5.7%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	24.3%	19.2%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.47	0.16	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		60.9%	57.8%	0.1%	20.3%	65.9%	25.8%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of BXMT With Other Asset Classes (Last 5Y)
	BXMT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	3.3%	15.3%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	28.0%	18.9%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.14	0.67	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		58.1%	56.7%	9.0%	19.2%	64.3%	20.8%

Based On 10-Year Data

		Comparison of BXMT With Other Asset Classes (Last 10Y)
	BXMT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.8%	12.5%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	32.6%	22.4%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.25	0.52	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		57.0%	54.1%	0.8%	23.4%	64.4%	12.7%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	11,010,202
Short Interest: % Change Since 10312025	5.8%
Average Daily Volume	1,069,943
Days-to-Cover Short Interest	10.29
Basic Shares Quantity	171,812,685
Short % of Basic Shares	6.4%

Returns Analyses

	Title
0	With Blackstone Mortgage Trust Stock Surging, Have You Considered The Downside?

SEC Filings

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Report Date	Filing Date	Filing
9302025	10292025	10-Q 9/30/2025
6302025	7302025	10-Q 6/30/2025
3312025	4302025	10-Q 3/31/2025
12312024	2122025	10-K 12/31/2024
9302024	10232024	10-Q 9/30/2024
6302024	7242024	10-Q 6/30/2024
3312024	4242024	10-Q 3/31/2024
12312023	2142024	10-K 12/31/2023
9302023	10252023	10-Q 9/30/2023
6302023	7262023	10-Q 6/30/2023
3312023	4262023	10-Q 3/31/2023
12312022	2082023	10-K 12/31/2022
9302022	10262022	10-Q 9/30/2022
6302022	7272022	10-Q 6/30/2022
3312022	4272022	10-Q 3/31/2022
12312021	2092022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Marone Anthony F. JR	Chief Financial Officer	9032025	Sell	19.27	506	9,748	1,224,792	Form
1	Keenan Katharine A	CEO & President	9032025	Sell	19.25	2,315	44,572	4,516,875	Form
2	Keenan Katharine A	CEO & President	6182025	Sell	19.13	6,931	132,601	4,532,544	Form
3	URBASZEK MARCIN	Deputy Chief Financial Officer	6182025	Sell	19.14	800	15,316	231,444	Form
4	Marone Anthony F. JR	Chief Financial Officer	6182025	Sell	19.20	1,517	29,133	1,230,669	Form

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0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Blackstone Mortgage Trust (BXMT)

Market Price (12/4/2025): $19.76 | Market Cap: $3.4 BilSector: Financials | Industry: Mortgage REITs

Blackstone Mortgage Trust (BXMT)

Market Price (12/4/2025): $19.76Market Cap: $3.4 BilSector: FinancialsIndustry: Mortgage REITs

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Market Price (12/4/2025): $19.76 | Market Cap: $3.4 Bil
Sector: Financials | Industry: Mortgage REITs

Market Price (12/4/2025): $19.76
Market Cap: $3.4 Bil
Sector: Financials
Industry: Mortgage REITs