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Blackstone Mortgage Trust (BXMT)

Market Price (7/8/2026): $17.15 | Market Cap: $2.9 BilSector: Financials | Industry: Mortgage REITs

Blackstone Mortgage Trust (BXMT)

Market Price (7/8/2026): $17.15
Market Cap: $2.9 Bil
Sector: Financials
Industry: Mortgage REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10%, FCF Yield is 12%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 59%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 59%

Low stock price volatility
Vol 12M is 22%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets, and Sustainable & Green Buildings. Themes include Private Credit, and ESG REITs.

Weak multi-year price returns
2Y Excs Rtn is -15%, 3Y Excs Rtn is -55%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 529%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 28x

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.4%

Short seller report
Muddy Waters Research report on 12/6/2023.

Key risks
BXMT key risks include [1] deteriorating credit quality and a concentration of high-risk loans in its U.S. Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10%, FCF Yield is 12%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 59%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 59%
2 Low stock price volatility
Vol 12M is 22%
3 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets, and Sustainable & Green Buildings. Themes include Private Credit, and ESG REITs.
4 Weak multi-year price returns
2Y Excs Rtn is -15%, 3Y Excs Rtn is -55%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 529%
6 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 28x
7 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.4%
8 Short seller report
Muddy Waters Research report on 12/6/2023.
9 Key risks
BXMT key risks include [1] deteriorating credit quality and a concentration of high-risk loans in its U.S. Show more.

BXMT in ETFs

Weight = BXMT's share of each fund

VTI0.00%
ITOT0.00%
IWM0.09%
IJR0.14%
VB0.04%
VIOV0.34%
SLYV0.29%
IJS0.28%
+9 more covered ETFs

Valuation & Metrics

FYE: 12/31BXMT [1]S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]$585.1 Mil—
FY 2026 Sales$479.9 Mil—
FY 2027 Sales$463.2 Mil—
FY 2026 Sales Growth-18.0%—
FY 2027 Sales Growth-3.5%8.2%
EARNINGS
LTM Net Income (GAAP) [3]$103.6 Mil—
FY 2026 Net Income (Non-GAAP)$253.4 Mil—
FY 2027 Net Income (Non-GAAP)$313.3 Mil—
FY 2027 Net Income Growth23.7%16.5%
FY 2026 EPS (Non-GAAP)$1.44—
FY 2027 EPS (Non-GAAP)$1.84—
FY 2027 EPS Growth27.8%—
VALUATION
FY 2026 P/S6.03.3
FY 2027 P/S6.3—
FY 2026 P/E11.419.9
FY 2027 P/E9.3—

[1] BXMT forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).
BXMTS&P 500
REVENUE GROWTH 
Rev LTM ($ Bil)0.6
Rev Chg Q25.5%8.9%
Rev Chg LTM22.5%7.5%
Rev Chg 3Y Avg-2.4%5.9%
PROFITABILITYFAIR
Op Inc LTM ($ Bil)�
CFO LTM ($ Bil)0.3
Net Inc LTM ($ Bil)0.1
CFO/Rev LTM59.0%21.4%
Net Inc Mgn17.7%13.1%
VALUATIONHIGH
P/S5.03.4
P/CFO8.415.4
P/FCF8.420.0
P/E28.024.9

AI Analysis | Feedback

MetricValueDateSource
Number of Senior Loans14910212024Link
Weighted Average Loan-to-Value (LTV) at Origination63%3312025Link
Performing Loans Percentage95%9302023Link
Distributable Earnings Per Share0.249302025Link
Distributable Earnings Prior to Charge-offs Per Share0.489302025Link
Book Value Per Share20.999302025Link
CECL Reserves to Outstanding Principal Balance Ratio3.9%9302025Link
U.S. Office Portfolio Percentage21%3312025Link
Multifamily Portfolio Percentage30%3312025Link
Hospitality Portfolio Percentage15%3312025Link
Industrial Portfolio Percentage11%3312025Link

Price Chart

Recent
6/30/2026DividendAmount: $0.47
Payment On: 7/15/2026

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

Blackstone Mortgage Trust (BXMT) stock has lost about 10% since 3/31/2026 because of the following key factors:

1. Blackstone Mortgage Trust experienced a significant Q1 2026 earnings miss, driven by a substantial increase in its credit loss reserves. The company reported a GAAP loss of $0.04 per share, missing the consensus estimate of $0.35 per share by 111.38%. This loss was primarily due to a $55.05 million increase in the Current Expected Credit Losses (CECL) reserve. Furthermore, distributable EPS for fiscal Q1 2026, when accounting for loan losses, was $0.21, falling short of analyst estimates of $0.38 by 38.7%. This weaker-than-expected earnings performance and the decline in book value by 2.7% to $20.20/share weighed heavily on investor sentiment.

Show more
Updated on 7/1/2026

Blackstone Mortgage Trust (BXMT) stock has lost about 10% since 3/31/2026 because of the following key factors:

1. Blackstone Mortgage Trust experienced a significant Q1 2026 earnings miss, driven by a substantial increase in its credit loss reserves. The company reported a GAAP loss of $0.04 per share, missing the consensus estimate of $0.35 per share by 111.38%. This loss was primarily due to a $55.05 million increase in the Current Expected Credit Losses (CECL) reserve. Furthermore, distributable EPS for fiscal Q1 2026, when accounting for loan losses, was $0.21, falling short of analyst estimates of $0.38 by 38.7%. This weaker-than-expected earnings performance and the decline in book value by 2.7% to $20.20/share weighed heavily on investor sentiment.

2. The default of a $343 million commercial office loan in June 2026 raised concerns about asset quality. A loan tied to Chicago's One South Wacker office tower matured unpaid on June 9, 2026. Although this defaulted loan represents less than 2% of BXMT's total portfolio, the news reinforced broader market anxieties regarding ongoing stress within the office-backed commercial mortgage sector. Following this development, Keefe Bruyette trimmed its price target for BXMT to $20 from $20.50, citing higher expected losses on the troubled asset.

3. The prevailing "higher for longer" interest rate environment continues to negatively impact commercial mortgage REITs. The Federal Reserve maintained steady interest rates at its June 17, 2026, meeting but signaled a potential rate hike before year-end, indicating a hawkish outlook. This expectation of sustained or rising interest rates dampens demand for new loan originations and can pressure the valuations of floating-rate loan portfolios, which constitute a significant portion of BXMT's investments. Several major banks, including Bank of America and Deutsche Bank, are now forecasting rate increases in 2026 or delaying anticipated rate cuts into 2027.

4. Persistent weakness and uncertainty in the commercial office real estate market contributed to the stock's decline. Despite BXMT's strategic shift to reduce its exposure to office loans (a 55% reduction from year-end 2019 to fiscal Q1 2026, with only 2% of new U.S. office loans added in fiscal Q1 2026), the overall sector faces significant headwinds. Trends such as "quality-over-quantity" in office leasing, accelerating obsolescence for older office properties, and persistent vacancy and pricing pressures create a challenging operating environment for commercial real estate lenders. The broader real estate sector ETF (XLRE) also experienced pressure during this period.

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Stock Movement Drivers

Fundamental Drivers

The -8.0% change in BXMT stock from 3/31/2026 to 7/7/2026 was primarily driven by a -10.6% change in the company's Net Income Margin (%).
(LTM values as of)33120267072026Change
Stock Price ($)18.6317.15-8.0%
Change Contribution By: 
Total Revenues ($ Mil)5535855.8%
Net Income Margin (%)19.8%17.7%-10.6%
P/E Multiple28.628.0-2.1%
Shares Outstanding (Mil)168169-0.6%
Cumulative Contribution-8.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/7/2026
ReturnCorrelation
BXMT-8.0% 
Market (SPY)15.0%34.4%
Sector (XLF)13.5%47.8%

Fundamental Drivers

The -5.6% change in BXMT stock from 12/31/2025 to 7/7/2026 was primarily driven by a -16.1% change in the company's Net Income Margin (%).
(LTM values as of)123120257072026Change
Stock Price ($)18.1617.15-5.6%
Change Contribution By: 
Total Revenues ($ Mil)50858515.2%
Net Income Margin (%)21.1%17.7%-16.1%
P/E Multiple29.128.0-3.9%
Shares Outstanding (Mil)1721691.6%
Cumulative Contribution-5.6%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/7/2026
ReturnCorrelation
BXMT-5.6% 
Market (SPY)9.9%39.9%
Sector (XLF)2.9%48.2%

Fundamental Drivers

The -1.4% change in BXMT stock from 6/30/2025 to 7/7/2026 was primarily driven by a -20.9% change in the company's P/S Multiple.
(LTM values as of)63020257072026Change
Stock Price ($)17.3917.15-1.4%
Change Contribution By: 
Total Revenues ($ Mil)47858522.5%
P/S Multiple6.35.0-20.9%
Shares Outstanding (Mil)1721691.7%
Cumulative Contribution-1.4%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/7/2026
ReturnCorrelation
BXMT-1.4% 
Market (SPY)22.0%34.9%
Sector (XLF)8.3%42.4%

Fundamental Drivers

The 13.9% change in BXMT stock from 6/30/2023 to 7/7/2026 was primarily driven by a 187.2% change in the company's P/E Multiple.
(LTM values as of)63020237072026Change
Stock Price ($)15.0517.1513.9%
Change Contribution By: 
Total Revenues ($ Mil)669585-12.5%
Net Income Margin (%)39.9%17.7%-55.6%
P/E Multiple9.728.0187.2%
Shares Outstanding (Mil)1731692.1%
Cumulative Contribution13.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/7/2026
ReturnCorrelation
BXMT13.9% 
Market (SPY)74.6%48.2%
Sector (XLF)73.7%50.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BXMT Return20%-24%13%-8%21%-4%11%
Peers Return26%-14%26%-4%8%-3%36%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
BXMT Win Rate67%58%50%58%58%43% 
Peers Win Rate50%43%53%50%55%31% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
BXMT Max Drawdown-13%-30%-30%-22%-17%-14% 
Peers Max Drawdown-15%-30%-26%-17%-20%-13% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: STWD, ARI, LADR, FBRT, BRSP.
[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] 2026 data is for the year up to 7/7/2026 (YTD)

How Low Can It Go

EventBXMTS&P 500
2025 US Tariff Shock
  % Loss-14.8%-18.8%
  % Gain to Breakeven17.4%23.1%
  Time to Breakeven85 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-10.7%-9.5%
  % Gain to Breakeven12.0%10.5%
  Time to Breakeven18 days24 days
2023 SVB Regional Banking Crisis
  % Loss-24.7%-6.7%
  % Gain to Breakeven32.8%7.1%
  Time to Breakeven115 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-25.2%-24.5%
  % Gain to Breakeven33.7%32.4%
  Time to Breakeven1281 days427 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-20.4%-12.2%
  % Gain to Breakeven25.7%13.9%
  Time to Breakeven83 days62 days
2014-2016 Oil Price Collapse
  % Loss-12.3%-6.8%
  % Gain to Breakeven14.0%7.3%
  Time to Breakeven21 days15 days

Compare to STWD, ARI, LADR, FBRT, BRSP

In The Past

Blackstone Mortgage Trust's stock fell -14.8% during the 2025 US Tariff Shock. Such a loss loss requires a 17.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventBXMTS&P 500
2023 SVB Regional Banking Crisis
  % Loss-24.7%-6.7%
  % Gain to Breakeven32.8%7.1%
  Time to Breakeven115 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-25.2%-24.5%
  % Gain to Breakeven33.7%32.4%
  Time to Breakeven1281 days427 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-20.4%-12.2%
  % Gain to Breakeven25.7%13.9%
  Time to Breakeven83 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-44.1%-17.9%
  % Gain to Breakeven78.9%21.8%
  Time to Breakeven141 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-43.9%-15.4%
  % Gain to Breakeven78.3%18.2%
  Time to Breakeven284 days125 days

Compare to STWD, ARI, LADR, FBRT, BRSP

In The Past

Blackstone Mortgage Trust's stock fell -14.8% during the 2025 US Tariff Shock. Such a loss loss requires a 17.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Blackstone Mortgage Trust (BXMT)

Blackstone Mortgage Trust (BXMT) is a real estate finance company specializing in providing senior loans. These loans are secured by various types of commercial properties, meaning the company lends capital to finance assets such as office buildings, hotels, retail centers, and industrial properties.

The company's core service is acting as a direct lender to commercial property owners and developers who require financing for their real estate projects. BXMT's primary market extends across North America, Europe, and Australia, allowing it to serve a diverse client base and participate in multiple global real estate markets.

For investors, it's notable that Blackstone Mortgage Trust operates as a Real Estate Investment Trust (REIT). This structure generally exempts the company from U.S. federal income taxes, provided it distributes at least 90% of its taxable income to its shareholders, often resulting in attractive dividend payouts.

AI Analysis | Feedback

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

  1. It's like JPMorgan Chase, but specializing solely in large loans for commercial properties like office buildings, hotels, and shopping centers.
  2. Think of it as a specialized bond fund that invests in commercial real estate debt (mortgages), designed to pay out most of its interest income regularly to shareholders.

AI Analysis | Feedback

  • Senior Commercial Real Estate Loans: Blackstone Mortgage Trust originates senior loans collateralized by commercial properties in North America, Europe, and Australia.

AI Analysis | Feedback

Blackstone Mortgage Trust (BXMT) operates as a real estate finance company that originates senior loans collateralized by commercial properties. Its customers are the borrowers of these loans, which are primarily other companies in the commercial real estate sector.

Due to the nature of its business as a commercial real estate lender, BXMT generally does not publicly disclose the specific names of its individual borrowers or the companies that are its major customers. Lenders typically maintain confidentiality regarding their borrowers.

However, based on the description of its operations, BXMT's customers primarily fall into the following categories of commercial entities:

  • Real Estate Developers: Companies involved in the construction, redevelopment, or repositioning of commercial properties (e.g., office buildings, multi-family residential, industrial, retail).

  • Property Investors/Owners: Institutional and private real estate investment firms, funds, and companies that acquire, own, and manage income-producing commercial properties, seeking financing for acquisitions or refinancing existing assets.

  • Institutional Sponsors: Experienced and well-capitalized real estate firms or sponsors that partner with BXMT to finance large-scale commercial real estate projects across various asset classes and geographies.

AI Analysis | Feedback

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Timothy Johnson, Chief Executive Officer

Timothy Johnson is the Chief Executive Officer of Blackstone Mortgage Trust (BXMT) and also serves as the Global Head of Blackstone Real Estate Debt Strategies and Chairman of BXMT's Board. He joined Blackstone in 2011. Prior to joining Blackstone, Mr. Johnson co-founded BroadPeak Funding, a boutique commercial real estate finance company. Earlier in his career, he was a Vice President in the Global Commercial Real Estate Group at Lehman Brothers.

Marcin Urbaszek, Chief Financial Officer

Marcin Urbaszek was appointed Chief Financial Officer, Treasurer, and Assistant Secretary of Blackstone Mortgage Trust effective February 11, 2026. He joined Blackstone in 2024, having previously served as the Chief Financial Officer, Treasurer, and Head of Investor Relations of Granite Point Mortgage Trust Inc. (NYSE: GPMT) since its inception in 2017. Mr. Urbaszek possesses over 20 years of corporate finance and strategic advisory experience, with more than 15 years focused on financial institutions.

Austin Peña, President

Austin Peña is the President and a Managing Director of Blackstone Mortgage Trust. He was appointed President effective November 10, 2025, and is responsible for the company's investment, capital allocation, and balance sheet strategy. Mr. Peña is also a Managing Director in the Blackstone Real Estate Debt Strategies Group. His prior experience includes similar capacities at Barclays and Lehman Brothers.

Scott Mathias, Chief Compliance Officer and Secretary

Scott Mathias serves as the Chief Compliance Officer and Secretary for Blackstone Mortgage Trust. He is also a Managing Director and Co-Chief Compliance Officer of Blackstone Real Estate. Before joining Blackstone in 2016, Mr. Mathias was an Associate in the Private Funds group at Simpson Thacher & Bartlett LLP, where he advised and represented prominent sponsors of private equity and hedge funds.

Robert Sitman, Global Head of Asset Management

Robert Sitman is the Global Head of Asset Management for Blackstone Mortgage Trust and a Managing Director and Global Head of Asset Management of Blackstone Real Estate Debt Strategies. He joined Blackstone in 2014 and has been involved in originating, structuring, executing, and asset managing real estate debt investments across various asset types and geographies. Previously, Mr. Sitman was an associate in the Real Estate group of Fried, Frank, Harris, Shriver & Jacobson LLP.

AI Analysis | Feedback

The key risks to Blackstone Mortgage Trust (BXMT) include:

  1. Commercial Real Estate Market Volatility and Credit Risk: A primary risk for Blackstone Mortgage Trust stems from its significant exposure to the commercial real estate market, particularly the office sector. Further property value declines, especially for older loans originated before 2022, could lead to increased credit losses, higher non-performing assets, and pressure on capital and dividend coverage. This has been identified as the "main structural risk" for the company.
  2. Interest Rate Fluctuations and High Leverage: The company's revenues are highly dependent on variable interest rates. Fluctuations in interest rates can directly impact net interest income, loan performance, and asset valuations. Additionally, Blackstone Mortgage Trust operates with high leverage, which amplifies the effects of interest rate changes and other market downturns on its financial health.
  3. External Management Structure and Potential Conflicts of Interest: As an externally managed mortgage REIT (mREIT), Blackstone Mortgage Trust faces the risk of potential conflicts of interest between its shareholders and the external management. Management fees are often based on absolute amounts rather than per-share performance, which could incentivize management to pursue growth strategies that may not always align with maximizing shareholder value in terms of core earnings per share, dividends per share, or book value per share.

AI Analysis | Feedback

The increasing prevalence and sophistication of direct lending by large institutional investors (e.g., pension funds, sovereign wealth funds, large private equity debt funds) for commercial real estate projects. These well-capitalized entities are increasingly bypassing traditional lenders like Blackstone Mortgage Trust to directly originate and hold senior commercial real estate debt, reducing the available deal flow and potentially compressing margins for dedicated commercial real estate lenders.

AI Analysis | Feedback

The addressable markets for Blackstone Mortgage Trust's main products, senior loans collateralized by commercial properties, in its key operating regions are as follows:

  • North America (U.S.): The commercial real estate (CRE) debt outstanding in the U.S. was approximately $5.9 trillion as of the fourth quarter of 2023.
  • Europe: The commercial lending market in Europe, which includes real estate financing, is projected to reach approximately $1.99 trillion by 2025.
  • Australia: The commercial real estate debt market in Australia reached approximately AUD 447 billion by June 2023.

AI Analysis | Feedback

Blackstone Mortgage Trust (BXMT) is focusing on several key initiatives to drive future revenue growth over the next two to three years:

  1. Strategic Portfolio Reallocation: The company is actively rotating its investment portfolio towards higher-performing sectors such as multifamily, industrial, net lease properties, and discounted bank loan portfolios. This includes a significant reduction in exposure to office loans, which has weighed on past performance, and concentrating new investments in areas with stronger fundamentals to enhance earnings and improve credit quality. Approximately $7 billion in new investments were closed in 2025, with nearly 85% directed to these high-conviction themes.
  2. Efficient Capital Redeployment from Loan Resolutions: A crucial driver involves the ongoing resolution of impaired loans. By successfully resolving underperforming assets, Blackstone Mortgage Trust can repatriate capital and redeploy it into new, higher-yielding investments. This strategy directly contributes to growing the earning asset base and increasing interest income. The company reported that its loan portfolio reached 99% performing status, with substantial progress on loan resolutions, including $575 million of impaired loans resolved in the fourth quarter of 2025 alone.
  3. Optimization of Capital Structure and Lowering Borrowing Costs: BXMT is actively managing its balance sheet to reduce its cost of capital. This includes repricing existing debt, such as the Term Loan B, which cut the spread by 100 basis points, and executing corporate and securitized debt transactions that have reduced the weighted average borrowing spread by nearly 90 basis points year over year. These efforts improve the company's net interest margin and, consequently, its net interest income, a primary component of revenue.
  4. Leveraging Market Leadership for New Originations: Positioned as a market leader in the commercial real estate (CRE) debt space, Blackstone Mortgage Trust is capitalizing on increased liquidity in the real estate credit market and solid real estate fundamentals. The acceleration of Commercial Mortgage-Backed Securities (CMBS) issuance in 2025 indicates greater debt capital availability, which creates a favorable environment for BXMT to originate new, high-quality senior loans and expand its earning asset portfolio.

AI Analysis | Feedback

Share Repurchases

  • Blackstone Mortgage Trust authorized a stock buyback plan of $150 million on July 24, 2024.
  • The company repurchased approximately $140 million in shares since July 2024, with $60 million repurchased in the fourth quarter of 2025.
  • By February 2026, Blackstone Mortgage Trust completed a share repurchase program, buying back 7,656,733 shares for $138.61 million.

Share Issuance

  • No information is available regarding share issuances by Blackstone Mortgage Trust over the last 3-5 years.

Inbound Investments

  • Blackstone Mortgage Trust is managed by Blackstone, which provides it with significant data, resources, and access to a global pipeline of diversified real estate credit investments.

Outbound Investments

  • Blackstone Mortgage Trust closed approximately $7 billion in new investments in 2025, with nearly 85% concentrated in multifamily, industrial properties, bank loan portfolios, and net lease acquisitions.
  • The company's capital deployments in 2025 included $5.7 billion in loan originations, a $719 million share in discounted bank loan portfolios, and $316 million in net lease property acquisitions.
  • The investment portfolio reached $20 billion in 2025, comprising an $18 billion loan portfolio, $1.3 billion of owned real estate, and over $900 million in bank loan and net lease joint ventures.

Capital Expenditures

  • No specific aggregated dollar value of capital expenditures on property, plant, and equipment is available for Blackstone Mortgage Trust over the last 3-5 years within the provided information.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Would You Still Hold Blackstone Mortgage Trust Stock If It Fell 30%?10/17/2025
2Why Blackstone Mortgage Trust Stock Moved: BXMT Stock Has Gained 28% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)08/08/2025
3Blackstone Mortgage Trust (BXMT) Valuation Ratios Comparison08/08/2025
4BXMT Dip Buy Analysis07/10/2025
5Blackstone Mortgage Trust Total Shareholder Return (TSR): 4.1% in 2024 and 6.1% 3-yr compounded annual returns (above peer average)03/07/2025
6Time To Buy Blackstone Mortgage Trust Stock?02/28/2025
7Blackstone Mortgage Trust (BXMT) Operating Cash Flow Comparison02/17/2025
8Blackstone Mortgage Trust (BXMT) Net Income Comparison02/15/2025
9Blackstone Mortgage Trust vs. S&P500 Correlation10/03/2024
10Blackstone Mortgage Trust Price Volatility09/24/2024
11ARTICLES 
12Small Cap Stocks Trading At 52-Week High12/04/2025

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ACLSAxcelis Technologies4.0-25.3%63.7%
COHUCohu2.4-25.2%119.0%

Top Gainers

TickerCompanyMkt Cap (B)1M RtnYTD Rtn
CRNXCrinetics Pharmaceuticals8.7141.2%79.4%
FACFactorial Energy1.0124.1%131.2%
RGNXRegenxbio0.8118.3%4.3%
MBXMBX Biosciences2.9100.6%96.6%
BLZEBackblaze0.989.0%239.9%
DFTXDefinium Therapeutics, Inc.4.880.9%229.2%
INNVInnovAge1.661.8%124.5%
BRBRBellRing Brands1.660.4%-47.8%
KYMRKymera Therapeutics11.659.8%53.2%
MNPRMonopar Therapeutics0.859.7%45.8%

Top Losers

TickerCompanyMkt Cap (B)1M RtnYTD Rtn
HTZHertz Global0.7-58.8%-59.1%
NVTSNavitas Semiconductor3.2-54.4%95.9%
RDWRedwire2.0-52.4%34.3%
PCTPureCycle Technologies1.3-48.7%-16.8%
AMPXAmprius Technologies1.6-48.0%48.5%
LUNRIntuitive Machines2.1-46.9%10.0%
HYLNHyliion0.7-46.9%120.1%
POETPOET Technologies1.2-46.6%30.6%
WOLFWolfspeed1.4-46.3%106.8%
BLDPBallard Power Systems1.0-46.1%28.7%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

BXMTSTWDARILADRFBRTBRSPMedian
NameBlacksto.Starwood.Apollo C.Ladder C.Franklin.BrightSp. 
Mkt Price17.1516.6210.239.857.835.3710.04
Mkt Cap2.96.11.41.20.60.71.3
Rev LTM585822263213499330414
Op Inc LTM----492738
FCF LTM3454202810812173115
FCF 3Y Avg387603599415395124
CFO LTM34583311610812273119
CFO 3Y Avg3877581739415395163

Growth & Margins

BXMTSTWDARILADRFBRTBRSPMedian
NameBlacksto.Starwood.Apollo C.Ladder C.Franklin.BrightSp. 
Rev Chg LTM22.5%-2.7%45.6%-18.3%-6.6%0.1%-1.3%
Rev Chg 3Y Avg-2.4%-9.3%-6.4%-13.4%7.2%-4.2%-5.3%
Rev Chg Q25.5%-4.2%-13.8%1.0%-1.9%9.6%-0.5%
QoQ Delta Rev Chg LTM5.8%-0.9%-3.5%0.2%-0.5%2.2%-0.1%
Op Inc Chg LTM-----55.5%177.0%60.8%
Op Inc Chg 3Y Avg-----9.2%-33.6%-21.4%
Op Mgn LTM----9.8%8.3%9.0%
Op Mgn 3Y Avg----18.8%1.1%10.0%
QoQ Delta Op Mgn LTM-----7.2%-1.0%-4.1%
CFO/Rev LTM59.0%101.3%44.1%50.5%24.4%22.3%47.3%
CFO/Rev 3Y Avg68.8%84.2%76.7%38.8%28.5%27.0%53.8%
FCF/Rev LTM59.0%51.1%10.5%50.5%24.3%22.3%37.4%
FCF/Rev 3Y Avg68.8%65.6%24.3%38.8%28.5%27.0%33.7%

Valuation

BXMTSTWDARILADRFBRTBRSPMedian
NameBlacksto.Starwood.Apollo C.Ladder C.Franklin.BrightSp. 
Mkt Cap2.96.11.41.20.60.71.3
P/S5.07.45.45.81.32.15.2
P/Op Inc----12.824.718.8
P/EBIT----12.8-17.4-2.3
P/E28.017.311.222.58.9-21.414.3
P/CFO8.47.312.311.55.19.28.8
Total Yield14.6%17.0%18.9%13.9%17.0%-1.4%15.8%
Dividend Yield11.1%11.2%9.9%9.5%5.8%3.2%9.7%
FCF Yield 3Y Avg11.4%9.3%3.9%7.0%16.5%12.3%10.4%
D/E5.52.15.72.57.33.94.7
Net D/E5.32.15.62.37.13.74.5

Returns

BXMTSTWDARILADRFBRTBRSPMedian
NameBlacksto.Starwood.Apollo C.Ladder C.Franklin.BrightSp. 
1M Rtn-3.9%0.3%-6.8%-1.5%-6.3%-0.3%-2.7%
3M Rtn-4.7%-0.9%-2.4%3.8%-3.9%-1.2%-1.8%
6M Rtn-6.5%-4.2%6.8%-5.3%-17.3%-2.5%-4.7%
12M Rtn-2.4%-10.2%12.3%-1.5%-18.0%17.8%-1.9%
3Y Rtn12.7%13.7%26.9%17.8%-21.0%13.6%13.6%
1M Excs Rtn-3.4%1.1%-5.3%0.1%-5.1%0.4%-1.6%
3M Excs Rtn-18.2%-14.5%-16.5%-10.5%-17.9%-15.1%-15.8%
6M Excs Rtn-16.7%-13.9%-3.1%-16.5%-28.1%-9.9%-15.2%
12M Excs Rtn-23.8%-30.3%-7.7%-22.0%-39.1%-5.1%-22.9%
3Y Excs Rtn-55.5%-54.1%-46.8%-52.4%-92.9%-57.8%-54.8%

Comparison Analyses

null

Financials

$ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
Filing Date4/29/20262/11/202610/29/20257/30/20254/30/20252/12/202510/23/20247/24/20244/24/20242/14/202410/25/20237/26/2023
Key Financials Quarterly            
Total Revenue159159133134127114110127142154165177
Net Income-640637-037-56-61-124-230102
EPS-0.040.230.370.040.000.22-0.32-0.35-0.71-0.010.170.59
Key Financials TTM            
Total Revenue TTM585553508485478493532588639671708699
Net Income TTM104110107-13-81-204-244-1585247201275
Growth Rates Quarterly            
Total Revenue Growth25.5%39.2%21.1%5.6%-10.8%-25.6%-33.7%-28.5%-18.3%-19.5%5.9%20.6%
Net Income Growth-1663.9%6.4%212.4%111.4%99.7%1664.6%-291.0%-160.1%-205.2%95.0%-71.4%9.0%
Margins Quarterly            
Net Income Margin-4.0%24.8%47.8%5.2%-0.3%32.5%-51.5%-48.2%-87.0%-1.5%17.9%57.3%
Cash & Debt            
Total Cash549453378388669323322374414350421483
Total Debt15,89416,16415,79816,57815,92915,72917,34118,37518,86819,30019,32220,039
Net Debt / (Cash)15,34415,71115,42016,19015,26015,40517,01918,00118,45418,95018,90019,556
Cash Flows Quarterly            
FCF from Operations170136-1857101858710095111112126
Cash Flows TTM            
FCF from Operations TTM345276224329372366393418444459478449
Returns to Shareholders Quarterly            
Dividends798081818181108108107107107107
Share Repurchases162160321811-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC-0.1%0.7%1.2%0.1%0.0%0.7%-1.0%-1.0%-2.0%-0.0%0.5%1.6%
Return on Invested Capital (ROIC) TTM            
ROIC TTM0.5%0.5%0.5%-0.0%-0.4%-1.0%-1.1%-0.6%0.0%1.0%0.8%1.1%

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Originates and acquires commercial mortgage loans and related investments553493671628514
Total553493671628514


Operating Income by Segment
$ Mil1998
Lending and Investment21
Advisory5
Total26


Net Income by Segment
$ Mil201420112010
Loan Origination80  
CT Legacy Portfolio20  
Balance Sheet Investment 256-191
Investment Management 25
Total100258-185


Assets by Segment
$ Mil20142011201020092008
Loan Origination4,517    
CT Legacy Portfolio72    
Balance Sheet Investment 1,3504,1091,9262,830
Investment Management 16141310
Inter-Segment  -3-2-1
Total4,5891,3664,1211,9372,839


Price Behavior

Price Behavior
Market Price$17.15 
Market Cap ($ Bil)2.9 
First Trading Date11/05/1987 
Distance from 52W High-12.8% 
   50 Days200 Days
DMA Price$17.83$17.96
DMA Trendindeterminatedown
Distance from DMA-3.8%-4.5%
 3M1YR
Volatility25.5%22.1%
Downside Capture102.3776.78
Upside Capture37.9156.14
Correlation (SPY)35.0%34.7%
BXMT Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.150.350.640.690.610.86
Up Beta-0.400.220.980.790.680.72
Down Beta-0.080.390.110.720.430.78
Up Capture10%1%22%43%45%76%
Bmk +ve Days11244067140429
Stock +ve Days8172858120370
Down Capture60%73%107%83%82%102%
Bmk -ve Days10172358112321
Stock -ve Days12223262124367

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BXMT
BXMT-4.3%22.2%-0.28-
Sector ETF (XLF)6.7%14.7%0.2242.5%
Equity (SPY)20.7%12.5%1.2235.0%
Gold (GLD)23.0%27.8%0.7312.9%
Commodities (DBC)22.9%18.6%0.97-21.6%
Real Estate (VNQ)13.6%13.8%0.6848.2%
Bitcoin (BTCUSD)-41.8%42.8%-1.1413.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BXMT
BXMT-2.4%27.7%-0.08-
Sector ETF (XLF)10.7%18.6%0.4456.6%
Equity (SPY)13.3%17.1%0.6055.4%
Gold (GLD)17.8%18.3%0.7910.1%
Commodities (DBC)7.6%19.5%0.2913.9%
Real Estate (VNQ)3.1%18.9%0.0663.9%
Bitcoin (BTCUSD)13.2%53.5%0.4321.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BXMT
BXMT4.9%32.6%0.22-
Sector ETF (XLF)14.1%22.1%0.5856.8%
Equity (SPY)15.7%17.9%0.7553.5%
Gold (GLD)11.6%16.1%0.592.9%
Commodities (DBC)6.2%18.0%0.2719.9%
Real Estate (VNQ)5.6%20.7%0.2363.9%
Bitcoin (BTCUSD)57.9%66.2%0.9813.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity7.5 Mil
Short Interest: % Change Since 53120260.7%
Average Daily Volume1.0 Mil
Days-to-Cover Short Interest7.6 days
Basic Shares Quantity169.1 Mil
Short % of Basic Shares4.4%

Returns Analyses

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/29/2026-4.6%-4.4%-8.6%
2/11/20262.0%-0.5%-5.2%
10/29/20253.5%2.4%7.3%
7/30/2025-3.8%-2.5%0.3%
4/30/20250.5%-1.4%0.7%
2/12/20251.6%9.1%6.1%
10/23/20242.6%-0.5%-0.3%
7/24/2024-11.6%-8.5%-9.1%
...
SUMMARY STATS   
# Positive141213
# Negative101211
Median Positive2.9%3.1%6.1%
Median Negative-2.9%-2.0%-5.2%
Max Positive6.0%9.1%27.6%
Max Negative-11.6%-8.5%-18.4%
 Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/29/2026-4.6%-4.4%-8.6%
2/11/20262.0%-0.5%-5.2%
10/29/20253.5%2.4%7.3%
7/30/2025-3.8%-2.5%0.3%
4/30/20250.5%-1.4%0.7%
2/12/20251.6%9.1%6.1%
10/23/20242.6%-0.5%-0.3%
7/24/2024-11.6%-8.5%-9.1%
4/24/2024-4.6%-7.8%-7.6%
2/14/20246.0%7.7%8.4%
10/25/2023-2.0%-0.7%10.4%
7/26/20235.0%1.2%-5.7%
4/26/20234.9%3.8%6.9%
2/8/2023-4.2%-6.3%-18.4%
10/26/20222.9%4.0%3.5%
7/27/20222.9%2.5%1.6%
4/27/2022-1.2%-0.3%-1.8%
2/9/20223.3%3.7%1.8%
10/27/2021-0.2%0.6%-2.3%
7/28/20210.5%2.6%3.2%
4/28/2021-1.6%-3.3%-3.5%
2/10/2021-1.7%-1.1%10.3%
10/29/20204.8%5.9%27.6%
7/29/20202.7%0.1%-0.0%
SUMMARY STATS   
# Positive141213
# Negative101211
Median Positive2.9%3.1%6.1%
Median Negative-2.9%-2.0%-5.2%
Max Positive6.0%9.1%27.6%
Max Negative-11.6%-8.5%-18.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/29/202610-Q
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/12/202510-K
09/30/202410/23/202410-Q
06/30/202407/24/202410-Q
03/31/202404/24/202410-Q
12/31/202302/14/202410-K
09/30/202310/25/202310-Q
06/30/202307/26/202310-Q
03/31/202304/26/202310-Q
12/31/202202/08/202310-K
09/30/202210/26/202210-Q
06/30/202207/27/202210-Q
03/31/202204/27/202210-Q
 Collapse to Preview
Report DateFiling DateFiling
03/31/202604/29/202610-Q
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/12/202510-K
09/30/202410/23/202410-Q
06/30/202407/24/202410-Q
03/31/202404/24/202410-Q
12/31/202302/14/202410-K
09/30/202310/25/202310-Q
06/30/202307/26/202310-Q
03/31/202304/26/202310-Q
12/31/202202/08/202310-K
09/30/202210/26/202210-Q
06/30/202207/27/202210-Q
03/31/202204/27/202210-Q
12/31/202102/09/202210-K
09/30/202110/27/202110-Q
06/30/202107/28/202110-Q
03/31/202104/28/202110-Q
12/31/202002/10/202110-K
09/30/202010/29/202010-Q
06/30/202007/29/202010-Q
03/31/202004/28/202010-Q
12/31/201902/11/202010-K
09/30/201910/23/201910-Q
06/30/201907/23/201910-Q
03/31/201904/23/201910-Q

Insider Activity

Updated 7/1/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Pena, Fernando AustinPresidentDirectSell701202617.071,67028,5091,244,481Form
2Pena, Fernando AustinPresidentDirectSell629202617.482,39841,9171,303,466Form
3Urbaszek, MarcinChief Financial OfficerDirectSell618202618.351,35224,809455,520Form
4Pena, Fernando AustinPresidentDirectSell401202618.881,66631,4591,453,352Form
5Urbaszek, MarcinChief Financial OfficerDirectSell318202619.134528,647500,747Form
 Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Pena, Fernando AustinPresidentDirectSell701202617.071,67028,5091,244,481Form
2Pena, Fernando AustinPresidentDirectSell629202617.482,39841,9171,303,466Form
3Urbaszek, MarcinChief Financial OfficerDirectSell618202618.351,35224,809455,520Form
4Pena, Fernando AustinPresidentDirectSell401202618.881,66631,4591,453,352Form
5Urbaszek, MarcinChief Financial OfficerDirectSell318202619.134528,647500,747Form
6Pena, Fernando AustinPresidentDirectSell102202619.243,13160,2341,512,734Form
7Urbaszek, MarcinDeputy Chief Financial OfficerDirectSell1217202520.294008,116540,285Form
8Marone, Anthony F JRChief Financial OfficerDirectSell1217202520.311,01220,5561,533,594Form
9Marone, Anthony F JRChief Financial OfficerDirectSell1202202519.385069,8041,202,490Form
10Marone, Anthony F JRChief Financial OfficerDirectSell918202519.481,00619,6001,219,076Form
11Keenan, Katharine ACEO & PresidentDirectSell918202519.494,59389,5294,483,392Form
12Urbaszek, MarcinDeputy Chief Financial OfficerDirectSell918202519.503987,761227,974Form
13Marone, Anthony F JRChief Financial OfficerDirectSell903202519.275069,7481,224,792Form
14Keenan, Katharine ACEO & PresidentDirectSell903202519.252,31544,5724,516,875Form

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Core Cache Last Updated: 7/7/2026