Blackstone Mortgage Trust (BXMT)
Market Price (8/1/2026): $14.6 | Market Cap: $2.5 BilSector: Financials | Industry: Mortgage REITs
Blackstone Mortgage Trust (BXMT)
Market Price (8/1/2026): $14.6Market Cap: $2.5 BilSector: FinancialsIndustry: Mortgage REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.2%, FCF Yield is 14% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 58% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Sustainable & Green Buildings. Themes include Private Credit, and ESG REITs. | Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -79% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 626% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 159x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.6% Short seller reportMuddy Waters Research report on 12/6/2023. Key risksBXMT key risks include [1] deteriorating credit quality and a concentration of high-risk loans in its U.S. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.2%, FCF Yield is 14% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 58% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Sustainable & Green Buildings. Themes include Private Credit, and ESG REITs. |
| Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -79% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 626% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 159x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.6% |
| Short seller reportMuddy Waters Research report on 12/6/2023. |
| Key risksBXMT key risks include [1] deteriorating credit quality and a concentration of high-risk loans in its U.S. Show more. |
Qualitative Assessment
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Blackstone Mortgage Trust (BXMT) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Blackstone Mortgage Trust reported a significant GAAP net loss in fiscal Q2 2026 (ended June 30, 2026), alongside a notable decline in book value. The company recorded a GAAP net loss of $0.48 per share for the quarter, including $29 million in realized losses primarily from the foreclosure of an impaired Dallas multifamily loan. Additionally, book value per share decreased by 4% from the prior quarter to $19.31, largely driven by an $0.80 per share increase in Current Expected Credit Loss (CECL) reserves, which totaled $2.43 per share at quarter-end.
2. Deteriorating credit quality in the office sector and broader commercial real estate headwinds led to specific loan impairments and increased credit provisions. BXMT recorded three new loan impairments during fiscal Q2 2026, with the most significant being a $345 million Chicago office loan that defaulted in June 2026 due to challenging market conditions and elevated interest rates. Despite efforts to reduce office exposure by 50% since 2019, approximately $1 billion of the company's $2 billion watchlist loans are concentrated in stressed office properties. The overall U.S. commercial real estate market experienced continued pressure in Q2 2026, particularly a "flight-to-quality" trend in the office sector, which accelerated obsolescence for older, commodity-grade assets.
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Blackstone Mortgage Trust (BXMT) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Blackstone Mortgage Trust reported a significant GAAP net loss in fiscal Q2 2026 (ended June 30, 2026), alongside a notable decline in book value. The company recorded a GAAP net loss of $0.48 per share for the quarter, including $29 million in realized losses primarily from the foreclosure of an impaired Dallas multifamily loan. Additionally, book value per share decreased by 4% from the prior quarter to $19.31, largely driven by an $0.80 per share increase in Current Expected Credit Loss (CECL) reserves, which totaled $2.43 per share at quarter-end.
2. Deteriorating credit quality in the office sector and broader commercial real estate headwinds led to specific loan impairments and increased credit provisions. BXMT recorded three new loan impairments during fiscal Q2 2026, with the most significant being a $345 million Chicago office loan that defaulted in June 2026 due to challenging market conditions and elevated interest rates. Despite efforts to reduce office exposure by 50% since 2019, approximately $1 billion of the company's $2 billion watchlist loans are concentrated in stressed office properties. The overall U.S. commercial real estate market experienced continued pressure in Q2 2026, particularly a "flight-to-quality" trend in the office sector, which accelerated obsolescence for older, commodity-grade assets.
3. The sustained elevated interest rate environment continued to pressure commercial mortgage REITs and specific loan performance. Higher interest rates have generally increased the cost of financing for REITs and made their dividend yields less compelling compared to rising long-term Treasuries. This macroeconomic factor directly impacted a subset of BXMT's watchlist loans, predominantly office assets, contributing to the need for increased credit reserves and loan impairments throughout the quarter. The broader commercial real estate market in 2026 has seen investors prioritize more disciplined acquisition strategies and stronger emphasis on cash flow due to the higher rate environment.
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Stock Movement Drivers
Fundamental Drivers
The -21.3% change in BXMT stock from 4/30/2026 to 7/31/2026 was primarily driven by a -85.7% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 7312026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.48 | 14.54 | -21.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 585 | 609 | 4.1% |
| Net Income Margin (%) | 17.7% | 2.5% | -85.7% |
| P/E Multiple | 30.1 | 159.1 | 427.9% |
| Shares Outstanding (Mil) | 169 | 169 | 0.1% |
| Cumulative Contribution | -21.3% |
Market Drivers
4/30/2026 to 7/31/2026| Return | Correlation | |
|---|---|---|
| BXMT | -21.3% | |
| Market (SPY) | 3.9% | 4.7% |
| Sector (XLF) | 9.2% | 33.1% |
Fundamental Drivers
The -20.4% change in BXMT stock from 1/31/2026 to 7/31/2026 was primarily driven by a -88.0% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 7312026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.27 | 14.54 | -20.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 508 | 609 | 20.0% |
| Net Income Margin (%) | 21.1% | 2.5% | -88.0% |
| P/E Multiple | 29.3 | 159.1 | 443.3% |
| Shares Outstanding (Mil) | 172 | 169 | 1.7% |
| Cumulative Contribution | -20.4% |
Market Drivers
1/31/2026 to 7/31/2026| Return | Correlation | |
|---|---|---|
| BXMT | -20.4% | |
| Market (SPY) | 8.3% | 29.2% |
| Sector (XLF) | 7.1% | 40.0% |
Fundamental Drivers
The -12.9% change in BXMT stock from 7/31/2025 to 7/31/2026 was primarily driven by a -31.9% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 7312026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.70 | 14.54 | -12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 485 | 609 | 25.7% |
| P/S Multiple | 5.9 | 4.0 | -31.9% |
| Shares Outstanding (Mil) | 172 | 169 | 1.7% |
| Cumulative Contribution | -12.9% |
Market Drivers
7/31/2025 to 7/31/2026| Return | Correlation | |
|---|---|---|
| BXMT | -12.9% | |
| Market (SPY) | 19.2% | 27.5% |
| Sector (XLF) | 10.0% | 37.9% |
Fundamental Drivers
The -12.6% change in BXMT stock from 7/31/2023 to 7/31/2026 was primarily driven by a -93.6% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 7312026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.63 | 14.54 | -12.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 699 | 609 | -12.8% |
| Net Income Margin (%) | 39.4% | 2.5% | -93.6% |
| P/E Multiple | 10.4 | 159.1 | 1425.1% |
| Shares Outstanding (Mil) | 173 | 169 | 2.2% |
| Cumulative Contribution | -12.6% |
Market Drivers
7/31/2023 to 7/31/2026| Return | Correlation | |
|---|---|---|
| BXMT | -12.6% | |
| Market (SPY) | 68.9% | 46.3% |
| Sector (XLF) | 68.4% | 49.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BXMT Return | 20% | -24% | 13% | -8% | 21% | -18% | -5% |
| Peers Return | 26% | -14% | 26% | -4% | 8% | -6% | 32% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| BXMT Win Rate | 67% | 58% | 50% | 58% | 58% | 29% | |
| Peers Win Rate | 50% | 43% | 53% | 50% | 55% | 29% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| BXMT Max Drawdown | -13% | -30% | -30% | -22% | -17% | -24% | |
| Peers Max Drawdown | -15% | -30% | -26% | -17% | -20% | -15% | |
| 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 7/31/2026 (YTD)
How Low Can It Go
| Event | BXMT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.8% | -18.8% |
| % Gain to Breakeven | 17.4% | 23.1% |
| Time to Breakeven | 85 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 18 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.7% | -6.7% |
| % Gain to Breakeven | 32.8% | 7.1% |
| Time to Breakeven | 115 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.2% | -24.5% |
| % Gain to Breakeven | 33.7% | 32.4% |
| Time to Breakeven | 1281 days | 427 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.4% | -12.2% |
| % Gain to Breakeven | 25.7% | 13.9% |
| Time to Breakeven | 83 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -12.3% | -6.8% |
| % Gain to Breakeven | 14.0% | 7.3% |
| Time to Breakeven | 21 days | 15 days |
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.
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| Event | BXMT | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.7% | -6.7% |
| % Gain to Breakeven | 32.8% | 7.1% |
| Time to Breakeven | 115 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.2% | -24.5% |
| % Gain to Breakeven | 33.7% | 32.4% |
| Time to Breakeven | 1281 days | 427 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.4% | -12.2% |
| % Gain to Breakeven | 25.7% | 13.9% |
| Time to Breakeven | 83 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -44.1% | -17.9% |
| % Gain to Breakeven | 78.9% | 21.8% |
| Time to Breakeven | 141 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -43.9% | -15.4% |
| % Gain to Breakeven | 78.3% | 18.2% |
| Time to Breakeven | 284 days | 125 days |
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.
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Here are 1-2 brief analogies for Blackstone Mortgage Trust (BXMT):
- It's like JPMorgan Chase, but specializing solely in large loans for commercial properties like office buildings, hotels, and shopping centers.
- 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.
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- Senior Commercial Real Estate Loans: Blackstone Mortgage Trust originates senior loans collateralized by commercial properties in North America, Europe, and Australia.
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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:
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Real Estate Developers: Companies involved in the construction, redevelopment, or repositioning of commercial properties (e.g., office buildings, multi-family residential, industrial, retail).
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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.
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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.
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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.
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The key risks to Blackstone Mortgage Trust (BXMT) include:
- 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.
- 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.
- 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.
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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.
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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.
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Blackstone Mortgage Trust (BXMT) is focusing on several key initiatives to drive future revenue growth over the next two to three years:
- 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.
- 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.
- 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.
- 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.
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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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 8.57 |
| Mkt Cap | 1.1 |
| Rev LTM | 411 |
| Op Inc LTM | 12 |
| FCF LTM | 130 |
| FCF 3Y Avg | 142 |
| CFO LTM | 137 |
| CFO 3Y Avg | 164 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.0% |
| Rev Chg 3Y Avg | -5.9% |
| Rev Chg Q | -2.4% |
| QoQ Delta Rev Chg LTM | -0.6% |
| Op Inc Chg LTM | -83.6% |
| Op Inc Chg 3Y Avg | -49.9% |
| Op Mgn LTM | 2.9% |
| Op Mgn 3Y Avg | 8.9% |
| QoQ Delta Op Mgn LTM | -5.9% |
| CFO/Rev LTM | 46.2% |
| CFO/Rev 3Y Avg | 59.2% |
| FCF/Rev LTM | 40.1% |
| FCF/Rev 3Y Avg | 41.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Originates and acquires commercial mortgage loans and related investments | 553 | 493 | 671 | 628 | 514 |
| Total | 553 | 493 | 671 | 628 | 514 |
| $ Mil | 1998 |
|---|---|
| Lending and Investment | 21 |
| Advisory | 5 |
| Total | 26 |
| $ Mil | 2014 | 2011 | 2010 |
|---|---|---|---|
| Loan Origination | 80 | ||
| CT Legacy Portfolio | 20 | ||
| Balance Sheet Investment | 256 | -191 | |
| Investment Management | 2 | 5 | |
| Total | 100 | 258 | -185 |
| $ Mil | 2014 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|
| Loan Origination | 4,517 | ||||
| CT Legacy Portfolio | 72 | ||||
| Balance Sheet Investment | 1,350 | 4,109 | 1,926 | 2,830 | |
| Investment Management | 16 | 14 | 13 | 10 | |
| Inter-Segment | -3 | -2 | -1 | ||
| Total | 4,589 | 1,366 | 4,121 | 1,937 | 2,839 |
Price Behavior
| Market Price | $14.54 | |
| Market Cap ($ Bil) | 2.5 | |
| First Trading Date | 11/05/1987 | |
| Distance from 52W High | -26.1% | |
| 50 Days | 200 Days | |
| DMA Price | $17.19 | $17.92 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -15.4% | -18.9% |
| 3M | 1YR | |
| Volatility | 28.9% | 23.8% |
| Downside Capture | 88.52 | 71.53 |
| Upside Capture | -34.30 | 40.89 |
| Correlation (SPY) | 6.2% | 28.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.64 | -0.12 | 0.10 | 0.56 | 0.51 | 0.83 |
| Up Beta | -4.81 | -1.78 | -1.10 | 0.28 | 0.37 | 0.68 |
| Down Beta | 1.03 | 0.21 | 0.52 | 0.66 | 0.50 | 0.78 |
| Up Capture | -109% | -41% | -28% | 26% | 31% | 58% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 18 | 27 | 59 | 119 | 371 |
| Down Capture | 120% | 85% | 89% | 97% | 79% | 102% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 24 | 34 | 63 | 125 | 368 |
[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 | -13.7% | 23.8% | -0.68 | - |
| Sector ETF (XLF) | 9.4% | 14.8% | 0.39 | 38.0% |
| Equity (SPY) | 18.8% | 12.9% | 1.07 | 27.6% |
| Gold (GLD) | 23.6% | 28.1% | 0.74 | 9.9% |
| Commodities (DBC) | 30.2% | 19.7% | 1.22 | -20.7% |
| Real Estate (VNQ) | 13.7% | 13.9% | 0.69 | 46.6% |
| Bitcoin (BTCUSD) | -44.8% | 42.9% | -1.26 | 10.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BXMT | |
|---|---|---|---|---|
| BXMT | -4.9% | 27.9% | -0.17 | - |
| Sector ETF (XLF) | 11.3% | 18.4% | 0.47 | 55.3% |
| Equity (SPY) | 12.6% | 17.1% | 0.56 | 54.0% |
| Gold (GLD) | 17.1% | 18.5% | 0.75 | 9.8% |
| Commodities (DBC) | 9.0% | 19.5% | 0.35 | 12.5% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 63.4% |
| Bitcoin (BTCUSD) | 14.2% | 53.3% | 0.45 | 21.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BXMT | |
|---|---|---|---|---|
| BXMT | 2.5% | 32.7% | 0.15 | - |
| Sector ETF (XLF) | 13.6% | 22.0% | 0.56 | 56.4% |
| Equity (SPY) | 15.0% | 17.9% | 0.71 | 52.9% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 2.9% |
| Commodities (DBC) | 7.3% | 18.0% | 0.32 | 19.3% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 63.8% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 13.7% |
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Returns Analyses
Earnings Returns History
Updated 7/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -4.6% | -4.4% | -8.6% |
| 2/11/2026 | 2.0% | -0.5% | -5.2% |
| 10/29/2025 | 3.5% | 2.4% | 7.3% |
| 7/30/2025 | -3.8% | -2.5% | 0.3% |
| 4/30/2025 | 0.5% | -1.4% | 0.7% |
| 2/12/2025 | 1.6% | 9.1% | 6.1% |
| 10/23/2024 | 2.6% | -0.5% | -0.3% |
| 7/24/2024 | -11.6% | -8.5% | -9.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 13 |
| # Negative | 10 | 12 | 11 |
| Median Positive | 2.9% | 3.1% | 6.1% |
| Median Negative | -2.9% | -2.0% | -5.2% |
| Max Positive | 6.0% | 9.1% | 27.6% |
| Max Negative | -11.6% | -8.5% | -18.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -4.6% | -4.4% | -8.6% |
| 2/11/2026 | 2.0% | -0.5% | -5.2% |
| 10/29/2025 | 3.5% | 2.4% | 7.3% |
| 7/30/2025 | -3.8% | -2.5% | 0.3% |
| 4/30/2025 | 0.5% | -1.4% | 0.7% |
| 2/12/2025 | 1.6% | 9.1% | 6.1% |
| 10/23/2024 | 2.6% | -0.5% | -0.3% |
| 7/24/2024 | -11.6% | -8.5% | -9.1% |
| 4/24/2024 | -4.6% | -7.8% | -7.6% |
| 2/14/2024 | 6.0% | 7.7% | 8.4% |
| 10/25/2023 | -2.0% | -0.7% | 10.4% |
| 7/26/2023 | 5.0% | 1.2% | -5.7% |
| 4/26/2023 | 4.9% | 3.8% | 6.9% |
| 2/8/2023 | -4.2% | -6.3% | -18.4% |
| 10/26/2022 | 2.9% | 4.0% | 3.5% |
| 7/27/2022 | 2.9% | 2.5% | 1.6% |
| 4/27/2022 | -1.2% | -0.3% | -1.8% |
| 2/9/2022 | 3.3% | 3.7% | 1.8% |
| 10/27/2021 | -0.2% | 0.6% | -2.3% |
| 7/28/2021 | 0.5% | 2.6% | 3.2% |
| 4/28/2021 | -1.6% | -3.3% | -3.5% |
| 2/10/2021 | -1.7% | -1.1% | 10.3% |
| 10/29/2020 | 4.8% | 5.9% | 27.6% |
| 7/29/2020 | 2.7% | 0.1% | -0.0% |
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 13 |
| # Negative | 10 | 12 | 11 |
| Median Positive | 2.9% | 3.1% | 6.1% |
| Median Negative | -2.9% | -2.0% | -5.2% |
| Max Positive | 6.0% | 9.1% | 27.6% |
| Max Negative | -11.6% | -8.5% | -18.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/09/2022 | 10-K |
| 09/30/2021 | 10/27/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/10/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 04/28/2020 | 10-Q |
| 12/31/2019 | 02/11/2020 | 10-K |
| 09/30/2019 | 10/23/2019 | 10-Q |
Insider Activity
Updated 7/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pena, Fernando Austin | President | Direct | Sell | 7012026 | 17.07 | 1,670 | 28,509 | 1,244,481 | Form |
| 2 | Pena, Fernando Austin | President | Direct | Sell | 6292026 | 17.48 | 2,398 | 41,917 | 1,303,466 | Form |
| 3 | Urbaszek, Marcin | Chief Financial Officer | Direct | Sell | 6182026 | 18.35 | 1,352 | 24,809 | 455,520 | Form |
| 4 | Pena, Fernando Austin | President | Direct | Sell | 4012026 | 18.88 | 1,666 | 31,459 | 1,453,352 | Form |
| 5 | Urbaszek, Marcin | Chief Financial Officer | Direct | Sell | 3182026 | 19.13 | 452 | 8,647 | 500,747 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pena, Fernando Austin | President | Direct | Sell | 7012026 | 17.07 | 1,670 | 28,509 | 1,244,481 | Form |
| 2 | Pena, Fernando Austin | President | Direct | Sell | 6292026 | 17.48 | 2,398 | 41,917 | 1,303,466 | Form |
| 3 | Urbaszek, Marcin | Chief Financial Officer | Direct | Sell | 6182026 | 18.35 | 1,352 | 24,809 | 455,520 | Form |
| 4 | Pena, Fernando Austin | President | Direct | Sell | 4012026 | 18.88 | 1,666 | 31,459 | 1,453,352 | Form |
| 5 | Urbaszek, Marcin | Chief Financial Officer | Direct | Sell | 3182026 | 19.13 | 452 | 8,647 | 500,747 | Form |
| 6 | Pena, Fernando Austin | President | Direct | Sell | 1022026 | 19.24 | 3,131 | 60,234 | 1,512,734 | Form |
| 7 | Urbaszek, Marcin | Deputy Chief Financial Officer | Direct | Sell | 12172025 | 20.29 | 400 | 8,116 | 540,285 | Form |
| 8 | Marone, Anthony F JR | Chief Financial Officer | Direct | Sell | 12172025 | 20.31 | 1,012 | 20,556 | 1,533,594 | Form |
| 9 | Marone, Anthony F JR | Chief Financial Officer | Direct | Sell | 12022025 | 19.38 | 506 | 9,804 | 1,202,490 | Form |
| 10 | Marone, Anthony F JR | Chief Financial Officer | Direct | Sell | 9182025 | 19.48 | 1,006 | 19,600 | 1,219,076 | Form |
| 11 | Keenan, Katharine A | CEO & President | Direct | Sell | 9182025 | 19.49 | 4,593 | 89,529 | 4,483,392 | Form |
| 12 | Urbaszek, Marcin | Deputy Chief Financial Officer | Direct | Sell | 9182025 | 19.50 | 398 | 7,761 | 227,974 | Form |
| 13 | Marone, Anthony F JR | Chief Financial Officer | Direct | Sell | 9032025 | 19.27 | 506 | 9,748 | 1,224,792 | Form |
| 14 | Keenan, Katharine A | CEO & President | Direct | Sell | 9032025 | 19.25 | 2,315 | 44,572 | 4,516,875 | Form |
Investor Activity (13F)
Updated Aug 1, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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