Blackstone Mortgage Trust Inc BXMT

FinancialsResidential & Commercial REITsUnited States of America

Last close 10.87 USD on Nov 1, 2026, −37.0% year to date

Quant rating

Quant rating C Rank 511 of 799 in Financials

Growth B 256 of 799
Valuation A 59 of 799
Quality C 356 of 799
Revisions C 498 of 799
Momentum D 774 of 799

Wall Street consensus Buy (2.22)Average target 15.51 USD +42.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.8B
Enterprise value: 17.2B
52-week range: 10.12 – 20.66
3-year range: 10.12 – 23.11
Dividend yield: 15.55%
Beta (5 years): 0.94
Shares outstanding: 166M
Next earnings: Feb 11, 2027

About the company

Blackstone Mortgage Trust, Inc. is a real estate finance company that originates, acquires and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia. The Company’s investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income. Its portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These loans are financed in a variety of ways, depending on its view of the most prudent strategy available for each of its investments. It conducts its operations as a real estate investment trust for the United States federal income tax purposes. The Company is externally managed by BXMT Advisors L.L.C.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,541	1,782	2,038	1,339	855	–
Revenue growth	−13.5%	−12.5%	52.2%	56.7%	9.6%	14.6%
EPS (basic, normalized)	−1.43	−0.03	3.05	2.87	2.62	–
EPS growth	–	–	6.3%	9.5%	–	–
Gross margin	31.5%	23.4%	27.1%	38.7%	49.8%	34.1%
Net margin	7.1%	−11.5%	12.1%	18.6%	49.0%	15.1%
ROE	3.0%	−5.0%	5.5%	5.5%	9.9%	3.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	433
Current ratio	–
Long-term debt (mil)	15,813
Net debt (mil)	15,385
Total equity (mil)	3,262
Net debt / equity	4.72x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,541	−13.5%	11.2x	–	–	–	−1.43	−4,666.7%	−7.6x
2026	364	−76.4%	47.3x	467	–	36.9x	1.11	+177.6%	9.8x
2027	364	+0.3%	47.2x	922	+97.4%	18.7x	1.34	+20.7%	8.1x
2028	345	−5.4%	49.9x	1,036	+12.4%	16.6x	1.54	+15.0%	7.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	364	−3.1%	−12.1%	−14.8%	1.11	+7.3%	−2.7%	−19.7%
2027	364	−5.0%	−0.1%	−10.9%	1.34	−5.9%	−16.3%	−26.2%
2028	345	−7.2%	+20.9%	–	1.54	−14.5%	−14.5%	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	142	127	108	102	89.8	94.8	98.9	83.9	84.8	82.6
Sales mean (mil)	147	132	115	111	107	109	115	114	101	97.5
Surprise	−3.3%	−3.7%	−6.1%	−8.2%	−16.1%	−12.9%	−14.3%	−26.2%	−16.2%	−15.3%
EPS reported	0.33	0.49	0.39	−1.25	0.17	0.19	0.24	−2.07	0.21	0.31
EPS mean	0.43	0.48	0.31	−1.03	0.07	0.26	0.27	0.26	0.34	0.35
Surprise	−24.0%	+2.3%	+27.3%	−21.4%	+128.8%	−28.1%	−12.0%	−888.6%	−37.4%	−12.1%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BXMT Blackstone Mortgage Trust Inc	1.8B	–	7.1%	0.57x	9.8x	8.1x	36.9x	18.7x
NLY Annaly Capital Management, Inc.	14.4B	–	26.2%	0.90x	5.8x	5.9x	24.0x	19.4x
AGNC AGNC Investment Corp.	11.0B	–	32.5%	0.94x	5.6x	5.9x	63.8x	63.5x
RITM Rithm Capital Corp.	5.2B	–	11.9%	0.60x	4.0x	4.0x	–	–
STWD Starwood Property Trust Inc (Maryland)	4.5B	–	21.2%	0.70x	7.8x	6.4x	18.1x	15.7x
ARR ARMOUR Residential REIT, Inc.	1.8B	–	30.5%	0.79x	4.4x	4.5x	–	–
Mean		–	21.6%	0.75x	6.2x	5.8x	35.7x	29.3x
Median		–	23.7%	0.74x	5.7x	5.9x	30.4x	19.0x

Technical analysis

1M−7.7%
3M−31.2%
1Y−31.9%
3Y−21.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Blackstone Mortgage Trust Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,541	1,782	2,038	1,339	855	780
Cost of revenue	1,057	1,365	1,486	821	429	425
Gross profit	485	417	552	518	426	354
Selling, general & administrative expenses	260	69.1	43.9	44.3	39.4	41.9
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−8.3	2.7	–	–	–	–
Unusual expense (income)	0	−5.4	−4.6	212	−39.9	168
Other operating expenses	120	550	257	7.9	3.8	4.0
Operating income	113	−199	255	254	423	141
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	113	−199	255	254	423	141
Provision for taxes	3.7	2.4	5.4	3.0	0.4	0.3
Minority interest	−0.1	−2.3	−3.3	−2.4	−3.1	−2.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	110	−204	247	249	419	138
Extraordinary items	–	–	–	–	–	–
Net income	110	−204	247	249	419	138
EBIT, normalized	105	−202	251	466	383	308
EBITDA, normalized	–	–	–	–	–	–
Basic EPS, normalized	−1.43	−0.03	3.05	2.87	2.62	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Blackstone Mortgage Trust Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	453	323	350	291	551	290
Receivables	133	160	215	190	86.1	66.8
Total inventory	–	–	–	–	–	–
Prepaid expenses	28.4	114	153	69.6	78.6	74.6
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	1,135	588	–	–	–	–
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	217	4.5	–	0	78.1	77.4
Note receivable	17,842	18,448	23,212	24,693	21,879	16,400
Other long-term assets	809	762	824	661	746	481
Total assets	20,003	19,802	24,036	25,354	22,703	16,959
Liabilities
Accounts payable	14.7	13.8	7.3	9.7	9.0	2.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	75.3	96.4	124	114	58.2	39.7
Short-term debt	11.7	3.7	13.5	60.6	47.7	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	16,152	15,725	19,286	20,383	17,853	12,852
Minority interest	5.5	6.9	19.8	25.4	30.5	18.2
Other liabilities	347	283	363	427	231	202
Total liabilities	16,504	16,015	19,668	20,835	18,115	13,073
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.7	1.7	1.7	1.7	1.7	1.5
Additional paid-in capital	5,431	5,511	5,507	5,476	5,373	4,703
Retained earnings (accumulated deficit)	−1,945	−1,734	−1,151	−969	−795	−829
Treasury stock	–	–	–	–	–	–
Other equity	12.1	8.3	9.5	10.0	8.3	11.2
Total equity	3,499	3,787	4,368	4,519	4,588	3,886
Total liabilities & shareholders' equity	20,003	19,802	24,036	25,354	22,703	16,959

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Blackstone Mortgage Trust Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	110	−202	250	251	422	140
Depreciation, depletion & amortization	68.8	9.4	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	77.5	518	223	193	−43.0	199
Changes in working capital	19.9	40.6	−14.4	−47.4	3.2	−3.0
Cash from operations	276	366	459	397	382	337
Investing activities
Capital expenditures	−12.8	−0.6	–	–	–	–
Other investing cash flows	372	3,498	1,444	−3,254	−5,627	−88.3
Cash from investing	359	3,497	1,444	−3,254	−5,627	−88.3
Financing activities
Financing cash flow items	−55.3	−46.0	−32.2	−53.5	−34.4	−53.9
Cash dividends paid	−323	−404	−427	−421	−371	−349
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−136	−3,433	−1,389	3,082	5,913	292
Cash from financing	−514	−3,883	−1,848	2,607	5,508	−111
Foreign exchange effects	8.2	−7.4	3.7	−10.3	−2.1	2.3
Net change in cash	129	−26.5	58.7	−260	261	140
Free cash flow	263	366	459	397	382	337

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.