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Blackstone Mortgage Trust, Inc.

BXMT Real Estate Reit Mortgage

Blackstone Mortgage Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, down 13.5% from fiscal 2024.

Revenue
−5.69%
EPS
−627.2%
Free cash flow
+3.93%
Total debt
−8.52%

Quarter to September 2026, against a year earlier

11.22 0.22 +2.00%
Market cap
$1.8B
P/E
0.0×
Fwd P/E
−55.9×
Dividend yield
16.8%
F-score
n/a
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.14
Sold, $m 0.26
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell 3 — — 1 — — 3 — — 3 — —
Insider Ownership 7.85%

Capital & Financial Ratios $m

Size
Market Cap 1,830.00
Revenue ttm 1,517.74
Net income ttm (375.62)
Free cash flow ttm 314.56
Net debt Q 13,633.80
Valuation
P/E 0.00
Forward P/E (55.90) (negative: loss-making)
Price / sales 1.24
Forward P/S Powerpack
Price / FCF 5.99
Price / book 0.66
Financial health
Current ratio Q 0.00
Debt / equity Q 4.98
Interest coverage Q 1.15
Growth
Revenue growth Q −5.69% (below 0%: shrinking)
Operating income growth Q −18.77% (below 0%: shrinking)
EPS, this year +178.15% (at or above 15%: strong)
EPS, next year A +24.51% (at or above 15%: strong)
Revenue, next year A −79.14% (below 0%: weak)
EPS, past 5 yrs −7.98% (below 0%: weak)
EPS, next 5 yrs A −15.74% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.2×, against a ten-year median of 18.5×; over the ten years it ranged from 10.2× in 2026 to 27.1× in 2021.
P/S against its own 10 years 0.77%
10-year low 10-year high
P/B against its own 10 years 2.09%
10-year low 10-year high
EV/Sales against its own 10 years 0.77%
10-year low 10-year high
EV/FCF against its own 10 years 39.06%
10-year low 10-year high

Dividends

Yield
16.8%
Annual rate
1.88
Payout ratio
2,088.9%
Growth, 2016–25
−3.03%/yr
  1. 2.48 ’16
  2. 2.48 ’17 +0%
  3. 2.48 ’18 +0%
  4. 2.48 ’19 +0%
  5. 2.48 ’20 +0%
  6. 2.48 ’21 +0%
  7. 2.48 ’22 +0%
  8. 2.48 ’23 +0%
  9. 2.18 ’24 −12%
  10. 1.88 ’25 −14%
  11. 1.71 ’26e −9%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 350 323 453 512
Receivables — — — —
Inventory — — — —
Other — — — —
23,560 18,637 18,237 15,094
2023 2024 2025 2026 Q'16
Payables — — — — 100
ST’ Debt — — — — —
Other — — — — —
— — — — 100

Compound Annual Growth %

10y 5y 3y
Sales 14.14% 14.60% 4.80%
Cash Flow 4.87% (3.90%) (11.41%)
Earnings (5.69%) (4.46%) (23.90%)
Book Value 3.41% (2.14%) (8.30%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.26 Actual 0.42

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.22 0.51 Beat by 0.29
Q1 FY26 0.38 0.49 Beat by 0.11
Q2 FY26 0.38 0.48 Beat by 0.10
Q3 FY26 0.26 0.42 Beat by 0.16
Q4 FY26 0.30 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.04) (0.48) (1.95) — —
’25 0.00 0.04 0.37 0.24 0.64
’24 (0.71) (0.35) (0.32) 0.21 (1.17)
’23 0.67 0.58 0.17 (0.01) 1.43
’22 0.58 0.54 0.59 (0.28) 1.46
’21 0.54 0.89 0.56 0.76 2.77
’20 (0.39) 0.13 0.61 0.57 0.97
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 380 385 358 — —
’25 369 398 380 394 1,541
’24 486 466 431 399 1,782
’23 491 522 519 505 2,038
’22 234 284 359 462 1,339
’21 188 196 200 271 855
’20 205 192 194 189 780
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 170 65 (18) — —
’25 101 57 (18) 136 276
’24 95 100 87 85 366
’23 110 126 112 111 459
’22 90 93 83 130 397
’21 83 82 90 127 382
’20 69 107 86 75 337
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 159 57 (33) — —
’25 96 55 (20) 132 263
’24 95 100 87 84 366
’23 110 126 112 111 459
’22 90 93 83 130 397
’21 83 82 90 127 382
’20 69 107 86 75 337
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 498 538 756 883 780 855 1,339 2,038 1,782 1,541 1,518 +13.4% 322 314 285 (43.0%)
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 98.76 86.01 78.72 (14.0) pt
EBT 247 218 286 307 141 423 254 255 (199) 113 (370) (8.3%)
EBT margin, % 49.53 40.58 37.84 34.77 18.05 49.46 18.97 12.53 (11.19) 7.35 (24.39) (42.2) pt
Net income 246 218 286 307 140 422 251 250 (202) 110 (376) (8.6%)
Per share, $
Per share, $ Revenue 5.29 5.61 6.64 6.79 5.50 5.64 7.85 11.80 10.25 9.02 9.04 +6.1%
Earnings 2.53 2.27 2.50 2.35 0.97 2.77 1.46 1.43 (1.17) 0.64 (2.23) (14.2%)
Cash flow 2.51 2.37 2.55 2.34 2.37 2.52 2.33 2.66 2.11 1.61 2.10 (4.8%)
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.07) (0.23) n/m
Free cash flow 2.51 2.37 2.55 2.34 2.37 2.52 2.33 2.66 2.11 1.54 1.87 (5.3%)
Book value 26.48 30.40 29.64 29.09 27.53 30.48 26.63 25.41 21.83 20.50 16.91 (2.8%)
Shares, m 94 96 114 130 142 152 171 173 174 171 169 +6.9%
Valuation, ×
Valuation, × P/E 12.02 14.02 12.74 15.77 29.92 11.13 14.70 14.98 0.00 29.52 0.00 15.5
P/S 5.78 5.68 4.80 5.49 5.01 5.43 2.73 1.81 1.70 2.12 1.24 4.1
P/B 1.15 1.05 1.07 1.28 1.00 1.00 0.81 0.84 0.80 0.93 0.66 1.0
EV/Sales 18.14 18.87 19.16 19.58 21.12 25.67 17.74 11.11 10.34 12.28 10.22 17.4
EV/FCF 38.16 44.63 49.95 56.84 48.92 57.37 59.86 49.33 50.28 71.95 49.33 52.7
Cash, $m
Cash, $m Operating cash flow 237 227 290 304 337 382 397 459 366 276 353 +1.7%
Capex — — — — — — — — (1) (13) (38) +2,064.9%
Free cash flow 237 227 290 304 337 382 397 459 366 263 315 +1.2%
Balance, $m
Balance, $m Working capital 8,769 10,159 14,297 16,315 16,689 22,429 24,983 23,560 18,637 18,237 15,094 +8.5%
Net debt 6,156 7,098 10,859 12,441 12,562 17,302 20,092 18,936 15,401 15,660 13,634 +10.9%
Shareholders’ equity 2,494 2,917 3,375 3,785 3,904 4,619 4,544 4,388 3,794 3,504 2,840 +3.9%
Returns, %
Returns, % ROA 2.62 2.28 2.31 1.97 0.82 2.11 1.03 1.00 (0.93) 0.55 (2.02) (2.1) pt
ROIC 2.99 2.83 2.84 2.95 2.49 2.06 2.98 5.00 5.31 3.93 4.09 +0.9 pt
ROE 9.53 8.04 9.06 8.54 3.58 9.84 5.43 5.52 (4.99) 3.00 (11.65) (6.5) pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Blackstone Mortgage Trust, Inc. vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
STWD STARWOOD PROPERTY TRUST, INC. $4.5B 20.7× 17.1× +15.62% (above 0%: growing) −97.37% (below 0%: shrinking) +72.68% (above 0%: growing) 27.80% (2.16%) Compare
DX Dynex Capital, Inc. $2.8B 4.0× — (loss-making) +170.93% (above 0%: growing) n/m +163.96% (above 0%: growing) 100.00% 94.64% Compare
ARR ARMOUR Residential REIT, Inc. $1.9B 3.3× — (loss-making) +45.88% (above 0%: growing) n/m +741.92% (above 0%: growing) 100.00% 93.50% Compare
BXMT Blackstone Mortgage Trust, Inc. $1.8B 122× — (loss-making) −3.29% (below 0%: shrinking) n/m +3.93% (above 0%: growing) 78.86% 71.19%
EFC Ellington Financial Inc. $1.5B 7.0× 5.6× +47.95% (above 0%: growing) −4.44% (below 0%: shrinking) +108.89% (above 0%: growing) 95.69% 125.46% Compare
LADR Ladder Capital Corp $1.2B 21.8× 12.9× +4.91% (above 0%: growing) −14.29% (below 0%: shrinking) −9.50% (below 0%: shrinking) 100.00% 60.88% Compare
ORC Orchid Island Capital, Inc. $926.4M 3.2× — (loss-making) +77.91% (above 0%: growing) n/m +342.48% (above 0%: growing) 100.00% 117.80% Compare
CIM Chimera Investment Corporation $694.8M — (loss-making) — (loss-making) +10.10% (above 0%: growing) n/m −4,466.16% (below 0%: shrinking) 100.00% 1.81% Compare
ARI Apollo Commercial Real Estate Finance $299.5M 2.9× 10.2× −37.40% (below 0%: shrinking) −8.33% (below 0%: shrinking) −20.13% (below 0%: shrinking) 91.99% 16.46% Compare
Median of peers $1.3B 4.0× 11.6× +30.75% −11.31% +90.79% 100.00% 77.19%

All 37 Reit Mortgage stocks →

Pay and ownership Proxy statement filed 29 April 2026

Ownership

Directors and executive officers, together 1.18%
BlackRock, Inc. 15.00%
The Vanguard Group 10.86%
Blackstone Inc. 5.75%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Blackstone Mortgage Trust, Inc. (BXMT) Latest News

30 Oct

Impact 4 · · MarketBeat

29 Oct

Impact 4 · · bisnow.com
Impact 4 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · Business Wire

10 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

21 Sep

Impact 3 · · Insider Monkey

4 Aug

Impact 4 · · credaily.com

3 Aug

Impact 4 · · The Motley Fool transcript

31 Jul

Impact 3 · · MarketBeat transcript

30 Jul

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby transcript

23 Jul

Impact 3 ·

14 Jul

Impact 3 ·

12 May

Impact 3 · · Simply Wall St.

11 May

Impact 4 · · Business Wire

6 May

Impact 4 · · 24/7 Wall St.

5 May

Impact 4 · · Business Wire
Impact 4 · · Business Wire

30 Apr

Impact 4 · · Simply Wall St.

29 Apr

Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 4 · · Zacks
Impact 4 · · Business Wire

18 Apr

Impact 4 · · Simply Wall St.

16 Apr

Impact 3 · · 24/7 Wall St.

31 Mar

Impact 3 · · MarketBeat

13 Feb

Impact 3 · · Simply Wall St.
stockrow.com/BXMT · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com