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Commercial real estate lender that originates senior mortgage loans on office, multifamily and other properties.
Commercial real estate lender that originates senior mortgage loans on office, multifamily and other properties.
Earns the gap between interest on the loans it makes, mostly floating-rate, and the cost of the borrowing that funds them, and pays fees to its external manager, Blackstone. Because the loans float with benchmark rates, income moves with rates, while borrowers' problems, notably in office, shape loan-loss provisions.
Moat: narrow (scale, cost advantage). External management by Blackstone gives deal flow and lower funding costs than smaller lenders.
Headquarters: New York, New York, US · Founded: 2013
Size Blackstone Mortgage Trust (BXMT) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $1.85B, the 1850th largest of 3,117 United States companies the cockpit tracks. Shares closed at $11.16 on 6 Nov 2026.
Performance Over six months the shares fell 41.7%, against -10.2% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 1.8% over the last twelve months (peer median +4.0%); the operating margin is 36.1% (peer median 46.9%).
Valuation It trades at 0.65× book value against a peer median of 0.91× (5th cheapest of 21).
Price implies The share price implies a return on equity of about 7.3%; Blackstone Mortgage Trust delivers -11.7%, so the price asks more than the business earns today.
Credit Blackstone Mortgage Trust has 3 bonds outstanding ($1.05B), rated B+ by the agencies and trading like B at a weighted spread of 357 bp.
Short interest Short interest is 7.6% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.50B | $1.52B | $1.77B | $2.01B | $1.32B |
| Revenue growth | — | -14% | -12% | +53% | — |
| Gross profit | $1.12B | $1.24B | $1.66B | $1.89B | $1.21B |
| EBITDA | $1.10B | $1.27B | $1.64B | $1.87B | $1.18B |
| Net income | -$375M | $110M | -$204M | $247M | $249M |
| Free cash flow | $315M | $263M | $366M | $459M | $397M |
| Capital expenditure | $38.2M | $12.8M | $590,000 | $0 | $0 |
| Total debt | $14.2B | $16.2B | $15.7B | $19.3B | $20.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Blackstone Mortgage Trust BXMT | $1.85B | -42% | -2% | -12% | 0.65× | 7.3% |
| Starwood Property Trust STWD | $4.46B | -32% | +11% | 3% | 0.69× | 8.0% |
| KKR Real Estate Finance Trust KREF | $327M | -14% | -21% | -19% | 0.56× | 6.7% |
| Ladder Capital LADR | $1.12B | -13% | +2% | 7% | 0.77× | 8.3% |
| Apollo Commercial Real Estate Finance ARI | n/a | -79% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BXMT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.5% | +2.9% | 5th lowest of 21 |
| 6-month return | -41.7% | -10.2% | lowest of 21 |
| Return on equity | -11.7% | 6.1% | 2nd lowest of 21 |
| Price / book | 0.65× | 0.91× | 5th cheapest of 21 |
| ROE the price implies | 7.3% | 8.0% | 10th least demanding of 21 |
| ROE delivered | -11.7% | 6.1% | 2nd lowest of 21 |
| Bond spread | 357 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Blackstone Mortgage Trust BXMT | United States | $1.85B | -42% | -2% | -12% | 0.65× | 7.3% | -11.7% |
| ARMOUR Residential REIT ARR | United States | $1.87B | -29% | -140% | -2% | 0.80× | 10.2% | -2.3% |
| Region RGN.AX | Australia | $1.89B | +6% | +30% | 9% | 0.92× | 9.4% | 9.2% |
| Great Portland Estates GPE.L | United Kingdom | $1.90B | +17% | +24% | 7% | 0.66× | 9.9% | 7.5% |
| Activia Properties 3279.T | Japan | $1.90B | -10% | +24% | 6% | 1.12× | 5.6% | 5.9% |
| H&R Real Estate Investment Trust HR-UN.TO | Canada | $1.80B | -10% | -6% | -13% | 0.60× | 6.3% | -12.8% |
| Champion Real Estate Investment Trust 2778.HK | Hong Kong | $1.80B | -8% | -8% | -3% | 0.35× | 4.6% | -2.6% |
| Getty Realty GTY | United States | $1.92B | -14% | +11% | 9% | 1.50× | 11.2% | 8.9% |
| RLJ Lodging Trust RLJ | United States | $1.92B | +40% | +1% | 1% | 1.07× | 11.2% | 1.3% |
| Charter Hall Long WALE REIT CLW.AX | Australia | $1.78B | +4% | +40% | 8% | 0.76× | 9.2% | 8.3% |
| Sekisui House Reit 3309.T | Japan | $1.78B | -23% | +5% | 7% | 0.97× | 5.3% | 7.4% |
| Mitsui Fudosan Accommodations Fund 3226.T | Japan | $1.75B | -16% | +18% | 9% | 1.79× | 6.3% | 8.6% |
| Daiwa Office Investment 8976.T | Japan | $1.74B | -12% | +24% | 6% | 1.13× | 4.7% | 6.3% |
| Xenia Hotels & Resorts XHR | United States | $1.97B | +26% | +4% | 0% | 1.80× | 17.3% | 0.3% |
| Mitsui Fudosan Logistics Park 3471.T | Japan | $2.00B | -13% | +156% | 5% | 0.99× | 5.0% | 4.6% |
| Eurocommercial Properties ECMPA.AS | Netherlands | $1.72B | -7% | +1% | 9% | 0.64× | 5.0% | 8.5% |
| HomeCo Daily Needs REIT HDN.AX | Australia | $1.71B | -2% | +4% | 11% | 0.76× | 8.5% | 11.4% |
| BWP Trust BWP.AX | Australia | $2.01B | -2% | +2% | 13% | 0.86× | 7.4% | 13.2% |
| Douglas Emmett DEI | United States | $1.70B | -18% | +2% | -1% | 0.89× | 10.1% | -1.2% |
| Diversified Healthcare Trust DHC | United States | $1.70B | -17% | -4% | -9% | 1.11× | 18.0% | -9.5% |
| Aroundtown AT1.DE | Germany | $2.04B | -32% | +1% | 5% | 0.22× | 4.0% | 4.9% |
Blackstone Mortgage Trust has 3 bonds outstanding with $1.05B face value. The agencies rate it B+; its bonds trade like B. Weighted yield 8.32%, a spread of 357 bp over government bonds.