Blackstone Mortgage Trust (BXMT) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Blackstone Mortgage Trust

NYSE•Real Estate•REIT - Mortgage

$11.08-0.22(-0.02%)Pre-market

Market Cap

$1.86B

P/S

1.0x

P/B

0.7x

Blackstone Mortgage Trust, Inc., a real estate finance company, originates, acquires, and manages loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate. The company's investment portfolio consists of senior floating rate mortgage loans that are secured by a first-priority mortgage on commercial real estate assets. It has operations in the United States, the United Kingdom, Ireland, Australia, Spain, Sweden, Canada, rest of Europe, and internationally. It operates as a real estate investment trust for federal income tax purposes. The company was formerly known as Capital Trust, Inc. and changed its name to Blackstone Mortgage Trust, Inc. in May 2013. Blackstone Mortgage Trust, Inc. was incorporated in 1998 and is headquartered in New York, New York.

How this company scores

WeakMetricSide Score: 33/100

Grade capped at D — Interest coverage below 1× (0.0x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (15/25); weakest: Growth (3/25).

Profitability6/25

Growth3/25

Balance Sheet & Red Flags9/25

Cash & Earnings Quality15/25

Strengths

Rising free cash flowLow leverageNo share dilution

Grade capped at D

Interest coverage below 1× (0.0x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 190.7x5y range 9.7x – 690.2x

Currently above its 14-quarter median.

P/S · 1.0x5y range 1.0x – 10.0x

Currently below its 20-quarter median.

P/B · 0.7x5y range 0.7x – 1.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 54.7% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -35.3x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $1.86B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.83B
Q. Revenue: $422.52M
TTM EBITDA: $156.44M
TTM Op. Income: $40.17M
Q. Op. Income: $2,000
TTM Net Income: $-374.96M
Q. Net Income: $-327.00M
EPS: $-1.95
Shares Out.: $167.96M

$1.83B in TTM revenue declined 28.0% YoY, reaching $422.52M last quarter. TTM EBITDA of $156.44M and TTM operating income of $40.17M show growth is flowing through to the bottom line. However, net income is negative at $374.96M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 5.3%
Op. Margin: 0.0%
Net Margin: -77.4%

Op. margin of 0.0% is down 13.6% YoY — costs are rising relative to revenue. Net margin at -77.4% Across the last 8 quarters, operating margin has fallen for 4 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 1.0x
P/B Ratio: 0.7x

P/S of 1.0x and P/B of 0.7x. P/S is low relative to typical market levels. Across the last 4 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $17.46B
Cash: $511.50M
Long-Term Debt: $1.26B
Book Value: $2.84B
D/E Ratio: 0.4
Debt/EBITDA: 56.2

With $17.46B in assets and $1.26B in long-term debt, D/E is 0.4and book value is $2.84B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 7 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-18.46M
TTM Free Cash Flow: $314.56M
FCF Margin: 17.2%
FCF / Net Income: -0.8

TTM FCF of $314.56M on $-18.46M in operating cash flow. The FCF / Net Income ratio of -0.8x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 46% — a weakening trend.