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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
$13.35-0.13(-0.01%)Market closed
Market Cap
$2.28B
P/E
147.8x
P/S
1.2x
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.

D

How this company scores

WeakMetricSide Score: 45/100

Grade capped at D — Interest coverage below 1× (0.0x) — earnings cannot cover interest. Strongest: Profitability (12/25); weakest: Balance Sheet & Red Flags (9/25).

Profitability12/25
Growth12/25
Balance Sheet & Red Flags9/25
Cash & Earnings Quality12/25
Strengths
Rising earningsLow leverageProfit converts from growthNo 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 · 147.8x5y range 9.7x – 690.2x
P/E 147.8x · above its 14-quarter median

Currently above its 14-quarter median.

P/S · 1.2x5y range 1.2x – 10.0x
P/S 1.2x · below its 19-quarter median

Currently below its 19-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

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -35.5x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume
Market Cap $2.28B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue
$1.89B
28%
Q. Revenue
$467.81M
5%
TTM EBITDA
$213.89M
539%
TTM Op. Income
$105.09M
2Q
Q. Op. Income
$3,000
3Q
TTM Net Income
$15.44M
2Q
Q. Net Income
$-81.22M
3Q
EPS
$-0.48
3Q
Shares Out.
$168.96M
2%
$1.89B in TTM revenue declined 27.6% YoY, reaching $467.81M last quarter. TTM EBITDA of $213.89M and TTM operating income of $105.09M show growth is flowing through to the bottom line. TTM net income of $15.44M means revenue is converting into profit. Over the past year, TTM revenue is down 28% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
4.3%
2Q
Op. Margin
0.0%
3Q
Net Margin
-17.4%
3Q
Op. margin of 0.0% is down 1.6% YoY — costs are rising relative to revenue. Net margin at -17.4% Across the last 8 quarters, operating margin has fallen for 3 consecutive quarters — a weakening trend.

Price Ratios

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

P/E Ratio
147.8x
3Q
P/S Ratio
1.2x
2Q
P/B Ratio
0.7x
24%
At 147.8x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 1.2x and P/B of 0.7x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. 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
$19.40B
2Q
Cash
$432.83M
12%
Long-Term Debt
$1.26B
60%
Book Value
$3.26B
7Q
D/E Ratio
0.4
7Q
Debt/EBITDA
61.8
2Q
With $19.40B in assets and $1.26B in long-term debt, D/E is 0.4and book value is $3.26B — 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
$65.21M
14%
TTM Free Cash Flow
$328.18M
3Q
FCF Margin
17.4%
3Q
FCF / Net Income
21.3
4Q
TTM FCF of $328.18M on $65.21M in operating cash flow. The FCF / Net Income ratio of 21.3x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.

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· near its 19-quarter median

Currently near its 19-quarter median.

Leverage Risk

Watch

Debt-to-equity has risen 77.6% recently — increasing financial risk even if the current ratio is manageable.

Revenue Decline

Watch

Revenue has softened, declining in 3 quarters. Watch for further erosion.