Blackstone Mortgage Trust, Inc., a real estate finance company, originates senior loans collateralized by commercial properties in North America, Europe, and Australia.
Blackstone Mortgage Trust Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$31.08|
|52 Week High||US$20.70|
|52 Week Low||US$33.88|
|1 Month Change||-4.16%|
|3 Month Change||-1.77%|
|1 Year Change||31.42%|
|3 Year Change||-9.20%|
|5 Year Change||3.81%|
|Change since IPO||-62.33%|
Recent News & Updates
Blackstone Likely To Go Higher Supported By AUM Growth
Several factors are supporting BX shares and revenue higher, namely increasing AUM and perpetual capital. On the surface, BX might look overvalued. However, the company's growth, profitability, and performance record merit its price premium. Comparing BX to the sector is not very meaningful, given fundamental differences in governance. Carlyle, Apollo, and KKR represent a more refined peer group. The argument that private equities are overpriced has some merit. However, this has little effect on our bullish thesis, given BX's diversification and opportunities within private equity in light of emerging disruptive technologies.
Blackstone Mortgage Trust: A 'Strong Buy' That Returned 60%
Like many of its top-quality mREIT peers, Blackstone Mortgage Trust delivered double-digit returns to investors last year. Sustained low interest rates, a pandemic, and forced government lockdowns couldn’t stall its profit and growth engines. In many ways, they accelerated. That's due to disciplined underwriting and the natural/inherent hedge in Blackstone's business model.
Blackstone Mortgage Trust Offers Attractive Dividend Yield
We normally don't like mortgage trusts, but if we had to pick one to invest in, that would be Blackstone Mortgage Trust. The company is paying an almost 8% dividend, which we believe is safe. The Covid crisis has stress-tested the portfolio, and so far it seems the company's underwriting process is very solid.
|BXMT||US Mortgage REITs||US Market|
Return vs Industry: BXMT exceeded the US Mortgage REITs industry which returned 30.1% over the past year.
Return vs Market: BXMT underperformed the US Market which returned 33.7% over the past year.
Stable Share Price: BXMT is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: BXMT's weekly volatility (3%) has been stable over the past year.
About the Company
Blackstone Mortgage Trust, Inc., a real estate finance company, originates senior loans collateralized by commercial properties in North America, Europe, and Australia. The company operates as a real estate investment trust for federal income tax purposes. It generally would not be subject to U.S. federal income taxes if it distributes at least 90% of its taxable income to its stockholders.
Blackstone Mortgage Trust Fundamentals Summary
|BXMT fundamental statistics|
Is BXMT overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|BXMT income statement (TTM)|
|Cost of Revenue||US$0|
Last Reported Earnings
Jun 30, 2021
Next Earnings Date
|Earnings per share (EPS)||2.62|
|Net Profit Margin||75.25%|
How did BXMT perform over the long term?See historical performance and comparison
8.0%Current Dividend Yield
Is Blackstone Mortgage Trust undervalued compared to its fair value and its price relative to the market?
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: BXMT ($31.08) is trading above our estimate of fair value ($29.41)
Significantly Below Fair Value: BXMT is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: BXMT is poor value based on its PE Ratio (12.8x) compared to the US Mortgage REITs industry average (9.5x).
PE vs Market: BXMT is good value based on its PE Ratio (12.8x) compared to the US market (17.8x).
Price to Earnings Growth Ratio
PEG Ratio: BXMT's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: BXMT is overvalued based on its PB Ratio (1.3x) compared to the US Mortgage REITs industry average (0.9x).
How is Blackstone Mortgage Trust forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BXMT's earnings are forecast to decline over the next 3 years (-5.1% per year).
Earnings vs Market: BXMT's earnings are forecast to decline over the next 3 years (-5.1% per year).
High Growth Earnings: BXMT's earnings are forecast to decline over the next 3 years.
Revenue vs Market: BXMT's revenue (4.8% per year) is forecast to grow slower than the US market (9.7% per year).
High Growth Revenue: BXMT's revenue (4.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: BXMT's Return on Equity is forecast to be low in 3 years time (9.3%).
How has Blackstone Mortgage Trust performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: BXMT has high quality earnings.
Growing Profit Margin: BXMT's current net profit margins (75.3%) are higher than last year (49.2%).
Past Earnings Growth Analysis
Earnings Trend: BXMT's earnings have declined by 0.2% per year over the past 5 years.
Accelerating Growth: BXMT's earnings growth over the past year (226.2%) exceeds its 5-year average (-0.2% per year).
Earnings vs Industry: BXMT earnings growth over the past year (226.2%) exceeded the Mortgage REITs industry 45.5%.
Return on Equity
High ROE: BXMT's Return on Equity (9.8%) is considered low.
How is Blackstone Mortgage Trust's financial position?
Financial Position Analysis
Short Term Liabilities: BXMT's short term assets ($17.8B) exceed its short term liabilities ($154.8M).
Long Term Liabilities: BXMT's short term assets ($17.8B) exceed its long term liabilities ($13.8B).
Debt to Equity History and Analysis
Debt Level: BXMT's debt to equity ratio (348.7%) is considered high.
Reducing Debt: BXMT's debt to equity ratio has increased from 270.1% to 348.7% over the past 5 years.
Debt Coverage: BXMT's debt is not well covered by operating cash flow (2.4%).
Interest Coverage: Insufficient data to determine if BXMT's interest payments on its debt are well covered by EBIT.
What is Blackstone Mortgage Trust current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: BXMT's dividend (7.98%) is higher than the bottom 25% of dividend payers in the US market (1.34%).
High Dividend: BXMT's dividend (7.98%) is in the top 25% of dividend payers in the US market (3.58%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, BXMT has been paying a dividend for less than 10 years.
Growing Dividend: BXMT's dividend payments have increased, but the company has only paid a dividend for 8 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (94.7%), BXMT's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: BXMT's dividends in 3 years are not forecast to be well covered by earnings (99.8% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Katie Keenan (36 yo)
Ms. Katharine A. Keenan, also known as Katie, served as Senior Managing Director of Real Estate - New York at The Blackstone Group Inc. since 2021. Ms. Keenan serves as President at Blackstone Mortgage Tru...
Experienced Management: BXMT's management team is considered experienced (3.6 years average tenure).
Experienced Board: BXMT's board of directors are considered experienced (8.6 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 8.4%.
Blackstone Mortgage Trust, Inc.'s employee growth, exchange listings and data sources
- Name: Blackstone Mortgage Trust, Inc.
- Ticker: BXMT
- Exchange: NYSE
- Founded: 1966
- Industry: Mortgage REITs
- Sector: Diversified Financials
- Market Cap: US$4.924b
- Shares outstanding: 158.44m
- Website: https://www.blackstonemortgagetrust.com
- Blackstone Mortgage Trust, Inc.
- 345 Park Avenue
- 15th Floor
- New York
- New York
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/09/16 22:49|
|End of Day Share Price||2021/09/16 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.