BXMT

Blackstone Mortgage TrustNYSE:BXMT Stock Report

Market Cap

US$4.9b

7D

-4.0%

1Y

31.4%

Updated

16 Sep, 2021

Data

Company Financials +
BXMT fundamental analysis
Snowflake Score
Valuation1/6
Future Growth0/6
Past Performance4/6
Financial Health2/6
Dividends2/6

BXMT Overview

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

Summary of all time highs, changes and price drops for Blackstone Mortgage Trust
Historical stock prices
Current Share PriceUS$31.08
52 Week HighUS$20.70
52 Week LowUS$33.88
Beta1.37
1 Month Change-4.16%
3 Month Change-1.77%
1 Year Change31.42%
3 Year Change-9.20%
5 Year Change3.81%
Change since IPO-62.33%

Recent News & Updates

Sep 06

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.

Aug 08

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.

Jul 31

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.

Shareholder Returns

BXMTUS Mortgage REITsUS Market
7D-4.0%-0.2%-0.6%
1Y31.4%29.9%33.6%

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.

Price Volatility

Is BXMT's price volatile compared to industry and market?
BXMT volatility
BXMT Beta1.37
Industry Beta1.48
Market Beta1

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

FoundedEmployeesCEOWebsite
1966n/aKatie Keenanhttps://www.blackstonemortgagetrust.com

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

How do Blackstone Mortgage Trust's earnings and revenue compare to its market cap?
BXMT fundamental statistics
Market CapUS$4.92b
Earnings (TTM)US$384.98m
Revenue (TTM)US$511.58m

12.8x

P/E Ratio

9.6x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BXMT income statement (TTM)
RevenueUS$511.58m
Cost of RevenueUS$0
Gross ProfitUS$511.58m
ExpensesUS$126.61m
EarningsUS$384.98m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)2.62
Gross Margin100.00%
Net Profit Margin75.25%
Debt/Equity Ratio348.7%

How did BXMT perform over the long term?

See historical performance and comparison

Dividends

8.0%

Current Dividend Yield

95%

Payout Ratio

Valuation

Is Blackstone Mortgage Trust undervalued compared to its fair value and its price relative to the market?

12.79x

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).


Future Growth

How is Blackstone Mortgage Trust forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

-5.1%

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%).


Past Performance

How has Blackstone Mortgage Trust performed over the past 5 years?

-0.2%

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.


Financial Health

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.


Balance Sheet


Dividend

What is Blackstone Mortgage Trust current dividend yield, its reliability and sustainability?

7.98%

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).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.6yrs

Average management tenure


CEO

Katie Keenan (36 yo)

0.25

Tenure

US$1,603,972

Compensation

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...


Leadership Team

Experienced Management: BXMT's management team is considered experienced (3.6 years average tenure).


Board Members

Experienced Board: BXMT's board of directors are considered experienced (8.6 years average tenure).


Ownership

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

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 8.4%.


Top Shareholders

Company Information

Blackstone Mortgage Trust, Inc.'s employee growth, exchange listings and data sources


Key Information

  • 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

Location

  • Blackstone Mortgage Trust, Inc.
  • 345 Park Avenue
  • 15th Floor
  • New York
  • New York
  • 10154
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/16 22:49
End of Day Share Price2021/09/16 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.