NYSE:BXMT

Stock Analysis Report

Executive Summary

Blackstone Mortgage Trust, Inc., a real estate finance company, originates senior loans collateralized by properties in North America, Europe, and Australia.

Snowflake

Fundamentals

Proven track record and slightly overvalued.


Similar Companies

Share Price & News

How has Blackstone Mortgage Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0.2%

BXMT

1.3%

US Mortgage REITs

3.4%

US Market


1 Year Return

7.7%

BXMT

-4.6%

US Mortgage REITs

5.4%

US Market

Return vs Industry: BXMT exceeded the US Mortgage REITs industry which returned -4.6% over the past year.

Return vs Market: BXMT exceeded the US Market which returned 5.4% over the past year.


Shareholder returns

BXMTIndustryMarket
7 Day0.2%1.3%3.4%
30 Day-0.7%0.3%-1.0%
90 Day-0.3%-1.7%-0.4%
1 Year15.7%7.7%6.2%-4.6%7.7%5.4%
3 Year55.3%23.5%39.4%0.6%46.2%36.8%
5 Year90.3%28.2%54.6%-11.2%65.6%47.5%

Price Volatility Vs. Market

How volatile is Blackstone Mortgage Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

9.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: BXMT ($35.84) is trading below our estimate of fair value ($39.41)

Significantly Undervalued: BXMT is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BXMT is poor value based on its PE Ratio (14.4x) compared to the Mortgage REITs industry average (12.7x).

PE vs Market: BXMT is good value based on its PE Ratio (14.4x) compared to the US market (17.7x).


Price to Earnings Growth Ratio

Low PEG Ratio: BXMT is poor value based on its PEG Ratio (3x)


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).


Next Steps

Future Growth

How is Blackstone Mortgage Trust forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

4.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BXMT's forecast earnings growth (4.9% per year) is above the savings rate (2.7%).

Earnings vs Market: BXMT's earnings (4.9% per year) are forecast to grow slower than the US market (14.3% per year).

High Growth Earnings: BXMT's earnings are forecast to grow, but not significantly.

Revenue vs Market: BXMT's revenue (6.4% per year) is forecast to grow slower than the US market (7.3% per year).

High Growth Revenue: BXMT's revenue (6.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: BXMT's Return on Equity is forecast to be low in 3 years time (9.5%).


Next Steps

Past Performance

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

21.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: BXMT's earnings have grown significantly by 21.2% per year over the past 5 years.

Accelerating Growth: BXMT's earnings growth over the past year (22%) exceeds its 5-year average (21.2% per year).

Earnings vs Industry: BXMT earnings growth over the past year (22%) exceeded the Mortgage REITs industry 3.7%.


Return on Equity

High ROE: BXMT's Return on Equity (8.1%) is considered low.


Return on Assets

ROA vs Industry: BXMT has a higher Return on Assets than the Mortgage REITs industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate BXMT's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is Blackstone Mortgage Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: BXMT has a low level of unsold assets or inventory.

Debt Coverage by Assets: BXMT's debt is covered by short term assets (assets are 1.358330x debt).


Financial Institutions Analysis

Asset Level: BXMT's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if BXMT has a sufficient allowance for bad loans.

Low Risk Liabilities: BXMT reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if BXMT has an acceptable proportion of non-loan assets held.

Low Risk Deposits: BXMT has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if BXMT has an appropriate level of bad loans.


Next Steps

Dividend

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

6.92%

Current Dividend Yield


Dividend Yield vs Market

company6.9%marketbottom25%1.5%markettop25%3.8%industryaverage10.4%forecastin3Years7.0%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: BXMT's dividend (6.92%) is higher than the bottom 25% of dividend payers in the US market (1.46%).

High Dividend: BXMT's dividend (6.92%) is in the top 25% of dividend payers in the US market (3.77%)

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 6 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (99.8%), 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 (95.7% payout ratio).


Next Steps

Management

What is the CEO of Blackstone Mortgage Trust's salary, the management and board of directors tenure and is there insider trading?

3.8yrs

Average management tenure


CEO

Steve Plavin (60yo)

9.8yrs

Tenure

US$1,675,680

Compensation

Mr. Stephen D. Plavin, also known as Steve, serves as the Senior Managing Director of Real Estate Debt Strategies Group at The Blackstone Group Inc. since December 2012. He is the Senior Managing Director  ...


CEO Compensation Analysis

Compensation vs. Market: Steve's total compensation ($USD1.68M) is about average for companies of similar size in the US market ($USD6.81M).

Compensation vs Earnings: Steve's compensation has been consistent with company performance over the past year.


Management Age and Tenure

3.8yrs

Average Tenure

44yo

Average Age

Experienced Management: BXMT's management team is considered experienced (3.8 years average tenure).


Board Age and Tenure

13.2yrs

Average Tenure

66.5yo

Average Age

Experienced Board: BXMT's board of directors are seasoned and experienced ( 13.2 years average tenure).


Insider Trading

Insider Buying: BXMT insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellUS$4,67310 Sep 19
Thomas Ruffing
EntityIndividual
Shares132
Max PriceUS$35.40
SellUS$13,43610 Sep 19
Anthony Marone
EntityIndividual
Role
Chief Financial Officer
CFO, Principal Accounting Officer & Assistant Secretary
Shares379
Max PriceUS$35.45
SellUS$28,38710 Sep 19
Douglas Armer
EntityIndividual
Role
Treasurer
Executive VP of Capital Markets & Treasurer
Shares801
Max PriceUS$35.44
SellUS$9,35712 Aug 19
Thomas Ruffing
EntityIndividual
Shares264
Max PriceUS$35.51
SellUS$26,52912 Aug 19
Anthony Marone
EntityIndividual
Role
Chief Financial Officer
CFO, Principal Accounting Officer & Assistant Secretary
Shares749
Max PriceUS$35.51
SellUS$63,35512 Aug 19
Douglas Armer
EntityIndividual
Role
Treasurer
Executive VP of Capital Markets & Treasurer
Shares1,788
Max PriceUS$35.51
SellUS$4,80211 Jun 19
Thomas Ruffing
EntityIndividual
Shares132
Max PriceUS$36.38
SellUS$9,56511 Jun 19
Anthony Marone
EntityIndividual
Role
Chief Financial Officer
CFO, Principal Accounting Officer & Assistant Secretary
Shares263
Max PriceUS$36.37
SellUS$20,91911 Jun 19
Douglas Armer
EntityIndividual
Role
Treasurer
Executive VP of Capital Markets & Treasurer
Shares575
Max PriceUS$36.38
SellUS$14,07810 May 19
Thomas Ruffing
EntityIndividual
Shares397
Max PriceUS$35.68
SellUS$28,10910 May 19
Anthony Marone
EntityIndividual
Role
Chief Financial Officer
CFO, Principal Accounting Officer & Assistant Secretary
Shares793
Max PriceUS$35.68
SellUS$67,82910 May 19
Douglas Armer
EntityIndividual
Role
Treasurer
Executive VP of Capital Markets & Treasurer
Shares1,913
Max PriceUS$35.68
SellUS$19,64211 Mar 19
Douglas Armer
EntityIndividual
Role
Treasurer
Executive VP of Capital Markets & Treasurer
Shares576
Max PriceUS$34.10
SellUS$4,39911 Mar 19
Thomas Ruffing
EntityIndividual
Shares129
Max PriceUS$34.10
SellUS$9,91012 Feb 19
Anthony Marone
EntityIndividual
Role
Chief Financial Officer
CFO, Principal Accounting Officer & Assistant Secretary
Shares287
Max PriceUS$34.53
SellUS$22,58312 Feb 19
Douglas Armer
EntityIndividual
Role
Treasurer
Executive VP of Capital Markets & Treasurer
Shares654
Max PriceUS$34.53
SellUS$18,40111 Dec 18
Thomas Ruffing
EntityIndividual
Shares528
Max PriceUS$34.85
SellUS$36,74611 Dec 18
Anthony Marone
EntityIndividual
Role
Chief Financial Officer
CFO, Principal Accounting Officer & Assistant Secretary
Shares1,055
Max PriceUS$34.83
SellUS$111,96811 Dec 18
Douglas Armer
EntityIndividual
Role
Treasurer
Executive VP of Capital Markets & Treasurer
Shares3,211
Max PriceUS$34.87
SellUS$4,12304 Dec 18
Thomas Ruffing
EntityIndividual
Shares118
Max PriceUS$34.94
SellUS$7,19404 Dec 18
Anthony Marone
EntityIndividual
Role
Chief Financial Officer
CFO, Principal Accounting Officer & Assistant Secretary
Shares206
Max PriceUS$34.92
SellUS$28,15404 Dec 18
Douglas Armer
EntityIndividual
Role
Treasurer
Executive VP of Capital Markets & Treasurer
Shares806
Max PriceUS$34.93
SellUS$4,56410 Nov 18
Thomas Ruffing
EntityIndividual
Shares131
Max PriceUS$34.84
SellUS$31,67010 Nov 18
Douglas Armer
EntityIndividual
Role
Treasurer
Executive VP of Capital Markets & Treasurer
Shares909
Max PriceUS$34.84
SellUS$8,60510 Nov 18
Anthony Marone
EntityIndividual
Role
Chief Financial Officer
CFO, Principal Accounting Officer & Assistant Secretary
Shares247
Max PriceUS$34.84
BuyUS$101,61031 Oct 18
Leonard Cotton
EntityIndividual
Role
Member of the Board of Directors
Director
Shares3,000
Max PriceUS$33.87

Ownership Breakdown


Management Team

  • Jon Gray (50yo)

    BX President

    • Tenure: 1.7yrs
  • Ken Caplan (46yo)

    BX Global Co-Head of Real Estate & Senior MD

    • Tenure: 0yrs
  • Steve Plavin (60yo)

    CEO, President & Director

    • Tenure: 9.8yrs
    • Compensation: US$1.68m
  • Weston Tucker (38yo)

    Head of Investor Relations & Senior MD

    • Tenure: 5.8yrs
  • Mike Nash (58yo)

    Executive Chairman of the Board

    • Tenure: 6.7yrs
  • Kathleen McCarthy

    BX Global Co-Head of Real Estate & Senior MD

    • Tenure: 0yrs
  • Anthony Marone (36yo)

    CFO, Principal Accounting Officer & Assistant Secretary

    • Tenure: 3.6yrs
    • Compensation: US$322.92k
  • Douglas Armer (44yo)

    Executive VP of Capital Markets & Treasurer

    • Tenure: 6.1yrs
    • Compensation: US$663.29k
  • Leon Volchyok (35yo)

    MD, Head of Legal & Compliance and Secretary

    • Tenure: 3.8yrs
  • Katie Keenan (34yo)

    Executive VP of Investments & MD

    • Tenure: 0.8yrs

Board Members

  • Henry Nassau (64yo)

    Director

    • Tenure: 16.5yrs
    • Compensation: US$193.64k
  • Steve Plavin (60yo)

    CEO, President & Director

    • Tenure: 9.8yrs
    • Compensation: US$1.68m
  • Lynne Sagalyn (71yo)

    Director

    • Tenure: 22.8yrs
    • Compensation: US$193.64k
  • Thomas Dobrowski (75yo)

    Director

    • Tenure: 21.8yrs
    • Compensation: US$183.64k
  • Marty Edelman (77yo)

    Director

    • Tenure: 22.8yrs
    • Compensation: US$173.64k
  • Lee Cotton (69yo)

    Director

    • Tenure: 5.3yrs
    • Compensation: US$183.64k
  • Mike Nash (58yo)

    Executive Chairman of the Board

    • Tenure: 6.7yrs
  • Jonathan Pollack (42yo)

    Director

    • Tenure: 3.8yrs

Company Information

Blackstone Mortgage Trust, Inc.'s company bio, 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$4.813b
  • Shares outstanding: 134.29m
  • Website: https://www.blackstonemortgagetrust.com

Location

  • Blackstone Mortgage Trust, Inc.
  • 345 Park Avenue
  • 42nd Floor
  • New York
  • New York
  • 10154
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BXMTNYSE (New York Stock Exchange)YesClass A Common SharesUSUSDDec 1980
079ADB (Deutsche Boerse AG)YesClass A Common SharesDEEURDec 1980

Biography

Blackstone Mortgage Trust, Inc., a real estate finance company, originates senior loans collateralized by properties in North America, Europe, and Australia. The company operates as a real estate investmen ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/15 23:32
End of Day Share Price2019/10/15 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.