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Blackstone Mortgage Trust

NYSE:BXMT
Snowflake Description

Proven track record second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BXMT
NYSE
$5B
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Blackstone Mortgage Trust, Inc., a real estate finance company, originates senior loans collateralized by properties in North America, Europe, and Australia. The last earnings update was 57 days ago. More info.


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BXMT Share Price and Events
7 Day Returns
1%
NYSE:BXMT
0.8%
US Mortgage REITs
1.2%
US Market
1 Year Returns
11.7%
NYSE:BXMT
-7.7%
US Mortgage REITs
2.3%
US Market
BXMT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Blackstone Mortgage Trust (BXMT) 1% 2% 4.9% 11.7% 31.4% 25.1%
US Mortgage REITs 0.8% -1.1% -4.3% -7.7% 1% -13.9%
US Market 1.2% 2% 2% 2.3% 37.9% 39.8%
1 Year Return vs Industry and Market
  • BXMT outperformed the Mortgage REITs industry which returned -7.7% over the past year.
  • BXMT outperformed the Market in United States of America which returned 2.3% over the past year.
Price Volatility
BXMT
Industry
5yr Volatility vs Market

Value

 Is Blackstone Mortgage Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Blackstone Mortgage Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Blackstone Mortgage Trust.

NYSE:BXMT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $27.79 * 9.8%
$2.71
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. $27.79
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:BXMT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Mortgage REITs Unlevered Beta Simply Wall St/ S&P Global 0.28
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.276 (1 + (1- 21%) (243.88%))
0.872
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.872 * 5.96%)
7.93%

Discounted Cash Flow Calculation for NYSE:BXMT using Excess Returns Model Model

The calculations below outline how an intrinsic value for Blackstone Mortgage Trust is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:BXMT Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (9.8% – 7.93%) * $27.79)
$0.51
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.51 / (7.93% - 2.73%)
$9.79
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $27.79 + $9.79
$37.58
NYSE:BXMT Discount to Share Price
Calculation Result
Value per share (USD) From above. $37.58
Current discount Discount to share price of $36.59
= -1 x ($36.59 - $37.58) / $37.58
2.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Blackstone Mortgage Trust is available for.
Intrinsic value
3%
Share price is $36.59 vs Future cash flow value of $37.58
Current Discount Checks
For Blackstone Mortgage Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Blackstone Mortgage Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Blackstone Mortgage Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Blackstone Mortgage Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Blackstone Mortgage Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:BXMT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.55
NYSE:BXMT Share Price ** NYSE (2019-06-19) in USD $36.59
United States of America Mortgage REITs Industry PE Ratio Median Figure of 23 Publicly-Listed Mortgage REITs Companies 12.9x
United States of America Market PE Ratio Median Figure of 3,092 Publicly-Listed Companies 17.87x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Blackstone Mortgage Trust.

NYSE:BXMT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:BXMT Share Price ÷ EPS (both in USD)

= 36.59 ÷ 2.55

14.34x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Blackstone Mortgage Trust is overvalued based on earnings compared to the US Mortgage REITs industry average.
  • Blackstone Mortgage Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Blackstone Mortgage Trust's expected growth come at a high price?
Raw Data
NYSE:BXMT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.34x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
5.1%per year
United States of America Mortgage REITs Industry PEG Ratio Median Figure of 21 Publicly-Listed Mortgage REITs Companies 1.2x
United States of America Market PEG Ratio Median Figure of 2,128 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NYSE:BXMT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.34x ÷ 5.1%

2.79x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Blackstone Mortgage Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Blackstone Mortgage Trust's assets?
Raw Data
NYSE:BXMT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $27.37
NYSE:BXMT Share Price * NYSE (2019-06-19) in USD $36.59
United States of America Mortgage REITs Industry PB Ratio Median Figure of 37 Publicly-Listed Mortgage REITs Companies 0.94x
United States of America Market PB Ratio Median Figure of 5,246 Publicly-Listed Companies 1.8x
NYSE:BXMT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:BXMT Share Price ÷ Book Value per Share (both in USD)

= 36.59 ÷ 27.37

1.34x

* Primary Listing of Blackstone Mortgage Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Blackstone Mortgage Trust is overvalued based on assets compared to the US Mortgage REITs industry average.
X
Value checks
We assess Blackstone Mortgage Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Mortgage REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Mortgage REITs industry average (and greater than 0)? (1 check)
  5. Blackstone Mortgage Trust has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Blackstone Mortgage Trust expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Blackstone Mortgage Trust expected to grow at an attractive rate?
  • Blackstone Mortgage Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Blackstone Mortgage Trust's earnings growth is positive but not above the United States of America market average.
  • Blackstone Mortgage Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:BXMT Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:BXMT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 5.1%
NYSE:BXMT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 5.4%
United States of America Mortgage REITs Industry Earnings Growth Rate Market Cap Weighted Average 40.5%
United States of America Mortgage REITs Industry Revenue Growth Rate Market Cap Weighted Average 26.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:BXMT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:BXMT Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 480 348 1
2020-12-31 453 325 6
2019-12-31 428 310 7
NYSE:BXMT Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 417 295 301
2018-12-31 396 290 285
2018-09-30 375 274 269
2018-06-30 348 252 249
2018-03-31 317 243 227
2017-12-31 303 227 218
2017-09-30 295 226 213
2017-06-30 299 224 220
2017-03-31 308 228 233
2016-12-31 314 237 238
2016-09-30 324 254 250
2016-06-30 328 288 252

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Blackstone Mortgage Trust's earnings are expected to grow by 5.1% yearly, however this is not considered high growth (20% yearly).
  • Blackstone Mortgage Trust's revenue is expected to grow by 5.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:BXMT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Blackstone Mortgage Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:BXMT Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 2.52 2.70 2.35 2.00
2020-12-31 2.49 2.70 2.37 6.00
2019-12-31 2.49 2.76 2.39 6.00
NYSE:BXMT Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.55
2018-12-31 2.50
2018-09-30 2.49
2018-06-30 2.42
2018-03-31 2.29
2017-12-31 2.27
2017-09-30 2.25
2017-06-30 2.33
2017-03-31 2.46
2016-12-31 2.53
2016-09-30 2.66
2016-06-30 2.69

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Blackstone Mortgage Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Blackstone Mortgage Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Blackstone Mortgage Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Blackstone Mortgage Trust's growth in the last year to its industry (Mortgage REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Blackstone Mortgage Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • Blackstone Mortgage Trust's 1-year earnings growth exceeds its 5-year average (32.4% vs 24.3%)
  • Blackstone Mortgage Trust's earnings growth has exceeded the US Mortgage REITs industry average in the past year (32.4% vs 13.7%).
Earnings and Revenue History
Blackstone Mortgage Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Blackstone Mortgage Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:BXMT Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 417.12 300.69 115.27
2018-12-31 396.48 285.08 110.36
2018-09-30 374.51 269.33 104.13
2018-06-30 347.91 248.88 97.98
2018-03-31 316.64 227.18 88.61
2017-12-31 303.05 217.63 84.76
2017-09-30 294.71 213.12 82.30
2017-06-30 298.97 220.19 82.75
2017-03-31 307.90 232.66 83.62
2016-12-31 313.70 238.30 83.68
2016-09-30 323.96 250.19 86.56
2016-06-30 328.18 252.28 84.55
2016-03-31 296.62 218.48 85.67
2015-12-31 258.22 196.83 79.60
2015-09-30 212.94 153.05 69.34
2015-06-30 156.39 108.19 59.01
2015-03-31 133.29 112.37 55.03
2014-12-31 115.62 90.05 47.29
2014-09-30 94.12 75.63 43.07
2014-06-30 78.09 61.93 38.34
2014-03-31 56.05 31.21 22.00
2013-12-31 35.15 15.03 17.44
2013-09-30 55.44 114.69 13.57
2013-06-30 45.61 113.32 13.51
2013-03-31 42.25 113.19 11.65
2012-12-31 32.95 183.43 10.37
2012-09-30 -19.49 69.27 0.41
2012-06-30 0.07 76.04 -0.72

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Blackstone Mortgage Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Blackstone Mortgage Trust used its assets more efficiently than the US Mortgage REITs industry average last year based on Return on Assets.
  • Unable to establish if Blackstone Mortgage Trust improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Blackstone Mortgage Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Mortgage REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Blackstone Mortgage Trust has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Blackstone Mortgage Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Blackstone Mortgage Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Blackstone Mortgage Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Blackstone Mortgage Trust's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Blackstone Mortgage Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Blackstone Mortgage Trust Company Filings, last reported 2 months ago.

NYSE:BXMT Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,451.59 11,214.07 84.82
2018-12-31 3,374.61 10,967.48 115.58
2018-09-30 3,307.99 8,991.79 89.71
2018-06-30 3,028.66 9,239.33 113.33
2018-03-31 2,926.51 8,177.32 60.52
2017-12-31 2,917.41 7,205.50 70.87
2017-09-30 2,525.79 7,156.53 62.85
2017-06-30 2,506.47 7,102.81 34.26
2017-03-31 2,495.98 6,281.80 65.70
2016-12-31 2,493.60 6,231.40 79.65
2016-09-30 2,504.80 5,897.22 94.33
2016-06-30 2,509.09 6,786.90 195.82
2016-03-31 2,501.83 6,962.54 110.62
2015-12-31 2,505.73 6,778.61 105.11
2015-09-30 2,500.16 7,256.92 142.33
2015-06-30 2,495.49 7,889.90 106.84
2015-03-31 1,502.70 3,520.19 18.86
2014-12-31 1,500.89 3,010.81 51.81
2014-09-30 1,509.86 2,505.60 63.34
2014-06-30 1,282.03 2,401.40 120.46
2014-03-31 1,008.40 1,819.28 70.83
2013-12-31 756.75 1,358.88 52.34
2013-09-30 803.54 726.27 10.28
2013-06-30 801.67 248.56 59.75
2013-03-31 712.55 481.95 66.29
2012-12-31 153.45 147.68 15.42
2012-09-30 37.97 524.84 38.87
2012-06-30 22.24 547.51 34.60
  • Blackstone Mortgage Trust's level of debt (324.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (180.5% vs 324.9% today).
  • Debt is not well covered by operating cash flow (2.6%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Blackstone Mortgage Trust's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Blackstone Mortgage Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Blackstone Mortgage Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.78%
Current annual income from Blackstone Mortgage Trust dividends. Estimated to be 6.87% next year.
If you bought $2,000 of Blackstone Mortgage Trust shares you are expected to receive $136 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Blackstone Mortgage Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Blackstone Mortgage Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:BXMT Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
United States of America Mortgage REITs Industry Average Dividend Yield Market Cap Weighted Average of 37 Stocks 10.5%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:BXMT Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.57 3.00
2020-12-31 2.52 7.00
2019-12-31 2.49 7.00
NYSE:BXMT Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-06-14 2.480 6.809
2019-03-15 2.480 7.016
2018-12-13 2.480 7.385
2018-09-14 2.480 7.280
2018-06-15 2.480 7.495
2018-03-13 2.480 7.897
2018-02-13 2.480 7.914
2017-09-15 2.480 7.818
2017-06-13 2.480 7.933
2017-03-15 2.480 8.033
2016-12-14 2.480 8.072
2016-09-13 2.480 8.377
2016-06-15 2.480 8.689
2016-03-14 2.480 9.047
2015-12-14 2.480 9.823
2015-09-14 2.480 8.827
2015-06-15 2.080 7.264
2015-03-16 2.080 6.983
2014-12-15 2.080 7.193
2014-09-15 2.000 7.150
2014-06-16 1.920 6.676
2014-03-14 1.920 6.645
2013-12-16 1.800 6.432
2013-09-10 1.080 4.259
2010-07-27 0.000 0.000
2010-05-07 0.000 0.000
2010-05-04 0.000 0.000
2010-03-08 0.000 0.000
2010-03-02 0.000 0.000
2009-11-03 0.000 0.000
2009-08-04 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Blackstone Mortgage Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Blackstone Mortgage Trust only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Blackstone Mortgage Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Blackstone Mortgage Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Blackstone Mortgage Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Blackstone Mortgage Trust has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Steve Plavin
COMPENSATION $1,675,680
AGE 59
TENURE AS CEO 9.5 years
CEO Bio

Mr. Stephen D. Plavin, also known as Steve, has been Senior Managing Director of Real Estate Debt Strategies Group at The Blackstone Group LP since December 2012. Mr. Plavin has been the Chief Executive Officer and President at Blackstone Mortgage Trust, Inc. (a/k/a Capital Trust, Inc.) since December 1, 2009. He has experience in the banking and real estate debt investment management sectors, as well as significant experience in and knowledge of the real estate industry and related capital markets transactions. He joined Blackstone Mortgage Trust, Inc. in 1998 and served as its Chief Operating Officer from August 1998 to 2009 and was responsible for all of the lending, investing and portfolio management activities of Capital Trust, Inc. He served as Co-Head of Global Real Estate for The Chase Manhattan Bank and Chase Securities Inc. since 1997. Prior to joining Blackstone, he served as Chief Executive Officer of CT Investment Management Co., LLC. Mr. Plavin was employed for 14 years with the Chase Manhattan Bank and its securities affiliate, Chase Securities Inc. (collectively “Chase”). From 1984 to 1998, he held various positions within the real estate finance unit of Chase including the management of: loan origination and execution, loan syndications, portfolio management, banking services and REO (real estate owned) sales. In 1993, he was promoted to Managing Director and named President of Chemical Realty Sales Inc. Since 1995, he served as a Managing Director, responsible for real estate client management for Chase's major real estate relationships. He has been the Chairman of WCI Communities Inc. since August 2009 and has been its Director from 2009 to 2017. He is a Director of 1628 B Street, LLC and 11900 East Artesia Boulevard, LLC. He has been an Independent Director of Omega Healthcare Investors Inc., general Partner of OHI Healthcare Properties Limited Partnership since July 17, 2000. He has been a Director of Blackstone Mortgage Trust, Inc. since December 1, 2009. He serves as an Executive Director of CT Legacy REIT Mezz Borrower, Inc. He serves as a Member of the Real Estate Investment Committee for both Blackstone Real Estate Debt Strategies and Blackstone Real Estate Advisors. Mr. Plavin graduated from Tufts University with a B.A. degree in English and holds an M.B.A. Degree in Accounting, Finance & Marketing from J.L. Kellogg Graduate School of Management at Northwestern University.

CEO Compensation
  • Steve's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Steve's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Blackstone Mortgage Trust management team in years:

4.4
Average Tenure
44
Average Age
  • The tenure for the Blackstone Mortgage Trust management team is about average.
Management Team

Mike Nash

TITLE
Executive Chairman of the Board
AGE
57

Steve Plavin

TITLE
CEO, President & Director
COMPENSATION
$2M
AGE
59
TENURE
9.5 yrs

Anthony Marone

TITLE
MD, CFO & Assistant Secretary
COMPENSATION
$323K
AGE
35
TENURE
3.3 yrs

Thomas Ruffing

TITLE
MD & Head of Asset Management
COMPENSATION
$157K
AGE
57
TENURE
13.3 yrs

Douglas Armer

TITLE
Executive VP of Capital Markets & Treasurer
COMPENSATION
$663K
AGE
43
TENURE
5.8 yrs

Jon Gray

TITLE
BX President
AGE
49
TENURE
1.3 yrs

Katie Keenan

TITLE
Executive VP of Investments & MD
AGE
33
TENURE
0.4 yrs

Weston Tucker

TITLE
Head of Investor Relations & Senior MD
AGE
37
TENURE
5.4 yrs

Leon Volchyok

TITLE
MD, Head of Legal & Compliance and Secretary
AGE
34
TENURE
3.4 yrs

Ken Caplan

TITLE
BX Global Co-Head of Real Estate & Senior MD
AGE
45
Board of Directors Tenure

Average tenure and age of the Blackstone Mortgage Trust board of directors in years:

12.8
Average Tenure
65.5
Average Age
  • The average tenure for the Blackstone Mortgage Trust board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Steve Plavin

TITLE
CEO, President & Director
COMPENSATION
$2M
AGE
59
TENURE
9.5 yrs

Lynne Sagalyn

TITLE
Director
COMPENSATION
$194K
AGE
70
TENURE
22.4 yrs

Mike Nash

TITLE
Executive Chairman of the Board
AGE
57
TENURE
6.3 yrs

Marty Edelman

TITLE
Director
COMPENSATION
$174K
AGE
76
TENURE
22.4 yrs

Henry Nassau

TITLE
Director
COMPENSATION
$194K
AGE
63
TENURE
16.2 yrs

Thomas Dobrowski

TITLE
Director
COMPENSATION
$184K
AGE
74
TENURE
21.4 yrs

Lee Cotton

TITLE
Director
COMPENSATION
$184K
AGE
68
TENURE
5 yrs

Jonathan Pollack

TITLE
Director
AGE
41
TENURE
3.4 yrs
Who owns this company?
Recent Insider Trading
  • Blackstone Mortgage Trust insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
11. Jun 19 Sell Thomas Ruffing Individual 10. Jun 19 10. Jun 19 -132 $36.38 $-4,802
11. Jun 19 Sell Anthony Marone Individual 10. Jun 19 10. Jun 19 -263 $36.37 $-9,565
11. Jun 19 Sell Douglas Armer Individual 10. Jun 19 10. Jun 19 -575 $36.38 $-20,919
10. May 19 Sell Thomas Ruffing Individual 08. May 19 09. May 19 -397 $35.68 $-14,078
10. May 19 Sell Anthony Marone Individual 08. May 19 09. May 19 -793 $35.68 $-28,109
10. May 19 Sell Douglas Armer Individual 08. May 19 09. May 19 -1,913 $35.68 $-67,829
11. Mar 19 Sell Thomas Ruffing Individual 08. Mar 19 08. Mar 19 -129 $34.10 $-4,399
11. Mar 19 Sell Douglas Armer Individual 08. Mar 19 08. Mar 19 -576 $34.10 $-19,642
12. Feb 19 Sell Anthony Marone Individual 08. Feb 19 08. Feb 19 -287 $34.53 $-9,910
12. Feb 19 Sell Douglas Armer Individual 08. Feb 19 08. Feb 19 -654 $34.53 $-22,583
11. Dec 18 Sell Thomas Ruffing Individual 10. Dec 18 10. Dec 18 -528 $34.85 $-18,401
11. Dec 18 Sell Anthony Marone Individual 10. Dec 18 10. Dec 18 -1,055 $34.83 $-36,746
11. Dec 18 Sell Douglas Armer Individual 10. Dec 18 10. Dec 18 -3,211 $34.87 $-111,968
04. Dec 18 Sell Thomas Ruffing Individual 30. Nov 18 30. Nov 18 -118 $34.94 $-4,123
04. Dec 18 Sell Anthony Marone Individual 30. Nov 18 30. Nov 18 -206 $34.92 $-7,194
04. Dec 18 Sell Douglas Armer Individual 30. Nov 18 30. Nov 18 -806 $34.93 $-28,154
10. Nov 18 Sell Thomas Ruffing Individual 08. Nov 18 08. Nov 18 -131 $34.84 $-4,564
10. Nov 18 Sell Anthony Marone Individual 08. Nov 18 08. Nov 18 -247 $34.84 $-8,605
10. Nov 18 Sell Douglas Armer Individual 08. Nov 18 08. Nov 18 -909 $34.84 $-31,670
31. Oct 18 Buy Leonard Cotton Individual 31. Oct 18 31. Oct 18 3,000 $33.87 $101,610
04. Sep 18 Sell Thomas Ruffing Individual 31. Aug 18 31. Aug 18 -118 $34.00 $-4,012
04. Sep 18 Sell Anthony Marone Individual 31. Aug 18 31. Aug 18 -205 $34.00 $-6,970
04. Sep 18 Sell Douglas Armer Individual 31. Aug 18 31. Aug 18 -803 $34.00 $-27,302
09. Aug 18 Sell Thomas Ruffing Individual 08. Aug 18 08. Aug 18 -131 $32.98 $-4,320
09. Aug 18 Sell Anthony Marone Individual 08. Aug 18 08. Aug 18 -248 $32.99 $-8,182
09. Aug 18 Sell Douglas Armer Individual 08. Aug 18 08. Aug 18 -748 $32.99 $-24,677
X
Management checks
We assess Blackstone Mortgage Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Blackstone Mortgage Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

If You Had Bought Blackstone Mortgage Trust (NYSE:BXMT) Shares Three Years Ago You'd Have Made 31%

One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Blackstone Mortgage Trust was able to grow its EPS at 1.9% per year over three years, sending the share price higher. … As it happens, Blackstone Mortgage Trust's TSR for the last 3 years was 66%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Should You Buy Blackstone Mortgage Trust, Inc. (NYSE:BXMT) For Its Dividend?

Investors are often drawn to a company for its dividend. … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. … In this case, Blackstone Mortgage Trust likely looks attractive to dividend investors, given its 7.1% dividend yield and six-year payment history.

Simply Wall St -

Who Has Been Selling Blackstone Mortgage Trust, Inc. (NYSE:BXMT) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Blackstone Mortgage Trust, Inc. … The Last 12 Months Of Insider Transactions At Blackstone Mortgage Trust. … In total, Blackstone Mortgage Trust insiders sold more than they bought over the last year

Simply Wall St -

What Kind Of Shareholders Own Blackstone Mortgage Trust, Inc. (NYSE:BXMT)?

The big shareholder groups in Blackstone Mortgage Trust, Inc. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Blackstone Mortgage Trust is a pretty big company.

Simply Wall St -

What Should We Expect From Blackstone Mortgage Trust, Inc.'s (NYSE:BXMT) Earnings In The Next 12 Months?

Help shape the future of investing tools and receive a $20 prize! … After Blackstone Mortgage Trust, Inc.'s (NYSE:BXMT) earnings announcement on 31 December 2018, … with earnings expected to grow by 5.9% in the upcoming year

Simply Wall St -

Need To Know: Blackstone Mortgage Trust Inc (NYSE:BXMT) Insiders Have Been Selling Shares

So shareholders might well want to know whether insiders have been buying or selling shares in Blackstone Mortgage Trust Inc (NYSE:BXMT). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … The Last 12 Months Of Insider Transactions At Blackstone Mortgage Trust.

Simply Wall St -

How Should Investors Feel About Blackstone Mortgage Trust Inc's (NYSE:BXMT) CEO Pay?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Steve Plavin's Compensation Compare With Similar Sized Companies. … According to our data, Blackstone Mortgage Trust Inc has a market capitalization of US$3.9b, and pays its CEO total annual compensation worth US$1m.

Simply Wall St -

Why Are Insiders Pessimistic About Blackstone Mortgage Trust Inc's (NYSE:BXMT) Stock?

some insider selling over the past three months, with insiders divesting from. … Generally, insiders selling shares in their own firm sends a bearish signal. … A two-decade research published in The MIT Press (1998) showed that stocks following insider selling declined 2.7% relative to the market

Simply Wall St -

Read This Before Buying Blackstone Mortgage Trust Inc (NYSE:BXMT) For Its Upcoming US$0.62 Dividend

On the 16 July 2018, Blackstone Mortgage Trust Inc (NYSE:BXMT) will be paying shareholders an upcoming dividend amount of US$0.62 per share. … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … Let's take a look at Blackstone Mortgage Trust's most recent financial data to examine its dividend characteristics in more detail.

Simply Wall St -

Is Blackstone Mortgage Trust Inc (NYSE:BXMT) A Strong Dividend Stock?

In the past 10 years Blackstone Mortgage Trust Inc (NYSE:BXMT) has returned an average of 8.00% per year to investors in the form of dividend payouts. … Let's dig deeper into whether Blackstone Mortgage Trust should have a place in your portfolio. … View out our latest analysis for Blackstone Mortgage Trust

Simply Wall St -

Company Info

Description

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 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. 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 founded in 1966 and is headquartered in New York, New York.

Details
Name: Blackstone Mortgage Trust, Inc.
BXMT
Exchange: NYSE
Founded: 1966
$4,598,149,016
125,666,822
Website: http://www.blackstonemortgagetrust.com
Address: Blackstone Mortgage Trust, Inc.
345 Park Avenue,
42nd Floor,
New York,
New York, 10154,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE BXMT Class A Common Shares New York Stock Exchange US USD 29. Dec 1980
DB 079A Class A Common Shares Deutsche Boerse AG DE EUR 29. Dec 1980
BST 079A Class A Common Shares Boerse-Stuttgart DE EUR 29. Dec 1980
Number of employees
Current staff
Staff numbers
0
Blackstone Mortgage Trust employees.
Industry
Mortgage REITs
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 23:33
End of day share price update: 2019/06/19 00:00
Last estimates confirmation: 2019/05/14
Last earnings filing: 2019/04/23
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.