NYSE:BXMT

Stock Analysis Report

Executive Summary

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


Snowflake Analysis

Acceptable 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

Stable Share Price: BXMT has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.6%

BXMT

0.03%

US Mortgage REITs

-1.1%

US Market


1 Year Return

17.5%

BXMT

7.1%

US Mortgage REITs

17.9%

US Market

Return vs Industry: BXMT exceeded the US Mortgage REITs industry which returned 7.1% over the past year.

Return vs Market: BXMT matched the US Market which returned 17.9% over the past year.


Shareholder returns

BXMTIndustryMarket
7 Day0.6%0.03%-1.1%
30 Day6.8%4.0%1.4%
90 Day11.3%8.9%6.9%
1 Year25.9%17.5%18.8%7.1%20.3%17.9%
3 Year62.7%29.9%44.2%4.4%47.8%38.3%
5 Year106.5%39.3%73.0%-0.5%71.9%53.0%

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?

16.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BXMT ($40.27) is trading below our estimate of fair value ($47.96)

Significantly Below Fair Value: 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 (17.1x) compared to the Mortgage REITs industry average (13.4x).

PE vs Market: BXMT is good value based on its PE Ratio (17.1x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: BXMT is poor value based on its PEG Ratio (4.1x)


Price to Book Ratio

PB vs Industry: BXMT is overvalued based on its PB Ratio (1.4x) compared to the US Mortgage REITs industry average (1.1x).


Next Steps

Future Growth

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

4.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BXMT's forecast earnings growth (4.2% per year) is above the savings rate (1.7%).

Earnings vs Market: BXMT's earnings (4.2% per year) are forecast to grow slower than the US market (14.1% per year).

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

Revenue vs Market: BXMT's revenue (4.9% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: BXMT's revenue (4.9% 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 (9.7%).


Next Steps

Past Performance

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

16.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BXMT has high quality earnings.

Growing Profit Margin: BXMT's current net profit margins (72%) are higher than last year (71.9%).


Past Earnings Growth Analysis

Earnings Trend: BXMT's earnings have grown by 16.3% per year over the past 5 years.

Accelerating Growth: BXMT's earnings growth over the past year (7.2%) is below its 5-year average (16.3% per year).

Earnings vs Industry: BXMT earnings growth over the past year (7.2%) underperformed the Mortgage REITs industry 11.3%.


Return on Equity

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


Return on Assets


Return on Capital Employed


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 1.3x 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?

6.16%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BXMT's dividend (6.16%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: BXMT's dividend (6.16%) is in the top 25% of dividend payers in the US market (3.73%)


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 6 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (105.6%), 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 (94.3% payout ratio).


Next Steps

Management

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

5.1yrs

Average management tenure


CEO

Steve Plavin (60yo)

10.2yrs

Tenure

US$1,675,680

Compensation

Mr. Stephen D. Plavin, also known as Steve, has been the Chief Executive Officer since December 1, 2009 and its Senior Managing Director since February 2020 and served as its President since December 1, 20 ...


Leadership Team

NamePositionTenureCompensationOwnership
Michael Nash
Executive Chairman of the Board7yrsno data0.24% $13.2m
Stephen Plavin
CEO, Senior MD & Director10.2yrsUS$1.68m0.28% $15.1m
Anthony Marone
CFO, Principal Accounting Officer & Assistant Secretary3.9yrsUS$322.92k0.026% $1.4m
Douglas Armer
Executive VP of Capital Markets & Treasurer6.4yrsUS$663.29k0.064% $3.5m
Katharine Keenan
President & MD0yrsno data0.057% $3.1m
Jonathan Gray
BX President2yrsno datano data
Leon Volchyok
MD, Head of Legal & Compliance and Secretary4.1yrsno datano data
Weston Tucker
Head of Investor Relations & Senior MD6.1yrsno datano data
Kenneth Caplan
BX Global Co-Head of Real Estate & Senior MD0yrsno datano data
Kathleen McCarthy
BX Global Co-Head of Real Estate & Senior MD0yrsno datano data

5.1yrs

Average Tenure

44yo

Average Age

Experienced Management: BXMT's management team is seasoned and experienced (5.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Michael Nash
Executive Chairman of the Board7yrsno data0.24% $13.2m
Stephen Plavin
CEO, Senior MD & Director10.2yrsUS$1.68m0.28% $15.1m
Henry Nassau
Independent Director16.8yrsUS$193.64k0.041% $2.3m
Lynne Sagalyn
Independent Director23.1yrsUS$193.64k0.051% $2.8m
Thomas Dobrowski
Independent Director22.1yrsUS$183.64k0.044% $2.4m
Martin Edelman
Independent Director23.1yrsUS$173.64k0.051% $2.8m
Leonard Cotton
Independent Director5.7yrsUS$183.64k0.018% $970.8k
Jonathan Pollack
Director4.1yrsno data0.17% $9.1m

13.5yrs

Average Tenure

66.5yo

Average Age

Experienced Board: BXMT's board of directors are seasoned and experienced ( 13.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: BXMT insiders have only sold shares 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 14.3%.


Top Shareholders

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$5.451b
  • Shares outstanding: 135.36m
  • 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 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. 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/23 00:54
End of Day Share Price2020/02/21 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.