BXMT is a mortgage REIT with 31.6% upside to the analyst target and a 17.1% dividend yield, but earnings missed in 3 of 4 quarters, options show heavy put positioning and the stock is in a downtrend, so reducing the position is favored.
Thesis pillars
- Upside To Analyst Target↓Deteriorating
- Repeated Earnings Misses↑Improving
- High Yield Uncertain Safety↑Improving
- +2 more pillars — see the Why tab for full reasoning
Pillars as of Nov 1, 2026, based on the 10-K filed Feb 11, 2026
Blackstone Mortgage Trust, Inc. (BXMT) Stock Analysis
Recovery setup
Real Estate · REIT - Mortgage
Sell if holding. Multiple concerning factors at $11.08: Concentration risk — Counterparty: BXMT Advisors L.L.C.; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.4).
Blackstone Mortgage Trust originates and manages senior floating-rate commercial real estate loans across North America, Europe, and Australia, with a $18.2 billion portfolio of 131 loans at December 31, 2025. The company earns net interest income on its floating-rate loan book... Read more
Sell if holding. Multiple concerning factors at $11.08: Concentration risk — Counterparty: BXMT Advisors L.L.C.; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.4). Chart setup: Death cross but MACD improving, RSI 60. Score 5.8/10, moderate confidence.
Passes 7/8 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, earnings proximity 97d clear, semi cycle peak clear, materials cycle peak clear). Suitability: speculative.
About Blackstone Mortgage Trust, Inc.
About Blackstone Mortgage Trust, Inc.
Blackstone Mortgage Trust held a $18.2 billion senior commercial mortgage loan portfolio across 131 loans at December 31, 2025, with 97% of principal balance at floating rates. The portfolio spans North America, Europe, and Australia, focusing on senior loans secured by institutional-quality assets in major markets. During 2025, originations of $5.7 billion were offset by $6.1 billion in repayments, for net repayments of $452.8 million.
Blackstone Mortgage Trust earns net interest income from the spread between its floating-rate loan yields and floating-rate liabilities, including $10.1 billion of secured debt bearing a weighted-average spread of +1.83% over benchmark rates at December 31, 2025. The company finances the portfolio through secured credit facilities, CLOs, asset-specific financings, and term loans; during 2025 it issued a $1.0 billion CLO and increased aggregate borrowing capacity by $414.0 million. The company is externally managed by BXMT Advisors L.L.C., a Blackstone subsidiary, under a Management Agreement entitling the Manager to base and incentive fees, with no direct employees and no obligation on manager personnel to dedicate specific time. Competitors for senior commercial mortgage origination include other REITs, specialty finance companies, commercial banks, and insurance companies. Total liquidity was $1.0 billion at December 31, 2025, with no corporate debt maturities until 2027.
Show full overview
Blackstone Mortgage Trust's net income is structurally tied to short-term benchmark rates: with 97% of the loan portfolio at floating rates financed by floating-rate liabilities, net equity income rises with rates and falls when rates decline. The 10-K notes that higher interest rates have contributed to loan non-performance, modifications, defaults, and foreclosures among certain borrowers — particularly in office properties with long-term leases entered in a lower interest rate environment. This dual exposure, where declining rates reduce margins while prolonged elevated rates stress collateral values, may limit the company's ability to pay dividends depending on rate trajectory.
See also: Real Estate · REIT - Mortgage
From Blackstone Mortgage Trust, Inc.'s most recent 10-K filing, extracted June 9, 2026.
Recent developments
updated Oct 29, 2026Recent Developments — Blackstone Mortgage Trust, Inc.
Latest news
- NEWS Blackstone Mortgage Trust Q3 2026 Earnings Date and Estimates - MarketBeat — MarketBeat Oct 29, 2026 neutral
- NEWS Blackstone Mortgage Trust (BXMT) Set to Report Q3 Earnings on Oc - GuruFocus — GuruFocus Oct 28, 2026 neutral
- NEWS Blackstone Mortgage: 20% Yield, 5X Leverage, What Could Go Wrong? (NYSE:BXMT) - Seeking Alpha — Seeking Alpha Oct 27, 2026 negative
- NEWS Blackstone Mortgage Trust (BXMT) Institutional Ownership 2026 - MarketBeat — MarketBeat Oct 24, 2026 neutral
- NEWS Total current assets of Blackstone Mortgage Trust, Inc. – NYSE:BXMT - TradingView — TradingView Oct 22, 2026 neutral
Latest item Oct 29, 2026 · Generated 2026-11-04T11:44:35Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHcounterpartyBXMT Advisors L.L.C.10-K Item 1: 'We are externally managed by BXMT Advisors L.L.C. ... We do not have any employees.'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
3 floor-breakers·1 ceiling hit
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Price Targets
Position Sizing
Analyst Consensus
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Multiple concerning factors at $11.08: Concentration risk — Counterparty: BXMT Advisors L.L.C.; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.4). Chart setup: Death cross but MACD improving, RSI 60. Prior stop was $10.30. Score 5.8/10, moderate confidence.
Analyst target: $13.24 (+19.5% upside). Prior stop was $10.30. Stop-loss: $10.30.
Concentration risk — Counterparty: BXMT Advisors L.L.C.; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.4); Sector modifier (Real Estate): -1.2.
Blackstone Mortgage Trust, Inc. trades at a P/E of N/A (forward 8.3). TrendMatrix value score: 6.8/10. Verdict: Sell.
15 analysts rate BXMT, with a consensus score of 3.9/5. 7 analysts publish price targets averaging $15.
What does Blackstone Mortgage Trust, Inc. do?Blackstone Mortgage Trust originates and manages senior floating-rate commercial real estate loans across North...
Blackstone Mortgage Trust originates and manages senior floating-rate commercial real estate loans across North America, Europe, and Australia, with a $18.2 billion portfolio of 131 loans at December 31, 2025. The company earns net interest income on its floating-rate loan book and is externally managed by BXMT Advisors LLC, a Blackstone subsidiary, with no direct employees.