# Blackstone Mortgage Trust, Inc. (BXMT)

> Source: Nexqual · https://nexqual.com/BXMT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Blackstone Mortgage Trust, Inc. (BXMT), nexqual.com/BXMT" · informational, not investment advice.

**Price:** USD 10.58 (+3.73% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 10.2 · day 10.19–10.74 · 52w 10.12–20.67 · market cap $1.78B · NYQ

## Key facts
- Valuation: P/E 115.5x (avg 22.4x at the last 2 fiscal year-ends).
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $142K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $143K; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.33 on a 1–5 scale) (9 analysts), mean target USD 16.86 (range 13–23).
- Total return with dividends: 1Y -35.5% vs S&P 500 +14.9%; 5Y -44.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.24, revenue estimate $76.7M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $1.26B | $1.35B | — | — | — |
| Net income | $419M | $249M | $247M | -$204M | $110M | $15.4M |
| EPS (diluted) | $2.77 | $1.46 | $1.43 | -$1.17 | $0.64 | — |
| Net margin | — | 19.8% | 18.3% | — | — | — |
| Revenue growth | — | — | +7.2% | — | — | — |
| Cash + short-term investments | $551M | $291M | $350M | $323M | $453M | — |
| Total debt | $15.1B | $17.6B | $16.5B | $264M | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 115.5x · P/B 0.6x · Earnings yield 0.87% · Dividend yield (paid, TTM) 17.90% · Buyback yield (TTM) 4.58%
P/E at fiscal year-ends: Dec 2025 29.8x, Dec 2023 14.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | Pena Fernando Austin | President | 1,725 | $20K | 2.4% | Yes (adopted March 5, 2024) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-17 | Urbaszek Marcin | Chief Financial Officer | 864 | $12K | 3.5% | Yes (adopted March 6, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-17 | Pena Fernando Austin | President | 1,127 | $15K | 1.5% | Yes (adopted March 26, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-30 | Pena Fernando Austin | President | 1,670 | $29K | 2.2% | Yes (adopted March 5, 2024) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-25 | Pena Fernando Austin | President | 2,398 | $42K | 3.1% | Yes (adopted March 26, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-17 | Urbaszek Marcin | Chief Financial Officer | 1,352 | $25K | 5.2% | Yes (adopted March 6, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $143K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-04 | Nassau Henry N | Director | 10,000 | $143K | 14.34 | Opportunistic (traded every year 2023–2025, no repeating month) |

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 9 analysts; mean target USD 16.86 (low 13, high 23).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $16 → $13 |
| 2026-08-06 | Raymond James | Downgrade | Outperform → Market Perform |  |
| 2026-08-03 | Wells Fargo | Target lowered | Overweight | $22 → $18 |
| 2026-07-31 | JP Morgan | Target lowered | Overweight | $19 → $18 |
| 2026-07-31 | Keefe, Bruyette & Woods | Downgrade | Outperform → Market Perform | $20 → $16 |
| 2026-07-17 | JP Morgan | Target lowered | Overweight | $20 → $19 |
| 2026-06-26 | Keefe, Bruyette & Woods | Target lowered | Outperform | $20.5 → $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -35.5% | -44.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -35.5% | -11.0% |
| Volatility (annualized) | 25.6% | 27.5% |
| Max drawdown | -46.1% (Apr 2026→Oct 2026) | -46.3% (Nov 2021→Oct 2026) |

## Peers (REIT - Mortgage)
ARR (ARMOUR Residential REIT, Inc.) USD 12.69 -0.94% · EFC (Ellington Financial Inc.) USD 11.63 +1.84% · LADR (Ladder Capital Corp) USD 9.32 +4.02% · DX (Dynex Capital, Inc.) USD 11.05 -0.00% · ORC (Orchid Island Capital, Inc.) USD 4.9 +0.62% · ARI (Apollo Commercial Real Estate F) USD 6.3 -0.63%

## More
Full page: https://nexqual.com/BXMT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BXMT's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/1061630/000106163026000009/bxmt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | M&T Realty Capital | "Our MTRCC Agency Partnership required the approval of Fannie Mae and Freddie Mac, and this approval can be" |
| Partner | Walker & Dunlop, Inc. (WD) | "In 2017, we entered into a joint venture with Walker & Dunlop Inc., or Walker & Dunlop, to originate, hold, and finance" |

Other companies that name BXMT in their own reports (relationship from BXMT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Walker & Dunlop, Inc. (WD) | 10-K 2026-02-26 | "Principal Lending and Investing—Through a joint venture with an affiliate of Blackstone Mortgage Trust, Inc., the Company offered short-term senior secured debt financing products that provided floati…" |

## Company outlook (8-K filed 2026-07-30)

- "BXMT assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.24 | $0.36 | -31.8% | $76.7M | 6 |
| Next quarter (ends 2026-12-31) | $0.26 | $0.40 | -34.7% | $77.5M | 7 |
| Current fiscal year (ends 2026-12-31) | $1.14 | $1.42 | -19.6% | $321.5M | 7 |
| Next fiscal year (ends 2027-12-31) | $1.39 | $1.95 | -28.5% | $314.1M | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±7.8%; last 8 reports averaged ±3.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 40.2% | ±7.8% |
| 2026-12-18 | 56 | 35.7% | ±11.8% |
| 2027-01-15 | 84 | 33.4% | ±15.1% |
| 2027-04-16 | 175 | 31.0% | ±19.6% |