At a glance
Blackstone Mortgage Trust Inc is worth $1.75B, about 17 times its fiscal 2025 earnings. It pays a 17.8% dividend yield, and returned $2.08B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −34.6% over the past year with dividends reinvested and −11.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 64.1% in the 2020 crash (S&P 500: 33.7%) and 29.1% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
Blackstone Mortgage Trust is a commercial real estate lender. It makes and buys senior loans, which are first in line for repayment, backed by high-quality buildings in major markets across North America, Europe and Australia. Borrowers are experienced, well-funded property owners. As of December 31, 2025, it held 131 loans totaling $18.2 billion in principal.
Most loans carry floating rates that move with a benchmark rate. The company borrows to fund them and keeps the gap between interest collected and interest paid. Sources include secured credit lines and collateralized loan obligations (CLOs), which bundle loans into bonds for investors. As of December 31, 2025, its $10.1 billion of secured debt cost an average 1.83 percentage points over benchmark rates. As a real estate investment trust (REIT), it generally avoids federal income tax by paying out its taxable income.
BXMT Advisors, a Blackstone subsidiary, runs the company and provides its executives, earning base and incentive fees plus reimbursed expenses. The company reports one business segment. It holds 12 properties taken over from borrowers, valued on its books at $1.3 billion as of December 31, 2025. It also owns stakes in two joint ventures with Blackstone-advised funds: 35% of one buying loans from regional banks and 75% of one owning net lease properties, where tenants cover taxes, insurance and upkeep.
Price history
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BXMT -34.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was —, and net income was $-327.0M (-615.8%).
- For fiscal 2025, revenue was — (— year over year) with a null% net margin.
Financial health check
| Return on equity (FY2025) | 3.1% weak |
|---|---|
| Return on assets (FY2025) | 0.5% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | — | $137.7M | — |
| FY2021 | — | $419.2M | — |
| FY2022 | — | $248.6M | — |
| FY2023 | — | $246.6M | — |
| FY2024 | — | $-204.1M | — |
| FY2025 | — | $109.6M | — |
Valuation snapshot
| Market value | $1.75B |
|---|---|
| P/E ratio | 16.5 |
| Dividend yield | 17.8% |
Rank among 1514 US companies
Market value at each year end
Blackstone Mortgage Trust’s market value went from $2.82B at the end of 2016 to $1.75B on Oct 28, 2026, down 38%; since the end of 2025 it is down 45%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.75B | -45.4% |
| 2025 | $3.21B | +6.5% |
| 2024 | $3.01B | -17.8% |
| 2023 | $3.66B | +1.3% |
| 2022 | $3.62B | -24.8% |
| 2021 | $4.81B | +19.5% |
| 2020 | $4.02B | -19.5% |
| 2019 | $5.00B | +31.1% |
| 2018 | $3.81B | +24.9% |
| 2017 | $3.05B | +8.1% |
| 2016 | $2.82B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BXMT price data to Oct 28, 2026 | -39.5% | -34.6% | -8.8% | -11.2% | -0.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -39.5% |
| 2025 | +21.1% |
| 2024 | -8.0% |
| 2023 | +13.3% |
| 2022 | -23.9% |
| 2021 | +20.3% |
| 2020 | -17.7% |
| 2019 | +25.2% |
| 2018 | +6.9% |
| 2017 | +15.7% |
| 2016 | +22.6% |
| 2015 | -0.3% |
| 2014 | +15.1% |
| 2013 | +32.7% |
| 2012 | +95.9% |
| 2011 | +45.2% |
| 2010 | +22.1% |
| 2009 | -64.7% |
| 2008 | -88.1% |
| 2007 | -33.1% |
| 2006 | +75.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 97.5% over that stretch · deepest drop along the way 97.5%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 63.9% over that stretch · deepest drop along the way 64.1%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.5% over that stretch · deepest drop along the way 29.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($143K) and 6 sales ($142K), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 4, 2026 | Henry N Nassau Director | buy | $143K |
| Jun 25, 2026 | Fernando Austin Pena President, Director | sell (plan) | $42K |
| Jun 30, 2026 | Fernando Austin Pena President, Director | sell (plan) | $29K |
| Jun 17, 2026 | Marcin Urbaszek Chief Financial Officer | sell (plan) | $25K |
| Sep 30, 2026 | Fernando Austin Pena President, Director | sell (plan) | $20K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.7% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.24% | Mar 31, 2026 |
| Blackstone Inc. | 5.2% | Dec 31, 2024 |
| Vanguard Capital Management | 5% | Sep 30, 2026 |
ETFs with the most weight in BXMT
| MORT VanEck Mortgage REIT Income ETF | 5.09% |
| REM iShares Mortgage Real Estate ETF | 4.57% |
| XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF | 2.65% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.97% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.55% |
| NUSC Nuveen ESG Small-Cap ETF | 0.35% |
| XJR iShares ESG Select Screened S&P Small-Cap ETF | 0.3% |
| IWN iShares Russell 2000 Value ETF | 0.29% |
What could go wrong
- Bad loans can leave it owning buildings. When borrowers default, the company may take over the property. It held 12 such properties, valued on its books at $1.3 billion as of December 31, 2025, bringing the costs and risks of ownership.
- Reliance on Blackstone brings fees and conflicts. A Blackstone subsidiary runs the company for base and incentive fees. The company warns these fees may encourage riskier bets, conflicts with Blackstone may go against shareholders, and ending the contract would be costly.
- Dividend has been cut and outruns earnings. Regular dividends fell from $2.48 a share for 2020 to $1.88 for 2025, versus diluted earnings of $0.64 a share. The company warns rate swings may limit future dividends.
- Loan-loss reserves are hard to estimate. Under the CECL accounting rule (current expected credit losses), the company must set aside reserves for losses it expects over each loan's life. These estimates involve judgment, and past increases have hurt results.
- Heavy borrowing can force extra payments. The company aims to keep its debt-to-equity ratio generally below 4-to-1; secured debt was $10.1 billion as of December 31, 2025. If loan values fall, lenders can demand more collateral or paydowns.
- Interest rate swings can squeeze income. Most loans are floating rate, so lower benchmark rates cut interest income, while higher rates strain borrowers and raise the company's own financing costs. Hedges may not fully offset these moves.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
BXMT pays a large dividend, but the payout has been cut. It paid $2.48 per share in each fiscal year from 2020 to 2023, then $2.18 in 2024 and $1.88 in 2025, a 5.4% average yearly decline. Fiscal 2025 dividends equaled 294.5% of earnings ($0.64 per share), and the company posted an $81.2 million net loss for the quarter ended June 30, 2026. The yield was 17.8% as of October 28, 2026; a yield that high often signals investor doubts about the payout. BXMT repurchased $109.5 million of stock in 2025, yet the share count rose 7.3% from October 2021 to July 2026.
The stock has fallen hard in downturns. It fell 97.5% in the 2008 financial crisis, 64.1% in the 2020 COVID crash and 29.1% in the 2022 bear market, and as of October 28, 2026 it had not regained any of those peaks. Like any single stock, BXMT carries more risk than a diversified fund.
Questions investors ask
How does Blackstone Mortgage Trust make money?
It earns interest on commercial real estate loans. BXMT originates and acquires mainly senior, floating-rate first mortgages on high-quality properties in North America, Europe and Australia. As of December 31, 2025, it held 131 loans with $18.2 billion of principal. It funds much of this with borrowed money, including $10.1 billion of secured debt, and profits from the gap between what borrowers pay and its own funding costs. As a real estate investment trust (REIT), it pays out its taxable income as dividends.
Has Blackstone Mortgage Trust cut its dividend?
Yes. BXMT paid $2.48 per share in each fiscal year from 2020 through 2023, then $2.18 in 2024 and $1.88 in 2025. That is a 5.4% average yearly decline over five years, with no increases along the way. Earnings did not cover the fiscal 2025 payout: earnings per share were $0.64 against the $1.88 dividend. The company also reported an $81.2 million net loss for the quarter ended June 30, 2026.
Why is BXMT's dividend yield so high?
Mainly because the stock has dropped. Yield is the yearly dividend divided by the share price, so it climbs when the price falls. BXMT's yield was 17.8% as of October 28, 2026, after the stock lost 39.5% year to date and 34.6% over one year. A yield that high often signals that investors doubt the payout will last. In fiscal 2025, dividends were 294.5% of earnings.
Is Blackstone Mortgage Trust owned by Blackstone?
No. Blackstone Inc. reported a 5.2% stake as of December 31, 2024, but a Blackstone subsidiary runs the company. BXMT is a separate NYSE-listed company that is externally managed by BXMT Advisors L.L.C., which supplies its executives and investment team in exchange for a base management fee, an incentive fee and expense reimbursements. BlackRock reported a larger stake, 14.7%, as of June 30, 2025. BXMT's annual report flags possible conflicts of interest in the Blackstone relationship.
How has BXMT stock performed?
Poorly over most periods. As of October 28, 2026, the stock had lost 39.5% year to date and 34.6% over one year. It lost an average of 11.2% a year over five years and 0.9% a year over ten. It gained 21% in 2025 but lost 8% in 2024 and 24% in 2022. It also fell 97.5% in the 2008 financial crisis and 64.1% in the 2020 COVID crash, and had not regained either peak.