| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 49 | 166.9x | 17.8x | Around median | |
Growth | 21 | — | 7.1% | Bottom tier | |
Quality | 63 | 4.4% | 4.5% | Around median | |
Safety | 24 | 13.9x | 2.6x | Bottom tier | |
Capital Return | 72 | 14.08% | 2.12% | Top tier | |
Momentum | 6 | -28.1% | 2.9% | Bottom tier | |
Sentiment | 80 | 5 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Blackstone Mortgage Trust, Inc. is a commercial real estate finance company that invests primarily in loans secured by real estate, particularly floating-rate loans, and generates income from the spread between the yields on these investments and its financing costs. As of June 30, 2026, its loan portfolio totaled $17 billion across 133 loans, with multifamily and industrial properties representing the majority of the portfolio, while office exposure declined from 36% to 21%. The company is also expanding its income sources through net lease real estate, homebuilder finance, and real estate owned arising partly from resolutions of distressed loans.
In fiscal Q2 2026, the company reported revenue of $158.1 million, compared with $159.4 million in fiscal Q1 2026, while net income shifted to a loss of $81.2 million, equal to $0.48 per share, compared with a loss of $6.3 million, equal to $0.04 per share, in the previous quarter. Distributable earnings were $0.31 per share after realized losses of $29 million, while they were $0.48 per share before realized gains and losses, narrowly covering a dividend of $0.47 per share.
The business mix in fiscal Q2 2026 reflects a deliberate shift toward more diversified sectors; the company closed $1.4 billion of investments, including $1.1 billion of new loans with an average loan-to-value ratio of 61%, concentrated primarily in residential and industrial real estate. The net lease real estate portfolio totaled $661 million, or approximately 3% of the overall portfolio, while the real estate owned portfolio ended the quarter with a carrying value of $1.4 billion across 14 assets.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $19.5, within a range of $18 to $21, compared with the stock's 52-week trading range of $13.61 to $20.67, and the consensus is neutral. The average target is close to the top of the 52-week range, while the highest target exceeds that peak only slightly; this reflects a balance between portfolio rotation and diversification opportunities and credit losses and pressure on earnings and dividends. No meaningful price-to-earnings ratio is available in the data, which is consistent with the loss reported in fiscal Q2 2026 despite trailing twelve-month net income remaining at $103.6 million.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
BXMT reported a net loss of $81.2 million, or $0.48 per share, in fiscal Q2 2026. Distributable earnings included $29 million of realized losses, most of which were associated with resolving a distressed multifamily real estate loan after taking possession of its collateral. The company also increased current expected credit loss reserves by $0.80 per share, with the $345 million Chicago office loan being the largest driver of the increase.
Distributable earnings before realized gains and losses were $0.48 per share in fiscal Q2 2026, compared with a dividend of $0.47 per share, meaning coverage was achieved by a margin of one cent. After including realized losses, distributable earnings fell to $0.31 per share, below the dividend level. On the July 30, 2026 call, management said the dividend decision would take into account long-term earnings power and the effects of portfolio rotation, interest rates, and the investment environment.
Offices represented 21% of the portfolio as of June 30, 2026, after declining from 36%, but approximately $1 billion of the $2 billion watchlist loans were primarily associated with low-cash-flow offices. The most notable case is a $345 million Chicago office loan originated in 2018 whose borrower defaulted in June 2026. Management is targeting a reduction of 40% or more in exposure to offices and loans originated before 2023 by December 31, 2026.
The company closed $1.4 billion of investments in fiscal Q2 2026, including $1.1 billion of loans with an average loan-to-value ratio of 61%, concentrated primarily in residential and industrial real estate. It entered homebuilder finance through an initial portfolio of 36 loans across 10 states valued at approximately $130 million for its share, with an average commitment of $12 million. Its net lease real estate portfolio also reached $661 million as of June 30, 2026, with more than $150 million of acquisitions closed or in the process of closing during July 2026.
BXMT ended fiscal Q2 2026 with $1.2 billion of liquidity and received $1.2 billion of loan repayments during the quarter, followed by an additional $1.4 billion in July 2026. In May 2026, it issued $450 million of senior secured notes to pre-fund a debt maturity scheduled for fiscal Q1 2027. However, management explained on July 30, 2026 that redeploying the large inflows could take several quarters, which may pressure distributable earnings during the transition period.
The analyst consensus on BXMT is neutral, with an average price target of $19.5, a low target of $18, and a high target of $21. The average is close to the upper end of the 52-week range of $13.61 to $20.67, leaving limited room between the average target and the historical peak of that range. No meaningful price-to-earnings ratio is available in the data, while the company reported a loss per share of $0.48 in fiscal Q2 2026 and net income of $103.6 million over the twelve months.
