Blackstone Mortgage Trust
Originates senior commercial real estate loans across North America, Europe, and Australia.
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Profile
Originates and acquires mostly floating-rate senior loans backed by institutional commercial properties across North America, Europe, and Australia, earning interest spread over financing costs. Joint ventures and resolved-property holdings complement the loan book, while a Blackstone subsidiary manages the REIT and supplies its personnel.
Originates and acquires senior loans backed by commercial properties, while also holding interests in a Bank Loan Portfolio Joint Venture, a Net Lease Joint Venture, and owned real estate assets obtained through portfolio resolutions. Lending spans North America, Europe, and Australia and targets institutional properties in major markets.
Earns primarily the spread between interest collected on largely floating-rate loans and the cost of secured credit facilities, collateralized loan obligations, other securitizations, and corporate debt. Blackstone’s real estate debt platform supplies sourcing, underwriting, and asset-management capabilities across regions without an internal workforce.
Operates as a single-segment mortgage REIT externally managed by a Blackstone subsidiary. Results depend on borrower performance, commercial-property values, financing availability and costs, interest rates, and continued REIT qualification.
Company facts
Categories
Key statistics
Year to date −29.5% · Average volume (30d) 2.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Aug 6, 2026 | Raymond James | Downgrade | Outperform | Market Perform | |
| Aug 3, 2026 | Wells Fargo | Reiterate | Overweight | $18 | |
| Jul 31, 2026 | Keefe, Bruyette & Woods | Downgrade | Outperform | Market Perform | |
| Jun 2, 2026 | UBS | Upgrade | Neutral | Buy | $21 |
| Apr 16, 2026 | JP Morgan | Upgrade | Neutral | Overweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.41 | $0.31 | −24.8% | $157.3M | $158.1M | +0.5% | −8.72% |
| Apr 29, 2026Q1 FY26 | $0.38 | $0.49 | +28.9% | $118.8M | $159.4M | +34.1% | −0.47% |
| Feb 11, 2026Q4 FY25 | $0.22 | $0.51 | +131.8% | $125.7M | $83.9M | −33.3% | −1.30% |
| Oct 29, 2025Q3 FY25 | $0.19 | $0.24 | +26.3% | $108.2M | $132.7M | +22.6% | −1.44% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $365.7M | $393.3M | $373.0M | $389.0M | $380.2M | $380.7M | |
| Gross profit | $285.8M | $311.8M | $298.0M | $273.3M | $77.4M | $366.1M | |
| Operating income | $242.9M | $272.1M | $307.4M | $267.5M | $48.6M | $249.4M | |
| Net income | −$357.0K | $7.0M | $63.4M | $39.6M | −$6.3M | −$81.3M | |
| Diluted EPS | −$0.00 | $0.04 | $0.37 | $0.23 | −$0.04 | −$0.48 | |
| Gross margin | 78.2% | 79.3% | 79.9% | 70.3% | 20.4% | 96.2% | |
| Operating margin | 66.4% | 69.2% | 82.4% | 68.8% | 12.8% | 65.5% |
Fiscal years (4-quarter sums)FY21 $847.7M · FY22 $1.32B · FY23 $2.01B · FY24 $1.77B · FY25 $1.52B
Balance sheet, Jun 30, 2026Cash & short-term investments $432.8M · Total debt $15.81B · Total assets $19.40B · Shareholders' equity $3.26B
Dividends
Last cut to $0.47 from $0.62 in Sep 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.47 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.47 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.47 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.47 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.47 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.47 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.47 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.47 | cut from $0.62 |
Ownership
Shares outstanding 168.54M · Float 157.05M · 93.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 24.98M | 14.82% | 13F | Aug 7, 2026 |
| Blackstone Inc. | 9.28M | 5.51% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 8.90M | 5.28% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 7.16M | 4.25% | 13F | Aug 13, 2026 |
| State Street Corp | 6.42M | 3.81% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 4, 2026 | Henry N. Nassau | director | +10,000 | $14.34 |
| Jun 30, 2026 | Fernando Austin Pena | director, officer: President | −1,670 | $17.07 |
| Jun 25, 2026 | Fernando Austin Pena | director, officer: President | −2,398 | $17.48 |
| Jun 17, 2026 | Marcin Urbaszek | officer: Chief Financial Officer | −1,352 | $18.35 |
| Mar 31, 2026 | Fernando Austin Pena | director, officer: President | −1,666 | $18.88 |
Peers
- Starwood Property Trust
Large CRE finance peer with broad lending and servicing overlap
- KKR Real Estate Finance Trust
KKR-backed senior CRE loan REIT with close platform overlap
- Ladder Capital
CRE finance REIT with senior loans, conduit lending, and CMBS
- TPG RE Finance Trust
First-mortgage CRE lender targeting institutional properties
- BrightSpire Capital
CRE credit REIT with senior loan and preferred equity overlap
- Ares Commercial Real Estate
Ares-backed CRE lender focused on senior mortgage loans
- Granite Point Mortgage Trust
Smaller senior floating-rate CRE mortgage loan competitor
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Blackstone Mortgage Trust | $13.75 | +0.18% | $2.31B | 171.6 | 10.9 | 1.5 | +18.1% |
| Starwood Property Trust | $15.85 | +0.27% | $5.86B | 23.2 | 9.4 | 2.9 | +7.9% |
| KKR Real Estate Finance Trust | $7.59 | +0.20% | $488.0M | — | — | 1.2 | −82.3% |
| Ladder Capital | $9.82 | +0.10% | $1.25B | 23.4 | 9.0 | 3.3 | −40.9% |
| TPG RE Finance Trust | $7.73 | −0.06% | $593.4M | 14.3 | 7.2 | 2.2 | −58.7% |
| BrightSpire Capital | $4.75 | 0.00% | $601.0M | — | 7.8 | 1.8 | −0.9% |
| Ares Commercial Real Estate | $4.65 | +0.11% | $258.0M | — | 50.3 | 2.6 | — |
| Granite Point Mortgage Trust | $1.08 | −0.46% | $51.8M | — | — | 0.4 | −87.2% |
| Median | 23.2 | 9.0 | 2.2 | −49.8% |