Blackstone Mortgage Trust, Inc. (BXMT)
ValueMarkers Composite Index
94% below intrinsic value ($317)
Blackstone Mortgage Trust, Inc. (BXMT) — VMCI valuation read
Headline read on BXMT: VMCI of 47/100 versus a Real Estate sector median of 50. The 3-point below-median position is what makes Blackstone Mortgage Trust, Inc. a relative-value laggard in the mid-cap cohort, before any pillar-level review.
Form 4 filings on BXMT: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on BXMT: value (BXMT trades at 23.0x earnings, 28% above the Real Estate median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of -0.5x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.
BXMT fell 4.0% over the trailing 7 days, with a +6.0% read on a 30-day basis.
Blackstone Mortgage Trust, Inc., a real estate finance company, originates senior loans collateralized by commercial properties in North America, Europe, and Australia. The company operates as a real estate investment trust for federal income tax purposes. It generally would not be subject to U.S. federal income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as Capital Trust, Inc. and changed its name to Blackstone Mortgage Trust, Inc. in May 2013. Blackstone Mortgage Trust, Inc. was founded in 1997 and is headquartered in New York, New York.
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