BXMTBLACKSTONE MORTGAGE TRUST, INC.

Real Estate Investment Trusts

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $1.8B
Employees: —
Net debt / EBITDA: —; $15.7B net debt
AI in 10-K: 3.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
252% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowYes
157% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
3.0 per 10K words · 70th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$138K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Net income	$419M	$249M	$247M	−$204M	$110M	154%
Operating cash flow	$382M	$397M	$459M	$366M	$276M	25%
Stock-based comp	$32M	$33M	$31M	$32M	$28M	11%
Buybacks	—	$0	$0	$29M	$110M	275%
Dividends	$371M	$421M	$427M	$404M	$323M	20%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 17, 2021	Blackstone Holdings III L.P.	SC 13D/A	1.8%	Passive
Nov 27, 2019	Blackstone Holdings III L.P.	SC 13D/A	2.6%	Passive

Insider trading

Open-market buys, 12 mo: $143K · 1
Open-market sells, 12 mo: $281K · 12
Net: −$138K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	115	114
FY2024	—	—	78	80
FY2023	—	—	85	80
FY2022	—	—	75	69
FY2021	—	—	99	94