Blackstone Mortgage Trust

What Blackstone Mortgage Trust does

Blackstone Mortgage Trust, Inc. (NYSE: BXMT) is a publicly traded commercial mortgage REIT that originates, acquires, and manages senior loans collateralized by institutional-quality commercial real estate. The company maintains an investment portfolio of approximately $20 billion across roughly 130 loans secured by multifamily, industrial, office, hospitality, retail, self-storage, life sciences, and other property types in North America, Europe, and Australia. It is externally managed by BXMT Advisors L.L.C., a wholly-owned subsidiary of Blackstone Inc., leveraging Blackstone's $1.3 trillion AUM platform and $600B+ real estate franchise for deal sourcing, underwriting, and portfolio management. The company is the public-market vehicle for Blackstone Real Estate Debt Strategies (BREDS, $78B AUM), with shared senior leadership across both entities.

The company's core offering is senior first-mortgage loans typically ranging from $50 million to $500 million+, underwritten at 50-75% last-dollar loan-to-value with pricing of +225 basis points and above. Revenue is generated primarily through interest income on the floating-rate loan portfolio, supplemented by origination and structuring fees on new transactions, and revenue from real estate owned (REO) following loan foreclosures. The Q1 2026 loan portfolio carried a 65% weighted-average LTV with 98% of loans performing, and the company held $1.0 billion in liquidity with no corporate debt maturities until 2027.

BXMT serves two principal customer segments: institutional real estate sponsors seeking large-scale senior debt for acquisitions, refinancings, and recapitalizations, and income-focused investors—including institutional investors, family offices, and wealth managers—who access the company's dividend-paying equity (yielding approximately 9.5-9.8%) through public markets. The company distributes loans directly through origination offices in New York, Los Angeles, and London, and communicates with investors via SEC filings, earnings calls, IR website, and financial media. Following a 2024 dividend cut of 24% and substantial portfolio restructuring, BXMT returned to profitability in 2025 with $110 million in net income on $552.8 million in revenue, with Q1 2026 revenue of $159.42 million exceeding consensus by 31%.

Name

Blackstone Mortgage Trust

Legal name

Blackstone Mortgage Trust, Inc.

Website

https://blackstonemortgagetrust.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Blackstone Mortgage Trust (NYSE: BXMT) is a publicly traded commercial mortgage REIT that originates and manages senior loans ($50M-$500M+) secured by institutional-quality commercial real estate across North America, Europe, and Australia, serving institutional real estate sponsors and income-focused public market investors.

Ownership category

akta.pro rank

Product category

Commercial Mortgage REIT / Commercial Real Estate Lending

NAICS

Real Estate Credit (522292)

SIC

Mortgage Bankers & Loan Correspondents (6162), Asset-Backed Securities (6189)

akta.pro primary industry

Balance-Sheet / Portfolio CRE Lending (FSALADAG)

akta.pro secondary industries

Real Estate (Commercial Property, REITs) (FSABACAH), Loan Due Diligence, Collateral Review & Reps/Warrants Management (FSALAFAL), Real Estate Private Credit (CRE Debt) (FSANADAG)

Keywords

• Commercial mortgage lending
• Senior loan origination
• Commercial real estate credit
• Mortgage REIT investment
• Real estate debt financing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Infrastructure

Revenue model

1. Interest Income from Loan Portfolio: Blackstone Mortgage Trust primarily earns interest income from its $16-20 billion portfolio of senior commercial mortgage loans originated across North America, Europe, and Australia. Loans are predominantly floating-rate, providing income that adjusts with market interest rates. The portfolio spans multifamily, industrial, office, hospitality, retail, and other commercial property types.
2. Loan Origination and Structuring Fees: The company generates fee income from originating and structuring commercial mortgage loans for sponsors and borrowers, typically in the $50M to $500M+ range per transaction.
3. Real Estate Owned Activity: Following foreclosures on impaired loans, Blackstone Mortgage Trust holds and operates owned real estate (REO), generating revenue from property operations and disposition. Q1 2026 revenue of $159.42M was boosted by increased real estate owned activity, with a $1.15B portfolio of foreclosed real estate as of early 2026.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Blackstone Mortgage Trust is a publicly traded commercial mortgage REIT that originates, acquires, and manages senior loans collateralized by institutional-quality commercial real estate in North America, Europe, and Australia. The company focuses on whole loans sized $50M to $500M+, structured as first-mortgage positions at 50-75% last dollar loan-to-value and pricing of +225bps and up. Its $20B portfolio of ~130 loans spans multifamily, industrial, office, hospitality, retail, self-storage, and life sciences assets, with 98% performing as of March 31, 2026, and the company is externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone Inc.

Product overview

Blackstone Mortgage Trust (BXMT) is a single unified product offering — a publicly traded commercial mortgage REIT that provides senior commercial real estate lending. The company focuses on originating large-scale whole loans ($50M to $500M+) secured by institutional-quality real estate across multifamily, industrial, office, hospitality, retail, and other property types. The portfolio totals approximately $20 billion with 130 loans, 98% performing, and operations spanning North America, Europe, and Australia. BXMT operates as an externally managed entity under Blackstone's platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Blackstone Mortgage Trust (BXMT) Senior Commercial Mortgage Loans Senior first-mortgage commercial real estate loans sized $50M to $500M+ secured by institutional-quality properties (multifamily, industrial, office, hospitality, retail, self-storage, life sciences) at 50-75% last dollar LTV with pricing of +225bps and up; provided to institutional real estate sponsors across North America, Europe, and Australia.

Quantifiable outcome

• 98% of loans performing as of Q1 2026
• +5 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• AGNC Investment Corp: AGNC Investment Corp (NASDAQ: AGNC) is a large mortgage REIT focused primarily on agency residential mortgage-backed securities, offering a broader mREIT comparison point for BXMT given overlapping investor base and interest rate sensitivity, though with a fundamentally different portfolio focus.
• Wells Fargo Commercial Real Estate: Wells Fargo's commercial real estate lending division is a broad incumbent competitor originating large commercial mortgage loans across similar property types and geographies, representing the depository institution alternative to BXMT's non-bank balance sheet lending.
• Annaly Capital Management: Annaly Capital Management (NYSE: NLY) is one of the largest mortgage REITs with a diversified portfolio of agency and commercial mortgage assets, providing a broader mREIT benchmark for BXMT's investor base and capital structure decisions.

Direct peers

• TPG RE Finance Trust: TPG RE Finance Trust (NYSE: TRTX) is a commercial mortgage REIT externally managed by TPG that originates senior loans secured by commercial real estate, directly competing with BXMT in the institutional sponsor lending segment.
• Apollo Commercial Real Estate Finance: Apollo Commercial Real Estate Finance (NYSE: ARI) is a commercial mortgage REIT managed by Apollo Global Management that originates senior and subordinated loans for commercial real estate, directly comparable to BXMT in business model, sponsor backing structure, and institutional borrower focus.
• Ladder Capital Corp: Ladder Capital Corp (NYSE: LADR) is a commercial real estate finance company that originates and invests in first mortgage loans, similar in business model to BXMT though typically with smaller average loan sizes and a more diversified pool of middle-market borrowers.
• Granite Point Mortgage Trust: Granite Point Mortgage Trust (NYSE: GPMT) is a commercial mortgage REIT focused on senior commercial real estate loans, directly comparable to BXMT in loan products and target market, though smaller in scale and without a Blackstone-scale sponsor.
• Ares Commercial Real Estate: Ares Commercial Real Estate (NYSE: ACRE) is a specialty finance company focused on originating and investing in commercial real estate loans, with similar sponsor-backed structure (Ares Management) and comparable target market of middle-market and institutional borrowers.
• KKR Real Estate Finance Trust: KKR Real Estate Finance Trust (NYSE: KREF) is a commercial mortgage REIT externally managed by KKR that originates senior loans secured by institutional-quality commercial real estate, directly comparable to BXMT in sponsor backing, loan size, and target borrowers.
• Starwood Property Trust: Starwood Property Trust (NYSE: STWD) is a leading commercial mortgage REIT that originates senior and mezzanine loans secured by commercial real estate, directly competing with BXMT in the institutional sponsor lending market across similar property types and geographies.

Market position

Strengths5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Blackstone Mortgage Trust