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How Does Blackstone Mortgage Trust Compare to Its Peers?

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Blackstone Mortgage and its peers

In this part of the series, we’ll compare Blackstone Mortgage to its peers:

  • The PE (price-to-earnings) ratios of Blackstone Mortgage Trust (BXMT), Starwood Property Trust (STWD), Colony Capital (CLNY), Ladder Capital (LADR), and Apollo Commercial Real Estate Finance (ARI) are 15.57x, 9.38x, 25.26x, 15.04x, and 10.58x, respectively.

  • The PBV (price-to-book value) ratios of Blackstone Mortgage, Starwood Property, Colony Capital, Ladder Capital, and Apollo Commercial are 0.90x, 1.12x, 0.79x, 0.90x, and 0.94x, respectively.

According to the above figures, the peers have outperformed Blackstone Mortgage Trust based on PBV. However, Blackstone is way ahead of its peers based on PE.

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ETFs that invest in Blackstone Mortgage Trust

The VanEck Vectors Mortgage REIT Income ETF (MORT) invests 5.2% of its holdings in Blackstone Mortgage. The ETF tracks a market-cap weighted index of mortgage REITs.

The iShares Mortgage Real Estate Capped ETF (REM) invests 4.6% of its holdings in Blackstone Mortgage. The ETF tracks a market-cap weighted index of residential and commercial mortgage REITs.

The iShares Morningstar Small-Cap Value ETF (JKL) invests 0.34% of its holdings in Blackstone Mortgage. The ETF tracks a market-cap weighted index of US small-cap value stocks. The index stocks from the 90th to the 97th percentile of the market-cap spectrum, using fundamental factors.

Blackstone Mortgage compared to its ETFs

Now let’s compare Blackstone Mortgage with the ETFs that invest in it:

  • The year-to-date price movements of Blackstone Mortgage, MORT, REM, and JKL are 0.87%, -6.8%, -5.5%, and -5.7%, respectively.
  • The PE (price-to-earnings) ratios of Blackstone Mortgage, MORT, REM, and JKL are 15.57x, 17.30x, 16.24x, and 21.48x, respectively.
  • The PBV (price-to-book value) ratios of Blackstone Mortgage, MORT, REM, and JKL are 0.90x, 0.81x, 0.82x, and 1.32x, respectively.

According to the above figures, ETFs have outperformed Blackstone Mortgage Trust (BXMT) based on PE. However, Blackstone Mortgage is way ahead of its ETFs based on price movement and PBV.

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