BXMT (Blackstone Mortgage Trust) Beneish M-Score: -2.68 (As of Jun. 26, 2026)


BXMT Blackstone Mortgage Trust Inc BXMT
60 GF Score
Price $17.35
GF Value $18.42
Valuation Fairly Valued
! 4 Warning Signs
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What is Blackstone Mortgage Trust Beneish M-Score?

Blackstone Mortgage Trust BXMT -0.69% 60 Beneish M-Score is -2.68 as of Jun. 26, 2026. GuruFocus rates BXMT with a GF Score™ of 60/100 and a GF Value™ of $18.42 (Fairly Valued). The stock has 4 warning signs investors should review. Among 765 REITs companies, Blackstone Mortgage Trust ranks better than 71.11% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Blackstone Mortgage Trust's Beneish M-Score or its related term are showing as below:

BXMT' s Beneish M-Score Range Over the Past 10 Years
Min: -4.89   Med: -2.48   Max: -1.68
Current: -2.68

During the past 13 years, the highest Beneish M-Score of Blackstone Mortgage Trust was -1.68. The lowest was -4.89. And the median was -2.48.

BXMT
60GF Score
Blackstone Mortgage Trust Inc BXMT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Blackstone Mortgage Trust Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Blackstone Mortgage Trust for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.7631+0.528 * 1+0.404 * 0.9981+0.892 * 1.2248+0.115 * 0.0499
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7811+4.679 * -0.0123-0.327 * 1.1668
=-2.68

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $137.0 Mil.
Revenue was 159.259 + 159.323 + 132.711 + 133.853 = $585.1 Mil.
Gross Profit was 159.259 + 159.323 + 132.711 + 133.853 = $585.1 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $19,629.8 Mil.
Property, Plant and Equipment(Net PPE) was $52.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.7 Mil.
Selling, General, & Admin. Expense(SGA) was $36.3 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $6,804.1 Mil.
Net Income was -6.297 + 39.56 + 63.397 + 6.969 = $103.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 169.727 + 136.308 + -18.184 + 57.233 = $345.1 Mil.
 Total Receivables was $146.6 Mil.
Revenue was 126.947 + 114.448 + 109.562 + 126.772 = $477.7 Mil.
Gross Profit was 126.947 + 114.448 + 109.562 + 126.772 = $477.7 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $19,957.5 Mil.
Property, Plant and Equipment(Net PPE) was $15.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.2 Mil.
Selling, General, & Admin. Expense(SGA) was $37.9 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $5,928.8 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(137.013 / 585.146) / (146.587 / 477.729)
=0.234152 / 0.306841
=0.7631

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(477.729 / 477.729) / (585.146 / 585.146)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 52.04) / 19629.808) / (1 - (0 + 15.072) / 19957.475)
=0.997349 / 0.999245
=0.9981

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=585.146 / 477.729
=1.2248

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0.185 / (0.185 + 15.072)) / (16.707 / (16.707 + 52.04))
=0.012126 / 0.243022
=0.0499

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(36.272 / 585.146) / (37.91 / 477.729)
=0.061988 / 0.079355
=0.7811

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((6804.143 + 0) / 19629.808) / ((5928.762 + 0) / 19957.475)
=0.346623 / 0.29707
=1.1668

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(103.629 - 0 - 345.084) / 19629.808
=-0.0123

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Blackstone Mortgage Trust has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.68 mean?
Blackstone Mortgage Trust (BXMT) has a Beneish M-Score of -2.68 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Blackstone Mortgage Trust and its competitors. According to the industry distribution chart, Blackstone Mortgage Trust ranks #221 out of 765 companies in the REITs industry, placing it in the top 28.9%.
Is Blackstone Mortgage Trust's Beneish M-Score too high?
Blackstone Mortgage Trust's current Beneish M-Score is -2.68. Based on the distribution chart, Blackstone Mortgage Trust ranks #221 out of 765 companies in the REITs industry, which is above the industry midpoint. Overall, Blackstone Mortgage Trust has a GF Score™ of 60/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Blackstone Mortgage Trust's Beneish M-Score compare to DX and ARR?
According to the REITs industry distribution chart, Blackstone Mortgage Trust ranks #221 out of 765 companies for Beneish M-Score. This puts Blackstone Mortgage Trust in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a REITs company?
A good Beneish M-Score depends on the REITs industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Blackstone Mortgage Trust and its competitors. Blackstone Mortgage Trust's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Blackstone Mortgage Trust stock overvalued right now?
Based on GuruFocus' analysis, Blackstone Mortgage Trust (BXMT) is currently considered Fairly Valued. The stock's GF Value™ is $18.42, compared to a current price of $17.35 — trading 5.8% below its estimated fair value. The current Beneish M-Score is -2.68. Blackstone Mortgage Trust's overall GF Score™ is 60/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Blackstone Mortgage Trust (BXMT), the current Beneish M-Score is -2.68 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Blackstone Mortgage Trust (BXMT) Overvalued in 2026?

Based on GuruFocus' analysis, Blackstone Mortgage Trust stock appears to be undervalued. The current stock price of $17.35 is trading 5.8% below its estimated GF Value™ of $18.42. GuruFocus considers Blackstone Mortgage Trust to be Fairly Valued.

Key valuation signals for BXMT:

  • Beneish M-Score: -2.68
  • GF Value™: $18.42 vs. price of $17.35 (5.8% below fair value)
  • GF Score™: 60/100 with 4 warning signs

No single metric tells the full story. See the BXMT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Blackstone Mortgage Trust Business Description

Industry Real EstateREITs
Other Exchanges 079A:Germany
Address 345 Park Avenue, 24th Floor, New York, NY, USA, 10154
Blackstone Mortgage Trust Inc is an externally managed real estate finance company that originates, acquires, and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia. Its portfolio is composed of senior loans secured by high-quality, institutional assets located in main markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. The group finances its investments in a variety of ways, including borrowing under secured credit facilities, issuing collateralized loan obligations, or CLOs, other securitization transactions, syndicating senior loans and/or participations, and other forms of asset-level financing.
60GF Score

Get the complete analysis for BXMT

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$17.35
Price
$18.42
GF Value