BXMT (Blackstone Mortgage Trust) Scaled Net Operating Assets: 0.94 (As of Mar. 2026)


BXMT Blackstone Mortgage Trust Inc BXMT
61 GF Score
Price $16.96
GF Value $18.32
Valuation Fairly Valued
! 4 Warning Signs
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What is Blackstone Mortgage Trust Scaled Net Operating Assets?

Blackstone Mortgage Trust BXMT +0.06% 61 Scaled Net Operating Assets is 0.94 as of Mar. 2026. GuruFocus rates BXMT with a GF Score™ of 61/100 and a GF Value™ of $18.32 (Fairly Valued). The stock has 4 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Blackstone Mortgage Trust's operating assets for the quarter that ended in Mar. 2026 was $19,080.7 Mil. Blackstone Mortgage Trust's operating liabilities for the quarter that ended in Mar. 2026 was $318.2 Mil. Blackstone Mortgage Trust's Total Assets for the quarter that ended in Dec. 2025 was $20,002.9 Mil. Therefore, Blackstone Mortgage Trust's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.94.

BXMT
61GF Score
Blackstone Mortgage Trust Inc BXMT
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Blackstone Mortgage Trust Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Blackstone Mortgage Trust's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(19550.42-334.955)/19801.955
=0.97

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=20002.946 - 452.526
=19550.42

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=16498.556 - 6046.309 - 10117.292
=334.955

Blackstone Mortgage Trust's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(19080.655-318.175)/20002.946
=0.94

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=19629.808 - 549.153
=19080.655

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=16211.756 - 6804.143 - 9089.438
=318.175

* 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.

What does a Scaled Net Operating Assets of 0.94 mean?
Blackstone Mortgage Trust (BXMT) has a Scaled Net Operating Assets of 0.94 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Blackstone Mortgage Trust and its competitors.
Is Blackstone Mortgage Trust's Scaled Net Operating Assets too high?
Blackstone Mortgage Trust's current Scaled Net Operating Assets is 0.94. Overall, Blackstone Mortgage Trust has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Blackstone Mortgage Trust's Scaled Net Operating Assets compare to DX and ARR?
Blackstone Mortgage Trust's Scaled Net Operating Assets of 0.94 can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a REITs company?
A good Scaled Net Operating Assets depends on the REITs industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Blackstone Mortgage Trust and its competitors. Blackstone Mortgage Trust's current Scaled Net Operating Assets is 0.94. 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 $18.32, compared to a current price of $16.96 — trading 7.4% below its estimated fair value. The current Scaled Net Operating Assets is 0.94. Blackstone Mortgage Trust's overall GF Score™ is 61/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Blackstone Mortgage Trust (BXMT), the current Scaled Net Operating Assets is 0.94 as of Mar. 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 $16.96 is trading 7.4% below its estimated GF Value™ of $18.32. GuruFocus considers Blackstone Mortgage Trust to be Fairly Valued.

Key valuation signals for BXMT:

  • Scaled Net Operating Assets: 0.94
  • GF Value™: $18.32 vs. price of $16.96 (7.4% below fair value)
  • GF Score™: 61/100 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.
61GF Score

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$16.96
Price
$18.32
GF Value