Prices and market caps: Cboe delayed data, at least 15 minutes delayed. Not real-time. Fundamentals from company filings.

BXMT — Fair Value Analysis

BLACKSTONE MORTGAGE TRUST, INC.

Current: $10.90Overvalued

Fair Value Range

Bear Case (25th pct.)

$2.45

-77.5% vs price

Base Case (Median)

$3.67

-66.3% vs price

Bull Case (75th pct.)

$4.89

-55.1% vs price

$2.45$3.67$4.89

◇ = Current price | | Bear | Base | Bull

Method Breakdown

Method	Est. Value	vs Price	Weight
PE Comparable	$1.23	-88.8%	Medium (25%)
Graham Number	$6.11	-44.0%	Low (10%)

Interpretation

Based on 2 out of 7 methods, BXMT appears overvalued at the current price of $10.90. The base case fair value of $3.67 implies 66.3% downside.

Bear/base/bull cases represent the 25th, 50th, and 75th percentile of available method estimates. This is not financial advice. Valuation is inherently uncertain.