JPMorgan analyst Richard Shane upgraded Blackstone Mortgage Trust (NYSE: BXMT) from Neutral to Overweight with a price target of $21.00.

The analyst comments: "We upgrade BXMT to an Overweight rating (from Neutral). The company has demonstrated a strong track record of returns and consistent dividend coverage, supported by a fully scaled lending platform that drives efficiencies and unique opportunities in both funding and origination. As of YE2025, BXMT has almost completely resolved its troubled loan book, with 99% of the portfolio now performing, allowing the company to reinvest capital into performing, income-generating loans. While BXMT continues to trade at a P/B premium to discounted peers, we believe this is justified by its operational scale and improved credit profile. With risk/reward now skewed to the upside, we see an attractive entry point for investors."

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Shares of Blackstone Mortgage Trust closed at $20.12 yesterday.