BXMT Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	1.86B EUR	2.86B EUR	3.23B EUR	3.22B EUR
Enterprise Value	17.26B EUR	18.24B EUR	18.57B EUR	18.93B EUR
Valuation Multiples
Trailing P/E	137.88x	185.05x	31.17x	29.28x
Forward P/E	7.58x	--	--	--
Price to Sales	4.62x	4.69x	5.52x	7.56x
Price to Book	0.58x	0.88x	0.95x	0.92x
EV/Revenue	42.87x	29.93x	31.74x	44.45x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	8.09x	9.36x	18.36x
EV/FCF	--	51.66x	53.83x	107.95x
FCF Yield	--	12.36%	10.68%	5.45%