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BXMTBlackstone Mortgage Trust, Inc. (NEW)

Options Analysis Report•REAL ESTATE INVESTMENT TRUSTS
Market Cap $2.3B|NYSE
● 2026-08-31$13.73
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -29.0%YTD -29.5%7D -2.8%
792
30D
±7.6%
7%

BXMT Options Overview

bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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BXMT Gamma Walls

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Value

Is IV priced right?

6.3
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 40.6% — elevated vs history

<1.05x

IV/HV 1.12x — IV premium over HV

Sector Relative≤50%

Sector percentile 55% — above sector median

<1.1x

Front/Back 0.94x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 27.8% — normal range

<80%

Effective IV 56.5% (ATM 27.8% + spread 14.3% + bias) — good value

<3.0%

Total drag 19.77% (spread 14.35% + slippage 5.42%) — high friction

≥5.0

Vega efficiency 2.36 (vega 3.392 / spread 14.35%) — spread drag

Sentiment

Bullish or bearish?

5.7
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +8%, Raw: +9%)
|net sentiment| ≥25%

Conviction-weighted: +8% (neutral) — Raw: +9%

≥15%

|OI skew| 41.8% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew +23.7%, OI skew -41.8% — divergent (opposite)

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +17%, ATM: -23%, OTM: +42% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 30% — bullish vs sector

Activity

Unusual activity?

3.7
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 1.1x avg — normal

≥15%

Vol/OI 1.4% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +4.9% (5d) — building

Sector Relative≥60%

Sector activity percentile 58% — neutral vs sector

≥30%

Large trade volume 13% — mostly retail

≥60%

Aggressive execution 20% — patient

≥30

Conviction +8 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.0
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed
≤5.0%

Spread 14.3% — wide

≥10,000

OI 55,988 — deep

≥500

Volume 792/day — adequate

≤$0.50

$0.72 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 80% — wider than sector

≥100 contracts

Depth 426.7 contracts (bid:234.7 ask:192.0) — adequate

<1.0%

Avg slippage 5.42% — poor

Timing

Is now a good time?

7.2
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -6.0% — contango

<30 or >70

IV percentile 41% — neutral

≥10pts kink

IV kink -2.1pts — no clear event

<0.5 or >2.0

θ/ν ratio 1256.41 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +8% @ 54% consistency — unclear

≥40 composite score

Score 43 (ITM 20% + inst 13%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls5.7
bullishIV cheap, mixed flow
Long Puts5.3
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV too cheap, mixed flow
Covered Call4.3
bearishIV too cheap, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on BXMT

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