BXMT Cash-Secured Put Strategy
BXMT (Blackstone Mortgage Trust, Inc.), in the Real Estate sector, (REIT - Mortgage industry), listed on NYSE.
Blackstone Mortgage Trust, Inc. (BXMT) functions as a real estate finance entity, primarily engaged in originating senior-level debt secured by commercial properties. These investment activities span across North America, Europe, and Australia. For U.S. federal income tax considerations, the company is organized as a Real Estate Investment Trust (REIT). This structure generally exempts it from federal corporate income taxes, contingent on distributing at least 90% of its taxable earnings to its shareholders. The firm adopted its current name, Blackstone Mortgage Trust, Inc., in May 2013, having previously operated as Capital Trust, Inc. Established in 1997, its principal office is located in New York City.
BXMT (Blackstone Mortgage Trust, Inc.) trades in the Real Estate sector, specifically REIT - Mortgage, with a market capitalization of approximately $1.77B, a beta of 0.93 versus the broader market, a 52-week range of 10.12-20.67, average daily share volume of 2.8M, a public-listing history dating back to 1980. These structural characteristics shape how BXMT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.93 places BXMT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. BXMT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on BXMT?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
BXMT snapshot
As of November 13, 2026, spot at $10.73, ATM IV 36.50%, IV rank 65.23%, expected move 10.46%. The cash-secured put on BXMT below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 63-day expiry.
Why this cash-secured put structure on BXMT specifically: BXMT IV at 36.50% is mid-range versus its 1-year history, so the credit collected on a BXMT cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.46% (roughly $1.12 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BXMT expiries trade a higher absolute premium for lower per-day decay. Position sizing on BXMT should anchor to the underlying notional of $10.73 per share and to the trader's directional view on BXMT stock.
BXMT cash-secured put setup
The BXMT cash-secured put below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BXMT at $10.73 on that close, the first option leg uses a $10.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BXMT chain at a 63-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 BXMT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $10.00 | $0.43 |
BXMT cash-secured put risk and reward
- Net Premium / Debit
- +$42.50
- Max Profit (per contract)
- $42.50
- Max Loss (per contract)
- -$956.50
- Breakeven(s)
- $9.58
- Risk / Reward Ratio
- 0.044
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
BXMT cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on BXMT. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | -$956.50 |
| $2.38 | -77.8% | -$719.36 |
| $4.75 | -55.7% | -$482.23 |
| $7.12 | -33.6% | -$245.09 |
| $9.50 | -11.5% | -$7.96 |
| $11.87 | +10.6% | +$42.50 |
| $14.24 | +32.7% | +$42.50 |
| $16.61 | +54.8% | +$42.50 |
| $18.98 | +76.9% | +$42.50 |
| $21.35 | +99.0% | +$42.50 |
When traders use cash-secured put on BXMT
Cash-secured puts on BXMT earn premium while a trader waits to acquire BXMT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BXMT.
BXMT thesis for this cash-secured put
The market-implied 1-standard-deviation range for BXMT extends from approximately $9.61 on the downside to $11.85 on the upside. A BXMT cash-secured put lets a trader earn premium while waiting to acquire BXMT at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current BXMT IV rank near 65.23% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on BXMT should anchor more to the directional view and the expected-move geometry. As a Real Estate name, BXMT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BXMT-specific events.
BXMT cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. BXMT positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BXMT alongside the broader basket even when BXMT-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on BXMT carry tail risk when realized volatility exceeds the implied move; review historical BXMT earnings reactions and macro stress periods before sizing. Always rebuild the position from current BXMT chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on BXMT?
- A cash-secured put on BXMT is the cash-secured put strategy applied to BXMT (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With BXMT stock at $10.73 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed BXMT chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are BXMT cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the BXMT cash-secured put priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 36.50%), the computed maximum profit is $42.50 per contract and the computed maximum loss is -$956.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BXMT cash-secured put?
- The breakeven for the BXMT cash-secured put priced on this page is roughly $9.58 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BXMT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on BXMT?
- Cash-secured puts on BXMT earn premium while a trader waits to acquire BXMT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BXMT.
- How does current BXMT implied volatility affect this cash-secured put?
- BXMT ATM IV is at 36.50% with IV rank near 65.23%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.