Study Guide: 2025 Belmont Stakes

Jun 04, 2025 J. Keeler Johnson/TwinSpires.com

Journalism wins the 2025 Preakness Stakes at Pimlico Race Course. (Photo by Horsephotos.com)

Sovereignty, Journalism, and Baeza—the top three finishers from the Kentucky Derby (G1)—are set for a rematch in Saturday’s $2 million Belmont (G1) at Saratoga, the third and final leg of the Triple Crown.

Graded stakes winners Hill Road and Rodriguez add further depth to the eight-horse field.

Let’s analyze each entrant in this competitive 1 1/4-mile classic:

Hill Road

Hill Road works ahead of Belmont S. at Saratoga. (Photo by Coglianese Photo)

Start(s): 5
Wins: 2
Place: 0
Show: 2

Owner: Amo Racing USA
Breeder: Lynch Bages and Camas Park Stud
Trainer: Chad Brown
Jockey: Irad Ortiz Jr.

Top Speed Rating: (101) when finishing third in the Breeders’ Cup Juvenile (G1) at Del Mar.
Total Earnings: $336,606

Sire: Quality Road
Dam: Exotic Notion
Color: Bay

Stretch-running Hill Road recently unleashed a big late rally to win the Peter Pan (G3) by three-quarters of a length, but there isn’t much pace entered in the Belmont field, and Hill Road may find himself at a tactical disadvantage trying to close from far back.

Sovereignty

Sovereignty works before the Belmont Stakes at Saratoga.

Start(s): 6
Wins: 3
Place: 2
Show: 0

Owner: Godolphin
Breeder: Godolphin
Trainer: Bill Mott
Jockey: Junior Alvarado

Top Speed Rating: (103) when winning the Kentucky Derby (G1) at Churchill Downs.
Total Earnings: $3,672,800

Sire: Into Mischief
Dam: Crowned
Color: Bay

A fast pace over a sloppy track helped Sovereignty rally from far back to win the Kentucky Derby (G1) over Journalism and Baeza. A three-time graded stakes winner, Sovereignty consistently unleashes strong homestretch rallies and may encounter another sloppy track at Saratoga. But the possibility of a relaxed pace in the Belmont could complicate his path to the winner’s circle.

SOVEREIGNTY WINS THE KENTUCKY DERBY! 🌹

Bill Mott trains and @JuniorandKellyA was aboard for @godolphin! 🏆 pic.twitter.com/wOzqOFVRkb

— TwinSpires Racing 🏇 (@TwinSpires) May 3, 2025

Rodriguez

Rodriguez wins at Santa Anita. (Photo by Benoit Photo)

Start(s): 5
Wins: 2
Place: 2
Show: 1

Owner: SF Racing, Starlight Racing, Madaket Stables, Stonestreet Stables, Dianne Bashor, Determined Stables, Robert E. Masterson, Tom J. Ryan, Waves Edge Capital, and Catherine Donovan
Breeder: Kingswood Farm and David Egan
Trainer: Bob Baffert
Jockey: Mike Smith

Top Speed Rating: (105) when winning the Wood Memorial (G2) at Aqueduct.
Total Earnings: $522,800

Sire: Authentic
Dam: Cayala
Color: Dark bay/brown

One of two potential pacesetters in the Belmont field, Rodriguez exits a gate-to-wire victory in the Wood Memorial (G2), for which he earned an eye-catching 105 Brisnet Speed rating. A hoof bruise caused Rodriguez to miss the Kentucky Derby, but he’s bounced back with sharp workouts and must be respected in the Belmont.

Uncaged

Uncaged (Photo by Coglianese Photography)

Start(s): 4
Wins: 2
Place: 0
Show: 0

Owner: WinStar Farm and Repole Stable
Breeder: WinStar Farm
Trainer: Todd Pletcher
Jockey: Luis Saez

Top Speed Rating: (92) when winning a Saratoga maiden special weight.
Total Earnings: $105,450

Sire: Curlin
Dam: Dark Nile
Color: Bay

Uncaged has the pedigree to relish racing 1 1/4 miles in the Belmont, but he exits a disappointing sixth-place finish against Hill Road in the Peter Pan. He will need to improve upon his career-best 92 Brisnet Speed rating to challenge tougher foes at Saratoga.

Crudo

Crudo works ahead of Belmont S. at Saratoga. (Photo by Coglianese Photo)

Start(s): 3
Wins: 2
Place: 0
Show: 0

Owner: Bobby Flay and James Ventura
Breeder: Orpendale/Chelston/Wynatt
Trainer: Todd Pletcher
Jockey: John Velazquez

Top Speed Rating: (93) when winning the Sir Barton S. at Pimlico.
Total Earnings: $130,148

Sire: Justify
Dam: Blossomed
Color: Bay

Crudo has dominated his last two starts in gate-to-wire fashion, most recently taking the Sir Barton S. at Pimlico by 7 1/2 lengths. This son of 2018 Triple Crown winner Justify is progressing quickly in the right direction, but Brisnet Speed ratings suggest he’ll need another step forward to factor against this deep Belmont field.

Baeza

Baeza getting in a work ahead of the Belmont Stakes. (Photo by Coglianese Photo / Credit to Susie Raisher)

Start(s): 5
Wins: 1
Place: 2
Show: 1

Owner: C R K Stable and Grandview Equine
Breeder: Grandview Equine
Trainer: John Shirreffs
Jockey: Flavien Prat

Top Speed Rating: (107) when finishing second in the Santa Anita Derby (G1) at Santa Anita.
Total Earnings: $648,500

Sire: McKinzie
Dam: Puca
Color: Bay

Baeza has run well against tough competition in his last two starts, finishing second by three-quarters of a length to Journalism in the Santa Anita Derby (G1) and third by 1 3/4 lengths to Sovereignty in the Kentucky Derby. This half-brother to 2023 Kentucky Derby winner Mage and 2024 Belmont conqueror Dornoch owns strong Brisnet Speed ratings and has a big chance to finish in the top three at Saratoga. Even victory isn’t out of the question if he keeps improving.

Journalism

Journalism works ahead of Belmont S. at Saratoga. (Photo by Coglianese Photo)

Start(s): 7
Wins: 5
Place: 1
Show: 1

Owner: Eclipse Thoroughbred Partners, Bridlewood Farm, Don Alberto Stable, Robert V. LaPenta, Elayne Stables Five, Mrs. John Magnier, Michael B. Tabor, and Derrick Smith
Breeder: Don Alberto Corporation
Trainer: Michael McCarthy
Jockey: Umberto Rispoli

Top Speed Rating: (108) when winning the Santa Anita Derby (G1) at Santa Anita.
Total Earnings: $2,838,880

Sire: Curlin
Dam: Mopotism
Color: Bay

Journalism ran a gigantic race in the Preakness (G1) three weeks ago, overcoming severe bumping at the top of the stretch to rally between rivals and catch runaway leader Gosger by half a length. With four straight triple-digit Brisnet Speed ratings under his belt, Journalism is the fastest horse in the Belmont field and the horse to beat on Saturday. However, it’s worth noting he lost the Kentucky Derby by 1 1/2 lengths to Sovereignty while competing over a sloppy track, and there’s a chance Saratoga will be sloppy on Belmont day.

JOURNALISM WINS THE PREAKNESS! 🏆🌻

pic.twitter.com/sfi7uXdUkY

— TwinSpires Racing 🏇 (@TwinSpires) May 17, 2025

Heart of Honor

Heart of Honor works ahead of Belmont S. at Saratoga.(Photo by Coglianese Photo)

Start(s): 7
Wins: 2
Place: 4
Show: 0

Owner: Jim And Claire Limited
Breeder: David Redvers Bloodstock
Trainer: Jamie Osborne
Jockey: Saffie Osborne

Top Speed Rating: N/A
Total Earnings: $400,949

Sire: Honor A. P.
Dam: Ruby Love
Color: Dark bay/brown

After a busy campaign in Dubai, which included a runner-up effort in the UAE Derby (G2), Heart of Honor made his U.S. debut with a fifth-place finish in the Preakness. A slow start compromised his chances, and a better break could help Heart of Honor avoid falling too far behind the Belmont pace, potentially leading to an improved showing.