Blackstone Mortgage Trust's Dividend Cut Is Not Enough; More Impairments Loom From Offices And Santander JV [Seeking Alpha]
Blackstone Mortgage Trust, Inc. (BXMT)
Last blackstone mortgage trust, inc. earnings: 4/29 04:01 pm
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US:NYSE Investor Relations:
ir.blackstonemortgagetrust.com/shareholders/default.aspx
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Source: Seeking Alpha
1.09K Follower s Follow Summary Even after the dividend cut, Distributable Earnings prior to charge-offs barely covers the dividend. More impairments are likely on office properties, which will further reduce Distributable Earnings. Santander has written off the value of its JV with Blackstone, leading to a $571 million loan with a Loan-To-Value of at least 100%. Blackstone Mortgage Trust is splitting troubled loans into mezz and senior pieces and only impairing the mezz piece. BXMT is financing short-sales on troubled office assets. THEPALMER/E+ via Getty Images In conjunction with releasing 2Q24 results, Blackstone Mortgage Trust ( NYSE: BXMT ) announced a dividend cut of over 24%. A dividend cut was inevitable based on the deterioration of BXMT's loan book, as I pointed out in both " Diving Into Blackstone's Mortgage's Portfolio Reveals 2024 Is Darker Than It Appears In The Muddy Waters' Report " and " Blackstone Mortgage Trust: Beware of Charge-Offs And More Loa
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BXMT
News
- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) had its price target raised by analysts at Wells Fargo & Company from $19.00 to $22.00. They now have an "overweight" rating on the stock.MarketBeat
- Blackstone Mortgage Trust Could Be In For More Trouble [Seeking Alpha]Seeking Alpha
- Is the Options Market Predicting a Spike in Blackstone Mortgage (BXMT) Stock? [Yahoo! Finance]Yahoo! Finance
- This High-Yielding REIT Slashed Its Dividend By 24%. Is It Still A Buy? [Yahoo! Finance]Yahoo! Finance
- Blackstone Mortgage: Our Take On The Results And Our Forward Projections [Seeking Alpha]Seeking Alpha
BXMT
Earnings
- 7/24/24 - Beat
BXMT
Sec Filings
- 9/18/24 - Form 4
- 9/17/24 - Form 144
- 9/9/24 - Form 4
- BXMT's page on the SEC website