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Blackstone Mortgage Trust (NYSE: BXMT) announced a public offering of 10 million shares of its Class A common stock, with additional 1.5 million shares available to underwriters. The offering is expected to close on November 23, 2021, with total gross proceeds estimated at $318 million or $365 million if options are exercised. Proceeds will be used for working capital and originating commercial mortgage loans. Major banks including Citigroup and J.P. Morgan are managing the offering.
Positive
Expected gross proceeds of $318 million or $365 million with options.
Proceeds will support origination of additional commercial mortgage loans.
Negative
Dilution risk for existing shareholders due to the new share offering.
NEW YORK--(BUSINESS WIRE)--
Blackstone Mortgage Trust, Inc. (NYSE: BXMT) (the “Company”) today announced the pricing of an underwritten public offering of 10,000,000 shares of its class A common stock. The underwriters have been granted a 30-day option by the Company to purchase up to an additional 1,500,000 shares. The offering is expected to close on November 23, 2021 and is subject to customary closing conditions. Total estimated gross proceeds of the offering are approximately $318 million or approximately $365 million if the underwriters exercise their option to purchase additional shares in full.
The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes, including supporting the origination of additional commercial mortgage loans and other target assets and investments.
Citigroup, BofA Securities, Barclays, Deutsche Bank Securities, J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers for the offering.
The offering was made pursuant to the Company’s currently effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”).
The offering of these securities may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained by contacting: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 800-831-9146; BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 888-603-5847, email: Barclaysprospectus@broadridge.com; Deutsche Bank Securities Inc., Attention: Prospectus Group, 1 Columbus Circle New York, NY 10019, by email to prospectus.cpdg@db.com, or by telephone at (800) 503-4611; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866 803 9204, or by email at prospectus-eq_fi@jpmchase.com; or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 30 Hudson Yards, 500 West 33rd Street - 14th Floor, New York, NY 10001 or by telephone at 1-833-690-2713 or by email at cmclientsupport@wellsfargo.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Blackstone Mortgage Trust
Blackstone Mortgage Trust (NYSE: BXMT) is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from our loan portfolio. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, depending on our view of the most prudent strategy available for each of our investments. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone.
About Blackstone
Blackstone (NYSE: BX) is the world’s largest alternative investment firm. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. Blackstone does this by using extraordinary people and flexible capital to help companies solve problems. Blackstone’s $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.
Forward-Looking Statements and Other Matters
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by the use of words such as “outlook,” “objective,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone Mortgage Trust believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as such factors may be further updated from time to time in its periodic filings with the SEC which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the filings. Blackstone Mortgage Trust assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.
What are the details of the stock offering by BXMT?
Blackstone Mortgage Trust is offering 10 million shares of its Class A common stock, with a potential additional 1.5 million shares for underwriters. The offering price is not disclosed, but proceeds are expected to be approximately $318 million or $365 million if options are exercised.
When is the BXMT stock offering expected to close?
The offering is expected to close on November 23, 2021.
How will BXMT use the proceeds from the stock offering?
Proceeds from the offering will be used for working capital, including the origination of additional commercial mortgage loans.
What is the impact of the BXMT stock offering on shareholders?
The stock offering may result in dilution of existing shareholders' equity due to the increase in the total number of shares outstanding.
