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Blackstone Mortgage Trust (NYSE: BXMT) announced a public offering of 10,000,000 shares of its class A common stock, with an option for underwriters to purchase an additional 1,500,000 shares. The proceeds will support working capital and the origination of commercial mortgage loans. The offering will utilize the company’s effective shelf registration statement filed with the SEC. Joint book-running managers include Citigroup, BofA Securities, Barclays, Deutsche Bank, J.P. Morgan, and Wells Fargo.
Positive
The offering aims to raise funds for working capital and to support the origination of additional commercial mortgage loans.
Negative
The public offering may lead to dilution of existing shareholders' equity.
NEW YORK--(BUSINESS WIRE)--
Blackstone Mortgage Trust, Inc. (NYSE: BXMT) (the “Company”) today announced it has commenced an underwritten public offering of 10,000,000shares of its class A common stock. The underwriters will be granted a 30-day option by the Company to purchase up to an additional 1,500,000 shares.
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 will be 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, 60 Wall Street, New York, NY 10005-2836, 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 is the size of the public offering by Blackstone Mortgage Trust (BXMT)?
Blackstone Mortgage Trust (BXMT) is offering 10,000,000 shares of its class A common stock, with a 30-day option for underwriters to purchase an additional 1,500,000 shares.
What will the proceeds from the BXMT stock offering be used for?
The proceeds from the offering will be used for working capital and to support the origination of additional commercial mortgage loans.
Who are the underwriters for Blackstone Mortgage Trust's (BXMT) public offering?
The underwriters include Citigroup, BofA Securities, Barclays, Deutsche Bank, J.P. Morgan, and Wells Fargo.
How could the public offering affect existing shareholders of BXMT?
The public offering could lead to dilution of existing shareholders' equity due to the increased number of shares available.
