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Blackstone Mortgage Trust, Inc. (BXMT) is a prominent real estate finance company primarily engaged in the origination and acquisition of senior loans secured by commercial properties. Operating extensively across North America, Europe, and Australia, BXMT's asset portfolio predominantly consists of floating rate loans anchored by senior mortgages. The company focuses on high-value properties, including office spaces, hotels, and manufactured housing, with key assets located in prime regions such as New York, California, and the United Kingdom.
Managed by a subsidiary of The Blackstone Group, Blackstone Mortgage Trust leverages the extensive market data and insights provided by its parent entity. This relationship underpins its strategic operations and market decisions, enhancing its competitive edge. The company's primary source of revenue is interest income generated from its extensive loan portfolio.
In recent developments, Blackstone Mortgage Trust has continued to solidify its position in the market through strategic acquisitions and the origination of high-quality loans. The company’s robust financial health and strategic partnerships underscore its commitment to delivering sustainable growth and value to its shareholders.
BXMT's ongoing projects reflect its dedication to maintaining a diversified and resilient real estate portfolio, ensuring steady revenue streams and mitigating risks associated with market fluctuations. By focusing on prime commercial properties and leveraging the expertise of The Blackstone Group, Blackstone Mortgage Trust remains a key player in the real estate finance sector.
Blackstone Mortgage Trust (NYSE: BXMT) reported its Q2 2024 results, revealing a net loss of $61 million. Key financial metrics include:
- EPS: ($0.35)
- Distributable EPS: $0.49
- Distributable EPS prior to charge-offs: $0.56
- Dividends paid per basic share: $0.62
BXMT declared a Q3 2024 dividend of $0.47 per share, payable on October 15, 2024. The Board also authorized a $150 million share repurchase program. CEO Katie Keenan emphasized the company's strong liquidity, accelerating repayments, and emerging investment pipeline, positioning BXMT for accretive capital deployment in the current environment.
Blackstone Real Estate Partners X has finalized the privatization of Apartment Income REIT Corp. (AIRC) in a transaction valued at approximately $10 billion, including debt assumption. Shareholders of AIRC received $39.12 per share in cash. Financial advisors for Blackstone included BofA Securities, Barclays, BMO Capital Markets, Deutsche Bank Securities, Goldman Sachs, J.P. Morgan, Morgan Stanley, SG Americas Securities, and Wells Fargo, with Simpson Thacher & Bartlett LLP as legal counsel. Citigroup Global Markets advised AIRC, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal counsel. The transaction was first announced on April 8, 2024.
Blackstone Real Estate and MRP Group have increased their all-cash tender offer for Terrafina's real estate trust certificates to Ps.40.50 per certificate, up by Ps.1.00. This offer represents a 27% premium over the December 4, 2023 closing price and more than 10% over the June 7, 2024 price. The tender offer provides immediate value to shareholders, avoiding potential tax consequences from competing offers. The Mexican antitrust authority, COFECE, has approved the offer, which does not require financing conditions or additional approvals. The offer expires on July 24, 2024, with settlement expected by July 31, 2024, contingent upon acceptance by holders of at least 50% plus one of the outstanding certificates.
Blackstone Mortgage Trust (NYSE: BXMT) will release its second quarter 2024 earnings report on July 24, 2024, pre-market. The company will file its Form 10-Q and host a conference call at 9:00 a.m. ET the same day to discuss the results. Interested parties can register for the webcast through a provided link. A replay of the webcast will be available on the company's website approximately two hours after the event.
Blackstone Real Estate and MRP Group have increased their all-cash tender offer for Terrafina real estate trust certificates to Ps.39.50 per certificate, up by Ps.1.00 from the initial offer. This offer represents a 24% premium over Terrafina's price on December 4, 2023, and an 8% premium over its price on June 7, 2024. The offer is the only all-cash tender offer available, providing immediate, substantial value with no tax consequences associated with exchange offers. The Comisión Federal de Competencia Económica (COFECE) has approved the offer unconditionally. The tender offer is valid until July 17, 2024, with a settlement date expected on July 24, 2024. Completion is contingent on acceptance by holders of at least 50% plus one of the outstanding Terrafina certificates.
Blackstone Mortgage Trust (NYSE: BXMT) announced a $0.62 per share dividend for its class A common stock for Q2 2024.
The dividend will be paid on July 15, 2024, to shareholders who are on record as of June 28, 2024.
Blackstone Mortgage Trust (NYSE: BXMT) and M&T Realty Capital announced a partnership to provide BXMT borrowers with access to multifamily agency financing. This collaboration will leverage M&T Realty Capital's Fannie Mae DUS® and Freddie Mac Optigo® lending platforms to offer conventional and affordable multifamily loans. The partnership aims to expand BXMT's loan offerings, providing comprehensive financing solutions to its borrowers. Katie Keenan, CEO of Blackstone Mortgage Trust, highlighted that BXMT has originated over $12 billion in multifamily bridge loans over the past decade. Michael Edelman, CEO of M&T Realty Capital, emphasized the partnership's alignment with their strategy to expand their customer base and national multifamily lending platform.
Blackstone Real Estate and MRP Group have started an all-cash tender offer for Terrafina's real estate trust certificates at Ps.38.50 per certificate.
This represents a 21% premium over the unaffected price on December 4, 2023, and a 5% premium over the June 7, 2024 closing price.
The offer aims to buy up to 100% of Terrafina's certificates, providing immediate and certain value to shareholders. COFECE has approved the offer unconditionally, and it is not subject to financing or additional board and shareholder approvals.
The offer expires on July 10, 2024, at 14:00 Mexico City time, unless extended.
Blackstone Real Estate has agreed to sell Turtle Bay Resort for $725 million, which it bought in 2018 for $332 million and invested heavily in renovations. The sale will bring total proceeds to $768 million, including a recent land sale to Areté Collective. The transaction showcases Blackstone's ability to enhance luxury hospitality assets and is expected to close in Q3 2024. Turtle Bay Resort, one of the largest employers on O'ahu's North Shore, features 450 rooms and underwent significant upgrades under Blackstone's ownership.
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