Blackstone Mortgage Trust Inc (BXMT)
Pitch Summary: H2 2024 dividend could be significantly cut; large number of borrowers unable to refinance and repay the company; upcoming liquidity crisis; significant amount of loans to be wiped out; BSD Analysis: BXMT originates and invests in senior commercial real estate loans, mainly floating-rate. The short case revolves around CRE credit risk, office exposure, […]
Blackstone Mortgage Trust Inc (BXMT)
Pitch Summary: A large amount of commercial loan impairment for 2024 (Hyatt Regency missed $260 mil payment); financing shaky projects; Q4 numbers are likely to have an increase in impairments; potential covenant breach; Update 3/6/24 – Follow-up report based on YE earnings call: Asset impairment; higher realized losses; Update 8/28/24 – Follow-up report: More impairments; […]
