BXMT - Blackstone Mortgage: 8% On Bonds Beats 14% On The Stock
2024-06-16 02:51:58 ET
Summary
- Blackstone Mortgage REIT has a better portfolio than BrightSpire and Ares Commercial.
- It has also worked hard to reduce office exposure and the numbers today are way lower than what we saw in 2020.
- We look at where the REIT stands today and why we would still favor the 8% bonds relative to the 15% yielding stock.
On our previous coverage of Blackstone Mortgage Trust, Inc. ( BXMT ), we felt that there was no real reason to be long this distressed mortgage REIT. We came to that conclusion by examining the macro setup and the compelling short thesis by Muddy Waters. We felt that the best risk-reward was via a slightly different options trade. ...
Blackstone Mortgage: 8% On Bonds Beats 14% On The Stock