2024-05-15 17:48:52 ET
Summary
- Blackstone Mortgage Trust reported poor Q1 2024 results, with a decline in income from loans and significant loan charge-offs.
- There are concerns about a potential wave of office loan defaults that could threaten dividend coverage and valuation.
- Caution is advised due to the possibility of additional charge-offs and a lower rate environment.
Dear readers,
Blackstone Mortgage Trust ( BXMT ) is one of the biggest and most well-knows mortgage REITs (mREITs) out-there. It is a stock which I've covered multiple times here on Seeking Alpha, most recently in February in an article called Too Much Uncertainty ....
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Blackstone Mortgage: Charge-Offs And Declining Rates Pose Risk