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Blackstone Mortgage Trust (BXMT) is down over 50% since we published Blackstone Mortgage Trust: A High Quality But Expensive Mortgage REIT on February 21, 2020. Our rating was bearish from a valuation perspective. We are now extremely bullish based on the current valuation. We estimated a justified P/B ratio of around 1.2X book value or about $35 per share. BXMT is currently priced at about half