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Last $27.82 USD
Change Today -0.3901 / -1.38%
Volume 435.1K
BXMT On Other Exchanges
Symbol
Exchange
New York
As of 1:37 PM 03/27/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

345 Park Avenue

42nd Floor

New York, NY 10154

United States

Phone: 212-655-0220

Fax: 212-655-0044

Blackstone Mortgage Trust, Inc., a real estate finance company, primarily focuses on originating and purchasing mortgage loans collateralized by properties in the United States and Europe. The company is externally managed by BXMT Advisors L.L.C. Segments The company’s business is organized into two operating segments: the Loan Origination and the CT Legacy Portfolio. The Loan Origination segment includes the company’s activities associated with the origination and acquisition of mortgage loans, the capitalization of its loan portfolio, and the costs associated with operating its business generally. The CT Legacy Portfolio segment includes the company’s activities specifically related to legacy investments that precede the re-launch of its business in 2013. Target Assets The assets in which the company intends to invest would include the following types of commercial real estate loans and other debt-oriented investments, focusing primarily on the office, lodging, retail, industrial, residential and healthcare real estate sectors in the United States and Europe. Senior Mortgage Loans The company’s business is focused on originating senior mortgage loans that are backed by commercial real estate assets. These loans are secured by real estate and evidenced by a first priority mortgage. These loans may vary in duration, may bear interest at a fixed or floating rate, may amortize, and typically require a balloon payment of principal at maturity. These investments may encompass a whole loan or may also include pari passu participations within such a mortgage loan. Subordinate Loans Although originating senior mortgage loans is the company’s primary area of focus, it also originates subordinate loans, including subordinate mortgage interests and mezzanine loans. Subordinate Mortgage Interests: These are interests, often referred to as B Notes, in a junior portion of the mortgage loan. Subordinate mortgage interests have the same borrower and benefit from the same underlying secured obligation and collateral as the holder of a mortgage loan. These subordinate interests may include pari passu participations within such interest and may also be evidenced by their own promissory notes or may be evidenced by a junior participation in a mortgage loan. Mezzanine Loans: These are loans (including pari passu participations in such loans) made to the owners of a mortgage borrower and secured by a pledge of equity interests in the mortgage borrower. These loans are subordinate to a first mortgage loan but senior to the owners’ equity. These loans may be tranched into senior and junior mezzanine loans, with the junior mezzanine lenders secured by a pledge of the equity interests in the more senior mezzanine borrower. In addition, the mezzanine lender typically has additional rights vis-à-vis the more senior lenders, including the right to cure defaults under the mortgage loan and any senior mezzanine loan and purchase the mortgage loan and any senior mezzanine loan, in each case under certain circumstances following a default on the mortgage loan. Other Loans and Investments In addition to originating or purchasing senior mortgage loans and subordinate loans, the company may invest in other commercial real estate loans, preferred equity, and other debt-oriented investments, such as real estate securities or note financings. Preferred Equity: These are investments subordinate to any junior mezzanine loan, but senior to the owners’ common equity. Preferred equity investments pay a dividend, rather than interest payments and often have the right for such dividends to accumulate if there is insufficient cash flow to pay the dividend. These interests are not secured by the underlying real estate, but upon the occurrence of a default, the preferred equity provider typically has the right to effectuate a change of control with respect to the ownership of the property. Real Estate Securities: These are interests in real estate which may take the form of commercial mortgage-backed securities, or collateralized loan obligations. In each case, these interests are collateralized by pools of real estate debt instruments, often first mortgage loans. The underlying loans are aggregated into a pool and sold as securities to different investors. Under the pooling and servicing agreements that govern these pools, the loans are administered by a trustee and servicers, which act on behalf of all investors and distribute the underlying cash flows to the different classes of securities in accordance with their seniority and terms. Note Financing: These are loans secured by other mortgage loans, subordinate mortgage interests, and mezzanine loans. Following a default under a note financing, the lender providing the note financing would succeed to the rights of lender on the underlying loan interests. Investment Strategy The company’s investment strategy is to originate loans and invest in debt and related instruments supported by institutional quality commercial real estate in attractive locations. Real Estate Investment Trust Tax Status The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Government Regulation The company is required to comply with certain provisions of the Equal Credit Opportunity Act that are applicable to commercial loans. History The company was founded in 1966. It was formerly known as Capital Trust, Inc. and changed its name to Blackstone Mortgage Trust, Inc. in 2013.

 

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BXMT:US $27.82 USD -0.3901

BXMT Competitors

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Company Last Change
Apollo Commercial Real Estate Finance Inc $17.06 USD -0.485
Capstead Mortgage Corp $11.80 USD -0.377
Gramercy Property Trust Inc $28.39 USD -0.19
Hatteras Financial Corp $18.00 USD +0.06
Redwood Trust Inc $18.08 USD -0.40
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Industry Analysis

BXMT

Industry Average

Valuation BXMT Industry Range
Price/Earnings 15.2x
Price/Sales 14.2x
Price/Book 1.1x
Price/Cash Flow 18.3x
TEV/Sales NM Not Meaningful
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