BXMT On Other Exchanges
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New York
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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, originates and purchases senior loans collateralized by properties in North America and Europe. The company is externally managed and advised by BXMT Advisors L.L.C. The company directly acquires, originates, and co-originates debt instruments in conjunction with acquisitions, refinancings, and recapitalizations of commercial real estate worldwide. In the case of loans that the company acquires, it focuses on performing loans that are supported by well-capitalized properties and portfolios. The company’s business is focused on originating or acquiring senior, floating rate mortgage loans that are secured by a first priority mortgage on commercial real estate assets primarily in the office, lodging, residential, retail, industrial, and healthcare sectors in North America and Europe. These investments might be in the form of whole loans or might also include pari passu participations within mortgage loans. Although originating senior, floating rate mortgage loans is the company’s primary area of focus, it also originates and acquires fixed rate loans and subordinate loans, including subordinate mortgage interests and mezzanine loans. Targeted Assets Subordinate Mortgage Loans: These are interests, referred to as ‘B Notes’, in a junior portion of a mortgage loan. The interests are subordinated to the ‘A Note’ or senior participation interest by virtue of a contractual arrangement. 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 structurally subordinate to any loan made directly to the mortgage borrower. Preferred Equity: These are investments subordinate to any mezzanine loan, but senior to the owners’ common equity. Real Estate Securities: These are interests in real estate, which might take the form of commercial mortgage-backed securities or collateralized loan obligations. Note Financings: These are loans secured by other mortgage loans, subordinate mortgage interests, and mezzanine loans. Loan Portfolio During 2015, the company acquired a portfolio of 77 loans from General Electric Capital Corporation (GE), and certain of its affiliates and joint venture partnerships. The GE loan portfolio consisted of commercial mortgage loans secured by properties located in North America and Europe. The company’s loan portfolio is diversified by collateral property type and geographic location, the majority of which are senior mortgages and similar credit quality loans. As of December 31, 2015, the types of properties securing the company’s loan portfolio include office, hotel, manufactured housing, retail, multifamily, condominium, and others. Government Regulation The company is required to comply with certain provisions of the Equal Credit Opportunity Act that are applicable to commercial loans. Tax Status The company has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, for U.S. federal income tax purposes. The company generally must distribute annually at least 90% of its net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to its earnings that it distributes. 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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Valuation BXMT Industry Range
Price/Earnings 10.8x
Price/Sales 8.3x
Price/Book 1.1x
Price/Cash Flow 10.8x
TEV/Sales NM Not Meaningful
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