Real Estate

Commercial Property Stress Forces Blackstone Mortgage REIT to Cut Dividend

BXMT to repurchase $150 million shares to blunt dividend news
Muddy Waters’ Carson Block shorted the trust in December

Carson Block on Current Investment Environment, BXMT Short

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By John Gittelsohn and Patrick Clark

July 24, 2024 at 10:53 AM UTC

Updated on

July 24, 2024 at 12:01 PM UTC

This article is for subscribers only.

Blackstone Mortgage Trust Inc., which provides financing for commercial real estate, is cutting its dividend by 24% as defaults increase and borrowers struggle to make payments or refinance their loans.

The board of the $3.4 billion real estate investment trust known as BXMT authorized the repurchase of up to $150 million of shares to lift the value of the stock, it reported Wednesday.