Blackstone Mortgage Trust Revenue Beats As Stock Price Rallies

Blackstone Mortgage Trust (BXMT) published strong financial results for the second quarter.

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In a statement, the company’s interest and related income rose from over $283 million in 2022 to over $521.8 million. Interest and related expenses jumped to $344 million, bringing its net income at over $177 million. 

For the six months of the year, Blackstone Mortgage Trust’s net income rose to over $351 million. Its net income in the second quarter and first half rose to $102 million and $224 million, respectively.

Blackstone Mortgage Trust is a subsidiary of Blackstone Group, the biggest player in the private equity company. Most of its $23.1 billion loans are secured by all types of real estate properties. In dollar terms, most of these loans are backed by office properties followed by multifamily, hospitality, industrial, retail, and life sciences among others. In a statement, the company’s CEO said:

 

“BXMT’s results once again underscored the resilience of our business, as we generated strong earnings and preserved book value. With record liquidity and a well-structured balance sheet, we believe we are on strong footing to navigate the period ahead.”

Blackstone Mortgage Trust stock price has staged a strong recovery in the past few months even as concerns about the office sector has continued. The shares surged to a high of $23.30, the highest level since December. In all, the stock has surged by more than 40% from the lowest level this year. In this articleI recommended buying the stock because of its 10% dividend yield.


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