Blackstone Mortgage Trust, Inc. (BXMT)

Agency mortgage REITs duel to the dividend cut. There are 7 facing off. The top 3 are much better than the other 4. Valuations are important and awful. Deal with it.

Shareholders to Receive $21.20 Per Share in Cash Representing a 40.0% Premium to Closing Price on December 8, 2025 HONOLULU , Dec. 8, 2025 /PRNewswire/ -- Alexander & Baldwin, Inc., (NYSE: ALEX) ( "A&B" or the "Company"), a Hawaiʻi-based owner, operator and developer of high-quality commercial real estate in Hawaiʻi, today announced that it has entered into a definitive merger agreement in which a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest (collectively, the "Investor Group") will acquire all outstanding A&B common shares for $21.20 per share in an all-cash transaction with an enterprise value of approximately $2.3 billion, including outstanding debt. As a result of this transaction, A&B will become a private company.

U.S. equity markets climbed to the cusp of fresh record-highs as another soft slate of employment data and modest PCE inflation data helped solidify the case for another rate cut. ADP provided the most evident signs of cooling labor markets, posting job losses in three of the past six months and a cooldown in wage growth to four-year lows. The PCE report showed corresponding disinflation in discretionary services categories, offsetting modest upward pressures on goods prices, resulting in the first monthly deceleration in core inflation since April.

Blackstone Mortgage Trust stabilized its portfolio in Q3, fully covering its dividend with distributable earnings. BXMT reduced impaired loans from $2.3B to $700M year-over-year, improving coverage and lowering risk, though office exposure remains material at 29%. Distributable earnings grew for the second consecutive quarter, with a 102% dividend coverage ratio, reflecting a healthier payout profile post last year's dividend cut.

Realty Income Increases 2025 Investment Volume Guidance to Over $6.0 Billion SAN DIEGO and NEW YORK , Dec. 1, 2025 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company® and Blackstone Real Estate announced today a definitive agreement under which Realty Income will make an $800 million perpetual preferred equity investment in the real estate of CityCenter, comprised of the ARIA Resort & Casino and Vdara Hotel & Spa, which is owned by funds affiliated with Blackstone Real Estate. Blackstone Real Estate will retain 100% of the common equity ownership of the property, which will continue to be operated by MGM Resorts International.

U.S. equity markets staged a broad rally in the holiday-shortened week, while benchmark interest rates dipped to the cusp of multi-year lows, as investors leaned into December rate cut expectations. Reports that Kevin Hassett- a close Trump ally- has emerged as the frontrunner to succeed Fed Chair Powell in 2026 further sharpened expectations for a more explicitly dovish policy approach. The "Hasset trade" revived appetite for long-duration and rate-sensitive equity sectors, as investors priced in a lower terminal-rate environment and a steeper path of 2026 policy accommodation.

Blackstone Mortgage Trust, Inc. (NYSE: BXMT - Get Free Report) has been assigned a consensus recommendation of "Hold" from the six brokerages that are currently covering the firm, Marketbeat reports. Four research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year price objective

U.S. equity markets dipped in a volatile week, while benchmark interest rates pulled back from one-month highs, as renewed anxiety over stretched AI-driven valuations collided with mounting monetary policy uncertainty. Public commentary from Fed officials revealed an unusually fractured committee, with a divide that was deepened further by a mixed slate of employment data via the long-delayed September payrolls report. Payrolls data showed that the U.S. economy added 119k jobs in September- better than estimates- but prior months were revised lower and the unemployment rate rose to four-year highs.

U.S. equity markets stumbled this week as unexpectedly hawkish Fed commentary clashed with fragile risk sentiment, muting investor relief over the deal to end the longest-ever government shutdown. December rate cut odds dipped below 50% after Fed officials firmly pushed back on rate-cut expectations, citing uneven inflation progress, pockets of financial-market froth, and the economic-data blackout. The S&P 500 finished flat, but hawkish commentary sparked renewed pressure on smaller-cap and rate-sensitive market segments, with the Mid-Cap 400 and Small-Cap 600 dipping 1%.

Over 200 U.S. REITs and homebuilders have reported third-quarter earnings results over the past five weeks, providing critical information on the state of the commercial and residential real estate industry. Overall, REIT earnings results were marginally better than consensus expectations despite a handful of high-profile flops that overshadowed some impressive individual results across a balanced mix of sectors. Two-thirds of the sector (67 REITs) raised their full-year FFO outlook—above the historical average of 65%. Notable winners included Industrial, Senior Housing, Data Center, Retail, and Billboard REITs.

Advisors Capital Management LLC increased its holdings in shares of Blackstone Mortgage Trust, Inc. (NYSE: BXMT) by 4.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,078,886 shares of the real estate investment trust's stock after buying an additional

For my follow-up of Blackstone Mortgage Trust, I'm upgrading it to a buy, agreeing with the most recent Wall St buy consensus. This mREIT has reduced underperforming loans while growing new ones, is backed by the Blackstone brand, and is in a position to provide liquidity to future loan demand. Their portfolio is diversified across many property categories and geographies globally, and dividend investors will like the yield above 10% now.

U.S. equity markets stumbled this week as stretched tech valuations collided with weakening consumer and labor market data, while the economic drag and uncertainty from the ongoing government shutdown build. Now it's real? The shutdown has now halted fiscal flows into several sizable government benefits programs - a sudden onset of fiscal austerity that could have non-trivial disinflationary impacts. Snapping a three-week winning streak, the S&P 500 dipped 1.7%. REITs led as earnings season wrapped up with a handful of surprisingly solid reports from some unlikely leaders.

U.S. equity markets posted mixed performance this week- while long-term yields jumped- after the Federal Reserve cut short-term rates for a second-straight meeting, but reigned in expectations for future cuts. Fed Chair Powell hawkishly pushed back on market expectations, saying that another cut in December was "far" from certain and highlighting "strongly differing views" within the committee. Market breadth was exceptionally narrow this past week as post-earnings gains from a handful of mega-cap technology stocks offset weekly declines from over 70% of the S&P 500 constituents.

Dividends matter. So do losses. Look at a couple of charts and call it a day. Most people don't want to go through all the history, but we can sum up over a decade in a few images. When we compare prices and book value over time, we can see that the huge dividends were not enough. They still are not enough.

Blackstone Mortgage Trust, Inc. ( BXMT ) Q3 2025 Earnings Call October 29, 2025 9:00 AM EDT Company Participants Timothy Hayes - Vice President of Shareholder Relations Katharine Keenan - CEO, President & Director Austin Pena Tony Marone - CFO, MD, Treasurer & Assistant Secretary Timothy Johnson - Chairman of the Board, Global Head of BREDS & Senior MD Conference Call Participants William Catherwood - BTIG, LLC, Research Division Harsh Hemnani Jade Rahmani - Keefe, Bruyette, & Woods, Inc., Research Division Douglas Harter - UBS Investment Bank, Research Division Richard Shane - JPMorgan Chase & Co, Research Division Donald Fandetti - Wells Fargo Securities, LLC, Research Division Presentation Operator Good day, and welcome to the Blackstone Mortgage Trust Third Quarter 2025 Investor Call. Today's call is being recorded.