Collaboration software maker Smartsheet announced Tuesday Blackstone and Vista Equity Partners will acquire it in an all-cash deal valuing the company at about $8.4 billion.Stockholders will receive $56.50 per share, a 41% premium to Smartsheet's average closing price over the last three months.The company had been gauging interest from potential acquirers for several months. The company went public in 2018 and sought to go head-to-head with other software companies like Atlassian."As we look to the future, ...

Core Insights - Blackstone Mortgage Trust, Inc. (BXMT) experienced a minor quarterly book value (BV) decrease, which was anticipated, with a net increase in CECL reserves of $143 million, leading to a BV underperformance of $0.10 per share [1] - The company originated $0.4 billion in loans during Q2 2024, while experiencing $0.7 billion in loan prepayments and repayments, indicating a defensive strategy [1] - BXMT's adjusted core earnings/EAD showed a minor outperformance of $0.02, primarily due to a smaller-than-expected decrease in the investment portfolio size [1][2] Earnings Results - BXMT reported a GAAP BV of $22.90, which was a 0.43% miss compared to projections [3] - Adjusted core earnings were reported at $0.564, beating the consensus estimate by 4.44% but showing a 13.1% decline from the prior quarter [3] Valuation Metrics - The current price of BXMT is $19.21, with a projected NAV of $22.50, indicating a price to NAV ratio of 0.85 [4] - The dividend yield payout ratio is forecasted at 12.91%, with a risk rating of 4.5 [4] Credit Metrics - BXMT's non-accrual loans increased from 10.7% to 13.2% of the fair market value of the investment portfolio from Q1 to Q2 2024, reflecting anticipated credit risk [6] - The company added three loans to non-accrual status during Q2 2024, with significant loans located in New York and California [6][9] Dividend Adjustments - BXMT announced a dividend cut for Q3 2024 from $0.65 to $0.47 per share, which was more severe than previously projected [10] - The company is currently rated as a HOLD, with expectations of a gradual recovery in stock price over the next couple of years [11]

Group 1 - The article discusses the interrelated issues of inflation, central bank rates, and dividends, emphasizing the concept of a "cash trap" that could influence investment strategies [2][3] - The Federal Reserve's rate hikes since 2022 have led to a significant increase in yields on short-term government bonds, making them more attractive compared to dividend stocks [5][9] - As of the first quarter of the year, assets under management in money market funds reached $6.5 trillion, a $3.5 trillion increase compared to pre-pandemic levels, indicating a shift in investor behavior towards lower-risk income alternatives [5][11] Group 2 - The anticipated start of the Fed's rate cut cycle could lead to a rotation back to dividend stocks as bonds become less attractive, with expectations of up to 240 basis points in cuts over the next 12 months [9][11] - Current economic conditions, including high stock prices and persistent inflation above the Fed's target, complicate the Fed's decision-making regarding rate cuts [14][15] - The article highlights the importance of selecting high-quality dividend stocks that offer inflation protection, as they are expected to outperform in the changing economic landscape [17][51] Group 3 - The article suggests that midstream companies, which own infrastructure used by oil producers, are attractive due to their low-risk income and growth potential [33] - High-yield dividend stocks, such as those in the tobacco industry, are also highlighted as having strong growth expectations despite recent market fluctuations [30] - Real estate investment trusts (REITs) and oil and gas producers are identified as sectors with promising dividend opportunities, with specific companies mentioned for their attractive yields [45][48]

KEY TAKEAWAYSPrivate equity giant Blackstone is reportedly mulling options for VFS Global, including a sale of its majority stake in the visa outsourcing and technology services firm.A sale of the Dubai- and Zurich-headquartered unit could value VFS at around $7 billion, Bloomberg reported.Blackstone has reportedly held preliminary talks with advisors to evaluate a full or partial sale of VFS, which it bought into in 2022. Private equity giant Blackstone (BX) is reportedly mulling options for VFS Global, in ...

J Studios Today, we venture back into the world of the highest yielding real estate. Straying from our usual conversation of equity REITs, we occasionally peer over the fence to the debt side of the equation. This was the case for our prior coverage of the Blackstone Mortgage Trust (NYSE:BXMT), one of the largest diversified mortgage REITs on the planet, managed by the legendary asset manager Blackstone (BX). Our most recent coverage of BXMT came during a special time that we affectionately nicknamed March ...

Macro Perspective * **Inflation and Economy Cooling**: Blackstone believes inflation and the economy are cooling, with inflation at target levels and labor markets softening. * **Resilience and Deceleration**: The overall economy is cooling but remains resilient, with decelerating revenue growth and resilient margins. * **Cautiously Optimistic for Soft Landing**: Blackstone is cautiously optimistic about a soft landing, with flat private sector job growth and neither significant hiring nor layoffs. * **Rate Environment**: The fair value of the 10-year Treasury yield is important for capital markets and Blackstone's business, with current levels being constructive. Blackstone's Business * **Transaction Environment**: The transaction environment is improving, with signs of the return of animal spirits and a potential robust 2025 in terms of activity levels. * **Deployment**: Blackstone has deployed or committed over $50 billion in the second quarter and $90 billion over the three quarter period, with $181 billion of dry powder. * **Realization**: Realization activity is expected to benefit from the improving transaction environment, although near-term scale dispositions are not yet robust. * **Fundraising**: Blackstone is excited about the near-term pipeline of growth, including new strategies and sectors where they have had extraordinary performance. Growth at Scale * **Scale as a Friend**: Blackstone believes scale is a friend and creates advantages for performance and growth. * **Digital and AI Infrastructure**: Blackstone is the largest financial investor in AI infrastructure globally, with significant investments in data centers in the U.S., Asia, and Europe. * **Private Markets Potential**: Private markets are still early days, with enormous potential for growth. * **Traditional Institutions**: Traditional institutions are growing allocations to private markets, particularly in areas like private credit. Credit and Insurance * **Private Credit**: Private credit is a growing market with significant potential, and Blackstone is well-positioned to capture this opportunity. * **Insurance**: Blackstone is the largest non-captive manager of alternative assets for insurance clients, with a $211 billion platform and significant growth potential. Real Estate * **Cyclical Recovery**: The real estate market is in a cyclical recovery, with asset values stabilizing and increasing. * **Investing**: Blackstone has deployed or committed over $20 billion in real estate this year, with a focus on secular themes like logistics, rental housing, and data centers. * **Portfolio Construction**: Blackstone's real estate portfolio is well-positioned to benefit from the recovery, with a strong sector selection and portfolio construction. Infrastructure * **Global Market**: Infrastructure is a global market of incredible importance and attractive growth. * **Perpetual Strategy**: Blackstone's perpetual strategy, BIP, has crossed the $50 billion milestone, with significant potential for further growth. * **FRPR Process**: The FRPR process will crystallize significant fee-related performance revenues in the fourth quarter and beyond. People and Culture * **Long-Term View**: Blackstone takes a long-term view and focuses on building an enduring institution with a focus on quality and excellence. * **Opportunity and Meritocracy**: Blackstone offers open-ended, uncapped career opportunities to all employees, regardless of tenure. * **Performance and Innovation**: Blackstone's culture is a culture of both performance and innovation, with a focus on being good at investing and also good at innovating and growing. Technology and AI * **Data and AI**: Blackstone believes private markets are advantaged by data and AI, with the ability to leverage insights and learnings from their private portfolio. * **Technology Strategy**: Blackstone's technology strategy focuses on making the firm more productive operationally and harnessing data better for revenue generation. * **AI Infrastructure**: Blackstone sees significant opportunity in using its scale platform to be a significant capital solution provider to the most important players in a transformational time.

Blackstone Inc. (NYSE:BX) Barclays 22nd Annual Global Financial Services Conference September 11, 2024 11:15 AM ET Company Participants Michael Chae - Chief Financial Officer Conference Call Participants Benjamin Budish - Barclays Benjamin Budish Final chat, delighted to have with us from Blackstone, Michael Chae, CFO. Mike, thanks so much. Michael Chae Ben, Nice to be here. Thanks. Nice to see everyone. Question-and-Answer Session Q - Benjamin Budish Maybe just to kick it off, can you talk about your curre ...

Blackstone Mortgage Trust Inc.'s (BXMT, Financial) prospects are in the limelight amid a changing interest rate environment and a recent dividend cut. The mortgage real estate investment trust has shed approximately 10% of its market value in the past six months, illustrating investors' dissatisfaction with the systematic environment and the company's execution.Considering these factors, the question becomes: Is Blackstone Mortgage Trust a "buy-the-dip" opportunity, or will it succumb to its current headwin ...

beckariuz Blackstone Secured Lending (NYSE:BXSL) is a top BDC choice for income investors that value a high-quality, well-performing investment portfolio and a highly secure 10% yield. Blackstone Secured Lending suffered only a minor decline in its balance sheet quality in the second-quarter and supported its dividend well with net investment income. Shares of Blackstone Secured Lending are trading, deservedly, at an 11% premium to net asset value and I see a risk profile that is heavily skewed to the u ...

Core Viewpoint - Dividend-paying stocks are considered a good hedge against portfolio volatility, as they provide capital returns through cash dividends, which can buffer against down markets [1] Group 1: Blackstone Secured Lending (BXSL) - BXSL is a Business Development Company (BDC) managed by Blackstone, with a conservatively managed portfolio of $11.3 billion, 98.6% of which is in first lien debt [2][3] - The average loan-to-value ratio of portfolio companies is 47%, providing a significant equity capital buffer against potential losses [2] - BXSL has a strong balance sheet with a BBB credit rating and a debt-to-equity ratio of 1.13x, below the 2.0x statutory limit [2] - The weighted average yield on fundings is 10.9%, with 98.8% of debt investments based on floating rates, benefiting from the current higher interest rate environment [3] - Non-accrual rate is just 0.3%, and annualized NII return on equity is 13.2% [3] - NAV per share has grown for 7 consecutive quarters, reaching $27.19, with a 10% dividend raise this year [3] - BXSL is currently priced at $30.01, with a Price-to-Book ratio of 1.1x and a dividend yield of 10.3% [3] Group 2: MPLX LP - MPLX is a sizable energy midstream company with a strong presence in the U.S. Appalachia region and the Permian Basin, serving its largest unitholder, Marathon Petroleum [4][5] - Adjusted EBITDA has grown at a 6.4% CAGR and DCF at a 7.7% CAGR since 2020, with a 10% increase in shareholder distribution in both 2022 and 2023 [4] - During the first half of 2024, Adjusted EBITDA grew by 8% YoY, enabling MPLX to return $949 million to unitholders [5] - MPLX has a strong balance sheet with a BBB credit rating and a low 3.4x net debt-to-EBITDA ratio [5] - Current price is $42.43, with an 8.0% distribution yield and a Price-to-Cash Flow of 7.75x, indicating reasonable valuation [5][6] - MPLX's well-covered 8% yield, combined with conservative DCF growth estimates, could produce double-digit total returns [6] Group 3: Investment Opportunities - Both BXSL and MPLX present attractive opportunities for income-focused investors seeking high and well-covered dividends [7] - BXSL benefits from Blackstone's expertise and a conservatively managed debt portfolio, while MPLX offers an inflation-resistant distribution backed by strategic investments [7] - Together, they provide strong candidates for investors looking to mitigate market volatility with high income at reasonable prices [7]