Blackstone Mortgage: 11% Yield Inside Muddy Waters

WTolenaars/iStock via Getty ImagesOn our initial coverage of Blackstone Mortgage Trust, Inc. (NYSE:BXMT), we introduced the company and delved into the portfolio. While the scale and finesse of a Blackstone (BX) sponsored REIT is obviously hard to match, we were a little less thrilled by the prospect of buying this. We suggested investors take the defensive road and buy the BXMT bonds maturing in 2027. Those bonds are up about 15% in total returns and have lagged what the stock has done over the same ti ...