Blackstone Mortgage Trust: 3 Reasons Why I Am Downgrading This 12% Yielder

ryasick Mortgage REIT Blackstone Mortgage Trust (NYSE:BXMT) delivered a solid earnings beat of $0.07 per-share last week, causing shares to increase by 4%. However, the mortgage REIT’s portfolio is showing weakness as the percentage of performing loans declined for the third time in Q4'23. Additionally, Blackstone Mortgage Trust has a smaller dividend safety margin (weaker distribution coverage) and the REIT’s book value dropped to the lowest level since FY 2014. These factors cause me to reevaluate Bla ...