Blackstone Mortgage: 8% On Bonds Beats 14% On The Stock

konkrete/iStock via Getty ImagesOn our previous coverage of Blackstone Mortgage Trust, Inc. (NYSE:BXMT), we felt that there was no real reason to be long this distressed mortgage REIT. We came to that conclusion by examining the macro setup and the compelling short thesis by Muddy Waters. We felt that the best risk-reward was via a slightly different options trade. They would, if this level of distress, extended uniformly to multifamily and other assets. We don't have any reason to believe that, and nor ...