Marco_Bonfanti Dear readers, Blackstone Mortgage Trust (NYSE:BXMT) is one of the biggest and most well-knows mortgage REITs (mREITs) out-there. It is a stock which I've covered multiple times here on Seeking Alpha, most recently in February in an article called Too Much Uncertainty. I was relatively bullish on the stock in the first half of 2023 and issued a couple of BUY calls, which have done OK. Over time, however, I have grown increasingly bearish and downgraded the stock to a HOLD due to (1) a generall ...

PeteStuart/iStock via Getty Images Today's article focuses on one of the most talked-about business development companies, Blackstone Secured Lending Fund (NYSE:NYSE:BXSL). The fund, which primarily provides variable-rate first-lien loans and internal credit enhancement, has surged in the past year due to various factors. However, interest rates have been salient to Blackstone Secured Lending Fund's recent performance, meaning the uncertain monetary policy outlook poses a few challenges. Considering the afo ...

pixhook/E+ via Getty Images Investment thesis Blackstone's (NYSE:BX) stock has almost doubled in price in 2023, but 2024 has been bumpy so far, with a notable YTD pullback. My analysis suggests that the pullback is likely to be temporary because fundamentals keep improving, and the company continues demonstrating strong growth in assets under management and raising funds. The company has a rock-solid reputation, and its diverse set of offerings are the two big factors contributing to the trust of clients. T ...

Blackstone Inc. (BX) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future. Shares of this investment manager have returned -5% over the past month versus the Zacks S&P 500 composite's -0.3% change. The Zacks Financial - Miscellaneous Services industry, to which Blackstone Inc. belongs, has lost 0.3% over this period. Now the key question is: Where could the stock be hea ...

Blackstone Mortgage Trust (NYSE: BMXT) stock has one of the highest dividends yields in Wall Street. It has a dividend yield of 13.6%, higher than the S&P 500 return of 1.35%, and the iShares Core High Dividend ETF (HDV), which yields about 3.5%. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins. What is Blackstone Mortgage Trust? Copy link to section Blackstone Mortgage Trust is a leading Real Estate Investment Trust (REIT) that has a portfolio of over ...

公司业务 - Blackstone是全球最大的另类资产管理公司[141] - Blackstone的业务分为四个部门：房地产、私募股权、信贷与保险、多资产投资[141] - Blackstone的信贷与保险部门于2024年1月整合为Blackstone Credit & Insurance（BXCI）[146] 宏观经济环境 - 在2024年第一季度，全球股市普遍上涨，美国S&P 500指数总回报率为10.6%[149] - 原油价格上涨16%，天然气价格下跌30%[150] - 美国资本市场活动在第一季度大幅反弹，首次公开募股量比2023年第一季度增长196%[150] - 美国失业率在3月为3.8%，工资同比增长4.1%[152] - 经济预测表明经济增长将逐渐放缓，金融条件将逐渐缓解[152] 财务指标 - Blackstone使用特定的财务指标和关键运营指标来衡量投资活动的生产力[154] - 可分配收益是用于评估绩效和向公司股东支付股息的金额，不包括未实现的活动[155] - 分部可分配收益是Blackstone用于做出运营决策和评估绩效的分部盈利指标[158] - 费用相关收益是用于评估Blackstone从可重复收入中获利的绩效指标[160] - 调整后的利息、税收、折旧和摊销前利润（Adjusted EBITDA）是用于评估绩效的补充指标[162] - 净应计绩效收入是Blackstone认为对股东有用的未来实现绩效收入的指标[163] 财务数据 - 2024年第一季度，公司总收入为37.88亿美元，较2023年同期增加23.06亿美元[176] - 投资收入增加21亿美元，主要来自未实现投资收益的增加[177] - 总支出为18亿美元，较2023年同期增加6.01亿美元，主要是总薪酬和福利支出增加[180] - 其他收入减少8,362.3万美元，主要是基金投资活动净收益减少[181] - 税收准备金为2.837亿美元，较2023年同期增加2.36亿美元，有效税率分别为15.1%和18.5%[182] 资产管理 - 2024年3月31日，公司的Fee-Earning Assets Under Management为7814亿美元，较2023年12月31日增加了18.8亿美元[194] - 2024年3月31日，公司的Private Equity部门资产管理规模为1706亿美元，较2023年12月31日增加了2亿美元[197] - 2024年3月31日，公司的Credit & Insurance部门资产管理规模为2358亿美元，较2023年12月31日增加了12亿美元[201] - 2024年3月31日，公司的Multi-Asset Investing部门资产管理规模为734亿美元，较2023年12月31日增加了2.1亿美元[205] 投资表现 - 公司的主要私募股权基金在2024年第一季度的内部收益率表现良好，BCP VII的内部收益率为37%[289] 资产组合 - Blackstone Property Partners Platform（2013）的核心+房地产总资产为64982千美元，回报率为6%[242] - Blackstone Real Estate Income Trust（2017）的核心+房地产总资产为59275千美元，回报率为10%[242] - Blackstone Mortgage Trust（2013）的房地产债务总资产为6134千美元，回报率为6%[242] - Blackstone Infrastructure Partners（2019）的基础设施总资产为34292千美元，回报率为15%[242] - Blackstone Secured Lending Fund（2018）的美国直接贷款总资产为11771千美元，回报率为11%[242] - Blackstone Private Credit Fund（2021）的美国直接贷款总资产为66357千美元，回报率为10%[242] - Blackstone Strategic Capital Holdings（2014）的GP股权总资产为9782千美元，回报率为12%[242] 资金流向 - 直接贷款、流动信贷策略和基础设施和资产抵押信贷策略的资金流出分别为22亿美元、18亿美元和6.506亿美元[220] - 多资产投资部门的资金流出主要来自多策略和GP股份，分别为3.036亿美元和6.81万美元[225] 财务状况 - 2024年第一季度，公司的分配收益为6.16亿美元，较2023年同期增加8180万美元[1] - 2024年第一季度，费用相关收入为5.86亿美元，较2023年同期增加6160万美元[2] - 2024年第一季度，净实现收入为3,030万美元，较2023年同期增加2,010万美元[3] - 2024年第一季度，公司的净实现收入为2.497亿美元，较2023年同期的2.993亿美元减少了49.6百万美元[287] - 2024年第一季度，公司的实现绩效收入为4.465亿美元，较2023年同期的4.993亿美元减少了52.9百万美元[287] - 2024年第一季度，公司的实现主要投资收入为2.22亿美元，较2023年同期的3.29亿美元减少了10.7百万美元[288]

公开REITs与私人REITs的投资差异 - 公开与私人房地产投资之间的机械差异在于投资工具之间的功能差异[1] - 公开REITs和私人REITs都投资于相同的资产池，选择购买个别物业或物业组合[3] - 公开REITs倾向于选择更高质量的资产，导致在各种物业类型上拥有更高的占用率[6] 公开REITs与私人REITs的财务成本比较 - 公开REITs的利息费用较低，因为它们在过去5年的低利率环境中将债务期限化[11] - 公开REITs的利息费用实际上远低于国债[12] - 私人房地产的债务成本将根据筹集资本的时间而有很大差异[14] - 公开REITs使用固定利率债务，而私人REITs的情况则因实体而异[15] 公开REITs与私人REITs的市场价格比较 - 公开REITs的费用和上市费用将主要体现在费用和上市费用上[18] - 大型市值（20亿美元以上）的公开REITs提供最具成本效益的结构[22] - 公开REITs目前以89%的净资产值交易，因此在当前市场价格下，选择公开REITs可能比选择私人REITs更好[28] - 当公开REITs的市场价格低于净资产值的105%时，选择公开REITs可能更好[30] - 当公开REITs的市场价格高于净资产值的105%时，选择私人REITs可能更好[31] - 公开REITs目前处于市场价格低于净资产值的情况，因此选择公开REITs可能是更好的选择[31]

Blackstone Inc. (NYSE:BX) Q1 2024 Results Conference Call April 18, 2024 9:00 AM ET Company Participants Weston Tucker - Head of Shareholder Relations Steve Schwarzman - Chairman and CEO Jon Gray - President and Chief Operating Officer Michael Chae - Chief Financial Officer Conference Call Participants Michael Cyprys - Morgan Stanley Craig Siegenthaler - Bank of America Alex Blostein - Goldman Sachs Dan Fannon - Jefferies Glenn Schorr - Evercore ISI Crispin Love - Piper Sandler Brian Bedell - Deutsche Bank ...

For the quarter ended March 2024, Blackstone Inc. (BX) reported revenue of $2.55 billion, up 2.6% over the same period last year. EPS came in at $0.98, compared to $0.97 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $2.51 billion, representing a surprise of +1.73%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.98. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

Blackstone’s (BX) first-quarter 2024 distributable earnings of 98 cents per share were in line with the Zacks Consensus Estimate. The figure reflects a rise of 1% from the prior-year quarter. Results have benefited from a rise in segment revenues and improvement in the assets under management (AUM) balance. However, higher GAAP expenses have hurt the results to some extent. Net income attributable to Blackstone was $847.4 million compared with $85.8 million in the year-ago quarter. Segment Revenues Improve, ...