Blackstone Mortgage: It's Not Distributable EPS, It's Deleveraging
Blackstone(BX) Seeking Alpha·2024-07-25 01:40
Andrii Yalanskyi/iStock via Getty Images Life happens fast in the stock market. In our coverage of Blackstone Mortgage Trust, Inc. (NYSE:BXMT) in June, we highlighted the risks that were front and center and suggested investors stick with the bonds rather than chase high-yield. Of course, the reason you have made far less money than even this 7% a year is that the stock trades at a wide discount to NAV versus what it did at inception. But regardless of that observation, we think the 8% yield to maturity ...