Blackstone Mortgage Trust Inc. (BXMT) shares fell to a 52-week low of $13.72 on Wednesday, extending a 29.6% decline over the past year. The commercial mortgage real estate investment trust (REIT) last traded at $13.70, down 0.83% in early trading.
The company maintained a dividend yield of 13.61% and has paid dividends for 15 consecutive years, according to InvestingPro data. Analysts’ price targets imply a potential 30% upside from current levels, though InvestingPro flags the stock as slightly overvalued.
Second-quarter distributable earnings came in at $0.31 per share, missing the $0.42 estimate. Revenue rose 24% to $158.06 million, exceeding the $127.34 million forecast. Book value per share declined 4%, driven by higher CECL reserves and depreciation on owned real estate.
Loan repayments totaled $1.2 billion, while investment activity reached $1.4 billion, primarily in residential, industrial, and net lease assets. Watchlist exposure decreased to $2.0 billion from $2.5 billion in the prior quarter.
Citizens maintained a Market Perform rating, noting ongoing portfolio rotation. Raymond James downgraded BXMT to Market Perform from Outperform, citing concerns over portfolio quality and potential further erosion in book value.
