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☆ Blackstone's mortgage fund slashes dividend as slump in office puts it under pressure
  + stars: | 2024-07-24 | by ( Daniel Geiger | ) www.businessinsider.com   time to read: +3 min
Executives at Blackstone Mortgage Trust, or BXMT, have said that it was well-positioned to withstand stresses in the commercial real estate market brought on by the pandemic and sharply rising interest rates. Executives at Blackstone have also said that they see the real estate market bottoming. The fund's loan book is tied largely to strong segments of the commercial real estate market, including residential apartment buildings, industrial warehouses, and hotels. Executives have described its loan balances as conservative relative to the value of the real estate assets that serve as their collateral. AdvertisementBut BXMT has significant exposure to the office market, where value declines have been steep enough to dip below outstanding loan balances in some cases.
Persons: —, behemoth Blackstone, Katherine Keenan, Anthony Marone, Katie Keenan, BXMT, Keenan Organizations: Service, Blackstone Mortgage Trust, Business, Blackstone
☆ Stephen Schwarzman says Blackstone has dumped office investments. Another corner of the firm kept lending billions.
  + stars: | 2023-05-30 | by ( Daniel Geiger | ) www.businessinsider.com   time to read: +8 min
Blackstone Mortgage Trust's $8.2 billion portfolio of office loans leaves it exposed to the sector. The Blackstone-managed firm issued about $3.3 billion of US office loans since the pandemic began. Even as clouds began to gather, Blackstone Mortgage Trust continued to lend to the office sector. In addition to managing the mortgage trust, Blackstone is among its largest shareholders. A Washington office complex shows how far values have fallenThere are ongoing issues, however, in Blackstone Mortgage Trust's portfolio.
☆ Banks are finally admitting they have a problem with billions of dollars in looming real-estate defaults
  + stars: | 2023-05-01 | by ( Daniel Geiger | ) www.businessinsider.com   time to read: +7 min
This earnings season, some major banks bucked tumult in the sector by raking in record revenues and surpassing Wall Street expectations. The bank separately disclosed $725 million of "non-accrual loans" tied to office assets — debts that are already delinquent on payments. That was a nearly fourfold increase in dollar volume of bad office loans over the previous quarter held by the bank. Even some loans tied the nation's robust market for apartment buildings have faltered recently. Anderson said about $760 billion of office loans were held by banks, which amounts to roughly 35% of their commercial-real-estate debt.
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