Blackstone Mortgage Trust reports developments for a publicly traded commercial mortgage REIT that originates, acquires and manages senior loans and other debt or credit-oriented investments tied to commercial real estate. Its portfolio is centered on senior loans secured by institutional real estate assets in major markets across North America, Europe and Australia, and the company is externally managed by BXMT Advisors L.L.C., a Blackstone subsidiary.
Recurring news covers quarterly operating and financial results, distributable earnings measures, dividends on Class A common stock, loan deployment, credit performance and balance-sheet financing. Company updates also address capital-structure actions such as secured debt financing, shareholder voting matters, material agreements and governance changes related to the board and senior officers.
Blackstone Real Estate and MRP Group have increased their all-cash tender offer for Terrafina real estate trust certificates to Ps.39.50 per certificate, up by Ps.1.00 from the initial offer. This offer represents a 24% premium over Terrafina's price on December 4, 2023, and an 8% premium over its price on June 7, 2024. The offer is the only all-cash tender offer available, providing immediate, substantial value with no tax consequences associated with exchange offers. The Comisión Federal de Competencia Económica (COFECE) has approved the offer unconditionally. The tender offer is valid until July 17, 2024, with a settlement date expected on July 24, 2024. Completion is contingent on acceptance by holders of at least 50% plus one of the outstanding Terrafina certificates.
Blackstone Mortgage Trust (NYSE: BXMT) announced a $0.62 per share dividend for its class A common stock for Q2 2024.
The dividend will be paid on July 15, 2024, to shareholders who are on record as of June 28, 2024.
Blackstone Mortgage Trust (NYSE: BXMT) and M&T Realty Capital announced a partnership to provide BXMT borrowers with access to multifamily agency financing. This collaboration will leverage M&T Realty Capital's Fannie Mae DUS® and Freddie Mac Optigo® lending platforms to offer conventional and affordable multifamily loans. The partnership aims to expand BXMT's loan offerings, providing comprehensive financing solutions to its borrowers. Katie Keenan, CEO of Blackstone Mortgage Trust, highlighted that BXMT has originated over $12 billion in multifamily bridge loans over the past decade. Michael Edelman, CEO of M&T Realty Capital, emphasized the partnership's alignment with their strategy to expand their customer base and national multifamily lending platform.
Blackstone Real Estate and MRP Group have started an all-cash tender offer for Terrafina's real estate trust certificates at Ps.38.50 per certificate.
This represents a 21% premium over the unaffected price on December 4, 2023, and a 5% premium over the June 7, 2024 closing price.
The offer aims to buy up to 100% of Terrafina's certificates, providing immediate and certain value to shareholders. COFECE has approved the offer unconditionally, and it is not subject to financing or additional board and shareholder approvals.
The offer expires on July 10, 2024, at 14:00 Mexico City time, unless extended.
Blackstone Real Estate has agreed to sell Turtle Bay Resort for $725 million, which it bought in 2018 for $332 million and invested heavily in renovations. The sale will bring total proceeds to $768 million, including a recent land sale to Areté Collective. The transaction showcases Blackstone's ability to enhance luxury hospitality assets and is expected to close in Q3 2024. Turtle Bay Resort, one of the largest employers on O'ahu's North Shore, features 450 rooms and underwent significant upgrades under Blackstone's ownership.
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