Blackstone's mortgage fund slashes dividend as slump in office puts it under pressure

Wed, 07/24/2024 - 16:58

Blackstone signage outside Blackstone Group headquarters in NYC — Blackstone headquarters in New York City.
Jeenah Moon/Reuters

Blackstone Mortgage Trust, or BXMT, says its holds $9 billion of office loans.
That office exposure represents roughly 40% of BXMT's loan book.
A 24% reduction in BXMT's dividend shows how office values remain under serious pressure.

Blackstone Mortgage Trust, a commercial real estate lender with a $22 billion loan portfolio, is cutting its dividend after losing $60 million in the second quarter and raising its reserves by $142.6 million.