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The Blackstone Group L.P. Message Board

  • billeesands billeesands May 22, 2013 8:03 PM Flag

    BXMT Secondary

    Here's the pricing info for BXMT. Does anyoe have any thots as to whether I should buy some in the offering I put in for with Fidelity tonite? There's not a lot of info available on it. I did buy some more AGNC today at 28.20. The mREITs have really gotten hit in the last few weeks. TIA.

    Issuer: Blackstone Mortgage Trust, Inc.

    Offering: Blackstone Mortgage Trust, Inc. Common Stock Follow On

    The registration statement for the public offering of Blackstone Mortgage Trust, Inc. Common Stock Follow On has been declared effective and the offering is priced at $25.50 with the offering size being 22,500,000, up from the original offering size of 16,000,000 shares. The confirmation period has begun.

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    • BXMT has two things going for (or against) it. First, Blackstone sponsorship. BXMT is the old Capital Trust (CT) that got hit badly, survived, was going nowhere at $2 per share and sold out to BX, did a reverse 10 for 1 split, and brought in new BX manager. And BX knows how to attract money, big money -just look at this recent secondary, 22 million shares at $25.50... that more than lunch money. Second, BXMT wil be going after commercial mortgages and other interesting paper. BX has a big commerical real estate position and can feed paper into BXMT. Gutsy, yes! Interesting perhaps... but certainly not another copy-cat mortgage-reit.

    • Not a fan of mortgage companies, the ones iI owned borrow short lend long. Got burned on Capstead Mortgage a few years ago. If you can get at IPO price maybe be very careful in open market. Bought BX in open market on day of IPO paid about $36 BECAREFUL

25.06-0.06(-0.24%)Sep 29 4:01 PMEDT