<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2022/08/1636480668875-62cdecd5-c745-4420-8350-12ddf01b5b74-1-scaled-1.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2022/08/1636480668875-62cdecd5-c745-4420-8350-12ddf01b5b74-1-scaled-1.jpg"/></p>
<p>黑石抵押信托（BXMT）看起来是一家值得投资的优质股息公司。它拥有近 10% 的令人兴奋的股息收益率，交易价格低于账面价值，并且是全球最大的私募股权公司黑石集团的一部分。</p>
<p>上周五，BXMT 股价为 18.55 美元，与过去几周的水平相同。它仍比 2023 年最低点高出 35%，市值为 33.1 亿美元，远低于其 193 亿美元的贷款组合。</p>
<h2>黑石抵押信托是什么？</h2>
<p>黑石抵押信托是一家领先的公司，股息重点投资者喜爱其长期股息增长记录。它是一家房地产金融公司，提供由美国、欧洲和其他国家的商业房地产抵押的优先贷款。</p>
<p>BXMT 的理念相对简单。它向开发商和房地产公司提供贷款，并将同一物业作为抵押品。这是一项重要的业务，因为其管理者是全球最大的房地产投资者黑石集团。</p>
<p>自 2008/9 年全球金融危机以来，像 BXMT 这样的公司在房地产行业变得更受欢迎，因为银行由于严格监管而降低了风险敞口。</p>
<p>BXMT 的投资组合涵盖了房地产行业的大部分领域。其中大部分贷款是在多户住宅领域，其次是办公室、酒店、工业和非美国办公室。</p>
<h2>高利率</h2>
<p>最近，BXMT 也受益于美国及其他市场的高利率。美联储将利率推高至 5.25% 至 5.50%，以应对疫情后的通货膨胀。同样，欧洲央行和澳大利亚储备银行也都上调了利率。</p>
<p>当利率较高时，BXMT 通常会受益，因为其大部分投资组合是浮动利率。</p>
<p>然而，随着到期日临近，较高的利率可能受到较高违约率的影响。在过去几年中，有关超过 1 万亿美元与商业房地产（CRE）行业相关的贷款到期的讨论。</p>
<p>这种担忧解释了为什么 BXMT 股价仍比 2021 年高点低约 24%。然而，有一线希望，因为 CRE 行业避免了一些分析师预期的 2008/9 年崩溃。</p>
<p>还有迹象表明，更多公司正在强迫员工返回办公室，这是一件好事。</p>
<p>阅读更多：黑石抵押信托（BXMT）股票可能很快下跌 21%</p>
<h2>黑石抵押信托收益</h2>
<p>BXMT 股价最近的催化剂是其截至九月的三个月的收益。</p>
<p>这些结果较去年报告的结果要差。其利息及相关收入从去年的 5.19 亿美元下降至 4.3 亿美元。其九个月利息收入也从 15 亿美元下降至 13 亿美元。</p>
<p>黑石抵押信托在本季度也报告了亏损，净亏损为 5500 万美元，而去年同期盈利为 3050 万美元。</p>
<p>这种亏损主要是因为信用质量下降，导致贷款损失增加。更糟糕的是，管理层预计损失将继续，因为其当前预期信贷损失（CECL）增加了 1.325 亿美元。今年其总 CECL 准备金已超过 10 亿美元。</p>
<p>这些结果解释了为什么 BXMT 的交易价格远低于其账面价值。其价格账面比为 0.8，而信用质量更好的 Starwood Property Trust（STWD）的倍数为 1.01 倍。Ladder Capital Corp 的倍数为 0.95。</p>
<h2>BXMT 股票回报挑战</h2>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/10/BXMT-vs-1024x354.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/10/BXMT-vs-1024x354.png"/></p>
<p>在投资 BXMT 时，另一件需要考虑的事情是，您应该大多忽略 10% 的股息收益率，而考虑总回报。在大多数情况下，您应该考虑投资至少能击败标普 500 指数的公司。</p>
<p>黑石抵押信托在这方面表现不佳。数据显示，今年其总回报为-4.4%。相比之下，VOO ETF 的回报约为 23%。正如上文所示，该公司过去五年的总回报为-18.8%，而 VOO 的回报率为 107%。</p>
<p>这值得注意，因为标普 500 指数由于其历史表现而支付较低的股息。</p>
<p>目前，投资于政府债券而不是 BXMT 可能更明智，因为十年期收益率超过 4%。这意味着它的表现比 BXMT 好。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/10/BXMT-stock-1024x568.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/10/BXMT-stock-1024x568.png"/></p>
<p>TradingView 提供的 BXMT 股票图表</p>
<p>积极的一面是，BXMT 股票在周线图上形成了三角形态，这意味着它可能在未来几个月内强劲反弹。如果发生这种情况，股价将从 18.7 美元上涨至 24.5 美元，达到 2022 年的最高水平，比当前水平高约 32%。</p>
<p>文章来源：BXMT：黑石抵押信托是一家好的股息股票吗？ - Invezz</p>

黑石抵押信托

<p>黑石抵押信托（BXMT）被认为是一只潜在的优质股息股，股息率接近 10%，交易价格低于账面价值。然而，其最近的收益显示利息收入下降，净亏损，引发了对信贷质量的担忧。BXMT 今年的总回报为-4.4%，表现不佳，低于标普 500 指数。尽管高利率有利于其浮动利率贷款，但该股仍比 2021 年高点低 24%，表明投资者面临挑战</p>

<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2022/08/1636480668875-62cdecd5-c745-4420-8350-12ddf01b5b74-1-scaled-1.jpg" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2022/08/1636480668875-62cdecd5-c745-4420-8350-12ddf01b5b74-1-scaled-1.jpg"/></p>
<p>Blackstone Mortgage Trust (BXMT) looks like a good dividend company to invest in. It has an exciting dividend yield of almost 10%, trades below book value, and is part of Blackstone, the biggest private equity company in the world.</p>
<div class="lb-trans"><p>黑石抵押信托（BXMT）看起来是一家值得投资的优质股息公司。它拥有近 10% 的令人兴奋的股息收益率，交易价格低于账面价值，并且是全球最大的私募股权公司黑石集团的一部分。</p>
</div><p>The BXMT stock price was trading at $18.55 on Friday, the same level it has been at in the past few weeks. It remains 35% above its lowest point in 2023, giving it a market cap of $3.31 billion, much lower than its $19.3 billion loan portfolio.</p>
<div class="lb-trans"><p>上周五，BXMT 股价为 18.55 美元，与过去几周的水平相同。它仍比 2023 年最低点高出 35%，市值为 33.1 亿美元，远低于其 193 亿美元的贷款组合。</p>
</div><h2>What is Blackstone Mortgage?</h2>
<div class="lb-trans"><h2>黑石抵押信托是什么？</h2>
</div><p>Blackstone Mortgage is a leading company that dividend-focused investors love for its long track record of dividend growth. It is a real estate finance company that provides senior loans collateralized by commercial real estate in the US, Europe, and other countries.</p>
<div class="lb-trans"><p>黑石抵押信托是一家领先的公司，股息重点投资者喜爱其长期股息增长记录。它是一家房地产金融公司，提供由美国、欧洲和其他国家的商业房地产抵押的优先贷款。</p>
</div><p>The idea behind BXMT is relatively simple. It provides loans to developers and real estate companies and uses the same property as collateral. This is an important business since its manager is Blackstone, the biggest real estate investor in the world.</p>
<div class="lb-trans"><p>BXMT 的理念相对简单。它向开发商和房地产公司提供贷款，并将同一物业作为抵押品。这是一项重要的业务，因为其管理者是全球最大的房地产投资者黑石集团。</p>
</div><p>Companies like BXMT have become more popular in the real estate industry after the Global Financial Crisis (GFC) of 2008/9 since banks have lowered their exposure because of strict regulations.</p>
<div class="lb-trans"><p>自 2008/9 年全球金融危机以来，像 BXMT 这样的公司在房地产行业变得更受欢迎，因为银行由于严格监管而降低了风险敞口。</p>
</div><p>BXMT’s portfolio is made up of loans across most areas in the real estate sector. Most of these loans are in the multifamily segment, followed by offices, hospitality, industrial, and non-US office.</p>
<div class="lb-trans"><p>BXMT 的投资组合涵盖了房地产行业的大部分领域。其中大部分贷款是在多户住宅领域，其次是办公室、酒店、工业和非美国办公室。</p>
</div><h2>High interest rates</h2>
<div class="lb-trans"><h2>高利率</h2>
</div><p>BXMT has also benefited recently from the high interest rates in the United States and its other markets. The Federal Reserve pushed interest rates to between 5.25% and 5.50% to deal with the post-Covid-19 inflation. Similarly, the European Central Bank (ECB) and the Reserve Bank of Australia (RBA) all hiked rates.</p>
<div class="lb-trans"><p>最近，BXMT 也受益于美国及其他市场的高利率。美联储将利率推高至 5.25% 至 5.50%，以应对疫情后的通货膨胀。同样，欧洲央行和澳大利亚储备银行也都上调了利率。</p>
</div><p>BXMT often benefits when interest rates are higher because most of its portfolio is on floating interest rates.</p>
<div class="lb-trans"><p>当利率较高时，BXMT 通常会受益，因为其大部分投资组合是浮动利率。</p>
</div><p>However, higher rates can be affected by higher default rates as maturities near. In the past few years, this has been talk about the wall of maturitiesas over $1 trillion of loans tied to the commercial real estate (CRE) sector mature.</p>
<div class="lb-trans"><p>然而，随着到期日临近，较高的利率可能受到较高违约率的影响。在过去几年中，有关超过 1 万亿美元与商业房地产（CRE）行业相关的贷款到期的讨论。</p>
</div><p>The fear explains why BXMT stock remains about 24% below its 2021 highs. However, there is a light at the end of the tunnel as the CRE industry has avoided a 2008/9 implosion that some analysts were expecting.</p>
<div class="lb-trans"><p>这种担忧解释了为什么 BXMT 股价仍比 2021 年高点低约 24%。然而，有一线希望，因为 CRE 行业避免了一些分析师预期的 2008/9 年崩溃。</p>
</div><p>There are also signs that more companies are forcing their staff to go back to the office, which is a good thing.</p>
<div class="lb-trans"><p>还有迹象表明，更多公司正在强迫员工返回办公室，这是一件好事。</p>
</div><p>Read more: Blackstone Mortgage (BXMT) stock could crash by 21% soon</p>
<div class="lb-trans"><p>阅读更多：黑石抵押信托（BXMT）股票可能很快下跌 21%</p>
</div><h2>Blackstone Mortgage earnings</h2>
<div class="lb-trans"><h2>黑石抵押信托收益</h2>
</div><p>The most recent catalyst for the BXMT stock price was its earnings for the three months to September.</p>
<div class="lb-trans"><p>BXMT 股价最近的催化剂是其截至九月的三个月的收益。</p>
</div><p>These results were fairly weaker than what it reported last year. Its interest and related income dropped to $430 million from $519 million a year earlier. Its nine-month interest income also dropped from $1.5 billion to $1.3 billion.</p>
<div class="lb-trans"><p>这些结果较去年报告的结果要差。其利息及相关收入从去年的 5.19 亿美元下降至 4.3 亿美元。其九个月利息收入也从 15 亿美元下降至 13 亿美元。</p>
</div><p>Blackstone Mortgage also reported a loss during the quarter as its net loss came in at $55 million from a profit of $30.5 million.</p>
<div class="lb-trans"><p>黑石抵押信托在本季度也报告了亏损，净亏损为 5500 万美元，而去年同期盈利为 3050 万美元。</p>
</div><p>This loss was mostly because of credit quality, which led to higher loan losses. Worse, the management expects the losses to continue, as it added $132.5 million to its current expected credit loss (CECL). Its total CECL reserve this year has moved to over $1 billion.</p>
<div class="lb-trans"><p>这种亏损主要是因为信用质量下降，导致贷款损失增加。更糟糕的是，管理层预计损失将继续，因为其当前预期信贷损失（CECL）增加了 1.325 亿美元。今年其总 CECL 准备金已超过 10 亿美元。</p>
</div><p>These results explain why BXMT trades at a big discount to its book value. It has a price-to-book ratio of 0.8, while Starwood Property Trust (STWD), which has a better credit quality has a multiple of 1.01x. Ladder Capital Corp has a multiple of 0.95.</p>
<div class="lb-trans"><p>这些结果解释了为什么 BXMT 的交易价格远低于其账面价值。其价格账面比为 0.8，而信用质量更好的 Starwood Property Trust（STWD）的倍数为 1.01 倍。Ladder Capital Corp 的倍数为 0.95。</p>
</div><h2>BXMT stock return challenges</h2>
<div class="lb-trans"><h2>BXMT 股票回报挑战</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/10/BXMT-vs-1024x354.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/10/BXMT-vs-1024x354.png"/></p>
<p>The other thing to consider when investing in BXMT is that you should mostly ignore the 10% dividend yield and consider the total return. Ideally, in most cases, you should consider investing in a company that, at least, beats the S&amp;P 500 index.</p>
<div class="lb-trans"><p>在投资 BXMT 时，另一件需要考虑的事情是，您应该大多忽略 10% 的股息收益率，而考虑总回报。在大多数情况下，您应该考虑投资至少能击败标普 500 指数的公司。</p>
</div><p>Blackstone Mortgage Trust has a poor record of doing that. Data shows that its total return this year was minus 4.4%. In contrast, the VOO ETF returned about 23%. As shown above, the company’s total return in the last five years was minus 18.8% compared to VOO’s 107%.</p>
<div class="lb-trans"><p>黑石抵押信托在这方面表现不佳。数据显示，今年其总回报为-4.4%。相比之下，VOO ETF 的回报约为 23%。正如上文所示，该公司过去五年的总回报为-18.8%，而 VOO 的回报率为 107%。</p>
</div><p>This is notable since the S&amp;P 500 index pays a minimal dividend because of its historical performance.</p>
<div class="lb-trans"><p>这值得注意，因为标普 500 指数由于其历史表现而支付较低的股息。</p>
</div><p>A point can also be made on investing in government bonds instead of BXMT for now since the ten-year is yielding over 4%. This means that it is doing better than BXMT.</p>
<div class="lb-trans"><p>目前，投资于政府债券而不是 BXMT 可能更明智，因为十年期收益率超过 4%。这意味着它的表现比 BXMT 好。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/10/BXMT-stock-1024x568.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/10/BXMT-stock-1024x568.png"/></p>
<p>BXMT chart by TradingView</p>
<div class="lb-trans"><p>TradingView 提供的 BXMT 股票图表</p>
</div><p>On the positive side, the BXMT stock has formed a triangle pattern on the weekly chart, meaning that it could stage a strong comeback in the coming months. If this happens, the stock will climb from $18.7 to $24.5, its highest level in 2022, which is about 32% above the current level.</p>
<div class="lb-trans"><p>积极的一面是，BXMT 股票在周线图上形成了三角形态，这意味着它可能在未来几个月内强劲反弹。如果发生这种情况，股价将从 18.7 美元上涨至 24.5 美元，达到 2022 年的最高水平，比当前水平高约 32%。</p>
</div><p>The post BXMT: Is Blackstone Mortgage Trust a good dividend stock? appeared first on Invezz</p>
<div class="lb-trans"><p>文章来源：BXMT：黑石抵押信托是一家好的股息股票吗？ - Invezz</p>
</div>

黑石抵押信托（BXMT）是一只优质的股息股票吗？