<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>黑石抵押信託（BXMT）看起來是一家值得投資的優質股息公司。它擁有近 10% 的令人興奮的股息收益率，交易價格低於賬面價值，並且是全球最大的私募股權公司黑石集團的一部分。</p>
<p>上週五，BXMT 股價為 18.55 美元，與過去幾周的水平相同。它仍比 2023 年最低點高出 35%，市值為 33.1 億美元，遠低於其 193 億美元的貸款組合。</p>
<h2>黑石抵押信託是什麼？</h2>
<p>黑石抵押信託是一家領先的公司，股息重點投資者喜愛其長期股息增長記錄。它是一家房地產金融公司，提供由美國、歐洲和其他國家的商業房地產抵押的優先貸款。</p>
<p>BXMT 的理念相對簡單。它向開發商和房地產公司提供貸款，並將同一物業作為抵押品。這是一項重要的業務，因為其管理者是全球最大的房地產投資者黑石集團。</p>
<p>自 2008/9 年全球金融危機以來，像 BXMT 這樣的公司在房地產行業變得更受歡迎，因為銀行由於嚴格監管而降低了風險敞口。</p>
<p>BXMT 的投資組合涵蓋了房地產行業的大部分領域。其中大部分貸款是在多户住宅領域，其次是辦公室、酒店、工業和非美國辦公室。</p>
<h2>高利率</h2>
<p>最近，BXMT 也受益於美國及其他市場的高利率。美聯儲將利率推高至 5.25% 至 5.50%，以應對疫情後的通貨膨脹。同樣，歐洲央行和澳大利亞儲備銀行也都上調了利率。</p>
<p>當利率較高時，BXMT 通常會受益，因為其大部分投資組合是浮動利率。</p>
<p>然而，隨着到期日臨近，較高的利率可能受到較高違約率的影響。在過去幾年中，有關超過 1 萬億美元與商業房地產（CRE）行業相關的貸款到期的討論。</p>
<p>這種擔憂解釋了為什麼 BXMT 股價仍比 2021 年高點低約 24%。然而，有一線希望，因為 CRE 行業避免了一些分析師預期的 2008/9 年崩潰。</p>
<p>還有跡象表明，更多公司正在強迫員工返回辦公室，這是一件好事。</p>
<p>閲讀更多：黑石抵押信託（BXMT）股票可能很快下跌 21%</p>
<h2>黑石抵押信託收益</h2>
<p>BXMT 股價最近的催化劑是其截至九月的三個月的收益。</p>
<p>這些結果較去年報告的結果要差。其利息及相關收入從去年的 5.19 億美元下降至 4.3 億美元。其九個月利息收入也從 15 億美元下降至 13 億美元。</p>
<p>黑石抵押信託在本季度也報告了虧損，淨虧損為 5500 萬美元，而去年同期盈利為 3050 萬美元。</p>
<p>這種虧損主要是因為信用質量下降，導致貸款損失增加。更糟糕的是，管理層預計損失將繼續，因為其當前預期信貸損失（CECL）增加了 1.325 億美元。今年其總 CECL 準備金已超過 10 億美元。</p>
<p>這些結果解釋了為什麼 BXMT 的交易價格遠低於其賬面價值。其價格賬面比為 0.8，而信用質量更好的 Starwood Property Trust（STWD）的倍數為 1.01 倍。Ladder Capital Corp 的倍數為 0.95。</p>
<h2>BXMT 股票回報挑戰</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>在投資 BXMT 時，另一件需要考慮的事情是，您應該大多忽略 10% 的股息收益率，而考慮總回報。在大多數情況下，您應該考慮投資至少能擊敗標普 500 指數的公司。</p>
<p>黑石抵押信託在這方面表現不佳。數據顯示，今年其總回報為-4.4%。相比之下，VOO ETF 的回報約為 23%。正如上文所示，該公司過去五年的總回報為-18.8%，而 VOO 的回報率為 107%。</p>
<p>這值得注意，因為標普 500 指數由於其歷史表現而支付較低的股息。</p>
<p>目前，投資於政府債券而不是 BXMT 可能更明智，因為十年期收益率超過 4%。這意味着它的表現比 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 股票圖表</p>
<p>積極的一面是，BXMT 股票在周線圖上形成了三角形態，這意味着它可能在未來幾個月內強勁反彈。如果發生這種情況，股價將從 18.7 美元上漲至 24.5 美元，達到 2022 年的最高水平，比當前水平高約 32%。</p>
<p>文章來源：BXMT：黑石抵押信託是一家好的股息股票嗎？ - Invezz</p>

黑石抵押信託

<p>黑石抵押信託（BXMT）被認為是一隻潛在的優質股息股，股息率接近 10%，交易價格低於賬面價值。然而，其最近的收益顯示利息收入下降，淨虧損，引發了對信貸質量的擔憂。BXMT 今年的總回報為-4.4%，表現不佳，低於標普 500 指數。儘管高利率有利於其浮動利率貸款，但該股仍比 2021 年高點低 24%，表明投資者面臨挑戰</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>黑石抵押信託（BXMT）看起來是一家值得投資的優質股息公司。它擁有近 10% 的令人興奮的股息收益率，交易價格低於賬面價值，並且是全球最大的私募股權公司黑石集團的一部分。</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>上週五，BXMT 股價為 18.55 美元，與過去幾周的水平相同。它仍比 2023 年最低點高出 35%，市值為 33.1 億美元，遠低於其 193 億美元的貸款組合。</p>
</div><h2>What is Blackstone Mortgage?</h2>
<div class="lb-trans"><h2>黑石抵押信託是什麼？</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>黑石抵押信託是一家領先的公司，股息重點投資者喜愛其長期股息增長記錄。它是一家房地產金融公司，提供由美國、歐洲和其他國家的商業房地產抵押的優先貸款。</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 的理念相對簡單。它向開發商和房地產公司提供貸款，並將同一物業作為抵押品。這是一項重要的業務，因為其管理者是全球最大的房地產投資者黑石集團。</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 年全球金融危機以來，像 BXMT 這樣的公司在房地產行業變得更受歡迎，因為銀行由於嚴格監管而降低了風險敞口。</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 的投資組合涵蓋了房地產行業的大部分領域。其中大部分貸款是在多户住宅領域，其次是辦公室、酒店、工業和非美國辦公室。</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 也受益於美國及其他市場的高利率。美聯儲將利率推高至 5.25% 至 5.50%，以應對疫情後的通貨膨脹。同樣，歐洲央行和澳大利亞儲備銀行也都上調了利率。</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>當利率較高時，BXMT 通常會受益，因為其大部分投資組合是浮動利率。</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，隨着到期日臨近，較高的利率可能受到較高違約率的影響。在過去幾年中，有關超過 1 萬億美元與商業房地產（CRE）行業相關的貸款到期的討論。</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>這種擔憂解釋了為什麼 BXMT 股價仍比 2021 年高點低約 24%。然而，有一線希望，因為 CRE 行業避免了一些分析師預期的 2008/9 年崩潰。</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>還有跡象表明，更多公司正在強迫員工返回辦公室，這是一件好事。</p>
</div><p>Read more: Blackstone Mortgage (BXMT) stock could crash by 21% soon</p>
<div class="lb-trans"><p>閲讀更多：黑石抵押信託（BXMT）股票可能很快下跌 21%</p>
</div><h2>Blackstone Mortgage earnings</h2>
<div class="lb-trans"><h2>黑石抵押信託收益</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 股價最近的催化劑是其截至九月的三個月的收益。</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>這些結果較去年報告的結果要差。其利息及相關收入從去年的 5.19 億美元下降至 4.3 億美元。其九個月利息收入也從 15 億美元下降至 13 億美元。</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>黑石抵押信託在本季度也報告了虧損，淨虧損為 5500 萬美元，而去年同期盈利為 3050 萬美元。</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>這種虧損主要是因為信用質量下降，導致貸款損失增加。更糟糕的是，管理層預計損失將繼續，因為其當前預期信貸損失（CECL）增加了 1.325 億美元。今年其總 CECL 準備金已超過 10 億美元。</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>這些結果解釋了為什麼 BXMT 的交易價格遠低於其賬面價值。其價格賬面比為 0.8，而信用質量更好的 Starwood Property Trust（STWD）的倍數為 1.01 倍。Ladder Capital Corp 的倍數為 0.95。</p>
</div><h2>BXMT stock return challenges</h2>
<div class="lb-trans"><h2>BXMT 股票回報挑戰</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>在投資 BXMT 時，另一件需要考慮的事情是，您應該大多忽略 10% 的股息收益率，而考慮總回報。在大多數情況下，您應該考慮投資至少能擊敗標普 500 指數的公司。</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>黑石抵押信託在這方面表現不佳。數據顯示，今年其總回報為-4.4%。相比之下，VOO ETF 的回報約為 23%。正如上文所示，該公司過去五年的總回報為-18.8%，而 VOO 的回報率為 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>這值得注意，因為標普 500 指數由於其歷史表現而支付較低的股息。</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，投資於政府債券而不是 BXMT 可能更明智，因為十年期收益率超過 4%。這意味着它的表現比 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 股票圖表</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>積極的一面是，BXMT 股票在周線圖上形成了三角形態，這意味着它可能在未來幾個月內強勁反彈。如果發生這種情況，股價將從 18.7 美元上漲至 24.5 美元，達到 2022 年的最高水平，比當前水平高約 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>文章來源：BXMT：黑石抵押信託是一家好的股息股票嗎？ - Invezz</p>
</div>

黑石抵押信託（BXMT）是一隻優質的股息股票嗎？