Our analysis is based on comparing Blackstone Mortgage Trust, Inc. with the following peers – Colony Capital, Inc. Class A, CIM Commercial Trust Corporation, Starwood Property Trust, Inc., RAIT Financial Trust, Vestin Realty Mortgage II, Inc., NorthStar Realty Finance Corp. and Arbor Realty Trust, Inc. (CLNY-US, CMCT-US, STWD-US, RAS-US, VRTB-US, NRF-US and ABR-US).
Blackstone Mortgage Trust, Inc.’s dividend yield is 8.64 percent and its dividend payout is 99.58 percent. This compares to a peer average dividend yield of 9.37 percent and a payout level of 97.41 percent. This combination of a relatively lower dividend yield and a higher payout ratio suggest that the dividend payout might not be sustainable. In addition, the low dividend quality score of 25 out of a possible score of 100, points to unsustainability as well.
Dividend Quality Overview
- Over the last twelve months (prior to March 31, 2016), BXMT-US paid a medium quality dividend, which represents a yield of 8.64% at the current price.
- Dividend quality trend has not been consistent over the last five years. Dividends were paid during 4 of these years — of these 2 were medium quality and 2 were low quality.
- The ending cash balance is less than the last full year dividend payment and cannot be relied on to cushion any significant reduction of cash flows in the future.
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Over the last twelve months (prior to March 31, 2016), BXMT-US paid a medium quality dividend.
The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 1.05x), investing cash flow (coverage of -22.66x), issuance cash flow (coverage of 23.01x) and twelve-month prior cash (coverage of 0.23x), for a total dividend coverage of 1.57x.
These coverage ratio factors imply that the firm’s net cash inflow from issuance was required (in addition to operating and investment cash) to pay the dividend, which suggests a medium dividend quality.
|Dividend Yield (%)||0||79.66||1||4.96||6.66||8.64|
|Dividend Payout (%)||0||0||88.89||106.45||94.61||99.58|
A complete list of metrics and analysis is available on the company page.
Blackstone Mortgage Trust, Inc. is a real estate investment trust, which focuses primarily on loans and securities backed by commercial real estate assets. It operates through two segments: Loan Origination and CT Legacy Portfolio. The company was founded by Samuel Zell, John R. Klopp and Craig M. Hatkoff in July 1997 and is headquartered in New York, NY.
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