Blackstone Mortgage Trust declares first quarterly dividend

September 10
10:54 PM 2013

Blackstone Mortgage Trust Inc. is a commercial real estate lending firm that acquires floating-rate senior mortgages in the Europe and the United States. On Tuesday, the real estate mortgage lender declared its first quarterly dividend. This was after a year Blackstone Group LP established the company.

Blackstone Mortgage Trust declared a third quarter dividend of USD.27 payable on October 15 to shareholders of record after the trading close on September 30. The dividend is said to increase in the fourth quarter and next year. This was after the real estate investment trust (REIT) would increase the capital that it had earlier raised.

The REIT company is rare among other real estate mortgage lenders as its loans were set on floating rate. This would mean that the interest rates change or "float" unlike the typical fixed-rate mortgages that would be set in longer-term indicators. Floating rates are tied to the London Interbank Offered Rate (LIBOR).

Blackstone Mortgage Trust is managed by BXMT Advisors LLC, a subsidiary of Blackstone that has more than USD64 million assets under management.

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