Blackstone Mortgage Trust, Inc. (NYSE:BXMT), a real estate investment trust with a market capitalization of $3.2 billion, announced the appointment of Marcin Urbaszek as Deputy Chief Financial Officer and Principal Accounting Officer, effective January 2, 2025.
The company, known for its impressive 10.6% dividend yield according to InvestingPro data, brings in Urbaszek, 48, who brings over two decades of finance experience, including his recent role as Vice President and CFO at Granite Point Mortgage Trust Inc (NYSE:GPMT).
The announcement follows the resignation of Thomas E. Dobrowski from the company's Board of Directors, effective January 15, 2025. The board expressed gratitude for Dobrowski's 26 years of service, noting that his departure was not due to any disagreements on company operations, policies, or practices. This transition comes as InvestingPro analysis indicates the company is expected to return to profitability this year, despite current financial health metrics showing some challenges.
Urbaszek's selection was made internally without external arrangements. He holds a B.B.A. in Finance from Zicklin School of Business and is a CFA charterholder. The company confirmed there are no familial ties or reportable transactions between Urbaszek and other company directors or officers.
Concurrently, the board approved a reduction in its size from nine to eight members, coinciding with Dobrowski's resignation. This news is based on a recent SEC filing by the company.
In other recent news, Blackstone (NYSE:BX) Mortgage Trust has made significant financial moves, securing additional term loans and issuing senior secured notes. The company secured an additional $650 million in term loans, known as Term B-5 Loans, which will be used to refinance existing term loans set to mature in 2026. Concurrently, Blackstone Mortgage Trust has completed the offering of $450 million in aggregate principal amount of 7.750% Senior Secured Notes due 2029. The proceeds from this offering will be used for general corporate purposes, including the repayment of existing secured indebtedness.
In their Q3 2024 earnings, Blackstone Mortgage Trust reported a GAAP net loss of $0.32 per share but distributable earnings (DE) of $0.39 per share and $0.49 per share before charge-offs. The company managed repayments totaling $1.8 billion and new originations close to $700 million. Despite expected short-term earnings pressure due to loan resolutions and impairments, the company expects to recover over half of the $2.3 billion in impaired loans and is considering share buybacks alongside new loan originations.
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