- Deutsche Bank:
- Deutsche Bank has indeed reported significant losses from its commercial real estate exposure. The bank posted a net loss of €143 million for Q2 2024, largely due to provisions for credit losses and a substantial litigation charge.
- Blackstone Mortgage REIT:
- Blackstone Mortgage Trust (BXMT) has cut its dividend by 24% due to rising defaults and refinancing difficulties in the commercial real estate sector. The trust also announced a $150 million share repurchase plan to support its stock price.
- Carson Block:
- Carson Block, founder of Muddy Waters Research, has taken a short position on Blackstone Mortgage Trust. He has expressed concerns about the trust’s liquidity and potential loan defaults.
🚨Breaking Bank News:
*Deutsche Bank Issues Warning*– Massive hit expected from commercial real estate portfolio later this year
– Q2 credit loss provisions 📈 19% to ($516.7M), driven by commercial real estate
– Q2 net loss of €143M
– First QT net loss since 2020$DB -6% pic.twitter.com/iCA2AccGEp— The Coastal Journal (@1CoastalJournal) July 24, 2024
Blackstone Mortgage REIT Cuts Dividend as Distress Increases
BXMT to repurchase $150 million shares to blunt dividend news
Muddy Waters’ Carson Block shorted the trust in December pic.twitter.com/fhA6scTWJy— BB (@doggedtenacity) July 24, 2024
"…So I am concerned about commercial real estate, … there's too little appreciation of people putting commercial real estate and residential real estate in two different silos…"t.co/Oz7cfy8NMn
— Danielle DiMartino Booth (@DiMartinoBooth) July 24, 2024
What are your thoughts for NYCB on Thursday ? pic.twitter.com/QSqGLvAUVk
— Meyers.™ (@Meyers__MD) July 24, 2024