Today, Blackstone Mortgage (NYSE:BXMT) Trust, Inc. announced the results of its 2024 annual meeting of stockholders, held last Thursday, where it confirmed the election of nine directors and ratified the appointment of its independent auditor.
During the annual meeting, stockholders cast their votes on several key proposals. All nine nominated individuals were elected to the company's Board of Directors. The directors will serve until the next annual meeting and until their successors are elected and qualified.
The elected directors include Timothy S. Johnson, Katharine A. Keenan, Leonard W. Cotton, Thomas E. Dobrowski, Nnenna Lynch, Michael B. Nash, Henry N. Nassau, Gilda Perez-Alvarado, and Lynne B. Sagalyn. Votes for each director ranged from 74,746,048 to 78,353,719, with broker non-votes consistently at 51,679,419 across the board.
Additionally, the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with 129,779,854 votes in favor. Votes against totaled 953,421, with 377,130 abstentions.
The compensation paid to the company's named executive officers also received approval in a non-binding, advisory vote, with 74,495,835 votes for and 4,298,984 against. There were 636,167 abstentions on this proposal, accompanied by 51,679,419 broker non-votes.
Blackstone (NYSE:BX) Mortgage Trust, Inc., listed on the New York Stock Exchange under the ticker NYSE:BXMT, is a real estate investment trust headquartered in New York. The company's primary business involves originating and managing commercial mortgage loans.
In other recent news, Blackstone Mortgage Trust reported a GAAP net loss of $0.71 per share for the first quarter of 2024, despite this, the company posted distributable earnings of $0.33 per share and $0.55 prior to charge-offs. Notably, the company paid a dividend of $0.62 per share and maintained near-record liquidity levels at $1.7 billion. Although the company downgraded 13 loans, it also upgraded nine and resolved two impaired loans, showcasing an active approach to portfolio management.
Looking ahead, Blackstone Mortgage Trust is pursuing investment opportunities, as evidenced by a recent $69 million senior loan commitment to a resort hotel. The company anticipates a stabilizing real estate market and is preparing for a higher interest rate environment. Despite the net loss, these recent developments illustrate Blackstone Mortgage Trust's strategic efforts to bolster its balance sheet and seize growth opportunities in the real estate sector.
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