Blackstone: Deals, Debt, and Debate
Blackstone is active across real assets — Blackstone Mortgage Trust faces yield pressure from rising rates, its PNM utility acquisition is drawing local debate over rates and privatization, and Blackstone‑backed Xpansiv has kicked off a new raise to fund M&A and growth. (ad-hoc-news.de; abqjournal.com; afr.com)
Blackstone Mortgage Trust (BXMT) closed March 27, 2026 at $18.85 per share with a reported market cap of $3.13 billion and a dividend yield listed at 10.13%. (ir.blackstonemortgagetrust.com) BXMT’s investor presentations through Q4 2025 show a portfolio rotation toward shorter-duration and higher-quality real‑estate loans and management highlighted a near‑fully performing loan book in recent quarters. (ir.blackstonemortgagetrust.com) Brokerage coverage has clustered around a “Hold” consensus while filings and earnings commentary flag a push to lift loan originations after impairments eased in late 2025. (marketbeat.com) TXNM Energy’s $11.5 billion sale to Blackstone Infrastructure was formally filed with New Mexico regulators as part of Case No. 25‑00060‑UT, seeking approval to transfer ownership of Public Service Company of New Mexico (PNM). (abqjournal.com) The New Mexico Public Regulation Commission issued an Order to Show Cause and has scheduled an evidentiary hearing for April 30, 2026 to examine questions raised about the joint applicants’ disclosures and transactions. (prc.nm.gov) New Mexico Attorney General Raúl Torrez and advocacy groups have flagged a $400 million stock sale tied to the deal and noted the applicants’ filing promises $175 million in customer and community benefits, including a $105 million rate credit — issues now under regulatory scrutiny. (sourcenm.com) Australian Financial Review reports Blackstone‑backed Xpansiv, valued around $2 billion, has begun a new fundraising process that sources say is aimed at financing M&A and growth rather than a sell‑down of existing shareholders. (afr.com)
