Insider Watch
Commercial mortgage insiders buy $2.4m after quarterly results
Blackstone Mortgage chief adds $1m after dividend cut, with purchases also disclosed at Franklin BSP and TPG RE Finance
Senior figures at three commercial mortgage lenders disclosed share purchases worth a combined $2.4 million between 30 October and 4 November, with the largest made by Blackstone Mortgage Trust's chief executive after the company announced a dividend cut.
The four transactions included direct purchases by Blackstone Mortgage chief executive Timothy Johnson and director Henry Nassau, a family-trust purchase reported by Franklin BSP Realty Trust chairman and chief executive Richard Byrne, and an acquisition through an entity reported by TPG RE Finance Trust director Wendy Silverstein.
Johnson bought 90,000 Blackstone Mortgage shares on 4 November at an average $11.5039, spending $1.04 million. The purchase increased his directly held shares by 17 per cent to 617,900.
Nassau bought 10,000 shares on the same day at an average $11.4291, spending $114,291 and taking his direct holding to 233,490 shares. He had previously bought 10,000 shares on 4 August at an average $14.3357. His latest purchase price was about 20 per cent lower.
The buying followed Blackstone Mortgage's 29 October announcement of a $327 million third-quarter net loss. The company declared a fourth-quarter dividend of $0.30 a share, down 36 per cent from the $0.47 paid for the third quarter.
Johnson said higher interest rates and a prolonged recovery in offices had affected reserves and book value. He also said the company's watchlist had fallen to its lowest level since 2019 as it reduced legacy exposure.
| Company | Reporting insider | Trade date | Shares bought | Purchase value |
|---|---|---|---|---|
| Blackstone Mortgage Trust | Timothy Johnson, CEO — direct | 4 November | 90,000 | $1,035,351 |
| Blackstone Mortgage Trust | Henry Nassau, director — direct | 4 November | 10,000 | $114,291 |
| Franklin BSP Realty Trust | Richard Byrne, chairman and CEO — family trust | 3 November | 162,600 | $998,364 |
| TPG RE Finance Trust | Wendy Silverstein, director — through an entity | 30 October | 38,900 | $253,239 |
| Total | $2,401,245 |
At Franklin BSP, Byrne reported the purchase of 162,600 shares on 3 November at an average $6.14, worth $998,364. The shares were held by a family trust benefiting members of his immediate family. Byrne disclaimed beneficial ownership except to the extent of his financial interest.
The trust's purchase was additional to Byrne's separately reported direct holding of 476,725 shares.
Franklin BSP had reported a $27 million quarterly net loss on 28 October, alongside a $43.1 million net provision for credit losses. It also disclosed that it had repurchased $60.5 million of its own shares during the quarter at an average $8.14. The family trust's subsequent entry price was about 25 per cent lower.
At TPG RE Finance, Silverstein reported buying 38,900 shares through GapView Ventures LLC on 30 October at an average $6.51, spending $253,239.
TPG had reported quarterly net income attributable to common shareholders of $5.8 million and book value of $10.85 a share. Silverstein's purchase price was 40 per cent below that reported book value. The company also authorised a new $50 million share repurchase programme.
The purchases span three lenders following their results, but the operating picture remains mixed. Blackstone Mortgage has reset its dividend, Franklin BSP is absorbing credit provisions, and TPG continues to originate loans and return capital.
The next evidence will come from loan repayments, recoveries and dividend coverage. For now, the filings show senior figures adding exposure while the effects of earlier lending decisions continue to work through the accounts.