BTIG analyst Benjamin Zucker initiated Blackstone Mortgage with a Neutral rating as part of his broader sector research note on Commercial Mortgage REITS. The analyst is positive on the REIT's straightforward business model that creates a predictable high-quality earnings stream, floating-rate loan portfolio positioned to benefit from higher interest rates, and a simple capitalization structure featuring a low weighted average cost of capital. Zucker notes that Blackstone Mortage trades at a premium valuation however, with price to book value of 1.2-times multiple at a premium to the peer group median.