First AmericanBlackstone Secured Lending

First American vs Blackstone Secured Lending

This page compares First American and Blackstone Secured Lending, examining business models, financial performance, and market context in clear, neutral terms for readers. Educational content, not fin...

Which Baskets Do They Appear In?

The Great Mortgage Privatization

The Great Mortgage Privatization

The planned IPOs for mortgage giants Fannie Mae and Freddie Mac signal a historic shift toward privatization in the U.S. housing market. This move stands to benefit not only the investment banks managing the deal but also a wider ecosystem of mortgage lenders and insurers.

Published: August 11, 2025

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Investment Analysis

First American

Pros

  • Reported Q3 2025 earnings and revenues exceeded analyst expectations, with adjusted EPS up 27% year-over-year.
  • Strong dividend track record with consistent increases supported by solid cash flow and a dividend yield rated favorably.
  • Strategic focus on technology to centralize infrastructure and reduce costs, enhancing operational efficiency.

Considerations

  • Market valuation appears high with a price-to-earnings ratio around 35.7x, well above sector average.
  • Faces headwinds from declining purchase and commercial real estate segments despite surging refinancing demand.
  • Financial health is moderate with a debt-to-equity ratio near 49%, which could pressure earnings if market conditions worsen.
Blackstone Secured Lending

Pros

  • Focuses almost exclusively on first lien senior secured debt, representing 98.2% of investments, reducing credit risk.
  • Managed by Blackstone Credit, a large alternative credit platform, providing strong expertise and operational scale.
  • Strong industry recognition with multiple awards for fund management and responsible investing since 2021.

Considerations

  • The closed-end fund structure and BDC regulatory framework can expose shareholders to liquidity and valuation discount risks.
  • Predominantly invests in private U.S. middle-market companies, which can suffer from economic cyclicality and credit risk.
  • Investment returns driven primarily by current income may limit capital appreciation potential compared to equity-focused funds.

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