1. Blackstone Mortgage Trust faces ongoing credit quality issues, particularly in its U.S. office segment, leading to under-earned dividends despite a recent 24% cut. 2. The trust's distributable earnings fell short of its reduced dividend, reflecting a strained credit situation and potential for further dividend cuts. 3. Despite these challenges, BXMT trades at a 15% discount to book value, suggesting limited downside risk for risk-seeking investors seeking a 10% yield.