Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q1 2016 Earnings Presentation
18 slides from Blackstone Mortgage Trust's earnings presentation, Apr 26, 2016
Slide 1: Blackstone Mortgage Trust Reports First Quarter 2016 Results
Blackstone Mortgage Trust Reports First Quarter 2016 Results New York, April 26, 2016: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its first quarter 2016 results. Core Earnings for the first quarter was $61 million, or $0.65 per share. Net income for the first quarter was $57 million,
Slide 2: Forward-Looking Statements and Other Matters
include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone. Forward-Looking Statement
Slide 3: Blackstone Mortgage Trust, Inc. First Quarter 2016 Results
Blackstone Mortgage Trust, Inc. First Quarter 2016 Results April 26, 2016
Slide 4: First Quarter 2016 Highlights
First Quarter 2016 Highlights Core Earnings of $0.65 per share, representing a 25% year-over-year increase(a) and 105% coverage of the $0.62 dividend. GAAP net income of $0.61 per share during 1Q; book value of $26.53 per share. Loan originations of $861 million were 100% comprised of senior,
Slide 5: First Quarter 2016 Balance Sheet and Operating Results
First Quarter 2016 Balance Sheet and Operating Results(a) (Dollars in Millions) Balance Sheet Operating Results GAAP Net Core Income Adjustments Earnings(a) Interest Income $ 122.7 $ (1.2) $ 121.5 $9,314 Loans receivable, net Interest Expense (45.4) 0.5 (44.9) Management and $141 Other assets/liabil
Slide 6: Loan Portfolio Overview
Loan Portfolio Overview Closed six new loans and three upsizes totaling $861 and funded $619 million,(a) including $106 million(a) of follow-on fundings under previously originated loans. Loan repayments of $107 million of directly originated loans and $268 million of loans in the GE portfolio.
Slide 7: Portfolio Diversification
Portfolio Diversification BXMT’s portfolio is diversified by collateral property type and geographic location and reflects our focus on high quality real estate, institutional sponsors, and major markets. Geographic Diversification Collateral Diversification (Net Book Value,% of Total) (Net Book V
Slide 8: Portfolio Credit Quality
Portfolio Credit Quality BXMT loan portfolio is 97% comprised of senior loans, with no defaulted or impaired loans in the portfolio. Risk rated “4” loans decreased $59 million, or 52% from 4Q. Origination Loan-to-Value(a)(b) Risk Rating Distribution(a)(c) (Principal Balance, Dollars in Millions)
Slide 9: Financing Capacity
Financing Capacity Total capacity of $10.1 billion, including $813 million of dedicated GBP and EUR multi-currency facilities. Total liquidity of $575 million(a) at quarter-end, providing for $2.2 billion(a) of potential loan originations and fundings. (Dollars in Billions) Capacity Outstanding
Slide 10: Interest Rates
Interest Rates Core Earnings are positively correlated to changes in USD and GBP LIBOR, the benchmark indices for 75% of BXMT’s loan portfolio and related secured financings.(a) Portfolio Fixed vs. Floating Portfolio Income Sensitivity to USD LIBOR (% of Principal Balance) (Annual Dollars of Net I
Slide 11: Appendix
Appendix Mortgage Trust
Slide 12: Loan Portfolio Details
Loan Portfolio Details The following table provides details of BXMT’s loan portfolio: (Dollars in Millions) Origination Total Principal Book Cash All-In Maximum Property Loan Per Origination Loan Type Date(a) Loan Balance Value Coupon Yield Maturity(b) Location Type SQFT / Unit / Key LTV(a) Loan 1
Slide 13: Consolidated Balance Sheets
Consolidated Balance Sheets (Dollars in Thousands, Except per Share Data) March 31, 2016 December 31, 2015 Assets Cash and cash equivalents $ 110,622 $ 96,450 Restricted cash 434 9,556 Loans receivable, net 9,313,763 9,077,007 Equity investments in unconsolidated subsidiaries 2,762 9,441 Other asset
Slide 14: Consolidated Statements of Operations
Consolidated Statements of Operations (Dollars in Thousands, Except per Share Data) Three Months Ended March 31, 2016 2015 Income from loans and other investments Interest and related income $ 123,025 $ 63,407 Less: Interest and related expenses 45,381 24,161 Income from loans and other investments,
Slide 15: Per Share Calculations
Per Share Calculations (Amounts in Thousands, Except per Share Data) Three Months Ended March 31, 2016 December 31, 2015 Net income $ 57,047 $ 65,264 CT Legacy Portfolio net income 183 (3,408) Non-cash compensation expense 4,687 3,460 Core Earnings Reconciliation GE purchase discount accretion adjus
Slide 16: Reconciliation of Net Income to Core Earnings and G&A Expenses
Reconciliation of Net Income to Core Earnings(a) and G&A Expenses Included in Core Earnings (Amounts in Thousands, Except per Share Data) Three Months Ended March 31, June 30, September 30, December 31, March 31, 2015 2015 2015 2015 2016 Net income $ 35,393 $ 29,284 $ 66,888 $ 65,264 $ 57,047 CT Leg
Slide 17: Definitions
Definitions Core Earnings: Blackstone Mortgage Trust, Inc. (“BXMT”) discloses Core Earnings, a financial measure that is calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”) in this pres
Slide 18: Forward-Looking Statements
Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone Mortgage Trust’s (“BXMT”) current views with r
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