Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q2 2013 Earnings Presentation
19 slides from Blackstone Mortgage Trust's earnings presentation, Jul 30, 2013
Slide 1: Blackstone Mortgage Trust Reports Second Quarter 2013 Operating Results
Blackstone Mortgage Trust Reports Second Quarter 2013 Operating Results New York, July 30, 2013: Blackstone Mortgage Trust, Inc. (NYSE: BXMT) today reported its second quarter 2013 results. Stephen D. Plavin, Chief Executive Officer, said, “We are extremely pleased with our second quarter, raising $
Slide 2: Forward-Looking Statements
through the commitment of its extraordinary people and flexible capital. Blackstone’s alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-focused funds and closed-end funds. Blackstone also provides various financial
Slide 3: Second Quarter 2013 Results
Blackstone Mortgage Trust, Inc. Second Quarter 2013 Results July 30, 2013
Slide 4: Second Quarter 2013 Highlights
Second Quarter 2013 Highlights We successfully completed our “re-IPO” offering of 25.9 million shares of class A common stock for $25.50 per share. • Yielded gross proceeds of $659.8 million and net proceeds of $633.8 million after underwriter discounts and expenses. Closed eight new senior mort
Slide 5: Loan Originations and Portfolio Diversification
Loan Originations During the quarter, we closed eight new loans with total commitments of $765.2 million. Of this amount, we funded $756.6 million as of June 30, 2013. Weighted-average LTV of new loan originations of 65%. All newly originated loans are floating rate senior mortgage loans. Port
Slide 6: Loans Receivable Portfolio
Loans Receivable Portfolio The following table provides details of our loan portfolio(1) as of June 30, 2013: Principal Book Cash All‐In Maximum Geographic Property Origination (2) (2) (3) (Dollars in Millions) Loan Type Balance Value Coupon Yield Maturity Location Type LTV Loan 1 Sr. mortgage $ 6
Slide 7: Credit Facilities
Credit Facilities During the quarter, we closed four credit facilities, providing $1.0 billion of credit. We had outstanding borrowings of $165.2 million, with immediately available additional borrowings of $304.6 million based on collateral pledged as of quarter-end. All of our borrowings are t
Slide 8: Floating-Rate Business Model
Floating‐Rate Business Model Because of our LIBOR-based lending and funding business model, our returns increase with rising short- term interest rates, and therefore our asset and equity values are insulated from such increases. • $756.6 million of floating-rate loans, indexed to one-month LIBOR.
Slide 9: Stockholders' Equity and Book Value per Share
Stockholders’ Equity and Book Value per Share Stockholders’ equity totaled $712.7 million, or $24.67 per share as of June 30, 2013. • On May 29, 2013, we completed an offering of 25.9 million shares of class A common stock for gross proceeds of $656.8 million, and net proceeds of $633.6 million af
Slide 10: CT Legacy Portfolio
CT Legacy Portfolio Our CT Legacy Portfolio consists of: our investment in CT Legacy Partners, our residual interests in CT CDO I, and our carried interest in CT Opportunity Partners I, LP (“CTOPI”). As we focus on the growth of our loan origination business, we continue to aggressively asset ma
Slide 11: Appendix
Mortgage Trust
Slide 12: Consolidated Balance Sheet
Consolidated Balance Sheet (Dollars in Thousands) Jun. 30, 2013 Dec. 31, 2012 Assets Cash and cash equivalents $ 59,746 $ 15,423 Restricted cash 21,972 14,246 Loans receivable, net 830,101 141,500 Loans held‐for‐sale, net 3,800 ‐ Loans receivable, at fair value 117,549 ‐ Investment in CT Legacy Asse
Slide 13: Consolidated Balance Sheet: Segment Allocation
Consolidated Balance Sheet: Segment Allocation June 30, 2013 Loan CT Legacy (Dollars in Thousands) Origination Portfolio Total Assets Cash and cash equivalents $ 59,746 $ ‐ $ 59,746 Restricted cash ‐ 21,972 21,972 Loans receivable, net 753,101 77,000 830,101 Loans held‐for‐sale, net ‐ 3,800 3,800 Lo
Slide 14: Consolidated Statement of Operations
Consolidated Statement of Operations Three Months Ended June 30, Six Months Ended June 30, (Dollars in Thousands, Except Share and per Share Data) 2013 2012 2013 2012 Income from loans and other investments: Interest and related income $ 6,017 $ 6,763 $ 7,473 $ 21,479 Less: Interest and related expe
Slide 15: Consolidated Statement of Operations: Segment Allocation
Consolidated Statement of Operations: Segment Allocation Three Months Ended June 30, 2013 Six Months Ended June 30, 2013 Loan CT Legacy Loan CT Legacy (Dollars in Thousands) Origination Portfolio Total Origination Portfolio Total Income from loans and other investments: Interest and related income $
Slide 16: CT Legacy Portfolio: CT Legacy Partners
CT Legacy Portfolio: CT Legacy Partners CT Legacy Partners is the March 2011 restructuring vehicle that owns our remaining legacy asset portfolio(1). Blackstone Mortgage Trust owns a controlling interest in CT Legacy Partners, subject to liabilities under its secured notes and management incentive
Slide 17: CT Legacy Portfolio: CT CDO I
CT Legacy Portfolio: CT CDO I CT CDO I is a collateralized debt obligation issued in 2004. Blackstone Mortgage Trust owns the residual debt and equity positions of CT CDO I. During the second quarter, CT CDO I had $62.5 million of investment repayments. Proceeds were used to repay its senior out
Slide 18: CT Legacy Portfolio: CTOPI
CT Legacy Portfolio: CTOPI CTOPI is a private equity real estate fund that we sponsored and formed in 2007. The fund invested $491.5 million in 39 transactions between 2007 and 2012, of which $291.8 million has been realized and $199.7 million remains outstanding (carried at 137% of cost) as of Ju
Slide 19: 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 current views with respect to
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