Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q2 2015 Earnings Presentation
18 slides from Blackstone Mortgage Trust's earnings presentation, Jul 28, 2015
Slide 1: Blackstone Mortgage Trust Reports Second Quarter 2015 Results
Blackstone Mortgage Trust Reports Second Quarter 2015 Results New York, July 28, 2015: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its second quarter 2015 results. Net income for the second quarter was $29 million, or $0.36 per share. Stephen D. Plavin, Chief Executive Officer, said,
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. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and
Slide 3: Second Quarter 2015 Results
Blackstone Mortgage Trust, Inc. Second Quarter 2015 Results July 28, 2015
Slide 4: Second Quarter 2015 Highlights
Second Quarter 2015 Highlights Closed entire $4.9 billion GE loan pool and a record $1.7 billion of direct originations for a total of $6.5 billion. Loan fundings(a) of $6.1 billion, including $116 million of fundings under existing loans and received repayments of $391 million. Closed $4.2 bi
Slide 5: Second Quarter 2015 Balance Sheet, Net Income, and Core Earnings
Second Quarter 2015 Balance Sheet, Net Income, and Core Earnings(a) (Dollars in Millions) Balance Net Core Sheet Income Earnings(b) Loan Origination $10,131 Interest income $80.0 + ($0.5) $79.5 portfolio Secured financings $7,725 Interest expense ($30.6) + $0.4 ($30.2) Convertible notes, $163 net CT
Slide 6: Second Quarter Financial Impact
Second Quarter Financial Impact BXMT’s balance sheet doubled in 2Q substantially increasing scale and earnings power moving into 2H 2015. Investments Loan fundings of $6.1 billion, taking total investments to $10.8 billion(a) Gross ROI Increased to 14.4% Asset-Level Closed $4.9 billion of financin
Slide 7: Loan Portfolio Overview
Loan Portfolio Overview Acquired the GE loan portfolio of 77 loans for a total purchase price of $4.7 billion and originated a record $1.7 billion of new loans. New loans significantly increase scale of lending platform and provide access to new borrower relationships. Fixed rate loans acquire
Slide 8: Portfolio Diversification
Portfolio Diversification BXMT’s portfolio is diversified by collateral property type and geographic location, and is comprised of primarily senior mortgages and similar credit quality loans. Geographic Diversification (Net Book Value,% of Total) WA CAN Senior Loans 3% 8% (Net Book Value, % of Tot
Slide 9: Financing Capacity
Financing Capacity BXMT has developed $10.0 billion of market leading financing capacity with an emphasis on efficiency and stability. Total liquidity of $517 million(a) at quarter-end, providing for $1.9 billion(a) of potential loan originations and fundings. (Dollars in Billions) • Six facilit
Slide 10: Interest Rates
Interest Rates Earnings generated by loan portfolio is positively correlated to changes in USD and GBP LIBOR, the benchmark indices for 75% of BXMT’s loan portfolio and the related secured financings. Concentration of fixed rate assets in EUR and CAD results in an inverse correlation to EURIBOR
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 Geographic Property Origination (b) Loan Type Date(a) Loan Balance Value Coupon Yield Maturity Location Type LTV(a) Loan 1 Senior loan 6/
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet (Dollars in Thousands, Except per Share Data) June 30, 2015 December 31, 2014 Assets Cash and cash equivalents $ 104,252 $ 51,810 Restricted cash 7,025 11,591 Loans receivable, net 10,131,323 4,428,500 Equity investments in unconsolidated subsidiaries 7,406 10,604 Accrued
Slide 14: Consolidated Statement of Operations
Consolidated Statement of Operations (Dollars in Thousands, Except per Share Data) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income from loans and other investments Interest and related income $ 80,481 $ 42,466 $ 143,889 $ 76,122 Less: Interest and related expenses 30
Slide 15: Per Share Calculations
Per Share Calculations (Amounts in Thousands, Except per Share Data) Three Months Ended June 30, 2015 March 31, 2015 Net income $ 29,284 $ 35,393 CT Legacy Portfolio net income (1,857) (8,400) Incentive management fees - 1,212 Core Earnings Non-cash compensation expense 3,396 3,297 Reconciliation GE
Slide 16: First Quarter 2015 Balance Sheet, Net Income, and Core Earnings
First Quarter 2015 Balance Sheet, Net Income, and Core Earnings (Dollars in Millions) Balance Net Core Sheet Income Earnings(a) $4,943 Interest income $62.8 + $- $62.8 Loan Origination portfolio Net results $8.4 + ($8.4) $- CT Legacy portfolio $31 Secured financings $3,358 Interest expense ($24.2) +
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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