Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — FY2017 Earnings Presentation
19 slides from Blackstone Mortgage Trust's earnings presentation, Feb 13, 2018
Slide 1: Blackstone Mortgage Trust, Inc. Fourth Quarter and Full Year 2017 Results
Exhibit 99.2 Blackstone Mortgage Trust, Inc. Fourth Quarter and Full Year 2017 Results February 13, 2018
Slide 2: BXMT Highlights
BXMT Highlights BXMT originated $1.2 billion of senior commercial real estate loans and grew its portfolio to $11.1 billion in 4Q, generating $0.59 of GAAP EPS and $0.65 of Core EPS (a) Income Stability Protection Expertise $0.62 $11.1B 94% $4.8B 4Q dividend senior loan portfolio floating rate 2017
Slide 3: Fourth Quarter and Full Year 2017 Results
Fourth Quarter and Full Year 2017 Results 4Q EPS of $0.59 and Core Earnings (a) of $0.65 per share ($2.27 and $2.55, Earnings & respectively for full year 2017) Dividends Book value per share of $26.93, up $0.41 as a result of share issuance at $31.90 or 1.20x P/B Loan 4Q originations of $1.2 billio
Slide 4: Earnings & Dividends
Earnings & Dividends 4Q GAAP earnings of $0.59 per share ($58 million) and Core Earnings (a) of $0.65 per share ($65 million) 2017 GAAP earnings of $2.27 per share ($218 million) and Core Earnings (a) of $2.55 per share ($245 million) $0.62 per share dividend equates to an 8.2% dividend yield (b) (c
Slide 5: Loan Originations
Loan Originations Originated $1.2 billion in 4Q bringing total 2017 originations to $4.8 billion, up 37% from prior year Portfolio growth of $1.2 billion, including $486 million of fundings under previously originated commitments in 2017 ($ in billions) 2017 Originations Origination Growth 100% floa
Slide 6: Portfolio Composition
Portfolio Composition $11.1 billion portfolio comprising 110 senior loans secured by institutional quality real estate concentrated in major markets; 63% of loans secured by assets located in coastal markets (a) Geographic Diversification Collateral Diversification (a) WA CAN Other 2% 4% Condo 2% 9%
Slide 7: Financing
Financing Closed $1.0 billion collateralized loan obligation (CLO), the largest commercial real estate CLO issued post financial crisis Innovative structural features maximize economic efficiency and maintain asset management flexibility Highlights BXMT 2017-FL1 (b) Structure Finances $1.0 billion o
Slide 8: Financing
Financing Grew capacity by $4.2 billion in 2017 through diversified funding sources including new credit facilities, upsizes of existing facilities, BXMT’s first CLO and large loan securitization, convertible debt issuances, and issuance of common stock Total asset-level financing capacity of $10.9
Slide 9: Interest Rates
Interest Rates Core Earnings are positively correlated to changes in LIBOR, the benchmark index for 94% of BXMT’s loans A 1.0% increase in USD LIBOR would increase net interest income per share by $0.29 per annum (a) Portfolio Income Sensitivity to USD LIBOR (a) (Annual Dollars of Net Interest Incom
Slide 10: Tax Reform
Tax Reform The Tax Cuts and Jobs Act of 2017 includes provisions entitling individual recipients of REIT dividends to a 20% deduction on ordinary dividends, effectively reducing the maximum individual tax rate on REIT dividends from 37.0% to 29.6% (a) An 8% REIT dividend results in an after-tax yiel
Slide 11: Appendix
Mort gage Trust
Slide 12: Appendix – Fourth Quarter 2017 Operating Results & Net Funding
Appendix –Fourth Quarter 2017 Operating Results & Net Funding Operating Results Net Funding ($ in millions) ($ in billions) GAAP Net Core Income Adjustments Earnings Interest Income $ 146.1 $ (0.5) $ 145.6 $1.3 $(0.9) $11.1 $10.7 Interest Expense (66.0) 0.5 (65.5) Management and (14.3) — (14.3) Ince
Slide 13: Loan Portfolio Details
Loan Portfolio Details ($ in millions) Origination Total Principal Net Book Cash All-In Maximum Property Loan Per Origination Loan Type Date(a) Loan(b) (b) Balance Value Coupon Yield Maturity(c) Location Type SQFT / Unit / Key LTV(a) Loan 1 Senior Loan 5/11/2017 $ 753 $ 656 $ 653 L + 3.40% L + 3.60%
Slide 14: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in thousands, except per share data) December 31, 2017 December 31, 2016 Assets Cash and cash equivalents $ 69,654 $ 75,567 Restricted Cash 32,864 — Loans receivable, net 10,056,732 8,692,978 Other assets 99,575 44,070 Total assets $ 10,258,825 $ 8,812,615 Liabilities
Slide 15: Consolidated Statements of Operations
Consolidated Statements of Operations ($ in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2017 2016 2017 2016 Income from loans and other investments Interest and related income $ 146,127 $ 116,288 $ 537,915 $ 497,974 Less: Interest and related expenses 65
Slide 16: Per Share Calculations
Per Share Calculations (Amounts in thousands, except per share data) Three Months Ended December 31, 2017 September 30, 2017 Net income(a) $ 57,891 $ 57,722 Non-cash compensation expense 6,221 5,944 Core Earnings (b) GE purchase discount accretion adjustment (483) (138) Reconciliation Other items 87
Slide 17: Reconciliation of Net Income to Core Earnings
Reconciliation of Net Income to Core Earnings (Amounts in thousands, except per share data) Mar 31, Jun 30, Sep 30, Dec 31, 2017 2017 2017 2017 Net income(a) $ 51,405 $ 50,613 $ 57,722 $ 57,891 Non-cash compensation expense 5,907 5,959 5,944 6,221 GEpurchasediscountaccretionadjustment (b) (216) (198
Slide 18: Definitions
Definitions CoreEarnings: BlackstoneMortgageTrust,Inc. (“BXMT”)disclosesCoreEarningsin this presentation.CoreEarningsis a financial measurethat is calculatedand presentedon the basis of methodologiesother than in accordancewith generallyaccepted accountingprinciplesin the UnitedStatesof America(“GAA
Slide 19: Forward-Looking Statements
Forward-Looking Statements This presentationmay contain forward-lookingstatementswithin the meaningof Section27A of the SecuritiesAct of 1933, as amended,andSection21Eof the SecuritiesExchangeAct of 1934,asamended,whichreflect BXMT’scurrentviewswith respectto, among other things, its operationsand f
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