Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q2 2016 Earnings Presentation
18 slides from Blackstone Mortgage Trust's earnings presentation, Jul 26, 2016
Slide 1: Blackstone Mortgage Trust Reports Second Quarter 2016 Results
Blackstone Mortgage Trust Reports Second Quarter 2016 Results New York, July 26, 2016: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its second quarter 2016 results. Stephen D. Plavin, Chief Executive Officer, said, “BXMT had another strong quarter, driven by $859 million of origination
Slide 2: Forward-Looking Statements and Other Matters
Forward-Looking Statements and Other Matters This release 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 wi
Slide 3: Blackstone Mortgage Trust, Inc. Second Quarter 2016 Results
Blackstone Mortgage Trust, Inc. Second Quarter 2016 Results July 26, 2016
Slide 4: Second Quarter 2016 Highlights
Second Quarter 2016 Highlights GAAP net income of $63 million during 2Q; book value of $26.54 per share. Core Earnings of $0.67 per share during 2Q,(a) the fourth consecutive quarter of 105%+ coverage of the $0.62 dividend. Loan originations of $859 million were 100% comprised of senior, float
Slide 5: Second Quarter 2016 Balance Sheet and Operating Results
Second Quarter 2016 Balance Sheet and Operating Results(a) (Dollars in Millions) Balance Sheet Operating Results GAAP Net Core Income Adjustments Earnings(a) Assets $9,091 Loans receivable, net Interest Income $ 130.2 $ (1.2) $ 129.0 Interest Expense (49.1) 0.4 (48.7) $204 Other assets/liabilities,
Slide 6: Loan Portfolio Overview
Loan Portfolio Overview Closed four new loans and modified three loans totaling $859 million of new originations and funded $848 million, including $117 million of follow-on fundings of previously originated loans. Loan repayments of $966 million. Gross ROI(a)(b) of 14.7% and LTV of 62%. Loan
Slide 7: Portfolio Diversification
Portfolio Diversification BXMT’s portfolio is diversified by collateral property type and geographic location. Loans secured by London properties represent 3% of the total portfolio, with a wtd. avg. origination LTV of 54%. Geographic Diversification Collateral Diversification (Principal Balance
Slide 8: Portfolio Credit Quality
Portfolio Credit Quality BXMT’s senior loan portfolio is 100% performing, with no defaulted or impaired loans. Upgraded the only "4" rated loan after it was reduced to $11 million by a $43 million repayment that delevered the position. Origination Loan-to-Value(a) Risk Rating Distribution(b) (Pr
Slide 9: Financing Capacity
Financing Capacity Closed $1.8 billion of new financing capacity, and extended maturities on $1.1 billion of facilities. Total liquidity of $612 million(a) at quarter-end, providing for $2.3 billion(a) of potential loan originations and fundings. (Dollars in Billions) Capacity Outstanding Revolv
Slide 10: Interest Rates
Interest Rates Core Earnings are positively correlated to changes in USD and GBP LIBOR, the benchmark indices for 76% of BXMT’s total loan exposure and related secured financings.(a) Portfolio Fixed vs. Floating Portfolio Income Sensitivity to USD LIBOR (% of Principal Balance) (Annual Dollars of
Slide 11: Appendix
Appendix Mortgage Trust
Slide 12: Loan Portfolio Details
Loan Portfolio Details (Dollars in Millions) Origination Total Principal Net Book Cash All-In Maximum Property Loan Per Origination (b) (b) (c) Loan Type Date(a) Loan Balance Value Coupon Yield Maturity Location Type SQFT / Unit / Key LTV(a) Loan 1 Senior loan(b) 8/6/2015 $ 495 $ 495 $ 89 4.48% 5.91
Slide 13: Consolidated Balance Sheets
Consolidated Balance Sheets (Dollars in Thousands, Except per Share Data) June 30, 2016 December 31, 2015 Assets Cash and cash equivalents $ 181,796 $ 96,450 Restricted cash 476 9,556 Loans receivable, net 9,090,934 9,077,007 Equity investments in unconsolidated subsidiaries 2,806 9,441 Other assets
Slide 14: Consolidated Statements of Operations
Consolidated Statements of Operations (Dollars in Thousands, Except per Share Data) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income from loans and other investments Interest and related income $ 130,471 $ 80,481 $ 253,496 $ 143,889 Less: Interest and related expenses
Slide 15: Per Share Calculations
Per Share Calculations (Amounts in Thousands, Except per Share Data) Three Months Ended June 30, 2016 March 31, 2016 Net income(a) $ 63,081 $ 57,047 CT Legacy Portfolio net (income) loss (3,825) 183 Core Earnings Non-cash compensation expense 4,836 4,687 Reconciliation GE purchase discount accretion
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 June 30, September 30, December 31, March 31, June 30, 2015 2015 2015 2016 2016 Net income(b) $ 29,284 $ 66,888 $ 65,264 $ 57,047 $ 63,081 CT L
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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