Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q1 2016 Earnings Presentation
16 slides from Blackstone Mortgage Trust's earnings presentation, Apr 26, 2016
Slide 1: First Quarter 2016 Results
Blackstone Mortgage Trust, Inc. April 26, 2016 First Quarter 2016 Results Confidential Exhibit 99.2
Slide 2: 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, floati
Slide 3: First Quarter 2016 Balance Sheet and Operating Results
First Quarter 2016 Balance Sheet and Operating Results(a) See Appendix pages 10-13 for First Quarter 2016 Balance Sheet, Net Income, Core Earnings, and per share calculations. See Appendix page 14 for a definition of Core Earnings. Includes $110.6 million of cash and cash equivalents, $434,000 of re
Slide 4: 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. Port
Slide 5: 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. Collateral Diversification (Net Book Value, % of Total) Office Multifamily Hotel Condo 2% Other
Slide 6: Portfolio Credit Quality
Portfolio Credit Quality Includes $1.1 billion of non-consolidated senior interests. Reflects LTV as of the date loans were originated or acquired by BXMT. Risk rating is assigned based on a variety of factors, including, without limitation, LTV, debt yield, property type, geographic and local marke
Slide 7: 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. Total liquidity includes $111 million of cash a
Slide 8: 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) Core Earnings are inversely correlated to EURIBOR and CDOR such that an increase of 50bps in either would decrease Core E
Slide 9: Appendix
Appendix
Slide 10: Loan Portfolio Details
Loan Portfolio Details The following table provides details of BXMT’s loan portfolio: ________________________________________________ Footnote. Date loan was originated or acquired by BXMT, and the LTV as of such date. Maximum maturity assumes all extension options are exercised, however floating r
Slide 11: Consolidated Balance Sheets
Consolidated Balance Sheets (Dollars in Thousands, Except per Share Data)
Slide 12: Consolidated Statements of Operations
Consolidated Statements of Operations (Dollars in Thousands, Except per Share Data)
Slide 13: Per Share Calculations
Per Share Calculations (Amounts in Thousands, Except per Share Data) Core Earnings Reconciliation Book Value per Share Earnings per Share Adjustment in respect of the deferral in Core Earnings of the accretion of a total $9.1 million of purchase discount attributable to a certain pool of GE portfoli
Slide 14: 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 Beginning in the third quarter of 2015, Core Earnings is net of incentive fee expenses. Prior period Core Earnings have also been presented above net of incentive fees to allow for comparability. Adjustment i
Slide 15: 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 16: 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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