Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q3 2022 Earnings Presentation
17 slides from Blackstone Mortgage Trust's earnings presentation, Oct 26, 2022
Slide 1: Third Quarter 2022 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Third Quarter 2022 Results OCTOBER 26, 2022
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. 1 BXMT HIGHLIGHTS ▪ 100% floating-rate portfolio continues to benefit from higher interest rates, driving significant year-over-year earnings growth; 3Q EPS of $0.60 and Distributable EPS(1) of $0.71 ▪ Well positioned for performance with earnings benefiti
Slide 3: Third Quarter Results
Blackstone |Blackstone Mortgage Trust, Inc. 2 THIRD QUARTER RESULTS (1) See Appendix for a definition and reconciliation to GAAP net income. (2) Based on share price of $24.00 as of October 25, 2022. (3) Includes $1.6 billion of Non-Consolidated Senior Interests. (4) Reflects weighted average LTV as
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. (1) Reflects the earnings impact, net of incentive fees, of an increase in the various floating-rate indices referenced by our portfolio as of September 30, 2022, assuming no change in credit spreads, portfolio composition, or asset performance. 3Q average
Slide 5: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. Office 41% Multifamily 24% Hospitality 19% Industrial 7% Retail 4% Other Property 5% HI, 2% DC 1% TX 7% NY 17% NV 2% MA 2% IL 3% GA 3% FL 7% CA 15% VA, 1% AZ 2% CO 2% 4 PORTFOLIO (1) States and countries comprising less than 1% of total loan portfolio are
Slide 6: Portfolio Credit
Blackstone |Blackstone Mortgage Trust, Inc. 5 PORTFOLIO CREDIT ▪ BXMT’s loan portfolio has a history of resilience through periods of market volatility ▪ Collateral performance across the portfolio continues to migrate positively with experienced, committed sponsors driving business plan execution (
Slide 7: Investments
Blackstone |Blackstone Mortgage Trust, Inc. 6 INVESTMENTS ▪ More selective investment approach in a dislocated market resulted in attractive 3Q originations in high-conviction sectors with top-tier sponsors; originations in balance with loan repayments, which included 42% office loans ▪ 3Q loans ref
Slide 8: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. 7 CAPITALIZATION ▪ Well-structured, diversified capital structure provides balance sheet stability despite market volatility ▪ Continued expansion of capital sources with a new $1.1 billion facility on market-leading terms 15 credit facility counterparties
Slide 9: Appendix
Blackstone |Blackstone Mortgage Trust, Inc. Appendix 8
Slide 10: Loan portfolio roll-forward and earnings reconciliation
Blackstone |Blackstone Mortgage Trust, Inc. $25.8 $26.1 $0.7 $0.4 2Q ’22 Loans Outstanding Fundings Repayments 3Q ’22 Loans Outstanding (1) Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income
Slide 11: Largest loans table
Blackstone |Blackstone Mortgage Trust, Inc. Origination Total Principal Net Book Maximum Property Loan Per Origination Loan Type Date(1) Loan(2) Balance(2) Value Maturity(3) Location Type SQFT / Unit / Key LTV(1) Loan 1 Senior Loan 8/14/2019 $ 1,067 $ 989 $ 986 + 2.62 % + 3.22 % 12/23/2024 Dublin -
Slide 12: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 11 Consolidated Balance Sheets ($ in thousands, except per share data) September 30, 2022 December 31, 2021 Assets Cash and cash equivalents $271,899 $551,154 Loans receivable 24,423,133 22,003,017 Current expected credit loss reserve (144,431) (1
Slide 13: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 12 Consolidated Statements of Operations ($ in thousands, except per share data) Three Months Ended September 30, 2022 2021 2022 2021 Income from loans and other investments Interest and related income $358,557 $200,114 $876,676 $583,941 Less: Int
Slide 14: Quarterly Per Share Calculations
Blackstone |Blackstone Mortgage Trust, Inc. (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. (2) Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on the date of co
Slide 15: Reconciliation of Net Income to Distributable Earnings
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. (2) Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on the d
Slide 16: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. DEFINITIONS 15 Distributable Earnings: Blackstone Mortgage Trust, Inc. (“BXMT”) discloses Distributable Earnings in this presentation. Distributable Earnings is a financial measure that is calculated and presented on the basis of methodologies other than i
Slide 17: Forward-Looking Statements and Important Disclosure Information
Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS AND IMPORTANT DISCLOSURE INFORMATION 16 References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us,” or “our” refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires othe
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