Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q1 2022 Earnings Presentation
16 slides from Blackstone Mortgage Trust's earnings presentation, Apr 27, 2022
Slide 1: First Quarter 2022 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. First Quarter 2022 Results APRIL 27, 2022
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. 1 BXMT HIGHLIGHTS (1) See Appendix for a definition and reconciliation to GAAP net income. (2) Includes $1.8 billion of Non-Consolidated Senior Interests. (3) Reflects weighted average LTV as of the date investments were originated or acquired by BXMT. (4)
Slide 3: First Quarter Results
Blackstone |Blackstone Mortgage Trust, Inc. 2 FIRST QUARTER RESULTS (1) See Appendix for a definition and reconciliation to GAAP net income. (2) Reflects the earnings impact, net of incentive fees, of an increase in the various floating-rate indices referenced by our portfolio, assuming no change in
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. $0.00 +$0.01 +$0.05 +$0.14 +$0.26 +$0.39 1Q 2022 +0.50% +1.00% +1.50% +2.00% +2.50% 3 EARNINGS ▪ 99% floating rate portfolio results in positive earnings correlation to rising rates ▪ Dividend coverage of 100% in 1Q with average base rates well below antic
Slide 5: Investments
Blackstone |Blackstone Mortgage Trust, Inc. $12.1 $16.1 $18.0 $18.7 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 Sunbelt 47% Northwest 10% Northeast 7% West 6% UK 25% Other Western Europe 5% 4 INVESTMENTS ▪ Expansion of portfolio to a record $25.6 billion
Slide 6: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. HI, 2% DC, 1% TX 7% TN, 1% NY 16% NV 2% MA, 2% IL 3% GA 4% FL 7% CA 15% VA, 1% AZ 2% CO 2% MO 1% 5 PORTFOLIO (1) States comprising less than 1% of total loan portfolio are excluded. Collateral DiversificationMajor Market Focus(1) ES 5% IE, 5% UK, 12% SE, 2
Slide 7: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. 6 CAPITALIZATION ▪ BXMT’s scaled, diversified balance sheet affords access to a variety of capital sources ▪ Issued $300 million of 5-year unsecured convertible notes to address May 2022 maturity, and expanded breadth of asset-level financing activities Di
Slide 8: Appendix
Blackstone |Blackstone Mortgage Trust, Inc. Appendix 7
Slide 9: Loan portfolio activity and roll-forward
Blackstone |Blackstone Mortgage Trust, Inc. $23.9 $25.6 $3.0 $1.3 4Q ’21 Loans Outstanding Fundings Repayments 1Q ’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 10: 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 $ 1,160 $ 1,137 $ 1,134 + 2.55 % + 2.96 % 12/23/2024 Dubli
Slide 11: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 10 Consolidated Balance Sheets ($ in thousands, except per share data) March 31, 2022 December 31, 2021 Assets Cash and cash equivalents $309,425 $551,154 Loans receivable 23,708,990 22,003,017 Current expected credit loss reserve (122,221) (124,6
Slide 12: Consolidated Statements of Income
Blackstone |Blackstone Mortgage Trust, Inc. 2022 2021 Income from loans and other investments Interest and related income $234,432 $187,524 Less: Interest and related expenses 100,714 78,372 Income from loans and other investments, net $133,718 $109,152 Other expenses Management and incentive fees $
Slide 13: Earnings per share and Distributable Earnings reconciliation
Blackstone |Blackstone Mortgage Trust, Inc. March 31, 2022 December 31, 2021 Net income (1) $99,687 $123,940 Weighted-average shares outstanding, basic 169,254 162,057 Per share amount, basic $0.59 $0.76 Diluted earnings $102,087 $123,940 Weighted-average shares outstanding, diluted 175,603 162,057
Slide 14: Distributable Earnings quarterly reconciliation
Blackstone |Blackstone Mortgage Trust, Inc. LTM Mar 31, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 June 30, 2021 Net income (1) $438,979 $99,687 $123,940 $83,757 $131,595 Charge-offs of current expected credit loss reserve (2) (14,427) — (14,427) — — (Decrease) increase in current expected credit l
Slide 15: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. DEFINITIONS 14 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 16: Forward-Looking Statements
Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS 15 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 BXMT’s cur
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