Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q2 2023 Earnings Presentation
17 slides from Blackstone Mortgage Trust's earnings presentation, Jul 26, 2023
Slide 1: Second Quarter 2023 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Second Quarter 2023 Results JULY 26, 2023
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. Note: The information in this presentation is as of June 30, 2023, unless otherwise stated. Opinions expressed reflect the current opinions of BXMT as of the date appearing in the materials only and are based on BXMT’s opinions of the current market enviro
Slide 3: Second Quarter Results
Blackstone |Blackstone Mortgage Trust, Inc. 2 SECOND QUARTER RESULTS (1) See Appendix for definition and reconciliation to GAAP net income. (2) Dividend yield based on share price of $22.42 as of July 25, 2023. Dividend coverage reflects ratio of Distributable Earnings per share to dividends declare
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. $0.67 $0.71 $0.87 $0.79 $0.79 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 (1) Reflects change in Distributable Earnings per share in the three months ending June 30, 2023 compared to the prior period. See Appendix reconciliation to GAAP net income, which grew
Slide 5: Earnings: Stable Book Value and CECL Reserve
Blackstone |Blackstone Mortgage Trust, Inc. $153 $155 $166 $190 $197 $214 12/31/2022 3/31/2023 6/30/2023 4 EARNINGS Stable Book Value ($ per share) CECL Reserve ($ in millions) Excess earnings add to book value, which increased year-to-date notwithstanding an 11% increase in CECL reserves over the
Slide 6: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. (1) States and countries comprising less than 1% of total loan portfolio are excluded. (2) Based on Net Loan Exposure, which reflects total loan exposure net of syndications and CECL reserves. See Appendix for definition. HI, 2% DC 1% TX 6% NY 15% NV 3% MA
Slide 7: Credit
Blackstone |Blackstone Mortgage Trust, Inc. 99% 99% 97% 97% 96% 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 0.93% 2.45% 3.88% 4.62% 5.04% 6 CREDIT Weighted Average Risk Rating(1)Performing Portfolio(1) % Performing Average 1M SOFR BXMT’s loan portfolio has demonstrated resilience through ma
Slide 8: Capitalization: Debt to Equity and Liquidity
Blackstone |Blackstone Mortgage Trust, Inc. $1.5 $1.7 $1.6 $1.6 $1.8 $300 $1,303 $780 $400 2023 2024 2025 2026 2027 2028+ Convertible Notes Term Loan B Senior Secured Note 7 CAPITALIZATION Debt to Equity and Liquidity ($ in billions) (1) Liquidity as of December 31, 2022, net of $220 million for con
Slide 9: Appendix
Blackstone |Blackstone Mortgage Trust, Inc. Appendix 8
Slide 10: Portfolio Details
Blackstone |Blackstone Mortgage Trust, Inc. 9 APPENDIX (1) Date loan was originated or acquired by us, and the LTV as of such date. Origination dates are subsequently updated to reflect material loan modifications. (2) Certain loans include an aggregate $1.2 billion of Non-Consolidated Senior Intere
Slide 11: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. 10 APPENDIX Consolidated Balance Sheets ($ in thousands, except per share data) June 30, 2023 December 31, 2022 Assets Cash and cash equivalents $482,856 $291,340 Loans receivable 24,482,749 25,017,880 Current expected credit loss reserve (363,875) (326,13
Slide 12: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. 11 APPENDIX Consolidated Statements of Operations ($ in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income from loans and other investments Interest and related income $521,892 $283,687 $1,013
Slide 13: Quarterly Per Share Calculations
Blackstone |Blackstone Mortgage Trust, Inc. 12 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 th
Slide 14: Reconciliation of Net Income to Distributable Earnings
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 (cont.)
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 16: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. 15 DEFINITIONS 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. 16 FORWARD-LOOKING STATEMENTS AND IMPORTANT DISCLOSURE INFORMATION 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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