Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q2 2024 Earnings Presentation
16 slides from Blackstone Mortgage Trust's earnings presentation, Jul 24, 2024
Slide 1: Second Quarter 2024 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Second Quarter 2024 Results JULY 24, 2024
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. BXMT HIGHLIGHTS Note: The information in this presentation is as of June 30, 2024, 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 curre
Slide 3: Second Quarter Results
Blackstone |Blackstone Mortgage Trust, Inc. SECOND QUARTER RESULTS (1) See Appendix for definition and reconciliation to GAAP net income. 2 ▪ Q2 GAAP basic loss per share of $(0.35), Distributable Earnings(1) per share of $0.49, and Distributable EPS prior to charge-offs(1) of $0.56; paid a dividend
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. $22.90 $5.21 6/30/2024 EARNINGS 3 ▪ Q2 Distributable Earnings prior to charge-offs remain encumbered by interest expense from non-performing loans; loan resolutions will unlock earnings potential over time ▪ Book value per share of $22.90 incorporates $5.2
Slide 5: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. PORTFOLIO 4 ▪ Well-diversified portfolio of 166 senior loans, secured by institutional-quality assets across sectors and markets Collateral Diversification(b)(g) AU, 7% ES, 5% IE, 6% UK, 15% SE, 2% DEU, 1% Geographic Footprint(b)(f) DC, 1% TX, 6% NY, 15% N
Slide 6: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. US Office All Other Total Portfolio RR 1 RR 2 RR 3 RR 4 RR 5 2H 2023 2024 YTD PORTFOLIO 5 ▪ Accelerating repayment activity with $701M of repayments in Q2 and $2.5B year-to-date(h) ▪ Credit challenges concentrated in US office, which is 55% watchlisted or
Slide 7: Credit
Blackstone |Blackstone Mortgage Trust, Inc. $163 $147 $603 $759 3/31/2024 6/30/2024 General Reserves Asset-Specific Reserves Performing 90% Non-Performing 10% CREDIT 6 ▪ 90% performing portfolio;(b) $385M(d) of non-performing loan resolutions in 1H 2024 in line with reserve levels ▪ $906M of CECL re
Slide 8: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. CAPITALIZATION 7 ▪ Continued to maintain strong liquidity, reflecting conservative capital management ▪ Well-structured balance sheet positioned to withstand volatility, with no capital markets mark-to-market provisions, limited credit mark-to-market, and
Slide 9: Appendix
Blackstone |Blackstone Mortgage Trust, Inc. II. Appendix 8
Slide 10: Appendix Portfolio Details
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 9 Portfolio Details ($ in millions) Loan Type (k) Origination Date (l) Total Loan (k) Principal Balance (k) Net Book Value Cash Coupon (m) All-in Yield (m) Maximum Maturity (n) Location Property Type Loan per SF/Unit/Key Origination LTV (c) Loan 1
Slide 11: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 10 Consolidated Balance Sheets ($ in thousands, except per share data) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents $373,876 $350,014 Loans receivable 22,870,848 23,787,012 Current expected credit loss reserve (893,938) (576,93
Slide 12: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 11 Consolidated Statements of Operations ($ in thousands, except per share data) nice 2024 2023 2024 2023 Income from loans and other investments Interest and related income $466,152 $521,892 $952,275 $1,013,276 Less: Interest and related expenses
Slide 13: Quarterly Per Share Calculations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 12 Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended June 30, 2024 Three Months Ended Mar 31, 2024 Net loss(o) ($61,057) ($123,838) Charge-offs of CECL reserves (p) (12,537) (61,013) Increase in CECL reserve
Slide 14: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. DEFINITIONS 13 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 15: Endnotes
Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 14 a. Represents new loan originations of $69M and debt buybacks of $60M during the twelve months ended June 30, 2024. Excludes upsizes of existing loans. b. Based on Net Loan Exposure. See Definitions for definition. c. Reflects weighted average
Slide 16: Forward-Looking Statements & Important Disclosure Information
Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION 15 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 otherw
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