Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q1 2024 Earnings Presentation
18 slides from Blackstone Mortgage Trust's earnings presentation, Apr 24, 2024
Slide 1: First Quarter 2024 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. First Quarter 2024 Results APRIL 24, 2024
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. BXMT HIGHLIGHTS Note: The information in this presentation is as of March 31, 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 curr
Slide 3: First Quarter Results
Blackstone |Blackstone Mortgage Trust, Inc. FIRST QUARTER RESULTS (1) Represents Distributable Earnings per share. See Appendix for definition and reconciliation to GAAP net income. (2) Represents Distributable Earnings per share prior to charge-offs. See Appendix for definition and reconciliation t
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. $23.83 $4.40 3/31/2024 EARNINGS 3 ▪ Q1 Distributable Earnings(1) were impacted by realized credit losses from impaired loan resolutions; Distributable Earnings prior to charge-offs(2) support the dividend ▪ Book value per share of $23.83 includes $4.40 per
Slide 5: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. PORTFOLIO 4 ▪ Well-diversified portfolio of 173 senior loans, secured by institutional-quality assets across sectors and markets Collateral Diversification(a)(f) AU, 6% ES, 5% IE, 6% UK, 15% SE, 2% DEU, 1% Geographic Footprint(a)(e) DC, 1% TX, 6% NY, 15% N
Slide 6: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. PORTFOLIO 5 ▪ $1.0B of repayments in Q1 (56% in office), reflecting continued liquidity for BXMT collateral assets ▪ Stable weighted-average risk rating of 3.0, with multifamily loans 100% performing Q1 Repayment Activity $1.0B Q1 2024 repayments Weighted-
Slide 7: Credit
Blackstone |Blackstone Mortgage Trust, Inc. $175 $163 $418 $603 12/31/2023 3/31/2024 General Reserves Asset-Specific Reserves CREDIT 6 ▪ Portfolio stable at 92% performing,(a) with non-performance concentrated in US office assets ▪ $766M of CECL reserves reflected in Q1 book value; asset-specific CE
Slide 8: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. CAPITALIZATION 7 ▪ Maintained stable leverage and strong liquidity while repaying $1.8B(g) of financing over the last 12 months ▪ Well-structured balance sheet positioned to withstand volatility, with no capital markets mark-to-market provisions, limited c
Slide 9: II. Appendix
Blackstone |Blackstone Mortgage Trust, Inc. II. Appendix 8
Slide 10: Appendix: Portfolio Details
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 9 Portfolio Details ($ in millions) Loan Type Origination Date(i) Total Loan(j) Principal Balance(j) Net Book Value Cash Coupon(k) All-in Yield(k) Maximum Maturity(l) Location Property Type Loan Per sf/ Unit/Key Origination LTV(c) Loan 1 Senior Lo
Slide 11: Appendix: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 10 Consolidated Balance Sheets ($ in thousands, except per share data) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $413,986 $350,014 Loans receivable 23,189,312 23,787,012 Current expected credit loss reserve (751,370) (576,9
Slide 12: Appendix: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 11 Consolidated Statements of Operations ($ in thousands, except per share data) 2024 2023 Income from loans and other investments Interest and related income $486,122 $491,384 Less: Interest and related expenses 343,730 317,197 Income from loans
Slide 13: Appendix: Quarterly Per Share Calculations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 12 Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended March 31, 2024 Three Months Ended December 31, 2023 Net loss(m) ($123,838) ($2,376) Charge-offs of CECL reserves (n) (61,013) – Increase in CECL reserves
Slide 14: Appendix: Reconciliation of Adjusted Equity
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 13 Reconciliation of Adjusted Equity ($ in thousands) March 31, 2024 March 31, 2023 Total equity $4,164,587 $4,560,699 Add back: aggregate CECL reserves 766,162 352,340 Adjusted Equity $4,930,749 $4,913,039
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: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. DEFINITIONS 15 Non-Consolidated Senior Interests: Senior interests in loans originated and syndicated to third parties. These non-recourse loan participations, which are excluded from the GAAP balance sheet, constitute additional financing capacity and are
Slide 17: Endnotes
Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 16 a. Based on Net Loan Exposure. See Appendix for definition. b. Dividend yield based on share price of $19.13 as of April 23, 2024. c. Reflects weighted average loan-to-value (“LTV”) as of the date investments were originated or acquired by BXMT
Slide 18: Forward-Looking Statements & Important Disclosure Information
Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION 17 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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