Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — FY2021 Earnings Presentation
17 slides from Blackstone Mortgage Trust's earnings presentation, Feb 9, 2022
Slide 1: Fourth Quarter and Full Year 2021 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Fourth Quarter and Full Year 2021 Results FEBRUARY 9, 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 $1.5 billion of Non-Consolidated Senior Interests and investment exposure to the $379 million 2018 Single Asset Securitization through a $79 million sub
Slide 3: Fourth Quarter and Full Year 2021 Results
Blackstone |Blackstone Mortgage Trust, Inc. 2 FOURTH QUARTER AND FULL YEAR 2021 RESULTS (1) See Appendix for a definition and reconciliation to GAAP net income. (2) Excludes $0.12 per share of Distributable Earnings related to (i) prepayment income and acceleration of deferred origination fees assoc
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. $2.48 $2.62 2020 2021 $18.2 $24.0 12/31/2020 12/31/2021 $26.42 $27.22 12/31/2020 12/31/2021 3 EARNINGS ▪ $5.9 billion of portfolio growth and continued credit performance drove strong earnings and dividend coverage, building on our long-term track record ▪
Slide 5: Investments
Blackstone |Blackstone Mortgage Trust, Inc. 58% 58% 43% 9% 10% 24% +3.56% +3.56% +3.54% 2019 2020 2021 Portfolio Composition ($ in billions) 4 INVESTMENTS ▪ Best-in-class platform produced record 2021 originations of $14.6 billion with an emphasis on higher-growth sectors ▪ Credit and return metrics
Slide 6: Portfolio: Collateral Composition
Blackstone |Blackstone Mortgage Trust, Inc. Office 43% Multifamily 24% Hospitality 16% Industrial 5% Retail 4% Other 8% 5 PORTFOLIO: COLLATERAL COMPOSITION (1) Includes $1.5 billion of Non-Consolidated Senior Interests and investment exposure to the $379 million 2018 Single Asset Securitization thro
Slide 7: Portfolio: Inflation Protection
Blackstone |Blackstone Mortgage Trust, Inc. 6 PORTFOLIO: INFLATION PROTECTION ▪ 98% floating rate portfolio with increasingly positive rate correlation over time ▪ Low-leverage real estate loan portfolio with an expanding focus on growth markets and assets is well-insulated from impacts of inflation
Slide 8: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. 3.0x 2.5x 3.2x - 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 12/31/2019 12/31/2020 12/31/2021 ✓ ✓ 7 CAPITALIZATION ▪ Robust capital markets activity in 2021 across diversity of products, providing opportunity to optimize economic and structural terms across markets
Slide 9: Appendix
Blackstone |Blackstone Mortgage Trust, Inc. Appendix 8
Slide 10: (1) Represents a realized loss related to loan principal amounts deemed nonrecoverable following a
Blackstone |Blackstone Mortgage Trust, Inc. (1) Represents a realized loss related to loan principal amounts deemed nonrecoverable following a realization event during the three months ended December 31, 2021. This amount was previously recognized as a component of GAAP net income as an increase in
Slide 11: Largest loans listing
Blackstone |Blackstone Mortgage Trust, Inc. Origination Total Principal Net Book Maximum Property Loan Per Origination Loan Type Date (2) Loan (3) Balance (3) Value Maturity (4) Location Type SQFT / Unit / Key LTV (2) Loan 1 Senior Loan 8/14/2019 $ 1,192 $ 1,160 $ 1,156 + 2.54 % + 2.96 % 12/23/2024
Slide 12: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. December 31, 2021 December 31, 2020 Assets Cash and cash equivalents $551,154 $289,970 Loans receivable 22,003,017 16,572,715 Current expected credit loss reserve (124,679) (173,549) Loans receivable, net $21,878,338 $16,399,166 Other assets 273,797 269,81
Slide 13: Consolidated Statements of Income
Blackstone |Blackstone Mortgage Trust, Inc. 2021 2020 2021 2020 Income from loans and other investments Interest and related income $270,749 $188,851 $854,690 $779,648 Less: Interest and related expenses 96,809 79,401 340,223 347,471 Income from loans and other investments, net $173,940 $109,450 $51
Slide 14: Distributable Earnings Reconciliation (Quarterly)
Blackstone |Blackstone Mortgage Trust, Inc. (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. (2) Represents a realized loss related to loan principal amounts deemed nonrecoverable following a realization event during the three months ended December 31, 2021. This amount was
Slide 15: Distributable Earnings Reconciliation (Annual)
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. (2) Represents a realized loss related to loan principal amounts deemed nonrecoverable following a realization event during the three months ended December 31, 2021. This am
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
Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS 16 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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