Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q1 2018 Earnings Presentation
17 slides from Blackstone Mortgage Trust's earnings presentation, Apr 24, 2018
Slide 1: Blackstone Mortgage Trust, Inc. First Quarter 2018 Results
Exhibit 99.2 Blackstone Mortgage Trust, Inc. First Quarter 2018 Results April 24, 2018
Slide 2: BXMT Highlights
BXMT Highlights BXMT originated $1.9 billion of senior commercial real estate loans growing its portfolio by $1.0 billion in 1Q and generating $0.56 of GAAP EPS and $0.64 of Core EPS (a) Income Stability Protection Expertise $0.62 $12.1B 94% $1.9B 1Q Dividend Senior Loan Portfolio Floating Rate 1Q O
Slide 3: First Quarter 2018 Results
First Quarter 2018 Results Earnings & 1Q EPS of $0.56 and Core Earnings (a) of $0.64 per share, or $69 million Dividends Paid $0.62 per share dividend and increased book value per share by $0.02 to $26.95 Record direct origination volume of $1.9 billion and net fundings of $1.0 billion Loan Originat
Slide 4: Earnings & Dividends
Earnings & Dividends 1Q GAAP earnings of $0.56 per share and Core Earnings (a) of $0.64 per share $0.62 per share dividend equates to a 8.1% dividend yield (b) Dividend Coverage (c) $0.69 $0.65 $0.64 $0.60 $0.62 Quarterly Dividend 104% Dividend Coverage 2Q'17 3Q'17 4Q'17 1Q'18 Core Earnings per Shar
Slide 5: Loan Originations
Loan Originations Origination volume of $1.9 billion, up $651 million from 4Q and net fundings of $1.0 billion, up $601 million $180 million in fundings of previously originated commitments resulting in total gross fundings of $2.0 billion, up $692 million from 4Q ($ in billions) 1Q Origination High
Slide 6: Portfolio Composition
Portfolio Composition $12.1 billion portfolio (106 senior loans) secured by institutional quality real estate with 59% of loans in gateway markets Sole previously “4 ” risk rated loan ($20 million) was upgraded to “3 ” during 1Q and repaid in full subsequent to quarter end (a) Geographic Diversifica
Slide 7: Financing
Financing Issued $220 million of five-year convertible notes with a coupon of 4.75% Added $2.8 billion of term and currency matched credit facility capacity with five counterparties ($ in billions) Financing (outstanding balance) Credit Facilities 11 Credit Providers $6.0 Corporate Debt Convertible
Slide 8: Interest Rates
Interest Rates Earnings are positively correlated to changes in USD LIBOR, the benchmark index for 82% of BXMT’s net loan equity A 1.0% increase in USD LIBOR would increase earnings per share by $0.24 per annum (a) Earnings Sensitivity to USD LIBOR (a) Portfolio Fixed vs. Floating (Annual Dollars of
Slide 9: Appendix
Mortgage Trust
Slide 10: Appendix – First Quarter 2018 Operating Results & Net Funding
Appendix –First Quarter 2018 Operating Results & Net Funding Operating Results Net Funding ($ in millions) ($ in billions) GAAP Net Core Income Adjustments Earnings $2.0 $(1.0) Interest Income $ 155.4 $ - $ 155.4 $12.1 $11.1 Interest Expense (70.0) 0.5 (69.5) Management and (15.5) — (15.5) Incentive
Slide 11: Loan Portfolio Details
Loan Portfolio Details ($ in millions) Origination Total Principal Net Book Cash All-in Maximum Property Loan Per Origination Loan Type Date(a) Loan(b) Balance(b) Value Coupon Yield Maturity(c) Location Type SQFT / Unit / Key LTV (a) Loan 1 Senior loan 3/22/2018 $ 1,230 $ 1,230 $ 1,220 L + 3.15% L +
Slide 12: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in thousands, except per share data) March 31, 2018 December 31, 2017 Assets Cash and cash equivalents $ 57,396 $ 69,654 Restricted Cash 17,082 32,864 Loans receivable, net 11,081,716 10,056,732 Other assets 55,096 99,575 Total assets $ 11,211,290 $ 10,258,825 Liabilit
Slide 13: Consolidated Statements of Operations
Consolidated Statements of Operations ($ in thousands, except per share data) Three Months Ended March 31, 2018 2017 Income from loans and other investments Interest and related income $ 155,425 $ 118,517 Less: Interest and related expenses 69,989 46,674 Income from loans and other investments, net
Slide 14: Per Share Calculations
Per Share Calculations (Amounts in thousands, except per share data) Three Months Ended March 31, 2018 December 31, 2017 Net income(a) $ 60,958 $ 57,891 Non-cash compensation expense 6,976 6,221 Core Earnings (b) GE purchase discount accretion adjustment (17) (483) Reconciliation Other items 1,388 8
Slide 15: Reconciliation of Net Income to Core Earnings
Reconciliation of Net Income to Core Earnings (Amounts in thousands, except per share data) Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, 2018 2017 2017 2017 Net income(a) $ 60,958 $ 57,891 $ 57,722 $ 50,613 Non-cash compensation expense 6,976 6,221 5,944 5,959 (b) GE purchase discount accretio
Slide 16: Definitions
Definitions CoreEarnings: BlackstoneMortgageTrust,Inc. (“BXMT”)disclosesCoreEarningsin this presentation.CoreEarningsis a financial measurethat is calculatedand presentedon the basis of methodologiesother than in accordancewith generallyaccepted accountingprinciplesin the UnitedStatesof America(“GAA
Slide 17: Forward-Looking Statements
Forward-Looking Statements This presentationmay contain forward-lookingstatementswithin the meaningof Section27A of the SecuritiesAct of 1933, as amended,andSection21Eof the SecuritiesExchangeAct of 1934,asamended,whichreflect BXMT’scurrentviewswith respectto, among other things, its operationsand f
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