Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q3 2017 Earnings Presentation
17 slides from Blackstone Mortgage Trust's earnings presentation, Oct 24, 2017
Slide 1: Blackstone Mortgage Trust, Inc. Third Quarter 2017 Results
Exhibit 99.2 Blackstone Mortgage Trust, Inc. Third Quarter 2017 Results October 24, 2017
Slide 2: BXMT Highlights
BXMT Highlights BXMT’s $10.7 billion portfolio of senior commercial real estate loans produced $0.61 of GAAP EPS and $0.69 of Core EPS (a) in 3Q driving TTM dividend coverage to 102% Income Stable Protected Expertise $0.62 $10.7B 92% $1.1B 3Q dividend senior loan portfolio floating rate 3Q originati
Slide 3: Third Quarter 2017 Results
Third Quarter 2017 Results 3Q EPS of $0.61 and Core Earnings (a) of $0.69 per share; book value of $26.52 Earnings & Dividends 3Q dividend of $0.62 per share equates to an 8.0% dividend yield (b) 3Q origination of $1.1 billion; YTD volume of $3.6 billion up 33% from prior year Loan Originations Fund
Slide 4: Earnings & Dividends
Earnings & Dividends GAAP earnings of $0.61 per share ($58 million) and Core Earnings (a) of $0.69 per share ($65 million) $0.62 per share dividend equates to an 8.0% dividend yield (b) Book value of $26.52 per share, up $0.14 from prior quarter ($ in millions) (c) TTM Dividend Coverage Cumulative D
Slide 5: Loan Originations
Loan Originations Originated $1.1 billion in 3Q with YTD 2017 totaling $3.6 billion of originations, up 33% from prior year Fundings under previously originated commitments in the quarter totaled $172 million 64% of 3Q originations are collateralized by assets located in California Originated 2 new
Slide 6: Portfolio Composition
Portfolio Composition $10.7 billion portfolio comprising 111 senior loans secured by institutional quality real estate concentrated in major markets; 41% of loans secured by assets located in New York or California Geographic Diversification (a) Collateral Diversification (a) WA CAN 2% 4% Other MHC
Slide 7: Financing
Financing Total asset-level financing capacity of $10.7 billion was 68% utilized at quarter end Closed $450 million of credit facility financing for bridge loans originated in the BXMT-Walker &Dunlop joint venture 3Q $115 million add-on issuance of 4.375% May 2022 convertible notes increased total o
Slide 8: Interest Rates
Interest Rates Core Earnings are positively correlated to changes in LIBOR, the benchmark index for 92% of BXMT’s loans A 1.0% increase in USD LIBOR would increase net interest income per share by $0.26 per annum Portfolio Income Sensitivity to USD LIBOR Portfolio Fixed vs. Floating (Annual Dollars
Slide 9: Appendix
Blackstone Mortgage Trust
Slide 10: Appendix – Third Quarter 2017 Operating Results & Net Funding
Appendix –Third Quarter 2017 Operating Results & Net Funding Operating Results Net Funding ($ in millions) ($ in billions) GAAP Net Core Income Adjustments Earnings Interest Income $ 146.4 $ (0.1) $ 146.3 $0.9 $(0.9) $10.6 $0.1 $10.7 Interest Expense (67.9) 0.5 (67.4) Management and (13.2) — (13.2)
Slide 11: Loan Portfolio Details
Loan Portfolio Details ($ in millions) Origination Total Principal Net Book Cash All-In Maximum Property Loan Per Origination (a) (b) (b) (c) (a) Loan Type Date Loan Balance Value Coupon Yield Maturity Location Type SQFT / Unit / Key LTV Loan 1 Senior Loan 5/11/2017 $ 753 $ 645 $ 641 L + 3.40% L + 3
Slide 12: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in thousands, except per share data) September 30, 2017 December 31, 2016 Assets Cash and cash equivalents $ 61,221 $ 75,567 Restricted Cash 32,864 — Loans receivable, net 9,637,152 8,692,978 Other assets 45,680 44,070 Total assets $ 9,776,917 $ 8,812,615 Liabilities a
Slide 13: Consolidated Statements of Operations
Consolidated Statements of Operations ($ in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income from loans and other investments Interest and related income $ 146,446 $ 128,190 $ 391,787 $ 381,686 Less: Interest and related ex
Slide 14: Per Share Calculations
Per Share Calculations (Amounts in thousands, except per share data) Three Months Ended September 30, 2017 June 30, 2017 (a) Net income $ 57,722 $ 50,613 Non-cash compensation expense 5,944 5,959 Core Earnings GEpurchasediscountaccretionadjustment(b) (138) (198) Reconciliation Other items 1,610 1,00
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 Dec 31, Mar 31, Jun 30, Sep 30, 2016 2017 2017 2017 Net income(a) $ 53,375 $ 51,405 $ 50,613 $ 57,722 CT Legacy Portfolio net income (502) — — — Non-cash compensation expense 4,955 5,907 5,
Slide 16: Definitions
Definitions Core Earnings:BlackstoneMortgage Trust, Inc. (“BXMT”)disclosesCore Earnings,a financial measurethat is calculatedand presentedon the basisof methodologiesother than in accordancewith generallyacceptedaccountingprinciplesin the United Statesof America(“GAAP”)in this presentation. CoreEarn
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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