Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — FY2022 Earnings Presentation
18 slides from Blackstone Mortgage Trust's earnings presentation, Feb 8, 2023
Slide 1: Fourth Quarter and Full Year 2022 Results
HIGHLY CONFIDENTIAL & TRADE SECRET Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Fourth Quarter and Full Year 2022 Results FEBRUARY 8, 2023
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. 1 BXMT HIGHLIGHTS Note: The information in this presentation is as of December 31, 2022, 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
Slide 3: Fourth Quarter and Full Year 2022 Results
Blackstone |Blackstone Mortgage Trust, Inc. 2 FOURTH QUARTER AND FULL YEAR 2022 RESULTS (1) See Appendix for a definition and reconciliation to GAAP net income. (2) Includes $1.6 billion of Non-Consolidated Senior Interests. (3) Reflects weighted average loan-to-value (“LTV”) as of the date investme
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Current $2.48 $2.62 $2.87 2020 2021 2022 (1) Reflects ratio of Distributable Earnings per share to dividends declared per share for the year ended December 31, 2022. See Appendix
Slide 5: Earnings: Stable Book Value and CECL Reserve
Blackstone |Blackstone Mortgage Trust, Inc. 4 EARNINGS Stable Book Value ($ per share) CECL Reserve ($ in millions) ▪ Retention of $66 million of excess Distributable Earnings(1) in 2022 supported book value stability despite 161% increase in CECL reserve due to a more challenging credit environment
Slide 6: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. Office 40% Multifamily 24% Hospitality 18% Industrial 8% Retail 4% Other Property 6% HI, 2% DC 1% TX 6% NY 16% NV 2% MA 2% IL 2% GA 3% FL 7% CA 15% VA, 1% AZ 2% CO 1% 5 PORTFOLIO ▪ $26.8 billion(1) portfolio of 203 loans secured by institutional assets, wi
Slide 7: Portfolio: Office in Focus
Blackstone |Blackstone Mortgage Trust, Inc. 6 PORTFOLIO: OFFICE IN FOCUS (1) Includes assets that were completed or have been substantially renovated since 2015. (2) Includes assets with one or more credit enhancing quality, including but not limited to those noted above. (3) Based on year of comple
Slide 8: Investments
Blackstone |Blackstone Mortgage Trust, Inc. + 3.76% + 5.49% 64% 62% 55% 60% 65% 70% 75% 0.0 0.0 0.0 0.0 0.0 0.1 0.1 Total Portfolio 2H 2022 w.a. Loan Yield w.a. LTV 7 INVESTMENTS (1) Weighted average loan yield on total portfolio excludes loans accounted for under the cost-recovery method. (2) Refle
Slide 9: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. 8 CAPITALIZATION Credit Facilities Syndications Securitized Debt Corporate Debt Corporate Debt Maturities(3) ($ in millions) 36% credit MTM only 64% non-MTM(2) 0% capital markets MTM (1) Liquidity as of December 31, 2022, net of $220 million of convertible
Slide 10: Appendix
Blackstone | HIGHLY CONFIDENTIAL & TRADE SECRET Blackstone Mortgage Trust, Inc. Appendix 9
Slide 11: Appendix: Portfolio Details
Blackstone |Blackstone Mortgage Trust, Inc. 10 APPENDIX (1) Date loan was originated or acquired by us, and the LTV as of such date. Origination dates are subsequently updated to reflect material loan modifications. (2) Includes $1.6 billion of Non-Consolidated Senior Interests. (3) The weighted-ave
Slide 12: Appendix: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. 11 APPENDIX Consolidated Balance Sheets ($ in thousands, except per share data) December 31, 2022 December 31, 2021 Assets Cash and cash equivalents $291,340 $551,154 Loans receivable 25,017,880 22,003,017 Current expected credit loss reserve (326,137) (12
Slide 13: Appendix: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. 12 APPENDIX Consolidated Statements of Operations ($ in thousands, except per share data) Three Months Ended December 31, 2022 2021 2022 2021 Income from loans and other investments Interest and related income $462,278 $270,749 $1,338,954 $854,690 Less: In
Slide 14: Appendix: Quarterly Per Share Calculations
Blackstone |Blackstone Mortgage Trust, Inc. 13 APPENDIX (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. (2) Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on th
Slide 15: Appendix: Reconciliation of Net Income to Distributable Earnings
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 16: Appendix: Reconciliation of Net Income to Distributable Earnings
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 17: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. 16 DEFINITIONS 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 18: Forward-Looking Statements and Important Disclosure Information
Blackstone |Blackstone Mortgage Trust, Inc. 17 FORWARD-LOOKING STATEMENTS AND IMPORTANT DISCLOSURE INFORMATION 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 othe
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