Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q1 2023 Earnings Presentation
16 slides from Blackstone Mortgage Trust's earnings presentation, Apr 26, 2023
Slide 1: First Quarter 2023 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. First Quarter 2023 Results APRIL 26, 2023
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. 1 BXMT HIGHLIGHTS Note: The information in this presentation is as of March 31, 2023, 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 cu
Slide 3: First Quarter Results
Blackstone |Blackstone Mortgage Trust, Inc. 2 FIRST QUARTER RESULTS (1) See Appendix for definition and reconciliation to GAAP net income. (2) Dividend Yield based on share price of $16.90 as of April 25, 2023. Dividend coverage reflects ratio of Distributable Earnings per share to dividends declare
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. (1) Reflects ratio of Distributable Earnings per share to dividends declared per share for each respective period. See Appendix for definition and reconciliation to GAAP net income. (2) Reflects Distributable Earnings per share. See Appendix for definition
Slide 5: Earnings: Stable Book Value and CECL Reserve
Blackstone |Blackstone Mortgage Trust, Inc. 4 EARNINGS Stable Book Value ($ per share) CECL Reserve ($ in millions) ▪ Retention of excess earnings offset increase in CECL reserve; book value stable ▪ CECL reserve increased 3% quarter-over-quarter to $352 million, following significant reserve build
Slide 6: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. HI, 2% DC 1% TX 6% NY 14% NV 3% MA 2% IL 3% GA 3% FL 7% CA 12% VA, 2% AZ 2% CO 2% 5 PORTFOLIO ▪ Portfolio of 199 senior loans, secured by institutional assets diversified across sectors and markets (1) States and countries comprising less than 1% of total
Slide 7: Portfolio Credit
Blackstone |Blackstone Mortgage Trust, Inc. 6 PORTFOLIO CREDIT Weighted Average Risk Rating(1)Performing Portfolio(1) 99% 99% 99% 97% 97% 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 % Performing Average 1M SOFR 0.16% 0.93% 2.45% 3.88% 4.62% ▪ BXMT’s loan portfolio has demonstrated resilience
Slide 8: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. 7 CAPITALIZATION Credit Facilities Syndications Securitized Debt Corporate Debt Corporate Debt Maturities(2) ($ in millions) 37% credit MTM only 63% non-MTM(1) 0% capital markets MTM (1) Non-MTM includes financings with no mark-to-market provisions and cre
Slide 9: Appendix
Blackstone |Blackstone Mortgage Trust, Inc. Appendix 8
Slide 10: Appendix: Portfolio Details
Blackstone |Blackstone Mortgage Trust, Inc. 9 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 $1.7 billion of Non-Consolidated Senior Interests. (3) The weighted-aver
Slide 11: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. 10 APPENDIX Consolidated Balance Sheets ($ in thousands, except per share data) March 31, 2023 December 31, 2022 Assets Cash and cash equivalents $515,808 $291,340 Loans receivable 24,896,364 25,017,880 Current expected credit loss reserve (336,591) (326,1
Slide 12: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. 11 APPENDIX Consolidated Statements of Operations ($ in thousands, except per share data) 2023 2022 Income from loans and other investments Interest and related income $491,384 $234,432 Less: Interest and related expenses 317,197 100,714 Income from loans
Slide 13: Quarterly Per Share Calculations
Blackstone |Blackstone Mortgage Trust, Inc. 12 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 14: Reconciliation of Net Income to Distributable Earnings
Blackstone |Blackstone Mortgage Trust, Inc. (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 the date of co
Slide 15: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. 14 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 16: Forward-Looking Statements and Important Disclosure Information
Blackstone |Blackstone Mortgage Trust, Inc. 15 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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