Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — FY2023 Earnings Presentation
19 slides from Blackstone Mortgage Trust's earnings presentation, Feb 14, 2024
Slide 1: Fourth Quarter and Full Year 2023 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Fourth Quarter and Full Year 2023 Results FEBRUARY 14, 2024
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. BXMT HIGHLIGHTS Note: The information in this presentation is as of December 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 c
Slide 3: Fourth Quarter and Full Year 2023 Results
Blackstone |Blackstone Mortgage Trust, Inc. FOURTH QUARTER AND FULL YEAR 2023 RESULTS (1) Represents Distributable Earnings per share in excess of dividends per share declared for the year ended December 31, 2023. See Appendix for reconciliation to GAAP net income, which was $(1.05) per share less t
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. $2.48 $2.62 $2.87 $3.05 2020 2021 2022 2023 Distributable EPS (a) EARNINGS (1) Reflects change in Distributable Earnings per share for the year ended December 31, 2023 compared to the prior period. See Appendix for reconciliation to GAAP net income, which
Slide 5: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. EARNINGS (1) Represents Distributable Earnings in excess of dividends declared for the year ended December 31, 2023. See Appendix for reconciliation to GAAP net income, which was $(181)M less than dividends declared. 4 ▪ Strong current income generated by
Slide 6: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. PORTFOLIO 5 ▪ Well-diversified portfolio of 178 senior loans, secured by institutional-quality assets across sectors and markets Collateral Diversification(b)(m) AU, 7% ES, 5% IE, 5% UK, 14% SE, 2% DEU, 1% Geographic Footprint(b)(l) DC, 1% TX, 6% NY, 15% N
Slide 7: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. Office 30% Hospitality 28% Multifamily 29% Retail 6% Industrial 5% Other Property 2% Office 26% Hospitality 23%Multifamily 19% Retail 9% Industrial 4% Other Property 19% PORTFOLIO 6 ▪ BXMT collected $0.6B of repayments in Q4 and $3.8B throughout 2023, incl
Slide 8: Credit
Blackstone |Blackstone Mortgage Trust, Inc. CREDIT 7 ▪ BXMT’s loan portfolio has demonstrated resilience through market volatility and rapidly increasing interest rates over the course of the year, resulting in 93% performance(b) at year-end ▪ Stable weighted-average risk rating of 3.0 as most asset
Slide 9: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. CAPITALIZATION 8 ▪ During the year, BXMT reduced leverage and grew liquidity to $1.7B at year-end, a near record level ▪ Well-structured balance sheet positioned to withstand volatility, with no capital markets mark-to-market provisions, limited credit mar
Slide 10: Appendix
Blackstone |Blackstone Mortgage Trust, Inc. I. Appendix 9
Slide 11: Portfolio Details
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 10 Portfolio Details ($ in millions) Loan Type Origination Date(s) Total Loan(t) Principal Balance(t) Net Book Value Cash Coupon(u) All-in Yield(u) Maximum Maturity(v) Location Property Type Loan Per sf/ Unit/Key Origination LTV(s) Loan 1 Senior L
Slide 12: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 11 Consolidated Balance Sheets ($ in thousands, except per share data) December 31, 2023 December 31, 2022 Assets Cash and cash equivalents $350,014 $291,340 Loans receivable 23,787,012 25,017,880 Current expected credit loss reserve (576,936) (32
Slide 13: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 12 Consolidated Statements of Operations ($ in thousands, except per share data) Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 Income from loans and other investments Interest and related income $505,003 $462
Slide 14: Quarterly Per Share Calculations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 13 Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended December 31, 2023 Three Months Ended September 30, 2023 Distributable Earnings Reconciliation Net (loss) income(w) ($2,376) $29,524 Increase in current ex
Slide 15: Reconciliation of Net Income to Distributable Earnings
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 14 Reconciliation of Net Income to Distributable Earnings (in thousands, except per share data) Twelve Months Ended December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 Net income(w) $246,555 $248,642 $419,193 $137,670 Charge-of
Slide 16: Reconciliation of Adjusted Equity
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 15 Reconciliation of Adjusted Equity ($ in thousands) December 31, 2023 December 31, 2022 Total equity $4,387,504 $4,544,200 Add back: aggregate CECL reserve 592,307 342,517 Adjusted Equity $4,979,811 $4,886,717
Slide 17: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. DEFINITIONS 16 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: Endnotes
Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 17 a. Represents Distributable Earnings per share. See Appendix for definition and reconciliation to GAAP net income. b. Based on Net Loan Exposure. See Appendix for definition. c. GAAP interest income includes amortization of fees, primarily orig
Slide 19: Forward-Looking Statements & Important Disclosure Information
Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION 18 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 otherw
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