Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q2 2022 Earnings Presentation
16 slides from Blackstone Mortgage Trust's earnings presentation, Jul 27, 2022
Slide 1: Second Quarter 2022 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Second Quarter 2022 Results JULY 27, 2022
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. 1 BXMT HIGHLIGHTS ▪ 2Q EPS of $0.55; Distributable EPS(1) of $0.67 with strong earnings momentum driven by floating-rate, performing senior loan portfolio ▪ Strategically positioned for opportunistic market environment with strong liquidity and diversified
Slide 3: Second Quarter Results
Blackstone |Blackstone Mortgage Trust, Inc. 2 SECOND QUARTER RESULTS (1) See Appendix for a definition and reconciliation to GAAP net income. (2) Reflects the earnings impact, net of incentive fees, of an increase in the various floating-rate indices referenced by our portfolio as of June 30, 2022,
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. +$0.05 +$0.15 +$0.26 +$0.38 2Q 2022 +0.50% +1.00% +1.50% +2.00% 3 EARNINGS ▪ Rising rates accelerated earnings power of floating-rate loan portfolio, resulting in significant earnings growth ▪ Positive earnings correlation to rising rates; an increase in b
Slide 5: Investments
Blackstone |Blackstone Mortgage Trust, Inc. 55% 54% 41% 11% 13% 25% 17% 17% 19% 64% 65% 64% -200% -150% -100% -50% 0% 50% 100% 0% 20% 40% 60% 80% 100% 120% 6/30/2020 6/30/2021 6/30/2022 Originations 59% LTV(1) Repayments 37% 40% 12% 11% Portfolio Composition 4 INVESTMENTS ▪ Investments concentrated
Slide 6: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. Office 41% Multi 25% Hospitality 19% Industrial 6% Retail 4% Other Property 5% $26.5B portfolio HI, 2% DC 1% TX 7% NY 17% NV 2% MA 2% IL 2% GA 3% FL 6% CA 15% VA, 1% AZ 2% CO 1% 5 PORTFOLIO (1) States comprising less than 1% of total loan portfolio are exc
Slide 7: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. 6 CAPITALIZATION ▪ Diversified balance sheet affords strong execution across a variety of financing markets ▪ Long-dated maturity schedule, with only $220 million of debt maturities prior to 2026 2Q Financing Activity Corporate Debt Maturities(1) $1.0B cre
Slide 8: Appendix
Blackstone |Blackstone Mortgage Trust, Inc. Appendix 7
Slide 9: Loans Outstanding and Distributable Earnings Reconciliation
Blackstone |Blackstone Mortgage Trust, Inc. $25.1 $26.5 $2.8 $1.4 1Q ’22 Loans Outstanding Fundings Repayments 2Q ’22 Loans Outstanding (1) Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income
Slide 10: Largest Loans
Blackstone |Blackstone Mortgage Trust, Inc. Origination Total Principal Net Book Maximum Property Loan Per Origination Loan Type Date (1) Loan (2) Balance (2) Value Maturity (3) Location Type SQFT / Unit / Key LTV (1) Loan 1 Senior Loan 8/14/2019 $ 1,141 $ 1,040 $ 1,036 + 2.59 % + 3.22 % 12/23/2024
Slide 11: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 10 Consolidated Balance Sheets ($ in thousands, except per share data) June 30, 2022 December 31, 2021 Assets Cash and cash equivalents $283,580 $551,154 Loans receivable 24,831,546 22,003,017 Current expected credit loss reserve (133,024) (124,67
Slide 12: Consolidated Statements of Income
Blackstone |Blackstone Mortgage Trust, Inc. 2022 2021 2022 2021 Income from loans and other investments Interest and related income $283,687 $196,303 $518,119 $383,827 Less: Interest and related expenses 136,619 82,352 237,333 160,723 Income from loans and other investments, net $147,068 $113,951 $2
Slide 13: Earnings per Share and Distributable Earnings Reconciliation
Blackstone |Blackstone Mortgage Trust, Inc. June 30, 2022 March 31, 2022 Net income (1) $93,250 $99,687 Weighted-average shares outstanding, basic 170,666 169,254 Per share amount, basic $0.55 $0.59 Diluted earnings $99,163 $102,087 Weighted-average shares outstanding, diluted 185,010 175,603 Per sh
Slide 14: Distributable Earnings Quarterly Reconciliation
Blackstone |Blackstone Mortgage Trust, Inc. LTM Jun 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Net income(1) $400,634 $93,250 $99,687 $123,940 $83,757 Charge-offs of current expected credit loss reserve(2) (14,427) — — (14,427) — Increase (decrease) in current expected credit loss
Slide 15: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. DEFINITIONS 14 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
Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS 15 This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect BXMT’s cur
Blackstone Mortgage Trust — Q2 2022 Earnings Presentation on 6ix