Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q1 2015 Earnings Presentation
23 slides from Blackstone Mortgage Trust's earnings presentation, Apr 28, 2015
Slide 1: Blackstone Mortgage Trust Reports First Quarter 2015 Results
Blackstone Mortgage Trust Reports First Quarter 2015 Results New York, April 28, 2015: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its first quarter 2015 results. Net income for the first quarter was $35 million, or $0.60 per share. Stephen D. Plavin, Chief Executive Officer, said, “T
Slide 2: About Blackstone; Forward-Looking Statements and Other Matters
flexible capital to help companies solve problems. Blackstone’s asset management businesses, with almost $310 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds,
Slide 3: Blackstone Mortgage Trust, Inc. First Quarter 2015 Results
Blackstone Mortgage Trust, Inc. First Quarter 2015 Results April 28, 2015
Slide 4: First Quarter 2015 Highlights
First Quarter 2015 Highlights Core Earnings of $0.54 per share for the quarter generated by our growing loan origination portfolio. Closed seven new loans totaling $937 million of commitments. Funded $903 million of loan commitments, offset partially by $333 million of full or partial repaymen
Slide 5: First Quarter 2015 Balance Sheet, Net Income, and Core Earnings
First Quarter 2015 Balance Sheet, Net Income, and Core Earnings(a) (Dollars in Millions) Balance Net Core Sheet Income Earnings(b) $4,943 Interest income $62.8 + $- $62.8 Loan Origination portfolio Net results $8.4 + $(8.4) $- CT Legacy portfolio $31 Secured financings $3,358 Interest expense ($24.2
Slide 6: Core Earnings and Dividend Growth
Core Earnings and Dividend Growth BXMT's loan origination activity has produced strong, consistent Core Earnings and dividend growth since the platform re-launch in 2013. Core Earnings(a) (Dollars in Millions) $31.8 $30.1 $24.8 $20.5 $16.3 $12.0 $8.0 ROI ROI ROI ROI L + 12.6% L + 12.7% L + 12.7% L
Slide 7: Loan Portfolio Overview
Loan Portfolio Overview Closed $937 million of loans during the quarter with an average new commitment of $179 million. Net loan fundings of $570 million during the quarter produced 12% portfolio growth. Portfolio Gross ROI(a) continues to remain stable in the L + 12-13% range as improved fina
Slide 8: Portfolio Diversification
Portfolio Diversification BXMT’s $5.0 billion floating rate portfolio is diversified by collateral property type and geographic location, and is comprised of senior mortgages and similar credit quality loans. Geographic Diversification Floating rate Loans (Net Book Value,% of Total) (Net Book Valu
Slide 9: Credit Facilities and Liquidity
Credit Facilities and Liquidity During the quarter, BXMT closed two upsizes of existing revolving credit facilities totaling $500 million, and obtained $262 million of additional ‘side car’ capacity, bringing total credit facility capacity to $4.1 billion. GBP and EUR multi-currency facilities p
Slide 10: Asset-Specific Financings
Asset-Specific Financings(a) BXMT closed two additional asset-specific financings totaling $359 million, bringing asset-specific capacity to $1.3 billion and total financing capacity to $5.4 billion including credit facilities. Opportunistic use of asset-specific financings preserves capacity of
Slide 11: GE Transaction Overview
GE Transaction Overview Mortgage Trust
Slide 12: GE Capital Loan Portfolio Acquisition – Transaction Impact
GE Capital Loan Portfolio Acquisition – Transaction Impact(a) Pro forma BXMT portfolio maintains senior loan focus and strong credit metrics while dramatically increasing borrower relationships and opportunities to grow origination volume. Staged closings beginning in second quarter; potential f
Slide 13: GE Capital Loan Portfolio Acquisition – Portfolio Diversification
GE Capital Loan Portfolio Acquisition – Portfolio Diversification(a) In addition to increased scale in core US and UK markets, the acquired portfolio adds geographic and asset class diversification to the loan portfolio. Blackstone Blackstone Mortgage Trust Mortgage Trust Existing Portfolio Portfo
Slide 14: GE Capital Loan Portfolio Acquisition – Committed Financing
GE Capital Loan Portfolio Acquisition – Committed Financing Market leading term and currency matched credit facility to finance portfolio acquisition. Financing includes a Year 1 Add-On Advance to manage near term maturities and reduce equity funding requirements. Amount $3.8 billion / 80% plus
Slide 15: Appendix
Appendix Mortgage Trust
Slide 16: Loan Portfolio Details
Loan Portfolio Details The following table provides details of BXMT’s loan portfolio: (Dollars in Millions) Origination Total Principal Book Cash All-In Maximum Geographic Property Origination (a) Date Loan Type Commitment Balance Value Coupon Yield Maturity Location Type LTV Loan 1 3/4/15 Senior
Slide 17: Consolidated Balance Sheet
Consolidated Balance Sheet (Dollars in Thousands, Except per Share Data) March 31, 2015 December 31, 2014 Assets Cash and cash equivalents $ 18,474 $ 51,810 Restricted cash 26,890 11,591 Loans receivable, net 4,943,383 4,428,500 Equity investments in unconsolidated subsidiaries 11,570 10,604 Accrued
Slide 18: Consolidated Statement of Operations
Consolidated Statement of Operations (Dollars in Thousands, Except per Share Data) Three Months Ended March 31, % Change 2015 2014 vs. 1Q’14 Income from loans and other investments Interest and related income $ 63,407 $ 33,656 88.4% Less: Interest and related expenses 24,161 12,074 100.1% Income fro
Slide 19: Per Share Calculations
Per Share Calculations (Amounts in Thousands, Except per Share Data) Three Months Ended March 31, 2015 December 31, 2014 Net income $ 35,393 $ 21,490 CT Legacy Portfolio net (income) loss (8,400) 4,833 Core Earnings Incentive management fees 1,212 817 Non-cash compensation expense 3,297 2,528 Reconc
Slide 20: Fourth Quarter 2014 Balance Sheet, Net Income, and Core Earnings
Fourth Quarter 2014 Balance Sheet, Net Income, and Core Earnings (Dollars in Millions) Balance Net Core Sheet Income Earnings(a) $4,429 Interest income $57.5 + $- $57.5 Loan Origination portfolio Net results ($4.8) + $4.8 $- CT Legacy portfolio $22 Secured financings $2,865 Interest expense ($21.3)
Slide 21: Reconciliation of Net Income to Core Earnings
Reconciliation of Net Income to Core Earnings (Amounts in Thousands, Except per Share Data) Three Months Ended September 30, December 31, Mach 31, June 30, September 30, December 31, Mach 31, 2013 2013 2014 2014 2014 2014 2015 Net income $ 8,320 $ 7,079 $ 13,065 $ 33,466 $ 22,024 $ 21,490 $ 35,393 C
Slide 22: Definitions
Definitions Blackstone Mortgage Trust, Inc. (“BXMT”) discloses Core Earnings, a financial measure that is calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”) in this presentation. Core
Slide 23: Forward-Looking Statements
Forward-Looking Statements 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 Blackstone Mortgage Trust’s (“BXMT”) current views with r
Blackstone Mortgage Trust — Q1 2015 Earnings Presentation on 6ix