Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q4 2014 Earnings Presentation
22 slides from Blackstone Mortgage Trust's earnings presentation, Feb 17, 2015
Slide 1: Blackstone Mortgage Trust Reports Full Year and Fourth Quarter 2014 Results
Blackstone Mortgage Trust Reports Full Year and Fourth Quarter 2014 Results New York, February 17, 2015: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) (the “Company”) today reported its full year and fourth quarter 2014 results. Net income for the fourth quarter was $21 million, or $0.37 per share, an
Slide 2: About Blackstone and Forward-Looking Statements
flexible capital to help companies solve problems. Blackstone’s asset management businesses, with almost $300 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: Full Year and Fourth Quarter 2014 Results
Blackstone Mortgage Trust, Inc. Full Year and Fourth Quarter 2014 Results February 17, 2015
Slide 4: Fourth Quarter 2014 Highlights
Fourth Quarter 2014 Highlights Core Earnings of $0.52 per share for the quarter, a 27% increase from the fourth quarter of 2013, supporting an increase in our fourth quarter dividend to $0.52 per share. 100% floating rate Loan Origination portfolio of $4.4 billion with a weighted average loan-to
Slide 5: 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 6: Core Earnings and Dividend Growth
Core Earnings and Dividend Growth Loan originations of $3.4 billion during 2014 drove consistent growth in Core Earnings per share and dividends per share. Increase in quarterly Core Earnings Core Earnings(a) (Dollars in Millions) of 150% during 2014. Disciplined issuance of 28.3 million share
Slide 7: Loan Origination Portfolio
Loan Origination Portfolio Closed $781 million of loans during the fourth quarter with an average commitment of $121 million, including a C$196 million loan secured by an office portfolio in Canada. Total loan originations for 2014 of $3.4 billion, bringing cumulative originations since the May
Slide 8: Portfolio Diversification
Portfolio Diversification BXMT’s $4.4 billion floating rate portfolio is diversified by collateral property type and geographic location, and is primarily comprised of senior mortgages and similar credit quality loans. Geographic Diversification Floating rate Loans (Net Book Value, % of Total) (Ne
Slide 9: Floating Rate Business Model
Floating Rate Business Model BXMT’s LIBOR-based(a) lending and funding business model generates increasing returns with rising short-term interest rates. All else equal, a 100bp increase in LIBOR would increase annual net interest income by $0.26 per share(b). (c) Loan Capitalization Income Sens
Slide 10: Credit Facilities and Liquidity
Credit Facilities and Liquidity During the quarter, BXMT closed a $500 million upsize of an existing revolving credit facility, bringing total credit facility capacity to $3.4 billion, including $627 million of GBP and EUR multi-currency facilities. Currency-matched financings hedge foreign curr
Slide 11: Asset-Specific Financings
Asset-Specific Financings(a) BXMT closed two additional asset-specific financings totaling $243 million of financing capacity, bringing asset-specific capacity to $981 million and total financing capacity to $4.4 billion including credit facilities. Opportunistic use of asset-specific financings
Slide 12: Appendix
Appendix Mortgage Trust
Slide 13: Loan Origination Segment Portfolio Details
Loan Origination Segment Portfolio Details The following table provides details of BXMT’s Loan Origination Segment portfolio: (Dollars in Millions) Origination Total Principal Book Cash All-In Maximum Geographic Property Origination Date Loan Type Commitment Balance Value Coupon Yield Maturity(a)
Slide 14: Consolidated Balance Sheet
Consolidated Balance Sheet (Dollars in Thousands, Except per Share Data) December 31, 2014 December 31, 2013 Assets Cash and cash equivalents $ 51,810 $ 52,342 Restricted cash 11,591 10,096 Loans receivable, net 4,428,500 2,047,223 Equity investments in unconsolidated subsidiaries 10,604 22,480 Accr
Slide 15: Consolidated Balance Sheet: Segment Allocation
Consolidated Balance Sheet: Segment Allocation December December 31, 2014 2013 Loan CT Legacy (Dollars in Thousands) Origination Portfolio Total Assets Cash and cash equivalents $ 51,810 $ - $ 51,810 Restricted cash - 11,591 11,591 Loans receivable, net 4,428,500 - 4,428,500 Equity investments in un
Slide 16: Consolidated Statement of Operations
Consolidated Statement of Operations Three Months Ended December 31, Year Ended December 31, (Dollars in Thousands, Except per Share Data) 2014 2013 2014 2013 Income from loans and other investments Interest and related income $ 58,258 $ 26,837 $ 184,766 $ 53,164 Less: Interest and related expenses
Slide 17: Consolidated Statement of Operations: Segment Allocation
Consolidated Statement of Operations: Segment Allocation Three Months Ended December 31, 2014 Year Ended December 31, 2014 Loan CT Legacy Loan CT Legacy (Dollars in Thousands) Origination Portfolio Total Origination Portfolio Total Income from loans and other investments Interest and related income
Slide 18: Consolidated Statement of Operations: Loan Origination Segment
Consolidated Statement of Operations: Loan Origination Segment Three Months Ended (Dollars in Thousands) December 31, 2014 September 30, 2014 $ Change % Change Income from loans and other investments Interest and related income $ 57,527 $ 49,720 $ 7,807 15.7% Less: Interest and related expenses 21,2
Slide 19: Per Share Calculations
Per Share Calculations (Dollars in Thousands, Except per Share Data) Three Months Ended December 31, 2014 September 30, 2014 Net income $ 21,490 $ 22,024 CT Legacy Portfolio segment net loss (income) 4,833 (134) Amortization of discount on convertible notes 408 404 Core Earnings Incentive management
Slide 20: Reconciliation of Net Income to Core Earnings
Reconciliation of Net Income to Core Earnings Three Months Ended December 31, Mach 31, June 30, September 30, December 31, (Dollars in Thousands, Except per Share Data) 2013 2014 2014 2014 2014 Net income $ 7,079 $ 13,065 $ 33,466 $ 22,024 $ 21,490 CT Legacy Portfolio segment net loss (income) 3,670
Slide 21: 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 22: 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 current views with respect to
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