Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q3 2024 Earnings Presentation
18 slides from Blackstone Mortgage Trust's earnings presentation, Oct 23, 2024
Slide 1: Third Quarter 2024 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Third Quarter 2024 Results OCTOBER 23, 2024
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. BXMT HIGHLIGHTS Note: The information in this presentation is as of September 30, 2024, 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
Slide 3: Third Quarter Results
Blackstone |Blackstone Mortgage Trust, Inc. THIRD QUARTER RESULTS (1) See Appendix for definition and reconciliation to GAAP net income. 2 ▪ Q3 GAAP basic loss per share of $0.32, Distributable Earnings(1) per share of $0.39, and Distributable EPS prior to charge-offs(1) of $0.49 ▪ Book value per sh
Slide 4: Earnings and Book Value
Blackstone |Blackstone Mortgage Trust, Inc. $22.17 $5.89 9/30/2024 EARNINGS AND BOOK VALUE 3 ▪ Q3 Distributable Earnings prior to charge-offs remain encumbered by $0.19 per share of interest expense from financing related to non-performing loans; resolutions and new investments unlock earnings poten
Slide 5: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. PORTFOLIO 4 ▪ Well-diversified portfolio of 149 senior loans, secured by institutional-quality assets across sectors and markets Collateral Diversification(e)(i) AU, 5% ES, 4% IE, 7% UK, 16% SE, 2% DEU, 1% Geographic Footprint(e)(h) DC, 1% TX, 6% NY, 16% N
Slide 6: Portfolio: Repayment Activity
Blackstone |Blackstone Mortgage Trust, Inc. 1H 2024 Quarterly Average Q3 2024 PORTFOLIO 5 ▪ Accelerating repayment activity of $1.8B in Q3, more than double 1H 2024’s quarterly average ▪ $3.6B total repayments year to date through 9/30, including $1.2B of office (up 55% year-over-year) Repayment Act
Slide 7: Credit
Blackstone |Blackstone Mortgage Trust, Inc. CREDIT 6 ▪ Stable credit performance and strong repayment activity in risk rated 1-3 loans; $0.5B(c) of non-performing loan resolutions YTD with another $0.6B closed or in closing post quarter end(b) ▪ Credit challenges concentrated in US office, which is
Slide 8: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. CAPITALIZATION 7 ▪ Liquidity remains elevated given continued strong repayments, ended the quarter at $1.5B ▪ Well-structured balance sheet, with no capital markets mark-to-market provisions and limited credit mark-to-market; leverage decreased quarter-ove
Slide 9: II. Appendix
Blackstone |Blackstone Mortgage Trust, Inc. II. Appendix 8
Slide 10: Portfolio Details
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 9 Portfolio Details ($ in millions) Loan Type (k) Origination Date (l) Total Loan (k) Principal Balance (k) Net Book Value Cash Coupon (m) All-in Yield (m) Maximum Maturity (n) Location Property Type Loan per SF/Unit/Key Origination LTV (f) Loan 1
Slide 11: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 10 Consolidated Balance Sheets ($ in thousands, except per share data) September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $322,104 $350,014 Loans receivable 21,602,517 23,787,012 Current expected credit loss reserve (1,011,059)
Slide 12: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 11 Consolidated Statements of Operations ($ in thousands, except per share data) nice 2024 2023 2024 2023 Income from loans and other investments Interest and related income $430,092 $519,342 $1,382,367 $1,532,618 Less: Interest and related expens
Slide 13: Quarterly Per Share Calculations
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 12 Quarterly Per Share Calculations (in thousands, except per share data) Three Months Ended September 30, 2024 Three Months Ended June 30, 2024 Net loss(o) ($56,384) ($61,057) Charge-offs of CECL reserves (p) (16,989) (12,537) Increase in CECL re
Slide 14: Reconciliation of Adjusted Equity
Blackstone |Blackstone Mortgage Trust, Inc. APPENDIX 13 Reconciliation of Adjusted Equity ($ in thousands) September 30, 2024 June 30, 2024 Total Equity $3,860,397 $4,004,598 Add Back: Aggregate CECL Reserve 1,021,514 906,032 Adjusted Equity $4,881,911 $4,910,630
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: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. DEFINITIONS 15 Non-Consolidated Senior Interests: Senior interests in loans originated and syndicated to third parties. These non-recourse loan participations, which are excluded from the GAAP balance sheet, constitute additional financing capacity and are
Slide 17: Endnotes
Blackstone |Blackstone Mortgage Trust, Inc. ENDNOTES 16 a. Represents new loan originations of $0.2B, upsizes on existing loans of $72M, debt buybacks of $67M, and equity buybacks of $11M during the nine months ended September 30, 2024, and new loan originations in closing of $0.5B. b. Transactions
Slide 18: Forward-Looking Statements & Important Disclosure Information
Blackstone |Blackstone Mortgage Trust, Inc. FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION 17 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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