Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — FY2015 Earnings Presentation
17 slides from Blackstone Mortgage Trust's earnings presentation, Feb 16, 2016
Slide 1: Fourth Quarter and Full Year 2015 Results
Blackstone Mortgage Trust, Inc. February 16, 2016 Fourth Quarter and Full Year 2015 Results Confidential Exhibit 99.2
Slide 2: Fourth Quarter and Full Year 2015 Highlights
Fourth Quarter and Full Year 2015 Highlights Core Earnings(a) per share of $0.68 in 4Q supporting the $0.62 dividend (110% coverage); 2015 Core Earnings(a) per share of $2.36, and 2015 total dividends of $2.28. GAAP net income of $0.70 per share during 4Q and 2015 GAAP net income of $2.41 per share,
Slide 3: 2015 Performance
2015 Performance BXMT’s portfolio doubled in size during 2015, driving growth in dividends and earnings without compromising strong portfolio metrics and balance sheet stability. Dividends & Core Earnings Growth (Quarterly Amounts Per Share) Quarterly Originations (Total Loan Commitment, Dollars in
Slide 4: Fourth Quarter 2015 Balance Sheet, Net Income, and Core Earnings
Fourth Quarter 2015 Balance Sheet, Net Income, and Core Earnings(a) (Dollars in Millions) CT Legacy net income Secured financings ($46.3) Equity and other(c) $3.4 ($3.5) ($14.4) ($1.7) Loan portfolio $127.7 $65.3 $0.4 ($1.5) Interest income Interest expense Non-cash comp. $126.2 ($45.9) Core Earning
Slide 5: Loan Portfolio Overview
Loan Portfolio Overview Closed four new loans totaling $391 million and funded $396 million, including $70 million of follow‑on fundings under previously originated loans. Loan repayments of $276 million of directly-originated loans plus $373 million of loans in the GE portfolio. Portfolio metrics r
Slide 6: Portfolio Diversification
Portfolio Diversification BXMT’s portfolio is diversified by collateral property type and geographic location, and is comprised of primarily senior mortgages and similar credit quality loans. Collateral Diversification (Net Book Value, % of Total) Office Multifamily Hotel Condo 1% Other Retail Manuf
Slide 7: Financing Capacity
Financing Capacity Total financing capacity of $10.2 billion, including $1.1 billion of GBP and EUR multi-currency facilities. Total liquidity of $601 million(a) at quarter-end, providing for $2.3 billion(a) of potential loan originations and fundings. Total liquidity includes $96 million of cash an
Slide 8: Interest Rates
Interest Rates Earnings are positively correlated to changes in USD and GBP LIBOR, the benchmark indices for 74% of BXMT’s loan portfolio and related secured financings. Concentration of fixed rate assets in EUR and CAD results in an inverse correlation to EURIBOR and CDOR; an increase in either ben
Slide 9: Appendix
Appendix
Slide 10: Loan Portfolio Details
Loan Portfolio Details The following table provides details of BXMT’s loan portfolio: ________________________________________________ Footnote. Date loan was originated or acquired by BXMT, and the LTV as of such date. Maximum maturity assumes all extension options are exercised, however floating r
Slide 11: Consolidated Balance Sheets
Consolidated Balance Sheets (Dollars in Thousands, Except per Share Data)
Slide 12: Consolidated Statements of Operations
Consolidated Statements of Operations (Dollars in Thousands, Except per Share Data)
Slide 13: Per Share Calculations
Per Share Calculations (Amounts in Thousands, Except per Share Data) Core Earnings Reconciliation Book Value per Share Earnings per Share Adjustment in respect of the deferral in Core Earnings of the accretion of a total $9.1 million of purchase discount attributable to a certain pool of GE portfoli
Slide 14: Reconciliation of Net Income to Core Earnings
Reconciliation of Net Income to Core Earnings(a) (Amounts in Thousands, Except per Share Data) Beginning in the third quarter of 2015, Core Earnings is net of incentive fee expenses. Prior period Core Earnings have also been presented above net of incentive fees to allow for comparability. Adjustmen
Slide 15: Third Quarter 2015 Balance Sheet, Net Income, and Core Earnings
Third Quarter 2015 Balance Sheet, Net Income, and Core Earnings(a) (Dollars in Millions) CT Legacy net income Secured financings ($51.3) Equity and other(b) $0.4 ($3.2) ($13.8) ($2.0) Loan portfolio $136.8 $66.9 $0.4 ($2.0) Interest income Interest expense Non-cash comp. $134.8 ($50.9) Core Earnings
Slide 16: Definitions
Definitions Core Earnings: 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 pres
Slide 17: 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
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