Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q3 2016 Earnings Presentation
16 slides from Blackstone Mortgage Trust's earnings presentation, Oct 25, 2016
Slide 1: Third Quarter 2016 Results
Blackstone Mortgage Trust, Inc. October 25, 2016 Third Quarter 2016 Results Confidential Exhibit 99.2
Slide 2: Third Quarter 2016 Highlights
Loan Originations Strong origination volume of $957 million in the quarter comprised entirely of floating rate senior mortgage loans with an average origination LTV of 64% Continued focus on large loans ($154 million average) and major markets (59% New York, 21% California) Earnings & Dividends GAAP
Slide 3: Earnings & Dividends
105%+ dividend coverage Earnings & Dividends GAAP net income of $0.69 per share and Core Earnings of $0.71 Book value per share $26.61, up $2.03 since 2013 re-IPO Core Earnings of $67 million were generated entirely by portfolio lending business In 3Q 2015, BXMT revised the basis of reporting for Co
Slide 4: Loan Originations
Loan Originations $957 million of total originations in the quarter, including $34 million of upsizes on existing loans Originations reflect BXMT’s major market, large loan focus and were predominantly collateralized by office properties (93% of total loan amount) Average all-in yield of L+4.48% and
Slide 5: Portfolio Composition
States that comprise less than 1% of total loan portfolio ES 1% NL 1% DEU 3% UK 14% AZ 1% CO 1% HI 2% MD 1% NC 1% OR 1% DC 2% GA 4% VA 2% WA 2% IL 6% CAN 5% FL 10% TX 3% CA 17% NY 24% Portfolio Composition $9.4 billion portfolio comprising 106 senior loans secured by institutional quality properties
Slide 6: Balance Sheet
Balance Sheet Added $207 million of credit facilities taking total financing capacity to $9.8 billion with eight credit providers(a); extended maturities of $1.0 billion Long-term, efficient financing with an all-in cost of L+2.03% Liquidity of $760 million: $94 million cash, $591 million revolving
Slide 7: Interest Rates
Interest Rates Core Earnings are positively correlated to changes in USD and GBP LIBOR, the benchmark indices for 83% of BXMT’s total loan exposure and related secured financings(a) A 1.0% increase in USD LIBOR would increase net interest income per share by $0.19 per annum Core Earnings are inverse
Slide 8: Appendix
Appendix
Slide 9: Appendix - Operating Results & Net Funding
Appendix - Operating Results & Net Funding $0.71 Core Earnings Per Share $695 million Net Repayments Net Funding ($ in Billions) Operating Results ($ in Millions) $865 million four MHC loans from a single sponsor GAAP Net Income Adjustments Core Earnings Interest Income 128.2 $ (0.9) $ 127.3 $ Inter
Slide 10: Loan Portfolio Details
Loan Portfolio Details ________________________________________________ Footnote. Date loan was originated or acquired by BXMT, and the LTV as of such date In certain instances, loans are financed through the non-recourse sale of a senior loan interest that is not included in the consolidated financ
Slide 11: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in Thousands, Except per Share Data) TO BE UPDATED
Slide 12: Consolidated Statements of Operations
Consolidated Statements of Operations ($ in Thousands, Except per Share Data)
Slide 13: Per Share Calculations and Core Earnings Reconciliation
Per Share Calculations (Amounts in Thousands, Except per Share Data) Core Earnings Reconciliation Book Value per Share Earnings per Share Represents net income attributable to Blackstone Mortgage Trust Adjustment in respect of the deferral in Core Earnings of the accretion of a total $9.1 million of
Slide 14: Reconciliation of Net Income to Core Earnings
Reconciliation of Net Income to Core Earnings(a) In 3Q 2015, BXMT revised the basis of reporting for Core Earnings to be net of incentive fees. Core EPS numbers indicated in the chart for 3Q 2014, 4Q 2014 and 1Q 2015 are adjusted from the previously reported $0.50, $0.52 and $0.54, respectively, so
Slide 15: 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 16: 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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