Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q3 2023 Earnings Presentation
18 slides from Blackstone Mortgage Trust's earnings presentation, Oct 25, 2023
Slide 1: Third Quarter 2023 Results
Blackstone Mortgage Trust, Inc. Blackstone Mortgage Trust, Inc. Third Quarter 2023 Results OCTOBER 25, 2023
Slide 2: BXMT Highlights
Blackstone |Blackstone Mortgage Trust, Inc. Note: The information in this presentation is as of September 30, 2023, 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 current market e
Slide 3: Third Quarter Results
Blackstone |Blackstone Mortgage Trust, Inc. 2 THIRD QUARTER RESULTS (1) See Appendix for definition and reconciliation to GAAP net income. (2) Dividend yield based on share price of $20.10 as of October 24, 2023. Dividend coverage reflects ratio of Distributable Earnings per share to dividends decla
Slide 4: Earnings
Blackstone |Blackstone Mortgage Trust, Inc. 112% 130% 3Q 2022 LTM 3Q 2023 LTM $0.71 $0.87 $0.79 $0.79 $0.78 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 (1) Reflects change in Distributable Earnings per share in the three months ending September 30, 2023 compared to the prior period. See Appendix for rec
Slide 5: Earnings: Stable Book Value and CECL Reserve
Blackstone |Blackstone Mortgage Trust, Inc. $153 $155 $166 $154 $190 $197 $214 $323 12/31/2022 3/31/2023 6/30/2023 9/30/202312/31/2022 3/31/2023 6/30/2023 9/30/2023 4 EARNINGS Stable Book Value ($ per share) CECL Reserve ($ in millions) Excess earnings add to equity base and cushion the impact of
Slide 6: Portfolio
Blackstone |Blackstone Mortgage Trust, Inc. (1) States and countries comprising less than 1% of total loan portfolio are excluded. (2) Based on Net Loan Exposure. See Appendix for definition. DC 1% TX 6% NY 15% NV 3% MA 2% IL 3% GA 2% FL 7% CA 13% VA, 2% AZ 2% CO 2% 5 PORTFOLIO Well-diversified po
Slide 7: Credit
Blackstone |Blackstone Mortgage Trust, Inc. 2.8 2.9 2.9 2.9 2.9 - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Weighted Average Risk Rating 99% 97% 97% 96% 95% 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023
Slide 8: Capitalization
Blackstone |Blackstone Mortgage Trust, Inc. $1.7 $1.6 $1.6 $1.8 $1.8 $300 $1,303 $780 $367 2023 2024 2025 2026 2027 2028+ 7 CAPITALIZATION Debt to Equity and Liquidity ($ in billions) (1) Liquidity as of December 31, 2022, net of $220 million for convertible notes that matured in March 2023. (2) Rep
Slide 9: Appendix
Blackstone |Blackstone Mortgage Trust, Inc. Appendix 8
Slide 10: Appendix: Portfolio Details
Blackstone |Blackstone Mortgage Trust, Inc. 9 APPENDIX (1) Date loan was originated or acquired by us, and the LTV as of such date, excluding any junior participations sold. Origination dates are subsequently updated to reflect material loan modifications. (2) Certain loans include an aggregate $1.1
Slide 11: Consolidated Balance Sheets
Blackstone |Blackstone Mortgage Trust, Inc. 10 APPENDIX Consolidated Balance Sheets ($ in thousands, except per share data) September 30, 2023 December 31, 2022 Assets Cash and cash equivalents $421,495 $291,340 Loans receivable 23,715,901 25,017,880 Current expected credit loss reserve (463,423) (3
Slide 12: Consolidated Statements of Operations
Blackstone |Blackstone Mortgage Trust, Inc. 11 APPENDIX Consolidated Statements of Operations ($ in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Income from loans and other investments Interest and related income $519,342 $358
Slide 13: Quarterly Per Share Calculations
Blackstone |Blackstone Mortgage Trust, Inc. 12 APPENDIX (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. (2) Represents realized gains and losses on the repatriation of unhedged foreign currency. The difference between the value of such foreign currency on the date of conver
Slide 14: Reconciliation of Net Income to Distributable Earnings
Blackstone |Blackstone Mortgage Trust, Inc. (1) Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc. (2) Represents realized gains and losses on the repatriation of unhedged foreign currency. The difference between the value of such foreign currency on the date of conversion
Slide 15: Reconciliation of Net Income to Distributable Earnings (cont.)
Blackstone |Blackstone Mortgage Trust, Inc. (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. (2) Represents a realized loss related to loan principal amounts deemed nonrecoverable following a realization event during the three months ended December 31, 2021. This amount was
Slide 16: Reconciliation of Adjusted Equity
Blackstone |Blackstone Mortgage Trust, Inc. 15 APPENDIX Reconciliation of Adjusted Equity ($ in thousands) Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Total equity $4,493,521 $4,566,189 $4,560,699 $4,544,200 $4,683,907 Add back: aggregate CECL reserve 477,047 380,147 352,340 342
Slide 17: Definitions
Blackstone |Blackstone Mortgage Trust, Inc. 16 DEFINITIONS 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 18: Forward-Looking Statements and Important Disclosure Information
Blackstone |Blackstone Mortgage Trust, Inc. 17 FORWARD-LOOKING STATEMENTS AND IMPORTANT DISCLOSURE INFORMATION 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 othe
Blackstone Mortgage Trust — Q3 2023 Earnings Presentation on 6ix