Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q3 2015 Earnings Presentation
19 slides from Blackstone Mortgage Trust's earnings presentation, Oct 27, 2015
Slide 1: Blackstone Mortgage Trust Reports Third Quarter 2015 Results
Blackstone Mortgage Trust Reports Third Quarter 2015 Results New York, October 27, 2015: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its third quarter 2015 results. Core Earnings for the third quarter (net of incentive fee expense) was $68 million, or $0.72 per share. Net income for t
Slide 2: About Blackstone and Forward-Looking Statements
flexible capital to help companies solve problems. Blackstone’s asset management businesses, with over $330 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, al
Slide 3: Third Quarter 2015 Results
Blackstone Mortgage Trust, Inc. Third Quarter 2015 Results October 27, 2015
Slide 4: Third Quarter 2015 Highlights
Third Quarter 2015 Highlights Core Earnings(a) of $68 million, or $0.72 per share, driven by the accretive effects of the GE portfolio acquisition and the increased scale of the business. Increased dividend by 19% to $0.62 per share, reflecting the stabilized earnings power of the current senior
Slide 5: Third Quarter 2015 Balance Sheet, Net Income, and Core Earnings
Third Quarter 2015 Balance Sheet, Net Income, and Core Earnings(a) (Dollars in Millions) Balance Net Core Sheet Income Earnings(b) Loan portfolio $9,378 Interest income $136.8 + ($2.0) $134.8 Secured financings $7,093 Interest expense ($51.3) + $0.4 ($50.9) Convertible notes, $164 net CT Legacy net
Slide 6: 3Q Dividend Analysis
3Q Dividend Analysis The $0.62 dividend reflects the stabilized earnings power of the senior floating rate investment strategy at its increased scale and Core Earnings of $0.72 includes the accretive effects of the GE portfolio acquisition. Core Earnings Stabilization(a) Additional yield from add-
Slide 7: Loan Portfolio Overview
Loan Portfolio Overview Closed four new loans totaling $886 million(a) including a £367 million seven-year, fixed rate loan that is term financed through the sale of a non-consolidated senior interest. Loan repayments of $497 million of directly-originated loans plus $537 million of loans in the
Slide 8: 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. Geographic Diversification (Net Book Value,% of Total) WA CAN Senior Loans(a) 6% (Net Book Value, % of Tot
Slide 9: Financing Capacity
Financing Capacity Closed an additional $1.0 billion of financing capacity during the quarter, including a new €400 million multicurrency revolving credit facility. Continued opportunistic use of senior syndications, with two transactions during the quarter providing an aggregate $534 million of
Slide 10: 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
Slide 11: Appendix
Appendix Mortgage Trust
Slide 12: Loan Portfolio Details
Loan Portfolio Details The following table provides details of BXMT’s loan portfolio: (Dollars in Millions) Origination Total Principal Book Cash All-In Maximum Geographic Property Origination (b) Loan Type Date(a) Loan Balance Value Coupon Yield Maturity Location Type LTV(a) Loan 1 Senior loan 6/
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet (Dollars in Thousands, Except per Share Data) September 30, 2015 December 31, 2014 Assets Cash and cash equivalents $ 138,600 $ 51,810 Restricted cash 9,063 11,591 Loans receivable, net 9,377,591 4,428,500 Equity investments in unconsolidated subsidiaries 7,496 10,604 Accr
Slide 14: Consolidated Statement of Operations
Consolidated Statement of Operations (Dollars in Thousands, Except per Share Data) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Income from loans and other investments Interest and related income $ 138,361 $ 50,386 $ 282,249 $ 126,507 Less: Interest and relate
Slide 15: Per Share Calculations
Per Share Calculations (Amounts in Thousands, Except per Share Data) Three Months Ended September 30, 2015 June 30, 2015 Net income $ 66,888 $ 29,284 CT Legacy Portfolio net income (401) (1,857) Non-cash compensation expense 3,188 3,396 Core Earnings GE purchase discount accretion adjustment (a) (2,
Slide 16: Reconciliation of Net Income to Core Earnings
Reconciliation of Net Income to Core Earnings(a) (Amounts in Thousands, Except per Share Data) Three Months Ended Nine Months Ended March 31, June 30, September 30, September 30, 2015 2015 2015 2015 Net income $ 35,393 $ 29,284 $ 66,888 $ 131,565 CT Legacy Portfolio segment net income (8,400) (1,857
Slide 17: Second Quarter 2015 Balance Sheet, Net Income, and Core Earnings
Second Quarter 2015 Balance Sheet, Net Income, and Core Earnings(a) (Dollars in Millions) Balance Net Core Sheet Income Earnings(a) Loan Origination $10,131 Interest income $80.0 + ($0.5) $79.5 portfolio Secured financings $7,725 Interest expense ($30.6) + $0.4 ($30.2) Convertible notes, $163 net CT
Slide 18: 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 19: 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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