Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q4 2016 Earnings Presentation
16 slides from Blackstone Mortgage Trust's earnings presentation, Feb 14, 2017
Slide 1: Fourth Quarter and Full Year 2016 Results
Blackstone Mortgage Trust, Inc. February 14, 2017 Fourth Quarter and Full Year 2016 Results Confidential Exhibit 99.2
Slide 2: Fourth Quarter and Full Year 2016 Highlights
Loan Originations Origination volume of $826 million in 4Q bringing total for 2016 to $3.5 billion Continued focus on low LTV opportunities: 65% average in 4Q 2016 originations: 100% floating rate, senior mortgage loans Earnings & Dividends 4Q EPS of $0.57 and Core Earnings(a) of $0.62 per share 201
Slide 3: Earnings & Dividends
$0.67 $0.71 Earnings & Dividends 4Q GAAP earnings of $0.57 per share and Core Earnings(a) of $0.62 per share 2016 GAAP earnings of $2.53 per share and Core Earnings of $2.65 per share, up 12% from 2015 2016 is second consecutive year of Core Earnings dividend coverage 4Q Core Earnings of $58 million
Slide 4: Loan Originations
Loan Originations $826 million of total originations in the quarter, bringing total for 2016 to $3.5 billion 2016 originations were 100% floating rate senior mortgage loans with continued focus on large loans ($139 million average) and major markets 77% of 2016 originations ($2.4 billion, 15 loans)
Slide 5: Portfolio Composition
Portfolio Composition $9.8 billion portfolio, up $412 million(a) from prior quarter, comprising 107 senior loans secured by institutional quality real estate in North America (83%) and Europe (17%) $3.0 billion of the $4.9 billion of loans acquired from GE have repaid and a further $817 million have
Slide 6: Balance Sheet
Balance Sheet Outstanding asset-level financing is long term with an average all-in cost of L+2.04% Credit facility capacity increased $1.3 billion(a) over the year, up 29% Liquidity of $654 million: $76 million cash, $541 million revolving credit facility availability and $36 million swingline revo
Slide 7: Interest Rates
Interest Rates Core Earnings are positively correlated to changes in USD and GBP LIBOR, the benchmark indices for 85% 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, $0.12 greater than in 20
Slide 8: Appendix
Appendix
Slide 9: Fourth Quarter 2016 Operating Results & Net Funding
Appendix – Fourth Quarter 2016 Operating Results & Net Funding $0.62 Core Earnings Per Share $412 million(a) Net Funding Net Funding ($ in Billions) Operating Results ($ in Millions) $865 million four MHC loans from a single sponsor $9.4 $0.9 $(0.5) $9.8 Excludes the impact of changes in foreign cur
Slide 10: Loan Portfolio Details
Loan Portfolio Details ________________________________________________ Footnote. Date loan was originated or acquired by BXMT, and the LTV as of such date In certain instances, loans are financed through the non-recourse sale of a senior loan interest that is not included in the consolidated financ
Slide 11: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in Thousands, Except Per Share Data) December 31, 2016 December 31, 2015 Assets Cash and cash equivalents 75,567 $ 96,450 $ Restricted cash — 9,556 Loans receivable, net 8,692,978 9,077,007 Equity investment in unconsolidated subsidiary — 9,441 Other assets 44,070 184,
Slide 12: Consolidated Statements of Operations
Consolidated Statements of Operations ($ in Thousands, Except per Share Data) Three Months Ended December 31, Year Ended December 31, Three Months Ended December 31, 2016 2015 2016 2015 Income from loans and other investments Interest and related income 116,288 $ 128,386 $ 497,974 $ 410,635 $ Less:
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 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 BXMT’s current views with respect to, among other things,
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