Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — Q1 2014 Earnings Presentation
19 slides from Blackstone Mortgage Trust's earnings presentation, Apr 29, 2014
Slide 1: Blackstone Mortgage Trust Reports First Quarter 2014 Results
Blackstone Mortgage Trust Reports First Quarter 2014 Results New York, April 29, 2014: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) (the “Company”) today reported its first quarter 2014 results. Net income for the first quarter was $13.1 million, or $0.34 per share. Stephen D. Plavin, Chief Executive
Slide 2: Forward-Looking Statements and Other Matters
through the commitment of its extraordinary people and flexible capital. Blackstone’s asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non‐investment grade credit, secondary funds, and multi asset class exposures falling outside of
Slide 3: First Quarter 2014 Results
Blackstone Mortgage Trust, Inc. First Quarter 2014 Results April 29, 2014
Slide 4: First Quarter 2014 Highlights
First Quarter 2014 Highlights Core Earnings(a) of $0.43 per share for the quarter driven by a 32% increase in net interest margin in our Loan Origination portfolio over the fourth quarter of 2013. BXMT closed 10 floating-rate senior mortgage loans during the quarter representing total commitment
Slide 5: First Quarter 2014 Balance Sheet, Results, and Core Earnings
First Quarter 2014 Balance Sheet, Results, and Core Earnings(a) ($ in Millions) Balance Sheet Net Core Income Earnings Loan Origination $32.0 $2,663 portfolio Interest income + $- $32.0 $24 CT Legacy Portfolio Net results ($1.0) + $1.0 $- $1,620 Secured debt obligations ($11.2) Interest expense ($11
Slide 6: Loan Origination Portfolio
Loan Origination Portfolio Loan Origination portfolio totaled $2.7 billion of floating-rate loans as of March 31, 2014, with a weighted average LTV of 63%. During the quarter, BXMT closed 10 new loans with total commitments of $892.0 million. BXMT funded $740.2 million of new and existing loan c
Slide 7: Portfolio Diversification
Portfolio Diversification BXMT’s floating-rate portfolio is diversified by collateral property type and geographic location, and is primarily comprised of senior mortgages and similar credit quality loans. Geographic Diversification(a) Floating-rate Loans(a) (Net Book Value, $ in Millions) (Net Bo
Slide 8: Secured Credit Facilities and Liquidity
Secured Credit Facilities(a) and Liquidity During the quarter, BXMT closed two additional credit facilities, totaling $912.6 million, including a £250.0 million pound sterling denominated credit facility, bringing total credit capacity to $2.7 billion. Total liquidity was $291.8 million as of Ma
Slide 9: Floating-Rate Business Model
Floating-Rate Business Model Because of BXMT’s LIBOR-based lending and funding business model, its returns increase with rising short-term interest rates. As of March 31, 2014: Loan Capitalization(a) (Principal Balance, $ in Millions) • $2.7 billion of floating-rate loans, indexed to LIBOR. • $1
Slide 10: CT Legacy Portfolio
CT Legacy Portfolio The CT Legacy Portfolio primarily consists of BXMT’s carried interest in CT Opportunity Partners I, LP (“CTOPI”), its investment in CT Legacy Partners, and its residual interests in CT CDO I. CTOPI’s net unrealized promote allocable to BXMT increased to $18.5 million. Deferre
Slide 11: Appendix
Appendix Mortgage Trust
Slide 12: Consolidated Balance Sheet
Consolidated Balance Sheet ($ in Thousands, Except per Share Data) Mar. 31, 2014 Dec. 31, 2013 Assets Cash and cash equivalents $ 70,834 $ 52,342 Restricted cash 10,677 10,096 Loans receivable, net 2,710,159 2,047,223 Equity investments in unconsolidated subsidiaries 23,394 22,480 Accrued interest r
Slide 13: Consolidated Balance Sheet: Segment Allocation
Consolidated Balance Sheet: Segment Allocation March 31, 2014 Loan CT Legacy ($ in Thousands) Origination Portfolio Total Assets Cash and cash equivalents $ 70,834 $ - $ 70,834 Restricted cash - 10,677 10,677 Loans receivable, net 2,663,159 47,000 2,710,159 Equity investments in unconsolidated subsi
Slide 14: Consolidated Statement of Operations
Consolidated Statement of Operations Three Months Ended March 31, ($ in Thousands, Except per Share Data) 2014 2013 Income from loans and other investments Interest and related income $ 33,656 $ 1,456 Less: Interest and related expenses 12,074 777 Income from loans and other investments, net 21,582
Slide 15: Consolidated Statement of Operations: Segment Allocation
Consolidated Statement of Operations: Segment Allocation Three Months Ended March 31, 2014 Year E Loan CT Legacy ($ in Thousands) Origination Portfolio Total Income from loans and other investments Interest and related income $ 32,035 $ 1,621 $ 33,656 Less: Interest and related expenses 11,626 448 1
Slide 16: Consolidated Statement of Operations: Loan Origination Segment
Consolidated Statement of Operations: Loan Origination Segment Three Months Ended ($ in Thousands) Mar 31, 2014 Dec 31, 2013 $ Change % Change Income from loans and other investments Interest and related income $ 32,035 $ 24,570 $ 7,465 30.4% Less: Interest and related expenses 11,626 9,063 2,563 28
Slide 17: Loan Origination Segment Portfolio Details
Loan Origination Segment Portfolio Details The following table provides details of BXMT’s Loan Origination Segment portfolio as of March 31, 2014: ($ in Millions) Principal Book Cash All-In Maximum Geographic Property Origination (a) (b) (b) (c) Origination Date Loan Type Balance Value Coupon Yiel
Slide 18: Definitions
Definitions Blackstone Mortgage Trust discloses the following financial measures that are 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 presentation: Core Earnings is an
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 current views with respect to
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