Blackstone Mortgage Trust, Inc. · NYSE:BXMT
Blackstone Mortgage Trust — FY2015 Earnings Presentation
19 slides from Blackstone Mortgage Trust's earnings presentation, Feb 16, 2016
Slide 1: Blackstone Mortgage Trust Reports Fourth Quarter and Full Year 2015 Results
Blackstone Mortgage Trust Reports Fourth Quarter and Full Year 2015 Results New York, February 16, 2016: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its fourth quarter and full year 2015 results. Core Earnings for the fourth quarter was $64 million, or $0.68 per share, and for the ful
Slide 2: About Blackstone; Forward-Looking Statements and Other Matters
About Blackstone Blackstone (NYSE:BX) is one of the world’s leading investment firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. Blackstone does this by using extraordinary people and
Slide 3: Fourth Quarter and Full Year 2015 Results
Blackstone Mortgage Trust, Inc. Fourth Quarter and Full Year 2015 Results February 16, 2016
Slide 4: Fourth Quarter and Full Year 2015 Highlights
Fourth Quarter and Full Year 2015 Highlights Core Earnings(a) per share of $0.68 in 4Q supporting the $0.62 dividend (110% coverage); 2015 Core Earnings(a) per share of $2.36, and 2015 total dividends of $2.28. GAAP net income of $0.70 per share during 4Q and 2015 GAAP net income of $2.41 per sh
Slide 5: 2015 Performance
2015 Performance BXMT’s portfolio doubled in size during 2015, driving growth in dividends and earnings without compromising strong portfolio metrics and balance sheet stability. Quarterly Originations Dividends & Core Earnings Growth (Total Loan Commitment, Dollars in Millions) (Quarterly Amounts
Slide 6: Fourth Quarter 2015 Balance Sheet, Net Income, and Core Earnings
Fourth Quarter 2015 Balance Sheet, Net Income, and Core Earnings(a) (Dollars in Millions) Balance Net Core Sheet Income Earnings(b) Loan portfolio $9,077 Interest income $127.7 + ($1.5) $126.2 Secured financings $6,613 Interest expense ($46.3) + $0.4 ($45.9) $164 Convertible notes, net $3.4 ($3.4) $
Slide 7: Loan Portfolio Overview
Loan Portfolio Overview Closed four new loans totaling $391 million and funded $396 million, including $70 million of follow-on fundings under previously originated loans. Loan repayments of $276 million of directly-originated loans plus $373 million of loans in the GE portfolio. Portfolio met
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 Total financing capacity of $10.2 billion, including $1.1 billion of GBP and EUR multi-currency facilities. Total liquidity of $601 million(a) at quarter-end, providing for $2.3 billion(a) of potential loan originations and fundings. (Dollars in Billions) Capacity Outstanding
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 Sheets
Consolidated Balance Sheets (Dollars in Thousands, Except per Share Data) December 31, 2015 December 31, 2014 Assets Cash and cash equivalents $ 96,450 $ 51,810 Restricted cash 9,556 11,591 Loans receivable, net 9,077,007 4,428,500 Equity investments in unconsolidated subsidiaries 9,441 10,604 Other
Slide 14: Consolidated Statements of Operations
Consolidated Statements of Operations (Dollars in Thousands, Except per Share Data) Three Months Ended December 31, Year Ended December 31, 2015 2014 2015 2014 Income from loans and other investments Interest and related income $ 128,386 $ 58,258 $ 410,635 $ 184,766 Less: Interest and related expens
Slide 15: Per Share Calculations
Per Share Calculations (Amounts in Thousands, Except per Share Data) Three Months Ended December 31, 2015 September 30, 2015 Net income $ 65,264 $ 66,888 CT Legacy Portfolio net income (3,408) (401) Non-cash compensation expense 3,460 3,188 Core Earnings GE purchase discount accretion adjustment(a)
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 Year Ended March 31, June 30, September 30, December 31, December 31, 2015 2015 2015 2015 2015 Net income $ 35,393 $ 29,284 $ 66,888 $ 65,264 $ 196,829 CT Legacy Portfolio net income (8,
Slide 17: 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(a) 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 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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