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MarketScreener Homepage  >  Equities  >  Nyse  >  The Blackstone Group Inc.    BX

THE BLACKSTONE GROUP INC.

(BX)
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Blackstone : 3Q 2020 Earnings Release & Company Supplemental

11/20/2020 | 12:55pm EST

Blackstone Mortgage Trust, Inc.

3Q 2020 Earnings Release & Company Supplemental

NOVEMBER 2020

FORWARD-LOOKING STATEMENTS AND OTHER MATTERS

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, Inc.'s ("BXMT") current views with respect to, among other things, BXMT's operations and financial performance and the impact of the COVID-19 pandemic. You can identify these forward-looking statements by the use of words such as "outlook," "objective," "indicator," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. BXMT believes these factors include but are not limited to those described under the section entitled "Risk Factors" in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and its Quarterly Report on Form 10- Q for the fiscal quarter ended March 31, 2020, as such factors may be further updated from time to time in its periodic filings with the Securities and Exchange Commission ("SEC") which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in the filings. BXMT assumes no obligation to update or supplement forward‐looking statements that become untrue because of subsequent events or circumstances.

Slides 18-19 of this presentation reference numerical data relating to Blackstone that includes activities of Blackstone Real Estate's public and private portfolio companies, unless otherwise noted.

Information included in this presentation is as of or for the period ended September 30, 2020, unless otherwise noted.

Blackstone Mortgage Trust, Inc.

Blackstone |

1

BXMT HIGHLIGHTS

  • BXMT continued to deliver strong earnings in 3Q, generating $0.61 EPS and $0.63 Core EPS(1)
  • $18.1 billion(2) senior loan portfolio backed by high-quality assets and well-capitalized sponsors

Stable Earnings

Stable Credit Performance

Stable Balance Sheet

102%

99%

$1.2B

dividend

interest

total

coverage(3)

collection

liquidity(4)

Consistent earnings through a

Senior mortgage loan portfolio

Match-funded liability structure with

historically volatile period

continues to outperform

substantial liquidity

  1. See Appendix for a definition and reconciliation to GAAP net income.
  2. Includes $716 million of Non-Consolidated Senior Interests and investment exposure to the $808 million 2018 Single Asset Securitization through an $79 million subordinate interest.
  3. Reflects ratio of Core Earnings to dividends declared for the three months ended September 30, 2020.
  4. Total liquidity primarily includes $427 million of cash and $806 million of available borrowings under credit facilities.

Blackstone Mortgage Trust, Inc.

Blackstone |

2

THIRD QUARTER 2020 RESULTS

Earnings

Portfolio

Capitalization

  • 3Q GAAP earnings per share of $0.61 and Core Earnings(1) per share of $0.63; book value per share of $26.51
  • Generated strong earnings while maintaining elevated liquidity levels during the quarter; total liquidity at quarter end of $1.2 billion(2)
  • Earnings and book value reflect $0.04 per share decrease in 3Q CECL reserve from ordinary course loan portfolio migration; no specific CECL reserves recorded in 3Q
  • $18.1 billion(3) senior loan portfolio secured by institutional quality real estate in major markets, with a weighted average origination LTV(3)(4) of 64%
  • 99% interest collection in 3Q reflects the quality of our portfolio and sponsor commitment to our collateral
  • $484 million of loan repayments and $342 million of loan fundings
  • Stable corporate debt structure with no near-term maturities
  • Match-fundedasset level financing with no capital markets mark-to-market an array of bilateral credit facilities, securitizations and asset-specific syndications
  • Priced a $1.0 billion CRE CLO post-quarter end, increasing the non-recourse component of our balance sheet and further diversifying financing sources
  1. See Appendix for a definition and reconciliation to GAAP net income.
  2. Total liquidity primarily includes $427 million of cash and $806 million of available borrowings under credit facilities.
  3. Includes $716 million of Non-Consolidated Senior Interests and investment exposure to the $808 million 2018 Single Asset Securitization through a $79 million subordinate interest.
  4. Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.

Blackstone Mortgage Trust, Inc.

Blackstone |

3

EARNINGS

  • 3Q results driven by continued strong credit performance and earnings power of the loan portfolio
  • BXMT earnings remained steady through a period of economic dislocation and a significant decline in LIBOR

Strong Results Through Volatile Period(1)

$0.64

$0.62

$0.63

$0.61

3Q GAAP Earnings

per share

1.40%

0.35%

$0.63

3Q Core Earnings

0.16%

per share

1Q '20

2Q '20

3Q '20

Core Earnings per Share

Average USD LIBOR

  1. See Appendix for a definition and reconciliation to GAAP net income.

Blackstone Mortgage Trust, Inc.

Blackstone |

4

PORTFOLIO

  • $18.1 billion(1) senior loan portfolio comprising 124 loans; large average loan balance of $146 million reflects significant equity investment from our institutional sponsors
  • $342 million of loan fundings under previously originated loans funded through loan repayments of $484 million

Major Market Focus(1)(2)

Collateral Diversification(1)

MN

1%

NY

23%

Condo 1%

Self-Storage 2% Other

5%

Retail 3%

NV

1%

IL

DC, 2%

CA

4%

17%

VA, 4%

TN, 1%

Industrial 5%

Multi 11%

Office 56%

HI, 3%

GA

TX

3%

3%

FL

5%

IR, 7%

UK,11%

BE, 1%

NL, 1%

DEU, 1%

AU, 1%

ES, 7%

IT, 1%

$18.1B

portfolio

Hospitality 17%

  1. Includes $716 million of Non-Consolidated Senior Interests and investment exposure to the $808 million 2018 Single Asset Securitization through a $79 million subordinate interest.
  2. States comprising less than 1% of total loan portfolio are excluded.

Blackstone Mortgage Trust, Inc.

Blackstone |

5

PORTFOLIO

  • Loan portfolio continues to perform with minimal interest deferral
  • 80% of loans performing on pre-COVID terms; COVID-related modifications have generally involved significant new financial commitments from sponsors

COVID-Related Loan Modifications(1)

Cash-in(2)

No Modifications

COVID-Related

15%

80%

20%

Other

5%

  • Well-capitalizedsponsors supporting assets through COVID period
  • New cash equity contributed in exchange for more time to complete business plans
  • Minor reserve deferrals or reallocations
  • Extension of business plan milestones
  1. Includes loans modified during the six months ended September 30, 2020 as a result of COVID-19; excludes ordinary course loan modifications during the period.
  2. Cash-inmodifications includes loan modifications involving an additional financial commitment from sponsors in the form of loan paydowns, guaranties, additional equity, or other, similar provisions.

Blackstone Mortgage Trust, Inc.

Blackstone |

6

CAPITALIZATION

  • Maintained substantial liquidity of $1.2 billion(1) at quarter end and a consistent debt-to-equity ratio(2) of 2.6x
  • Majority of corporate debt has over 5 years of remaining term, with no maturities prior to 2022

Debt-to-Equity Ratio(2)

Corporate Debt(3)

(outstanding balance; $ in millions)

3.0x

$1,009

2.8x

2.6x 2.6x

$403

$220

12/31/19

3/31/20

6/30/20

9/30/20

2020

2021

2022

2023

2024

2025

2026

Convertible Notes

Term

Loan B

  1. Total liquidity primarily includes $427 million of cash and $806 million of available borrowings under credit facilities.
  2. Represents (i) total outstanding secured debt agreements, secured term loans and convertible notes, less cash, to (ii) total equity.
  3. Excludes $11 million per annum of scheduled amortization payments under the Term Loan B.

Blackstone Mortgage Trust, Inc.

Blackstone |

7

Appendix

Blackstone Mortgage Trust, Inc.

Blackstone |

8

APPENDIX

Operating Results

($ in millions)

GAAP Net

Core

Income

Adjustments

Earnings

Interest income

$193.9

$ -

$193.9

Interest expense

(79.0)

(0.2)

(79.2)

Management and incentive fees

(19.0)

-

(19.0)

General and administrative

(2.6)

-

(2.6)

expenses and taxes

Decrease in current expected

6.1

(6.1)

-

credit loss reserve

Non-cash compensation

(8.6)

8.6

-

Realized hedging and

-

-

-

foreign currency income, net(1)

Net income attributable to non-

(0.9)

0.1

(0.8)

controlling interests

Total

$89.9

$2.4

$92.3

$0.61

$0.63

net income per share

core earnings per share

Net Fundings

($ in billions)

$18.3

$0.3

$18.1

$0.5

2Q '20 Loans

Fundings

Repayments

3Q '20 Loans

Outstanding(2)(3)

Outstanding(4)

  1. Primarily represents realized gains on the repatriation of unhedged foreign currency. These amounts are not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.
  2. Includes the impact of changes in foreign currency rates and related hedges for non-USD investments of $0.3 billion for the three months ending September 30, 2020.
  3. Includes $740 million of Non-Consolidated Senior Interests and investment exposure to the $857 million 2018 Single Asset Securitization through an $82 million subordinate interest.
  4. Includes $716 million of Non-Consolidated Senior Interests and investment exposure to the $808 million 2018 Single Asset Securitization through a $79 million subordinate interest.

Blackstone Mortgage Trust, Inc.

Blackstone |

9

APPENDIX

Portfolio Details(1)

($ in millions)

Origination

Total

Principal

Net Book

Cash

All-in

Maximum

Property

Loan Per

Origination

Loan Type

Date (2)

Loan (3)

Balance (3)

Value

Coupon

Yield

Maturity (4)

Location

Type

SQFT / Unit / Key

LTV (2)

Loan 1

Senior loan

8/14/2019

$ 1,264

$ 1,264

$ 1,256

L + 2.50 %

L + 2.83 %

12/23/2024

Dublin - IE

Office

$460 / sqft

74 %

Loan 2

Senior loan

3/22/2018

995

995

992

L + 3.15 %

L + 3.37 %

3/15/2023

Diversified - Spain

Mixed-Use

n/a

71 %

Loan 3

Senior loan

11/25/2019

724

646

646

L + 2.30 %

L + 3.18 %

12/9/2024

New York

Office

$925 / sqft

65 %

Loan 4

Senior loan

5/11/2017

647

616

615

L + 3.40 %

L + 3.57 %

6/10/2023

Washington DC

Office

$302 / sqft

62 %

Loan 5

Senior loan

8/22/2018

363

357

356

L + 3.15 %

L + 3.49 %

8/9/2023

Maui

Hospitality

$463,671 /

key

61 %

Loan 6

Senior loan

10/23/2018

352

347

347

L + 3.40 %

L + 3.67 %

1/23/2022

New York

Mixed-Use

$588 / sqft

65 %

Loan 7

Senior loan

4/11/2018

355

345

344

L + 2.85 %

L + 3.10 %

5/1/2023

New York

Office

$437 / sqft

71 %

Loan 8

Senior loan (3)

8/6/2015

315

315

58

5.75 %

5.81 %

10/29/2022

Diversified - EUR

Other

n/a

71 %

Loan 9

Senior loan

1/11/2019

310

310

307

L + 4.35 %

L + 4.70 %

1/11/2026

Diversified - UK

Other

$306 / sqft

74 %

Loan 10

Senior loan

11/30/2018

286

286

285

n/m (5)

n/m (5)

8/9/2025

New York

Hospitality

$306,870 /

key

73 %

Loan 11

Senior loan

2/27/2020

300

282

279

L + 2.70 %

L + 3.03 %

3/9/2025

New York

Mixed-Use

$884 / sqft

59 %

Loan 12

Senior loan

7/31/2018

280

278

277

L + 3.10 %

L + 3.52 %

8/9/2022

San Francisco

Office

$701 / sqft

50 %

Loan 13

Senior loan (3)

8/7/2019

746

270

52

L + 3.12 %

L + 3.55 %

9/9/2025

Los Angeles

Office

$183 / sqft

59 %

Loan 14

Senior loan

12/11/2018

310

257

255

L + 2.55 %

L + 2.96 %

12/9/2023

Chicago

Office

$216 / sqft

78 %

Loan 15

Senior loan

11/30/2018

254

248

247

L + 2.80 %

L + 3.17 %

12/9/2023

San Francisco

Hospitality

$364,513 /

key

73 %

Loans 16 - 123

Senior loan (3)

Various

13,973

10,453

10,151

L + 3.31 (6)

L + 3.65 (6)

Various

Various

Various

Various

62 %

CECL reserve

(177)

Total/Wtd. avg.

$ 21,475

$ 17,270

$ 16,292

L + 3.22 (6)

L + 3.58 (6)

3.3 yrs

65 %

  1. Portfolio excludes our $79 million subordinate interest in the $808 million 2018 Single Asset Securitization.
  2. Date loan was originated or acquired by us, and the LTV as of such date. Origination dates are subsequently updated to reflect material loan modifications.
  3. In certain instances, loans are financed through the non-recourse sale of a senior loan interest that is not included in the consolidated financial statements. As of September 30, 2020, five loans in the portfolio have been financed with an aggregate $716 million of Non-Consolidated Senior Interests, which are included in the table above.
  4. Maximum maturity assumes all extension options are exercised; however, floating rate loans generally may be repaid prior to their final maturity without penalty.
  5. This loan is accounted for under the cost-recovery method.
  6. Consists of both floating and fixed rates. Coupon and all-in yield assume applicable floating benchmark rates for weighted-average calculation. Excludes loans under the cost-recovery method.

Blackstone Mortgage Trust, Inc.

Blackstone | 10

APPENDIX

Consolidated Balance Sheets

($ in thousands, except per share data)

September 30, 2020

December 31, 2019

Assets

Cash and cash equivalents

$427,028

$150,090

Loans receivable

16,468,703

16,164,801

Current expected credit loss reserve

(177,026)

-

Loans receivable, net

16,291,677

16,164,801

Other assets

158,099

236,980

Total assets

$16,876,804

$16,551,871

Liabilities and equity

Secured debt agreements, net

$8,973,810

$10,054,930

Securitized debt obligations, net

2,168,083

1,187,084

Secured term loans, net

1,043,441

736,142

Convertible notes, net

615,541

613,071

Other liabilities

171,977

175,963

Total liabilities

12,972,852

12,767,190

Commitments and contingencies

-

-

Equity

Class A common stock, $0.01 par value

1,462

1,350

Additional paid-in capital

4,693,982

4,370,014

Accumulated other comprehensive income (loss)

9,645

(16,233)

Accumulated deficit

(821,725)

(592,548)

Total Blackstone Mortgage Trust, Inc. stockholdersʼ equity

3,883,364

3,762,583

Non-controlling interests

20,588

22,098

Total equity

3,903,952

3,784,681

Total liabilities and equity

$16,876,804

$16,551,871

Blackstone Mortgage Trust, Inc.

Blackstone | 11

APPENDIX

Consolidated Statements of Operations

($ in thousands, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

Income from loans and other investments

Interest and related income

$193,939

$213,873

$590,797

$662,001

Less: Interest and related expenses

78,978

111,957

268,070

347,536

Income from loans and other investments, net

114,961

101,916

322,727

314,465

Other expenses

Management and incentive fees

18,985

17,502

58,758

58,276

General and administrative expenses

11,242

9,741

34,320

28,951

Total other expenses

30,227

27,243

93,078

87,227

Decrease (increase) in current expected credit loss reserve

6,055

-

(173,466)

-

Income before income taxes

90,789

74,673

56,183

227,238

Income tax provision (benefit)

20

(721)

192

(573)

Net income

$90,769

$75,394

$55,991

$227,811

Net income attributable to non-controlling interests

(909)

(497)

(1,937)

(1,176)

Net income attributable to Blackstone Mortgage Trust, Inc.

$89,860

$74,897

$54,054

$226,635

Per share information (basic and diluted)

Weighted-average shares of common stock outstanding

146,484,651

134,536,683

140,157,620

128,485,701

Net income per share of common stock

$0.61

$0.56

$0.39

$1.76

Blackstone Mortgage Trust, Inc.

Blackstone | 12

APPENDIX

Per Share Calculations

(in thousands, except per share data)

Core Earnings

Reconciliation

Book Value

per Share

Three Months Ended

September 30, 2020

June 30, 2020

Net income(1)

$89,860

$17,544

(Decrease) increase in current expected credit loss reserve

(6,055)

56,819

Non-cash compensation expense

8,649

8,652

Realized hedging and foreign currency (loss) income, net(2)

(7)

1,810

Other items

(240)

210

Adjustments attributable to non-controlling interests, net

143

139

Core Earnings

$92,350

$85,174

Weighted-average shares outstanding, basic and diluted

146,485

138,299

Core Earnings per share, basic and diluted

$0.63

$0.62

Three Months Ended

September 30, 2020

June 30, 2020

Stockholders' equity

$3,883,364

$3,874,763

Shares

Class A common stock

146,197

146,197

Deferred stock units

294

281

Total outstanding

146,491

146,478

Book value per share

$26.51

$26.45

Three Months Ended

Earnings

September 30, 2020

June 30, 2020

Net income(1)

$89,860

$17,544

per Share

Weighted-average shares outstanding, basic and diluted

146,485

138,299

Earnings per share, basic and diluted

$0.61

$0.13

  1. Represents net income attributable to Blackstone Mortgage Trust, Inc.
  2. Represents realized gains on the repatriation of unhedged foreign currency. These amounts were not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.

Blackstone Mortgage Trust, Inc.

Blackstone | 13

APPENDIX

Reconciliation of Net Income to Core Earnings

(in thousands, except per share data)

Three Months Ended,

Sept 30,

June 30,

Mar 31,

2020

2020

2020

Net income (loss)(1)

89,860

17,544

(53,350)

(Decrease) increase in current expected credit loss reserve

(6,055)

56,819

122,702

Non-cash compensation expense

8,649

8,652

8,678

Realized hedging and foreign currency (loss) income, net(2)

(7)

1,810

8,467

Other items

(240)

210

596

Adjustments attributable to non-controlling interests, net

143

139

(561)

Core Earnings

92,350

85,174

86,532

Weighted-average shares outstanding, basic and diluted

146,485

138,299

135,619

Net income (loss) per share, basic and diluted

$0.61

$0.13

($0.39)

Core Earnings per share, basic and diluted

$0.63

$0.62

$0.64

  1. Represents net (loss) income attributable to Blackstone Mortgage Trust, Inc.
  2. For the three months ended September 30, 2020 and June 30, 2020, represents realized gains on the repatriation of unhedged foreign currency. For the three months ended March 31, 2020, primarily represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. These amounts were not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.

Blackstone Mortgage Trust, Inc.

Blackstone | 14

DEFINITIONS

Core Earnings: Blackstone Mortgage Trust, Inc. ("BXMT") discloses Core Earnings in this presentation. Core Earnings is 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").

Core Earnings is a non-GAAP measure, which we define as GAAP net income (loss), including realized gains and losses not otherwise included in GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv) net income (loss) attributable to our legacy portfolio, and (v) certain non-cash items. Core Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by our Manager, subject to approval by a majority of our independent directors. During the nine months ended September 30, 2020, we recorded a $173.5 million increase in current expected credit loss reserve, or CECL reserve, which has been excluded from Core Earnings consistent with other unrealized gains (losses) pursuant to our existing policy for reporting Core Earnings and the terms of the management agreement between our Manager and us.

We believe that Core Earnings provides meaningful information to consider in addition to our net income and cash flow from operating activities determined in accordance with GAAP. This adjusted measure helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations. Although, according to the management agreement between our Manager and us, or our Management Agreement, we calculate the incentive and base management fees due to our Manager using Core Earnings before our incentive fee expense, we report Core Earnings after incentive fee expense, as we believe this is a more meaningful presentation of the economic performance of our Class A common stock.

Core Earnings does not represent net income or cash generated from operating activities and should not be considered as an alternative to GAAP net income, or an indication of our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Core Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Core Earnings may not be comparable to the Core Earnings reported by other companies.

Non-ConsolidatedSenior Interests: Senior interests in loans originated and syndicated to third parties. These non-recourse loan participations, which are excluded from the GAAP balance sheet, constitute additional financing capacity and are included in discussions of the loan portfolio.

Non-ConsolidatedSecuritized Debt Obligations: Senior securitized debt held by third-parties in the 2018 Single Asset Securitization. These non-recourse securitized debt obligations, which are excluded from the GAAP balance sheet, constitute additional financing capacity and are included in discussions of the loan portfolio.

Blackstone Mortgage Trust, Inc.

Blackstone | 15

Company Supplemental

Blackstone Mortgage Trust, Inc.

Blackstone | 16

BLACKSTONE MORTGAGE TRUST OVERVIEW

  • Blackstone Mortgage Trust, Inc. (NYSE: BXMT) is a best-in-class commercial mortgage REIT that originates senior mortgage loans on institutional quality real estate assets in North America, Europe and Australia

Superior Sponsorship

Affiliation with BX, largest real estate private equity business in the world

Senior Lending Focused

Attractive current income, conservative credit and efficient leverage to drive returns

Large-Scale Portfolio

Stable Balance Sheet

Institutional quality real estate located in major markets

Long duration liabilities, with no capital markets mark-to-market

Blackstone Mortgage Trust, Inc.

Blackstone | 17

BXMT POST-COVID EXECUTION

  • BXMT has maintained strong, consistent credit performance and earnings power through the COVID period, while actively enhancing balance sheet liquidity and market leading capital structure

Credit

Liquidity

Capital Markets

Earnings

99%

$1.2B

$1.4B

102%

interest

total

new

dividend

collection

liquidity(1)

capital

coverage(2)

Interest collection since March

Maintained ample liquidity for

Raised new capital through

Stable income stream against

reflects the stability of the

offense and defense

CLO, Term Loan B and equity

volatile backdrop

portfolio

markets

  1. Total liquidity primarily includes $427 million of cash and $806 million of available borrowings under credit facilities as of September 30, 2020.
  2. Reflects ratio of Core Earnings to dividends declared for the nine months ended September 30, 2020.

Blackstone Mortgage Trust, Inc.

Blackstone | 18

SUPERIOR REAL ESTATE PLATFORM

  • As one of the largest owners of real estate in every sector and geography, Blackstone's unparalleled reach across the real estate market drives proprietary insight which enables best-in-class investment performance
  • BXMT's underwriting and credit process is fully integrated with the Blackstone platform, resulting in highly- informed investment decisions

Current Holdings(1)

Portfolio Companies

Office 223M

square feet

Industrial 872M

square feet

Hotel 116k

owned keys

Residential 255k

units

Note: In addition to wholly-owned assets, figures include leased assets, collateral, assets managed through stakes in publicly-traded companies and assets owned through joint-ventures (reflected at 100%), as applicable. Excludes other assets. See "Important Disclosure Information".

(1) As of September 30, 2020. Numerical data relating to Blackstone includes activities of Blackstone Real Estate's public & private portfolio companies (unless otherwise noted).

Blackstone Mortgage Trust, Inc.

Blackstone | 19

SUPERIOR REAL ESTATE PLATFORM

  • 550+ people in 11 offices, across one fully integrated real estate platform

Blackstone Advantage

Constant Communication

Global Business

Weekly

594 professionals

Partners' Meeting

11 global offices

Global ICMs

Investment Review Committees

Scale Capital

Quarterly

$174 billion RE AUM

Board Meetings

$29 billion raised in LTM

Portfolio Asset Review

Long View

Annual

Long term capital commitments

Regional Strategy Session

Never a forced seller

Integrated Perspective

1

global real estate platform

1

investment process- same people, same process

Blackstone Mortgage Trust, Inc.

Blackstone | 20

SUPERIOR REAL ESTATE PLATFORM

  • Blackstone's unique investment process is complemented by fully-integrated corporate infrastructure

BREDS Investment Committee

BXMT Officers

Kenneth Caplan

Jonathan Pollack

Katie Keenan

Douglas Armer

BX Global Co-Head of Real Estate,

Global Head of BREDS,

President,

EVP Capital Markets, Treasurer,

Senior Managing Director

Senior Managing Director

Managing Director

Managing Director

Kathleen McCarthy

Tim Johnson

Tony Marone

Thomas Ruffing

BX Global Co-Head of Real Estate,

Global Head of Originations,

Chief Financial Officer,

Head of Loan Asset Management,

Senior Managing Director

Senior Managing Director

Managing Director

Managing Director

Nadeem Meghji

Michael Wiebolt

Weston Tucker

Leon Volchyok

Head of Real Estate Americas,

Head of BREDS Liquid Strategies,

Head of Investor Relations,

Head of Legal & Compliance and Secretary,

Senior Managing Director

Senior Managing Director

Senior Managing Director

Managing Director

Stephen Plavin

Rob Harper

Chief Executive Officer of BXMT,

Head of BX Real Estate US Asset Management,

Senior Managing Director

Senior Managing Director

Michael Nash

Executive Chairman of BXMT,

Senior Managing Director

Originations (U.S.)

Originations (Europe)

Capital Markets / AM / Finance

41 professionals

15 professionals

55 professionals

Michael Eglit

Michael Zerda

Nicholas Menzies

Managing Director

Managing Director

Capital Markets, Managing Director

Jimmy Yung

Michael Nagelberg

Rob Sitman

Managing Director

Managing Director

Asset Management, Managing Director

Austin Pena

Managing Director

J.T. Sizemore

Managing Director

Blackstone Mortgage Trust, Inc.

Blackstone | 21

TARGET INVESTMENTS

Loan Size

$50 million to $500+ million

First mortgages on stabilized or transitional assets

Collateral

All commercial property types

Property Type

North America, Europe and Australia

Geographies

Last dollar 50% to 75%

Loan to Value

Libor + 3.00% and higher, scaled to risk

Rate

3 to 5 years

Term

Typically interest only

Amortization

Typically 1.0% origination fee and 0.25% to 0.50% extension fees

Fees

12 to 24 months of spread maintenance

Prepayment

Blackstone Mortgage Trust, Inc.

Blackstone | 22

SAMPLE TRANSACTION: WASHINGTON SQUARE

  • $146 million floating rate, first mortgage loan secured by Washington Square in Minneapolis, MN
    • Three well-located, newly renovated class A office buildings and parking garage; 64% LTV and 85% occupied
    • Initial funding of $121 million with $25 million future funding for building improvements and leasing
  • Blackstone offered a solution for a repeat borrower to refinance and fund remaining renovations

Washington

Square

Blackstone Mortgage Trust, Inc.

Blackstone | 23

SAMPLE TRANSACTION: CAMMEBY'S INDUSTRIAL PORTFOLIO

  • $243 million floating rate, first mortgage loan secured by crossed infill industrial portfolio
    • Consists of fully-leased 37 building, 3.8mm SF portfolio located in Long Island, NY; 70% LTV and 91% occupied
    • Includes $24 million to finance the acquisition of portfolio add-ons and future capital improvements
  • Stable cash flows and benefits from close proximity to thoroughfares and dense population centers

Cammeby's

Industrial

Blackstone Mortgage Trust, Inc.

Blackstone | 24

SAMPLE TRANSACTION: PASÉA HOTEL & SPA

  • $133 million floating rate, first mortgage loan secured by Paséa Hotel & Spa
    - Newly-built250-key beachfront hotel located in Huntington Beach, CA; 59% LTV
  • Premier asset in an irreplaceable location in a drive-to market, catering to transient demand

Paséa Hotel & Spa

Blackstone Mortgage Trust, Inc.

Blackstone | 25

SAMPLE TRANSACTION: FIVE ACRE SQUARE

  • £112 million floating rate, first mortgage loan secured by Five Acre Square in London
    - Well-located 201k SF prime office building; 70% LTV with strong sponsorship
  • Long-let,freehold asset with close proximity to amenities and transportation hubs

Five Acre Square

Blackstone Mortgage Trust, Inc.

Blackstone | 26

SAMPLE TRANSACTION: DUTCH MULTIFAMILY

  • €107 million floating rate, first mortgage loan secured by a portfolio of residential and office assets
    • 819 residential units and 2 office buildings; 65% LTV and 98% occupied residential units
    • Initial funding of €87 million with €20 million future funding for additional building improvements
  • Assets are well-located in city centers of four regional Dutch cities, within a ~1-hour commute from Amsterdam

Dutch Multifamily

Blackstone Mortgage Trust, Inc.

Blackstone | 27

BXMT RELATIVE VALUE

  • Blackstone provides compelling relative value compared to other listed real estate products

Other Comm

Agency Resi

Equity

mREITs

mREITs

REITs

Dividend Yield

Senior Loans

Floating Rate

Low Earnings Volatility

Note: The composition of the various categories of REITs being compared with BXMT, as well as the characteristics compared, reflect our current views as of the date appearing in this material only and are not based on any index or other established categorization.

Blackstone Mortgage Trust, Inc.

Blackstone | 28

Disclaimer

The Blackstone Group Inc. published this content on 19 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 November 2020 17:54:00 UTC


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Financials (USD)
Sales 2020 5 837 M - -
Net income 2020 2 971 M - -
Net Debt 2020 6 732 M - -
P/E ratio 2020 26,4x
Yield 2020 3,23%
Capitalization 43 963 M 43 963 M -
EV / Sales 2020 8,68x
EV / Sales 2021 6,73x
Nbr of Employees 2 905
Free-Float 98,7%
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Technical analysis trends THE BLACKSTONE GROUP INC.
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Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 67,72 $
Last Close Price 63,35 $
Spread / Highest target 18,4%
Spread / Average Target 6,90%
Spread / Lowest Target -8,45%
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Managers and Directors
NameTitle
Stephen Allen Schwarzman Chairman & Chief Executive Officer
Jonathan D. Gray President, Chief Operating Officer & Director
Michael S. Chae Chief Financial Officer
John Stecher Chief Technology Officer
Hamilton Evans James Executive Vice Chairman & Director
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