8-K - BXMT - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 28, 2020

Blackstone Mortgage Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland	1-14788	94-6181186
(State or Other<br> <br>Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer<br> <br>Identification No.)

345 Park Avenue, 42nd Floor

New York, New York 10154

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 655-0220

Not Applicable

(Former Name or Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.01 per share	BXMT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 28, 2020, Blackstone Mortgage Trust, Inc. (the “Company”) issued a press release and detailed presentation announcing its financial results for the first quarter ended March 31, 2020. The press release and full detailed presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information contained under Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits
Exhibit<br> <br>No.		Description
---	---	---
	99.1	Press Release of Blackstone Mortgage Trust, Inc. dated April 28, 2020.
	99.2	Presentation of Blackstone Mortgage Trust, Inc. dated April 28, 2020.
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BLACKSTONE MORTGAGE TRUST, INC.
Date: April 28, 2020
	By:	/s/ Anthony F. Marone, Jr.
	Name:	Anthony F. Marone, Jr.
	Title:	Chief Financial Officer

EX-99.1

Exhibit 99.1

LOGO

Blackstone Mortgage Trust Reports

First Quarter 2020 Results

New York, April 28, 2020: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its first quarter 2020 results.

Stephen D. Plavin, Chief Executive Officer, said, “BXMT’s first quarter results highlight the strength and stability of our business amid the onset of this unprecedented crisis. Our pure-play focus on low leverage senior loans backed by high-quality properties in major markets has been rewarded with 100% performance in our loan portfolio to date. Similarly, our well-structured, diversified capital base with over $800 million of current liquidity put us on strong footing to navigate these uncertain times. As part of the Blackstone Real Estate franchise, we have access to unparalleled information and resources and are well positioned to maximize value for our stockholders over time.”

Blackstone Mortgage Trust issued a full detailed presentation of its first quarter 2020 results, which can be viewed at www.bxmt.com.

Quarterly Investor Call Details

Blackstone Mortgage Trust will host a conference call on Wednesday, April 29, 2020 at 10:00 a.m. ET to discuss first quarter 2020 results. To register for the webcast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1304574&tp_key=a4199ff877. For those unable to listen to the live broadcast, a recorded replay will be available on the company’s website at www.bxmt.com beginning approximately two hours after the event.

About Blackstone Mortgage Trust

Blackstone Mortgage Trust (NYSE:BXMT) is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from our loan portfolio. Our portfolio is composed of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, depending on our view of the most prudent strategy available for each of our investments. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone. Further information is available at www.bxmt.com.

Blackstone Mortgage Trust, Inc.<br> <br>345 Park Avenue<br><br><br>New York, New York 10154<br><br><br>T 212 655 0220

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 flexible capital to help companies solve problems. Blackstone’s asset management businesses, with $538 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, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Forward-Looking Statements and Other Matters

This release 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, among other things, Blackstone Mortgage Trust’s operations and financial performance and potential 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. Blackstone Mortgage Trust 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 release and in the filings. Blackstone Mortgage Trust assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.

Investor and Public Affairs Contacts

Investor Relations<br><br><br>Blackstone<br> <br>+1 (888) 756-8443<br> <br>BlackstoneShareholderRelations@Blackstone.com	Public Affairs<br><br><br>Blackstone<br> <br>+1 (212) 583-5263<br> <br>PressInquiries@Blackstone.com

EX-99.2

<br> <br>Blackstone Mortgage Trust, Inc.<br> <br>April 28, 2020<br> <br>First Quarter 2020 Results<br> <br>Exhibit 99.2
<br> <br>Blackstone Mortgage Trust<br> <br>1<br> <br>BXMT Highlights<br> <br>BXMT<br> <br>benefits<br> <br>from<br> <br>the<br> <br>deep<br> <br>experience<br> <br>of<br> <br>Blackstone<br> <br>Real<br> <br>Estate,<br> <br>which<br> <br>is<br> <br>the<br> <br>largest<br> <br>real<br> <br>estate<br> <br>private<br> <br>equity<br> <br>manager<br> <br>in<br> <br>the<br> <br>world<br> <br>with<br> <br>a<br> <br>proven<br> <br>track<br> <br>record<br> <br>of<br> <br>safeguarding<br> <br>investments<br> <br>through<br> <br>market<br> <br>cycles<br> <br>over<br> <br>28<br> <br>years<br> <br>BXMT<br> <br>is<br> <br>taking<br> <br>a<br> <br>proactive<br> <br>and<br> <br>prudent<br> <br>approach<br> <br>during<br> <br>this<br> <br>period<br> <br>of<br> <br>COVID-19<br> <br>uncertainty<br> <br>to<br> <br>fortify<br> <br>its<br> <br>balance<br> <br>sheet<br> <br>and<br> <br>enhance<br> <br>its<br> <br>strong<br> <br>liquidity<br> <br>position<br> <br>to<br> <br>navigate<br> <br>through<br> <br>the<br> <br>possibility<br> <br>of<br> <br>an<br> <br>elongated<br> <br>economic<br> <br>recovery<br> <br>2022<br> <br>Nearest corporate debt<br> <br>maturity<br> <br>Long duration<br> <br>liabilities, with no<br> <br>capital markets<br> <br>mark-to-market<br> <br>2.8x<br> <br>Debt-to-Equity<br> <br>Ratio<br> <br>(b)<br> <br>Strong Balance Sheet<br> <br>63%<br> <br>Origination<br> <br>Loan-to-Value<br> <br>(a)<br> <br>Well-capitalized,<br> <br>institutional sponsors<br> <br>committed to protecting<br> <br>their investments<br> <br>100%<br> <br>Performing Portfolio<br> <br>Strong Credit<br> <br>Note: All figures in this presentation as of March 31, 2020, unless otherwise indicated.<br><br><br>(a)<br> <br>Includes<br> <br>$692<br> <br>million<br> <br>of<br> <br>Non-Consolidated<br> <br>Senior<br> <br>Interests<br> <br>as<br> <br>of<br> <br>March<br> <br>31,<br> <br>2020<br> <br>and<br> <br>investment<br> <br>exposure<br> <br>to<br> <br>the<br> <br>$881<br> <br>million<br> <br>2018<br> <br>Single<br> <br>Asset<br> <br>Securitization<br> <br>through<br> <br>an<br> <br>$84<br> <br>million<br> <br>subordinate<br> <br>risk retention interest.<br> <br>(b)<br> <br>Represents<br> <br>(i)<br> <br>total<br> <br>outstanding<br> <br>secured<br> <br>debt<br> <br>agreements,<br> <br>secured<br> <br>term<br> <br>loans,<br> <br>and<br> <br>convertible<br> <br>notes,<br> <br>less<br> <br>cash,<br> <br>to<br> <br>(ii)<br> <br>total<br> <br>equity.<br> <br>(c)<br> <br>Includes $387 million of cash and cash equivalents and $434 million of available borrowings under credit facilities as of April 24,<br>2020.<br> <br>(d)<br><br><br>Represents assets with no asset-level debt that are, however, included in<br>the Term Loan B collateral pool absent their sale or direct financing as permitted under the Term Loan B.<br> <br>Robust resources to<br> <br>address COVID-19<br> <br>market volatility<br> <br>$821M<br> <br>Current<br> <br>Liquidity<br> <br>(c)<br> <br>$1.6B<br> <br>Unencumbered<br> <br>assets<br> <br>(d)<br> <br>Strong Liquidity
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<br> <br>Blackstone Mortgage Trust<br> <br>2<br> <br>100%<br> <br>performing<br> <br>senior<br> <br>loan<br> <br>portfolio<br> <br>with<br> <br>an<br> <br>average<br> <br>origination<br> <br>LTV<br> <br>(b)<br> <br>of<br> <br>63%<br> <br>$18.0<br> <br>billion<br> <br>(b)<br> <br>portfolio<br> <br>secured<br> <br>by<br> <br>institutional<br> <br>quality<br> <br>real<br> <br>estate<br> <br>in<br> <br>major<br> <br>markets<br> <br>1Q<br> <br>net<br> <br>funding<br> <br>of<br> <br>$433<br> <br>million,<br> <br>with<br> <br>$1.0<br> <br>billion<br> <br>of<br> <br>loan<br> <br>fundings<br> <br>and<br> <br>$567<br> <br>million<br> <br>of<br> <br>repayments<br> <br>1Q<br> <br>GAAP<br> <br>loss<br> <br>of<br> <br>$(0.39)<br> <br>per<br> <br>share<br> <br>(“EPS”)<br> <br>and<br> <br>Core<br> <br>Earnings<br> <br>(a)<br> <br>per<br> <br>share<br> <br>of<br> <br>$0.64;<br> <br>book<br> <br>value<br> <br>per<br> <br>share<br> <br>(“BVPS”)<br> <br>of<br> <br>$26.92<br> <br>1Q<br> <br>EPS<br> <br>and<br> <br>BVPS<br> <br>impacted<br> <br>by<br> <br>unrealized<br> <br>loss<br> <br>reserve<br> <br>from<br> <br>adoption<br> <br>of<br> <br>the<br> <br>Current<br> <br>Expected<br> <br>Credit<br> <br>Loss<br> <br>(“CECL”)<br> <br>accounting<br> <br>standard;<br> <br>no<br> <br>loan<br> <br>losses<br> <br>or<br> <br>impairments<br> <br>97%<br> <br>of<br> <br>the<br> <br>portfolio<br> <br>(b)<br> <br>is<br> <br>floating<br> <br>rate,<br> <br>with<br> <br>63%<br> <br>of<br> <br>the<br> <br>portfolio<br> <br>benefitting<br> <br>from<br> <br>active<br> <br>LIBOR<br> <br>(c)<br> <br>floors<br> <br>as<br> <br>of<br> <br>quarter<br> <br>end<br> <br>First Quarter 2020 Results<br> <br>$13.1<br> <br>billion<br> <br>(d)<br> <br>of<br> <br>match-funded,<br> <br>asset-level<br> <br>financing;<br> <br>2.8x<br> <br>debt-to-equity<br> <br>ratio<br> <br>$3.7<br> <br>billion<br> <br>(d)<br> <br>of<br> <br>asset-level<br> <br>financing<br> <br>is<br> <br>non-recourse,<br> <br>non<br> <br>mark-to-market,<br> <br>including<br> <br>$1.2<br> <br>billion<br> <br>of<br> <br>CLO<br> <br>notes<br> <br>issued<br> <br>in<br> <br>1Q<br> <br>Secured<br> <br>$1.1<br> <br>billion<br> <br>of<br> <br>asset-level<br> <br>financing<br> <br>in<br> <br>1Q<br> <br>on<br> <br>pre<br> <br>COVID-19<br> <br>market<br> <br>terms<br> <br>(a)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br> <br>(b)<br> <br>Includes<br> <br>$692<br> <br>million<br> <br>of<br> <br>Non-Consolidated<br> <br>Senior<br> <br>Interests<br> <br>as<br> <br>of<br> <br>March<br> <br>31,<br> <br>2020<br> <br>and<br> <br>investment<br> <br>exposure<br> <br>to<br> <br>the<br> <br>$881<br> <br>million<br> <br>2018<br> <br>Single<br> <br>Asset<br> <br>Securitization<br> <br>through<br> <br>an<br> <br>$84<br> <br>million<br> <br>subordinate<br> <br>risk retention interest.<br> <br>(c)<br> <br>Includes USD LIBOR, GBP LIBOR, EURIBOR, BBSY, and CDOR.<br> <br>(d)<br> <br>Includes $797 million of securitized debt held by third-parties in the $881 million 2018 Single Asset Securitization, which is not<br>consolidated on BXMT’s balance sheet.<br> <br>Portfolio<br> <br>Composition<br><br><br>Portfolio<br><br><br>Composition<br><br><br>Earnings<br><br><br>Earnings<br><br><br>Capitalization<br><br><br>Capitalization
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<br> <br>Blackstone Mortgage Trust<br> <br>3<br> <br>4Q '19 Book<br> <br>Value Per Share<br> <br>1Q Book Value<br> <br>Accretion<br> <br>1Q CECL Book<br> <br>Value Impact<br> <br>1Q '20 Book<br> <br>Value per Share<br> <br>Earnings<br> <br>1Q<br> <br>earnings<br> <br>reflect<br> <br>fully<br> <br>performing<br> <br>portfolio,<br> <br>with<br> <br>$11.4<br> <br>billion<br> <br>of<br> <br>loans<br> <br>benefitting<br> <br>from<br> <br>active<br> <br>interest<br> <br>rate<br> <br>floors<br> <br>CECL<br> <br>reserve<br> <br>reflects<br> <br>macroeconomic<br> <br>impact<br> <br>of<br> <br>COVID-19<br> <br>on<br> <br>overall<br> <br>CRE<br> <br>market;<br> <br>no<br> <br>loan<br> <br>losses<br> <br>or<br> <br>impairments<br> <br>(a)<br> <br>See Appendix for a definition and reconciliation to GAAP net income.<br> <br>(b)<br> <br>CECL<br> <br>book<br> <br>value<br> <br>impact<br> <br>includes<br> <br>$(0.13)<br> <br>per<br> <br>share<br> <br>initial<br> <br>CECL<br> <br>reserve<br> <br>recorded<br> <br>as<br> <br>an<br> <br>opening<br> <br>adjustment<br> <br>to<br> <br>retained<br> <br>earnings<br> <br>on<br> <br>January<br> <br>1,<br> <br>2020,<br> <br>and<br> <br>$(0.90)<br> <br>per<br> <br>share<br> <br>1Q<br> <br>CECL<br> <br>reserve<br> <br>that<br> <br>impacts GAAP net income and earnings per share.<br> <br>Book<br> <br>Value<br> <br>Per<br> <br>Share<br> <br>(b)<br> <br>1Q<br> <br>Core<br> <br>Earnings<br> <br>Per<br> <br>Share<br> <br>(a)<br> <br>$27.82<br> <br>$26.92<br> <br>$0.13<br> <br>($1.03)<br> <br>GAAP Earnings (Pre-CECL)<br> <br>GAAP Earnings (Pre-CECL)<br> <br>CECL Earnings Impact<br> <br>CECL Earnings Impact<br> <br>Earnings Per Share<br> <br>Earnings Per Share<br> <br>Hedging Income and<br>Non-Cash<br> <br>Expenses<br> <br>Hedging Income and<br>Non-Cash<br> <br>Expenses<br> <br>$0.51<br> <br>($0.90)<br> <br>$0.13<br> <br>$(0.39)<br> <br>CECL Earnings Impact<br> <br>CECL Earnings Impact<br> <br>$0.90<br> <br>Core Earnings Per Share<br> <br>Core Earnings Per Share<br> <br>$0.64<br> <br>($ in per share)
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<br> <br>Blackstone Mortgage Trust<br> <br>4<br> <br>Portfolio Composition<br> <br>$18.0<br> <br>billion<br> <br>portfolio,<br> <br>(a)<br> <br>comprising<br> <br>133<br> <br>loans<br> <br>with<br> <br>75%<br> <br>of<br> <br>collateral<br> <br>in<br> <br>gateway<br> <br>markets<br> <br>High<br> <br>quality<br> <br>senior<br> <br>loan<br> <br>portfolio<br> <br>with<br> <br>average<br> <br>origination<br> <br>LTV<br> <br>(a)<br> <br>of<br> <br>63%<br> <br>$1.3<br> <br>billion<br> <br>of<br> <br>1Q<br> <br>originations<br> <br>across<br> <br>9<br> <br>loans<br> <br>and<br> <br>$240<br> <br>million<br> <br>of<br> <br>fundings<br> <br>under<br> <br>previously<br> <br>originated<br> <br>loans<br> <br>(a)<br> <br>Includes<br> <br>$692<br> <br>million<br> <br>of<br> <br>Non-Consolidated<br> <br>Senior<br> <br>Interests<br> <br>as<br> <br>of<br> <br>March<br> <br>31,<br> <br>2020<br> <br>and<br> <br>investment<br> <br>exposure<br> <br>to<br> <br>the<br> <br>$881<br> <br>million<br> <br>2018<br> <br>Single<br> <br>Asset<br> <br>Securitization<br> <br>through<br> <br>an<br> <br>$84<br> <br>million<br> <br>subordinate risk retention interest.<br> <br>(b)<br> <br>States that compose less than 1% of total loan portfolio excluded.<br> <br>54%<br> <br>17%<br> <br>11%<br> <br>5%<br> <br>3%<br> <br>2%<br> <br>1%<br> <br>7%<br> <br>Condo<br> <br>Self-Storage<br> <br>Retail<br> <br>Industrial<br> <br>Office<br> <br>Hospitality<br> <br>Other<br> <br>Multi<br> <br>$18.0B<br> <br>portfolio<br> <br>IL<br> <br>4%<br> <br>OH<br> <br>1%<br> <br>MN<br> <br>1%<br> <br>NY<br> <br>24%<br> <br>FL<br> <br>5%<br> <br>GA<br> <br>3%<br> <br>DC<br> <br>2%<br> <br>TN<br> <br>1%<br> <br>1%<br> <br>3%<br> <br>NV<br> <br>TX<br> <br>CO<br> <br>1%<br> <br>CA<br> <br>15%<br> <br>HI<br> <br>3%<br> <br>VA<br> <br>5%<br> <br>ES<br> <br>7%<br> <br>1%<br> <br>DEU<br> <br>UK<br> <br>11%<br> <br>IR<br> <br>7%<br> <br>IT<br> <br>BE<br> <br>1%<br> <br>1%<br> <br>NL<br> <br>1%<br> <br>AU<br> <br>2%<br> <br>Major Market Focus<br> <br>(a)(b)<br> <br>Collateral Diversification<br> <br>(a)
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<br> <br>Blackstone Mortgage Trust<br> <br>5<br> <br>Capitalization<br> <br>Asset-level<br> <br>financing<br> <br>generally<br> <br>term-matched<br> <br>with<br> <br>no<br> <br>near-term<br> <br>maturities;<br> <br>no<br> <br>corporate<br> <br>debt<br> <br>maturities<br> <br>until<br> <br>2022<br> <br>Closed<br> <br>$1.5<br> <br>billion<br> <br>CLO<br> <br>and<br> <br>$1.1<br> <br>billion<br> <br>of<br> <br>asset-level<br> <br>financing<br> <br>in<br> <br>1Q<br> <br>on<br> <br>pre<br> <br>COVID-19<br> <br>market<br> <br>terms<br> <br>(a)<br> <br>Includes $348 million of asset-specific financings as of March 31, 2020.<br><br><br>(b)<br> <br>Includes<br> <br>$2.3<br> <br>billion<br> <br>of<br> <br>consolidated<br> <br>securitized<br> <br>debt<br> <br>obligations<br> <br>and<br> <br>$797<br> <br>million<br> <br>of<br> <br>securitized<br> <br>debt<br> <br>held<br> <br>by<br> <br>third-parties<br> <br>in<br> <br>the<br> <br>$881<br> <br>million<br> <br>2018<br> <br>Single<br> <br>Asset<br> <br>Securitization,<br> <br>which<br> <br>is<br> <br>not<br> <br>consolidated on BXMT’s balance sheet.<br> <br>(c)<br> <br>Represents $692 million of Non-Consolidated Senior Interests, which result from non-recourse sales of senior loan interests in<br>loans BXMT originates. BXMT’s net investments in these loans are<br> <br>reflected in the form of mezzanine or other subordinate loans on BXMT’s balance sheet.<br><br><br>(d)<br> <br>Reflects maximum advance rate under credit facilities relative to the origination LTV of the collateral assets as of March 31,<br>2020.<br> <br>(e)<br><br><br>Represents<br> <br>(i)<br> <br>total<br> <br>outstanding<br> <br>secured<br> <br>debt<br> <br>agreements,<br> <br>secured<br> <br>term<br> <br>loans,<br> <br>and<br> <br>convertible<br> <br>notes,<br> <br>less<br> <br>cash,<br> <br>to<br> <br>(ii)<br> <br>total<br> <br>equity.<br> <br>Credit Facilities<br> <br>(a)<br> <br>14 Credit Facilities<br> <br>Corporate Debt<br> <br>Term Loan and Convertible Notes<br> <br>Corporate Obligations<br> <br>Senior Loan<br> <br>Interests<br> <br>(c)<br> <br>$9.4<br> <br>$1.4<br> <br>$0.7<br> <br>$10.8<br> <br>Securitized<br> <br>Debt<br> <br>(b)<br> <br>$3.0<br> <br>CLO and Single Asset Securitizations<br> <br>2.8x<br> <br>Debt-to-Equity Ratio<br> <br>(e)<br> <br>Senior Syndications<br> <br>Financing<br> <br>(Outstanding Balance)<br> <br>($ in billions)<br> <br>51%<br> <br>Credit Facility<br> <br>Look-Through LTV<br> <br>(d)
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<br> <br>Blackstone Mortgage Trust<br> <br>6<br> <br>Facilities<br> <br>are<br> <br>generally<br> <br>term-matched,<br> <br>with<br> <br>no<br> <br>significant<br> <br>near-term<br> <br>maturities<br> <br>and<br> <br>no<br> <br>capital<br> <br>markets<br> <br>mark-to-market<br> <br>provisions<br> <br>No<br> <br>margin<br> <br>calls<br> <br>to<br> <br>date;<br> <br>agreed<br> <br>in<br> <br>principle<br> <br>with<br> <br>multiple<br> <br>lenders<br> <br>to<br> <br>create<br> <br>further<br> <br>flexibility<br> <br>in<br> <br>connection<br> <br>with<br> <br>deleveraging<br> <br>(b)<br> <br>100%<br> <br>performing<br> <br>portfolio<br> <br>of<br> <br>directly<br> <br>originated<br> <br>senior<br> <br>loans<br> <br>with<br> <br>no<br> <br>impairments<br> <br>through<br> <br>April;<br> <br>no<br> <br>securities<br> <br>investments<br> <br>(a)<br> <br>Constructive<br> <br>loan<br> <br>modification<br> <br>(b)<br> <br>discussions<br> <br>with<br> <br>borrowers<br> <br>most<br> <br>affected<br> <br>by<br> <br>COVID-19<br> <br>to<br> <br>ensure<br> <br>assets<br> <br>are<br> <br>well-positioned<br> <br>to<br> <br>sustain<br> <br>period<br> <br>of<br> <br>disruption<br> <br>Business Update<br> <br>Current<br> <br>liquidity<br> <br>(c)<br> <br>of<br> <br>$821<br> <br>million;<br> <br>additional<br> <br>liquidity<br> <br>sources<br> <br>include<br> <br>$1.6<br> <br>billion<br> <br>of<br> <br>unencumbered<br> <br>assets<br> <br>(d)<br> <br>and<br> <br>cash<br> <br>flow<br> <br>from<br> <br>operations<br> <br>Liquidity<br> <br>available<br> <br>to<br> <br>address<br> <br>credit<br> <br>facility<br> <br>deleveraging<br> <br>and<br> <br>loan<br> <br>future<br> <br>funding<br> <br>Credit Facilities<br> <br>Credit Facilities<br> <br>Portfolio Credit<br> <br>Portfolio Credit<br> <br>Liquidity<br> <br>Liquidity<br> <br>(a)<br> <br>Excludes securities retained in connection with securitization financings.<br><br><br>(b)<br> <br>Certain loan<br> <br>modifications<br> <br>and<br> <br>credit<br> <br>facility<br> <br>agreements<br> <br>are<br> <br>yet<br> <br>to<br> <br>be<br> <br>executed<br> <br>and<br> <br>there<br> <br>is<br> <br>no<br> <br>guarantee<br> <br>that<br> <br>they<br> <br>will<br> <br>be.<br> <br>(c)<br> <br>Includes $387 million of cash and cash equivalents and $434 million of available borrowings under credit facilities as of April 24,<br>2020.<br> <br>(d)<br><br><br>Represents assets with no asset-level debt that are, however, included in<br>the Term Loan B collateral pool absent their sale or direct financing as permitted under the Term Loan B.
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<br> <br>Blackstone Mortgage Trust<br> <br>7<br> <br>Portfolio Credit<br> <br>100%<br> <br>performing<br> <br>portfolio<br> <br>with<br> <br>no<br> <br>defaults,<br> <br>nonaccrual<br> <br>loans,<br> <br>or<br> <br>impairments<br> <br>Portfolio<br> <br>is<br> <br>100%<br> <br>senior<br> <br>loans<br> <br>with<br> <br>a<br> <br>well-protected<br> <br>average<br> <br>origination<br> <br>LTV<br> <br>(a)<br> <br>of<br> <br>63%<br> <br>All interest payments through April paid currently<br> <br>Strong, well-capitalized institutional sponsors; 74% repeat borrowers<br><br><br>Borrowers<br><br><br>most<br><br><br>affected<br><br><br>by<br><br><br>COVID-19<br><br><br>generally<br><br><br>focused<br><br><br>on<br><br><br>investing<br><br><br>capital<br><br><br>and<br><br><br>stabilizing<br><br><br>operations<br><br><br>to<br><br><br>withstand<br><br><br>period<br><br><br>of<br><br><br>disruption<br><br><br>63% origination LTV<br><br><br>(a)<br><br><br>implies $10.4 billion of equity value for borrowers to<br>protect<br> <br>(a)<br><br><br>Includes<br> <br>$692<br> <br>million<br> <br>of<br> <br>Non-Consolidated<br> <br>Senior<br> <br>Interests<br> <br>as<br> <br>of<br> <br>March<br> <br>31,<br> <br>2020<br> <br>and<br> <br>investment<br> <br>exposure<br> <br>to<br> <br>the<br> <br>$881<br> <br>million<br> <br>2018<br> <br>Single<br> <br>Asset<br> <br>Securitization<br> <br>through<br> <br>an<br> <br>$84<br> <br>million<br> <br>subordinate risk retention interest.
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<br> <br>Blackstone Mortgage Trust<br> <br>8<br> <br>Credit Facilities<br> <br>$9.0<br> <br>billion<br> <br>of<br> <br>credit<br> <br>facilities<br> <br>from<br> <br>14<br> <br>relationship<br> <br>lenders;<br> <br>only<br> <br>13%<br> <br>secured<br> <br>by<br> <br>hospitality<br> <br>assets<br> <br>Credit facilities are backed by cross collateralized portfolios of diversified, high quality senior loans, with<br>look-through LTV of<br> <br>51%<br><br><br>(a)<br><br><br>to facility lenders<br><br><br>No capital markets mark-to-market provisions or securities<br>financings of any type; no corporate debt maturities before 2022<br><br><br>(a)<br> <br>Reflects maximum advance rate under credit facilities relative to the origination LTV of the collateral assets as of April 24,<br>2020.<br> <br>(b)<br><br><br>Represents outstanding principal balance of credit facilities as of April 24,<br>2020.<br> <br>(c)<br><br><br>Excludes $7 million per annum of scheduled amortization payments under the Term<br>Loan B.<br> <br>Credit Facility Financing<br><br><br>(b)<br><br><br>(Outstanding Balance)<br><br><br>$700<br><br><br>$403<br><br><br>$220<br><br><br>Corporate Debt Maturities<br><br><br>(c)<br><br><br>(Outstanding Balance)<br><br><br>($ in millions)<br><br><br>$1.2bn<br><br><br>$7.8bn<br><br><br>All Other<br> <br>Collateral<br> <br>87%<br> <br>Hospitality<br> <br>Collateral<br> <br>13%<br> <br>2020<br> <br>2021<br> <br>2022<br> <br>2023<br> <br>2024<br> <br>2025<br> <br>2026<br> <br>Term Loan B<br> <br>Convertible Notes
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<br> <br>Blackstone Mortgage Trust<br> <br>9<br> <br>$821<br> <br>million<br> <br>of<br> <br>liquidity,<br> <br>up<br> <br>from<br> <br>$667<br> <br>million<br> <br>(b)<br> <br>at<br> <br>year<br> <br>end<br> <br>Payment<br> <br>of<br> <br>management<br> <br>and<br> <br>incentive<br> <br>fees<br> <br>in<br> <br>stock<br> <br>Liquidity<br> <br>Focus<br> <br>on<br> <br>fortifying<br> <br>balance<br> <br>sheet<br> <br>and<br> <br>enhancing<br> <br>strong<br> <br>liquidity<br> <br>position<br> <br>to<br> <br>manage<br> <br>through<br> <br>a<br> <br>range<br> <br>of<br> <br>COVID-19<br> <br>outcomes<br> <br>Near-term<br> <br>direct<br> <br>liquidity<br> <br>options<br> <br>include<br> <br>asset<br> <br>sales/financings<br> <br>and<br> <br>operating<br> <br>cash<br> <br>flow,<br> <br>augmented<br> <br>by<br> <br>repayments<br> <br>($3.4<br> <br>billion<br> <br>of<br> <br>final<br> <br>maturities<br> <br>through<br> <br>2022)<br> <br>(a)<br> <br>and<br> <br>capital<br> <br>markets<br> <br>access<br> <br>($ in millions)<br> <br>12/31/19<br> <br>3/31/20<br> <br>Current<br> <br>Cash<br> <br>Availability<br> <br>Current Liquidity<br> <br>(b)<br> <br>(a)<br> <br>Reflects final maturities of the outstanding loan portfolio as of April 24, 2020.<br><br><br>(b)<br> <br>Current cash is as of April 24, 2020. For comparability, cash as of March 31, 2020 is reduced by an $84 million dividends payable, which<br>was paid on April 15, 2020, and cash as of December 31,<br> <br>2019 is<br>reduced by a dividends payable of $84 million, which was paid on January 15, 2020.<br> <br>(c)<br> <br>Represents assets with no asset-level debt that are, however, included in the Term Loan B collateral pool absent their sale or direct<br>financing as permitted under the Term Loan B.<br><br><br>$667<br><br><br>$752<br><br><br>$821<br><br><br>Ongoing<br><br><br>cash<br><br><br>flow<br><br><br>from<br><br><br>operations<br><br><br>Direct Liquidity Sources<br><br><br>$1.6<br><br><br>billion<br><br><br>of<br><br><br>unencumbered<br><br><br>assets<br><br><br>(c)
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<br> <br>Appendix
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<br> <br>Blackstone Mortgage Trust<br> <br>11<br> <br>4Q '19 Loans<br> <br>Outstanding<br> <br>Fundings<br> <br>Repayments<br> <br>1Q '20 Loans<br> <br>Outstanding<br> <br>First Quarter 2020 Operating Results & Net Fundings<br> <br>Net Fundings<br> <br>(b)<br> <br>($ in billions)<br> <br>Operating Results<br> <br>($ in millions)<br> <br>(a)<br> <br>Primarily represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials<br>between the applicable base rate for our foreign currency<br><br><br>investments and USD LIBOR. These forward contracts effectively convert the rate<br>exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. These amounts are<br> <br>not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial<br>statements.<br> <br>(b)<br><br><br>Excludes the impact of changes in foreign currency rates and related hedges for<br>non-USD investments.<br> <br>(c)<br><br><br>Includes $689 million of Non-Consolidated Senior Interests and investment<br>exposure to the $930 million 2018 Single Asset Securitization through an $89 million subordinate risk retention interest.<br> <br>(d)<br> <br>Includes $692 million of Non-Consolidated Senior Interests and investment exposure to the $881 million 2018 Single Asset<br>Securitization through an $84 million subordinate risk retention interest.<br> <br>GAAP Net<br> <br>Income<br> <br>Adjustments<br> <br>Core<br> <br>Earnings<br> <br>Interest Income<br> <br>204.9<br> <br>$<br> <br>$ —<br> <br><br> <br>204.9<br> <br>$<br> <br>Interest Expense<br> <br>(104.2)<br> <br><br> <br>0.6<br> <br><br> <br>(103.6)<br> <br><br> <br>Management and<br> <br>Incentive Fees<br> <br>(19.3)<br> <br><br> <br>—<br> <br><br><br><br>(19.3)<br><br><br><br><br><br>General and Administrative<br><br><br>Expenses and Taxes<br><br><br>(3.3)<br><br><br><br><br><br>—<br><br><br><br> <br>(3.3)<br><br><br><br><br><br>Increase in current<br><br><br>expected credit loss reserve<br><br><br>(122.7)<br><br><br><br><br><br>122.7<br><br><br><br><br><br>—<br><br><br><br> <br>Non-Cash<br><br><br>Compensation<br><br><br>(8.7)<br><br><br><br><br><br>8.7<br><br><br><br> <br>—<br><br><br><br> <br>Hedging and Foreign<br><br><br>Currency Income, net<br><br><br>(a)<br><br><br>—<br><br><br><br> <br>8.5<br><br><br><br> <br>8.5<br><br><br><br> <br>Net Income Attributable to<br><br><br>Non-controlling Interests<br><br><br>(0.1)<br><br><br><br><br><br>(0.6)<br><br><br><br><br><br>(0.7)<br><br><br><br><br><br>Total<br><br><br>(53.4)<br><br><br>$<br><br><br>139.9<br><br><br>$<br><br><br>86.5<br><br><br>$<br><br><br>$0.64<br><br><br>Core Earnings per Share<br><br><br>$(0.39)<br><br><br>Net Loss per Share<br><br><br>$17.9<br><br><br>($0.6)<br><br><br>$1.0<br><br><br>$18.0<br><br><br>(c)<br><br><br>(d)
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<br> <br>Blackstone Mortgage Trust<br> <br>12<br> <br>(a)<br> <br>Date loan was originated or acquired by us, and the LTV as of such date. Origination dates are subsequently updated to reflect material<br>loan modifications.<br> <br>(b)<br><br><br>In certain instances, loans are financed through the non-recourse sale of a<br>senior loan interest that is not included in the consolidated financial statements. As of<br> <br>March 31, 2020, five loans in the portfolio have been financed with an aggregate $692 million of Non-Consolidated Senior Interests,<br>which are included in the table above.<br> <br>(c)<br><br><br>Portfolio excludes our $84 million subordinate risk retention interest in the<br>$881 million 2018 Single Asset Securitization.<br> <br>(d)<br><br><br>Maximum maturity assumes all extension options are exercised; however, floating<br>rate loans generally may be repaid prior to their final maturity without penalty.<br> <br>(e)<br> <br>Consists of both floating and fixed rates. Coupon and all-in yield assume applicable floating benchmark rates for weighted-average<br>calculation.<br> <br>Portfolio Details<br><br><br>($ in millions)<br><br><br>Origination<br> <br>Total<br> <br>Principal<br> <br>Net Book<br> <br>Maximum<br> <br>Property<br> <br>Loan Per<br> <br>Origination<br> <br>Loan Type<br> <br>Date<br> <br>(a)<br> <br>Loan<br> <br>(b)(c)<br> <br>Balance<br> <br>(c)<br> <br>Value<br> <br>Maturity<br> <br>(d)<br> <br>Location<br> <br>Type<br> <br>SQFT / Unit / Key<br> <br>LTV<br> <br>(a)(c)<br> <br>Loan 1<br> <br>Senior loan<br> <br>8/14/2019<br> <br>$ 1,309<br> <br>$ 1,309<br> <br>$ 1,298<br> <br>L + 2.50<br> <br>%<br> <br>L + 2.85<br> <br>%<br> <br>12/23/2024<br> <br>Dublin - IE<br> <br>Office<br> <br>$451 / sqft<br> <br>74 %<br> <br>Loan 2<br> <br>Senior loan<br> <br>3/22/2018<br> <br>962<br> <br>962<br> <br>959<br> <br>L + 3.15<br> <br>%<br> <br>L + 3.37<br> <br>%<br> <br>3/15/2023<br> <br>Diversified - Spain<br> <br>Mixed-Use<br> <br>n/a<br> <br>71 %<br> <br>Loan 3<br> <br>Senior loan<br> <br>5/11/2017<br> <br>753<br> <br>717<br> <br>716<br> <br>L + 3.40<br> <br>%<br> <br>L + 3.60<br> <br>%<br> <br>6/10/2023<br> <br>Washington DC<br> <br>Office<br> <br>$351 / sqft<br> <br>62 %<br> <br>Loan 4<br> <br>Senior loan<br> <br>11/25/2019<br> <br>724<br> <br>616<br> <br>615<br> <br>L + 2.30<br> <br>%<br> <br>L + 2.75<br> <br>%<br> <br>12/9/2024<br> <br>New York<br> <br>Office<br> <br>$882 / sqft<br> <br>65 %<br> <br>Loan 5<br> <br>Senior loan<br> <br>(b)<br> <br>8/6/2015<br> <br>459<br> <br>459<br> <br>84<br> <br>5.75<br> <br>%<br> <br>5.77<br> <br>%<br> <br>10/29/2022<br> <br>Diversified - EUR<br> <br>Other<br> <br>n/a<br> <br>71 %<br> <br>Loan 6<br> <br>Senior loan<br> <br>4/11/2018<br> <br>355<br> <br>345<br> <br>345<br> <br>L + 2.85<br> <br>%<br> <br>L + 3.02<br> <br>%<br> <br>5/1/2023<br> <br>New York<br> <br>Office<br> <br>$437 / sqft<br> <br>71 %<br> <br>Loan 7<br> <br>Senior loan<br> <br>8/22/2018<br> <br>363<br> <br>341<br> <br>339<br> <br>L + 3.15<br> <br>%<br> <br>L + 3.49<br> <br>%<br> <br>8/9/2023<br> <br>Maui<br> <br>Hospitality<br> <br>$442,661 / key<br> <br>61 %<br> <br>Loan 8<br> <br>Senior loan<br> <br>10/23/2018<br> <br>352<br> <br>338<br> <br>337<br> <br>L + 3.40<br> <br>%<br> <br>L + 3.72<br> <br>%<br> <br>10/23/2021<br> <br>New York<br> <br>Mixed-Use<br> <br>$572 / sqft<br> <br>65 %<br> <br>Loan 9<br> <br>Senior loan<br> <br>1/11/2019<br> <br>298<br> <br>298<br> <br>295<br> <br>L + 4.35<br> <br>%<br> <br>L + 4.70<br> <br>%<br> <br>1/11/2026<br> <br>Diversified - UK<br> <br>Other<br> <br>$295 / sqft<br> <br>66 %<br> <br>Loan 10<br> <br>Senior loan<br> <br>11/30/2018<br> <br>293<br> <br>280<br> <br>278<br> <br>L + 2.85<br> <br>%<br> <br>L + 3.20<br> <br>%<br> <br>12/9/2023<br> <br>New York<br> <br>Hospitality<br> <br>$299,941 / key<br> <br>73 %<br> <br>Loan 11<br> <br>Senior loan<br> <br>2/27/2020<br> <br>300<br> <br>267<br> <br>264<br> <br>L + 2.70<br> <br>%<br> <br>L + 3.03<br> <br>%<br> <br>3/9/2025<br> <br>New York<br> <br>Mixed-Use<br> <br>$837 / sqft<br> <br>59 %<br> <br>Loan 12<br> <br>Senior loan<br> <br>12/11/2018<br> <br>310<br> <br>249<br> <br>247<br> <br>L + 2.55<br> <br>%<br> <br>L + 2.96<br> <br>%<br> <br>12/9/2023<br> <br>Chicago<br> <br>Office<br> <br>$210 / sqft<br> <br>78 %<br> <br>Loan 13<br> <br>Senior loan<br> <br>7/31/2018<br> <br>285<br> <br>248<br> <br>246<br> <br>L + 3.10<br> <br>%<br> <br>L + 3.54<br> <br>%<br> <br>8/9/2022<br> <br>San Francisco<br> <br>Office<br> <br>$622 / sqft<br> <br>50 %<br> <br>Loan 14<br> <br>Senior loan<br> <br>11/30/2018<br> <br>254<br> <br>248<br> <br>246<br> <br>L + 2.80<br> <br>%<br> <br>L + 3.17<br> <br>%<br> <br>12/9/2023<br> <br>San Francisco<br> <br>Hospitality<br> <br>$363,659 / key<br> <br>73 %<br> <br>Loan 15<br> <br>Senior loan<br> <br>5/9/2018<br> <br>243<br> <br>233<br> <br>232<br> <br>L + 2.60<br> <br>%<br> <br>L + 3.03<br> <br>%<br> <br>5/9/2023<br> <br>New York<br> <br>Industrial<br> <br>$66 / sqft<br> <br>70 %<br> <br>Loans 16 - 132<br> <br>Senior loans<br> <br>(b)<br> <br>Various<br> <br>14,807<br> <br>10,253<br> <br>9,862<br> <br>L + 3.31<br> <br>%<br> <br>(e)<br> <br>L + 3.67<br> <br>%<br> <br>(e)<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>Various<br> <br>62 %<br> <br>CECL reserve<br> <br>(113)<br> <br>Total/Wtd. avg.<br> <br>$ 22,067<br> <br>$ 17,161<br> <br>$ 16,251<br> <br>L + 3.22<br> <br>%<br> <br>(e)<br> <br>L + 3.56<br> <br>%<br> <br>(e)<br> <br>3.7 yrs<br> <br>64 %<br> <br>Cash<br> <br>All-in<br> <br>Coupon<br> <br>Yield
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<br> <br>Blackstone Mortgage Trust<br> <br>13<br> <br>Consolidated Balance Sheets<br> <br>($ in thousands, except per share data)<br> <br>March 31, 2020<br> <br>December 31, 2019<br> <br>Assets<br> <br>Cash and cash equivalents<br> <br>355,018<br> <br>$<br><br><br>150,090<br> <br>$<br><br><br>Loans receivable<br><br><br>16,363,608<br> <br><br><br><br>16,164,801<br> <br><br><br><br>Current expected credit loss reserve<br><br><br>(112,694)<br> <br><br><br><br>—<br> <br><br> <br>Loans receivable, net<br><br><br>16,250,914<br> <br><br><br><br>16,164,801<br> <br><br><br><br>Other assets<br><br><br>152,157<br> <br><br><br><br>236,980<br> <br><br><br><br>Total assets<br> <br>16,758,089<br> <br>$<br><br><br>16,551,871<br> <br>$<br><br><br>Liabilities and equity<br><br><br>Secured debt agreements, net<br><br><br>9,335,709<br> <br>$<br><br><br>10,054,930<br> <br>$<br><br><br>Securitized debt obligations, net<br><br><br>2,239,640<br> <br><br><br><br>1,187,084<br> <br><br><br><br>Secured term loans, net<br><br><br>734,695<br> <br><br><br><br>736,142<br> <br><br><br><br>Convertible notes, net<br><br><br>613,882<br> <br><br><br><br>613,071<br> <br><br><br><br>Other liabilities<br><br><br>159,736<br> <br><br><br><br>175,963<br> <br><br><br><br>Total liabilities<br><br><br>13,083,662<br> <br><br><br><br>12,767,190<br> <br><br><br><br>Commitments and contingencies<br><br><br>—<br> <br><br> <br>—<br><br><br><br> <br>Equity<br> <br>Class A common stock, $0.01 par value<br> <br>1,354<br> <br><br> <br>1,350<br><br><br><br><br><br>Additional paid-in capital<br><br><br>4,378,851<br> <br><br><br><br>4,370,014<br> <br><br><br><br>Accumulated other comprehensive income (loss)<br><br><br>18,248<br> <br><br> <br>(16,233)<br><br><br><br> <br>Accumulated<br>deficit<br> <br>(747,533)<br><br><br><br> <br>(592,548)<br><br><br><br> <br>Total Blackstone Mortgage<br>Trust, Inc. stockholders' equity<br> <br>3,650,920<br><br><br><br> <br>3,762,583<br><br><br><br> <br>Non-controlling<br>interests<br> <br>23,507<br><br><br><br><br><br>22,098<br> <br><br> <br>Total equity<br><br><br>3,674,427<br> <br><br><br><br>3,784,681<br> <br><br><br><br>Total liabilities and equity<br><br><br>16,758,089<br> <br>$<br><br><br>16,551,871<br> <br>$
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<br> <br>Blackstone Mortgage Trust<br> <br>14<br> <br>Consolidated Statements of Operations<br> <br>($ in thousands, except per share data)<br> <br>Three Months Ended March 31,<br> <br>2020<br> <br>2019<br> <br>Income from loans and other investments<br> <br>Interest and related income<br> <br>204,875<br> <br>$<br> <br>224,759<br> <br>$<br> <br>Less: Interest and related expenses<br> <br>104,239<br> <br><br><br><br>118,688<br> <br><br><br><br>Income from loans and other investments, net<br><br><br>100,636<br> <br><br><br><br>106,071<br> <br><br><br><br>Other expenses<br><br><br>Management and incentive fees<br><br><br>19,277<br> <br><br><br><br>19,790<br> <br><br><br><br>General and administrative expenses<br><br><br>11,791<br> <br><br><br><br>9,313<br> <br><br><br><br>Total other expenses<br><br><br>31,068<br> <br><br><br><br>29,103<br> <br><br><br><br>Increase in current expected credit loss reserve<br><br><br>(122,702)<br> <br><br> <br>—<br> <br><br><br><br>(Loss) income before income taxes<br><br><br>(53,134)<br> <br><br><br><br>76,968<br> <br><br><br><br>Income tax provision<br><br><br>149<br> <br><br><br><br>101<br> <br><br><br><br>Net (loss) income<br><br><br>(53,283)<br> <br>$<br> <br>76,867<br> <br>$<br><br><br>Net income attributable to non-controlling interests<br><br><br>(67)<br> <br><br><br><br>(302)<br> <br><br><br><br>Net (loss) income attributable to Blackstone Mortgage Trust, Inc.<br><br><br>(53,350)<br> <br>$<br> <br>76,565<br> <br>$<br><br><br>Per share information (basic and diluted)<br><br><br>Weighted-average shares of common stock outstanding<br><br><br>135,619,264<br> <br><br> <br>124,333,048<br> <br><br> <br>Net (loss) income per share of common stock<br> <br>(0.39)<br> <br>$<br><br><br>0.62<br> <br>$
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<br> <br>Blackstone Mortgage Trust<br> <br>15<br> <br>Per Share Calculations<br> <br>(Amounts in thousands, except per share data)<br> <br>Three Months Ended<br> <br>March 31, 2020<br> <br>December 31, 2019<br> <br>Net (loss) income<br> <br>(a)<br> <br>(53,350)<br> <br>$<br><br><br>78,931<br> <br>$<br> <br>Weighted-average shares outstanding, basic and<br>diluted<br> <br>135,619<br><br><br><br> <br>134,832<br><br><br><br> <br>Earnings per<br>share, basic and diluted<br> <br>(0.39)<br><br><br>$<br> <br>0.59<br><br><br>$<br> <br>Three Months Ended<br> <br>March 31, 2020<br> <br>December 31, 2019<br> <br>Stockholders' equity<br> <br>3,650,920<br> <br>$<br><br><br>3,762,583<br> <br>$<br><br><br>Shares<br> <br>Class A common stock<br> <br>135,355<br> <br><br><br><br>135,004<br> <br><br> <br>Deferred stock units<br><br><br>268<br> <br><br> <br>260<br><br><br><br> <br>Total outstanding<br> <br>135,623<br> <br><br><br><br>135,264<br> <br><br> <br>Book value per share<br><br><br>26.92<br> <br>$<br> <br>27.82<br><br><br>$<br> <br>Book Value<br> <br>per Share<br> <br>Earnings<br> <br>per Share<br> <br>(a)<br> <br>Represents net (loss) income attributable to Blackstone Mortgage Trust, Inc.<br><br><br>(b)<br> <br>Primarily represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials<br>between the applicable base rate for our foreign<br> <br>currency<br>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<br> <br>amounts are not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial<br>statements.<br> <br>Three Months Ended<br><br><br>March 31, 2020<br> <br>December 31, 2019<br> <br>Net (loss) income<br> <br>(a)<br> <br>(53,350)<br> <br>$<br><br><br>78,931<br> <br>$<br> <br>Increase in current expected credit loss reserve<br><br><br>122,702<br> <br>–<br> <br>Non-cash compensation expense<br> <br>8,678<br> <br>7,380<br> <br>Hedging<br> <br>and<br> <br>foreign<br> <br>currency<br> <br>income,<br> <br>net<br> <br>(b)<br> <br>8,467<br> <br>4,767<br> <br>Other items<br> <br>596<br> <br>68<br> <br>Increase attributable to non-controlling interests<br> <br>(561)<br> <br>–<br> <br>Core Earnings<br> <br>86,532<br> <br>$<br><br><br>91,146<br> <br>$<br> <br>Weighted-average shares outstanding, basic and<br>diluted<br> <br>135,619<br><br><br>134,832<br> <br>Core Earnings per share, basic and diluted<br> <br>0.64<br> <br>$<br> <br>0.68<br><br><br>$<br> <br>Core Earnings<br> <br>Reconciliation
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<br> <br>Blackstone Mortgage Trust<br> <br>16<br> <br>Definitions<br> <br>Core<br> <br>Earnings:<br> <br>Blackstone<br> <br>Mortgage<br> <br>Trust,<br> <br>Inc.<br> <br>(“BXMT”)<br> <br>discloses<br> <br>Core<br> <br>Earnings<br> <br>in<br> <br>this<br> <br>presentation.<br> <br>Core<br> <br>Earnings<br> <br>is<br> <br>a<br> <br>financial<br> <br>measure<br> <br>that<br> <br>is<br> <br>calculated<br> <br>and<br> <br>presented<br> <br>on<br> <br>the<br> <br>basis<br> <br>of<br> <br>methodologies<br> <br>other<br> <br>than<br> <br>in<br> <br>accordance<br> <br>with<br> <br>generally<br> <br>accepted<br> <br>accounting<br> <br>principles<br> <br>in<br> <br>the<br> <br>United<br> <br>States<br> <br>of<br> <br>America<br> <br>(“GAAP”).<br> <br>Core<br> <br>Earnings<br> <br>is<br> <br>a<br> <br>non-GAAP<br> <br>measure,<br> <br>which<br> <br>we<br> <br>define<br> <br>as<br> <br>GAAP<br> <br>net<br> <br>income<br> <br>(loss),<br> <br>including<br> <br>realized<br> <br>gains<br> <br>and<br> <br>losses<br> <br>not<br> <br>otherwise<br> <br>included<br> <br>in<br> <br>GAAP<br> <br>net<br> <br>income<br> <br>(loss),<br> <br>and<br> <br>excluding<br> <br>(i)<br> <br>non-cash<br> <br>equity<br> <br>compensation<br> <br>expense,<br> <br>(ii)<br> <br>depreciation<br> <br>and<br> <br>amortization,<br> <br>(iii)<br> <br>unrealized<br> <br>gains<br> <br>(losses),<br> <br>(iv)<br> <br>net<br> <br>income<br> <br>(loss)<br> <br>attributable<br> <br>to<br> <br>our<br> <br>legacy<br> <br>portfolio,<br> <br>and<br> <br>(v)<br> <br>certain<br> <br>non-cash<br> <br>items.<br> <br>Core<br> <br>Earnings<br> <br>may<br> <br>also<br> <br>be<br> <br>adjusted<br> <br>from<br> <br>time<br> <br>to<br> <br>time<br> <br>to<br> <br>exclude<br> <br>one-time<br> <br>events<br> <br>pursuant<br> <br>to<br> <br>changes<br> <br>in<br> <br>GAAP<br> <br>and<br> <br>certain<br> <br>other<br> <br>non-cash<br> <br>charges<br> <br>as<br> <br>determined<br> <br>by<br> <br>our<br> <br>Manager,<br> <br>subject<br> <br>to<br> <br>approval<br> <br>by<br> <br>a<br> <br>majority<br> <br>of<br> <br>our<br> <br>independent<br> <br>directors.<br> <br>During<br> <br>the<br> <br>three<br> <br>months<br> <br>ended<br> <br>March<br> <br>31,<br> <br>2020,<br> <br>we<br> <br>recorded<br> <br>a<br> <br>$122.7<br> <br>million<br> <br>increase<br> <br>in<br> <br>current<br> <br>expected<br> <br>credit<br> <br>loss<br> <br>reserve,<br> <br>which<br> <br>has<br> <br>been<br> <br>excluded<br> <br>from<br> <br>Core<br> <br>Earnings<br> <br>consistent<br> <br>with<br> <br>other<br> <br>unrealized<br> <br>gains<br> <br>(losses)<br> <br>pursuant<br> <br>to<br> <br>our<br> <br>existing<br> <br>policy<br> <br>for<br> <br>reporting<br> <br>Core<br> <br>Earnings<br> <br>and<br> <br>the<br> <br>terms<br> <br>of<br> <br>the<br> <br>management<br> <br>agreement<br> <br>between<br> <br>our<br> <br>Manager<br> <br>and<br> <br>us.<br> <br>We<br> <br>believe<br> <br>that<br> <br>Core<br> <br>Earnings<br> <br>provides<br> <br>meaningful<br> <br>information<br> <br>to<br> <br>consider<br> <br>in<br> <br>addition<br> <br>to<br> <br>our<br> <br>net<br> <br>income<br> <br>and<br> <br>cash<br> <br>flow<br> <br>from<br> <br>operating<br> <br>activities<br> <br>determined<br> <br>in<br> <br>accordance<br> <br>with<br> <br>GAAP.<br> <br>This<br> <br>adjusted<br> <br>measure<br> <br>helps<br> <br>us<br> <br>to<br> <br>evaluate<br> <br>our<br> <br>performance<br> <br>excluding<br> <br>the<br> <br>effects<br> <br>of<br> <br>certain<br> <br>transactions<br> <br>and<br> <br>GAAP<br> <br>adjustments<br> <br>that<br> <br>we<br> <br>believe<br> <br>are<br> <br>not<br> <br>necessarily<br> <br>indicative<br> <br>of<br> <br>our<br> <br>current<br> <br>loan<br> <br>portfolio<br> <br>and<br> <br>operations.<br> <br>Although,<br> <br>according<br> <br>to<br> <br>the<br> <br>management<br> <br>agreement<br> <br>between<br> <br>our<br> <br>Manager<br> <br>and<br> <br>us,<br> <br>or<br> <br>our<br> <br>Management<br> <br>Agreement,<br> <br>we<br> <br>calculate<br> <br>the<br> <br>incentive<br> <br>and<br> <br>base<br> <br>management<br> <br>fees<br> <br>due<br> <br>to<br> <br>our<br> <br>Manager<br> <br>using<br> <br>Core<br> <br>Earnings<br> <br>before<br> <br>our<br> <br>incentive<br> <br>fee<br> <br>expense,<br> <br>we<br> <br>report<br> <br>Core<br> <br>Earnings<br> <br>after<br> <br>incentive<br> <br>fee<br> <br>expense,<br> <br>as<br> <br>we<br> <br>believe<br> <br>this<br> <br>is<br> <br>a<br> <br>more<br> <br>meaningful<br> <br>presentation<br> <br>of<br> <br>the<br> <br>economic<br> <br>performance<br> <br>of<br> <br>our<br> <br>class<br> <br>A<br> <br>common<br> <br>stock.<br> <br>Core<br> <br>Earnings<br> <br>does<br> <br>not<br> <br>represent<br> <br>net<br> <br>income<br> <br>or<br> <br>cash<br> <br>generated<br> <br>from<br> <br>operating<br> <br>activities<br> <br>and<br> <br>should<br> <br>not<br> <br>be<br> <br>considered<br> <br>as<br> <br>an<br> <br>alternative<br> <br>to<br> <br>GAAP<br> <br>net<br> <br>income,<br> <br>or<br> <br>an<br> <br>indication<br> <br>of<br> <br>our<br> <br>GAAP<br> <br>cash<br> <br>flows<br> <br>from<br> <br>operations,<br> <br>a<br> <br>measure<br> <br>of<br> <br>our<br> <br>liquidity,<br> <br>or<br> <br>an<br> <br>indication<br> <br>of<br> <br>funds<br> <br>available<br> <br>for<br> <br>our<br> <br>cash<br> <br>needs.<br> <br>In<br> <br>addition,<br> <br>our<br> <br>methodology<br> <br>for<br> <br>calculating<br> <br>Core<br> <br>Earnings<br> <br>may<br> <br>differ<br> <br>from<br> <br>the<br> <br>methodologies<br> <br>employed<br> <br>by<br> <br>other<br> <br>companies<br> <br>to<br> <br>calculate<br> <br>the<br> <br>same<br> <br>or<br> <br>similar<br> <br>supplemental<br> <br>performance<br> <br>measures,<br> <br>and<br> <br>accordingly,<br> <br>our<br> <br>reported<br> <br>Core<br> <br>Earnings<br> <br>may<br> <br>not<br> <br>be<br> <br>comparable<br> <br>to<br> <br>the<br> <br>Core<br> <br>Earnings<br> <br>reported<br> <br>by<br> <br>other<br> <br>companies.<br> <br>Non-Consolidated<br> <br>Senior<br> <br>Interests:<br> <br>Senior<br> <br>interests<br> <br>in<br> <br>loans<br> <br>originated<br> <br>and<br> <br>syndicated<br> <br>to<br> <br>third<br> <br>parties.<br> <br>These<br> <br>non-recourse<br> <br>loan<br> <br>participations,<br> <br>which<br> <br>are<br> <br>excluded<br> <br>from<br> <br>the<br> <br>GAAP<br> <br>balance<br> <br>sheet,<br> <br>constitute<br> <br>additional<br> <br>financing<br> <br>capacity<br> <br>and<br> <br>are<br> <br>included<br> <br>in<br> <br>discussions<br> <br>of<br> <br>the<br> <br>loan<br> <br>portfolio.
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<br> <br>Blackstone Mortgage Trust<br> <br>17<br> <br>Forward-Looking Statements<br> <br>This<br> <br>presentation<br> <br>may<br> <br>contain<br> <br>forward-looking<br> <br>statements<br> <br>within<br> <br>the<br> <br>meaning<br> <br>of<br> <br>Section<br> <br>27A<br> <br>of<br> <br>the<br> <br>Securities<br> <br>Act<br> <br>of<br> <br>1933,<br> <br>as<br> <br>amended,<br> <br>and<br> <br>Section<br> <br>21E<br> <br>of<br> <br>the<br> <br>Securities<br> <br>Exchange<br> <br>Act<br> <br>of<br> <br>1934,<br> <br>as<br> <br>amended,<br> <br>which<br> <br>reflect<br> <br>BXMT’s<br> <br>current<br> <br>views<br> <br>with<br> <br>respect<br> <br>to,<br> <br>among<br> <br>other<br> <br>things,<br> <br>its<br> <br>operations<br> <br>and<br> <br>financial<br> <br>performance<br> <br>and<br> <br>the<br> <br>potential<br> <br>impact<br> <br>of<br> <br>the<br> <br>COVID-19<br> <br>pandemic.<br> <br>You<br> <br>can<br> <br>identify<br> <br>these<br> <br>forward-looking<br> <br>statements<br> <br>by<br> <br>the<br> <br>use<br> <br>of<br> <br>words<br> <br>such<br> <br>as<br> <br>“outlook,”<br> <br>“objective,”<br> <br>“indicator,”<br> <br>“believes,”<br> <br>“expects,”<br> <br>“potential,”<br> <br>“continues,”<br> <br>“may,”<br> <br>“will,”<br> <br>“should,”<br> <br>“seeks,”<br> <br>“predicts,”<br> <br>“intends,”<br> <br>“plans,”<br> <br>“estimates,”<br> <br>“anticipates”<br> <br>or<br> <br>the<br> <br>negative<br> <br>version<br> <br>of<br> <br>these<br> <br>words<br> <br>or<br> <br>other<br> <br>comparable<br> <br>words.<br> <br>Such<br> <br>forward-looking<br> <br>statements<br> <br>are<br> <br>subject<br> <br>to<br> <br>various<br> <br>risks<br> <br>and<br> <br>uncertainties.<br> <br>Accordingly,<br> <br>there<br> <br>are<br> <br>or<br> <br>will<br> <br>be<br> <br>important<br> <br>factors<br> <br>that<br> <br>could<br> <br>cause<br> <br>actual<br> <br>outcomes<br> <br>or<br> <br>results<br> <br>to<br> <br>differ<br> <br>materially<br> <br>from<br> <br>those<br> <br>indicated<br> <br>in<br> <br>these<br> <br>statements.<br> <br>BXMT<br> <br>believes<br> <br>these<br> <br>factors<br> <br>include<br> <br>but<br> <br>are<br> <br>not<br> <br>limited<br> <br>to<br> <br>those<br> <br>described<br> <br>under<br> <br>the<br> <br>section<br> <br>entitled<br> <br>“Risk<br> <br>Factors”<br> <br>in<br> <br>its<br> <br>Annual<br> <br>Report<br> <br>on<br> <br>Form<br> <br>10-K<br> <br>for<br> <br>the<br> <br>fiscal<br> <br>year<br> <br>ended<br> <br>December<br> <br>31,<br> <br>2019<br> <br>and<br> <br>its<br> <br>Quarterly<br> <br>Report<br> <br>on<br> <br>Form<br> <br>10-Q<br> <br>for<br> <br>the<br> <br>fiscal<br> <br>quarter<br> <br>ended<br> <br>March<br> <br>31,<br> <br>2020,<br> <br>as<br> <br>such<br> <br>factors<br> <br>may<br> <br>be<br> <br>further<br> <br>updated<br> <br>from<br> <br>time<br> <br>to<br> <br>time<br> <br>in<br> <br>its<br> <br>periodic<br> <br>filings<br> <br>with<br> <br>the<br> <br>Securities<br> <br>and<br> <br>Exchange<br> <br>Commission<br> <br>(“SEC”)<br> <br>which<br> <br>are<br> <br>accessible<br> <br>on<br> <br>the<br> <br>SEC’s<br> <br>website<br> <br>at<br> <br>www.sec.gov.<br> <br>These<br> <br>factors<br> <br>should<br> <br>not<br> <br>be<br> <br>construed<br> <br>as<br> <br>exhaustive<br> <br>and<br> <br>should<br> <br>be<br> <br>read<br> <br>in<br> <br>conjunction<br> <br>with<br> <br>the<br> <br>other<br> <br>cautionary<br> <br>statements<br> <br>that<br> <br>are<br> <br>included<br> <br>in<br> <br>this<br> <br>presentation<br> <br>and<br> <br>in<br> <br>the<br> <br>filings.<br> <br>BXMT<br> <br>assumes<br> <br>no<br> <br>obligation<br> <br>to<br> <br>update<br> <br>or<br> <br>supplement<br> <br>forward-looking<br> <br>statements<br> <br>that<br> <br>become<br> <br>untrue<br> <br>because<br> <br>of<br> <br>subsequent<br> <br>events<br> <br>or<br> <br>circumstances.
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