Blackstone Mortgage Trust, Inc. (BXMT) 10-K Annual Report Wed Feb 09 2022

_____________________________ Blackstone Mortgage Trust, Inc. 345 Park Avenue New York, New York 10154 T 212 655 0220 Blackstone Mortgage Trust Reports Fourth Quarter and Full Year 2021 Results New York, February 9, 2022, Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its fourth quarter and full year 2021 results. Full year EPS, Distributable EPS, and dividends paid per share were $2.77, $2.62, and $2.48, respectively. Katie Keenan, Chief Executive Officer, said, “BXMT’s outstanding results in the fourth quarter capped off a banner year, highlighted by record originations, strong credit performance and attractive capital markets access. As a low-leverage, floating rate lender on real estate assets that will benefit from growth, we are exceptionally well-positioned to continue delivering for our stockholders in 2022.” Blackstone Mortgage Trust issued a full presentation of its fourth quarter and full year 2021 results, which can be viewed at www.bxmt.com. Quarterly Investor Call Details Blackstone Mortgage Trust will host a conference call today at 9:00 a.m. ET to discuss results. To register for the webcast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1520363&tp_key=6a47a1fba2. 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 primarily 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.

The following information was filed by Blackstone Mortgage Trust, Inc. (BXMT) on Wednesday, February 9, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Blackstone Mortgage Trust, Inc.'s 10-K Annual Report:

Financial - Debt Highlight
The following is a summary of our significant accounting policies that we believe are the most affected by our Manager's judgments, estimates, and assumptions: Current Expected Credit Losses The current expected credit loss, or CECL, reserve required under Accounting Standard Update, or ASU, 2016-13 "Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments (Topic 326)," or ASU 2016-13, reflects our current estimate of potential credit losses related to our loans and debt securities included in our consolidated balance sheets.

Revenue - Product Highlight
During 2021, we received (i) $6.7 billion from loan principal collections and sales proceeds, (ii) $4.7 billion of net proceeds from secured debt borrowings, (iii) $638.0 million of net proceeds from the issuance of shares of class A common stock, (iv) $395.0 million of net proceeds from the issuance of senior secured notes, and (v) $298.5 million of net proceeds from secured term loan borrowings.
Financial - Expense Highlight
Other expenses increased by $9.3 million during the three months ended December 31, 2021 compared to the three months ended September 30, 2021 primarily due to (i) an increase of $7.6 million of incentive fees payable to our Manager, primarily due to an increase in Distributable Earnings, (ii) an increase of $1.5 million of management fees payable to our Manager, primarily as a result of net proceeds received from the sale of shares of our class A common stock during the three months ended December 31, 2021, and (iii) an increase of $847,000 of general operating expense.
Revenue - Product Highlight
During 2020, we received (i) $2.1 billion of proceeds from the issuance of collateralized loan obligations, (ii) $1.9 billion from loan principal collections and sales proceeds, (iii) $315.4 million of net proceeds from secured term loan borrowings, and (iv) $278.3 million in net proceeds from the issuance of shares of class A common stock.
Financial - Expense Highlight
Other expenses increased by $7.8 million during the year ended December 31, 2021 compared to the year ended December 31, 2020 due to (i) an increase of $6.8 million of incentive fees payable to our Manager, primarily due to an increase in Distributable Earnings, and (ii) an increase of $3.8 million of management fees payable to our Manager, primarily as a result of net proceeds received from the sale of shares of our class A common stock during 2021 and 2020.
Financial - Cash Flow
During the year ended December...Read more
Other - Other
Furthermore, we are able to...Read more
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Convertible Notes As of December...Read more
Financial - Dividend
We may also access liquidity...Read more
Financial - Debt
During the year ended December...Read more
Financial - Debt
During the year ended December...Read more
Financial - Earnings
Distributable Earnings may also be...Read more
Financial - Shares
Portfolio Management During the year...Read more
Financial - Shares
The following table sets forth...Read more
Financial - Earnings
I. Key Financial Measures and...Read more
Other - Other
(4)Unfunded commitments will primarily be...Read more
Financial - Cash Flow
Cash Flows The following table...Read more
Financial - Earnings
(4)Includes favorable Distributable Earnings impact,...Read more
Other - Other
Maintained our disciplined focus on...Read more
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The U.S. Federal Reserve, in...Read more
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As discussed in Note 2...Read more
Financial - Shares
Our Results of Operations Operating...Read more
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The considerations in estimating our...Read more
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Actual losses, if any, could...Read more
Other - Other
These estimations require significant judgments...Read more
Other - Other
Loan Portfolio Details The following...Read more
Financial - Debt
Non-Consolidated Securitized Debt Obligation In...Read more
Financial - Expense
The unfunded loan commitments comprise...Read more
Other - Other
We experienced a net increase...Read more
Other - Other
The following table details the...Read more
Other - Other
To facilitate such offerings, in...Read more
Revenue - Product
The following table allocates the...Read more
Financial - Income
The increase was primarily due...Read more
Other - Other
Corporate Financing The following table...Read more
Other - Other
(2)Represents borrowings outstanding as of...Read more
Other - Other
We believe that we will...Read more
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Our Manager's portfolio monitoring and...Read more
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This was offset by an...Read more
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Changes in current expected credit...Read more
Revenue - Geography
Despite the LIBOR transition in...Read more
Revenue - Product
Revenue Recognition Interest income from...Read more
Other - Other
Asset-Specific Financings The following table...Read more
Other - Other
We maintain a robust asset...Read more
Financial - Debt
Debt-to-Equity Ratio and Total Leverage...Read more
Other - Other
(3)Includes investment exposure to the...Read more
Other - Other
The following table details overall...Read more
M & A - Other
Moreover, with the potential for...Read more
Financial - Expense
Senior Secured Notes As of...Read more
Other - Other
The table above does not...Read more
Financial - Expense
Other expenses increased by $6.5...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Blackstone Mortgage Trust, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 2.2: Plan Of Acquisition, Reorganization, Arrangement, Liquidation Or Succession

Exhibit 10.25: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: BXMT
CIK: 1061630
Form Type: 10-K Annual Report
Accession Number: 0001061630-22-000016
Submitted to the SEC: Wed Feb 09 2022 6:49:45 AM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Real Estate Investment Trusts

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Blackstone Mortgage Trust, Inc. (BXMT) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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