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): July 30, 2013
Blackstone Mortgage Trust, Inc.
(Exact name of registrant as specified in its charter)
Maryland | 1-14788 | 94-6181186 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
345 Park Avenue, 42nd Floor
New York, New York 10154
(Address of Principal Executive Offices) (Zip Code)
Registrants 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) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On July 30, 2013, Blackstone Mortgage Trust, Inc. (the Company) issued a press release and detailed presentation announcing its financial results for the second quarter ended June 30, 2013. 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 report 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 liability 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 that filing.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits |
Exhibit No. |
Description | |
99.1 | Press Release of Blackstone Mortgage Trust, Inc. dated July 30, 2013. | |
99.2 | Presentation of Blackstone Mortgage Trust, Inc. dated July 30, 2013. |
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: July 30, 2013 | ||||||
By: | /s/ Geoffrey G. Jervis | |||||
Name: | Geoffrey G. Jervis | |||||
Title: | Chief Financial Officer |
Exhibit 99.1
Blackstone Mortgage Trust Reports Second Quarter 2013
Operating Results
New York, July 30, 2013: Blackstone Mortgage Trust, Inc. (NYSE: BXMT) today reported its second quarter 2013 results.
Stephen D. Plavin, Chief Executive Officer, said, We are extremely pleased with our second quarter, raising $660 million of equity in a re-IPO of our business, and closing $765 million of loans and $1.0 billion of new corporate credit facilities. We are on pace to fully deploy our equity capital before year-end. As a floating-rate mortgage lender, we benefit from rising rates and the environment for our business continues to be very favorable.
Blackstone Mortgage Trust issued a full detailed presentation of its second quarter 2013 results, which can be viewed at www.bxmt.com.
Quarterly Investor Call Details
Blackstone Mortgage Trust will host a conference call on Wednesday, July 31, 2013 at 10:00 am EDT to review second quarter 2013 results. The conference call can be accessed by dialing +1 (866) 952-1906 (U.S. domestic) or +1 (785) 424-1825 (International) with the passcode 47147 or by webcast at www.bxmt.com (listen only). For those unable to listen to the live broadcast, a recorded replay of the conference call will be available on the companys website and by telephone dial in from noon on July 31, 2013 through midnight on August 14, 2013. The replay call number is +1 (800) 283-4783 or +1 (402) 220-0859 for international callers.
About Blackstone Mortgage Trust
Blackstone Mortgage Trust, Inc. (NYSE: BXMT) is a real estate finance company which primarily originates and purchases senior mortgage loans collateralized by properties in the United States and Europe. The company is externally managed by BXMT Advisors L.L.C., a subsidiary of The Blackstone Group L.P. (Blackstone), and is a real estate investment trust traded on the NYSE under the symbol BXMT. Blackstone Mortgage Trust, Inc. is headquartered in New York City. Further information is available at www.bxmt.com.
About Blackstone
Blackstone (NYSE: BX) is one of the worlds leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy.
Blackstone Mortgage Trust, Inc. | ||||
345 Park Avenue | ||||
New York, NY 10154 | ||||
212-655-0220 |
Blackstone does this through the commitment of its extraordinary people and flexible capital. Blackstones alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-focused funds and closed-end funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.Blackstone.com. Follow Blackstone on Twitter @Blackstone.
Forward-Looking Statements
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 Trusts current views with respect to, among other things, Blackstone Mortgage Trusts operations and financial performance. You can identify these forward-looking statements by the use of words such as outlook, believes, expects, potential, continues, may, will, should, seeks, approximately, 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, 2012, as such factors may be updated from time to time in its periodic filings with the Securities and Exchange Commission, which are accessible on the SECs 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 undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Investor and Media Relations Contact
Douglas Armer
Tel: +1 (212) 655-0220
Douglas.Armer@Blackstone.com
2
Blackstone Mortgage Trust, Inc.
July 30, 2013
Second Quarter 2013 Results
Exhibit 99.2 |
Blackstone Mortgage Trust
1
Second Quarter 2013 Highlights
We
successfully
completed
our
re-IPO
offering
of
25.9
million
shares
of
class
A
common
stock
for
$25.50
per share.
Yielded gross proceeds of $659.8 million and net proceeds of $633.8 million after
underwriter discounts and expenses.
Closed eight new senior mortgage loans during the quarter with total commitments
of $765.2 million. Subsequent to quarter-end, we closed five loans
totaling $289.1 million of commitments, for a total of $1.1 billion.
An additional $376.4 million of loans with terms agreed are expected to close in
the third quarter and we have a robust pipeline of additional origination
opportunities.
At our current pace of originations, we expect to be fully invested prior to
year-end. Closed
four
credit
facilities
during
the
quarter,
providing
$1.0
billion
of
credit.
Subsequent
to
quarter-end,
we upsized one of the facilities by $250.0 million, and are in the process of
closing and upsizing additional credit facilities.
Collected
$99.4
million
of
principal
repayments
in
our
CT
Legacy
Portfolio,
and
repaid
all
remaining
legacy
repurchase obligations.
June 30, 2013 consolidated assets, including our CT Legacy Portfolio, were $1.1
billion and consolidated liabilities
were
$285.4
million,
resulting
in
stockholders
equity
of
$712.7
million,
(1)
or
$24.67
per
share
($22.45
from
Loan
Originations;
$2.22
from
CT
Legacy
Portfolio).
Net
income
of
$2.7
million,
or
$0.22
per
share
for
the
quarter.
Second quarter results driven by recoveries in our CT Legacy Portfolio as the
majority of our loan closings occurred in June.
________________________________________________
(1)
Total equity of $808.7 million includes noncontrolling interests of $89.0 million.
|
Blackstone Mortgage Trust
2
Loan Originations
During the quarter, we closed eight new loans with total commitments of $765.2
million. Of this amount, we funded $756.6 million as of June 30,
2013. Weighted-average LTV of new loan originations of 65%.
All newly originated loans are floating rate senior mortgage loans.
________________________________________________
(1)
Includes only our newly originated loan portfolio. For information on loans in our CT Legacy
Portfolio, refer to our Form 10-Q, filed on July 30, 2013 (2)
Maximum maturity assumes all extension options are exercised.
Portfolio Diversification
(1)
(Dollars in Millions)
Land
Office
Multifamily
Hotel
Midwest
West
Southeast
Northeast
$64
$366
$190
$133
$424
$81
$200
$48
(Dollars in Thousands)
Portfolio Statistics
(1)
Number of loans
8
Principal balance
756,638
$
Net book value
753,101
$
Wtd. Avg. cash coupon
L + 4.44%
Wtd. Avg. all-in yield
L + 5.26%
Wtd. Avg. maximum maturity
(2)
4.0 yrs. |
Blackstone Mortgage Trust
3
Loans Receivable Portfolio
________________________________________________
(1)
Includes only our newly originated loan portfolio. For information on loans in our CT Legacy
Portfolio, refer to our Form 10-Q, filed on July 30, 2013. (2)
All loans are floating rate loans indexed to LIBOR as of June 30, 2013. LIBOR was 0.19% as of
June 30, 2013. (3)
Maximum maturity date assumes all extension options are exercised.
(Dollars in Millions)
Loan Type
Principal
Balance
Book
Value
Cash
Coupon
(2)
All-In
Yield
(2)
Maximum
Maturity
(3)
Geographic
Location
Property
Type
Origination
LTV
Loan 1
Sr. mortgage
68.3
$
68.1
$
L + 3.95%
L + 4.05%
6/9/18
West
Office
71%
Loan 2
Sr. mortgage
300.0
298.5
L + 3.80%
L + 3.98%
6/15/18
West
Office
59%
Loan 3
Sr. mortgage
109.8
109.0
L + 5.25%
L + 8.41%
7/9/14
Northeast
Multifamily
80%
Loan 4
Sr. mortgage
58.0
57.4
L + 3.50%
L + 4.50%
7/9/18
West
Hotel
74%
Loan 5
Sr. mortgage
48.4
48.4
L + 5.00%
L + 5.68%
12/9/16
Midwest
Hotel
53%
Loan 6
Sr. mortgage
27.1
27.1
L + 3.87%
L + 3.87%
7/9/17
Northeast
Hotel
32%
Loan 7
Sr. mortgage
81.0
80.6
L + 3.85%
L + 4.03%
7/9/18
Southeast
Multifamily
75%
Loan 8
Sr. mortgage
64.0
64.0
L + 8.00%
L + 9.67%
2/9/15
Northeast
Land
69%
Total/Wtd. Avg.
756.6
$
753.1
$
L + 4.44%
L + 5.26%
4.0 years
65%
The
following
table
provides
details
of
our
loan
portfolio
(1)
as
of
June
30,
2013: |
Blackstone Mortgage Trust
4
Credit Facilities
During the quarter, we closed four credit facilities, providing $1.0 billion of
credit. We had outstanding borrowings of $165.2 million, with immediately
available additional borrowings of $304.6 million based on collateral
pledged as of quarter-end. All of our borrowings are term-matched
to their collateral assets, contain margin call provisions limited to
asset-specific credit events,
and
are
limited
recourse.
Our
weighted-average cash coupon was LIBOR plus
1.98%
(1)
on
our outstanding borrowings as of June 30, 2013.
________________________________________________
$1.0 billion
Total Credit Facilities
$165.2 million
Outstanding Borrowings
L + 1.98%
(1)
Wtd. Average Cash Coupon
(1)
Represents the cash coupon (excluding fees) paid on our outstanding borrowings of $165.2
million as of June 30, 2013. Our credit facilities incur interest at LIBOR plus spreads
ranging between 1.75% and 3.25% per annum, depending on the attributes of the collateral assets.
(2)
Available borrowings is based on assets pledged as collateral under credit facilities as of
June 30, 2013. There were two loans with an aggregate principal balance of $173.8
million as of June 30, 2013 that were not pledged under repurchase agreements, and therefore are available to be pledged as collateral in the future.
Collateral Assets
Repurchase Balances
Principal
Net Book
Maximum
Current
Available
(Dollars in Thousands)
Facility Size
Balance
Value
Borrowings
Borrowings
Borrowings
(2)
Lender 1
250,000
$
126,300
$
125,557
$
101,040
$
46,400
$
54,640
$
Lender 2
250,000
300,000
298,533
250,000
-
250,000
Lender 3
250,000
156,438
156,039
118,839
118,839
-
Lender 4
250,000
-
-
-
-
-
Total
1,000,000
$
582,738
$
580,129
$
469,879
$
165,239
$
304,640
$ |
Blackstone Mortgage Trust
5
Loan Capitalization
(1)
(Dollars in Millions)
Floating-Rate
Loans
Floating-Rate
Borrowings
$756.6 million of floating-rate loans, indexed
to one-month LIBOR.
$165.2 million of floating-rate liabilities, also
indexed to one-month LIBOR.
Return on $591.4 million of equity capital is
highly correlated to LIBOR.
All else equal, as of June 30, 2013, a
100bps increase in LIBOR would increase
our
net
income
by
$5.9
million
(2)
per
annum.
Our equity value is insulated from changes in
interest rates because both our loans and
borrowings are LIBOR-based.
Floating-Rate Business Model
Because of our LIBOR-based lending and funding business model, our returns
increase with rising short- term interest rates, and therefore our asset
and equity values are insulated from such increases.
________________________________________________
(1)
Includes only our newly originated loan portfolio of $756.6 million, capitalized with $165.2
million of debt and $591.4 million of equity. Excludes the assets, liabilities, and equity
of our CT Legacy Portfolio.
(2)
Excludes the impact of LIBOR floors on certain of our loans receivable investments.
Equity Capital
$756.6
$165.2
$591.4 |
Blackstone Mortgage Trust
6
Stockholders
Equity and Book Value per Share
Stockholders
equity totaled $712.7 million, or $24.67 per share as of June 30, 2013.
On
May
29,
2013,
we
completed
an
offering
of
25.9
million
shares
of
class
A
common
stock
for
gross
proceeds of $656.8 million, and net proceeds of $633.6 million after underwriter
discounts and expenses.
On July 26, 2013, we filed an S-3 universal shelf registration with the SEC,
which permits us to periodically offer various debt and equity securities
to the public. Future equity offerings remain subject to the 180-day
lock-up agreement we executed in conjunction with our May 2013 offering of
class A common stock.
Our book value per share includes $22.45 attributable to our loan origination
business and $2.22 attributable to our CT Legacy Portfolio.
________________________________________________
(Dollars in Thousands, Except per Share Data)
Loan Origination
CT Legacy
Portfolio
Total
Stockholders' equity
648,693
$
63,996
$
712,689
$
Shares
Class A common stock
28,801,651
28,801,651
28,801,651
Stock units
(1)
92,824
92,824
92,824
Total
28,894,475
28,894,475
28,894,475
Book value per share
22.45
$
2.22
$
24.67
$
(1)
Stock units are granted to certain members of our board of directors in lieu of cash
compensation for services and in lieu of dividends earned on previously granted stock
units. See Note 12 to our financial statements contained in the Form 10-Q, filed on July 30, 2013, for additional details. |
Blackstone Mortgage Trust
7
CT Legacy Portfolio
Our
CT
Legacy
Portfolio
consists
of:
our
investment
in
CT
Legacy
Partners,
our
residual
interests
in
CT
CDO
I,
and
our
carried
interest
in
CT
Opportunity
Partners
I,
LP
(CTOPI).
As we focus on the growth of our loan origination business, we continue to
aggressively asset manage the remaining investments in our CT Legacy
Portfolio.
$99.4 million of principal collections on legacy assets during the quarter.
$6.0 million of positive valuation and mark-to-market adjustments on the
CT Legacy Partners and CT CDO I loan portfolios during the quarter.
Net carried interest allocation from CTOPI increased $1.7 million during the
quarter to $12.1 million. Recognition
of
the
revenue
related
to
the
CTOPI
carried
interest
has
been
deferred,
resulting
in
a
net
book value of zero as of June 30, 2013.
Repaid $102.9 million of legacy debt and interest rate swap liabilities during
the quarter. Refer to Appendix for additional discussion of the CT Legacy
Portfolio. $2.22
CT Legacy Portfolio
Book Value per Share
$6.0 million
Positive Valuation Adjustments in 2Q
CT Legacy
Partners
CT CDO I
Other
Net Book Value
(Dollars in Millions)
$9.0
$4.9
$50.1 |
Appendix |
Blackstone Mortgage Trust
9
Consolidated Balance Sheet
(Dollars in Thousands)
Jun. 30, 2013
Dec. 31, 2012
Assets
Cash and cash equivalents
59,746
$
15,423
$
Restricted cash
21,972
14,246
Loans receivable, net
830,101
141,500
Loans held-for-sale, net
3,800
-
Loans receivable, at fair value
117,549
-
Investment in CT Legacy Asset, at fair value
-
132,000
Equity investments in unconsolidated subsidiaries
23,240
13,306
Accrued interest receivable, prepaid expenses, and other assets
30,697
5,868
Total assets
1,087,105
$
322,343
$
Liabilities & Equity
Accounts payable, accrued expenses and other liabilities
36,879
$
21,209
$
Secured notes
8,848
8,497
Repurchase obligations
165,239
-
Securitized debt obligations
74,472
139,184
Total liabilities
285,438
168,890
Commitments and contingencies
-
-
Equity
Class A common stock, $0.01 par value
288
293
Additional paid-in capital
1,242,892
609,002
Accumulated deficit
(530,491)
(535,851)
Total Blackstone Mortgage Trust, Inc. stockholders' equity
712,689
73,444
Noncontrolling interests
88,978
80,009
Total equity
801,667
153,453
Total liabilities and equity
1,087,105
$
322,343
$ |
Blackstone Mortgage Trust
Consolidated Balance Sheet: Segment Allocation
June 30, 2013
(Dollars in Thousands)
Loan
Origination
CT Legacy
Portfolio
Total
Assets
Cash and cash equivalents
59,746
$
-
$
59,746
$
Restricted cash
-
21,972
21,972
Loans receivable, net
753,101
77,000
830,101
Loans held-for-sale, net
-
3,800
3,800
Loans receivable, at fair value
-
117,549
117,549
Equity investments in unconsolidated subsidiaries
-
23,240
23,240
Accrued interest receivable, prepaid expenses, and other assets
5,912
24,785
30,697
Total assets
818,759
$
268,346
$
1,087,105
$
Liabilities & Equity
Accounts payable, accrued expenses and other liabilities
4,827
$
32,052
$
36,879
$
Secured notes
-
8,848
8,848
Repurchase obligations
165,239
-
165,239
Securitized debt obligations
-
74,472
74,472
Total liabilities
170,066
115,372
285,438
Equity
Total Blackstone Mortgage Trust, Inc. stockholders' equity
648,693
63,996
712,689
Noncontrolling interests
-
88,978
88,978
Total equity
648,693
152,974
801,667
Total liabilities and equity
818,759
$
268,346
$
1,087,105
$
10 |
Blackstone Mortgage Trust
Consolidated Statement of Operations
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in Thousands, Except Share and per Share Data)
2013
2012
2013
2012
Income from loans and other investments:
Interest and related income
6,017
$
6,763
$
7,473
$
21,479
$
Less: Interest and related expenses
1,306
5,413
2,083
28,754
Income (loss) from loans and other investments, net
4,711
1,350
5,390
(7,275)
Other expenses:
General and administrative
3,427
1,567
5,465
2,323
Total other expenses
3,427
1,567
5,465
2,323
Impairments, provisions, and valuation adjustments
6,000
3,704
5,800
7,506
Gain on extinguishment of debt
38
-
38
-
Gain on deconsolidation of subsidiaries
-
-
-
146,380
Income from equity investments in unconsolidated subsidiaries
-
205
-
901
Income before income taxes
7,322
3,692
5,763
145,189
Income tax provision
554
-
593
301
Income from continuing operations
6,768
$
3,692
$
5,170
$
144,888
$
Loss from discontinued operations, net of tax
-
(341)
-
(914)
Net income
6,768
$
3,351
$
5,170
$
143,974
$
Net income attributable to noncontrolling interests
(4,020)
(1,068)
(5,537)
(75,137)
Net income (loss) attributable to Blackstone Mortgage Trust, Inc.
2,748
$
2,283
$
(367)
$
68,837
$
Per share information (Basic)
Income (loss) from continuing operations per share of common stock
0.22
$
1.15
$
(0.05)
$
30.50
$
Loss from discontinued operations per share of common stock
-
$
(0.15)
$
-
$
(0.40)
$
Net income (loss) per share of common stock
0.22
$
1.00
$
(0.05)
$
30.10
$
Weighted average shares of common stock outstanding
12,401,274
2,289,352
7,734,774
2,286,582
Per share information (Diluted)
Income (loss) from continuing operations per share of common stock
0.22
$
1.08
$
(0.05)
$
28.67
$
Loss from discontinued operations per share of common stock
-
$
(0.15)
$
-
$
(0.40)
$
Net income (loss) per share of common stock
0.22
$
0.93
$
(0.05)
$
28.27
$
Weighted average shares of common stock outstanding
12,401,274
2,442,686
7,734,774
2,435,339
11 |
Blackstone Mortgage Trust
Consolidated Statement of Operations: Segment Allocation
Three Months Ended June 30, 2013
Six Months Ended June 30, 2013
(Dollars in Thousands)
Loan
Origination
CT Legacy
Portfolio
Total
Loan
Origination
CT Legacy
Portfolio
Total
Income from loans and other investments:
Interest and related income
1,908
$
4,109
$
6,017
$
1,908
$
5,565
$
7,473
$
Less: Interest and related expenses
168
1,137
1,306
168
1,915
2,083
Income from loans and other investments, net
1,739
2,972
4,711
1,739
3,651
5,390
Other expenses:
General and administrative
2,153
1,274
3,427
2,883
2,582
5,465
Total other expenses
2,153
1,274
3,427
2,883
2,582
5,465
Valuation adjustments
-
6,000
6,000
-
5,800
5,800
Gain on extinguishment of debt
-
38
38
-
38
38
Income before income taxes
(413)
7,736
7,322
(1,144)
6,907
5,763
Income tax provision
2
552
554
40
553
593
Net (loss) income
(415)
$
7,183
$
6,768
$
(1,184)
$
6,354
$
5,170
$
Net income attributable to noncontrolling interests
-
(4,020)
(4,020)
-
(5,537)
(5,537)
Net (loss) income attributable to Blackstone Mortgage Trust, Inc.
(415)
$
3,164
$
2,749
$
(1,184)
$
817
$
(367)
$
12 |
Blackstone Mortgage Trust
CT Legacy Portfolio: CT Legacy Partners
CT Legacy Partners is the March 2011 restructuring vehicle that owns our remaining
legacy asset portfolio
(1)
. Blackstone Mortgage Trust owns a controlling interest in CT Legacy Partners,
subject to liabilities under its secured notes and management incentive
awards plan. During the second quarter, CT Legacy Partners had $36.9
million of realizations. Proceeds were used to repay the remaining $20.2
million outstanding under its repurchase facility and terminate its
remaining interest rate swap agreements.
Refer
to
our
Form
10-Q,
filed
on
July
30,
2013,
for
additional
details
of
CT
Legacy
Partners
loans
receivable portfolio.
________________________________________________
(Dollars in Thousands)
June 30, 2013
Gross investment in CT Legacy Partners
Restricted cash
21,972
$
Loans receivable, at fair value
117,549
Equity investments (three-hotel portfolio)
4,108
Accrued interest receivable, other assets, and
accounts payable, net 17,355
Noncontrolling interests
(88,978)
Total gross investment in CT Legacy Partners
72,006
$
Secured notes, including prepayment premium
(1)(2)
(11,059)
Management incentive awards plan, fully vested
(1)(3)
(10,867)
Net investment in CT Legacy Partners
50,080
$
13
(1)
See Note 8 to our financial statements contained in the Form 10-Q, filed on July 30, 2013,
for additional details on the CT Legacy Partners structure.
(2)
Includes the full potential prepayment premium on secured notes. This liability is carried at
its amortized basis of $8.8 million on our balance sheet as of June 30, 2013. (3)
Assumes full payment of the management incentive awards plan based on a
hypothetical GAAP liquidation value of CT Legacy Partners as of June 30, 2013. As of
June 30, 2013, our balance sheet includes $6.8 million in accounts payable and accrued expenses for the management incentive awards plan.
|
Blackstone Mortgage Trust
CT Legacy Portfolio: CT CDO I
CT CDO I is a collateralized debt obligation issued in 2004. Blackstone Mortgage
Trust owns the residual debt and equity positions of CT CDO I.
During the second quarter, CT CDO I had $62.5 million of investment repayments.
Proceeds were used to repay its senior outstanding securitized debt
obligations.
Refer to our Form 10-Q, filed on July 30, 2013, for additional details of CT
CDO Is loans receivable portfolio.
(Dollars in Thousands)
June 30, 2013
Assets and liabilities of CT CDO I
Loans receivable, net
77,000
$
Loans held-for-sale, net
3,800
Accrued interest receivable, prepaid expenses, and
other assets 2,838
Total assets
83,638
Accounts payable, accrued expenses and other liabilities
155
Securitized debt
obligations 74,472
Total liabilities
74,627
Net investment in CT CDO I
9,011
$
14 |
Blackstone Mortgage Trust
CT Legacy Portfolio: CTOPI
CTOPI
is
a
private
equity
real
estate
fund
that
we
sponsored
and
formed
in
2007.
The
fund
invested
$491.5 million in 39 transactions between 2007 and 2012, of which $291.8 million
has been realized and
$199.7
million
remains
outstanding
(carried
at
137%
of
cost)
as
of
June
30,
2013.
The carried interest in CTOPI entitles us to earn incentive compensation in an
amount equal to 17.7% of the funds profits, after a 9% preferred
return and 100% return of capital to the CTOPI limited partners.
We own a net 55% of the carried interest of CTOPIs general partner; the
remaining 45% is payable under incentive awards to our former
employees. As of June 30, 2013, Blackstone Mortgage Trust was allocated
$13.5 million of carried interest from CTOPI based on a hypothetical
liquidation of the fund, reduced by tax-advance distributions received
for a net asset of $12.1 million. Other than tax-advance distributions, we
have not received any cash payments from CTOPI.
The net carried interest allocation of $12.1 million, increased $1.7 million from
1Q, and is based on the fair value of CTOPIs net assets.
Recognition
of
the
revenue
related
to
the
CTOPI
carried
interest
has
been
deferred,
resulting
in
no
contribution
to
book
value
from
the
$12.7
million
of
net
carried
interest.
15 |
Blackstone Mortgage Trust
Forward-Looking Statements
16
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 Trusts current views
with respect to, among other things, Blackstone Mortgage Trusts operations and
financial performance. You can identify these forward-looking statements by the use of words such
as outlook, believes, expects, potential,
continues, may, will, should, seeks, approximately,
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, 2012, as such factors may be updated from time to time in its periodic
filings with the Securities and Exchange Commission, which are accessible on the
SECs 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. Blackstone undertakes no obligation to publicly update or
review any forward-looking statement, whether as a result of new information, future
developments or otherwise. |
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