2014 Q4 Form 10-K Financial Statement

#000095012315002980 Filed on February 17, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue $58.26M $50.39M $42.47M
YoY Change 117.08% 167.26% 605.77%
Cost Of Revenue $21.40M $19.90M $15.70M
YoY Change 86.09% 352.27% 1107.69%
Gross Profit $36.80M $30.50M $26.70M
YoY Change 140.52% 111.81% 468.09%
Gross Profit Margin 63.17% 60.53% 62.87%
Selling, General & Admin $12.20M $8.800M $19.80M
YoY Change 54.43% 120.0% 482.35%
% of Gross Profit 33.15% 28.85% 74.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $12.20M $8.800M $19.80M
YoY Change 54.43% 87.23% 1314.29%
Operating Profit $24.60M $21.70M $6.900M
YoY Change 232.43% 123.71% 109.09%
Interest Expense $9.400M $19.90M $31.50M
YoY Change 213.33% 351.62% 2311.94%
% of Operating Profit 38.21% 91.72% 456.52%
Other Income/Expense, Net
YoY Change
Pretax Income $25.40M $23.48M $38.40M
YoY Change 144.23% 128.83% 424.45%
Income Tax $100.0K -$118.0K $0.00
% Of Pretax Income 0.39% -0.5% 0.0%
Net Earnings $21.49M $22.02M $33.47M
YoY Change 203.57% 164.71% 1117.83%
Net Earnings / Revenue 36.89% 43.71% 78.81%
Basic Earnings Per Share $0.37 $0.45 $0.70
Diluted Earnings Per Share $0.37 $0.45 $0.70
COMMON SHARES
Basic Shares Outstanding 57.68M shares 48.48M shares 48.48M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.00M $63.00M $120.0M
YoY Change 0.0% 530.0% 100.0%
Cash & Equivalents $51.81M $63.34M $120.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $52.00M $63.00M $120.0M
YoY Change 0.0% 530.0% 100.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.00M $15.00M $14.00M
YoY Change -50.0% -42.31% -39.13%
Other Assets $12.00M $11.00M $11.00M
YoY Change 20.0% -85.53% -50.0%
Total Long-Term Assets $4.521B $4.035B $3.635B
YoY Change 109.22% 157.48% 253.88%
TOTAL ASSETS
Total Short-Term Assets $52.00M $63.00M $120.0M
Total Long-Term Assets $4.521B $4.035B $3.635B
Total Assets $4.573B $4.098B $3.755B
YoY Change 106.65% 159.84% 245.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.896B $1.780B
YoY Change -100.0% 194.87% 978.79%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.896B $1.780B
YoY Change 194.87% 978.79%
LONG-TERM LIABILITIES
Long-Term Debt $3.011B $609.0M $622.0M
YoY Change 1104.4% 633.73% 649.4%
Other Long-Term Liabilities $61.00M $83.00M $71.00M
YoY Change -37.11% 76.6% 91.89%
Total Long-Term Liabilities $3.072B $692.0M $693.0M
YoY Change 785.3% 432.31% 477.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.896B $1.780B
Total Long-Term Liabilities $3.072B $692.0M $693.0M
Total Liabilities $3.072B $2.589B $2.473B
YoY Change 110.97% 234.55% 766.3%
SHAREHOLDERS EQUITY
Retained Earnings -$547.6M -$538.7M -$531.9M
YoY Change 2.13% 1.66% 0.26%
Common Stock $2.028B $2.023B $1.768B
YoY Change 61.81% 62.69% 42.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.465B $1.478B $1.239B
YoY Change
Total Liabilities & Shareholders Equity $4.573B $4.098B $3.755B
YoY Change 106.65% 159.84% 245.39%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $21.49M $22.02M $33.47M
YoY Change 203.57% 164.71% 1117.83%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $23.10M $23.50M $19.00M
YoY Change 61.54% 135.0% 427.78%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$545.8M -$418.5M -$791.5M
YoY Change -6.99% -21.39% 18.84%
Cash From Investing Activities -$545.8M -$418.5M -$791.5M
YoY Change -6.99% -21.39% 18.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.800M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 511.6M 339.6M 822.1M
YoY Change -16.76% -28.19% 16.33%
NET CHANGE
Cash From Operating Activities 23.10M 23.50M 19.00M
Cash From Investing Activities -545.8M -418.5M -791.5M
Cash From Financing Activities 511.6M 339.6M 822.1M
Net Change In Cash -11.10M -55.40M 49.60M
YoY Change -126.37% 11.92% 11.96%
FREE CASH FLOW
Cash From Operating Activities $23.10M $23.50M $19.00M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2013 us-gaap Management Fee Expense
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5937000
CY2013 us-gaap Other General And Administrative Expense
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CY2013 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
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CY2013 us-gaap General And Administrative Expense
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CY2013 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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72795000
CY2013 us-gaap Share Based Compensation
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6242000
CY2013 bxmt Expenses Of Consolidated Securitization Vehicles
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851000
CY2013 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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10392000
CY2013 us-gaap Dividends Common Stock
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CY2013 us-gaap Proceeds From Sale And Collection Of Loans Receivable
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CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
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36896000
CY2013 bxmt Number Of Loan Participations Sold
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1 Participants
CY2013 bxmt Increase Decrease In Accounts Payable Accrued Expenses And Other Liabilities
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-1839000
CY2013 bxmt Underlying Loans Yield Description
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L+9.25 %
CY2013 bxmt Number Of Loans Underlying
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1 Participants
CY2013 bxmt Stock Issued During Period Shares Issuance Of Deferred Shares
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11477 shares
CY2013 bxmt Reversal Of Provision For Loan Lease And Other Losses
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1259000
CY2013 bxmt Proceeds From Loan Origination And Exit Fees
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25402000
CY2013 us-gaap Income Tax Expense Benefit
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CY2013 us-gaap Increase Decrease In Payables Under Repurchase Agreements
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-571380000
CY2013 bxmt Payment For Settlement Of Interest Rate Swap
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6123000
CY2013 us-gaap Net Cash Provided By Used In Investing Activities
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CY2013 us-gaap Noninterest Expense
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17442000
CY2013 us-gaap Proceeds From Payments To Minority Shareholders
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-72853000
CY2013 us-gaap Restricted Stock Expense
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CY2013 us-gaap Proceeds From Repayments Of Secured Debt
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-11059000
CY2013 bxmt Net Change In Accrued Interest Receivable Prepaid Expenses And Other Assets
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116000
CY2013 bxmt Noncontrolling Interest Increase Decrease From Business Combination
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38913000
CY2013 bxmt Loans Funded During Period
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2327914000
CY2013 bxmt Deferred Origination Fees And Expenses
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25402000
CY2013 bxmt Proceeds From Issuance Of Convertible Notes
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168415000
CY2013 bxmt Repayment Of Borrowings On Repurchase Agreements
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7104000
CY2013 bxmt Number Of Interest Rate Swap Agreements Terminated
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5 Contract
CY2013 bxmt Gain On Termination Of Interest Rate Swap
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136000
CY2013 bxmt Management Incentive Awards Plan
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CY2013 bxmt Proceeds From Sale Of Loan Participation
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90000000
CY2013 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
10392000
CY2013 bxmt Participations Sold Loan Coupon Rate Description
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L+5.12 %
CY2013 bxmt Participations Sold Loan Yield Description
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L+5.26 %
CY2013 bxmt Underlying Loans Coupon Rate Description
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CY2013 bxmt Proceeds From Borrowings Under Asset Repurchase Agreements
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CY2013 bxmt Unrealized Foreign Currency Gain Loss On Mortgage Loans
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796000
CY2013 bxmt Loan Participation Sold
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90000000
CY2013 bxmt Non Cash And Legacy Compensation Expenses
NonCashAndLegacyCompensationExpenses
6416000
CY2013 bxmt Mortgage Loans On Real Estate New Mortgage Loans One
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5965000
CY2013 bxmt Core General And Administrative Expenses
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4238000
CY2014 us-gaap Deferred Revenue Description
DeferredRevenueDescription
Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of our Manager, recovery of income and principal becomes doubtful.
CY2014 us-gaap Earnings Per Share Basic
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1.86
CY2014 us-gaap Income Loss From Continuing Operations Per Basic Share
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1.86
CY2014 dei Entity Central Index Key
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0001061630
CY2014 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.98
CY2014 us-gaap Derivative Description Of Hedged Item
DerivativeDescriptionOfHedgedItem
We had a net investment hedge on one Canadian dollar-denominated subsidiary which consisted of two Canadian dollar forward contracts.
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.86
CY2014 us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt" align="justify">The following table outlines the key terms of our revolving repurchase facilities:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="30%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td width="21%"></td> <td valign="bottom" width="5%"></td> <td width="16%"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom" nowrap="nowrap"> <p style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 24.9pt"> <b>Lender</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Rate<sup style="FONT-SIZE: 85%; 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FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>Term/Maturity</b></p> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Wells Fargo</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">L+1.82</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">25</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">78.82</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right"> Collateral&#xA0;marks&#xA0;only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="right">Term&#xA0;matched<b><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></b></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Citibank</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">L+1.93</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">25</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">76.68</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="right">Term matched<b><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></b></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Bank of America</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">L+1.77</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">79.59</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="right">May 21, 2019<b><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup></b></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> JP Morgan</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">L+1.94</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">25</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">77.92</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> Term&#xA0;matched<b><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)(7)</sup></b></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> MetLife</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">L+1.81</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">77.27</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="right">June 29, 2020<b><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</sup></b></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Morgan Stanley</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">L+2.32</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">25</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">78.71</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="right">March 3, 2017</td> </tr> </table> <p style="MARGIN-BOTTOM: 2pt; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0pt; LINE-HEIGHT: 8pt; WIDTH: 10%"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Represents a weighted-average based on collateral assets pledged and borrowings outstanding as of December&#xA0;31, 2014.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(2)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Represents weighted-average cash coupon on borrowings outstanding as of December&#xA0;31, 2014. As of December&#xA0;31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(3)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Other than amounts guaranteed based on specific collateral asset types, borrowings under our revolving repurchase facilities are not recourse to us.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(4)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Margin call provisions under our revolving repurchase facilities do not permit valuation adjustments based on capital markets activity, and are limited to collateral-specific credit marks.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(5)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">These revolving repurchase facilities have various availability periods during which new advances can be made and which are generally subject to each lender&#x2019;s discretion. Maturity dates for advances outstanding are tied to the term of each respective collateral asset.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(6)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Includes two one-year extension options which may be exercised at our sole discretion.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(7)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Borrowings denominated in British pound sterling under this facility mature on December&#xA0;30, 2016.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(8)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Includes five one-year extension options which may be exercised at our sole discretion.</p> </td> </tr> </table> </div>
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
BLACKSTONE MORTGAGE TRUST, INC.
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2014 dei Trading Symbol
TradingSymbol
BXMT
CY2014 us-gaap Additional Cash And Cash Equivalent Related Text
AdditionalCashAndCashEquivalentRelatedText
Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less.
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 us-gaap Management Fee Description
ManagementFeeDescription
Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in the management agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our average outstanding Equity, provided that our Core Earnings over the prior three-year period (or the period since May 29, 2013, the date of the first offering of our class A common stock following December 19, 2012, whichever is shorter) is greater than zero. Core Earnings is generally equal to our net income (loss) prepared in accordance with GAAP, excluding (i) certain non-cash items and (ii) the net income (loss) related to our CT Legacy Portfolio segment.
CY2014 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
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80637000
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StockholdersEquityPeriodIncreaseDecrease
744100000
CY2014 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
490381 shares
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
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48394478 shares
CY2014 us-gaap Stock Issued During Period Value New Issues
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766143000
CY2014 us-gaap Payments For Participation Liabilities
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61836000
CY2014 us-gaap Mortgage Loans On Real Estate Collections Of Principal
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564183000
CY2014 us-gaap Interest Income Expense Net
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115623000
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1495000
CY2014 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1473000
CY2014 us-gaap Foreign Currency Transaction Gain Loss Unrealized
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-15822000
CY2014 us-gaap Amortization Of Deferred Loan Origination Fees Net
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19785000
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OtherComprehensiveIncomeLossNetOfTax
-15822000
CY2014 us-gaap Mortgage Loans On Real Estate Cost Of Mortgages Sold
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27063000
CY2014 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
15800000
CY2014 us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
-8615000
CY2014 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
375000
CY2014 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
13258000
CY2014 us-gaap Profit Loss
ProfitLoss
100494000
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
101012000
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PaymentsOfDividendsCommonStock
84238000
CY2014 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.86
CY2014 us-gaap Payments For Proceeds From Loans Receivable
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3067263000
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74223000
CY2014 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
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7983000
CY2014 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
CY2014 us-gaap Interest And Dividend Income Operating
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184766000
CY2014 us-gaap Income Loss From Continuing Operations
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90045000
CY2014 us-gaap Payments Of Financing Costs
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16160000
CY2014 us-gaap Net Income Loss
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90045000
CY2014 us-gaap Line Of Credit Facility Expiration Date1
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2016-12-30
CY2014 us-gaap Interest Paid
InterestPaid
55174000
CY2014 us-gaap Financing Receivable Allowance For Credit Losses Recovery
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CY2014 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
20794000
CY2014 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
28036000
CY2014 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
-17867000
CY2014 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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100494000
CY2014 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
84672000
CY2014 us-gaap Allocated Share Based Compensation Expense
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375000
CY2014 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
28275006 shares
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt" align="justify">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates.</p> </div>
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 us-gaap Interest Expense
InterestExpense
69143000
CY2014 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
2898427000
CY2014 us-gaap Professional Fees
ProfessionalFees
2627000
CY2014 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
9900000
CY2014 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
0
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1677000
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
518000
CY2014 us-gaap Increase Decrease In Payables Under Repurchase Agreements
IncreaseDecreaseInPayablesUnderRepurchaseAgreements
-1709740000
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2412896000
CY2014 us-gaap Noninterest Expense
NoninterestExpense
47290000
CY2014 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-13775000
CY2014 us-gaap Restricted Stock Expense
RestrictedStockExpense
7988000
CY2014 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
766138000
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2333936000
CY2014 us-gaap Management Fee Expense
ManagementFeeExpense
19491000
CY2014 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
2009000
CY2014 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-2209000
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
27799000
CY2014 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
13775000
CY2014 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
10449000
CY2014 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
2200000000
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
9716000
CY2014 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
10449000
CY2014 us-gaap Dividends Common Stock
DividendsCommonStock
101262000
CY2014 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
119400000
CY2014 us-gaap Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
620413000
CY2014 bxmt Stock Issued During Period Shares Issuance Of Deferred Shares
StockIssuedDuringPeriodSharesIssuanceOfDeferredShares
20537 shares
CY2014 bxmt Reversal Of Provision For Loan Lease And Other Losses
ReversalOfProvisionForLoanLeaseAndOtherLosses
1300000
CY2014 bxmt Commitments Expiration Period
CommitmentsExpirationPeriod
P5Y
CY2014 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2014 us-gaap Repurchase Agreement Counterparty Weighted Average Maturity Of Agreements1
RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1
P1Y9M18D
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48394478 shares
CY2012Q4 us-gaap Revenues
Revenues
6517000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
105189000
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2013Q4 us-gaap Profit Loss
ProfitLoss
9728000
CY2013Q4 us-gaap Revenues
Revenues
26837000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
7079000
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.37
CY2014Q4 us-gaap Profit Loss
ProfitLoss
25338000
CY2014Q4 us-gaap Revenues
Revenues
58258000
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
21490000
CY2012 us-gaap Dividends Common Stock
DividendsCommonStock
49764000
CY2012 us-gaap Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
172462000
CY2012 bxmt Stock Issued During Period Shares Issuance Of Deferred Shares
StockIssuedDuringPeriodSharesIssuanceOfDeferredShares
33523 shares
CY2014 bxmt Proceeds From Loan Origination And Exit Fees
ProceedsFromLoanOriginationAndExitFees
35449000
CY2014 bxmt Number Of Directors
NumberOfDirectors
8 Directors
CY2014 bxmt Agreement Initiation Date
AgreementInitiationDate
2013-05-13
CY2014 bxmt Net Taxable Income Subject To Distribution Percent
NetTaxableIncomeSubjectToDistributionPercent
1.00 pure
CY2014 bxmt Debt Instrument Covenant Minimum Percentage Of Tangible Net Worth On Net Cash Proceed Of Equity Issuances
DebtInstrumentCovenantMinimumPercentageOfTangibleNetWorthOnNetCashProceedOfEquityIssuances
0.75 pure
CY2012 bxmt Loans Receivable Consolidation Of Ct Legacy Partners Fair Value
LoansReceivableConsolidationOfCtLegacyPartnersFairValue
-645163000
CY2012 bxmt Mortgage Loans On Real Estate Recovery Of Provision For Loan Losses
MortgageLoansOnRealEstateRecoveryOfProvisionForLoanLosses
36147000
CY2012 bxmt Net Change In Accrued Interest Receivable Prepaid Expenses And Other Assets
NetChangeInAccruedInterestReceivablePrepaidExpensesAndOtherAssets
-1751000
CY2012 bxmt Transaction Costs Investment Management Business Sale
TransactionCostsInvestmentManagementBusinessSale
3870000
CY2012 bxmt Noncontrolling Interest Increase Decrease From Business Combination
NoncontrollingInterestIncreaseDecreaseFromBusinessCombination
-371621000
CY2012 bxmt Loans Funded During Period
LoansFundedDuringPeriod
26000
CY2012 bxmt Payments For Repurchase Of Vesting Shares
PaymentsForRepurchaseOfVestingShares
356000
CY2012 bxmt Management Incentive Awards Plan
ManagementIncentiveAwardsPlan
2232000
CY2012 bxmt Equity Method Investment Dividends Or Distributions From Legacy Asset
EquityMethodInvestmentDividendsOrDistributionsFromLegacyAsset
9581000
CY2012 bxmt Expenses Of Consolidated Securitization Vehicles
ExpensesOfConsolidatedSecuritizationVehicles
64000
CY2012 bxmt Increase Decrease In Accounts Payable Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities
-2434000
CY2012 bxmt Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Including Portion Attributable To Noncontrolling Interest Held To Maturity Securities Net Of Amortization
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxIncludingPortionAttributableToNoncontrollingInterestHeldToMaturitySecuritiesNetOfAmortization
-688000
CY2012 bxmt Non Cash And Legacy Compensation Expenses
NonCashAndLegacyCompensationExpenses
3808000
CY2014 bxmt Computed Management Fee Percent Of Average Outstanding Equity Balance
ComputedManagementFeePercentOfAverageOutstandingEquityBalance
0.0150 pure
CY2014 bxmt Net Change In Accrued Interest Receivable Prepaid Expenses And Other Assets
NetChangeInAccruedInterestReceivablePrepaidExpensesAndOtherAssets
-13166000
CY2014 bxmt Noncontrolling Interest Increase Decrease From Business Combination
NoncontrollingInterestIncreaseDecreaseFromBusinessCombination
-8615000
CY2014 bxmt Excise Tax Rate
ExciseTaxRate
0.04 pure
CY2014 bxmt Net Book Value Of Loans
NetBookValueOfLoans
53800000
CY2014 bxmt Loans Funded During Period
LoansFundedDuringPeriod
3067263000
CY2014 bxmt Deferred Origination Fees And Expenses
DeferredOriginationFeesAndExpenses
35449000
CY2014 bxmt Repayment Of Borrowings On Repurchase Agreements
RepaymentOfBorrowingsOnRepurchaseAgreements
216904000
CY2014 bxmt Closing Of Asset Specific Repurchase Facilities
ClosingOfAssetSpecificRepurchaseFacilities
2 Assets
CY2014 bxmt Incentive Fee Computation Percent Of Average Outstanding Equity Per Annum
IncentiveFeeComputationPercentOfAverageOutstandingEquityPerAnnum
0.0700 pure
CY2014 bxmt Number Of Directors Eligible For Annual Compensation
NumberOfDirectorsEligibleForAnnualCompensation
5 Directors
CY2014 bxmt Management Incentive Awards Plan
ManagementIncentiveAwardsPlan
1374000
CY2014 bxmt Closing Of Revolving Repurchase Facility
ClosingOfRevolvingRepurchaseFacility
3 Facility
CY2014 bxmt Joint Venture Agreement Expiration Date
JointVentureAgreementExpirationDate
2013-05-30
CY2012 bxmt Mortgage Loans On Real Estate New Mortgage Loans One
MortgageLoansOnRealEstateNewMortgageLoansOne
180000
CY2012 bxmt Core General And Administrative Expenses
CoreGeneralAndAdministrativeExpenses
6497000
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.03
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.03
CY2013Q1 us-gaap Profit Loss
ProfitLoss
-1597000
CY2013Q1 us-gaap Revenues
Revenues
1456000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-3115000
CY2014 bxmt Operating Losses Carryforwards Expiration Dates
OperatingLossesCarryforwardsExpirationDates
Expire in 2029
CY2014 bxmt Reclassification To Other Assets
ReclassificationToOtherAssets
27000000
CY2014 bxmt Proceeds From Sale Of Loan Participation
ProceedsFromSaleOfLoanParticipation
494306000
CY2014 bxmt Participations Sold Loan Coupon Rate Description
ParticipationsSoldLoanCouponRateDescription
L+2.51 %
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2014Q1 us-gaap Profit Loss
ProfitLoss
13116000
CY2014Q1 us-gaap Revenues
Revenues
33656000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
13065000
CY2014 bxmt Participations Sold Loan Yield Description
ParticipationsSoldLoanYieldDescription
L+2.71 %
CY2014 bxmt Expenses Of Consolidated Securitization Vehicles
ExpensesOfConsolidatedSecuritizationVehicles
528000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
27.39
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
29.14
CY2012Q1 us-gaap Profit Loss
ProfitLoss
140622000
CY2012Q1 us-gaap Revenues
Revenues
14716000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
66553000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.93
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.00
CY2012Q2 us-gaap Profit Loss
ProfitLoss
3351000
CY2012Q2 us-gaap Revenues
Revenues
6763000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
2283000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2014 bxmt Plan Adoption Date
PlanAdoptionDate
March 25, 2014
CY2014 bxmt Number Of Loan Participations Sold
NumberOfLoanParticipationsSold
4 Participants
CY2014 bxmt Increase Decrease In Accounts Payable Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities
8290000
CY2014 bxmt Management Agreement Initial Term Expiry Date
ManagementAgreementInitialTermExpiryDate
2015-12-19
CY2014 bxmt Incentive Fee Computation Percent Of Product Per Agreement
IncentiveFeeComputationPercentOfProductPerAgreement
0.20 pure
CY2014 bxmt Annual Distribution Of Net Taxable Income Percentage
AnnualDistributionOfNetTaxableIncomePercentage
0.90 pure
CY2014 bxmt Underlying Loans Yield Description
UnderlyingLoansYieldDescription
L+4.71 %
CY2014 bxmt Management Incentive Awards Plan Paid In Cash
ManagementIncentiveAwardsPlanPaidInCash
12898000
CY2014 bxmt Number Of Loans Underlying
NumberOfLoansUnderlying
4 Participants
CY2014 bxmt Underlying Loans Coupon Rate Description
UnderlyingLoansCouponRateDescription
L+4.10 %
CY2014 bxmt Proceeds From Borrowings Under Asset Repurchase Agreements
ProceedsFromBorrowingsUnderAssetRepurchaseAgreements
298512000
CY2014 bxmt Loan Participation Sold
LoanParticipationSold
432470000
CY2014 bxmt Non Cash And Legacy Compensation Expenses
NonCashAndLegacyCompensationExpenses
22635000
CY2014 bxmt Number Of Senior Loan Participations Sold
NumberOfSeniorLoanParticipationsSold
3 Participants
CY2014 bxmt Management Agreement Renewal Term Description
ManagementAgreementRenewalTermDescription
The initial term of the Management Agreement expires on December 19, 2015 and will be automatically renewed for a one-year term each anniversary thereafter unless earlier terminated.
CY2014 bxmt Foreign Currency Transaction Gain Loss Unrealized One
ForeignCurrencyTransactionGainLossUnrealizedOne
-52076000
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2013Q2 us-gaap Profit Loss
ProfitLoss
6768000
CY2013Q2 us-gaap Revenues
Revenues
6017000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
2748000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.70
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.70
CY2014Q2 us-gaap Profit Loss
ProfitLoss
38439000
CY2014 bxmt Mortgage Loans On Real Estate New Mortgage Loans One
MortgageLoansOnRealEstateNewMortgageLoansOne
19785000
CY2014 bxmt Core General And Administrative Expenses
CoreGeneralAndAdministrativeExpenses
4636000
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
73.13
CY2012 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
129351 shares
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6768000
CY2012 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
74.16
CY2012 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
669047 shares
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-1.03
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2475294 shares
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
77.16
CY2012 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
78.19
CY2012 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
20.00
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-1.03
CY2012 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
36493 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2345943 shares
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
10000000
CY2012 us-gaap Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
118959000
CY2012 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-3199000
CY2012 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1261000
CY2012 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2747000
CY2012 us-gaap Amortization Of Deferred Loan Origination Fees Net
AmortizationOfDeferredLoanOriginationFeesNet
566000
CY2012 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
10705000
CY2012 us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
200283000
CY2012 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
1027000
CY2012 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
51904000
CY2012 us-gaap Profit Loss
ProfitLoss
279804000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
282387000
CY2012 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
48960000
CY2014Q2 us-gaap Revenues
Revenues
42466000
CY2012 us-gaap Gain Loss On Cash Flow Hedge Ineffectiveness Net
GainLossOnCashFlowHedgeIneffectivenessNet
2481000
CY2012 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
191719000
CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions
997000
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-2138000
CY2012 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5840000
CY2012 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
8367000
CY2012 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
34939000
CY2012 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
183433000
CY2012 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
4030000
CY2012 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
5896000
CY2012 us-gaap Net Income Loss
NetIncomeLoss
181024000
CY2012 us-gaap Interest Paid
InterestPaid
26363000
CY2012 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
36147000
CY2012 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
-271000
CY2012 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
241945000
CY2012 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-775000
CY2012 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1781000
CY2012 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
-1933000
CY2012 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
282213000
CY2012 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
290509000
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
223000
CY2012 us-gaap Interest Expense
InterestExpense
38138000
CY2012 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
123977000
CY2012 us-gaap Professional Fees
ProfessionalFees
895000
CY2012 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
12133000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
33466000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.84
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.02
CY2012Q3 us-gaap Profit Loss
ProfitLoss
12900000
CY2012Q3 us-gaap Revenues
Revenues
6944000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
6999000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2013Q3 us-gaap Profit Loss
ProfitLoss
10526000
CY2013Q3 us-gaap Revenues
Revenues
18853000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
8320000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.45
CY2012 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
1006000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-19395000
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2014Q3 us-gaap Profit Loss
ProfitLoss
23601000
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
174000
CY2012 us-gaap Increase Decrease In Payables Under Repurchase Agreements
IncreaseDecreaseInPayablesUnderRepurchaseAgreements
-58464000
CY2014Q3 us-gaap Revenues
Revenues
50386000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
22024000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
189601000
CY2012 us-gaap Noninterest Expense
NoninterestExpense
10369000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
40.65
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
42.21
CY2012Q4 us-gaap Profit Loss
ProfitLoss
122931000
CY2012 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-16000
CY2012 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
21424000
CY2012 us-gaap Restricted Stock Expense
RestrictedStockExpense
1353000
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10000000
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-215764000
CY2012 us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
29889000
CY2012 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1732000
CY2012 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10369000
CY2012 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
266000
CY2012 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
98780000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
3808000
CY2012 us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
56000
CY2012 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
98790000

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