$BXMT
BLACKSTONE MORTGAGE TRUST, INC.

2015 Q2 Form 10-Q Financial Statement

#000119312515152864 Filed on April 28, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q4
Revenue $80.48M $63.41M $58.26M
YoY Change 89.52% 88.4% 117.08%
Cost Of Revenue $30.60M $24.20M $21.40M
YoY Change 94.9% 100.0% 86.09%
Gross Profit $49.80M $39.20M $36.80M
YoY Change 86.52% 81.48% 140.52%
Gross Profit Margin 61.88% 61.82% 63.17%
Selling, General & Admin $23.70M $14.30M $12.20M
YoY Change 19.7% 116.67% 54.43%
% of Gross Profit 47.59% 36.48% 33.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $23.80M $14.30M $12.20M
YoY Change 20.2% 116.67% 54.43%
Operating Profit $26.00M $24.90M $24.60M
YoY Change 276.81% 66.0% 232.43%
Interest Expense $30.63M $24.16M $9.400M
YoY Change -2.75% 100.11% 213.33%
% of Operating Profit 117.82% 97.03% 38.21%
Other Income/Expense, Net
YoY Change
Pretax Income $32.52M $46.34M $25.40M
YoY Change -15.31% 239.55% 144.23%
Income Tax $105.0K $245.0K $100.0K
% Of Pretax Income 0.32% 0.53% 0.39%
Net Earnings $29.28M $35.39M $21.49M
YoY Change -12.5% 170.9% 203.57%
Net Earnings / Revenue 36.39% 55.82% 36.89%
Basic Earnings Per Share $0.60 $0.37
Diluted Earnings Per Share $362.2K $0.60 $0.37
COMMON SHARES
Basic Shares Outstanding 81.45M shares 58.58M shares 57.68M shares
Diluted Shares Outstanding 58.58M shares

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.0M $18.00M $52.00M
YoY Change -13.33% -74.65% 0.0%
Cash & Equivalents $104.3M $18.47M $51.81M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $104.0M $18.00M $52.00M
YoY Change -13.33% -74.65% 0.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.000M $12.00M $11.00M
YoY Change -50.0% -47.83% -50.0%
Other Assets $7.000M $27.00M $12.00M
YoY Change -36.36% 145.45% 20.0%
Total Long-Term Assets $10.36B $5.068B $4.521B
YoY Change 185.08% 79.49% 109.22%
TOTAL ASSETS
Total Short-Term Assets $104.0M $18.00M $52.00M
Total Long-Term Assets $10.36B $5.068B $4.521B
Total Assets $10.47B $5.086B $4.573B
YoY Change 178.74% 75.71% 106.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $7.089B $2.649B $0.00
YoY Change 298.26% 73.14% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.089B $2.649B
YoY Change 298.26% 73.14%
LONG-TERM LIABILITIES
Long-Term Debt $799.0M $871.0M $3.011B
YoY Change 28.46% 201.38% 1104.4%
Other Long-Term Liabilities $83.00M $63.00M $61.00M
YoY Change 16.9% -5.97% -37.11%
Total Long-Term Liabilities $882.0M $934.0M $3.072B
YoY Change 27.27% 162.36% 785.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.089B $2.649B
Total Long-Term Liabilities $882.0M $934.0M $3.072B
Total Liabilities $7.971B $3.583B $3.072B
YoY Change 222.34% 89.98% 110.97%
SHAREHOLDERS EQUITY
Retained Earnings -$561.9M -$542.7M -$547.6M
YoY Change 5.65% 0.12% 2.13%
Common Stock $3.063B $2.031B $2.028B
YoY Change 73.23% 34.42% 61.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.483B $1.457B $1.465B
YoY Change
Total Liabilities & Shareholders Equity $10.47B $5.086B $4.573B
YoY Change 178.74% 75.71% 106.65%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q4
OPERATING ACTIVITIES
Net Income $29.28M $35.39M $21.49M
YoY Change -12.5% 170.9% 203.57%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$26.00M $32.40M $23.10M
YoY Change -236.84% 116.0% 61.54%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$5.159B -$564.2M -$545.8M
YoY Change 551.81% -14.14% -6.99%
Cash From Investing Activities -$5.159B -$564.2M -$545.8M
YoY Change 551.81% -14.14% -6.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.900M $3.000K $2.800M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.269B 498.8M 511.6M
YoY Change 540.97% -24.49% -16.76%
NET CHANGE
Cash From Operating Activities -26.00M 32.40M 23.10M
Cash From Investing Activities -5.159B -564.2M -545.8M
Cash From Financing Activities 5.269B 498.8M 511.6M
Net Change In Cash 84.30M -33.00M -11.10M
YoY Change 69.96% -278.38% -126.37%
FREE CASH FLOW
Cash From Operating Activities -$26.00M $32.40M $23.10M
Capital Expenditures
Free Cash Flow
YoY Change

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BLACKSTONE MORTGAGE TRUST, INC.
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" 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"><!-- Begin Table Head --> <tr> <td width="36%"></td> <td valign="bottom" width="4%"></td> <td width="6%"></td> <td valign="bottom" width="4%"></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td valign="bottom" width="4%"></td> <td width="18%"></td> <td valign="bottom" width="4%"></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: rgb(0,0,0) 1pt solid; WIDTH: 24.9pt"> <b>Lender</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"> <p style="MARGIN-BOTTOM: 1pt; 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FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>Term/Maturity</b></p> </td> </tr> <!-- End Table Head --><!-- Begin Table Body --> <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" align="right">L+1.82%</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">79.18%</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">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"> <td valign="top"> <p style="FONT-SIZE: 10pt; 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VERTICAL-ALIGN: top">(7)</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"> MetLife</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="right">L+1.81%</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">50%</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">77.82%</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">February 24, 2021<b><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</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"> Citibank</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="right">L+1.92%</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">76.64%</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">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"> <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" align="right">L+2.32%</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">78.75%</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">March 3, 2017</td> </tr> <!-- End Table Body --></table> <p style="MARGIN-BOTTOM: 2pt; BORDER-BOTTOM: rgb(0,0,0) 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 March&#xA0;31, 2015.</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 March&#xA0;31, 2015. As of March&#xA0;31, 2015, 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">Borrowings denominated in British pound sterling under this facility mature on January&#xA0;7, 2018.</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">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">(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>
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8 Directors
CY2015Q1 bxmt Number Of Directors Eligible For Annual Compensation
NumberOfDirectorsEligibleForAnnualCompensation
5 Directors
CY2015Q1 bxmt Closing Of Revolving Repurchase Facility
ClosingOfRevolvingRepurchaseFacility
3 Facility
CY2015Q1 bxmt Net Taxable Income Subject To Distribution Percent
NetTaxableIncomeSubjectToDistributionPercent
1.00 pure
CY2015Q1 bxmt Debt Instrument Covenant Minimum Percentage Of Tangible Net Worth On Net Cash Proceed Of Equity Issuances
DebtInstrumentCovenantMinimumPercentageOfTangibleNetWorthOnNetCashProceedOfEquityIssuances
0.75 pure
CY2015Q1 bxmt Number Of Loans
NumberOfLoans
60
CY2015Q1 bxmt Loan Participation Sold
LoanParticipationSold
227836000
CY2015Q1 bxmt Increase Decrease In Accounts Payable Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities
1819000
CY2015Q1 bxmt Number Of Loans Underlying
NumberOfLoansUnderlying
4 Participants
CY2015Q1 bxmt Operating Losses Carryforwards Expiration Dates
OperatingLossesCarryforwardsExpirationDates
Expire in 2029
CY2015Q1 bxmt Proceeds From Sale Of Loan Participation
ProceedsFromSaleOfLoanParticipation
256000000
CY2015Q1 bxmt Participations Sold Loan Coupon Rate Description
ParticipationsSoldLoanCouponRateDescription
L+2.40 %
CY2015Q1 bxmt Participations Sold Loan Yield Description
ParticipationsSoldLoanYieldDescription
L+2.68 %
CY2015Q1 bxmt Underlying Loans Coupon Rate Description
UnderlyingLoansCouponRateDescription
L+4.06 %
CY2015Q1 bxmt Proceeds From Borrowings Under Asset Repurchase Agreements
ProceedsFromBorrowingsUnderAssetRepurchaseAgreements
99162000
CY2015Q1 bxmt Percentage Of Compensation Paid In Cash
PercentageOfCompensationPaidInCash
0.40 pure
CY2015Q1 bxmt Plan Adoption Date
PlanAdoptionDate
March 25, 2014
CY2015Q1 bxmt Number Of Loan Participations Sold
NumberOfLoanParticipationsSold
4 Participants
CY2015Q1 bxmt Management Agreement Initial Term Expiry Date
ManagementAgreementInitialTermExpiryDate
2015-12-19
CY2015Q1 bxmt Incentive Fee Computation Percent Of Product Per Agreement
IncentiveFeeComputationPercentOfProductPerAgreement
0.20 pure
CY2015Q1 bxmt Annual Distribution Of Net Taxable Income Percentage
AnnualDistributionOfNetTaxableIncomePercentage
0.90 pure
CY2015Q1 bxmt Percentage Of Compensation Form Of Deferred Stock Units
PercentageOfCompensationFormOfDeferredStockUnits
0.60 pure
CY2015Q1 bxmt Underlying Loans Yield Description
UnderlyingLoansYieldDescription
L+4.36 %
CY2015Q1 bxmt Non Cash And Legacy Compensation Expenses
NonCashAndLegacyCompensationExpenses
6104000
CY2015Q1 bxmt Number Of Senior Loan Participations Sold
NumberOfSeniorLoanParticipationsSold
1 Participants
CY2015Q1 bxmt Management Agreement Renewal Term Description
ManagementAgreementRenewalTermDescription
The initial term of which expires on December 19, 2015 and will be automatically renewed for a one-year term each anniversary thereafter unless earlier terminated.
CY2015Q1 bxmt Core General And Administrative Expenses
CoreGeneralAndAdministrativeExpenses
1559000

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