2015 Q4 Form 10-Q Financial Statement

#000119312515354712 Filed on October 27, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $128.4M $138.4M $50.39M
YoY Change 120.4% 174.6% 167.26%
Cost Of Revenue $46.30M $51.30M $19.90M
YoY Change 116.36% 157.79% 352.27%
Gross Profit $82.10M $87.00M $30.50M
YoY Change 123.1% 185.25% 111.81%
Gross Profit Margin 63.94% 62.88% 60.53%
Selling, General & Admin $22.40M $19.10M $8.800M
YoY Change 83.61% 117.05% 120.0%
% of Gross Profit 27.28% 21.95% 28.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $22.40M $19.10M $8.800M
YoY Change 83.61% 117.05% 87.23%
Operating Profit $59.70M $67.90M $21.70M
YoY Change 142.68% 212.9% 123.71%
Interest Expense $6.000M $51.33M $19.90M
YoY Change -36.17% 157.9% 351.62%
% of Operating Profit 10.05% 75.59% 91.72%
Other Income/Expense, Net
YoY Change
Pretax Income $65.70M $67.86M $23.48M
YoY Change 158.66% 188.97% 128.83%
Income Tax $100.0K $81.00K -$118.0K
% Of Pretax Income 0.15% 0.12% -0.5%
Net Earnings $65.26M $66.89M $22.02M
YoY Change 203.69% 203.71% 164.71%
Net Earnings / Revenue 50.83% 48.34% 43.71%
Basic Earnings Per Share $0.45
Diluted Earnings Per Share $696.9K $716.3K $0.45
COMMON SHARES
Basic Shares Outstanding 93.21M shares 93.23M shares 48.48M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $96.00M $139.0M $63.00M
YoY Change 84.62% 120.63% 530.0%
Cash & Equivalents $96.45M $138.6M $63.34M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $96.00M $139.0M $63.00M
YoY Change 84.62% 120.63% 530.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.441M $7.000M $15.00M
YoY Change -14.17% -53.33% -42.31%
Other Assets $10.00M $9.000M $11.00M
YoY Change -16.67% -18.18% -85.53%
Total Long-Term Assets $9.281B $9.713B $4.035B
YoY Change 105.29% 140.69% 157.48%
TOTAL ASSETS
Total Short-Term Assets $96.00M $139.0M $63.00M
Total Long-Term Assets $9.281B $9.713B $4.035B
Total Assets $9.377B $9.852B $4.098B
YoY Change 105.05% 140.38% 159.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $1.896B
YoY Change -100.0% 194.87%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.896B
YoY Change 194.87%
LONG-TERM LIABILITIES
Long-Term Debt $6.777B $7.257B $609.0M
YoY Change 125.07% 1091.63% 633.73%
Other Long-Term Liabilities $94.00M $95.00M $83.00M
YoY Change 54.1% 14.46% 76.6%
Total Long-Term Liabilities $6.871B $7.352B $692.0M
YoY Change 123.67% 962.43% 432.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.896B
Total Long-Term Liabilities $6.871B $7.352B $692.0M
Total Liabilities $6.871B $7.352B $2.589B
YoY Change 123.67% 184.0% 234.55%
SHAREHOLDERS EQUITY
Retained Earnings -$545.8M -$552.9M -$538.7M
YoY Change -0.33% 2.63% 1.66%
Common Stock $3.071B $3.067B $2.023B
YoY Change 51.44% 51.61% 62.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.493B $2.487B $1.478B
YoY Change
Total Liabilities & Shareholders Equity $9.377B $9.852B $4.098B
YoY Change 105.05% 140.38% 159.84%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $65.26M $66.89M $22.02M
YoY Change 203.69% 203.71% 164.71%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $66.80M $98.20M $23.50M
YoY Change 189.18% 317.87% 135.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $370.8M $529.5M -$418.5M
YoY Change -167.94% -226.52% -21.39%
Cash From Investing Activities $370.8M $529.5M -$418.5M
YoY Change -167.94% -226.52% -21.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -479.5M -594.6M 339.6M
YoY Change -193.73% -275.09% -28.19%
NET CHANGE
Cash From Operating Activities 66.80M 98.20M 23.50M
Cash From Investing Activities 370.8M 529.5M -418.5M
Cash From Financing Activities -479.5M -594.6M 339.6M
Net Change In Cash -41.90M 33.10M -55.40M
YoY Change 277.48% -159.75% 11.92%
FREE CASH FLOW
Cash From Operating Activities $66.80M $98.20M $23.50M
Capital Expenditures
Free Cash Flow
YoY Change

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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. ORGANIZATION</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> References herein to &#x201C;Blackstone Mortgage Trust,&#x201D; &#x201C;Company,&#x201D; &#x201C;we,&#x201D; &#x201C;us&#x201D; or &#x201C;our&#x201D; refer to Blackstone Mortgage Trust,&#xA0;Inc. and its subsidiaries unless the context specifically requires otherwise.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Blackstone Mortgage Trust is a real estate finance company that originates and purchases senior loans collateralized by properties in North America and Europe. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of The Blackstone Group L.P., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol &#x201C;BXMT.&#x201D; We are headquartered in New York City.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain our exemption from registration under the Investment Company Act of 1940, as amended, or the Investment Company Act. We are organized as a holding company and conduct our business primarily through our various subsidiaries.</p> </div>
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
1.69
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.
dei Document Type
DocumentType
10-Q
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.
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 our management agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our outstanding Equity, provided that our Core Earnings over the prior three-year period (or the period since 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, as defined in our management agreement, is generally equal to our net income (loss) prepared in accordance with GAAP, excluding (i) certain non-cash items (ii) the net income (loss) related to our legacy portfolio and (iii) incentive management fees.
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"><!-- Begin Table Head --> <tr> <td width="45%"></td> <td valign="bottom" width="3%"></td> <td style="WIDTH: 14pt"></td> <td></td> <td></td> <td style="WIDTH: 14pt"></td> <td valign="bottom" width="3%"></td> <td style="WIDTH: 21pt"></td> <td></td> <td></td> <td style="WIDTH: 21pt"></td> <td valign="bottom" width="3%"></td> <td style="WIDTH: 26pt"></td> <td></td> <td></td> <td style="WIDTH: 26pt"></td> <td valign="bottom" width="3%"></td> <td style="WIDTH: 24pt"></td> <td></td> <td></td> <td style="WIDTH: 24pt"></td> <td valign="bottom" width="3%"></td> <td style="WIDTH: 26pt"></td> <td></td> <td></td> <td style="WIDTH: 26pt"></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" colspan="4" nowrap="nowrap" align="center"><b>Rate<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)(2)</sup></b></td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="4" nowrap="nowrap" align="center"><b>Guarantee<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></b></td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="4" nowrap="nowrap" align="center"> <b>Advance&#xA0;Rate<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b></td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="4" nowrap="nowrap" align="center"><b>Margin Call<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></b></td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="4" nowrap="nowrap" align="center"> <b>Term/Maturity</b></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"> Bank of America</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">L+1.69%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#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;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">79.5%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4"> Collateral&#xA0;marks&#xA0;only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4" nowrap="nowrap" align="center"> May&#xA0;21,&#xA0;2019<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></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"> Wells Fargo</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">L+1.80%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#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;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">79.3%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4" nowrap="nowrap" align="center">Term matched<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup></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"> JP Morgan</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#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;&#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;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">80.4%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4" nowrap="nowrap" align="center"> Term&#xA0;matched<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)(7)</sup></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">&#xA0;</td> <td valign="bottom" align="right">L+1.93%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#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;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">77.7%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4" nowrap="nowrap" align="center"> Term&#xA0;matched<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup></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">&#xA0;</td> <td valign="bottom" align="right">L+1.79%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#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;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">78.1%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4" nowrap="nowrap" align="center"> February&#xA0;24,&#xA0;2021<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</sup></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">&#xA0;</td> <td valign="bottom" align="right">L+2.34%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#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;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">78.5%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4" nowrap="nowrap" align="center"> March 3, 2017</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"> Soci&#xE9;t&#xE9; G&#xE9;n&#xE9;rale</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">L+1.60%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#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;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">80.0%</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="4" nowrap="nowrap" align="center">July 13, 2018<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(9)</sup></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 borrowings outstanding and collateral assets pledged as of September&#xA0;30, 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 September&#xA0;30, 2015. As of September&#xA0;30, 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">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">(6)</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">(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 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">(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> <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">(9)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" align="justify">Includes a one-year extension option which, subject to certain provisions, may be exercised at our discretion.</p> </td> </tr> </table> </div>
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.66
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Registrant Name
EntityRegistrantName
BLACKSTONE MORTGAGE TRUST, INC.
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of consolidated 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>
us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2015-09-14
dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
us-gaap Interest Expense
InterestExpense
106125000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-5193831000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1029535000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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14920000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
0
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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13000
us-gaap Interest And Dividend Income Operating
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282249000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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146719000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
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9599000
us-gaap Income Taxes Paid Net
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125000
us-gaap Unrealized Gain Loss On Investments
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22108000
us-gaap Payments For Proceeds From Loans Receivable
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6807347000
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1584189000
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5173559000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
14724000
dei Trading Symbol
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BXMT
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77752247 shares
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131564000
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-12564000
us-gaap Interest Paid
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85494000
us-gaap Profit Loss
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146288000
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109178000
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176124000
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28679000
us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
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14920000
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-11911000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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133724000
us-gaap Proceeds From Issuance Of Common Stock
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1029535000
us-gaap Payments For Participation Liabilities
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238164000
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-27484000
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-2528000
us-gaap Comprehensive Income Net Of Tax
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119000000
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5677000
us-gaap Amortization Of Deferred Loan Origination Fees Net
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25489000
us-gaap Income Tax Expense Benefit
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431000
us-gaap Share Based Compensation
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14470000
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5007000
us-gaap Amortization Of Financing Costs And Discounts
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14684000
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1783000
us-gaap Proceeds From Issuance Of Secured Debt
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6560426000
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2279837000
us-gaap Payments Of Financing Costs
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19932000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
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2452000
us-gaap Management Fee Expense
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28535000
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84338000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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6114000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
28655000
us-gaap Proceeds From Lines Of Credit
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256000000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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37202000
us-gaap Professional Fees
ProfessionalFees
2375000
us-gaap Dividends Cash
DividendsCash
57800000
bxmt Underlying Loans Yield Description
UnderlyingLoansYieldDescription
L+4.15 %
bxmt Dividend Paid Date
DividendPaidDate
2015-10-15
bxmt Commitments Expiration Period
CommitmentsExpirationPeriod
P4Y
bxmt Number Of Loans Underlying
NumberOfLoansUnderlying
3 Loans
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NonCashAndLegacyCompensationExpenses
14638000
bxmt Number Of Equal Quarterly Installments
NumberOfEqualQuarterlyInstallments
4 Installments
us-gaap Noninterest Expense
NoninterestExpense
57190000
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RestrictedStockExpense
9601000
us-gaap Dividends Common Stock
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136674000
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NetIncomeLossAttributableToNoncontrollingInterest
14724000
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-37202000
bxmt Incentive Fee Computation Percent Of Average Outstanding Equity Per Annum
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0.0700 pure
bxmt Underlying Loans Coupon Rate Description
UnderlyingLoansCouponRateDescription
L+3.93 %
bxmt Annual Distribution Of Net Taxable Income Percentage
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0.90 pure
bxmt Loan Participation Sold
LoanParticipationSold
17836000
bxmt Number Of Loans
NumberOfLoans
132
bxmt Number Of Senior Loan Participations Sold
NumberOfSeniorLoanParticipationsSold
1 Participants
bxmt Debt Instrument Covenant Minimum Percentage Of Tangible Net Worth On Net Cash Proceed Of Equity Issuances
DebtInstrumentCovenantMinimumPercentageOfTangibleNetWorthOnNetCashProceedOfEquityIssuances
0.75 pure
bxmt Computed Management Fee Percent Of Average Outstanding Equity Balance
ComputedManagementFeePercentOfAverageOutstandingEquityBalance
0.0150 pure
bxmt Participations Sold Loan Coupon Rate Description
ParticipationsSoldLoanCouponRateDescription
L+2.38 %
bxmt Excise Tax Rate
ExciseTaxRate
0.04 pure
bxmt Incentive Fee Computation Percent Of Product Per Agreement
IncentiveFeeComputationPercentOfProductPerAgreement
0.20 pure
bxmt Net Taxable Income Subject To Distribution Percent
NetTaxableIncomeSubjectToDistributionPercent
1.00 pure
bxmt Core General And Administrative Expenses
CoreGeneralAndAdministrativeExpenses
13741000
bxmt Proceeds From Loan Origination And Exit Fees
ProceedsFromLoanOriginationAndExitFees
26799000
bxmt Participations Sold Loan Yield Description
ParticipationsSoldLoanYieldDescription
L+2.49 %
bxmt Plan Adoption Date
PlanAdoptionDate
2014-03-25
bxmt Operating Losses Carryforwards Expiration Dates
OperatingLossesCarryforwardsExpirationDates
Expire in 2029
bxmt Number Of Loan Participations Sold
NumberOfLoanParticipationsSold
3 Loans
bxmt Adjustments To Additional Paid In Capital Deferred Compensation
AdjustmentsToAdditionalPaidInCapitalDeferredCompensation
281000
bxmt Proceeds From Sale Of Loan Participation
ProceedsFromSaleOfLoanParticipation
256000000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
58631000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
67859000
CY2015Q1 us-gaap Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
320000000
CY2015Q2 us-gaap Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
590000000
CY2014 bxmt Number Of Loans Underlying
NumberOfLoansUnderlying
4 Loans
CY2014 bxmt Number Of Loans
NumberOfLoans
60
CY2014 bxmt Number Of Loan Participations Sold
NumberOfLoanParticipationsSold
4 Loans
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.45
CY2014Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.50
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49211205 shares
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
22024000
CY2014Q3 us-gaap Profit Loss
ProfitLoss
23601000
CY2014Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
30483000
CY2014Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
50386000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
13092000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
23483000
CY2014Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
1780000
CY2015Q3 us-gaap Noninterest Expense
NoninterestExpense
19108000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
14669000
CY2014Q3 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-8932000
CY2015Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
3095000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-118000
CY2014Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
451000
CY2015Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-82000
CY2015Q3 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
14891000
CY2014Q3 us-gaap Interest Expense
InterestExpense
19903000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
1577000
CY2014Q3 us-gaap Management Fee Expense
ManagementFeeExpense
5412000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3368000
CY2014Q3 us-gaap Professional Fees
ProfessionalFees
635000
CY2014Q3 us-gaap Noninterest Expense
NoninterestExpense
8780000
CY2014Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
1525000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
59521000
CY2015Q3 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-23148000
CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
890000
CY2015Q3 bxmt Non Cash And Legacy Compensation Expenses
NonCashAndLegacyCompensationExpenses
3286000
CY2015Q3 bxmt Core General And Administrative Expenses
CoreGeneralAndAdministrativeExpenses
1939000
CY2015Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
17000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
81000
CY2014Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1577000
CY2014Q3 bxmt Non Cash And Legacy Compensation Expenses
NonCashAndLegacyCompensationExpenses
2077000
CY2014Q3 bxmt Core General And Administrative Expenses
CoreGeneralAndAdministrativeExpenses
1086000
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.72
CY2015Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.62
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
93357960 shares
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
66888000
CY2015Q3 us-gaap Profit Loss
ProfitLoss
67778000
CY2015Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
87032000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
14891000
CY2015Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
0
CY2015Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
138361000
CY2015Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
671000
CY2015Q3 us-gaap Interest Expense
InterestExpense
51329000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
890000
CY2015Q3 us-gaap Management Fee Expense
ManagementFeeExpense
13813000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5295000
CY2015Q3 us-gaap Professional Fees
ProfessionalFees
898000

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