2016 Q2 Form 10-Q Financial Statement

#000119312516556472 Filed on April 26, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $130.5M $123.0M $63.41M
YoY Change 62.11% 94.02% 88.4%
Cost Of Revenue $49.10M $45.40M $24.20M
YoY Change 60.46% 87.6% 100.0%
Gross Profit $81.40M $77.60M $39.20M
YoY Change 63.45% 97.96% 81.48%
Gross Profit Margin 62.39% 63.08% 61.82%
Selling, General & Admin $22.60M $20.40M $14.30M
YoY Change -4.64% 42.66% 116.67%
% of Gross Profit 27.76% 26.29% 36.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $22.60M $20.40M $14.30M
YoY Change -5.04% 42.66% 116.67%
Operating Profit $58.80M $57.20M $24.90M
YoY Change 126.15% 129.72% 66.0%
Interest Expense $49.07M $45.38M $24.16M
YoY Change 60.17% 87.83% 100.11%
% of Operating Profit 83.44% 79.34% 97.03%
Other Income/Expense, Net
YoY Change
Pretax Income $69.30M $57.44M $46.34M
YoY Change 113.07% 23.96% 239.55%
Income Tax -$154.0K $241.0K $245.0K
% Of Pretax Income -0.22% 0.42% 0.53%
Net Earnings $63.08M $57.05M $35.39M
YoY Change 115.41% 61.18% 170.9%
Net Earnings / Revenue 48.35% 46.37% 55.82%
Basic Earnings Per Share $0.60
Diluted Earnings Per Share $670.6K $605.7K $0.60
COMMON SHARES
Basic Shares Outstanding 93.91M shares 93.93M shares 58.58M shares
Diluted Shares Outstanding 58.58M shares

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $182.0M $111.0M $18.00M
YoY Change 75.0% 516.67% -74.65%
Cash & Equivalents $181.8M $110.6M $18.47M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $182.0M $111.0M $18.00M
YoY Change 75.0% 516.67% -74.65%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.806M $3.000M $12.00M
YoY Change -59.91% -75.0% -47.83%
Other Assets $0.00 $0.00 $27.00M
YoY Change -100.0% -100.0% 145.45%
Total Long-Term Assets $9.306B $9.444B $5.068B
YoY Change -10.19% 86.35% 79.49%
TOTAL ASSETS
Total Short-Term Assets $182.0M $111.0M $18.00M
Total Long-Term Assets $9.306B $9.444B $5.068B
Total Assets $9.488B $9.555B $5.086B
YoY Change -9.34% 87.88% 75.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $2.649B
YoY Change -100.0% -100.0% 73.14%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.649B
YoY Change 73.14%
LONG-TERM LIABILITIES
Long-Term Debt $6.786B $6.953B $871.0M
YoY Change 749.31% 698.28% 201.38%
Other Long-Term Liabilities $193.0M $100.0M $63.00M
YoY Change 132.53% 58.73% -5.97%
Total Long-Term Liabilities $6.979B $7.053B $934.0M
YoY Change 691.27% 655.14% 162.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.649B
Total Long-Term Liabilities $6.979B $7.053B $934.0M
Total Liabilities $6.979B $7.053B $3.583B
YoY Change -12.44% 96.84% 89.98%
SHAREHOLDERS EQUITY
Retained Earnings -$542.3M -$547.1M -$542.7M
YoY Change -3.49% 0.81% 0.12%
Common Stock $3.080B $3.075B $2.031B
YoY Change 0.54% 51.38% 34.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.496B $2.495B $1.457B
YoY Change
Total Liabilities & Shareholders Equity $9.488B $9.555B $5.086B
YoY Change -9.34% 87.88% 75.71%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $63.08M $57.05M $35.39M
YoY Change 115.41% 61.18% 170.9%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $57.50M $65.80M $32.40M
YoY Change -321.15% 103.09% 116.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $89.50M -$146.0M -$564.2M
YoY Change -101.73% -74.12% -14.14%
Cash From Investing Activities $89.50M -$146.0M -$564.2M
YoY Change -101.73% -74.12% -14.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.000K $3.000K
YoY Change 100.0% -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -83.60M 91.70M 498.8M
YoY Change -101.59% -81.62% -24.49%
NET CHANGE
Cash From Operating Activities 57.50M 65.80M 32.40M
Cash From Investing Activities 89.50M -146.0M -564.2M
Cash From Financing Activities -83.60M 91.70M 498.8M
Net Change In Cash 63.40M 11.50M -33.00M
YoY Change -24.79% -134.85% -278.38%
FREE CASH FLOW
Cash From Operating Activities $57.50M $65.80M $32.40M
Capital Expenditures
Free Cash Flow
YoY Change

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GeneralAndAdministrativeExpense
7663000
CY2015Q1 bxmt Core General And Administrative Expenses
CoreGeneralAndAdministrativeExpenses
1459000
CY2015Q1 bxmt Dividends Declared And Not Paid
DividendsDeclaredAndNotPaid
30398000
CY2015Q1 bxmt Adjustments To Additional Paid In Capital Deferred Compensation
AdjustmentsToAdditionalPaidInCapitalDeferredCompensation
94000
CY2015Q1 bxmt Proceeds From Sale Of Loan Participation
ProceedsFromSaleOfLoanParticipation
256000000
CY2015Q1 bxmt Loan Principal Payments Held By Servicer
LoanPrincipalPaymentsHeldByServicer
108000
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
10700000
CY2016Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-452000
CY2015Q1 us-gaap Noninterest Expense
NoninterestExpense
14334000
CY2015Q1 us-gaap Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
6078000
CY2015Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
3203000
CY2015Q1 us-gaap Dividends Common Stock
DividendsCommonStock
30398000
CY2015Q1 bxmt Non Cash And Legacy Compensation Expenses
NonCashAndLegacyCompensationExpenses
6104000
CY2016Q1 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.
CY2016Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>1. ORGANIZATION</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt" align="justify">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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt" align="justify">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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt" align="justify">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 exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries.</p> </div>
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
65781000
CY2016Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2016-03-31
CY2016Q1 us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Revenue Recognition</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt" align="justify">Interest income from our loans receivable is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred until the loan is advanced and is then recorded over the term of the loan as an adjustment to yield. 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. Income is then recorded on the basis of cash received until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a component of interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred.</p> </div>
CY2016Q1 dei Amendment Flag
AmendmentFlag
false
CY2016Q1 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.
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.61
CY2016Q1 dei Document Type
DocumentType
10-Q
CY2016Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001061630
CY2016Q1 us-gaap Operating Loss Carryforwards Expiration Date
OperatingLossCarryforwardsExpirationDate
2029-12-31
CY2016Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2016Q1 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.
CY2016Q1 us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The following table outlines the key terms of our revolving repurchase facilities as of March&#xA0;31, 2016:</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="28%"></td> <td valign="bottom" width="3%"></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; MARGIN-TOP: 0pt; 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" nowrap="nowrap" align="center"><b>Rate<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"><b>Guarantee<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></b></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"><b>Advance&#xA0;Rate<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></b></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"><b>Margin Call<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></b></td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"><b>Currency</b></td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" nowrap="nowrap" align="center"><b>Term/Maturity</b></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Wells Fargo</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">L+1.78%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">79.5%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center"> Collateral&#xA0;marks&#xA0;only</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">$</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">Term&#xA0;matched<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Bank of America</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">L+1.69%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">50%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">79.5%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">$</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">May 21, 2021<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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> JP Morgan</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">L+1.80%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">80.4%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">$&#xA0;/&#xA0;&#xA3;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">January 7, 2018</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> MetLife</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">L+1.76%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">50%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">78.5%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">$</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center"> February&#xA0;24,&#xA0;2021<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Citibank</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">L+1.92%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">77.7%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">$</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">Term matched<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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Morgan Stanley</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">L+2.35%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">79.1%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center"> &#xA3;&#xA0;&#xA0;/&#xA0;&#x20AC;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">March 3, 2017</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Soci&#xE9;t&#xE9; G&#xE9;n&#xE9;rale</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">L+1.60%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">80.0%</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom" align="center"> &#xA3;&#xA0;&#xA0;/&#xA0;&#x20AC;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">Term matched<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></td> </tr> </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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify">Represents weighted-average cash coupon based on borrowings outstanding. In instances where our borrowings are denominated in currencies other than the U.S. Dollar, interest accrues at a rate equivalent to a margin plus a base rate other than 1-month USD LIBOR, such as 3-month GBP LIBOR, 3-month EURIBOR, or 3-month CDOR.</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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify">Other than amounts guaranteed based on specific collateral asset types, borrowings under our revolving repurchase facilities are non-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">(3)</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify">Represents weighted-average advance rate based on the outstanding principal balance of the collateral assets pledged.</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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify">Margin call provisions under our revolving repurchase facilities do not permit valuation adjustments based on capital markets events, 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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" 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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" 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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify">Includes five one-year extension options which may be exercised at our sole discretion.</p> </td> </tr> </table> </div>
CY2016Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2016-08-31
CY2016Q1 us-gaap Profit Loss
ProfitLoss
57199000
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
58097000
CY2016Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
77644000
CY2016Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2000
CY2016Q1 us-gaap Increase Decrease In Other Operating Assets
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-4254000
CY2016Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-27000
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
5979000
CY2016Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
6000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-6666000
CY2016Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.62
CY2016Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
123025000
CY2016Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-9122000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
56360000
CY2016Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
466536000
CY2016Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5260000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
57440000
CY2016Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions
4593000
CY2016Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
151000
CY2016Q1 us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
586066000
CY2016Q1 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-6666000
CY2016Q1 dei Entity Registrant Name
EntityRegistrantName
BLACKSTONE MORTGAGE TRUST, INC.
CY2016Q1 us-gaap Payments For Proceeds From Derivative Instrument Financing Activities
PaymentsForProceedsFromDerivativeInstrumentFinancingActivities
-8218000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
56512000
CY2016Q1 us-gaap Payments For Participation Liabilities
PaymentsForParticipationLiabilities
9600000
CY2016Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
138000
CY2016Q1 us-gaap Amortization Of Deferred Loan Origination Fees Net
AmortizationOfDeferredLoanOriginationFeesNet
8954000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
241000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4852000
CY2016Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
6837000
CY2016Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
4053000
CY2016Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2016-03-15
CY2016Q1 dei Document Period End Date
DocumentPeriodEndDate
2016-03-31
CY2016Q1 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" align="justify">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>
CY2016Q1 dei Trading Symbol
TradingSymbol
BXMT
CY2016Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2016-04-15
CY2016Q1 us-gaap Other General And Administrative Expense
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869000
CY2016Q1 us-gaap Proceeds From Issuance Of Secured Debt
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629897000
CY2016Q1 us-gaap Interest Expense
InterestExpense
45381000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-146007000
CY2016Q1 us-gaap Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
420513000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
91749000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
152000
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6000
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
2649000
CY2016Q1 us-gaap Management Fee Expense
ManagementFeeExpense
13613000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
11523000
CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-2256000
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6795000
CY2016Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
6879000
CY2016Q1 us-gaap Professional Fees
ProfessionalFees
890000
CY2016Q1 us-gaap Dividends Cash
DividendsCash
58226000
CY2016Q1 us-gaap Noninterest Expense
NoninterestExpense
20408000
CY2016Q1 us-gaap Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
10424000
CY2016Q1 us-gaap Proceeds From Loans
ProceedsFromLoans
59300000
CY2016Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
4593000
CY2016Q1 us-gaap Dividends Common Stock
DividendsCommonStock
58226000
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
152000
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
94067769 shares
CY2016Q1 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-6879000
CY2016Q1 bxmt Commitments Expiration Period
CommitmentsExpirationPeriod
P4Y
CY2016Q1 bxmt Number Of Loans Underlying
NumberOfLoansUnderlying
3 Loans
CY2016Q1 bxmt Non Cash And Legacy Compensation Expenses
NonCashAndLegacyCompensationExpenses
4986000
CY2016Q1 bxmt Number Of Equal Quarterly Installments
NumberOfEqualQuarterlyInstallments
4 Installments
CY2016Q1 bxmt Incentive Fee Computation Percent Of Average Outstanding Equity Per Annum
IncentiveFeeComputationPercentOfAverageOutstandingEquityPerAnnum
0.0700 pure
CY2016Q1 bxmt Dividends Declared And Not Paid
DividendsDeclaredAndNotPaid
58226000
CY2016Q1 bxmt Annual Distribution Of Net Taxable Income Percentage
AnnualDistributionOfNetTaxableIncomePercentage
0.90 pure
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
57047000
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-687000
CY2016Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-687000
CY2016Q1 us-gaap Interest Paid
InterestPaid
38121000
CY2016Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
66000
CY2016Q1 bxmt Debt Instrument Covenant Minimum Percentage Of Tangible Net Worth On Net Cash Proceed Of Equity Issuances
DebtInstrumentCovenantMinimumPercentageOfTangibleNetWorthOnNetCashProceedOfEquityIssuances
0.75 pure
CY2016Q1 bxmt Excise Tax Rate
ExciseTaxRate
0.04 pure
CY2016Q1 bxmt Computed Management Fee Percent Of Average Outstanding Equity Balance
ComputedManagementFeePercentOfAverageOutstandingEquityBalance
0.0150 pure
CY2016Q1 bxmt Incentive Fee Computation Percent Of Product Per Agreement
IncentiveFeeComputationPercentOfProductPerAgreement
0.20 pure
CY2016Q1 bxmt Net Taxable Income Subject To Distribution Percent
NetTaxableIncomeSubjectToDistributionPercent
1.00 pure
CY2016Q1 bxmt Expected Loss On Investment
ExpectedLossOnInvestment
0
CY2016Q1 bxmt Core General And Administrative Expenses
CoreGeneralAndAdministrativeExpenses
1759000
CY2016Q1 bxmt Plan Adoption Date
PlanAdoptionDate
2014-03-25
CY2016Q1 bxmt Number Of Loan Participations Sold
NumberOfLoanParticipationsSold
3 Loans
CY2016Q1 bxmt Adjustments To Additional Paid In Capital Deferred Compensation
AdjustmentsToAdditionalPaidInCapitalDeferredCompensation
94000
CY2016Q1 bxmt Loan Principal Payments Held By Servicer
LoanPrincipalPaymentsHeldByServicer
75378000

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