2018 Q1 Form 10-K Financial Statement

#000119312518042819 Filed on February 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2016 Q4
Revenue $155.4M $146.1M $116.3M
YoY Change 31.14% 25.62% -9.42%
Cost Of Revenue $70.00M $66.00M $44.50M
YoY Change 49.89% 48.31% -3.89%
Gross Profit $85.40M $80.20M $71.80M
YoY Change 18.94% 11.7% -12.55%
Gross Profit Margin 54.95% 54.89% 61.74%
Selling, General & Admin $23.70M $22.00M $19.50M
YoY Change 16.75% 12.82% -12.95%
% of Gross Profit 27.75% 27.43% 27.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $24.20M $21.90M $19.50M
YoY Change 19.21% 12.31% -12.95%
Operating Profit $61.20M $58.30M $52.30M
YoY Change 18.83% 11.47% -12.4%
Interest Expense $69.99M $0.00 $1.000M
YoY Change 49.95% -100.0% -83.33%
% of Operating Profit 114.36% 0.0% 1.91%
Other Income/Expense, Net
YoY Change
Pretax Income $61.24M $58.20M $53.30M
YoY Change 18.92% 9.19% -18.87%
Income Tax $120.0K $0.00 -$100.0K
% Of Pretax Income 0.2% 0.0% -0.19%
Net Earnings $60.96M $57.89M $53.38M
YoY Change 18.58% 8.46% -18.22%
Net Earnings / Revenue 39.22% 39.62% 45.89%
Basic Earnings Per Share
Diluted Earnings Per Share $562.7K $586.0K $565.1K
COMMON SHARES
Basic Shares Outstanding 108.2M shares 94.83M shares 93.91M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.00M $70.00M $76.00M
YoY Change -10.94% -7.89% -20.83%
Cash & Equivalents $57.40M $69.65M $75.57M
Short-Term Investments
Other Short-Term Assets $5.000M
YoY Change
Inventory
Prepaid Expenses
Receivables $40.00M
Other Receivables $0.00
Total Short-Term Assets $102.0M $70.00M $76.00M
YoY Change 59.38% -7.89% -20.83%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $17.00M $33.00M $0.00
YoY Change -100.0%
Total Long-Term Assets $11.11B $10.19B $8.737B
YoY Change 24.95% 16.62% -5.86%
TOTAL ASSETS
Total Short-Term Assets $102.0M $70.00M $76.00M
Total Long-Term Assets $11.11B $10.19B $8.737B
Total Assets $11.21B $10.26B $8.813B
YoY Change 25.2% 16.41% -6.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $8.175B $7.201B $6.231B
YoY Change 30.13% 15.57% -8.06%
Other Long-Term Liabilities $110.0M $141.0M $88.00M
YoY Change -37.85% 60.23% -6.38%
Total Long-Term Liabilities $8.285B $7.342B $6.319B
YoY Change 28.27% 16.19% -8.03%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $8.285B $7.342B $6.319B
Total Liabilities $8.285B $7.341B $6.319B
YoY Change 28.27% 16.18% -8.03%
SHAREHOLDERS EQUITY
Retained Earnings -$573.4M -$567.2M -$541.1M
YoY Change 4.51% 4.81% -0.85%
Common Stock $3.517B $3.508B $3.091B
YoY Change 13.55% 13.49% 0.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.921B $2.911B $2.494B
YoY Change
Total Liabilities & Shareholders Equity $11.21B $10.26B $8.813B
YoY Change 25.2% 16.41% -6.01%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $60.96M $57.89M $53.38M
YoY Change 18.58% 8.46% -18.22%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $72.58M $51.00M $49.10M
YoY Change 26.44% 3.87% -26.5%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$967.5M -$461.1M -$355.5M
YoY Change 677.11% 29.7% -195.87%
Cash From Investing Activities -$967.5M -$461.1M -$355.5M
YoY Change 677.1% 29.7% -195.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 857.7M 417.6M 290.1M
YoY Change 1453.76% 43.95% -160.5%
NET CHANGE
Cash From Operating Activities 72.58M 51.00M 49.10M
Cash From Investing Activities -967.5M -461.1M -355.5M
Cash From Financing Activities 857.7M 417.6M 290.1M
Net Change In Cash -37.24M 7.500M -16.30M
YoY Change 212.94% -146.01% -61.1%
FREE CASH FLOW
Cash From Operating Activities $72.58M $51.00M $49.10M
Capital Expenditures
Free Cash Flow
YoY Change

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Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less.
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21451000
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CY2017 us-gaap Deferred Revenue Description
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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.
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CY2017 dei Entity Registrant Name
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BLACKSTONE MORTGAGE TRUST, INC.
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2017-12-29
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2017-12-14
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CY2017 dei Entity Current Reporting Status
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CY2017 us-gaap Management Fee Description
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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 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.
CY2017 us-gaap Nature Of Operations
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b>1. ORGANIZATION</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" align="justify">Blackstone Mortgage Trust is a real estate finance company that originates senior loans collateralized by commercial real estate in North America and Europe. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from our loan portfolio. 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; Our principal executive offices are located at 345 Park Avenue, 42nd Floor, New York, New York 10154. We were incorporated in Maryland in 1998, when we reorganized from a California common law business trust into a Maryland corporation.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" 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 an 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>
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2029-12-31
CY2017 us-gaap Schedule Of Repurchase Agreements
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" align="justify">The following tables outline the key terms of our credit facilities as of December&#xA0;31, 2017:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="44%"></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 valign="bottom" width="5%"></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid"> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: &quot;Times New Roman&quot;; WIDTH: 24.9pt; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; MARGIN-TOP: 0pt; DISPLAY: inline"> <b>Lender</b></p> </td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Currency</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Guarantee<sup style="FONT-SIZE: 9px; VERTICAL-ALIGN: top">(1)</sup></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"><b>Margin Call<sup style="FONT-SIZE: 9px; VERTICAL-ALIGN: top">(2)</sup></b></td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"><b>Term/Maturity</b></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Wells Fargo</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">$</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">25</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center"> Collateral&#xA0;marks&#xA0;only</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">Term&#xA0;matched<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(3)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> MetLife</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">$</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" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center"> April&#xA0;21,&#xA0;2023<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(4)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Bank of America</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">$</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center"> May&#xA0;21,&#xA0;2021<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(5)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> JP Morgan</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">$&#xA0;/&#xA0;&#xA3;</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" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">January&#xA0;7,&#xA0;2020</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Soci&#xE9;t&#xE9; G&#xE9;n&#xE9;rale</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center"> $&#xA0;/&#xA0;&#xA3;&#xA0;/&#xA0;&#x20AC;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">25</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">Term&#xA0;matched<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(3)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Deutsche Bank</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="center">$</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">35</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">Term&#xA0;matched<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(3)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Citibank</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center"> $&#xA0;/&#xA0;&#xA3;&#xA0;/&#xA0;&#x20AC;</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" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">Term&#xA0;matched<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(3)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Morgan Stanley</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center"> $&#xA0;/&#xA0;&#xA3;&#xA0;/&#xA0;&#x20AC;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">25</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">March 3, 2020</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Bank of America - Multi. JV<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(6)</sup></p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"></td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">43</td> <td valign="bottom" nowrap="nowrap">%&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">July 19, 2021</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Goldman Sachs - Multi. JV<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(6)</sup></p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"></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" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">July 12, 2020</td> </tr> </table> <p style="MARGIN-BOTTOM: 2pt; FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WIDTH: 188px; WHITE-SPACE: normal; WORD-SPACING: 0px; BORDER-BOTTOM: rgb(0,0,0) 1px solid; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; LINE-HEIGHT: 8pt; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-TOP: 0pt" align="justify">Other than amounts guaranteed based on specific collateral asset types, borrowings under our credit facilities are non-recourse to us.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left">(2)</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-TOP: 0pt" align="justify">Margin call provisions under our credit 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: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left">(3)</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-TOP: 0pt" align="justify">These credit 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: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left">(4)</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-TOP: 0pt" 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: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left">(5)</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left">(6)</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-TOP: 0pt" align="justify">These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="18%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid"> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: &quot;Times New Roman&quot;; WIDTH: 48.9pt; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; MARGIN-TOP: 0pt; DISPLAY: inline"> <b>&#xA0;&#xA0;&#xA0;&#xA0;Currency&#xA0;&#xA0;&#xA0;&#xA0;</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Outstanding</b><br /> <b>Borrowings</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Potential</b><br /> <b>Borrowings<sup style="FONT-SIZE: 9px; VERTICAL-ALIGN: top">(1)</sup></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"><b>Index</b></td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"><b>Rate<sup style="FONT-SIZE: 9px; VERTICAL-ALIGN: top">(2)</sup></b></td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"><b>Advance<br /> Rate<sup style="FONT-SIZE: 9px; VERTICAL-ALIGN: top">(3)</sup></b></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> $</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,798,619</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,275,789</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center"><font style="WHITE-SPACE: nowrap">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1-month&#xA0;USD&#xA0;LIBOR&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">L+1.87%</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">78.6%</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> &#x20AC;</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#x20AC;</td> <td valign="bottom" align="right">66,144</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#x20AC;</td> <td valign="bottom" align="right">87,744</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center"><font style="WHITE-SPACE: nowrap">3-month&#xA0;EURIBOR</font></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">L+2.24%</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">80.0%</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> &#xA3;</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA3;</td> <td valign="bottom" align="right">140,771</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA3;</td> <td valign="bottom" align="right">209,406</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center"><font style="WHITE-SPACE: nowrap">3-month&#xA0;GBP&#xA0;LIBOR</font></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">L+2.24%</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">78.6%</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid"> <td valign="top"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,068,249</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,664,097</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">L+1.90%</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">78.7%</td> </tr> </table> <p style="MARGIN-BOTTOM: 2pt; FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WIDTH: 188px; WHITE-SPACE: normal; WORD-SPACING: 0px; BORDER-BOTTOM: rgb(0,0,0) 1px solid; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; LINE-HEIGHT: 8pt; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-TOP: 0pt" align="justify">Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each credit facility.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left">(2)</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-TOP: 0pt" align="justify">Represents weighted-average cash coupon based on borrowings outstanding.</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left">(3)</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; 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> </div>
CY2017 us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b>Revenue Recognition</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" align="justify">Interest income from our loans receivable portfolio 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>
CY2017 bxmt General And Administrative Operating And Other Costs
GeneralAndAdministrativeOperatingAndOtherCosts
1903000
CY2017 bxmt Proceeds From Derivative Instruments In Investing Activities
ProceedsFromDerivativeInstrumentsInInvestingActivities
6453000
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
24031000
CY2017 bxmt Payments For Derivative Instruments In Investing Activities
PaymentsForDerivativeInstrumentsInInvestingActivities
20870000
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LoanPrincipalPaymentsHeldByServicer
15763000
CY2017 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
922196 shares
CY2017 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
44000
CY2017 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
964000
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
391568000
CY2017 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
12421401 shares
CY2017 dei Trading Symbol
TradingSymbol
BXMT
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
95963616 shares
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" 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>
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CoreGeneralAndAdministrativeExpenses
5715000
CY2017 bxmt Adjustments To Additional Paid In Capital Deferred Compensation
AdjustmentsToAdditionalPaidInCapitalDeferredCompensation
438000
CY2017 bxmt Deferred Origination Fees And Expenses
DeferredOriginationFeesAndExpenses
55441000
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ParticipationsSoldLoanWeightedAverageTerm
2022-02
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AmortizationOfDeferredLoanOriginationFeeNet
38373000
CY2017 bxmt Expected Loss On Investment
ExpectedLossOnInvestment
0
CY2017 bxmt Dividends Declared And Not Paid
DividendsDeclaredAndNotPaid
66888000
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136646000
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OtherComprehensiveIncomeRealizedAndUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-20628000
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80706000
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4072786000
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NonCashAndLegacyCompensationExpenses
24031000
CY2017 bxmt Plan Adoption Date
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2014-03-25
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NumberOfLoanParticipationsSold
1 Loans
CY2017 bxmt Number Of Directors Eligible For Annual Compensation
NumberOfDirectorsEligibleForAnnualCompensation
5 Directors
CY2017 bxmt Commitments Expiration Period
CommitmentsExpirationPeriod
P4Y
CY2017Q1 us-gaap Profit Loss
ProfitLoss
51405000
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AmortizationOfDeferredLoanOriginationFeesNet
40345000
CY2016 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
19339000
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EarningsPerShareBasicAndDiluted
0.61
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InterestIncomeExpenseNet
77644000
CY2016 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
19045000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-28858000
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ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
8143000
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CommonStockDividendsPerShareDeclared
2.48
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ComprehensiveIncomeNetOfTax
214853000
CY2016 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
222996000
CY2016 us-gaap Deferred Compensation Arrangement With Individual Shares Issued
DeferredCompensationArrangementWithIndividualSharesIssued
27506 shares
CY2016 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
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25444000
CY2016 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-798000
CY2016 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
2.53
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DividendsCommonStock
233293000
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-1581000
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EquityMethodInvestmentDividendsOrDistributions
9977000
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GainLossOnInvestments
13420000
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GeneralAndAdministrativeExpense
27716000
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246636000
CY2016 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
286000
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IncreaseDecreaseInOtherOperatingAssets
-6069000
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IncreaseDecreaseInOtherOperatingLiabilities
-10120000
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IncomeLossFromEquityMethodInvestments
3187000
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
196000
CY2016 us-gaap Interest Expense
InterestExpense
184270000
CY2016 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
497974000
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InterestIncomeExpenseNet
313704000
CY2016 us-gaap Interest Paid
InterestPaid
164905000
CY2016 us-gaap Management Fee Expense
ManagementFeeExpense
55959000
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21286000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
434087000
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NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
236652000
CY2016 us-gaap Mortgage Loans On Real Estate Collections Of Principal
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3351042000
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57047000
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ProfitLoss
57199000
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EarningsPerShareBasicAndDiluted
0.67
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81406000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2016Q2 us-gaap Profit Loss
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69450000
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0.53
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72473000
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50613000
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50613000
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0.69
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82817000
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NetIncomeLoss
64794000
CY2016Q3 us-gaap Profit Loss
ProfitLoss
66392000
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EarningsPerShareBasicAndDiluted
0.61
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78555000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
57722000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
57810000
CY2016Q4 us-gaap Interest Income Expense Net
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71837000
CY2016Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.57
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53375000
CY2016Q4 us-gaap Profit Loss
ProfitLoss
53399000
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EarningsPerShareBasicAndDiluted
0.59
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InterestIncomeExpenseNet
80174000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
57891000
CY2016 us-gaap Mortgage Loans On Real Estate Cost Of Mortgages Sold
MortgageLoansOnRealEstateCostOfMortgagesSold
23580000
CY2017Q4 us-gaap Profit Loss
ProfitLoss
58140000
CY2016 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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27000
CY2016 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
8000
CY2016 us-gaap Mortgage Loans On Real Estate Number Of Loans
MortgageLoansOnRealEstateNumberOfLoans
107
CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-699597000
CY2016 us-gaap Net Income Loss
NetIncomeLoss
238297000
CY2017 bxmt Percentage Of Taxable Dividend
PercentageOfTaxableDividend
1.000 pure
CY2017 bxmt Debt Instrument Revolving Repurchase Facilities Advance Rate
DebtInstrumentRevolvingRepurchaseFacilitiesAdvanceRate
0.787 pure
CY2017 bxmt Incentive Fee Computation Percent Of Average Outstanding Equity Per Annum
IncentiveFeeComputationPercentOfAverageOutstandingEquityPerAnnum
0.0700 pure
CY2016 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
8143000
CY2016 us-gaap Noninterest Expense
NoninterestExpense
83675000
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-23444000
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-49686000
CY2016 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
169000
CY2016 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
15350000
CY2016 us-gaap Payments For Participation Liabilities
PaymentsForParticipationLiabilities
136000000
CY2016 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
232775000
CY2016 us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
3151882000
CY2016 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
27000
CY2016 us-gaap Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
44697000
CY2016 us-gaap Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
3514429000
CY2016 us-gaap Profit Loss
ProfitLoss
246440000
CY2016 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
3185933000
CY2016 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-21070000
CY2016 us-gaap Professional Fees
ProfessionalFees
3311000
CY2016 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
3534803000
CY2016 us-gaap Restricted Stock Expense
RestrictedStockExpense
19052000
CY2016 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1070 shares
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
94165351 shares
CY2016 bxmt Core General And Administrative Expenses
CoreGeneralAndAdministrativeExpenses
5458000
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
21899000
CY2016 bxmt Adjustments To Additional Paid In Capital Deferred Compensation
AdjustmentsToAdditionalPaidInCapitalDeferredCompensation
375000
CY2016 bxmt Amortization Of Deferred Loan Origination Fee Net
AmortizationOfDeferredLoanOriginationFeeNet
40345000
CY2016 bxmt General And Administrative Operating And Other Costs
GeneralAndAdministrativeOperatingAndOtherCosts
2147000
CY2016 bxmt Proceeds From Derivative Instruments In Investing Activities
ProceedsFromDerivativeInstrumentsInInvestingActivities
41573000
CY2016 bxmt Payments For Derivative Instruments In Investing Activities
PaymentsForDerivativeInstrumentsInInvestingActivities
14730000
CY2016 bxmt Loan Principal Payments Held By Servicer
LoanPrincipalPaymentsHeldByServicer
670000
CY2016 bxmt Deferred Origination Fees And Expenses
DeferredOriginationFeesAndExpenses
44697000
CY2016 bxmt Dividends Declared And Not Paid
DividendsDeclaredAndNotPaid
58615000
CY2016 bxmt Unrealized Foreign Currency Gain Loss On Mortgage Loans
UnrealizedForeignCurrencyGainLossOnMortgageLoans
-156937000
CY2016 bxmt Other Comprehensive Income Realized And Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeRealizedAndUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
26242000
CY2016 bxmt Proceeds From Sale Of Loan Participation
ProceedsFromSaleOfLoanParticipation
54441000
CY2016 bxmt Loans Originated Acquired And Funded During Period
LoansOriginatedAcquiredAndFundedDuringPeriod
3151882000
CY2016 bxmt Non Cash And Legacy Compensation Expenses
NonCashAndLegacyCompensationExpenses
22089000
CY2016 bxmt Number Of Loan Participations Sold
NumberOfLoanParticipationsSold
1 Loans
CY2016 bxmt Participations Sold Loan Weighted Average Term
ParticipationsSoldLoanWeightedAverageTerm
2019-12
CY2016 bxmt Percentage Of Taxable Dividend
PercentageOfTaxableDividend
1.000 pure
CY2016 bxmt Percentage Of Taxable As Ordinary Dividend
PercentageOfTaxableAsOrdinaryDividend
0.9277 pure
CY2017 bxmt Annual Distribution Of Net Taxable Income Percentage
AnnualDistributionOfNetTaxableIncomePercentage
0.90 pure
CY2017 bxmt Percentage Of Taxable As Ordinary Dividend
PercentageOfTaxableAsOrdinaryDividend
0.9720 pure
CY2017 bxmt Computed Management Fee Percent Of Average Outstanding Equity Balance
ComputedManagementFeePercentOfAverageOutstandingEquityBalance
0.0150 pure
CY2017 bxmt Net Taxable Income Subject To Distribution Percent
NetTaxableIncomeSubjectToDistributionPercent
1.00 pure
CY2017 bxmt Excise Tax Rate
ExciseTaxRate
0.04 pure
CY2017 bxmt Percentage Of Taxable As Capital Gain Dividends
PercentageOfTaxableAsCapitalGainDividends
0.0280 pure
CY2016 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
836867 shares
CY2016 bxmt Percentage Of Taxable As Capital Gain Dividends
PercentageOfTaxableAsCapitalGainDividends
0.0723 pure
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.54
CY2017Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
71843000
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
51405000
CY2017 bxmt Debt Instrument Covenant Minimum Percentage Of Tangible Net Worth On Net Cash Proceed Of Equity Issuances
DebtInstrumentCovenantMinimumPercentageOfTangibleNetWorthOnNetCashProceedOfEquityIssuances
0.75 pure
CY2017 bxmt Incentive Fee Computation Percent Of Product Per Agreement
IncentiveFeeComputationPercentOfProductPerAgreement
0.20 pure
CY2017 bxmt Consolidation Of Loans Receivable Of Variable Interest Entity
ConsolidationOfLoansReceivableOfVariableInterestEntity
500000000
CY2017 bxmt Consolidation Of Securitized Debt Obligations Of Variable Interest Entity
ConsolidationOfSecuritizedDebtObligationsOfVariableInterestEntity
474620000
CY2017 bxmt Interest Expense Secured Debt
InterestExpenseSecuredDebt
8500000
CY2017 bxmt Proceeds From Collateral Deposits Related To Derivatives
ProceedsFromCollateralDepositsRelatedToDerivatives
16120000
CY2017 bxmt Payments For Collateral Deposits Related To Derivatives
PaymentsForCollateralDepositsRelatedToDerivatives
20161000
CY2017 bxmt Proceeds From Issuance Of Collateralized Loan Obligations
ProceedsFromIssuanceOfCollateralizedLoanObligations
817500000
CY2017 bxmt Cash Contributions From Joint Venture Partners That Increase Equity
CashContributionsFromJointVenturePartnersThatIncreaseEquity
12165000

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