0000950123-19-006582.txt : 20190723 0000950123-19-006582.hdr.sgml : 20190723 20190723162203 ACCESSION NUMBER: 0000950123-19-006582 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 121 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190723 DATE AS OF CHANGE: 20190723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKSTONE MORTGAGE TRUST, INC. CENTRAL INDEX KEY: 0001061630 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 946181186 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14788 FILM NUMBER: 19968020 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE STREET 2: 42ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: 2126550220 MAIL ADDRESS: STREET 1: 345 PARK AVENUE STREET 2: 42ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10154 FORMER COMPANY: FORMER CONFORMED NAME: CAPITAL TRUST INC DATE OF NAME CHANGE: 19980512 10-Q 1 bxmt-20190630.htm 10-Q BLACKSTONE MORTGAGE TRUST, INC.
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The term of these obligations represents the rated final distribution date of the securitizations.As of June 30, 2019, all of our loans financed by securitized debt obligations earned a floating rate of interest. As of December 31, 2018, 98% of our loans financed by securitized debt obligations earned a floating rate of interest. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM
10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FOR THE QUARTERLY PERIOD ENDED
JUNE 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FOR THE TRANSITION PERIOD FROM
                    
TO
                    
Commission File Number:
001-14788
 
Blackstone Mortgage Trust, Inc.
(Exact name of Registrant as specified in its charter)
     
Maryland
 
94-6181186
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
345 Park Avenue, 42nd Floor
New York
,
New York
10154
(Address of principal executive offices)(Zip Code)
(
212
)
655-0220
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act: 
         
Title of each class
 
Trading
symbol(s)
 
Name of each exchange
on which registered
Class A common stock
, par value $0.01 per share
 
BXMT
 
New York Stock Exchange
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    
Yes
  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Yes
  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
             
Large accelerated filer
 
  
 
Accelerated filer
 
  
 
 
 
 
 
 
 
Non-accelerated
filer
 
  
 
Smaller reporting company
 
  
 
 
 
 
 
 
 
 
 
Emerging growth company
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  
    
No
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The number of the registrant’s outstanding shares of class A common stock, par value $0.01 per share, outstanding as of July 16, 2019 was
134,288,584
.
 
 
 

 
 
 
 
TABLE OF CONTENTS
             
PART I.
     
 
             
ITEM 1.
     
2
 
             
 
Consolidated Financial Statements (Unaudited):
   
 
             
     
2
 
             
     
3
 
             
     
4
 
             
     
5
 
             
     
7
 
             
     
9
 
             
ITEM 2.
     
42
 
             
ITEM 3.
     
61
 
             
ITEM 4.
     
64
 
             
PART II.
     
 
             
ITEM 1.
     
65
 
             
ITEM 1A.
     
65
 
             
ITEM 2.
     
65
 
             
ITEM 3.
     
65
 
             
ITEM 4.
     
65
 
             
ITEM 5.
     
65
 
             
ITEM 6.
     
66
 
           
68  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Blackstone Mortgage Trust, Inc.
Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)
                 
 
June 30,
   
December 31,
 
 
2019
   
2018
 
Assets
   
     
 
Cash and cash equivalents
  $
80,584
    $
105,662
 
Loans receivable, net
   
14,280,919
     
14,191,200
 
Other assets
   
203,501
     
170,513
 
                 
Total Assets
  $
14,565,004
    $
14,467,375
 
                 
                 
Liabilities and Equity
   
     
 
Secured debt agreements, net
  $
8,257,370
    $
8,974,756
 
Loan participations sold, net
   
     
94,418
 
Securitized debt obligations, net
   
1,287,364
     
1,285,471
 
Secured term loan, net
   
491,598
     
—  
 
Convertible notes, net
   
611,472
     
609,911
 
Other liabilities
   
140,775
     
128,212
 
                 
Total Liabilities
   
10,788,579
     
11,092,768
 
                 
                 
Commitments and contingencies
   
     
—  
 
                 
Equity
   
     
 
Class A common stock, $0.01 par value, 200,000,000 shares authorized, 134,288,258 and 123,435,738 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
   
1,343
     
1,234
 
Additional
paid-in
capital
   
4,354,571
     
3,966,540
 
Accumulated other comprehensive loss
   
(29,420
)    
(34,222
)
Accumulated deficit
   
(579,131
)    
(569,428
)
                 
Total Blackstone Mortgage Trust, Inc. stockholders’ equity
   
3,747,363
     
3,364,124
 
Non-controlling
interests
   
29,062
     
10,483
 
                 
Total Equity
   
3,776,425
     
3,374,607
 
                 
Total Liabilities and Equity
  $
     14,565,004
    $
     14,467,375
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
 
 
 
 
 
 
 
Note: The consolidated balance sheets as of June 30, 2019 and December 31, 2018 include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of each respective VIE, and liabilities of consolidated VIEs for which creditors do not have recourse to Blackstone Mortgage Trust, Inc. As of both June 30, 2019 and December 31, 2018, assets of the consolidated VIEs totaled $1.5 billion and liabilities of the consolidated VIEs totaled $1.3 billion. Refer to Note 16 for additional discussion of the VIEs.
See accompanying notes to consolidated financial statements.
 
 
2
 
 

 
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)
                                 
 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
 
2019
   
2018
   
2019
   
2018
 
Income from loans and other investments
   
     
     
     
 
Interest and related income
  $
223,369
    $
191,479
    $
448,128
    $
346,904
 
Less: Interest and related expenses
   
116,891
     
87,733
     
235,579
     
157,722
 
                                 
Income from loans and other investments, net
   
106,478
     
103,746
     
212,549
     
189,182
 
Other expenses
   
     
     
     
 
Management and incentive fees
   
20,984
     
22,388
     
40,774
     
37,880
 
General and administrative expenses
   
9,897
     
8,747
     
19,210
     
17,454
 
                                 
Total other expenses
   
30,881
     
31,135
     
59,984
     
55,334
 
                                 
Income before income taxes
   
75,597
     
72,611
     
152,565
     
133,848
 
Income tax provision
   
46
     
104
     
147
     
224
 
                                 
Net income
   
75,551
     
72,507
     
152,418
     
133,624
 
                                 
Net income attributable to
non-controlling
interests
   
(377
)    
(195
)    
(680
)    
(353
)
                                 
Net income attributable to Blackstone Mortgage Trust,  Inc.
  $
75,174
    $
72,312
    $
151,738
    $
133,271
 
                                 
Net income per share of common stock basic and diluted
  $
0.59
    $
0.66
    $
1.21
    $
1.23
 
                                 
Weighted-average shares of common stock outstanding, basic and diluted
   
  126,475,244
     
  109,069,078
     
   125,410,064
     
  108,735,193
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
 
3
 

 
 
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Comprehensive Income (Unaudited)
(in thousands)
                                 
 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
 
2019
   
2018
   
2019
   
2018
 
Net income
  $
75,551
    $
72,507
    $
152,418
    $
133,624
 
Other comprehensive income
   
     
     
     
 
Unrealized loss on foreign currency translation
   
(9,578
)    
(35,088
)    
(4,164
)    
(24,350
)
Realized and unrealized gain on derivative financial instruments
   
10,914
     
24,855
     
8,966
     
21,920
 
                                 
Other comprehensive income (loss)
   
1,336
     
(10,233
)    
4,802
     
(2,430
)
                                 
Comprehensive income
   
76,887
     
62,274
     
157,220
     
131,194
 
Comprehensive income attributable to
non-controlling
interests
   
(377
)    
(195
)    
(680
)    
(353
)
                                 
Comprehensive income attributable to Blackstone Mortgage Trust, Inc.
  $
     76,510
    $
     62,079
    $
     156,540
    $
     130,841
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
4
 

 
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Changes in Equity (Unaudited)
(in thousands)
                                                         
 
Blackstone Mortgage Trust, Inc.
   
   
   
 
Class A
Common
Stock
   
Additional
Paid-In

Capital
   
Accumulated Other
Comprehensive
(Loss) Income
   
Accumulated
Deficit
   
Stockholders’
Equity
   
Non-controlling

Interests
   
Total
Equity
 
Balance at December 31, 2018
  $
1,234
    $
3,966,540
    $
(34,222
)   $
(569,428
)   $
3,364,124
    $
10,483
    $
3,374,607
 
Shares of class A common stock issued, net
   
23
     
65,358
     
—  
     
—  
     
65,381
     
—  
     
65,381
 
Restricted class A common stock earned
   
—  
     
7,639
     
—  
     
—  
     
7,639
     
—  
     
7,639
 
Dividends reinvested
   
—  
     
143
     
—  
     
(132
)    
11
     
—  
     
11
 
Deferred directors’ compensation
   
—  
     
125
     
—  
     
—  
     
125
     
—  
     
125
 
Other comprehensive income
   
—  
     
—  
     
3,466
     
—  
     
3,466
     
—  
     
3,466
 
Net income
   
—  
     
—  
     
—  
     
76,565
     
76,565
     
302
     
76,867
 
Dividends declared on common stock, $0.62 per share
   
—  
     
—  
     
—  
     
(77,913
)    
(77,913
)    
—  
     
(77,913
)
Contributions from
non-controlling
interests
   
—  
     
—  
     
—  
     
—  
     
—  
     
1,470
     
1,470
 
Distributions to
non-controlling
interests
   
—  
     
—  
     
—  
     
—  
     
—  
     
(64
)    
(64
)
                                                         
Balance at March 31, 2019
  $
1,257
    $
4,039,805
    $
(30,756
)   $
(570,908
)   $
3,439,398
    $
12,191
    $
3,451,589
 
                                                         
Shares of class A common stock issued, net
   
86
     
306,866
     
     
     
306,952
     
     
306,952
 
Restricted class A common stock earned
   
     
7,629
     
     
     
7,629
     
     
7,629
 
Dividends reinvested
   
     
146
     
     
(138
)    
8
     
     
8
 
Deferred directors’ compensation
   
     
125
     
     
     
125
     
     
125
 
Other comprehensive income
   
     
     
1,336
     
     
1,336
     
     
1,336
 
Net income
   
     
     
     
75,174
     
75,174
     
377
     
75,551
 
Dividends declared on common stock, $0.62 per share
   
     
     
     
(83,259
)    
(83,259
)    
     
(83,259
)
Contributions from
non-controlling
interests
   
     
     
     
     
     
17,158
     
17,158
 
Distributions to
non-controlling
interests
   
     
     
     
     
     
(664
)    
(664
)
                                                         
Balance at June 30, 2019
  $
   1,343
    $
   4,354,571
    $
(29,420
)   $
(579,131
)   $
   3,747,363
    $
29,062
    $
   3,776,425
 
                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
5
 

 
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Changes in Equity (Unaudited)
(in thousands)
                                                         
 
Blackstone Mortgage Trust, Inc.
   
   
   
 
Class A Common
Stock
   
Additional 
Paid-In
Capital
   
Accumulated Other Comprehensive
(Loss) 
Income
   
Accumulated
Deficit
   
Stockholders’
Equity
   
Non-controlling
Interests
   
Total
Equity
 
Balance at December 31, 2017
  $
1,079
    $
3,506,861
    $
(29,706
)   $
(567,168
)   $
2,911,066
    $
6,340
    $
2,917,406
 
Shares of class A common stock issued, net
   
3
     
—  
     
—  
     
—  
     
3
     
—  
     
3
 
Restricted class A common stock earned
   
—  
     
6,848
     
—  
     
—  
     
6,848
     
—  
     
6,848
 
Issuance of convertible notes
   
—  
     
1,462
     
—  
     
—  
     
1,462
     
—  
     
1,462
 
Dividends reinvested
   
—  
     
122
     
—  
     
(108
)    
14
     
—  
     
14
 
Deferred directors’ compensation
   
—  
     
125
     
—  
     
—  
     
125
     
—  
     
125
 
Other comprehensive income
   
—  
     
—  
     
7,803
     
—  
     
7,803
     
—  
     
7,803
 
Net income
   
—  
     
—  
     
—  
     
60,958
     
60,958
     
158
     
61,116
 
Dividends declared on common stock, $0.62 per share
   
—  
     
—  
     
—  
     
(67,066
)    
(67,066
)    
—  
     
(67,066
)
Contributions from
non-controlling
interests
   
—  
     
—  
     
—  
     
—  
     
—  
     
375
     
375
 
Distributions to
non-controlling
interests
   
—  
     
—  
     
—  
     
—  
     
—  
     
(1,575
)    
(1,575
)
                                                         
Balance at March 31, 2018
  $
1,082
    $
3,515,418
    $
(21,903
)   $
(573,384
)   $
2,921,213
    $
5,298
    $
2,926,511
 
                                                         
Shares of class A common stock issued, net
   
32
     
102,463
     
—  
     
—  
     
102,495
     
—  
     
102,495
 
Restricted class A common stock earned
   
—  
     
6,653
     
—  
     
—  
     
6,653
     
—  
     
6,653
 
Conversion of convertible notes
   
—  
     
(20
   
—  
     
—  
     
(20
   
—  
     
(20
Dividends reinvested
   
—  
     
128
     
—  
     
(115
)    
13
     
—  
     
13
 
Deferred directors’ compensation
   
—  
     
125
     
—  
     
—  
     
125
     
—  
     
125
 
Other comprehensive income
   
—  
     
—  
     
(10,233
)    
—  
     
(10,233
)    
—  
     
(10,233
)
Net income
   
—  
     
—  
     
—  
     
72,313
     
72,313
     
195
     
72,508
 
Dividends declared on common stock, $0.62 per share
   
—  
     
—  
     
—  
     
(69,079
)    
(69,079
)    
—  
     
(69,079
)
Contributions from
non-controlling
interests
   
—  
     
—  
     
—  
     
—  
     
—  
     
2,100
     
2,100
 
Distributions to
non-controlling
interests
   
—  
     
—  
     
—  
     
—  
     
—  
     
(2,411
)    
(2,411
)