10-Q

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 SEPTEMBER 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 October 16, 2019 was 134,288,919.

TABLE OF CONTENTS

PART I.	FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	2
	Consolidated Financial Statements (Unaudited):
	Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018	2
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018	3
	Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018	4
	Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2019 and 2018	5
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018	7
	Notes to Consolidated Financial Statements	9
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	41
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	60
ITEM 4.	CONTROLS AND PROCEDURES	63
PART II.	OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	64
ITEM 1A.	RISK FACTORS	64
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	64
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	64
ITEM 4.	MINE SAFETY DISCLOSURES	64
ITEM 5.	OTHER INFORMATION	64
ITEM 6.	EXHIBITS	65
SIGNATURES		66

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Blackstone Mortgage Trust, Inc.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share data)

	September 30,			December 31,
	2019			2018
Assets
Cash and cash equivalents	$	84,289		$	105,662
Loans receivable, net		14,755,072			14,191,200
Other assets		243,055			170,513
Total Assets	$	15,082,416		$	14,467,375
Liabilities and Equity
Secured debt agreements, net	$	8,790,604		$	8,974,756
Loan participations sold, net		—			94,418
Securitized debt obligations, net		1,288,389			1,285,471
Secured term loan, net		490,659			—
Convertible notes, net		612,263			609,911
Other liabilities		139,884			128,212
Total Liabilities		11,321,799			11,092,768
Commitments and contingencies		—			—
Equity
Class A common stock, $0.01 par value, 200,000,000 shares authorized, 134,288,584 and 123,435,738 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively		1,343			1,234
Additional paid-in capital		4,362,476			3,966,540
Accumulated other comprehensive loss		(33,394	)		(34,222	)
Accumulated deficit		(587,632	)		(569,428	)
Total Blackstone Mortgage Trust, Inc. stockholders’ equity		3,742,793			3,364,124
Non-controlling interests		17,824			10,483
Total Equity		3,760,617			3,374,607
Total Liabilities and Equity	$	15,082,416		$	14,467,375

____________

Note: The consolidated balance sheets as of September 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 September 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 September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Income from loans and other investments
Interest and related income	$	213,873		$	203,107		$	662,001		$	550,011
Less: Interest and related expenses		111,957			97,955			347,536			255,677
Income from loans and other investments, net		101,916			105,152			314,465			294,334
Other expenses
Management and incentive fees		17,502			18,368			58,276			56,248
General and administrative expenses		9,741			8,443			28,951			25,897
Total other expenses		27,243			26,811			87,227			82,145
Income before income taxes		74,673			78,341			227,238			212,189
Income tax (benefit) provision		(721	)		48			(573	)		272
Net income		75,394			78,293			227,811			211,917
Net income attributable to non-controlling interests		(497	)		(128	)		(1,176	)		(481	)
Net income attributable to Blackstone Mortgage Trust, Inc.	$	74,897		$	78,165		$	226,635		$	211,436
Net income per share of common stock basic and diluted	$	0.56		$	0.67		$	1.76		$	1.90
Weighted-average shares of common stock outstanding, basic and diluted		134,536,683			116,203,140			128,485,701			111,251,864

See accompanying notes to consolidated financial statements.

3

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

(in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net income	$	75,394		$	78,293		$	227,811		$	211,917
Other comprehensive income
Unrealized loss on foreign currency translation		(39,961	)		(2,416	)		(44,125	)		(26,766	)
Realized and unrealized gain on derivative financial instruments		35,987			1,703			44,953			23,623
Other comprehensive (loss) income		(3,974	)		(713	)		828			(3,143	)
Comprehensive income		71,420			77,580			228,639			208,774
Comprehensive income attributable to non-controlling interests		(497	)		(128	)		(1,176	)		(481	)
Comprehensive income attributable to Blackstone Mortgage Trust, Inc.	$	70,923		$	77,452		$	227,463		$	208,293

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
Shares of class A common stock issued, net		—		—		—			—			—			—			—
Restricted class A common stock earned		—		7,629		—			—			7,629			—			7,629
Dividends reinvested		—		151		—			(139	)		12			—			12
Deferred directors’ compensation		—		125		—			—			125			—			125
Other comprehensive loss		—		—		(3,974	)		—			(3,974	)		—			(3,974	)
Net income		—		—		—			74,897			74,897			497			75,394
Dividends declared on common stock, $0.62 per share		—		—		—			(83,259	)		(83,259	)		—			(83,259	)
Contributions from non-controlling interests		—		—		—			—			—			8,093			8,093
Distributions to non-controlling interests		—		—		—			—			—			(19,828	)		(19,828	)
Balance at September 30, 2019	$	1,343	$	4,362,476	$	(33,394	)	$	(587,632	)	$	3,742,793		$	17,824		$	3,760,617

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 loss		—		—			(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	)
Balance at June 30, 2018	$	1,114	$	3,624,767		$	(32,136	)	$	(570,265	)	$	3,023,480		$	5,182		$	3,028,662
Shares of class A common stock issued, net		83		267,209			—			—			267,292			—			267,292
Restricted class A common stock earned		—		6,609			—			—			6,609			—			6,609
Dividends reinvested		—		131			—			(119	)		12			—			12
Deferred directors’ compensation		—		125			—			—			125			—			125
Other comprehensive loss		—		—			(713	)		—			(713	)		—			(713	)
Net income		—		—			—			78,165			78,165			128			78,293
Dividends declared on common stock, $0.62 per share		—		—			—			(74,198	)		(74,198	)		—			(74,198	)
Contributions from non-controlling interests		—		—			—			—			—			2,025			2,025
Distributions to non-controlling interests		—		—			—			—			—			(114	)		(114	)
Balance at September 30, 2018	$	1,197	$	3,898,841		$	(32,849	)	$	(566,417	)	$	3,300,772		$	7,221		$	3,307,993

See accompanying notes to consolidated financial statements.

6

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

	Nine Months Ended September 30,
	2019			2018
Cash flows from operating activities
Net income	$	227,811		$	211,917
Adjustments to reconcile net income to net cash provided by operating activities
Non-cash compensation expense		23,276			20,488
Amortization of deferred fees on loans and debt securities		(40,110	)		(35,955	)
Amortization of deferred financing costs and premiums/ discount on debt obligations		22,702			20,993
Changes in assets and liabilities, net
Other assets		(3,518	)		(9,709	)
Other liabilities		(1,570	)		15,001
Net cash provided by operating activities		228,591			222,735
Cash flows from investing activities
Origination and fundings of loans receivable		(3,319,563	)		(5,222,803	)
Principal collections and sales proceeds from loans receivable and debt securities		2,589,622			2,503,454
Loan contributed to securitization		—			512,002
Investment in debt securities held-to-maturity		—			(95,937	)
Origination and exit fees received on loans receivable		32,527			74,111
Receipts under derivative financial instruments		35,756			34,975
Payments under derivative financial instruments		(4,650	)		(14,031	)
Collateral deposited under derivative agreements		(11,400	)		(32,110	)
Return of collateral deposited under derivative agreements		9,090			28,870
Net cash used in investing activities		(668,618	)		(2,211,469	)

continued…

See accompanying notes to consolidated financial statements.

7

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

	Nine Months Ended September 30,
	2019			2018
Cash flows from financing activities
Borrowings under secured debt agreements	$	2,950,456		$	5,749,678
Repayments under secured debt agreements		(3,048,960	)		(4,147,893	)
Proceeds from sale of loan participations		21,346			86,339
Repayment of loan participations		(115,874	)		(85,875	)
Net proceeds from issuance of secured term loans		498,750			—
Repayments on secured term loans		(1,250	)		—
Payment of deferred financing costs		(25,710	)		(18,995	)
Contributions from non-controlling interests		26,721			4,500
Distributions to non-controlling interests		(20,556	)		(4,100	)
Net proceeds from issuance of convertible notes		—			214,775
Repayment of convertible notes		—			(192	)
Net proceeds from issuance of class A common stock		372,329			369,787
Dividends paid on class A common stock		(237,702	)		(203,065	)
Net cash provided by financing activities		419,550			1,964,959
Net decrease in cash and cash equivalents		(20,477	)		(23,775	)
Cash and cash equivalents at beginning of period		105,662			102,518
Effects of currency translation on cash and cash equivalents		(896	)		8,244
Cash and cash equivalents at end of period	$	84,289		$	86,987
Supplemental disclosure of cash flows information
Payments of interest	$	(324,013	)	$	(224,320	)
Payments of income taxes	$	(205	)	$	(546	)
Supplemental disclosure of non-cash investing and financing activities
Dividends declared, not paid	$	(83,259	)	$	(74,195	)
Loan principal payments held by servicer, net	$	56,843		$	3,577

See accompanying notes to consolidated financial statements.

8

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

1. ORGANIZATION

References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.

Blackstone Mortgage Trust is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. 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 Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” 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.

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.     

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the Securities and Exchange Commission, or the SEC.

Basis of Presentation

The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

Certain reclassifications have been made in the presentation of the prior period secured debt agreements in Note 5 to conform to the current period presentation.

Principles of Consolidation

We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.

In the third quarter of 2018, we contributed a loan to a single asset securitization vehicle, or the 2018 Single Asset Securitization, which is a VIE, and invested in the related subordinate risk retention position. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate risk retention position as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. Refer to Note 16 for additional discussion of our VIEs.

9

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(Unaudited)

In April 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint Venture.

Use of Estimates

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.

Revenue Recognition

Interest income from our loans receivable portfolio and debt securities 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 and recorded over the term of the loan or debt security 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.

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents.

During the second quarter of 2018, the letter of credit related to our restricted cash balance was cancelled and the cash was transferred out of our segregated bank account. As of both September 30, 2019 and December 31, 2018, we had no restricted cash on our consolidated balance sheets.

Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $348.4 million and $320.0 million as of September 30, 2019 and December 31, 2018, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts.

Loans Receivable and Provision for Loan Losses

We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. We are required to periodically evaluate each of these loans for possible impairment. Impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. If a loan is determined to be impaired, we write down the loan through a charge to the provision for loan losses. Impairment of these loans, which are collateral dependent, is measured by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by our Manager. Actual losses, if any, could ultimately differ from these estimates.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

Our Manager performs a quarterly review of our portfolio of loans. In conjunction with this review, our Manager assesses the risk factors of each loan, and assigns it a risk rating based on a variety of factors, including, without limitation, loan-to-value ratio, or LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:

1 -	Very Low Risk
2 -	Low Risk
3 -	Medium Risk
4 -	High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss.
5 -	Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss.

Debt Securities Held-to-Maturity

We classify our debt securities as held-to-maturity, as we have the intent and ability to hold these securities until maturity. We include our debt securities in other assets on our consolidated balance sheets at amortized cost.

If, based on current information and events, there is an adverse change in cash flows expected to be collected from the cash flows previously projected for one of our debt securities, an other-than-temporary impairment is deemed to have occurred. A change in expected cash flows is considered adverse if the present value of the revised cash flows (taking into consideration both the timing and amount of cash flows expected to be collected), discounted using the debt security’s current yield, is less than the present value of the previously estimated remaining cash flows. If an other-than-temporary impairment is considered to have occurred, the debt security is written down to fair value. The total other-than-temporary impairment is bifurcated into (i) the amount related to expected credit losses, and (ii) the amount related to fair value adjustments in excess of expected credit losses. The other-than-temporary impairment related to expected credit losses is calculated by comparing the amortized cost basis of the security to the present value of cash flows expected to be collected, discounted at the security’s current yield, and is recognized in earnings in the consolidated statement of operations. The remaining other-than-temporary impairment that is not related to expected credit losses is recognized in other comprehensive income (loss). A portion of other-than-temporary impairments recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through other comprehensive income (loss) are amortized over the life of the security with no impact on earnings.

Derivative Financial Instruments

We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value.

On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction.

On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently.

Secured Debt Agreements

Where applicable, we record investments financed with secured debt agreements as separate assets and the related borrowings under any secured debt agreements are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt agreements are reported separately on our consolidated statements of operations.

Senior Loan Participations

In certain instances, we finance our loans through the non-recourse syndication of a senior loan interest to a third-party. Depending on the particular structure of the syndication, the senior loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participations sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining subordinate loan and not the non-consolidated senior interest we sold.

Secured Term Loan

We record our secured term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the secured term loan as additional non-cash interest expense.

Convertible Notes

The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our convertible notes as of the respective issuance dates based on our nonconvertible debt borrowing rate. The equity component of each series of our convertible notes is reflected within additional paid-in capital on our consolidated balance sheet, and the resulting issue discount is amortized over the period during which such convertible notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to such convertible notes will increase in subsequent periods through the maturity date as the notes accrete to their par value over the same period.

Deferred Financing Costs

The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations.

Fair Value of Financial Instruments

The “Fair Value Measurements and Disclosures” Topic of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows:

• Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date.

• Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates.

• Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third-parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2.

The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee composed of members of senior management of our Manager, including our Chief Executive Officer, Chief Financial Officer, and other senior officers.

Certain of our other assets are reported at fair value either (i) on a recurring basis, as of each quarter-end, or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 15. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-party dealers. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our Manager’s estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations may require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by our Manager.

We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value:

• Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value.

• Loans receivable, net: The fair values of these loans were estimated by our Manager based on a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, occupancy rates, availability and cost of financing, exit plan, sponsorship, actions of other lenders, and indications of market value from other market participants.

• Debt securities held-to-maturity: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

• Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads.

• Secured debt agreements, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

• Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset.

• Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

• Secured term loan, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

• Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained using quoted market prices.

Income Taxes

Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 13 for additional information.

Stock-Based Compensation

Our stock-based compensation consists of awards issued to our Manager and certain individuals employed by an affiliate of our Manager that vest over the life of the awards, as well as deferred stock units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 14 for additional information.

Earnings per Share

Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses.

Diluted earnings per share, or Diluted EPS, is determined using the treasury stock method, and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units. Refer to Note 11 for additional discussion of earnings per share.

Foreign Currency

In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss).

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

Underwriting Commissions and Offering Costs

Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred.

Recent Accounting Pronouncements

In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” or ASU 2019-04. ASU 2019-04 amends existing guidance originally issued by (i) ASU 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326),” or ASU 2016-13, (ii) ASU 2017-12 “Derivatives and Hedging Topic 815: Targeted Improvements to Accounting for Hedging Activities,” or ASU 2017-12, and (iii) ASU 2016-01 “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” or ASU 2016-01. The amendments in ASU 2019-04 that relate to ASU 2016-13 clarify specific issues related to the implementation of the current expected credit loss model, which are effective for fiscal years beginning after December 15, 2019 and are to be adopted through a cumulative-effect adjustment to retained earnings as of January 1, 2020. The amendments in ASU 2019-04 that relate to ASU 2017-12 primarily update guidance related to fair value hedges and do not have an impact on our consolidated financial statements. The amendments in ASU 2019-04 that relate to ASU 2016-01 primarily update guidance related to equity securities and do not have an impact on our consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace the “incurred loss” model under existing guidance with an “expected loss” model for instruments measured at amortized cost, and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of January 1, 2020. While we are currently evaluating the impact ASU 2016-13 will have on our consolidated financial statements, we expect that the adoption will result in an increased amount of provisions for potential loan losses as well as the recognition of such provisions earlier in the lending cycle. We currently do not have any provision for loan losses in our consolidated financial statements.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

3. LOANS RECEIVABLE, NET

The following table details overall statistics for our loans receivable portfolio ($ in thousands):

	September 30, 2019			December 31, 2018
Number of loans		128			125
Principal balance	$	14,849,556		$	14,293,970
Net book value	$	14,755,072		$	14,191,200
Unfunded loan commitments(1)	$	4,724,809		$	3,405,945
Weighted-average cash coupon(2)		5.07	%		5.67	%
Weighted-average all-in yield(2)		5.42	%		6.00	%
Weighted-average maximum maturity (years)(3)		3.6			3.9

(1)	Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)	Cash coupon and all-in yield assume applicable floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, BBSY, and CDOR, as of September 30, 2019 and December 31, 2018, respectively, for weighted-average calculation. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. As of September 30, 2019, 99% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR, and 1% earned a fixed rate of interest. In addition, $3.5 billion of our loans earned interest based on floors that are above the applicable index as of September 30, 2019. As of December 31, 2018, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR, and 2% earned a fixed rate of interest. In addition, $1.2 billion of our loans earned interest based on floors that are above the applicable index as of December 31, 2018.
(3)	Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of September 30, 2019, 59% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 41% were open to repayment by the borrower without penalty. As of December 31, 2018, 75% of our loans were subject to yield maintenance or other prepayment restrictions and 25% were open to repayment by the borrower without penalty.

Activity relating to our loans receivable portfolio was as follows ($ in thousands):

	Principal Balance			Deferred Fees / Other Items(1)			Net Book Value
December 31, 2018	$	14,293,970		$	(102,770	)	$	14,191,200
Loan fundings		3,319,563			—			3,319,563
Loan repayments and sales proceeds		(2,640,402	)		—			(2,640,402	)
Unrealized (loss) gain on foreign currency translation		(123,575	)		1,085			(122,490	)
Deferred fees and other items		—			(32,527	)		(32,527	)
Amortization of fees and other items		—			39,728			39,728
September 30, 2019	$	14,849,556		$	(94,484	)	$	14,755,072

(1)   Other items primarily consist of purchase discounts or premiums, exit fees, and deferred origination expenses.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):

September 30, 2019
Property Type	Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Percentage of Portfolio
Office	59	$	7,654,154	$	7,838,768	50%
Hotel	17		2,367,575		2,444,738	16
Multifamily	37		2,272,220		2,312,100	15
Industrial	5		700,751		704,098	5
Retail	3		381,451		388,138	3
Self-Storage	2		280,880		281,593	2
Condominium	1		223,908		225,116	1
Other	4		874,133		1,188,383	8
	128	$	14,755,072	$	15,382,934	100%
Geographic Location	Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Percentage of Portfolio
United States
Northeast	29	$	4,069,651	$	4,097,215	27%
West	29		3,186,197		3,370,213	22
Southeast	19		2,212,190		2,222,654	14
Midwest	11		1,283,170		1,289,119	8
Southwest	13		626,893		630,498	4
Northwest	4		177,295		177,900	1
Subtotal	105		11,555,396		11,787,599	76
International
United Kingdom	11		1,331,763		1,667,035	11
Spain	2		1,109,276		1,115,580	7
Australia	3		337,107		338,975	2
Germany	1		189,016		241,106	2
Canada	4		148,291		147,880	1
Belgium	1		84,223		84,759	1
Ireland	1		—		—	—
Subtotal	23		3,199,676		3,595,335	24
Total	128	$	14,755,072	$	15,382,934	100%

(1)	In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $533.4 million of such non-consolidated senior interests as of September 30, 2019.
(2)	Excludes investment exposure to the $993.5 million 2018 Single Asset Securitization. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.

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(Unaudited)

December 31, 2018
Property Type	Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Percentage of Portfolio
Office	55	$	7,104,842	$	7,164,466		49%
Hotel	18		2,591,565		2,673,763		18
Multifamily	34		2,193,699		2,206,740		15
Industrial	5		680,808		685,776		5
Retail	4		451,099		452,900		3
Condominium	4		304,545		368,104		2
Self-Storage	2		278,473		280,043		2
Other	3		586,169		909,052		6
	125	$	14,191,200	$	14,740,844		100%
Geographic Location	Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Percentage of Portfolio
United States
Northeast	32	$	4,322,114	$	4,359,938		31%
West	29		3,137,072		3,222,706		22
Southeast	19		2,258,033		2,271,664		15
Midwest	9		1,161,637		1,170,619		8
Southwest	13		478,665		481,745		3
Northwest	4		238,844		239,872		2
Subtotal	106		11,596,365		11,746,544		81
International
Spain	1		1,124,174		1,131,334		8
United Kingdom	7		754,299		1,094,663		7
Canada	5		316,268		313,229		2
Australia	3		310,372		312,893		2
Belgium	1		70,621		71,007		—
Germany	1		11,585		63,637		—
Netherlands	1		7,516		7,537		—
Subtotal	19		2,594,835		2,994,300		19
Total	125	$	14,191,200	$	14,740,844		100%

(1)	In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $446.9 million of such non-consolidated senior interests as of December 31, 2018.
(2)	Excludes investment exposure to the $1.0 billion 2018 Single Asset Securitization. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.

Loan Risk Ratings

As further described in Note 2, our Manager evaluates our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, our Manager assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2.

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(Unaudited)

The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands):

		September 30, 2019					December 31, 2018
Risk Rating		Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Number of Loans	Net Book Value		Total Loan Exposure(1)(2)
	1	4	$	275,921	$	276,178	2	$	181,366	$	182,740
	2	39		4,536,225		4,564,094	38		3,860,432		3,950,025
	3	82		9,776,127		10,375,349	85		10,149,402		10,608,079
	4	3		166,799		167,313	—		—		—
	5	—		—		—	—		—		—
		128	$	14,755,072	$	15,382,934	125	$	14,191,200	$	14,740,844

____________

  (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $533.4 million and $446.9 million of such non-consolidated senior interests as of September 30, 2019 and December 31, 2018, respectively.

  (2) Excludes investment exposure to the $993.5 million and $1.0 billion 2018 Single Asset Securitization as of September 30, 2019 and December 31, 2018, respectively. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.

The weighted-average risk rating of our total loan exposure was 2.7 as of both September 30, 2019 and December 31, 2018. We did not have any impaired loans, nonaccrual loans, or loans in maturity default as of September 30, 2019 or December 31, 2018.

Multifamily Joint Venture

As discussed in Note 2, we entered into a Multifamily Joint Venture in April 2017. As of September 30, 2019 and December 31, 2018, our Multifamily Joint Venture held $537.7 million and $334.6 million of loans, respectively, which are included in the loan disclosures above. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

4. OTHER ASSETS AND LIABILITIES

The following table details the components of our other assets ($ in thousands):    

	September 30, 2019		December 31, 2018
Debt securities held-to-maturity(1)	$	92,580	$	96,167
Loan portfolio payments held by servicer(2)		60,978		6,133
Accrued interest receivable		60,907		56,679
Derivative assets		25,009		9,916
Collateral deposited under derivative agreements		2,310		—
Prepaid taxes		750		6
Prepaid expenses		43		647
Other		478		965
Total	$	243,055	$	170,513

(1)	Represents the subordinate risk retention interest in the $993.5 million and $1.0 billion 2018 Single Asset Securitization as of September 30, 2019 and December 31, 2018, respectively, with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. Refer to Note 16 for additional discussion.
(2)	Represents loan principal and interest payments held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle.

19

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(Unaudited)

The following table details the components of our other liabilities ($ in thousands):

	September 30, 2019		December 31, 2018
Accrued dividends payable	$	83,259	$	76,530
Accrued interest payable		25,522		25,588
Accrued management and incentive fees payable		17,502		18,586
Accounts payable and other liabilities		6,849		4,583
Derivative liabilities		3,992		2,925
Secured debt repayments pending servicer remittance(1)		2,760		—
Total	$	139,884	$	128,212

(1)   Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle.

5. SECURED DEBT AGREEMENTS, NET

Our secured debt agreements include secured credit facilities, asset-specific financings, and a revolving credit agreement. The following table details our secured debt agreements ($ in thousands):     

	Secured Debt Agreements
	Borrowings Outstanding
	September 30, 2019			December 31, 2018
Secured credit facilities	$	8,567,394		$	8,870,897
Asset-specific financings		249,172			81,739
Revolving credit agreement		—			43,845
Total secured debt agreements	$	8,816,566		$	8,996,481
Deferred financing costs(1)		(25,962	)		(21,725	)
Net book value of secured debt	$	8,790,604		$	8,974,756

(1)   Costs incurred in connection with our secured debt agreements are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related agreement.

20

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(Unaudited)

Secured Credit Facilities

During the nine months ended September 30, 2019, we added two new credit facilities, providing an aggregate additional $577.0 million of credit capacity, and increased the maximum facility size of six of our existing credit facilities, providing an aggregate additional $1.3 billion of credit capacity. The following tables detail our secured credit facilities ($ in thousands):

	September 30, 2019
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,722,050	$	1,722,050	$	—	$	2,185,465
Wells Fargo		1,661,789		1,564,215		97,574		2,135,379
JP Morgan		1,016,689		918,526		98,163		1,303,288
Citibank		1,090,739		888,053		202,686		1,386,175
Barclays		996,648		793,906		202,742		1,246,490
Bank of America		658,724		658,724		—		840,573
Morgan Stanley		490,213		434,165		56,048		658,055
MetLife		417,677		417,677		—		524,004
Société Générale		333,473		333,473		—		428,887
Goldman Sachs		313,895		268,895		45,000		426,383
Goldman Sachs - Multi. JV(3)		217,601		217,601		—		279,037
US Bank - Multi. JV(3)		184,031		183,937		94		230,039
Santander		143,852		143,852		—		179,815
Bank of America - Multi. JV(3)		22,320		22,320		—		28,642
	$	9,269,701	$	8,567,394	$	702,307	$	11,852,232

(1)	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.
(2)	Represents the principal balance of the collateral assets.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

The weighted-average outstanding balance of our secured credit facilities was $8.6 billion for the nine months ended September 30, 2019. As of September 30, 2019, we had aggregate borrowings of $8.6 billion outstanding under our secured credit facilities, with a weighted-average cash coupon of LIBOR plus 1.67% per annum, a weighted-average all-in cost of credit, including associated fees and expenses, of LIBOR plus 1.87% per annum, and a weighted-average advance rate of 79.5%. As of September 30, 2019, outstanding borrowings under these facilities had a weighted-average maturity, including extension options, of 3.1 years.

21

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(Unaudited)

	December 31, 2018
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,839,698	$	1,839,698	$	—	$	2,325,047
Wells Fargo		1,908,509		1,822,154		86,355		2,514,513
JP Morgan		1,010,628		1,010,628		—		1,266,259
Barclays		890,620		890,620		—		1,113,275
Citibank		852,470		663,917		188,553		1,076,085
Bank of America		873,446		873,446		—		1,090,117
MetLife		675,329		675,329		—		852,733
Morgan Stanley		341,241		276,721		64,520		457,496
Société Générale		321,182		321,182		—		404,048
Goldman Sachs		230,140		230,140		—		295,368
Goldman Sachs - Multi. JV(3)		170,060		170,060		—		212,983
Bank of America - Multi. JV(3)		97,002		97,002		—		121,636
	$	9,210,325	$	8,870,897	$	339,428	$	11,729,560

(1)	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.
(2)	Represents the principal balance of the collateral assets.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

The weighted-average outstanding balance of our secured credit facilities was $7.0 billion for the nine months ended December 31, 2018. As of December 31, 2018, we had aggregate borrowings of $8.9 billion outstanding under our secured credit facilities, with a weighted-average cash coupon of LIBOR plus 1.72% per annum, a weighted-average all-in cost of credit, including associated fees and expenses, of LIBOR plus 1.90% per annum, and a weighted-average advance rate of 79.5%. As of December 31, 2018, outstanding borrowings under these facilities had a weighted-average maturity, including extension options, of 3.5 years.

Borrowings under each facility are subject to the initial approval of eligible collateral loans by the lender and the maximum advance rate and pricing rate of individual advances are determined with reference to the attributes of the respective collateral loan.

22

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(Unaudited)

The following tables outline the key terms of our credit facilities as of September 30, 2019:

Lender	Currency	Guarantee(1)		Margin Call(2)	Term/Maturity
JP Morgan	$ / £		50%	Collateral marks only	January 7, 2021(6)
Bank of America - Multi. JV(3)	$		43%	Collateral marks only	December 16, 2021(7)
Deutsche Bank	$ / €		60%(4)	Collateral marks only	August 9, 2021(4)
Morgan Stanley	$ / £ / €		25%	Collateral marks only	March 1, 2022
Goldman Sachs - Multi. JV(3)	$		25%	Collateral marks only	July 12, 2022(8)
Bank of America	$		50%	Collateral marks only	May 21, 2023(9)
Goldman Sachs	$		25%	Collateral marks only	October 22, 2023(10)
Barclays	$ / £ / €		25%	Collateral marks only	June 18, 2024(11)
MetLife	$		61%	Collateral marks only	September 23, 2025(12)
Citibank	$ / £ / € / A$ / C$		25%	Collateral marks only	Term matched(13)
Société Générale	$ / £ / €		25%	Collateral marks only	Term matched(13)
Santander	€		50%	Collateral marks only	Term matched(13)
Wells Fargo	$ / C$		25%(5)	Collateral marks only	Term matched(13)
US Bank - Multi. JV(3)	$		25%	Collateral marks only	Term matched(13)

(1)	Other than amounts guaranteed based on specific collateral asset types, borrowings under our credit facilities are non-recourse to us.
(2)	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.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.
(4)	Includes a one-year extension option which may be exercised at our sole discretion. Specific borrowings outstanding of $803.7 million are 100% guaranteed and the related maturity dates are term-matched to the respective collateral assets. The remainder of the credit facility borrowings are 25% guaranteed.
(5)	In addition to the 25% guarantee across all borrowings, there is an incremental guarantee of $174.3 million related to $302.7 million of specific borrowings outstanding.
(6)	Maturity dates for $520.6 million of specific borrowings outstanding are term-matched to the respective collateral assets.
(7)	Includes two one-year extension options which may be exercised at our sole discretion.
(8)	Includes a one-year extension option which may be exercised at our sole discretion.
(9)	Includes two one-year extension options which may be exercised at our sole discretion.
(10)	Includes three one-year extension options which may be exercised at our sole discretion.
(11)	Includes four one-year extension options which may be exercised at our sole discretion.
(12)	Includes five one-year extension options which may be exercised at our sole discretion.
(13)	These secured credit facilities have various availability periods during which new advances can be made and which are generally subject to each lender’s discretion. Maturity dates for advances outstanding are tied to the term of each respective collateral asset.

Currency	Potential Borrowings(1)	Outstanding Borrowings	Floating Rate Index(2)	Spread	Advance Rate(3)
$	$  7,113,454	$  6,465,833	USD LIBOR	L + 1.65%		79.7%
€	€  1,013,050	€     963,636	EURIBOR	E + 1.49%		80.0%
£	£     619,853	£     619,170	GBP LIBOR	L + 2.06%		77.1%
A$	A$     255,270	A$     255,270	BBSY	BBSY + 1.90%		78.0%
C$	C$     156,349	C$     156,362	CDOR	CDOR + 1.83%		80.7%
	$  9,269,701	$  8,567,394		INDEX + 1.67%		79.5%

(1)	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.
(2)	Floating rate indices are generally matched to the payment timing under the terms of each secured credit facility and its respective collateral assets.
(3)	Represents weighted-average advance rate based on the approved outstanding principal balance of the collateral assets pledged.

23

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(Unaudited)

Asset-Specific Financings

The following tables detail our asset-specific financings ($ in thousands):

	September 30, 2019
Asset-Specific Financings	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term(3)
Collateral assets	4	$	326,839	$	314,472		L+4.96	%		n/a		Mar. 2023
Financing provided	4	$	249,172	$	241,597		L+3.53	%		84,486		Mar. 2023
	December 31, 2018
Asset-Specific Financings	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term(3)
Collateral assets	1	$	106,739	$	104,807		L+6.08	%		n/a		Aug. 2022
Financing provided	1	$	81,739	$	80,938		L+4.07	%		n/a		Aug. 2022

(1)	These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees / financing costs.
(2)	Other than amounts guaranteed on an asset-by-asset basis, borrowings under our asset-specific financings are non-recourse to us.
(3)	The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings is term-matched to the corresponding collateral loans.

The weighted-average outstanding balance of our asset-specific financings was $148.3 million for the nine months ended September 30, 2019 and $37.8 million for the nine months ended December 31, 2018.

Revolving Credit Agreement

We have a $250.0 million full recourse secured revolving credit agreement with Barclays that is designed to finance first mortgage originations for up to nine months as a bridge to term financing or syndication. Advances under the agreement are subject to availability under a specified borrowing base and accrue interest at a per annum pricing rate equal to the sum of (i) an applicable base rate or Eurodollar rate and (ii) an applicable margin, in each case, dependent on the applicable type of loan collateral. The maturity date of the facility is April 4, 2020.

During the nine months ended September 30, 2019, the weighted-average outstanding borrowings under the revolving credit agreement was $19.1 million and we recorded interest expense of $2.1 million, including $781,000 of amortization of deferred fees and expenses. As of September 30, 2019, we had no outstanding borrowings under the agreement.

During the nine months ended December 31, 2018, the weighted-average outstanding borrowings under the revolving credit agreement was $58.8 million and we recorded interest expense of $3.2 million, including $814,000 of amortization of deferred fees and expenses. As of December 31, 2018, we had $43.8 million of borrowings outstanding under the agreement.

Debt Covenants

The guarantees related to our secured debt agreements contain the following financial covenants: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $2.8 billion as of each measurement date plus 75% of the net cash proceeds of future equity issuances subsequent to September 30, 2019; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of September 30, 2019 and December 31, 2018, we were in compliance with these covenants. Refer to Note 8 for information regarding financial covenants contained in the agreements governing our senior secured term loan facility.

24

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(Unaudited)

6. LOAN PARTICIPATIONS SOLD, NET

The financing of a loan by the non-recourse sale of a senior interest in the loan through a participation agreement generally does not qualify as a sale under GAAP. Therefore, in the instance of such sales, we present the whole loan as an asset and the loan participation sold as a liability on our consolidated balance sheet until the loan is repaid. The obligation to pay principal and interest on these liabilities is generally based on the performance of the related loan obligation. The gross presentation of loan participations sold does not impact stockholders’ equity or net income.

We did not have any loan participations sold as of September 30, 2019. We did not record any interest expense related to our loan participations sold during the three months ended September 30, 2019. During the nine months ended September 30, 2019, we recorded $3.2 million of interest expense related to our loan participations sold. During the three and nine months ended September 30, 2018, we recorded $11.7 million and $15.2 million, respectively, of interest expense related to our loan participations sold. The following table details our loan participations sold as of December 31, 2018 ($ in thousands):

December 31, 2018

Loan Participations Sold

Count

Principal Balance

Book Value

Yield/Cost(1)

Guarantee(2)

Term

Total loan

1

$

123,745

$

122,669

L+5.92

%

n/a

Feb. 2022

Senior participation(3)

1

94,528

94,418

L+4.07

%

n/a

Feb. 2022

(1)	Our floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees / financing costs.
(2)	As of December 31, 2018, our loan participations sold were non-recourse to us.
(3)	The difference between principal balance and book value of loan participations sold is due to deferred financing costs of $110,000 as of December 31, 2018.

7. SECURITIZED DEBT OBLIGATIONS, NET

We have financed a pool of our loans through a collateralized loan obligation, or the CLO, and have also financed one of our loans through a single asset securitization vehicle, or the 2017 Single Asset Securitization. The CLO and the 2017 Single Asset Securitization have issued securitized debt obligations that are non-recourse to us. Both the CLO and the 2017 Single Asset Securitization are consolidated in our financial statements. Refer to Note 16 for further discussion of our CLO and 2017 Single Asset Securitization.

25

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(Unaudited)

The following tables detail our securitized debt obligations ($ in thousands):

	September 30, 2019
Securitized Debt Obligations	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Term(2)
Collateralized Loan Obligation
Collateral assets	20	$	1,000,000	$	1,000,000		L+3.43	%	September 2022
Financing provided	1		817,500		813,852		L+1.71	%	June 2035
2017 Single Asset Securitization
Collateral assets(3)	1		700,197		698,040		L+3.60	%	June 2023
Financing provided	1		474,620		474,537		L+1.65	%	June 2033
Total
Collateral assets	21	$	1,700,197	$	1,698,040		L+3.51	%
Financing provided(4)	2	$	1,292,120	$	1,288,389		L+1.69	%
	December 31, 2018
Securitized Debt Obligations	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Term(2)
Collateralized Loan Obligation
Collateral assets	26	$	1,000,000	$	1,000,000		6.25	%	Apr. 2022
Financing provided	1		817,500		811,023		L+1.74	%	June 2035
2017 Single Asset Securitization
Collateral assets(3)	1		682,297		678,770		L+3.60	%	June 2023
Financing provided	1		474,620		474,448		L+1.65	%	June 2033
Total
Collateral assets	27	$	1,682,297	$	1,678,770		6.19	%
Financing provided(4)	2	$	1,292,120	$	1,285,471		L+1.71	%

(1)	As of September 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. All-in yield for the total portfolio assume applicable floating benchmark rates for weighted-average calculation.
(2)	Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.
(3)	The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million.
(4)	During the three and nine months ended September 30, 2019, we recorded $11.9 million and $36.9 million, respectively, of interest expense related to our securitized debt obligations. During the three and nine months ended September 30, 2018, we recorded $12.5 million and $35.6 million, respectively, of interest expense related to our securitized debt obligations.

26

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(Unaudited)

8. SECURED TERM LOAN, NET

In April 2019 we entered into a senior secured term loan facility, or the Secured Term Loan. As of September 30, 2019, the following Secured Term Loan was outstanding ($ in thousands):

Term Loan Issuance	Face Value		Coupon Rate			All-in Cost(1)			Maturity
Term Loan B	$	498,750		L+2.50	%		L+2.80	%		April 23, 2026

(1)   Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Secured Term Loan.

The Secured Term Loan is partially amortizing, with an amount equal to 1.0% per annum of the original principal balance due in quarterly installments beginning on September 30, 2019. The issue discount and transaction expenses on the Secured Term Loan were $1.3 million and $7.4 million, respectively, which will be amortized into interest expense over the life of the Secured Term Loan. The guarantee under our Secured Term Loan contains the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of September 30, 2019, we were in compliance with this covenant.​​​​​​​ Refer to Note 2 for additional discussion of our accounting policies for the Secured Term Loan.

9. CONVERTIBLE NOTES, NET

As of September 30, 2019, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Coupon Rate			All-in Cost(1)			Conversion Rate(2)		Maturity
May 2017	$	402,500		4.38	%		4.85	%		28.0324		May 5, 2022​​​​​​​
March 2018	$	220,000		4.75	%		5.33	%		27.6052		March 15, 2023

(1)

Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)

Represents the shares of class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of $35.67 and $36.23 per share of class A common stock, respectively, for the May 2017 and March 2018 convertible notes. The cumulative dividend threshold as defined in the respective May 2017 and March 2018 convertible notes supplemental indentures have not been exceeded as of September 30, 2019.

The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on January 31, 2022 and December 14, 2022 for the May 2017 and March 2018 convertible notes, respectively, at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. We may not redeem the Convertible Notes prior to maturity. The last reported sale price of our class A common stock of $35.85 on September 30, 2019 was greater than the per share conversion price of the May 2017 convertible notes but less than the per share conversion price of the March 2018 convertible notes. We have the intent and ability to settle each series of the Convertible Notes in cash and, as a result, the Convertible Notes did not have any impact on our diluted earnings per share.

Upon our issuance of the May 2017 convertible notes, we recorded a $979,000 discount based on the implied value of the conversion option and an assumed effective interest rate of 4.57%, as well as $8.4 million of issue discount and issuance costs. Including the amortization of the discount and issuance costs, our total cost of the May 2017 convertible notes issuance is 4.91% per annum.

Upon our issuance of the March 2018 convertible notes, we recorded a $1.5 million discount based on the implied value of the conversion option and an assumed effective interest rate of 5.25%, as well as $5.2 million of issue discount and issuance costs. Including the amortization of the discount and issuance costs, our total cost of the March 2018 convertible notes issuance is 5.49% per annum.

27

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(Unaudited)

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	September 30, 2019			December 31, 2018
Face value	$	622,500		$	622,500
Unamortized discount		(9,552	)		(11,740	)
Deferred financing costs		(685	)		(849	)
Net book value	$	612,263		$	609,911

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Cash coupon	$	7,015	$	9,277	$	21,045	$	25,333
Discount and issuance cost amortization		792		1,535		2,352		4,242
Total interest expense	$	7,807	$	10,812	$	23,397	$	29,575

Accrued interest payable for the Convertible Notes was $7.8 million and $6.0 million as of September 30, 2019 and December 31, 2018, respectively. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.

10. DERIVATIVE FINANCIAL INSTRUMENTS

The sole objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of ASC 815 – “Derivatives and Hedging.” Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks. Refer to Note 2 for additional discussion of the accounting for designated and non-designated hedges.

The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and our affiliates may also have other financial relationships.

Net Investment Hedges of Foreign Currency Risk

Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S. dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands):

September 30, 2019				December 31, 2018
Foreign Currency Derivatives	Number of Instruments	Notional Amount		Foreign Currency Derivatives	Number of Instruments	Notional Amount
Sell GBP Forward	3	£	389,200	Sell GBP Forward	3	£	192,300
Sell EUR Forward	3	€	231,000	Sell AUD Forward	2	A$	187,600
Sell AUD Forward	3	A$	129,500	Sell EUR Forward	1	€	185,000
Sell CAD Forward	1	C$	39,100	Sell CAD Forward	1	C$	70,600

Cash Flow Hedges of Interest Rate Risk

Certain of our transactions expose us to interest rate risks, which include a fixed versus floating rate mismatch between our assets and liabilities. We use derivative financial instruments, which include interest rate caps and swaps, and may also include interest rate options, floors, and other interest rate derivative contracts, to hedge interest rate risk.

The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands):

September 30, 2019
Interest Rate Derivatives	Number of Instruments	Notional  Amount		Strike		Index		Wtd.-Avg. Maturity (Years)
Interest Rate Swaps	2	C$	17,273		1.0%		CDOR	0.9
Interest Rate Caps	1	$	7,296		2.3%		USD LIBOR	0.2
Interest Rate Caps	1	C$	21,709		3.0%		CDOR	0.2
December 31, 2018
Interest Rate Derivatives	Number of Instruments	Notional  Amount		Strike		Index		Wtd.-Avg. Maturity (Years)
Interest Rate Swaps	3	C$	90,472		1.0%		CDOR	0.5
Interest Rate Caps	9	$	204,248		2.4%		USD LIBOR	0.5
Interest Rate Caps	2	C$	39,998		2.5%		CDOR	0.6

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our floating rate debt. During the twelve months following September 30, 2019, we estimate that an additional $111,000 will be reclassified from accumulated other comprehensive income (loss) as an increase to interest income.

Non-designated Hedges

During the three and nine months ended September 30, 2019, we recorded gains of $187,000 and $331,000, respectively, related to non-designated hedges that were reported as a component of interest expense in our consolidated financial statements. During the three and nine months ended September 30, 2018, we recorded losses of $51,000 and gains of $94,000, respectively, related to such non-designated hedges.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

The following tables summarize our non-designated hedges (notional amount in thousands):

September 30, 2019
Non-designated Hedges	Number of Instruments		Notional Amount
Buy EUR / Sell USD Forward		1	€	131,900
Buy USD / Sell EUR Forward		1	€	131,900
Buy GBP / Sell EUR Forward		1	€	12,857
December 31, 2018
Non-designated Hedges	Number of Instruments		Notional Amount
Buy AUD / Sell USD Forward		1	A$	55,000
Buy USD / Sell AUD Forward		1	A$	55,000
Buy GBP / Sell USD Forward		1	£	23,200
Buy USD / Sell GBP Forward		1	£	23,200
Buy GBP / Sell EUR Forward		1	€	12,857

Valuation of Derivative Instruments

The following table summarizes the fair value of our derivative financial instruments ($ in thousands):

	Fair Value of Derivatives in an Asset Position(1) as of				Fair Value of Derivatives in a Liability Position(2) as of
	September 30, 2019		December 31, 2018		September 30, 2019		December 31, 2018
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	19,103	$	8,210	$	32	$	1,307
Interest rate derivatives		119		590		—		—
Total	$	19,222	$	8,800	$	32	$	1,307
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	5,787	$	1,116	$	3,960	$	1,618
Interest rate derivatives		—		—		—		—
Total	$	5,787	$	1,116	$	3,960	$	1,618
Total Derivatives	$	25,009	$	9,916	$	3,992	$	2,925

(1)	Included in other assets in our consolidated balance sheets.
(2)	Included in other liabilities in our consolidated balance sheets.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):

	Amount of Gain (Loss) Recognized in OCI on Derivatives					Location of Gain (Loss) Reclassified from Accumulated OCI into Income			Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives in Hedging Relationships	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019						Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Net Investment Hedges
Foreign exchange contracts(1)	$	35,978	$	45,272			Interest Expense		$	—	$	—
Cash Flow Hedges
Interest rate derivatives		13		(152	)		Interest Expense	(2)		4		167
Total	$	35,991	$	45,120					$	4	$	167

(1)	During the three and nine months ended September 30, 2019, we received net cash settlements of $24.2 million and $31.1 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.
(2)	During the three months ended September 30, 2019, we recorded total interest and related expenses of $112.0 million, which was reduced by $4,000 related to income generated by our cash flow hedges. During the nine months ended September 30, 2019, we recorded total interest and related expenses of $347.5 million, which was reduced by $167,000 related to income generated by our cash flow hedges.

Credit-Risk Related Contingent Features

We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of September 30, 2019, we were in a net asset position with each such derivative counterparty, and posted collateral of $2.3 million under these derivative contracts. As of December 31, 2018, we were in a net asset position with each such derivative counterparty and did not have any collateral posted under these derivative contracts.

11. EQUITY

Stock and Stock Equivalents

Authorized Capital

As of September 30, 2019, we had the authority to issue up to 300,000,000 shares of stock, consisting of 200,000,000 shares of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and preferred stock. We did not have any shares of preferred stock issued and outstanding as of September 30, 2019.

Class A Common Stock and Deferred Stock Units

Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and are entitled to receive such dividends as may be authorized by our board of directors and declared by us, in all cases subject to the rights of the holders of shares of outstanding preferred stock, if any.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

The following table details our issuance of class A common stock during the nine months ended September 30, 2019:

	Class A Common Stock Offerings				2019 Total /
	June 2019		At-the-Market 2019(1)		Wtd. Avg.
Shares issued		8,625,000		1,909,628		10,534,628
Gross share issue price(2)	$	36.00	$	34.63	$	35.75
Net share issue price(3)	$	35.62	$	34.28	$	35.38
Net proceeds(4)	$	306,952	$	65,389	$	372,341

(1) Issuance represents shares issued under our at-the-market program.

(2) Represents the weighted-average gross price per share paid by underwriters or sales agents, as applicable.

(3) Represents the weighted-average net proceeds per share after underwriting or sales discounts and commissions.

(4) Net proceeds represents proceeds received from the underwriters less applicable transaction costs.

We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 14 for additional discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units to certain members of our board of directors in lieu of cash compensation for services rendered. These deferred stock units are non-voting, but carry the right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid to holders of shares of class A common stock.

The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units:

	Nine Months Ended September 30,
Common Stock Outstanding(1)	2019		2018
Beginning balance		123,664,577		108,081,077
Issuance of class A common stock(2)		10,535,507		11,484,414
Issuance of restricted class A common stock, net		317,339		300,921
Issuance of deferred stock units		23,428		23,730
Ending balance		134,540,851		119,890,142

(1)	Includes deferred stock units held by members of our board of directors of 252,267 and 220,947 as of September 30, 2019 and 2018, respectively.
(2)	Includes 879 and 1,279 shares issued under our dividend reinvestment program during the nine months ended September 30, 2019 and 2018, respectively.

Dividend Reinvestment and Direct Stock Purchase Plan

On March 25, 2014, we adopted a dividend reinvestment and direct stock purchase plan, under which we registered and reserved for issuance, in the aggregate, 10,000,000 shares of class A common stock. Under the dividend reinvestment component of this plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to our approval, to purchase shares of class A common stock directly from us. During the three and nine months ended September 30, 2019, we issued 326 shares and 879 shares, respectively, of class A common stock under the dividend reinvestment component of the plan compared to 403 shares and 1,279 shares, respectively, for the same periods in 2018. As of September 30, 2019, a total of 9,994,359 shares of class A common stock remained available for issuance under the dividend reinvestment and direct stock purchase plan.

At the Market Stock Offering Program

On November 14, 2018, we entered into six equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $500.0 million of our class A common stock. On July 26, 2019, we amended our existing ATM Agreements and entered into one additional ATM Agreement. Sales of class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the nine months ended September 30, 2019, we issued and sold 1,909,628 shares of class A common stock under ATM Agreements, generating net proceeds totaling $65.4 million. During the nine months ended September 30, 2018, we issued and sold 4,583,135 shares of class A common stock under ATM Agreements, with net proceeds totaling $147.5 million. As of September 30, 2019, shares of our class A common stock with an aggregate sales price of $363.8 million remained available for issuance under our ATM Agreements.

Dividends

We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors as our board of directors deems relevant.

On September 13, 2019, we declared a dividend of $0.62 per share, or $83.3 million in aggregate, that was paid on October 15, 2019, to stockholders of record as of September 30, 2019.

The following table details our dividend activity ($ in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Dividends declared per share of common stock	$	0.62	$	0.62	$	1.86	$	1.86
Total dividends declared	$	83,259	$	74,195	$	244,431	$	210,369

Earnings Per Share

We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted shares have the same rights as our other shares of class A common stock, including participating in any dividends, and therefore have been included in our basic and diluted net income per share calculation. Our Convertible Notes are excluded from dilutive earnings per share as we have the intent and ability to settle these instruments in cash.

The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income(1)	$	74,897	$	78,165	$	226,635	$	211,436
Weighted-average shares outstanding, basic and diluted		134,536,683		116,203,140		128,485,701		111,251,864
Per share amount, basic and diluted	$	0.56	$	0.67	$	1.76	$	1.90

(1)   Represents net income attributable to Blackstone Mortgage Trust.

Other Balance Sheet Items

Accumulated Other Comprehensive Loss

As of September 30, 2019, total accumulated other comprehensive loss was $33.4 million, primarily representing (i) $148.8 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and (ii) an offsetting $115.4 million of net realized and unrealized gains related to changes in the 

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

fair value of derivative instruments. As of December 31, 2018, total accumulated other comprehensive loss was $34.2 million, primarily representing (i) $104.6 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and (ii) an offsetting $70.4 million of net realized and unrealized gains related to changes in the fair value of derivative instruments.

Non-Controlling Interests

The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint Venture. As of September 30, 2019, our Multifamily Joint Venture’s total equity was $118.8 million, of which $101.0 million was owned by us, and $17.8 million was allocated to non-controlling interests. As of December 31, 2018, our Multifamily Joint Venture’s total equity was $69.9 million, of which $59.4 million was owned by us, and $10.5 million was allocated to non-controlling interests.

12. OTHER EXPENSES

Our other expenses consist of the management and incentive fees we pay to our Manager and our general and administrative expenses.

Management and Incentive Fees

Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a base management fee in an amount equal to 1.50% per annum multiplied by our outstanding equity balance, as defined in the Management Agreement. In addition, our 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.

During the three and nine months ended September 30, 2019, we incurred $14.4 million and $40.8 million, respectively, of management fees payable to our Manager, compared to $12.1 million and $34.2 million during the same periods in 2018. In addition, during the three and nine months ended September 30, 2019, we incurred $3.1 million and $17.4 million, respectively, of incentive fees payable to our Manager, compared to $6.3 million and $22.0 million during the same periods in 2018.

As of September 30, 2019 and December 31, 2018 we had accrued management and incentive fees payable to our Manager of $17.5 million and $18.6 million, respectively.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

General and Administrative Expenses

General and administrative expenses consisted of the following ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Professional services(1)	$	1,177	$	1,022	$	3,616	$	3,383
Operating and other costs(1)		810		687		2,059		2,026
Subtotal		1,987		1,709		5,675		5,409
Non-cash compensation expenses
Restricted class A common stock earned		7,629		6,609		22,901		20,113
Director stock-based compensation		125		125		375		375
Subtotal		7,754		6,734		23,276		20,488
Total general and administrative expenses	$	9,741	$	8,443	$	28,951	$	25,897

(1)   During the three and nine months ended September 30, 2019, we recognized an aggregate $234,000 and $567,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and nine months ended September 30, 2018, we recognized an aggregate $77,000 and $302,000, respectively, of expenses related to our Multifamily Joint Venture.

13. INCOME TAXES

We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings that we distribute. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws.

Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of September 30, 2019 and December 31, 2018, we were in compliance with all REIT requirements.

Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders, however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We currently own no UBTI producing assets and we do not intend to purchase or generate assets that produce UBTI distributions in the future.

During the three and nine months ended September 30, 2019, we recorded a current income tax benefit of $721,000 and $573,000, respectively, primarily due to an expected $747,000 tax credit refund. During the three and nine months ended September 30, 2018, we recorded a current income tax provision of $48,000 and $272,000, respectively. We did not have any deferred tax assets or liabilities as of September 30, 2019 or December 31, 2018.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

Effective January 1, 2018, under legislation from the Tax Cuts and Jobs Act of 2017, the maximum U.S. federal corporate income tax rate was reduced from 35% to 21%. Accordingly, to the extent that the activities of our taxable REIT subsidiaries generate taxable income in future periods, they may be subject to lower U.S. federal income tax rates.

We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the availability of our NOLs is generally limited to $2.0 million per annum by change of control provisions promulgated by the Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of December 31, 2018, we had estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration.

As of September 30, 2019, tax years 2015 through 2018 remain subject to examination by taxing authorities.

14. STOCK-BASED INCENTIVE PLANS

We are externally managed by our Manager and do not currently have any employees. However, as of September 30, 2019, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through our issuance of stock-based instruments.

We had stock-based incentive awards outstanding under nine benefit plans as of September 30, 2019. Seven of such benefit plans have expired and no new awards may be issued under them. Under our two current benefit plans, a maximum of 5,000,000 shares of our class A common stock may be issued to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of September 30, 2019, there were 3,965,888 shares available under our current benefit plans.

The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share:

	Restricted Class A Common Stock			Weighted-Average Grant Date Fair Value Per Share
Balance as of December 31, 2018		1,614,907		$	32.94
Granted		334,904			31.54
Vested		(711,522	)		32.08
Forfeited		(17,565	)		31.55
Balance as of September 30, 2019		1,220,724		$	33.08

These shares generally vest in installments over a three-year period, pursuant to the terms of the respective award agreements and the terms of our current benefit plans. The 1,220,724 shares of restricted class A common stock outstanding as of September 30, 2019 will vest as follows: 236,885 shares will vest in 2019; 649,043 shares will vest in 2020; and 334,796 shares will vest in 2021. As of September 30, 2019, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $37.2 million based on the grant date fair value of shares granted subsequent to July 1, 2018. The compensation cost of our share based compensation arrangements for awards granted before July 1, 2018 is based on $31.43, the closing price of our class A common stock on the last trading day prior to July 1, 2018. This cost is expected to be recognized over a weighted-average period of 1.0 years from September 30, 2019.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

15. FAIR VALUES

Assets and Liabilities Measured at Fair Value

The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

	September 30, 2019								December 31, 2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivatives	$	—	$	25,009	$	—	$	25,009	$	—	$	9,916	$	—	$	9,916
Liabilities
Derivatives	$	—	$	3,992	$	—	$	3,992	$	—	$	2,925	$	—	$	2,925

Refer to Note 2 for further discussion regarding fair value measurement.

Fair Value of Financial Instruments

As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the statement of financial position, for which it is practicable to estimate that value.

The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):

	September 30, 2019						December 31, 2018
	Book Value		Face Amount		Fair Value		Book Value		Face Amount		Fair Value
Financial assets
Cash and cash equivalents	$	84,289	$	84,289	$	84,289	$	105,662	$	105,662	$	105,662
Loans receivable, net		14,755,072		14,849,556		14,852,871		14,191,200		14,293,970		14,294,836
Debt securities held-to-maturity(1)		92,580		95,032		94,280		96,167		99,000		96,600
Financial liabilities
Secured debt agreements, net		8,790,604		8,816,566		8,816,566		8,974,756		8,996,481		8,996,481
Loan participations sold, net		—		—		—		94,418		94,528		94,528
Securitized debt obligations, net		1,288,389		1,292,120		1,292,309		1,285,471		1,292,120		1,283,086
Secured term loan, net		490,659		498,750		500,310		—		—		—
Convertible notes, net		612,263		622,500		653,026		609,911		622,500		605,348

(1)   Included in other assets on our consolidated balance sheets.

Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for debt securities held-to-maturity, securitized debt obligations, and the secured term loan are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.

16. VARIABLE INTEREST ENTITIES

Consolidated Variable Interest Entities

We have financed a portion of our loans through the CLO and the 2017 Single Asset Securitization, both of which are VIEs. We are the primary beneficiary of, and therefore consolidate, the CLO and the 2017 Single Asset Securitization on our balance sheet as we (i) control the relevant interests of the CLO and the 2017 Single Asset Securitization that give us power to direct the activities that most significantly affect the CLO and the 2017 Single Asset Securitization, and (ii) have the right to receive benefits and obligation to absorb losses of the CLO and the 2017 Single Asset Securitization through the subordinate interests we own.

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Notes to Consolidated Financial Statements (continued)

(Unaudited)

The following table details the assets and liabilities of our consolidated CLO and 2017 Single Asset Securitization VIEs ($ in thousands):

	September 30, 2019		December 31, 2018
Assets:
Loans receivable, net	$	1,446,375	$	1,500,000
Other assets		58,086		5,440
Total assets	$	1,504,461	$	1,505,440
Liabilities:
Securitized debt obligations, net	$	1,288,389	$	1,285,471
Other liabilities		1,802		2,155
Total liabilities	$	1,290,191	$	1,287,626

Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, interest income and interest expense, however it does not affect our stockholders’ equity or net income.

Non-Consolidated Variable Interest Entities

In the third quarter of 2018, we contributed a $517.5 million loan to the $1.0 billion 2018 Single Asset Securitization, which is a VIE, and invested in the related $99.0 million subordinate risk retention position. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate risk retention position as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. Our maximum exposure to loss from the 2018 Single Asset Securitization is limited to our book value of $92.6 million as of September 30, 2019. Refer to Note 17 for further details of this transaction.

We are not obligated to provide, have not provided, and do not intend to provide financial support to these consolidated and non-consolidated VIEs.

17. TRANSACTIONS WITH RELATED PARTIES

We are managed by our Manager pursuant to the Management Agreement, the current term of which expires on December 19, 2019, and will be automatically renewed for a one-year term upon such date and each anniversary thereafter unless earlier terminated.

As of September 30, 2019 and December 31, 2018, our consolidated balance sheets included $17.5 million and $18.6 million of accrued management and incentive fees payable to our Manager, respectively. During the three and nine months ended September 30, 2019, we paid aggregate management and incentive fees of $21.0 million and $59.4 million, respectively, to our Manager, compared to $22.4 million and $52.2 million during the same periods of 2018. In addition, during the three and nine months ended September 30, 2019, we reimbursed our Manager for expenses incurred on our behalf of $335,000 and $766,000, respectively, compared to $167,000 and $572,000 during the same periods of 2018.

As of September 30, 2019, our Manager held 606,376 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $19.2 million, and vest in installments over three years from the date of issuance. During the three and nine months ended September 30, 2019, we recorded non-cash expenses related to shares held by our Manager of $3.8 million and $11.5 million, respectively, compared to $3.2 million and $9.6 million during the same periods of 2018. Refer to Note 14 for further details on our restricted class A common stock.

An affiliate of our Manager is the special servicer of the CLO. This affiliate did not earn any special servicing fees related to the CLO during the nine months ended September 30, 2019 or 2018.

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(Unaudited)

During the three and nine months ended September 30, 2019, we incurred $106,000 and $282,000, respectively, of expenses for various administrative, compliance, and capital market data services to third-party service providers that are affiliates of our Manager, compared to $90,000 and $384,000 during the same periods of 2018.

During the nine months ended September 30, 2019 and 2018, we originated two loans and three loans, respectively, whereby each respective borrower engaged an affiliate of our Manager to act as title insurance agent in connection with each transaction. We did not incur any expenses or receive any revenues as a result of these transactions.

In the third quarter of 2019, we originated $214.3 million of a total $437.4 million senior loan to an unaffiliated third-party, which was part of a total financing that included a mezzanine loan originated by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under our loan, including voting rights, so long as any Blackstone-advised investment vehicle controls the mezzanine loan. The senior loan terms, with respect to the mezzanine lender, were negotiated by a third party without our involvement and our 49% interest in the senior loan was made on such market terms.

In the third quarter of 2019, we acquired €125.0 million, and agreed to acquire an incremental €125.0 million, of a total €1.6 billion senior loan to a borrower that is partially owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The senior loan terms were negotiated by third parties without our involvement and our 16% interest in the senior loan was made on such market terms.

In the second quarter of 2019, certain Blackstone-advised investment vehicles acquired an aggregate $55.0 million participation, or 11% of the total Secured Term Loan as a part of a broad syndication lead-arranged by JP Morgan. Blackstone Advisory Partners L.P., an affiliate of our Manager, was engaged as a book-runner for the transaction and received a fee of $500,000 in such capacity. Both of these transactions were on terms equivalent to those of unaffiliated parties.

In the second quarter of 2019, we originated €191.8 million of a total €391.3 million senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The senior loan terms were negotiated by a third party without our involvement and our 49% interest in the senior loan was made on such market terms.

In the first quarter of 2019, we originated £240.1 million of a total £490.0 million senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The senior loan terms were negotiated by a third party without our involvement and our 49% interest in the senior loan was made on such market terms.    

In the third quarter of 2018, in a fully subscribed offering totaling $1.0 billion, certain Blackstone-advised investment vehicles purchased, in the aggregate, $116.1 million of securitized debt obligations issued by the 2018 Single Asset Securitization.

In the second quarter of 2018, we acquired from an unaffiliated third-party a 50% interest in a $1.0 billion senior loan to a borrower that is partially owned by a Blackstone-advised investment vehicle. In the third quarter of 2018, we contributed this loan to the 2018 Single Asset Securitization and invested in the related subordinate risk retention position. We will forgo all non-economic rights under the loan, including voting rights, so long as Blackstone-advised investment vehicles own the borrower above a certain threshold. Refer to Note 16 for further details on this transaction.

In the first quarter of 2018, we originated €1.0 billion of a total €7.3 billion senior term facility, or the Senior Term Facility, for the acquisition of a portfolio of Spanish real estate assets and a Spanish real estate management and loan servicing company by a joint venture between Banco Santander S.A. and certain Blackstone-advised investment vehicles. These investment vehicles own 51% of the joint venture, and we will forgo all non-economic rights under the Senior Term Facility, including voting rights, so long as Blackstone-advised investment vehicles control the joint venture. The Senior Term Facility was negotiated by the joint venture with third-party investment banks without our involvement, and our 14% interest in the Senior Term Facility was made on such market terms.

39

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued)

(Unaudited)

In the first quarter of 2018, we originated a $330.0 million senior loan, the proceeds of which were used by the borrower to repay an existing loan owned by a Blackstone-advised investment vehicle.

18. COMMITMENTS AND CONTINGENCIES

Unfunded Commitments Under Loans Receivable

As of September 30, 2019, we had unfunded commitments of $4.7 billion related to 96 loans receivable, which amounts will generally be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.

Principal Debt Repayments

Our contractual principal debt repayments as of September 30, 2019 were as follows ($ in thousands):

			Payment Timing
	Total		Less Than		1 to 3		3 to 5		More Than
	Obligation		1 Year		Years		Years		5 Years
Principal repayments under secured debt agreements(1)	$	8,816,566	$	125,859	$	3,286,387	$	5,036,844	$	367,476
Principal repayments of secured term loans(2)		498,750		3,750		10,000		10,000		475,000
Principal repayments of convertible notes(3)		622,500		—		402,500		220,000		—
Total(4)	$	9,937,816	$	129,609	$	3,698,887	$	5,266,844	$	842,476

(1)	The allocation of repayments under our secured debt agreements is based on the earlier of (i) the maturity date of each facility, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
(2)	The Secured Term Loan is partially amortizing, with an amount equal to 1.0% per annum of the original principal balance due in quarterly installments. Refer to Note 8 for further details on our secured term loan.
(3)	Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 9 for further details on our Convertible Notes.
(4)	Does not include $533.4 million of non-consolidated senior interests and $1.3 billion of securitized debt obligations, as the satisfaction of these liabilities will not require cash outlays from us.

Board of Directors’ Compensation

As of September 30, 2019, of the eight members of our board of directors, our five independent directors are entitled to annual compensation of $175,000 each, $75,000 of which will be paid in the form of cash and $100,000 in the form of deferred stock units. The other three board members, including our chairman and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the chair of our audit committee receives additional annual cash compensation of $20,000, (ii) the other members of our audit committee receive additional annual cash compensation of $10,000, and (iii) the chairs of each of our compensation and corporate governance committees receive additional annual cash compensation of $10,000.

Litigation

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2019, we were not involved in any material legal proceedings.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us,” or “our” refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.

The following discussion should be read in conjunction with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In addition to historical data, this discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our business, operations and financial performance. You can identify these forward-looking statements by the use of words such as “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “seeks,” “anticipates,” “should,” “could,” “may,” “designed to,” “foreseeable future,” “believe,” “scheduled,” and similar expressions. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in Item 1A. Risk Factors in our annual report on Form 10-K for the year ended December 31, 2018 and elsewhere in this quarterly report on Form 10-Q.

Introduction

Blackstone Mortgage Trust is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. 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 Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” We are headquartered in New York City.

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.

I. Key Financial Measures and Indicators

As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per share, dividends declared, Core Earnings, and book value per share. For the three months ended September 30, 2019 we recorded earnings per share of $0.56, declared a dividend of $0.62 per share, and reported $0.64 per share of Core Earnings. In addition, our book value per share as of September 30, 2019 was $27.82. As further described below, Core Earnings is a measure that is not prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. We use Core Earnings to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan activity and operations.

Earnings Per Share and Dividends Declared

The following table sets forth the calculation of basic and diluted net income per share and dividends declared per share ($ in thousands, except per share data):

	Three Months Ended
	September 30, 2019		June 30, 2019
Net income(1)	$	74,897	$	75,174
Weighted-average shares outstanding, basic and diluted		134,536,683		126,475,244
Net income per share, basic and diluted	$	0.56	$	0.59
Dividends declared per share	$	0.62	$	0.62

(1) Represents net income attributable to Blackstone Mortgage Trust.

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Core Earnings

Core Earnings is a non-GAAP measure, which we define as GAAP net income (loss), including realized gains and losses not otherwise included in GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv) net income (loss) attributable to our legacy portfolio, and (v) certain non-cash items. Core Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by our Manager, subject to approval by a majority of our independent directors.

We believe that Core Earnings provides meaningful information to consider in addition to our net income and cash flow from operating activities determined in accordance with GAAP. This adjusted measure helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations. Although, according to the management agreement between our Manager and us, or our Management Agreement, we calculate the incentive and base management fees due to our Manager using Core Earnings before our incentive fee expense, we report Core Earnings after incentive fee expense, as we believe this is a more meaningful presentation of the economic performance of our class A common stock.

Core Earnings does not represent net income or cash generated from operating activities and should not be considered as an alternative to GAAP net income, or an indication of our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Core Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Core Earnings may not be comparable to the Core Earnings reported by other companies.

The following table provides a reconciliation of Core Earnings to GAAP net income ($ in thousands, except per share data):

	Three Months Ended
	September 30, 2019		June 30, 2019
Net income(1)	$	74,897	$	75,174
Non-cash compensation expense		7,754		7,754
Hedging and foreign currency income, net(2)		2,898		3,237
Other items		78		58
Core Earnings	$	85,627	$	86,223
Weighted-average shares outstanding, basic and diluted		134,536,683		126,475,244
Core Earnings per share, basic and diluted	$	0.64	$	0.68

(1)

Represents net income attributable to Blackstone Mortgage Trust.

(2)

Primarily represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. These amounts are not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.

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Book Value Per Share

The following table calculates our book value per share ($ in thousands, except per share data):

	September 30, 2019		June 30, 2019
Stockholders’ equity	$	3,742,793	$	3,747,363
Shares
Class A common stock		134,288,584		134,288,258
Deferred stock units		252,267		244,536
Total outstanding		134,540,851		134,532,794
Book value per share	$	27.82	$	27.85

II. Loan Portfolio

During the quarter ended September 30, 2019, we originated or acquired $3.7 billion of loans. Loan fundings during the quarter totaled $1.4 billion, including $139.4 million of non-consolidated senior interests. Loan repayments during the quarter totaled $681.6 million. We generated interest income of $213.9 million and incurred interest expense of $112.0 million during the quarter, which resulted in $101.9 million of net interest income during the three months ended September 30, 2019.

Portfolio Overview

The following table details our loan origination activity ($ in thousands):

	Three Months Ended			Nine Months Ended
	September 30, 2019			September 30, 2019
Loan originations(1)	$	3,682,731		$	5,637,990
Loan fundings(2)	$	1,411,339		$	3,355,801
Loan repayments(3)		(681,614	)		(2,576,092	)
Total net (repayments) fundings	$	729,725		$	779,709

(1)	Includes new loan originations and additional commitments made under existing loans.
(2)	Loan fundings during the three and nine months ended September 30, 2019 include $14.0 million and $36.2 million, respectively, of additional fundings under related non-consolidated senior interests. Additionally, during the three and nine months ended September 30, 2019, $125.4 million was funded, and subsequently sold and included as a non-consolidated senior interest.
(3)	Loan repayments during the nine months ended September 30, 2019 include $61.1 million of additional repayments of loan exposure under related non-consolidated senior interests. There were no loan repayments during the three months ended September 30, 2019 related to non-consolidated senior interests.

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The following table details overall statistics for our investment portfolio as of September 30, 2019 ($ in thousands):

				Total Investment Exposure
	Balance Sheet Portfolio(1)			Loan Exposure(1)(2)			Other Investments(3)			Total Investment Portfolio
Number of investments		128			128			1			129
Principal balance	$	14,849,556		$	15,382,934		$	993,517		$	16,376,451
Net book value	$	14,755,072		$	14,755,072		$	92,580		$	14,847,652
Unfunded loan commitments(4)	$	4,724,809		$	5,225,021		$	—		$	5,225,021
Weighted-average cash coupon(5)		L + 3.30	%		L + 3.34	%		L + 2.75	%		L + 3.30	%
Weighted-average all-in yield(5)		L + 3.64	%		L + 3.68	%		L + 3.00	%		L + 3.64	%
Weighted-average maximum maturity (years)(6)		3.6			3.6			5.7			3.8
Loan to value (LTV)(7)		63.6	%		63.7	%		42.6	%		62.5	%

(1)	Excludes investment exposure to the $95.0 million subordinate risk retention interest we own in the $993.5 million 2018 Single Asset Securitization. Refer to Notes 4 and 16 to our consolidated financial statements for further discussion of the 2018 Single Asset Securitization.
(2)	In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. Total loan exposure encompasses the entire loan we originated and financed, including $533.4 million of such non-consolidated senior interests that are not included in our balance sheet portfolio.
(3)	Includes investment exposure to the $993.5 million 2018 Single Asset Securitization. We do not consolidate the 2018 Single Asset Securitization on our consolidated financial statements, and instead reflect our $95.0 million subordinate risk retention investment as a component of other assets on our consolidated balance sheet. Refer to Notes 4 and 16 to our consolidated financial statements for further discussion of the 2018 Single Asset Securitization.
(4)	Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.
(5)	The weighted-average cash coupon and all-in yield are expressed in terms excluding the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, BBSY, and CDOR, as of September 30, 2019. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. As of September 30, 2019, 97% of our loans by total loan exposure earned a floating rate of interest, primarily indexed to USD LIBOR, and 3% earned a fixed rate of interest. In addition, $3.5 billion of our loans earned interest based on floors that are above the applicable index as of September 30, 2019.
(6)	Maximum maturity assumes all extension options are exercised by the borrower, however our loans and other investments may be repaid prior to such date. As of September 30, 2019, 63% of our loans and other investments were subject to yield maintenance or other prepayment restrictions and 37% were open to repayment by the borrower without penalty.
(7)	Based on LTV as of the dates loans and other investments were originated or acquired by us.

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The following table details the floating benchmark rates for our investment portfolio as of September 30, 2019 ($/£/€/A$/C$ in thousands):

Investment Count		Currency	Total Investment Portfolio		Floating Rate Index(1)	Cash Coupon(2)	All-in Yield(2)
	106	$	$	12,781,117	USD LIBOR	L + 3.20%	L + 3.55%
	11	£	£	1,406,400	GBP LIBOR	L + 4.01%	L + 4.30%
	5	€	€	1,266,313	EURIBOR	E + 3.15%	E + 3.46%
	3	A$	A$	502,185	BBSY	BBSY + 4.01%	BBSY + 4.23%
	4	C$	C$	195,808	CDOR	CDOR + 3.77%	CDOR + 3.89%
	129		$	16,376,451		INDEX + 3.30%	INDEX + 3.64%

(1) We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. We earn forward points on our forward contracts that reflect the interest rate differentials between the applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD LIBOR.

(2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees.

The charts below detail the geographic distribution and types of properties securing our investment portfolio, as of September 30, 2019:

 

Refer to section VI of this Item 2 for details of our loan portfolio, on a loan-by-loan basis.

Asset Management

We actively manage the investments in our loan portfolio and exercise the rights afforded to us as a lender, including collateral level budget approvals, lease approvals, loan covenant enforcement, escrow/reserve management, collateral release approvals, and other rights that we may negotiate.

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As discussed in Note 2 to our consolidated financial statements, our Manager performs a quarterly review of our loan portfolio, assesses the performance of each loan, and assigns it a risk rating between “1” and “5,” from less risk to greater risk. The following table allocates the principal balance and total loan exposure balances based on our internal risk ratings ($ in thousands):

	September 30, 2019
Risk Rating	Number   of Loans		Net Book Value		Total Loan Exposure(1)(2)
1		4	$	275,921	$	276,178
2		39		4,536,225		4,564,094
3		82		9,776,127		10,375,349
4		3		166,799		167,313
5		—		—		—
		128	$	14,755,072	$	15,382,934

(1)

In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 to our consolidated financial statements for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $533.4 million of such non-consolidated senior interests as of September 30, 2019.

(2)

Excludes investment exposure to the $993.5 million 2018 Single Asset Securitization. Refer to Notes 4 and 16 to our consolidated financial statements for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.

The weighted-average risk rating of our total loan exposure was 2.7 as of both September 30, 2019 and December 31, 2018.

Multifamily Joint Venture

As of September 30, 2019, our Multifamily Joint Venture held $537.7 million of loans, which are included in the loan disclosures above. Refer to Note 2 to our consolidated financial statements for additional discussion of our Multifamily Joint Venture.

Portfolio Financing

Our portfolio financing arrangements include secured credit facilities, asset-specific financings, a revolving credit agreement, loan participations sold, non-consolidated senior interests, and securitized debt obligations.

The following table details our portfolio financing ($ in thousands):

	Portfolio Financing
	Outstanding Principal Balance
	September 30, 2019		December 31, 2018
Secured credit facilities	$	8,567,394	$	8,870,897
Asset-specific financings		249,172		81,739
Revolving credit agreement		—		43,845
Loan participations sold		—		94,528
Non-consolidated senior interests(1)		533,379		446,874
Securitized debt obligations		1,292,120		1,292,120
Total portfolio financing	$	10,642,065	$	10,830,003

(1)   These non-consolidated senior interests provide structural leverage for our net investments which are reflected in the form of mezzanine loans or other subordinate interests on our balance sheet and in our results of operations.

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Secured Credit Facilities

The following table details our secured credit facilities ($ in thousands):

	September 30, 2019
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,722,050	$	1,722,050	$	—	$	2,185,465
Wells Fargo		1,661,789		1,564,215		97,574		2,135,379
JP Morgan		1,016,689		918,526		98,163		1,303,288
Citibank		1,090,739		888,053		202,686		1,386,175
Barclays		996,648		793,906		202,742		1,246,490
Bank of America		658,724		658,724		—		840,573
Morgan Stanley		490,213		434,165		56,048		658,055
MetLife		417,677		417,677		—		524,004
Société Générale		333,473		333,473		—		428,887
Goldman Sachs		313,895		268,895		45,000		426,383
Goldman Sachs - Multi. JV(3)		217,601		217,601		—		279,037
US Bank - Multi. JV(3)		184,031		183,937		94		230,039
Santander		143,852		143,852		—		179,815
Bank of America - Multi. JV(3)		22,320		22,320		—		28,642
	$    9,269,701		$    8,567,394		$    702,307		$    11,852,232

(1)	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.
(2)	Represents the principal balance of the collateral assets.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 to our consolidated financial statements for additional discussion of our Multifamily Joint Venture.

Asset-Specific Financings

The following tables detail our asset-specific financings ($ in thousands):

	September 30, 2019
		Principal		Book		Wtd. Avg.					Wtd. Avg.
Asset-Specific Financings	Count	Balance		Value		Yield/Cost(1)			Guarantee(2)		Term(3)
Collateral assets	4	$	326,839	$	314,472		L+4.96	%		n/a		Mar. 2023
Financing provided	4	$	249,172	$	241,597		L+3.53	%		84,486		Mar. 2023

(1)	These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees / financing costs.
(2)	Other than amounts guaranteed on an asset-by-asset basis, borrowings under our asset-specific financings are non-recourse to us.
(3)	The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings is term-matched to the corresponding collateral loans.

Revolving Credit Agreement

We have a $250.0 million full recourse secured revolving credit agreement with Barclays that is designed to finance first mortgage originations for up to nine months as a bridge to term financing or syndication. Advances under the agreement are subject to availability under a specified borrowing base and accrue interest at a per annum pricing rate equal to the sum of (i) an applicable base rate or Eurodollar rate and (ii) an applicable margin, in each case, dependent on the applicable type of loan collateral. The maturity date of the facility is April 4, 2020. As of September 30, 2019, we had no outstanding borrowings under the agreement.

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Non-Consolidated Senior Interests

In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. These non-consolidated senior interests provide structural leverage for our net investments which are reflected in the form of mezzanine loans or other subordinate interests on our balance sheet and in our results of operations. The following table details the subordinate interests retained on our balance sheet and the related non-consolidated senior interests as of September 30, 2019 ($ in thousands):

September 30, 2019

Principal

Book

Wtd. Avg.

Wtd. Avg.

Non-Consolidated Senior Interests

Count

Balance

Value

Yield/Cost(1)

Guarantee

Term

Total loan

3

$

628,837

n/a

5.74

%

n/a

May 2023

Senior participation

3

533,379

n/a

4.49

%

n/a

May 2023

(1)   Our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, all-in yield/cost includes the amortization of deferred fees / financing costs.

Securitized Debt Obligations

The following table details our securitized debt obligations ($ in thousands):

	September 30, 2019
		Principal		Book		Wtd. Avg.
Securitized Debt Obligations	Count	Balance		Value		Yield/Cost(1)			Term(2)
Collateralized Loan Obligation
Collateral assets	20	$	1,000,000	$	1,000,000		L+3.43	%		September 2022
Financing provided	1		817,500		813,852		L+1.71	%		June 2035
2017 Single Asset Securitization
Collateral assets(3)	1		700,197		698,040		L+3.60	%		June 2023
Financing provided	1		474,620		474,537		L+1.65	%		June 2033
Total
Collateral assets	21	$	1,700,197	$	1,698,040		L+3.51	%
Financing provided(4)	2	$	1,292,120	$	1,288,389		L+1.69	%

(1)	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. All-in yield for the total portfolio assume applicable floating benchmark rates for weighted-average calculation.
(2)	Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.
(3)	The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million.
(4)	During the three and nine months ended September 30, 2019, we recorded $11.9 million and $36.9 million, respectively, of interest expense related to our securitized debt obligations.

Refer to Notes 7 and 16 to our consolidated financial statements for additional details of our securitized debt obligations.

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Corporate Financing

Secured Term Loan

As of September 30, 2019, the following Secured Term Loan was outstanding ($ in thousands):

Term Loan Issuance	Face Value		Coupon Rate			All-in Cost(1)			Maturity
Term Loan B	$	498,750		L+2.50	%		L+2.80	%		April 23, 2026

(1)   Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Secured Term Loan.

Refer to Notes 2 and 8 to our consolidated financial statements for additional discussion of our Secured Term Loan.

Convertible Notes

As of September 30, 2019, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Coupon Rate			All-in Cost(1)			Maturity
May 2017	$	402,500		4.38	%		4.85	%		May 5, 2022
March 2018	$	220,000		4.75	%		5.33	%		March 15, 2023

(1)   Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

Refer to Notes 2 and 9 to our consolidated financial statements for additional discussion of our Convertible Notes.

Floating Rate Portfolio

Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates will decrease net income. As of September 30, 2019, 97% of our loans by total loan exposure earned a floating rate of interest and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on certain of our floating rate loans. As of September 30, 2019, the remaining 3% of our loans by total loan exposure earned a fixed rate of interest, but are financed with liabilities that pay interest at floating rates, which resulted in a negative correlation to rising interest rates to the extent of our financing. In certain instances where we have financed fixed rate assets with floating rate liabilities, we have purchased interest rate swaps or caps to limit our exposure to increases in interest rates on such liabilities.

Our liabilities are generally currency and index-matched to each collateral asset, resulting in a net exposure to movements in benchmark rates that varies by currency silo based on the relative proportion of floating rate assets and liabilities. The following table details our loan portfolio’s net exposure to interest rates by currency as of September 30, 2019 ($/€/£/A$/C$ in thousands):

	USD			EUR			GBP			AUD			CAD
Floating rate loans(1)	$	11,787,601		€	1,266,313		£	1,037,040		A$	502,185		C$	148,627
Floating rate debt(1)(2)(3)		(8,591,874	)		(963,636	)		(619,170	)		(368,276	)		(139,089	)
Net floating rate exposure(4)	$	3,195,727		€	302,677		£	417,870		A$	133,909		C$	9,538

(1)	Our floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate.
(2)	Includes borrowings under secured debt agreements, non-consolidated senior interests, securitized debt obligations, and secured term loans.
(3)	Balance includes two interest rate swaps totaling C$17.3 million ($13.1 million as of September 30, 2019) that are used to hedge a portion of our fixed rate debt.
(4)	In addition, we have interest rate caps of $7.3 million and C$21.7 million ($16.4 million as of September 30, 2019) to limit our exposure to increases in interest rates.

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III. Our Results of Operations

Operating Results

The following table sets forth information regarding our consolidated results of operations ($ in thousands, except per share data):

	Three Months Ended September 30,						2019 vs			Nine Months Ended September 30,						2019 vs
	2019			2018			2018			2019			2018			2018
Income from loans and other investments
Interest and related income	$	213,873		$	203,107		$	10,766		$	662,001		$	550,011		$	111,990
Less: Interest and related expenses		111,957			97,955			14,002			347,536			255,677			91,859
Income from loans and other investments, net		101,916			105,152			(3,236	)		314,465			294,334			20,131
Other expenses
Management and incentive fees		17,502			18,368			(866	)		58,276			56,248			2,028
General and administrative expenses		9,741			8,443			1,298			28,951			25,897			3,054
Total other expenses		27,243			26,811			432			87,227			82,145			5,082
Income before income taxes		74,673			78,341			(3,668	)		227,238			212,189			15,049
Income tax (benefit) provision		(721	)		48			(769	)		(573	)		272			(845	)
Net income		75,394			78,293			(2,899	)		227,811			211,917			15,894
Net income attributable to non-controlling interests		(497	)		(128	)		(369	)		(1,176	)		(481	)		(695	)
Net income attributable to Blackstone Mortgage Trust, Inc.	$	74,897		$	78,165		$	(3,268	)	$	226,635		$	211,436		$	15,199
Net income per share - basic and diluted	$	0.56		$	0.67		$	(0.11	)	$	1.76		$	1.90		$	(0.14	)
Dividends declared per share	$	0.62		$	0.62		$	—		$	1.86		$	1.86		$	—

Income from loans and other investments, net

Income from loans and other investments, net decreased $3.2 million during the three months ended September 30, 2019 and increased $20.1 million during the nine months ended September 30, 2019, respectively, as compared to the corresponding periods in 2018. The decrease during the three months ended September 30, 2019, as compared to the corresponding period in 2018, was primarily due to prepayment fees earned during the three months ended September 30, 2018. The increase during the nine months ended September 30, 2019, as compared to the corresponding period in 2018, was primarily due to an increase in the weighted-average principal balance of our loan portfolio by $3.1 billion during the nine months ended September 30, 2019, as compared to the corresponding period in 2018. This was offset by the increase in the weighted-average principal balance of our outstanding financing arrangements, which increased by $2.7 billion during the nine months ended September 30, 2019, as compared to the corresponding period in 2018.

Other expenses

Other expenses include management and incentive fees payable to our Manager and our general and administrative expenses. Other expenses increased by $432,000 during the three months ended September 30, 2019 compared to the corresponding period in 2018 due to (i) an increase of $2.4 million of management fees payable to our Manager, primarily as a result of net proceeds received from the sale of shares of our class A common stock during 2018 and 2019, (ii) $1.0 million of additional non-cash restricted stock amortization related to shares awarded under our long-term incentive plans, and (iii) an increase of $278,000 of general operating expenses. This was partially offset by a decrease of $3.2 million of incentive fees payable to our Manager.

Other expenses increased by $5.1 million during the nine months ended September 30, 2019 compared to the nine months ended September 30, 2018 due to (i) an increase of $6.6 million of management fees payable to our Manager, primarily as a result of net proceeds from the sale of our class A common stock during 2018 and 2019, (ii) $2.8 million of additional non-cash restricted stock amortization related to shares awarded under our long-term incentive plans, and (iii) an increase of $265,000 of general operating expenses. This was partially offset by a decrease of $4.6 million of incentive fees payable to our Manager.

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Net income attributable to non-controlling interests

During the three and nine months ended September 30, 2019, we recognized $497,000 and $1.2 million, respectively, of net income attributable to non-controlling interests related to our Multifamily Joint Venture.

Dividends per share

During the three months ended September 30, 2019, we declared a dividend of $0.62 per share, or $83.3 million in aggregate, which was paid on October 15, 2019 to common stockholders of record as of September 30, 2019. During the three months ended September 30, 2018, we declared a dividend of $0.62 per share, or $74.2 million.

During the nine months ended September 30, 2019, we declared aggregate dividends of $1.86 per share, or $244.4 million. During the nine months ended September 30, 2018, we declared aggregate dividends of $1.86 per share, or $210.4 million.

IV. Liquidity and Capital Resources                

Capitalization

We have capitalized our business to date through, among other things, the issuance and sale of shares of our class A common stock, borrowings under secured debt agreements, and the issuance of secured term loans and issuance and sale of convertible notes. As of September 30, 2019, we had 134,288,584 shares of our class A common stock outstanding representing $3.8 billion of stockholders’ equity, $8.8 billion of outstanding borrowings under secured debt agreements, $498.8 million of outstanding Secured Term Loans, and $622.5 million of Convertible Notes outstanding.

As of September 30, 2019, our secured debt agreements consisted of secured credit facilities with an outstanding balance of $8.6 billion and $249.2 million of asset-specific financings. We also finance our business through non-consolidated senior interests. As of September 30, 2019, we had $533.4 million of non-consolidated senior interests outstanding. In addition, as of September 30, 2019, our consolidated balance sheet included $1.3 billion of securitized debt obligations related to our CLO and our 2017 Single Asset Securitization.

See Notes 5, 7, 8, and 9 to our consolidated financial statements for additional details regarding our secured debt agreements, securitized debt obligations, Secured Term Loan, and Convertible Notes, respectively.

Debt-to-Equity Ratio and Total Leverage Ratio

The following table presents our debt-to-equity ratio and total leverage ratio:

	September 30, 2019		December 31, 2018
Debt-to-equity ratio(1)		2.6x		2.8x
Total leverage ratio(2)		3.4x		3.7x

(1)	Represents (i) total outstanding secured debt agreements, secured term loans, and convertible notes, less cash, to (ii) total equity, in each case at period end.
(2)	Represents (i) total outstanding secured debt agreements, secured term loans, convertible notes, non-consolidated senior interests, and securitized debt obligations, less cash, to (ii) total equity, in each case at period end.

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Sources of Liquidity

Our primary sources of liquidity include cash and cash equivalents, available borrowings under our secured debt agreements, and net receivables from servicers related to loan repayments which are set forth in the following table ($ in thousands):

	September 30, 2019		December 31, 2018
Cash and cash equivalents	$	84,289	$	105,662
Available borrowings under secured debt agreements		708,367		359,618
Loan principal payments held by servicer, net(1)		3,218		4,855
	$	795,874	$	470,135

(1)   Represents loan principal payments held by our third-party servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle, net of the related secured debt balance.

In addition to our current sources of liquidity, we have access to liquidity through public offerings of debt and equity securities. To facilitate such offerings, in July 2019, we filed a shelf registration statement with the Securities and Exchange Commission, or the SEC, that is effective for a term of three years and expires at the end of July 2022. The amount of securities to be issued pursuant to this shelf registration statement was not specified when it was filed and there is no specific dollar limit on the amount of securities we may issue. The securities covered by this registration statement include: (i) class A common stock; (ii) preferred stock; (iii) debt securities; (iv) depositary shares representing preferred stock; (v) warrants; (vi) subscription rights; (vii) purchase contracts; and (viii) units consisting of one or more of such securities or any combination of these securities. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.

We may also access liquidity through a dividend reinvestment plan and direct stock purchase plan, under which 9,994,359 shares of class A common stock were available for issuance as of September 30, 2019, and our at-the-market stock offering program, pursuant to which we may sell, from time to time, up to $363.8 million of additional shares of our class A common stock as of September 30, 2019. Refer to Note 11 to our consolidated financial statements for additional details.

Our existing loan portfolio also provides us with liquidity as loans are repaid or sold, in whole or in part, and the proceeds from such repayments become available for us to reinvest.

Liquidity Needs

In addition to our ongoing loan origination activity, our primary liquidity needs include interest and principal payments under our $8.8 billion of outstanding borrowings under secured debt agreements, our Secured Term Loan, our Convertible Notes, our unfunded loan commitments, dividend distributions to our stockholders, and operating expenses.

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Contractual Obligations and Commitments

Our contractual obligations and commitments as of September 30, 2019 were as follows ($ in thousands):

			Payment Timing
	Total		Less Than		1 to 3		3 to 5		More Than
	Obligation		1 Year		Years		Years		5 Years
Unfunded loan commitments(1)	$	4,724,809	$	1,660,315	$	2,561,184	$	478,044	$	25,266
Principal repayments under secured debt agreements(2)		8,816,566		125,859		3,286,387		5,036,844		367,476
Principal repayments of secured term loans(3)		498,750		3,750		10,000		10,000		475,000
Principal repayments of convertible notes(4)		622,500		—		402,500		220,000		—
Interest payments(2)(5)		1,175,618		370,408		565,271		199,766		40,173
Total(6)	$	15,838,243	$	2,160,332	$	6,825,342	$	5,944,654	$	907,915

(1)	The allocation of our unfunded loan commitments is based on the earlier of the commitment expiration date or the loan maturity date.
(2)	The allocation of repayments under our secured debt agreements for both principal and interest payments is based on the earlier of (i) the maturity date of each facility, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
(3)	The Secured Term Loan is partially amortizing, with an amount equal to 1.0% per annum of the original principal balance due in quarterly installments. Refer to Note 8 to our consolidated financial statements for further details on our secured term loan.
(4)	Reflects the outstanding principal balance of convertible notes, excluding any potential conversion premium. Refer to Note 9 to our consolidated financial statements for further details on our convertible notes.
(5)	Represents interest payments on our secured debt agreements, convertible notes, and Secured Term Loan. Future interest payment obligations are estimated assuming the amounts outstanding and the interest rates in effect as of September 30, 2019 will remain constant into the future. This is only an estimate as actual amounts borrowed and interest rates will vary over time.
(6)	Total does not include $533.4 million of non-consolidated senior interests and $1.3 billion of securitized debt obligations, as the satisfaction of these liabilities will not require cash outlays from us.

We are also required to settle our foreign currency forward contracts and interest rate swaps with our derivative counterparties upon maturity which, depending on foreign exchange and interest rate movements, may result in cash received from or due to the respective counterparty. The table above does not include these amounts as they are not fixed and determinable. Refer to Note 10 to our consolidated financial statements for details regarding our derivative contracts.

We are required to pay our Manager a base management fee, an incentive fee, and reimbursements for certain expenses pursuant to our Management Agreement. The table above does not include the amounts payable to our Manager under our Management Agreement as they are not fixed and determinable. Refer to Note 12 to our consolidated financial statements for additional terms and details of the fees payable under our Management Agreement.

As a REIT, we generally must distribute substantially all of our net taxable income to stockholders in the form of dividends to comply with the REIT provisions of the Internal Revenue Code. Our taxable income does not necessarily equal our net income as calculated in accordance with GAAP, or our Core Earnings as described above.

Cash Flows

The following table provides a breakdown of the net change in our cash, cash equivalents, and restricted cash ($ in thousands):

	Nine Months Ended September 30,
	2019			2018
Cash flows provided by operating activities	$	228,591		$	222,735
Cash flows used in investing activities		(668,618	)		(2,211,469	)
Cash flows provided by financing activities		419,550			1,964,959
Net decrease in cash and cash equivalents	$	(20,477	)	$	(23,775	)

We experienced a net decrease in cash and cash equivalents of $20.5 million for the nine months ended September 30, 2019, compared to a net decrease of $23.8 million for the nine months ended September 30, 2018. During the nine months ended September 30, 2019, we (i) received $2.6 billion of proceeds from loan principal collections, (ii) received $498.8 million of net proceeds from borrowings

53

under our secured term loan, and (iii) received $372.3 million of net proceeds from the issuance of shares of class A common stock. We used the proceeds from these activities to (i) fund $3.3 billion of new loans and (ii) repay a net $98.5 million under our secured debt agreements during the nine months ended September 30, 2019.

Refer to Note 3 to our consolidated financial statements for further discussion of our loan activity. Refer to Notes 5, 8, and 11 to our consolidated financial statements for additional discussion of our secured debt agreements, secured term loan, and equity.

V. Other Items

Income Taxes

We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings that we distribute. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws.

Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of September 30, 2019 and December 31, 2018, we were in compliance with all REIT requirements.

Refer to Note 13 to our consolidated financial statements for additional discussion of our income taxes.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires our Manager to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. There have been no material changes to our Critical Accounting Policies described in our annual report on Form 10-K filed with the SEC on February 12, 2019.

Refer to Note 2 to our consolidated financial statements for the description of our significant accounting policies.

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VI. Loan Portfolio Details

The following table provides details of our loan portfolio, on a loan-by-loan basis, as of September 30, 2019 ($ in millions):

	Loan Type(1)	Origination Date(2)	Total Loan(3)(4)		Principal Balance(4)		Net Book Value		Cash Coupon(5)		All-in Yield(5)		Maximum Maturity(6)	Location	Property Type	Loan Per SQFT / Unit / Key	LTV(2)		Risk Rating
1	Senior loan	3/22/2018	$	1,004.6	$	1,004.6	$	999.7		L + 3.15%		L + 3.40%	3/15/2023	Diversified - Spain	Mixed-Use	n/a		71%	3
2	Senior loan	5/11/2017		752.6		700.2		698.0		L + 3.40%		L + 3.60%	6/10/2023	Washington DC	Office	$343 / sqft		62%	3
3	Senior loan(3)	8/6/2015		453.9		453.9		82.5		5.75%		5.77%	10/29/2022	Diversified - EUR	Other	n/a		71%	3
4	Senior loan	5/1/2015		355.0		344.5		344.2		L + 2.85%		L + 3.02%	5/1/2023	New York	Office	$437 / sqft		68%	2
5	Senior loan	1/7/2015		350.0		332.5		332.3		L + 2.50%		L + 2.76%	1/9/2021	New York	Office	$285 / sqft		53%	2
6	Senior loan	2/13/2018		330.0		329.7		329.5		L + 3.42%		L + 3.52%	3/9/2023	New York	Multi	$798,239 / unit		62%	3
7	Senior loan	10/23/2018		352.4		328.1		326.4		L + 3.40%		L + 3.72%	10/23/2021	New York	Mixed-Use	$556 / sqft		65%	3
8	Senior loan	3/31/2017		339.3		327.7		325.6		L + 3.50%		L + 3.87%	8/9/2023	Maui	Hotel	$431,810 / key		61%	3
9	Senior loan	1/11/2019		295.1		295.1		291.2		L + 4.35%		L + 4.70%	1/11/2026	Diversified - UK	Other	$291 / sqft		66%	3
10	Senior loan	11/30/2018		292.9		277.8		275.6		L + 2.85%		L + 3.20%	12/9/2023	New York	Hotel	$227,338 / key		73%	3
11	Senior loan	11/30/2018		253.9		247.4		245.5		L + 2.80%		L + 3.17%	12/9/2023	San Francisco	Hotel	$363,291 / key		73%	3
12	Senior loan	12/11/2018		310.0		241.6		239.1		L + 2.55%		L + 2.96%	12/9/2023	Chicago	Office	$203 / sqft		78%	3
13	Senior loan	7/31/2018		284.5		233.1		231.1		L + 3.10%		L + 3.54%	8/9/2022	San Francisco	Office	$585 / sqft		50%	2
14	Senior loan	5/9/2018		242.9		232.9		231.9		L + 2.60%		L + 3.03%	5/9/2023	New York	Industrial	$66 / sqft		70%	2
15	Senior loan	12/22/2017		225.0		225.0		224.1		L + 2.80%		L + 3.16%	1/9/2023	Chicago	Multi	$326,087 / unit		65%	3
16	Senior loan	6/23/2015		211.6		211.6		211.4		L + 3.65%		L + 3.78%	5/8/2022	Washington DC	Office	$237 / sqft		72%	2
17	Senior loan	4/15/2016		225.0		211.1		210.4		L + 3.25%		L + 3.84%	5/9/2023	New York	Office	$197 / sqft		40%	2
18	Senior loan	4/12/2018		259.3		201.1		200.6		L + 2.93%		L + 3.35%	11/20/2022	New York	Office	$75 / sqft		58%	1
19	Senior loan	10/23/2018		278.4		191.4		189.8		L + 2.65%		L + 2.88%	11/9/2024	Atlanta	Office	$179 / sqft		64%	2
20	Senior loan	6/4/2018		189.3		189.5		189.0		L + 3.50%		L + 3.86%	6/9/2024	New York	Hotel	$313,015 / key		52%	3
21	Senior loan	8/31/2017		203.0		188.7		187.8		L + 2.50%		L + 2.75%	9/9/2023	Orange County	Office	$220 / sqft		64%	3
22	Senior loan	12/22/2016		204.5		187.2		187.0		L + 2.90%		L + 2.98%	12/9/2022	New York	Office	$263 / sqft		64%	3
23	Senior loan	4/9/2018		1,486.5		185.0		172.9		L + 8.50%		L + 10.64%	6/9/2025	New York	Office	$525 / sqft		48%	2
24	Senior loan	5/16/2017		189.2		183.8		183.3		L + 3.90%		L + 4.35%	5/16/2021	Chicago	Office	$138 / sqft		59%	3
25	Senior loan	3/8/2016		181.2		181.2		180.5		L + 2.75%		L + 2.97%	9/9/2023	Orange County	Office	$228 / sqft		52%	2
26	Senior loan	2/9/2017		180.8		180.8		179.2		L + 4.35%		L + 4.93%	9/26/2023	London - UK	Office	$824 / sqft		69%	3
27	Senior loan	6/27/2019		209.0		179.8		177.9		L + 2.80%		L + 3.32%	8/15/2026	Berlin - DEU	Office	$386 / sqft		62%	3
28	Senior loan	4/3/2018		178.6		176.6		175.8		L + 2.75%		L + 3.08%	4/9/2024	Dallas	Mixed-Use	$500 / sqft		64%	3
29	Senior loan	9/26/2019		175.0		175.0		173.7		L + 3.10%		L + 3.54%	1/9/2023	New York	Office	$256 / sqft		65%	3
30	Senior loan	11/23/2018		182.8		174.0		172.4		L + 2.62%		L + 2.87%	2/15/2024	Diversified - UK	Office	$1,055 / sqft		50%	3

continued…

55

	Loan Type(1)	Origination Date(2)	Total Loan(3)(4)		Principal Balance(4)		Net Book Value		Cash Coupon(5)		All-in Yield(5)		Maximum Maturity(6)	Location	Property Type	Loan Per SQFT / Unit / Key	LTV(2)		Risk Rating
31	Senior loan	9/14/2018		170.2		170.2		169.1		L + 3.50%		L + 3.85%	9/14/2023	Canberra - AU	Mixed-Use	$442 / sqft		68%	3
32	Senior loan	9/30/2019		305.5		168.8		168.8		L + 3.66%		L + 3.75%	9/9/2024	Chicago	Office	$146 / sqft		58%	3
33	Senior loan(3)	8/7/2019		745.8		157.3		29.0		L + 3.12%		L + 3.52%	9/9/2025	Los Angeles	Office	$196 / sqft		59%	3
34	Senior loan	9/4/2018		172.7		152.3		151.1		L + 3.00%		L + 3.39%	9/9/2023	Las Vegas	Hotel	$184,355 / key		70%	3
35	Senior loan	12/21/2017		197.5		151.4		150.5		L + 2.65%		L + 3.06%	1/9/2023	Atlanta	Office	$113 / sqft		51%	2
36	Senior loan	7/20/2017		193.2		147.7		146.3		L + 5.10%		L + 6.08%	8/9/2022	San Francisco	Office	$245 / sqft		58%	2
37	Senior loan	8/23/2017		165.0		147.4		146.9		L + 3.25%		L + 3.64%	10/9/2022	Los Angeles	Office	$299 / sqft		74%	2
38	Senior loan	6/29/2017		140.2		135.0		134.6		L + 2.85%		L + 3.30%	7/9/2022	Los Angeles	Multi	$319,931 / unit		68%	2
39	Senior loan	6/24/2015		135.0		134.3		134.1		L + 3.50%		L + 3.72%	4/9/2023	Honolulu	Hotel	$225,285 / key		67%	2
40	Senior loan	11/14/2017		133.0		133.0		132.5		L + 2.75%		L + 3.00%	6/9/2023	Los Angeles	Hotel	$532,000 / key		56%	2
41	Senior loan	5/11/2017		135.9		128.7		128.3		L + 3.40%		L + 3.91%	6/10/2023	Washington DC	Office	$296 / sqft		38%	2
42	Senior loan	11/2/2017		140.0		126.2		125.7		L + 3.20%		L + 3.62%	11/9/2022	Boston	Industrial	$166 / sqft		69%	2
43	Senior loan	12/14/2018		135.6		119.0		118.3		L + 2.90%		L + 3.27%	1/9/2024	Diversified - US	Industrial	$48 / sqft		57%	3
44	Senior loan	6/28/2019		125.0		117.2		116.6		L + 2.75%		L + 2.91%	2/1/2024	Los Angeles	Office	$591 / sqft		48%	3
45	Senior loan	9/5/2019		214.3		115.0		112.9		L + 2.75%		L + 3.17%	9/9/2024	New York	Office	$717 / sqft		62%	3
46	Senior loan	4/30/2018		157.5		111.6		110.4		L + 3.25%		L + 3.51%	4/30/2023	London - UK	Office	$502 / sqft		60%	3
47	Senior loan	9/23/2019		136.2		111.0		109.6		L + 3.00%		L + 3.22%	11/15/2024	Diversified - Spain	Hotel	$110,499 / key		62%	3
48	Senior loan	6/28/2019		179.4		111.0		109.2		L + 3.70%		L + 4.33%	6/27/2024	London - UK	Office	$362 / sqft		71%	3
49	Senior loan	9/20/2018		124.6		110.7		110.4		L + 4.00%		L + 4.06%	8/16/2023	Diversified - AU	Other	$759 / sqft		53%	3
50	Senior loan	7/15/2019		144.6		110.3		109.0		L + 2.90%		L + 3.25%	8/9/2024	Houston	Office	$200 / sqft		58%	3
51	Senior loan	3/21/2018		113.2		106.2		105.6		L + 3.10%		L + 3.36%	3/21/2024	Jacksonville	Office	$106 / sqft		72%	2
52	Senior loan	10/17/2016		104.1		104.1		104.1		L + 3.95%		L + 3.96%	10/21/2021	Diversified - UK	Self-Storage	$143 / sqft		73%	3
53	Senior loan	10/16/2018		113.7		103.6		102.9		L + 3.25%		L + 3.57%	11/9/2023	San Francisco	Hotel	$225,681 / key		72%	3
54	Senior loan	3/13/2018		123.0		103.4		102.7		L + 3.50%		L + 3.83%	4/9/2025	Honolulu	Hotel	$160,368 / key		50%	3
55	Senior loan	12/20/2018		105.0		103.2		102.8		L + 2.95%		L + 3.24%	1/1/2022	Seattle	Multi	$259,275 / unit		65%	3
56	Senior loan	3/10/2016		106.7		103.0		102.6		L + 2.60%		L + 2.94%	12/9/2022	Chicago	Multi	$556,723 / unit		63%	2
57	Senior loan	12/21/2018		123.1		101.8		100.8		L + 2.60%		L + 3.00%	1/9/2024	Chicago	Office	$199 / key		72%	2
58	Senior loan	5/16/2014		100.0		99.8		99.6		L + 3.85%		L + 4.11%	4/9/2022	Miami	Office	$215 / sqft		67%	3
59	Senior loan	11/30/2018		105.1		99.7		99.2		L + 2.70%		L + 3.04%	12/9/2023	Diversified - US	Hotel	$76,230 / key		57%	2
60	Senior loan	6/19/2019		95.0		90.0		89.6		L + 2.60%		L + 2.89%	7/9/2024	Phoenix	Multi	$279,503 / unit		72%	3

continued…

56

	Loan Type(1)	Origination Date(2)	Total Loan(3)(4)		Principal Balance(4)		Net Book Value		Cash Coupon(5)		All-in Yield(5)		Maximum Maturity(6)	Location	Property Type	Loan Per SQFT / Unit / Key	LTV(2)		Risk Rating
61	Senior loan	5/22/2014		89.9		89.9		89.8		L + 2.90%		L + 3.15%	6/15/2021	Orange County	Office	$187 / sqft		74%	2
62	Senior loan	4/12/2018		103.1		89.3		88.8		L + 2.75%		L + 3.14%	5/9/2023	San Francisco	Office	$233 / sqft		72%	2
63	Senior loan	3/28/2019		98.4		88.5		88.2		L + 3.25%		L + 3.40%	1/9/2024	New York	Hotel	$228,653 / key		63%	3
64	Senior loan	6/1/2018		124.1		88.4		87.4		L + 3.40%		L + 3.75%	5/28/2023	London - UK	Office	$599 / sqft		70%	3
65	Senior loan	2/18/2015		87.7		87.7		87.6		L + 3.75%		L + 4.21%	3/9/2020	Diversified - CA	Office	$181 / sqft		71%	3
66	Senior loan	11/30/2018		151.1		86.5		85.5		L + 2.55%		L + 2.82%	12/9/2024	Washington DC	Office	$270 / sqft		60%	3
67	Senior loan	12/10/2018		109.1		86.0		85.0		L + 2.95%		L + 3.34%	12/3/2024	London - UK	Office	$411 / sqft		72%	3
68	Senior loan	6/18/2019		90.0		85.0		84.2		L + 3.15%		L + 3.52%	7/9/2024	Napa Valley	Hotel	$890,052 / key		74%	3
69	Senior loan	8/18/2017		84.8		84.8		84.2		L + 4.10%		L + 4.80%	8/18/2022	Brussels - BE	Office	$132 / sqft		59%	2
70	Senior loan	12/9/2014		94.3		83.6		83.5		L + 3.65%		L + 3.80%	12/9/2021	Diversified - US	Office	$78 / sqft		65%	2
71	Senior loan	6/29/2016		83.4		78.5		78.4		L + 2.80%		L + 3.28%	7/9/2021	Miami	Office	$303 / sqft		64%	2
72	Senior loan	3/31/2017		97.2		78.1		77.9		L + 4.30%		L + 4.70%	4/9/2022	New York	Office	$383 / sqft		64%	3
73	Senior loan	4/25/2019		210.0		73.2		72.1		L + 3.50%		L + 3.74%	9/1/2025	Los Angeles	Office	$329 / sqft		67%	3
74	Senior loan	2/20/2019		124.7		72.1		70.9		L + 3.25%		L + 3.89%	2/19/2024	London - UK	Office	$354 / sqft		61%	3
75	Senior loan	6/4/2015		71.7		71.7		72.5		L + 4.25%		L + 4.13%	12/15/2021	Diversified - CAN	Hotel	$54,979 / key		54%	2
76	Senior loan	5/8/2017		80.0		71.1		70.6		L + 3.75%		L + 4.69%	5/8/2022	Washington DC	Office	$331 / sqft		73%	2
77	Senior loan	7/26/2018		84.1		70.1		69.9		L + 2.75%		L + 2.85%	7/1/2024	Columbus	Multi	$65,962 / unit		69%	3
78	Senior loan	6/27/2019		84.0		70.0		69.5		L + 2.50%		L + 2.77%	7/9/2024	West Palm Beach	Office	$481 / sqft		70%	3
79	Senior loan	11/16/2018		211.9		68.4		66.4		L + 4.10%		L + 4.72%	12/9/2023	Fort Lauderdale	Mixed-Use	$192 / sqft		59%	3
80	Senior loan	10/17/2018		80.4		68.2		67.8		L + 2.60%		L + 3.16%	11/9/2023	San Francisco	Office	$425 / sqft		68%	3
81	Senior loan	4/5/2018		85.3		65.9		65.4		L + 3.10%		L + 3.51%	4/9/2023	Diversified - US	Industrial	$24 / sqft		54%	3
82	Senior loan	8/22/2019		74.3		65.0		64.3		L + 2.55%		L + 2.93%	9/9/2024	Los Angeles	Office	$389 / sqft		63%	3
83	Senior loan	5/9/2017		73.7		64.7		64.6		L + 3.85%		L + 4.30%	5/9/2022	New York	Multi	$389,948 / unit		67%	2
84	Senior loan	6/29/2017		64.2		62.6		62.3		L + 3.40%		L + 3.71%	7/9/2023	New York	Multi	$182,457 / unit		69%	4
85	Senior loan	7/13/2017		86.3		60.0		59.7		L + 3.75%		L + 4.18%	8/9/2022	Honolulu	Hotel	$192,926 / key		66%	3
86	Senior loan	10/5/2018		58.1		58.1		57.6		L + 5.50%		L + 5.65%	10/5/2021	Sydney - AU	Office	$616 / sqft		78%	3
87	Senior loan	11/30/2016		65.2		56.7		56.7		L + 3.10%		L + 3.39%	12/9/2021	Chicago	Retail	$1,167 / sqft		54%	3
88	Senior loan	10/6/2017		55.9		55.8		55.6		L + 2.95%		L + 3.21%	10/9/2022	Nashville	Multi	$99,598 / unit		74%	2
89	Senior loan	8/16/2019		54.3		54.3		54.1		L + 2.75%		L + 2.95%	9/1/2022	Sarasota	Multi	$238,158 / unit		76%	3
90	Senior loan	3/11/2014		52.8		52.8		52.7		L + 4.50%		L + 4.76%	4/9/2021	New York	Multi	$593,109 / unit		65%	4

continued…

57

	Loan Type(1)	Origination Date(2)	Total Loan(3)(4)		Principal Balance(4)		Net Book Value		Cash Coupon(5)		All-in Yield(5)		Maximum Maturity(6)	Location	Property Type	Loan Per SQFT / Unit / Key	LTV(2)		Risk Rating
91	Senior loan	11/23/2016		55.4		51.9		51.8		L + 3.50%		L + 3.80%	12/9/2022	New York	Multi	$216,432 / unit		65%	4
92	Senior loan	11/1/2017		52.1		51.8		51.7		L + 2.95%		L + 3.21%	11/9/2022	Denver	Multi	$154,127 / unit		74%	2
93	Senior loan	6/26/2019		65.4		51.3		50.7		L + 3.35%		L + 3.66%	6/20/2024	London - UK	Office	$580 / sqft		61%	3
94	Senior loan(3)	9/22/2017		91.0		49.6		12.3		L + 5.29%		L + 6.40%	10/9/2022	San Francisco	Multi	$446,078 / unit		46%	3
95	Senior loan	6/12/2019		55.0		48.3		48.2		L + 3.25%		L + 3.78%	7/1/2022	Grand Rapids	Multi	$92,529 / unit		69%	3
96	Senior loan	8/14/2019		70.3		46.5		45.8		L + 2.45%		L + 2.87%	9/9/2024	Los Angeles	Office	$501 / sqft		57%	3
97	Senior loan	11/19/2015		48.7		46.0		46.1		L + 4.00%		L + 4.50%	10/9/2019	New York	Office	$1,180 / sqft		57%	2
98	Senior loan	9/25/2018		49.3		45.0		44.8		L + 3.50%		L + 3.79%	9/1/2023	Chicago	Multi	$61,202 / unit		70%	3
99	Senior loan	5/24/2018		81.3		44.4		43.9		L + 4.10%		L + 4.59%	6/9/2023	Boston	Office	$86 / sqft		55%	3
100	Senior loan	5/20/2015		45.0		44.0		43.9		L + 3.00%		L + 3.08%	11/1/2022	Los Angeles	Office	$205 / sqft		59%	1
101	Senior loan	8/29/2017		51.2		43.5		43.3		L + 3.10%		L + 3.52%	10/9/2022	Southern California	Industrial	$91 / sqft		65%	3
102	Senior loan	6/26/2015		41.6		40.6		40.6		L + 3.75%		L + 3.94%	7/9/2020	San Diego	Office	$186 / sqft		73%	3
103	Senior loan	12/27/2016		39.5		39.5		39.4		L + 3.10%		L + 3.45%	1/9/2022	New York	Multi	$784,286 / unit		64%	3
104	Senior loan	2/20/2019		50.6		39.0		38.6		L + 3.50%		L + 3.91%	3/9/2024	Calgary - CAN	Office	$107 / sqft		52%	3
105	Senior loan	11/30/2018		40.0		37.1		36.9		L + 2.95%		L + 3.38%	12/1/2023	Las Vegas	Multi	$77,266 / unit		70%	3
106	Senior loan	10/31/2018		59.3		35.1		34.8		L + 5.00%		L + 5.97%	11/9/2023	New York	Condo	$295 / sqft		64%	3
107	Senior loan	10/31/2018		63.3		35.1		34.7		L + 5.00%		L + 5.63%	11/9/2023	New York	Multi	$182,239 / unit		57%	3
108	Senior loan	8/14/2019		31.0		31.0		30.9		L + 4.00%		L + 4.44%	8/14/2020	Orangeburg	Other	$150 / sqft		36%	3
109	Senior loan	6/26/2019		30.0		30.0		29.9		L + 3.25%		L + 3.65%	10/1/2020	Lake Charles	Multi	$111,940 / unit		73%	3
110	Senior loan	5/31/2019		29.3		29.3		29.3		L + 3.75%		L + 3.75%	3/1/2021	Denver	Multi	$195,333 / unit		59%	2
111	Senior loan	1/30/2018		28.0		28.0		27.9		L + 2.90%		L + 3.26%	2/9/2023	Houston	Multi	$135,266 / unit		66%	2
112	Senior loan	8/30/2018		28.7		27.4		27.3		L + 3.00%		L + 3.42%	9/1/2022	Boise	Multi	$107,708 / unit		73%	3
113	Senior loan	12/15/2017		22.5		22.5		22.5		L + 3.25%		L + 4.31%	12/9/2020	Diversified - US	Hotel	$340,809 / key		50%	2
114	Senior loan	6/4/2015		20.9		20.9		20.9		4.89%(7)		5.23%(7)	12/23/2021	Montreal - CAN	Office	$57 / sqft		45%	2
115	Senior loan	4/26/2019		20.0		20.0		19.9		L + 2.93%		L + 3.38%	5/1/2024	Nashville	Multi	$198,020 / unit		73%	3
116	Senior loan	12/21/2018		22.9		20.0		19.9		L + 3.25%		L + 3.48%	1/1/2024	Daytona Beach	Multi	$74,627 / unit		77%	3
117	Senior loan	6/15/2018		22.0		19.6		19.7		L + 3.35%		L + 3.43%	7/1/2022	Phoenix	Multi	$68,613 / unit		78%	3
118	Senior loan	3/9/2018		17.8		17.0		17.0		L + 3.75%		L + 3.77%	4/1/2023	Los Angeles	Multi	$131,095 / unit		75%	2
119	Senior loan	6/4/2015		16.2		16.2		16.4		5.15%		5.27%	9/4/2020	Diversified - CAN	Self-Storage	$3,538 / unit		61%	1
120	Senior loan	9/1/2016		14.9		14.9		15.0		L + 4.20%		L + 4.39%	9/1/2022	Atlanta	Multi	$128,191 / unit		72%	1

continued…

58

	Loan Type(1)	Origination Date(2)	Total Loan(3)(4)		Principal Balance(4)		Net Book Value		Cash Coupon(5)		All-in Yield(5)		Maximum Maturity(6)	Location	Property Type	Loan Per SQFT / Unit / Key	LTV(2)		Risk Rating
121	Senior loan	6/21/2019		14.8		14.5		14.4		L + 3.30%		L + 3.41%	7/1/2022	Portland	Multi	$130,180 / unit		66%	3
122	Senior loan	10/20/2017		17.2		14.0		13.9		L + 4.25%		L + 4.35%	11/1/2021	Houston	Multi	$110,714 / unit		56%	3
123	Senior loan	4/30/2019		15.5		13.6		13.5		L + 3.00%		L + 3.32%	5/1/2024	Houston	Multi	$43,990 / unit		78%	3
124	Senior loan	2/28/2019		15.3		12.8		12.7		L + 3.00%		L + 3.33%	3/1/2024	San Antonio	Multi	$55,818 / unit		75%	3
125	Senior loan	6/29/2018		11.6		11.6		11.6		L + 2.95%		L + 3.32%	7/1/2020	Washington DC	Multi	$61,053 / unit		60%	2
126	Senior loan	5/30/2018		10.1		10.1		10.1		L + 3.90%		L + 3.97%	6/1/2021	Phoenix	Multi	$112,222 / unit		74%	3
127	Senior loan	10/31/2018		10.0		10.0		10.0		L + 3.35%		L + 3.58%	11/1/2020	Boise	Multi	$156,250 / unit		74%	2
128	Senior loan	8/14/2019		1,283.9		—		—		L + 2.50%		L + 2.81%	4/14/2020	Dublin	Office	$443 / sqft		70%	3
			$	20,608.0		$15,382.9	$	14,755.1		L + 3.34%		L + 3.68%	3.6 yrs					64%	2.7

(1)	Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans.
(2)	Date loan was originated or acquired by us, and the LTV as of such date. Dates are not updated for subsequent loan modifications or upsizes.
(3)	Total loan amount reflects outstanding principal balance as well as any related unfunded loan commitment.
(4)	In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. As of September 30, 2019, three loans in our portfolio have been financed with an aggregate $533.4 million of non-consolidated senior interest, which are included in the table above. Portfolio excludes our $95.0 million subordinate risk retention interest in the $993.5 million 2018 Single Asset Securitization. Refer to Notes 4 and 16 to our consolidated financial statements for details of the 2018 Single Asset Securitization.
(5)	The weighted-average cash coupon and all-in yield are expressed in terms excluding the relevant floating rate benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, BBSY, and CDOR, as of September 30, 2019. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. As of September 30, 2019, our floating rate loans were indexed to various benchmark rates, with 79% of floating rate loans by loan exposure indexed to USD LIBOR. In addition, $3.5 billion of our loans earned interest based on floors that are above the applicable index as of September 30, 2019.
(6)	Maximum maturity assumes all extension options are exercised, however our loans may be repaid prior to such date.
(7)	Loan consists of one or more floating and fixed rate tranches. Coupon and all-in yield assume applicable floating benchmark rates for weighted-average calculation.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

Loan Portfolio Net Interest Income

Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates will decrease net income. As of September 30, 2019, 97% of our loans by total loan exposure earned a floating rate of interest and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on certain of our floating rate loans. As of September 30, 2019, the remaining 3% of our loans by total loan exposure earned a fixed rate of interest, but are financed with liabilities that pay interest at floating rates, which resulted in a negative correlation to rising interest rates to the extent of our financing. In certain instances where we have financed fixed rate assets with floating rate liabilities, we have purchased interest rate swaps or caps to limit our exposure to increases in interest rates on such liabilities.

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The following table projects the impact on our interest income and expense, net of incentive fees, for the twelve-month period following September 30, 2019, assuming an immediate increase or decrease of both 25 and 50 basis points in the applicable interest rate benchmark by currency ($ in thousands):

	Assets (Liabilities)   Sensitive to Changes in   Interest Rates(1)(2)				Interest Rate Sensitivity as of September 30, 2019
					Increase in Rates						Decrease in Rates
Currency						25 Basis       Points			50 Basis       Points			25 Basis       Points			50 Basis       Points
USD	$	11,787,601		Income	$	20,804		$	43,495		$	(18,956	)	$	(36,871	)
		(8,591,874	)	Expense		(16,597	)		(33,425	)		16,598			33,197
	$	3,195,727		Net interest	$	4,207		$	10,070		$	(2,358	)	$	(3,674	)
GBP	$	1,274,418		Income	$	1,978		$	4,526		$	(1,859	)	$	(3,544	)
		(760,898	)	Expense		(1,522	)		(3,044	)		1,522			3,044
	$	513,520		Net interest	$	456		$	1,482		$	(337	)	$	(500	)
EUR	$	1,380,154		Income	$	—		$	592		$	—		$	—
		(1,050,267	)	Expense		—			(438	)		—			—
	$	329,887		Net interest	$	—		$	154		$	—		$	—
AUD	$	338,975		Income	$	217		$	772		$	—		$	—
		(248,586	)	Expense		(497	)		(994	)		497			994
	$	90,389		Net interest	$	(280	)	$	(222	)	$	497		$	994
CAD(3)	$	112,247		Income	$	166		$	390		$	(147	)	$	(293	)
		(105,044	)	Expense		(210	)		(420	)		210			420
	$	7,203		Net interest	$	(44	)	$	(30	)	$	63		$	127
				Total net interest	$	4,339		$	11,454		$	(2,135	)	$	(3,053	)

(1)	Our floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. Increases (decreases) in interest income and expense are presented net of incentive fees. Refer to Note 12 to our consolidated financial statements for additional details of our incentive fee calculation. In addition, $3.5 billion of our loans earned interest based on floors that are above the applicable index as of September 30, 2019.
(2)	Includes amounts outstanding under secured debt agreements, non-consolidated senior interests, securitized debt obligations, and secured term loans.
(3)	Liabilities balance includes two interest rate swaps totaling C$17.3 million ($13.1 million as of September 30, 2019) that are used to hedge a portion of our fixed rate debt.

Loan Portfolio Value

As of September 30, 2019, 3% of our loans by total loan exposure earned a fixed rate of interest and as such, the values of such loans are sensitive to changes in interest rates. We generally hold all of our loans to maturity and so do not expect to realize gains or losses on our fixed rate loan portfolio as a result of movements in market interest rates.

Risk of Non-Performance

In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates, there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the additional debt service payments due from our borrowers may strain the operating cash flows of the collateral real estate assets and, potentially, contribute to non-performance or, in severe cases, default. This risk is partially mitigated by various facts we consider during our underwriting process, which in certain cases include a requirement for our borrower to purchase an interest rate cap contract.

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Credit Risks

Our loans and investments are also subject to credit risk. The performance and value of our loans and investments depend upon the sponsors’ ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay interest and principal due to us. To monitor this risk, our Manager’s asset management team reviews our investment portfolios and in certain instances is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary.

In addition, we are exposed to the risks generally associated with the commercial real estate market, including variances in occupancy rates, capitalization rates, absorption rates, and other macroeconomic factors beyond our control. We seek to manage these risks through our underwriting and asset management processes.

Capital Market Risks

We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of our class A common stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and our related ability to finance our business through borrowings under credit facilities or other debt instruments. As a REIT, we are required to distribute a significant portion of our taxable income annually, which constrains our ability to accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business. We seek to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing, and terms of capital we raise.

Counterparty Risk

The nature of our business requires us to hold our cash and cash equivalents and obtain financing from various financial institutions. This exposes us to the risk that these financial institutions may not fulfill their obligations to us under these various contractual arrangements. We mitigate this exposure by depositing our cash and cash equivalents and entering into financing agreements with high credit-quality institutions.

The nature of our loans and investments also exposes us to the risk that our counterparties do not make required interest and principal payments on scheduled due dates. We seek to manage this risk through a comprehensive credit analysis prior to making an investment and active monitoring of the asset portfolios that serve as our collateral.

Currency Risk

Our loans and investments that are denominated in a foreign currency are also subject to risks related to fluctuations in currency rates. We mitigate this exposure by matching the currency of our foreign currency assets to the currency of the borrowings that finance those assets. As a result, we substantially reduce our exposure to changes in portfolio value related to changes in foreign currency rates. In certain circumstances, we may also enter into foreign currency derivative contracts to further mitigate this exposure.

The following table outlines our assets and liabilities that are denominated in a foreign currency (£/€/A$/C$ in thousands):

	September 30, 2019
Foreign currency assets(1)	£	1,410,625		€	1,273,973		A$	505,721		C$	201,112
Foreign currency liabilities(1)		(924,427	)		(960,470	)		(370,247	)		(156,698	)
Foreign currency contracts - notional		(389,200	)		(231,000	)		(129,500	)		(39,100	)
Net exposure to exchange rate fluctuations	£	96,998		€	82,503		A$	5,974		C$	5,314
____________

(1)   Balances include non-consolidated senior interests of £302.0 million.

We estimate that a 10% appreciation of the United States dollar relative to the British Pound Sterling and the Euro would result in a decline in our net assets in U.S. dollar terms of $59.7 million and $34.2 million, respectively, as of September 30, 2019. Substantially all of our net asset exposure to the Canadian and Australian dollar has been hedged with foreign currency forward contracts.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

An evaluation of the effectiveness of the design and operation of our “disclosure controls and procedures” (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this quarterly report on Form 10-Q was made under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Controls over Financial Reporting

There have been no changes in our “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the period covered by this quarterly report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2019, we were not involved in any material legal proceedings.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors previously disclosed under Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS

10.1	Amendment No. 4 to Master Repurchase Agreement, dated as of September 23, 2019, by and between Parlex 7 Finco, LLC and Metropolitan Life Insurance Company
10.2	Second Amendment, dated as of July 16, 2019, to Fourth Amended and Restated Master Repurchase Agreement by and among Parlex 2 Finance, LLC, Parlex 2A Finco, LLC, Parlex 2 UK Finco, LLC, Parlex 2 Eur Finco, LLC, Parlex 2 AU Finco, LLC, Parlex 2 CAD Finco, LLC and Citibank, N.A.
31.1	Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 +	Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2 +	Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

+ This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

65 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BLACKSTONE MORTGAGE TRUST, INC.
October 23, 2019	/s/ Stephen D. Plavin
Date	Stephen D. Plavin
	Chief Executive Officer
	(Principal Executive Officer)
October 23, 2019	/s/ Anthony F. Marone, Jr.
Date	Anthony F. Marone, Jr.
	Chief Financial Officer
	(Principal Financial Officer and
	Principal Accounting Officer)

66

EX-10.1

Exhibit 10.1

EXECUTION VERSION

AMENDMENT NUMBER FOUR

to the

Master Repurchase Agreement

dated as of June 27, 2014

by and between

PARLEX 7 FINCO, LLC,

and

METROPOLITAN LIFE INSURANCE COMPANY

This AMENDMENT NUMBER FOUR to the Master Repurchase Agreement (this “Amendment”) is made as of this 23rd day of September, 2019, by and between PARLEX 7 FINCO, LLC (“Seller”) and METROPOLITAN LIFE INSURANCE COMPANY (“Buyer”), to that certain Master Repurchase Agreement, dated as of June 27, 2014, by and between Seller and Buyer, as amended by that certain Amendment Number One, dated as of February 24, 2015, by and between Seller and Buyer, by that certain Amendment Number Two, dated as of April 22, 2016, by and between Seller and Buyer and by that certain Amendment Number Three, dated as of April 21, 2017, by and between Seller and Buyer (as may be further amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”).

WHEREAS, Seller and Buyer have agreed to amend the Repurchase Agreement as more particularly set forth herein.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1. Amendment. The Repurchase Agreement is hereby amended as follows:

1.1. The definition of “Facility Amount” in Section 2 of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

“‘Facility Amount’ shall mean (i) prior to the Initial Facility Termination Date, $750,000,000 and (ii) at all times after Seller exercises its first Facility Extension Option in accordance with Section 3(e) of this Agreement, the aggregate Maximum Purchase Price for all Purchased Assets as of the Initial Facility Termination Date, (a) as increased by the aggregate Buyer Future Funding Advance Amount with respect to all Purchased Assets as of the Initial Facility Termination Date and (b) as reduced by the Maximum Purchase Price and any related Buyer Future Funding Advance Amount for each Purchased Asset that is repaid in full or repurchased by Seller on any Repurchase Date after the Initial Facility Termination Date.”

1.2. The definition of “Initial Facility Termination Date” in Section 2 of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

“‘Initial Facility Termination Date’ shall mean September 23, 2020.”

1.3. The definition of “Maximum Purchase Price” in Section 2 of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

“Maximum Purchase Price” shall mean, with respect to any Purchased Asset as of any date of determination, the difference between (x) the product of the Maximum Purchase Price Percentage for such Purchased Asset multiplied by the Market Value of such Purchased Asset as of such date of determination minus (y) the amount of all Aggregate Purchase Price Adjustment Amounts actually applied to reduce the Purchase Price of such Purchased Asset pursuant to Section 3(x) as of such date of determination.”

1.4. The definition of “Purchase Price” in Section 2 of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

“‘Purchase Price’ shall mean with respect to any Purchased Asset, the price at which such Purchased Asset is transferred by Seller to Buyer on the applicable Purchase Date in an amount equal to the Maximum Purchase Price (subject to Section 3(v)), as adjusted after the Purchase Date as set forth below and not to exceed the Maximum Purchase Price. The Purchase Price as of the Purchase Date for any Purchased Asset shall be an amount equal to the product obtained by multiplying (i) the Market Value of such Purchased Asset as of the Purchase Date by (ii) the Purchase Price Percentage for such Purchased Asset as set forth on the related Confirmation. The Purchase Price of any Purchased Asset shall thereafter be (a) decreased by (i) the amount of any Income applied pursuant to Section 5 hereof to reduce such Purchase Price and (ii) any other amounts paid to Buyer by or on behalf of Seller to reduce such Purchase Price solely in accordance with Section 3(s), Section 3(w), Section 3(x) and Section 4 of this Agreement, and (b) increased by the amount of additional Purchase Price advanced in accordance with Section 3(v), each Margin Availability Advance and Future Funding Advance.”

1.5. The definition of “Repurchase Date” in Section 2 of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

“Repurchase Date” shall mean, with respect to each Purchased Asset, the earliest to occur of (i) [reserved], (ii) the Facility Termination Date (including any Early Facility Termination Date), (iii) the date on which Seller is to repurchase such Purchased Asset as specified in the related Confirmation, (iv) the maturity date of such Purchased Asset (subject to extension, if applicable, in accordance with the related Purchased Asset Documents in effect as of the Purchase Date or as subsequently modified with Buyer’s consent), (v) three (3) Business Days following the end of the related cure period, if applicable, upon Buyer’s demand for repurchase pursuant to Section 3(d)(iii) of this Agreement (vi) three (3) Business Days following an Early Repurchase Date or an Accelerated Repurchase Date and (vii) the date Seller repurchases a Purchased Asset pursuant to Section 14(a)(xiv)(C), Section 14(a)(xvi) or Section 12(u) of this Agreement.”

1.6. Section 2 of the Repurchase Agreement is hereby amended to delete the definition of “Transaction Extension Conditions” and add the following definitions in their proper alphabetical sequence:

“Aggregate Purchase Price Adjustment Amount” shall mean, as of any date, an amount equal to the sum of all Purchase Price Adjustment Amounts for all Purchased Assets being repurchased on such date.”

“Minimum Purchased Amount” shall mean, as of any date of determination, an amount equal to the product obtained by multiplying (x) sixty-five percent (65%) and (y) the amount equal to the aggregate Maximum Purchase Price for all Purchased Assets as of such date.”

“Purchase Price Adjustment Amount” shall mean, with respect to any Purchased Asset being repurchased on an applicable Repurchase Date, an amount equal to the product of (x) the Maximum Purchase Price for such Purchased Asset as of such Repurchase Date and (y) ten percent (10%).”

1.7. Clause (K) of the definition of “Transaction Conditions Precedent” set forth in Section 3(b) of the Repurchase Agreement shall be amended and restated in its entirety as follows:

“(K) Buyer shall have (1) determined, in its sole and absolute discretion, that the assets proposed to be sold to Buyer by Seller in such Transaction are Eligible Assets, (2) obtained satisfactory results of a full underwriting review of such Eligible Asset and the related Mortgaged Property (or Mortgaged Properties) performed by Buyer and any third party reviewers on behalf of Buyer, (3) obtained satisfactory results of a review of a background check of each underlying Mortgagor, guarantor, sponsor, participant or obligor relating to a Purchased Asset, (4) obtained internal credit approval for the inclusion of such Eligible Asset as a Purchased Asset in a Transaction and (5) determined, in its sole and absolute discretion, that the Maximum Purchase Price Loan to Value (as determined by Buyer in its sole and absolute discretion) for all of the Purchased Assets together with each asset proposed to be sold to Buyer by Seller, on an aggregate basis, is less than or equal to 60%.”

1.8. Section 3(d)(iv) of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

“[Reserved].”

1.9. Section 3(s) of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

“(s) On any Business Day prior to the Repurchase Date for a Purchased Asset, Seller shall have the right, from time to time, to transfer cash to Buyer for the purpose of reducing the outstanding Purchase Price of one or more Purchased Assets without terminating the applicable Transaction; provided, that (i) Seller

provides Buyer with one (1) Business Days prior notice with respect to any reduction in outstanding Purchase Price occurring on any date that is not a Remittance Date, (ii) Seller may not exercise the right granted to it pursuant to this Section 3(s) more than three (3) times in any calendar month, (iii) the Buyer has first determined that the aggregate outstanding Purchase Price for all Purchased Assets (after giving pro forma effect to the requested reductions) would be equal to or greater than the Minimum Purchased Amount, (iv) all amounts received by the Buyer pursuant to this Section 3(s) shall be applied to reduce the Purchase Price of the applicable Purchased Assets pursuant to the written instructions of the Seller (but subject to the Concentration Limit); provided that following the occurrence and during the continuance of an Event of Default such allocation shall be at the sole discretion of the Buyer and (v) Buyer and Seller shall modify the existing Confirmations for the applicable Transactions to set forth the new Purchase Price Percentage and outstanding Purchase Price for the applicable Purchased Assets that have been reduced pursuant to the immediately preceding clause (iv).”

1.10. Section 3(t) of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

“If at any time prior to the Repurchase Date for the applicable Purchased Asset there exists Margin Availability with respect to such Purchased Asset, Seller may, on any Business Day, submit to Buyer a written request that Buyer transfer cash to Seller so as to increase the outstanding Purchase Price for such Purchased Asset in the amount (not to exceed the Margin Availability) requested by Seller (a “Margin Availability Advance”) which Margin Availability Advance shall increase the outstanding Purchase Price for such Purchased Asset. Subject to Section 3(v), the Margin Availability Advance shall be funded by Buyer on the date requested by Seller which requested funding date shall be (i) prior to the Repurchase Date and (ii) no earlier than one (1) Business Day following the date of Seller’s delivery of a request for a Margin Availability Advance (provided that Seller will endeavor to, but will be under no obligation to, request a funding date that is at least two Business Days following the date of Seller’s delivery of a request for a Margin Availability Advance) if such written request is delivered by 11:00 a.m. New York City time on any Business Day. It shall be a condition to Buyer’s obligation to make any Margin Availability Advance that (i) as of the funding of such Margin Availability Advance, no Margin Deficit, monetary Default or material nonmonetary Default or Event of Default is continuing or would result from the funding of such Margin Availability Advance, and (ii) the funding of the Margin Availability Advance would not cause the aggregate outstanding Purchase Price for all Purchased Assets to exceed the Facility Amount. In connection with any funding of a Margin Availability Advance pursuant to this Section 3(t), Buyer and Seller shall modify the existing Confirmation for the applicable Transaction to set forth the new Purchase Price Percentage and outstanding Purchase Price for such Purchased Asset.”

1.11. Section 3 of the Repurchase Agreement is hereby amended to add the following Section 3(w) in its proper numerical and alphabetical sequence:

“(w) If, on any date, (1) there is only one Purchased Asset that is subject to the Agreement and (2) such Purchased Asset has a Maximum Purchase Price Loan to Value as of such date of greater than 60% (a “High LTV”), then Buyer may in its sole and absolute discretion by written notice to Seller (a “High LTV Notice”) require Seller to transfer to Buyer either (at Seller’s election) cash or additional collateral acceptable to Buyer in its sole and absolute discretion (including without limitation, Eligible Assets pursuant to the terms of this Agreement), so that following such transfer, the Maximum Purchase Price Loan to Value for such Purchased Asset equals 60% or less as of such date; provided, that for purposes of calculating Maximum Purchase Price Loan to Value pursuant to this Section 3(w), Buyer will use the most recent Appraisal for such Purchased Asset that has been delivered to Buyer by Seller as long as such Appraisal, for purposes of this Section 3(w), is acceptable to Buyer in its commercially reasonable discretion. Any additional collateral that is an Eligible Asset transferred as additional collateral shall be a Purchased Asset and shall have a Purchase Price as determined by Buyer in its sole and absolute discretion. Seller’s failure to cure any High LTV by transferring cash or other collateral to Buyer after receipt of a High LTV Notice as required by this Section 3(w) shall, notwithstanding anything to the contrary in Section 14(a), constitute an Event of Default and shall entitle Buyer to exercise its remedies under Section 14 (including, without limitation, the liquidation remedy provided for in Section 14(b)(iii)). If a High LTV Notice is given by Buyer to Seller under this Section 3(w) on any Business Day, Seller shall transfer either (at Seller’s election) cash or additional collateral as provided herein by no later than the fifth Business Day after the giving of such High LTV Notice. The failure of Buyer, on any one or more occasions, to exercise its rights under this Section 3(w) shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Buyer and Seller agree that any failure or delay by Buyer to exercise its rights under this Section 3(w) shall not limit Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller.”

1.12. Section 3 of the Repurchase Agreement is hereby amended to add the following Section 3(x) in its proper numerical and alphabetical sequence:

“(x) On each Repurchase Date (other than a Repurchase Date referred to in clause (ii) of the definition thereof) occurring after the second (2^nd) anniversary of the Initial Termination Date, the Seller shall pay to Buyer (in addition to all other amounts required to be paid by Seller to Buyer on such Repurchase Date pursuant to the terms of this Agreement), the Aggregate Purchase Price Adjustment Amount. The Aggregate Purchase Price Adjustment Amount shall be applied by Buyer (as determined by Buyer in its commercially reasonable discretion) to reduce the Purchase Price for the remaining Purchased Assets. On the applicable Repurchase Date, Buyer and Seller shall modify the existing Confirmation for each remaining Purchased Asset to set forth the new Purchase Price Percentage and outstanding Purchase Price for each remaining Purchased Asset resulting from the application of the Aggregate Purchase Price Adjustment Amount to such remaining Purchased Assets. Seller’s failure to make such payment on the applicable Repurchase Date

as required by this Section 3(x) shall constitute an Event of Default following expiration of any applicable cure period set forth in Section 14(a)(i) and shall entitle Buyer to exercise its remedies under Section 14 (including, without limitation, the liquidation remedy provided for in Section 14(b)(iii)).”

1.13. Section 12(s) of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

“(s) Seller shall pay to Buyer all fees and other amounts as and when due as set forth in this Agreement, the Fee Letter and the other Transaction Documents, including, without limitation, (i) each Commitment Fee; (ii) the Extension Fee, which shall be due and payable by Seller on each date the Seller extends the Facility Termination Date pursuant to Seller’s exercise of Facility Extension Options in accordance with Section 3(e) of this Agreement; and (iii) the Funding Fee, which shall be due and payable by Seller on the related Purchase Date for a Purchased Asset.”

SECTION 2. Reinstatement of Extension Option. Notwithstanding anything to the contrary, any Facility Extension Option exercised or deemed exercised prior to the date hereof, including, without limitation, any exercise or deemed exercise of a Facility Extension Option as of April 22, 2019, is hereby reinstated such that Seller shall have Facility Extension Options for up to five (5) successive one (1) year periods commencing on the Initial Facility Termination Date (as such term is amended and restated by this Amendment). Without limitation to the foregoing, Buyer and Seller hereby expressly acknowledge and agree that, for purposes of clause (ii) of the definition of Facility Amount in the Repurchase Agreement, Seller shall not be deemed to have exercised its first Facility Extension Option as of the date hereof.

SECTION 3. Conditions Precedent. This Amendment shall not be effective until (a) Buyer shall have received from Seller the payment of the Commitment Fee, in the amount of $426,140.54 due on the date hereof in connection with the increase of the Facility Amount pursuant to this Amendment; (b) the Buyer shall have received opinions in form and substance satisfactory to the Buyer concerning, among other things, the enforceability of the amended Guaranty, Fee Letter and Repurchase Agreement as well as a bring down of the Safe Harbor opinion from Ropes & Gray LLP; (c) Buyer shall have received a fully executed amendment to each of the Guaranty and Fee Letter, in each case, in form and substance satisfactory to the Buyer; (d) Buyer shall have received confirmation from the Custodian acknowledging receipt of an updated authorized signatory list and (e) Buyer shall have received updated lien, bankruptcy and litigation searches in respect of the Seller, Pledgor and Guarantor in form and substance satisfactory to the Buyer.

SECTION 4. Fees and Expenses. Seller agrees to pay to Buyer all fees and out of pocket expenses incurred by Buyer in connection with this Amendment, including all reasonable fees and out of pocket costs and expenses of legal counsel to Buyer incurred in connection with this Amendment, in accordance with Section 30(d) of the Repurchase Agreement.

SECTION 5. Confirmations. Buyer and Seller shall cooperate in good faith to modify within thirty (30) days of the date hereof the existing Confirmations for the Transactions in effect as of the date hereof to give effect to the revised definition of “Repurchase Date” in Section 1.5 of this Amendment.

SECTION 6. Defined Terms. Any terms capitalized but not otherwise defined herein shall have the respective meanings set forth in the Repurchase Agreement.

SECTION 7. Guarantor Ratification. Blackstone Mortgage Trust, Inc., a Maryland corporation (the “Guarantor”) hereby ratifies and confirms that the Guaranty, dated as of June 27, 2014, made by Guarantor in favor of Buyer, as amended by that certain Amendment Number One to the Guaranty dated as of the date hereof, continues in full force and effect and unmodified and shall not be released, diminished, impaired, reduced or adversely affected by this Amendment or otherwise, and Guarantor hereby consents, acknowledges and agrees to this Amendment and waives any common law, equitable or statutory rights that it might otherwise have as a result of or in connection with this Amendment.

SECTION 8. Limited Effect. Except as amended hereby, the Repurchase Agreement shall continue in full force and effect in accordance with its terms. Reference to this Amendment need not be made in the Repurchase Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to, the Repurchase Agreement, any reference in any of such items to the Repurchase Agreement being sufficient to refer to the Repurchase Agreement as amended hereby.

SECTION 9. Representations and Warranties. Seller hereby represents and warrants to Buyer that it is in compliance with all the terms and provisions set forth in the Repurchase Agreement on its part to be observed or performed, and that no Default or Event of Default has occurred or is continuing, and hereby confirms and reaffirms the representations and warranties contained in Section 10 of the Repurchase Agreement. Seller hereby represents and warrants that this Amendment has been duly and validly executed and delivered by it, and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms.

SECTION 10. Governing Law. This Amendment and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of the State of New York.

SECTION 11. Headings. The section headings used in this Amendment are for convenience of reference only and shall not affect the interpretation or construction of this Amendment.

SECTION 12. Counterparts. For the purpose of facilitating the execution of this Amendment, and for other purposes, this Amendment may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and arc binding on all parties. The original documents shall be promptly delivered, if requested.

[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

IN WITNESS WHEREOF, Seller and Buyer have caused their names to be duly signed to this Amendment by their respective officers thereunto duly authorized, all as of the date hereof.

SELLER:
PARLEX 7 FINCO, LLC
By:	/s/ Douglas N. Armer
	Name:	Douglas N. Armer
	Title:	Executive Vice President, Capital
		Markets, and Treasurer
BUYER:
METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation
	By:	MetLife Investment Management, LLC, a Delaware limited liability company, its investment manager and Authorized Signatory

By:	/s/ Jiawei Ding
	Name: Jiawei Ding Title:   Director

Agreed to, accepted and ratified by:
BLACKSTONE MORTGAGE TRUST, INC.,
a Maryland corporation, as Guarantor
By:	/s/ Douglas N. Armer
	Name:	Douglas N. Armer
	Title:	Executive Vice President, Capital Markets, and Treasurer

[Signature page to Amendment Number Four (BXMT/MetLife MRA)]

EX-10.2

Exhibit 10.2

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

THIS SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT (this “Amendment”), dated as of July 16, 2019 (the “Effective Date”), is made by and among PARLEX 2 FINANCE, LLC, a Delaware limited liability company (“Parlex 2”), PARLEX 2A FINCO, LLC, a Delaware limited liability company (“Parlex 2A”), PARLEX 2 UK FINCO, LLC, a Delaware limited liability company (“Parlex 2 UK”), PARLEX 2 EUR FINCO, LLC, a Delaware limited liability company (“Parlex 2 EUR”), PARLEX 2 AU FINCO, LLC, a Delaware limited liability company (“Parlex 2 AU”), PARLEX 2 CAD FINCO, LLC, a Delaware limited liability company (“Parlex 2 CAD”, and together with Parlex 2, Parlex 2A, Parlex 2 UK, Parlex 2 EUR, Parlex 2 AU and any other Person when such Person joins as a Seller hereunder from time to time, individually and/or collectively as the context may require, “Seller”), BLACKSTONE MORTGAGE TRUST, INC., a Maryland corporation (“Guarantor”) (for the purpose of acknowledging and agreeing to the provision set forth in Section 3 hereof), and CITIBANK, N.A., a national banking association (“Buyer”).

W I T N E S S E T H:

WHEREAS, Seller and Buyer have entered into that certain Fourth Amended and Restated Master Repurchase Agreement, dated as of February 15, 2019 (as the same may be further amended, supplemented, extended, restated, replaced or otherwise modified from time to time, the “Original Agreement”);

WHEREAS, Seller and Buyer have entered into that certain First Amendment to Fourth Amended and Restated Master Repurchase Agreement, dated as of June 7, 2019 (the “First Amendment”; together with the Original Agreement, as the same may be further amended, supplemented, extended, restated, replaced or otherwise modified from time to time, the “Repurchase Agreement”);

WHEREAS, all capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Repurchase Agreement;

WHEREAS, Seller and Buyer desire to modify certain terms and provisions of the Repurchase Agreement as set forth herein.

NOW, THEREFORE, in consideration of ten dollars ($10) and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Seller and Buyer covenant and agree as follows as of the Effective Date and Guarantor acknowledges and agrees as to the provision set forth in Section 3 as of the Effective Date:

1. Modification of Repurchase Agreement. The following definition in Section 2 of the Repurchase Agreement is hereby deleted in its entirety and the following definition is substituted therefor:

“Facility Amount” shall mean, subject to Section 30(j) of this Agreement, One Billion Five Hundred Million Dollars ($1,500,000,000); provided that whenever under this Agreement Seller and Buyer are required or otherwise need to calculate whether the Facility Amount has been or would be exceeded, then all applicable amounts for Foreign Purchased Loans necessary for such calculation shall be converted to U.S. Dollars based on the Purchase Date Spot Rate (U.S. Dollars) for such Foreign Purchased Loan for all purposes of such calculation.

2. Seller’s Representations. Seller has taken all necessary action to authorize the execution, delivery and performance of this Amendment. This Amendment has been duly executed and delivered by or on behalf of Seller and constitutes the legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles. No Event of Default has occurred and is continuing, and no Event of Default will occur as a result of the execution, delivery and performance by Seller of this Amendment. Any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Seller of this Amendment has been obtained and is in full force and effect (other than consents, approvals, authorizations, orders, registrations or qualifications that if not obtained, are not reasonably likely to have a Material Adverse Effect).

3. Reaffirmation of Guaranty. Guarantor has executed this Amendment for the purpose of acknowledging and agreeing that, notwithstanding the execution and delivery of this Amendment and the amendment of the Repurchase Agreement hereunder, all of Guarantor’s obligations under the Guaranty remain in full force and effect and the same are hereby irrevocably and unconditionally ratified and confirmed by Guarantor in all respects.

4. Full Force and Effect. Except as expressly modified hereby, all of the terms, covenants and conditions of the Repurchase Agreement and the other Transaction Documents remain unmodified and in full force and effect and are hereby ratified and confirmed by Seller. Any inconsistency between this Amendment and the Repurchase Agreement (as it existed before this Amendment) shall be resolved in favor of this Amendment, whether or not this Amendment specifically modifies the particular provision(s) in the Repurchase Agreement inconsistent with this Amendment. All references to the “Agreement” in the Repurchase Agreement or to the “Repurchase Agreement” in any of the other Transaction Documents shall mean and refer to the Repurchase Agreement as modified and amended hereby.

5. No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Buyer under the Repurchase Agreement, any of the other Transaction Documents or any other document, instrument or agreement executed and/or delivered in connection therewith.

6. Headings. Each of the captions contained in this Amendment are for the convenience of reference only and shall not define or limit the provisions hereof.

2

7. Counterparts. This Amendment may be executed in any number of counterparts, and all such counterparts shall together constitute the same agreement. Signatures delivered by email (in PDF format) shall be considered binding with the same force and effect as original signatures.

8. Governing Law. This Amendment shall be governed in accordance with the terms and provisions of Section 20 of the Repurchase Agreement.

[No Further Text on this Page; Signature Pages Follow]

3

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized representatives as of the day and year first above written and effective as of the Effective Date.

BUYER:
CITIBANK, N.A.
By:	/s/ Richard B. Schlenger
Name:	Richard B. Schlenger
Title:	Authorized Signatory

[SIGNATURES CONTINUE ON NEXT PAGE]

[Signature Page to Second Amendment to Fourth Amended and Restated Master Repurchase Agreement]

SELLER:

PARLEX 2 FINANCE, LLC,

a Delaware limited liability company

By: /s/ Douglas N. Armer

Name: Douglas N. Armer

Title: Executive Vice President, Capital Markets, and Treasurer

PARLEX 2A FINCO, LLC,

a Delaware limited liability company

By: /s/ Douglas N. Armer

Name: Douglas N. Armer

Title: Executive Vice President, Capital

Markets, and Treasurer

PARLEX 2 UK FINCO, LLC,

a Delaware limited liability company

By: /s/ Douglas N. Armer

Name: Douglas N. Armer

Title: Executive Vice President, Capital Markets, and Treasurer

PARLEX 2 EUR FINCO, LLC,

a Delaware limited liability company

By: /s/ Douglas N. Armer

Name: Douglas N. Armer

Title: Executive Vice President, Capital Markets, and Treasurer

[SIGNATURES CONTINUE ON NEXT PAGE]

[Signature Page to Second Amendment to Fourth Amended and Restated Master Repurchase Agreement]

PARLEX 2 AU FINCO, LLC,

a Delaware limited liability company

By: /s/ Douglas N. Armer

Name: Douglas N. Armer

Title: Executive Vice President, Capital Markets, and Treasurer

PARLEX 2 CAD FINCO, LLC,

a Delaware limited liability company

By: /s/ Douglas N. Armer

Name: Douglas N. Armer

Title: Executive Vice President, Capital Markets, and Treasurer

GUARANTOR:
BLACKSTONE MORTGAGE TRUST, INC.,
By:	/s/ Douglas N. Armer
Name: Douglas N. Armer
Title: Executive Vice President, Capital Markets, and Treasurer

[Signature Page to Second Amendment to Fourth Amended and Restated Master Repurchase Agreement]

EX-31.1

Exhibit 31.1

CERTIFICATION

PURSUANT TO 17 CFR 240.13a-14

PROMULGATED UNDER

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephen D. Plavin, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Blackstone Mortgage Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 23, 2019
	/s/ Stephen D. Plavin
	Stephen D. Plavin
	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

PURSUANT TO 17 CFR 240.13a-14

PROMULGATED UNDER

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Anthony F. Marone, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Blackstone Mortgage Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 23, 2019
	/s/ Anthony F. Marone, Jr.
	Anthony F. Marone, Jr.
	Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Blackstone Mortgage Trust, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen D. Plavin, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Stephen D. Plavin

Stephen D. Plavin

Chief Executive Officer

October 23, 2019

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Blackstone Mortgage Trust, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Anthony F. Marone, Jr., Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Anthony F. Marone, Jr.

Anthony F. Marone, Jr.

Chief Financial Officer

October 23, 2019

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Loans Receivable, Net - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019 USD ($) SecurityLoan	Dec. 31, 2018 USD ($) SecurityLoan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	128	125
Net book value	$ 14,755,072	$ 14,191,200
Total Loan Exposure	$ 15,382,934	$ 14,740,844
Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	128	125
Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 14,755,072	$ 14,191,200
Risk Rating 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loan Exposure	$ 276,178	$ 182,740
Risk Rating 1 [Member] | Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	4	2
Risk Rating 1 [Member] | Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 275,921	$ 181,366
Risk Rating 2 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loan Exposure	$ 4,564,094	$ 3,950,025
Risk Rating 2 [Member] | Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	39	38
Risk Rating 2 [Member] | Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 4,536,225	$ 3,860,432
Risk Rating 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loan Exposure	$ 10,375,349	$ 10,608,079
Risk Rating 3 [Member] | Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	82	85
Risk Rating 3 [Member] | Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 9,776,127	$ 10,149,402
Risk Rating 4 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loan Exposure	$ 167,313
Risk Rating 4 [Member] | Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	3
Risk Rating 4 [Member] | Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 166,799

XML

Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Parenthetical) (Detail) - USD ($) $ in Billions	Sep. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loans subject to yield maintenance, or other prepayment restrictions	59.00%	75.00%
Percentage of loans open to repayment by borrower without penalty	41.00%	25.00%
USD LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loans receivable by type	99.00%	98.00%
Percentage of loans, fixed rate	1.00%	2.00%
Additional loan receivable of floating rate	$ 3.5	$ 1.2

XML

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Assets and Liabilities of Consolidated CLO and Single Asset Securitization VIE

	September 30, 2019		December 31, 2018
Assets:
Loans receivable, net	$	1,446,375	$	1,500,000
Other assets		58,086		5,440
Total assets	$	1,504,461	$	1,505,440
Liabilities:
Securitized debt obligations, net	$	1,288,389	$	1,285,471
Other liabilities		1,802		2,155
Total liabilities	$	1,290,191	$	1,287,626

XML

Fair Values - Schedule of Details of Book Value, Face Amount, and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Financial assets
Cash and cash equivalents	$ 84,289	$ 105,662
Loans receivable, net	14,849,556	14,293,970
Debt securities held-to-maturity	95,032	99,000
Financial liabilities
Secured debt agreements, net, face amount	8,816,566	8,996,481
Loan participations sold, net		94,418
Loan participations sold, net, face amount		123,745
Securitized debt obligations, net	1,288,389	1,285,471
Securitized debt obligations, net,face amount	1,292,120	1,292,120
Secured term loan, net	498,750
Book Value [Member]
Financial assets
Cash and cash equivalents	84,289	105,662
Loans receivable, net	14,755,072	14,191,200
Debt securities held-to-maturity	92,580	96,167
Financial liabilities
Secured debt agreements, net	8,790,604	8,974,756
Loan participations sold, net		94,418
Securitized debt obligations, net	1,288,389	1,285,471
Secured term loan, net	490,659
Convertible notes, net	612,263	609,911
Fair Value [Member]
Financial assets
Cash and cash equivalents	84,289	105,662
Loans receivable, net	14,852,871	14,294,836
Debt securities held-to-maturity	94,280	96,600
Financial liabilities
Secured debt agreements, net	8,816,566	8,996,481
Loan participations sold, net		94,528
Securitized debt obligations, net	1,292,309	1,283,086
Secured term loan, net	500,310
Convertible notes, net	653,026	605,348
Convertible Senior Note [Member]
Financial liabilities
Convertible notes, net, face amount	$ 622,500	622,500
Senior Participation [Member]
Financial liabilities
Loan participations sold, net		94,418
Loan participations sold, net, face amount		$ 94,528

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Loan Participations Sold, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Participating Mortgages [Member]
Participating Mortgage Loans [Line Items]
Interest expense	$ 0.0	$ 11.7	$ 3.2	$ 15.2

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Secured Term Loan, Net - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Secured term loan percentage of partially amortizing	1.00%
Secured Term Loan [Member]
Secured term loan percentage of partially amortizing	1.00%
Discount upon issuance of Secured term loan	$ 1.3
Secured term loan transaction expenses	$ 7.4
Secured term loan covenant description	The guarantee under our Secured Term Loan contains the financial covenant that our indebtedness shall not exceed 83.33% of our total assets.

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Commitments and Contingencies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2019 USD ($) Loans Directors	Dec. 31, 2018 USD ($)
Commitments And Contingencies [Line Items]
Number of loans receivable | Loans	96
Number of independent directors entitled to annual compensation | Directors	5
Loans Receivable [Member]
Commitments And Contingencies [Line Items]
Unfunded loan commitments	$ 4,724,809,000	$ 3,405,945,000
Five Independent Board of Directors [Member]
Commitments And Contingencies [Line Items]
Annual cash compensation	175,000
Annual cash compensation paid in the form of deferred stock units	100,000
Annual cash compensation paid in cash	75,000
Chairperson of Audit Committee [Member]
Commitments And Contingencies [Line Items]
Annual cash compensation	20,000
Audit Committee Members [Member]
Commitments And Contingencies [Line Items]
Annual cash compensation	10,000
Compensation and Corporate Governance Committees [Member]
Commitments And Contingencies [Line Items]
Annual cash compensation	$ 10,000

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Income Taxes

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

13. INCOME TAXES

We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings that we distribute. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws.

Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of September 30, 2019 and December 31, 2018, we were in compliance with all REIT requirements.

Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders, however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We currently own no UBTI producing assets and we do not intend to purchase or generate assets that produce UBTI distributions in the future.

During the three and nine months ended September 30, 2019, we recorded a current income tax benefit of $721,000 and $573,000, respectively, primarily due to an expected $747,000 tax credit refund. During the three and nine months ended September 30, 2018, we recorded a current income tax provision of $48,000 and $272,000, respectively. We did not have any deferred tax assets or liabilities as of September 30, 2019 or December 31, 2018.

Effective January 1, 2018, under legislation from the Tax Cuts and Jobs Act of 2017, the maximum U.S. federal corporate income tax rate was reduced from 35% to 21%. Accordingly, to the extent that the activities of our taxable REIT subsidiaries generate taxable income in future periods, they may be subject to lower U.S. federal income tax rates.

We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the availability of our NOLs is generally limited to $2.0 million per annum by change of control provisions promulgated by the Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of December 31, 2018, we had estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration.

As of September 30, 2019, tax years 2015 through 2018 remain subject to examination by taxing authorities.

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Transactions With Related Parties

9 Months Ended

Sep. 30, 2019

Related Party Transactions [Abstract]

Transactions With Related Parties

17. TRANSACTIONS WITH RELATED PARTIES

We are managed by our Manager pursuant to the Management Agreement, the current term of which expires on December 19, 2019, and will be automatically renewed for a one-year term upon such date and each anniversary thereafter unless earlier terminated.

As of September 30, 2019 and December 31, 2018, our consolidated balance sheets included $17.5 million and $18.6 million of accrued management and incentive fees payable to our Manager, respectively. During the three and nine months ended September 30, 2019, we paid aggregate management and incentive fees of $21.0 million and $59.4 million, respectively, to our Manager, compared to $22.4 million and $52.2 million during the same periods of 2018. In addition, during the three and nine months ended September 30, 2019, we reimbursed our Manager for expenses incurred on our behalf of $335,000 and $766,000, respectively, compared to $167,000 and $572,000 during the same periods of 2018.

As of September 30, 2019, our Manager held 606,376 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $19.2 million, and vest in installments over three years from the date of issuance. During the three and nine months ended September 30, 2019, we recorded non-cash expenses related to shares held by our Manager of $3.8 million and $11.5 million, respectively, compared to $3.2 million and $9.6 million during the same periods of 2018. Refer to Note 14 for further details on our restricted class A common stock.

An affiliate of our Manager is the special servicer of the CLO. This affiliate did not earn any special servicing fees related to the CLO during the nine months ended September 30, 2019 or 2018.

During the three and nine months ended September 30, 2019, we incurred $106,000 and $282,000, respectively, of expenses for various administrative, compliance, and capital market data services to third-party service providers that are affiliates of our Manager, compared to $90,000 and $384,000 during the same periods of 2018.

During the nine months ended September 30, 2019 and 2018, we originated two loans and three loans, respectively, whereby each respective borrower engaged an affiliate of our Manager to act as title insurance agent in connection with each transaction. We did not incur any expenses or receive any revenues as a result of these transactions.

In the third quarter of 2019, we originated $214.3 million of a total $437.4 million senior loan to an unaffiliated third-party, which was part of a total financing that included a mezzanine loan originated by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under our loan, including voting rights, so long as any Blackstone-advised investment vehicle controls the mezzanine loan. The senior loan terms, with respect to the mezzanine lender, were negotiated by a third party without our involvement and our 49% interest in the senior loan was made on such market terms.

In the third quarter of 2019, we acquired €125.0 million, and agreed to acquire an incremental €125.0 million, of a total €1.6 billion senior loan to a borrower that is partially owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The senior loan terms were negotiated by third parties without our involvement and our 16% interest in the senior loan was made on such market terms.

In the second quarter of 2019, certain Blackstone-advised investment vehicles acquired an aggregate $55.0 million participation, or 11% of the total Secured Term Loan as a part of a broad syndication lead-arranged by JP Morgan. Blackstone Advisory Partners L.P., an affiliate of our Manager, was engaged as a book-runner for the transaction and received a fee of $500,000 in such capacity. Both of these transactions were on terms equivalent to those of unaffiliated parties.

In the second quarter of 2019, we originated €191.8 million of a total €391.3 million senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The senior loan terms were negotiated by a third party without our involvement and our 49% interest in the senior loan was made on such market terms.

In the first quarter of 2019, we originated £240.1 million of a total £490.0 million senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The senior loan terms were negotiated by a third party without our involvement and our 49% interest in the senior loan was made on such market terms.    

In the third quarter of 2018, in a fully subscribed offering totaling $1.0 billion, certain Blackstone-advised investment vehicles purchased, in the aggregate, $116.1 million of securitized debt obligations issued by the 2018 Single Asset Securitization.

In the second quarter of 2018, we acquired from an unaffiliated third-party a 50% interest in a $1.0 billion senior loan to a borrower that is partially owned by a Blackstone-advised investment vehicle. In the third quarter of 2018, we contributed this loan to the 2018 Single Asset Securitization and invested in the related subordinate risk retention position. We will forgo all non-economic rights under the loan, including voting rights, so long as Blackstone-advised investment vehicles own the borrower above a certain threshold. Refer to Note 16 for further details on this transaction.

In the first quarter of 2018, we originated €1.0 billion of a total €7.3 billion senior term facility, or the Senior Term Facility, for the acquisition of a portfolio of Spanish real estate assets and a Spanish real estate management and loan servicing company by a joint venture between Banco Santander S.A. and certain Blackstone-advised investment vehicles. These investment vehicles own 51% of the joint venture, and we will forgo all non-economic rights under the Senior Term Facility, including voting rights, so long as Blackstone-advised investment vehicles control the joint venture. The Senior Term Facility was negotiated by the joint venture with third-party investment banks without our involvement, and our 14% interest in the Senior Term Facility was made on such market terms.

In the first quarter of 2018, we originated a $330.0 million senior loan, the proceeds of which were used by the borrower to repay an existing loan owned by a Blackstone-advised investment vehicle.

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Other Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Text Block [Abstract]

Summary of Components of Other Assets

The following table details the components of our other assets ($ in thousands):    

	September 30, 2019		December 31, 2018
Debt securities held-to-maturity(1)	$	92,580	$	96,167
Loan portfolio payments held by servicer(2)		60,978		6,133
Accrued interest receivable		60,907		56,679
Derivative assets		25,009		9,916
Collateral deposited under derivative agreements		2,310		—
Prepaid taxes		750		6
Prepaid expenses		43		647
Other		478		965
Total	$	243,055	$	170,513

(1)	Represents the subordinate risk retention interest in the $993.5 million and $1.0 billion 2018 Single Asset Securitization as of September 30, 2019 and December 31, 2018, respectively, with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. Refer to Note 16 for additional discussion.
(2)	Represents loan principal and interest payments held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle.

Summary of Components of Other Liabilities

The following table details the components of our other liabilities ($ in thousands):

	September 30, 2019		December 31, 2018
Accrued dividends payable	$	83,259	$	76,530
Accrued interest payable		25,522		25,588
Accrued management and incentive fees payable		17,502		18,586
Accounts payable and other liabilities		6,849		4,583
Derivative liabilities		3,992		2,925
Secured debt repayments pending servicer remittance(1)		2,760		—
Total	$	139,884	$	128,212

(1)   Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle.

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Billions	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value in dollars per share	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	134,288,584	123,435,738
Common stock, shares outstanding	134,288,584	123,435,738
Variable interest entity, consolidated, carrying amount, assets	$ 1.5	$ 1.5
Variable interest entity, consolidated, carrying amount, liabilities	$ 1.3	$ 1.3

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Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock, per share	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 1.86	$ 1.86

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Secured Debt Agreements, Net

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Secured Debt Agreements, Net

5. SECURED DEBT AGREEMENTS, NET

Our secured debt agreements include secured credit facilities, asset-specific financings, and a revolving credit agreement. The following table details our secured debt agreements ($ in thousands):     

	Secured Debt Agreements
	Borrowings Outstanding
	September 30, 2019			December 31, 2018
Secured credit facilities	$	8,567,394		$	8,870,897
Asset-specific financings		249,172			81,739
Revolving credit agreement		—			43,845
Total secured debt agreements	$	8,816,566		$	8,996,481
Deferred financing costs(1)		(25,962	)		(21,725	)
Net book value of secured debt	$	8,790,604		$	8,974,756

(1)   Costs incurred in connection with our secured debt agreements are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related agreement.

Secured Credit Facilities

During the nine months ended September 30, 2019, we added two new credit facilities, providing an aggregate additional $577.0 million of credit capacity, and increased the maximum facility size of six of our existing credit facilities, providing an aggregate additional $1.3 billion of credit capacity. The following tables detail our secured credit facilities ($ in thousands):

	September 30, 2019
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,722,050	$	1,722,050	$	—	$	2,185,465
Wells Fargo		1,661,789		1,564,215		97,574		2,135,379
JP Morgan		1,016,689		918,526		98,163		1,303,288
Citibank		1,090,739		888,053		202,686		1,386,175
Barclays		996,648		793,906		202,742		1,246,490
Bank of America		658,724		658,724		—		840,573
Morgan Stanley		490,213		434,165		56,048		658,055
MetLife		417,677		417,677		—		524,004
Société Générale		333,473		333,473		—		428,887
Goldman Sachs		313,895		268,895		45,000		426,383
Goldman Sachs - Multi. JV(3)		217,601		217,601		—		279,037
US Bank - Multi. JV(3)		184,031		183,937		94		230,039
Santander		143,852		143,852		—		179,815
Bank of America - Multi. JV(3)		22,320		22,320		—		28,642
	$	9,269,701	$	8,567,394	$	702,307	$	11,852,232

(1)	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.
(2)	Represents the principal balance of the collateral assets.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

The weighted-average outstanding balance of our secured credit facilities was $8.6 billion for the nine months ended September 30, 2019. As of September 30, 2019, we had aggregate borrowings of $8.6 billion outstanding under our secured credit facilities, with a weighted-average cash coupon of LIBOR plus 1.67% per annum, a weighted-average all-in cost of credit, including associated fees and expenses, of LIBOR plus 1.87% per annum, and a weighted-average advance rate of 79.5%. As of September 30, 2019, outstanding borrowings under these facilities had a weighted-average maturity, including extension options, of 3.1 years.

	December 31, 2018
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,839,698	$	1,839,698	$	—	$	2,325,047
Wells Fargo		1,908,509		1,822,154		86,355		2,514,513
JP Morgan		1,010,628		1,010,628		—		1,266,259
Barclays		890,620		890,620		—		1,113,275
Citibank		852,470		663,917		188,553		1,076,085
Bank of America		873,446		873,446		—		1,090,117
MetLife		675,329		675,329		—		852,733
Morgan Stanley		341,241		276,721		64,520		457,496
Société Générale		321,182		321,182		—		404,048
Goldman Sachs		230,140		230,140		—		295,368
Goldman Sachs - Multi. JV(3)		170,060		170,060		—		212,983
Bank of America - Multi. JV(3)		97,002		97,002		—		121,636
	$	9,210,325	$	8,870,897	$	339,428	$	11,729,560

(1)	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.
(2)	Represents the principal balance of the collateral assets.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

The weighted-average outstanding balance of our secured credit facilities was $7.0 billion for the nine months ended December 31, 2018. As of December 31, 2018, we had aggregate borrowings of $8.9 billion outstanding under our secured credit facilities, with a weighted-average cash coupon of LIBOR plus 1.72% per annum, a weighted-average all-in cost of credit, including associated fees and expenses, of LIBOR plus 1.90% per annum, and a weighted-average advance rate of 79.5%. As of December 31, 2018, outstanding borrowings under these facilities had a weighted-average maturity, including extension options, of 3.5 years.

Borrowings under each facility are subject to the initial approval of eligible collateral loans by the lender and the maximum advance rate and pricing rate of individual advances are determined with reference to the attributes of the respective collateral loan.

The following tables outline the key terms of our credit facilities as of September 30, 2019:

Lender	Currency	Guarantee(1)		Margin Call(2)	Term/Maturity
JP Morgan	$ / £		50%	Collateral marks only	January 7, 2021(6)
Bank of America - Multi. JV(3)	$		43%	Collateral marks only	December 16, 2021(7)
Deutsche Bank	$ / €		60%(4)	Collateral marks only	August 9, 2021(4)
Morgan Stanley	$ / £ / €		25%	Collateral marks only	March 1, 2022
Goldman Sachs - Multi. JV(3)	$		25%	Collateral marks only	July 12, 2022(8)
Bank of America	$		50%	Collateral marks only	May 21, 2023(9)
Goldman Sachs	$		25%	Collateral marks only	October 22, 2023(10)
Barclays	$ / £ / €		25%	Collateral marks only	June 18, 2024(11)
MetLife	$		61%	Collateral marks only	September 23, 2025(12)
Citibank	$ / £ / € / A$ / C$		25%	Collateral marks only	Term matched(13)
Société Générale	$ / £ / €		25%	Collateral marks only	Term matched(13)
Santander	€		50%	Collateral marks only	Term matched(13)
Wells Fargo	$ / C$		25%(5)	Collateral marks only	Term matched(13)
US Bank - Multi. JV(3)	$		25%	Collateral marks only	Term matched(13)

(1)	Other than amounts guaranteed based on specific collateral asset types, borrowings under our credit facilities are non-recourse to us.
(2)	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.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.
(4)	Includes a one-year extension option which may be exercised at our sole discretion. Specific borrowings outstanding of $803.7 million are 100% guaranteed and the related maturity dates are term-matched to the respective collateral assets. The remainder of the credit facility borrowings are 25% guaranteed.
(5)	In addition to the 25% guarantee across all borrowings, there is an incremental guarantee of $174.3 million related to $302.7 million of specific borrowings outstanding.
(6)	Maturity dates for $520.6 million of specific borrowings outstanding are term-matched to the respective collateral assets.
(7)	Includes two one-year extension options which may be exercised at our sole discretion.
(8)	Includes a one-year extension option which may be exercised at our sole discretion.
(9)	Includes two one-year extension options which may be exercised at our sole discretion.
(10)	Includes three one-year extension options which may be exercised at our sole discretion.
(11)	Includes four one-year extension options which may be exercised at our sole discretion.
(12)	Includes five one-year extension options which may be exercised at our sole discretion.
(13)	These secured credit facilities have various availability periods during which new advances can be made and which are generally subject to each lender’s discretion. Maturity dates for advances outstanding are tied to the term of each respective collateral asset.

Currency	Potential Borrowings(1)	Outstanding Borrowings	Floating Rate Index(2)	Spread	Advance Rate(3)
$	$  7,113,454	$  6,465,833	USD LIBOR	L + 1.65%		79.7%
€	€  1,013,050	€     963,636	EURIBOR	E + 1.49%		80.0%
£	£     619,853	£     619,170	GBP LIBOR	L + 2.06%		77.1%
A$	A$     255,270	A$     255,270	BBSY	BBSY + 1.90%		78.0%
C$	C$     156,349	C$     156,362	CDOR	CDOR + 1.83%		80.7%
	$  9,269,701	$  8,567,394		INDEX + 1.67%		79.5%

(1)	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.
(2)	Floating rate indices are generally matched to the payment timing under the terms of each secured credit facility and its respective collateral assets.
(3)	Represents weighted-average advance rate based on the approved outstanding principal balance of the collateral assets pledged.

Asset-Specific Financings

The following tables detail our asset-specific financings ($ in thousands):

	September 30, 2019
Asset-Specific Financings	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term(3)
Collateral assets	4	$	326,839	$	314,472		L+4.96	%		n/a		Mar. 2023
Financing provided	4	$	249,172	$	241,597		L+3.53	%		84,486		Mar. 2023
	December 31, 2018
Asset-Specific Financings	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term(3)
Collateral assets	1	$	106,739	$	104,807		L+6.08	%		n/a		Aug. 2022
Financing provided	1	$	81,739	$	80,938		L+4.07	%		n/a		Aug. 2022

(1)	These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees / financing costs.
(2)	Other than amounts guaranteed on an asset-by-asset basis, borrowings under our asset-specific financings are non-recourse to us.
(3)	The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings is term-matched to the corresponding collateral loans.

The weighted-average outstanding balance of our asset-specific financings was $148.3 million for the nine months ended September 30, 2019 and $37.8 million for the nine months ended December 31, 2018.

Revolving Credit Agreement

We have a $250.0 million full recourse secured revolving credit agreement with Barclays that is designed to finance first mortgage originations for up to nine months as a bridge to term financing or syndication. Advances under the agreement are subject to availability under a specified borrowing base and accrue interest at a per annum pricing rate equal to the sum of (i) an applicable base rate or Eurodollar rate and (ii) an applicable margin, in each case, dependent on the applicable type of loan collateral. The maturity date of the facility is April 4, 2020.

During the nine months ended September 30, 2019, the weighted-average outstanding borrowings under the revolving credit agreement was $19.1 million and we recorded interest expense of $2.1 million, including $781,000 of amortization of deferred fees and expenses. As of September 30, 2019, we had no outstanding borrowings under the agreement.

During the nine months ended December 31, 2018, the weighted-average outstanding borrowings under the revolving credit agreement was $58.8 million and we recorded interest expense of $3.2 million, including $814,000 of amortization of deferred fees and expenses. As of December 31, 2018, we had $43.8 million of borrowings outstanding under the agreement.

Debt Covenants

The guarantees related to our secured debt agreements contain the following financial covenants: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $2.8 billion as of each measurement date plus 75% of the net cash proceeds of future equity issuances subsequent to September 30, 2019; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of September 30, 2019 and December 31, 2018, we were in compliance with these covenants. Refer to Note 8 for information regarding financial covenants contained in the agreements governing our senior secured term loan facility.

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Convertible Notes, Net

9 Months Ended

Sep. 30, 2019

Text Block [Abstract]

Convertible Notes, Net

9. CONVERTIBLE NOTES, NET

As of September 30, 2019, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Coupon Rate			All-in Cost(1)			Conversion Rate(2)		Maturity
May 2017	$	402,500		4.38	%		4.85	%		28.0324		May 5, 2022​​​​​​​
March 2018	$	220,000		4.75	%		5.33	%		27.6052		March 15, 2023

(1)

Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)

Represents the shares of class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of $35.67 and $36.23 per share of class A common stock, respectively, for the May 2017 and March 2018 convertible notes. The cumulative dividend threshold as defined in the respective May 2017 and March 2018 convertible notes supplemental indentures have not been exceeded as of September 30, 2019.

The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on January 31, 2022 and December 14, 2022 for the May 2017 and March 2018 convertible notes, respectively, at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. We may not redeem the Convertible Notes prior to maturity. The last reported sale price of our class A common stock of $35.85 on September 30, 2019 was greater than the per share conversion price of the May 2017 convertible notes but less than the per share conversion price of the March 2018 convertible notes. We have the intent and ability to settle each series of the Convertible Notes in cash and, as a result, the Convertible Notes did not have any impact on our diluted earnings per share.

Upon our issuance of the May 2017 convertible notes, we recorded a $979,000 discount based on the implied value of the conversion option and an assumed effective interest rate of 4.57%, as well as $8.4 million of issue discount and issuance costs. Including the amortization of the discount and issuance costs, our total cost of the May 2017 convertible notes issuance is 4.91% per annum.

Upon our issuance of the March 2018 convertible notes, we recorded a $1.5 million discount based on the implied value of the conversion option and an assumed effective interest rate of 5.25%, as well as $5.2 million of issue discount and issuance costs. Including the amortization of the discount and issuance costs, our total cost of the March 2018 convertible notes issuance is 5.49% per annum.

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	September 30, 2019			December 31, 2018
Face value	$	622,500		$	622,500
Unamortized discount		(9,552	)		(11,740	)
Deferred financing costs		(685	)		(849	)
Net book value	$	612,263		$	609,911

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Cash coupon	$	7,015	$	9,277	$	21,045	$	25,333
Discount and issuance cost amortization		792		1,535		2,352		4,242
Total interest expense	$	7,807	$	10,812	$	23,397	$	29,575

Accrued interest payable for the Convertible Notes was $7.8 million and $6.0 million as of September 30, 2019 and December 31, 2018, respectively. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.

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Stock-Based Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share

The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share:

	Restricted Class A Common Stock			Weighted-Average Grant Date Fair Value Per Share
Balance as of December 31, 2018		1,614,907		$	32.94
Granted		334,904			31.54
Vested		(711,522	)		32.08
Forfeited		(17,565	)		31.55
Balance as of September 30, 2019		1,220,724		$	33.08

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Convertible Notes, Net (Tables)

9 Months Ended

Sep. 30, 2019

Text Block [Abstract]

Summary of Outstanding Convertible Senior Notes

As of September 30, 2019, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Coupon Rate			All-in Cost(1)			Conversion Rate(2)		Maturity
May 2017	$	402,500		4.38	%		4.85	%		28.0324		May 5, 2022​​​​​​​
March 2018	$	220,000		4.75	%		5.33	%		27.6052		March 15, 2023

(1)

Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)

Represents the shares of class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of $35.67 and $36.23 per share of class A common stock, respectively, for the May 2017 and March 2018 convertible notes. The cumulative dividend threshold as defined in the respective May 2017 and March 2018 convertible notes supplemental indentures have not been exceeded as of September 30, 2019.

Summary of Details of Net Book Value of Convertible Note

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	September 30, 2019			December 31, 2018
Face value	$	622,500		$	622,500
Unamortized discount		(9,552	)		(11,740	)
Deferred financing costs		(685	)		(849	)
Net book value	$	612,263		$	609,911

Summary of Details about Interest Expense

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Cash coupon	$	7,015	$	9,277	$	21,045	$	25,333
Discount and issuance cost amortization		792		1,535		2,352		4,242
Total interest expense	$	7,807	$	10,812	$	23,397	$	29,575

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Secured Debt Agreements, Net (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Secured Debt Agreements

Our secured debt agreements include secured credit facilities, asset-specific financings, and a revolving credit agreement. The following table details our secured debt agreements ($ in thousands):     

	Secured Debt Agreements
	Borrowings Outstanding
	September 30, 2019			December 31, 2018
Secured credit facilities	$	8,567,394		$	8,870,897
Asset-specific financings		249,172			81,739
Revolving credit agreement		—			43,845
Total secured debt agreements	$	8,816,566		$	8,996,481
Deferred financing costs(1)		(25,962	)		(21,725	)
Net book value of secured debt	$	8,790,604		$	8,974,756

(1)   Costs incurred in connection with our secured debt agreements are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related agreement.

Credit Facilities

The following tables detail our secured credit facilities ($ in thousands):

	September 30, 2019
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,722,050	$	1,722,050	$	—	$	2,185,465
Wells Fargo		1,661,789		1,564,215		97,574		2,135,379
JP Morgan		1,016,689		918,526		98,163		1,303,288
Citibank		1,090,739		888,053		202,686		1,386,175
Barclays		996,648		793,906		202,742		1,246,490
Bank of America		658,724		658,724		—		840,573
Morgan Stanley		490,213		434,165		56,048		658,055
MetLife		417,677		417,677		—		524,004
Société Générale		333,473		333,473		—		428,887
Goldman Sachs		313,895		268,895		45,000		426,383
Goldman Sachs - Multi. JV(3)		217,601		217,601		—		279,037
US Bank - Multi. JV(3)		184,031		183,937		94		230,039
Santander		143,852		143,852		—		179,815
Bank of America - Multi. JV(3)		22,320		22,320		—		28,642
	$	9,269,701	$	8,567,394	$	702,307	$	11,852,232

(1)	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.
(2)	Represents the principal balance of the collateral assets.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

	December 31, 2018
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,839,698	$	1,839,698	$	—	$	2,325,047
Wells Fargo		1,908,509		1,822,154		86,355		2,514,513
JP Morgan		1,010,628		1,010,628		—		1,266,259
Barclays		890,620		890,620		—		1,113,275
Citibank		852,470		663,917		188,553		1,076,085
Bank of America		873,446		873,446		—		1,090,117
MetLife		675,329		675,329		—		852,733
Morgan Stanley		341,241		276,721		64,520		457,496
Société Générale		321,182		321,182		—		404,048
Goldman Sachs		230,140		230,140		—		295,368
Goldman Sachs - Multi. JV(3)		170,060		170,060		—		212,983
Bank of America - Multi. JV(3)		97,002		97,002		—		121,636
	$	9,210,325	$	8,870,897	$	339,428	$	11,729,560

(1)	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.
(2)	Represents the principal balance of the collateral assets.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

Summary of Key Terms of Credit Facilities

The following tables outline the key terms of our credit facilities as of September 30, 2019:

Lender	Currency	Guarantee(1)		Margin Call(2)	Term/Maturity
JP Morgan	$ / £		50%	Collateral marks only	January 7, 2021(6)
Bank of America - Multi. JV(3)	$		43%	Collateral marks only	December 16, 2021(7)
Deutsche Bank	$ / €		60%(4)	Collateral marks only	August 9, 2021(4)
Morgan Stanley	$ / £ / €		25%	Collateral marks only	March 1, 2022
Goldman Sachs - Multi. JV(3)	$		25%	Collateral marks only	July 12, 2022(8)
Bank of America	$		50%	Collateral marks only	May 21, 2023(9)
Goldman Sachs	$		25%	Collateral marks only	October 22, 2023(10)
Barclays	$ / £ / €		25%	Collateral marks only	June 18, 2024(11)
MetLife	$		61%	Collateral marks only	September 23, 2025(12)
Citibank	$ / £ / € / A$ / C$		25%	Collateral marks only	Term matched(13)
Société Générale	$ / £ / €		25%	Collateral marks only	Term matched(13)
Santander	€		50%	Collateral marks only	Term matched(13)
Wells Fargo	$ / C$		25%(5)	Collateral marks only	Term matched(13)
US Bank - Multi. JV(3)	$		25%	Collateral marks only	Term matched(13)

(1)	Other than amounts guaranteed based on specific collateral asset types, borrowings under our credit facilities are non-recourse to us.
(2)	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.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.
(4)	Includes a one-year extension option which may be exercised at our sole discretion. Specific borrowings outstanding of $803.7 million are 100% guaranteed and the related maturity dates are term-matched to the respective collateral assets. The remainder of the credit facility borrowings are 25% guaranteed.
(5)	In addition to the 25% guarantee across all borrowings, there is an incremental guarantee of $174.3 million related to $302.7 million of specific borrowings outstanding.
(6)	Maturity dates for $520.6 million of specific borrowings outstanding are term-matched to the respective collateral assets.
(7)	Includes two one-year extension options which may be exercised at our sole discretion.
(8)	Includes a one-year extension option which may be exercised at our sole discretion.
(9)	Includes two one-year extension options which may be exercised at our sole discretion.
(10)	Includes three one-year extension options which may be exercised at our sole discretion.
(11)	Includes four one-year extension options which may be exercised at our sole discretion.
(12)	Includes five one-year extension options which may be exercised at our sole discretion.
(13)	These secured credit facilities have various availability periods during which new advances can be made and which are generally subject to each lender’s discretion. Maturity dates for advances outstanding are tied to the term of each respective collateral asset.

Currency	Potential Borrowings(1)	Outstanding Borrowings	Floating Rate Index(2)	Spread	Advance Rate(3)
$	$  7,113,454	$  6,465,833	USD LIBOR	L + 1.65%		79.7%
€	€  1,013,050	€     963,636	EURIBOR	E + 1.49%		80.0%
£	£     619,853	£     619,170	GBP LIBOR	L + 2.06%		77.1%
A$	A$     255,270	A$     255,270	BBSY	BBSY + 1.90%		78.0%
C$	C$     156,349	C$     156,362	CDOR	CDOR + 1.83%		80.7%
	$  9,269,701	$  8,567,394		INDEX + 1.67%		79.5%

(1)	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.
(2)	Floating rate indices are generally matched to the payment timing under the terms of each secured credit facility and its respective collateral assets.
(3)	Represents weighted-average advance rate based on the approved outstanding principal balance of the collateral assets pledged.

Summary of Asset-Specific Financings

The following tables detail our asset-specific financings ($ in thousands):

	September 30, 2019
Asset-Specific Financings	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term(3)
Collateral assets	4	$	326,839	$	314,472		L+4.96	%		n/a		Mar. 2023
Financing provided	4	$	249,172	$	241,597		L+3.53	%		84,486		Mar. 2023
	December 31, 2018
Asset-Specific Financings	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term(3)
Collateral assets	1	$	106,739	$	104,807		L+6.08	%		n/a		Aug. 2022
Financing provided	1	$	81,739	$	80,938		L+4.07	%		n/a		Aug. 2022

(1)	These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees / financing costs.
(2)	Other than amounts guaranteed on an asset-by-asset basis, borrowings under our asset-specific financings are non-recourse to us.
(3)	The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings is term-matched to the corresponding collateral loans.

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Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Debt securities held-to-maturity	$ 92,580	$ 96,167
Loan portfolio payments held by servicer	60,978	6,133
Accrued interest receivable	60,907	56,679
Derivative assets	25,009	9,916
Collateral deposited under derivative agreements	2,310
Prepaid taxes	750	6
Prepaid expenses	43	647
Other	478	965
Total	$ 243,055	$ 170,513

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Secured Debt Agreements, Net - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Secured debt agreements borrowings outstanding	$ 8,816,566	$ 8,996,481
Deferred financing costs	(25,962)	(21,725)
Secured debt agreements borrowings outstanding	8,816,566	8,996,481
Net book value of secured debt	8,790,604	8,974,756
Secured Debt [Member]
Debt Instrument [Line Items]
Secured debt agreements borrowings outstanding	8,567,394	8,870,897
Asset-Specific Financings [Member]
Debt Instrument [Line Items]
Secured debt agreements borrowings outstanding	$ 249,172	81,739
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Secured debt agreements borrowings outstanding		$ 43,845

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Secured Debt Agreements, Net - Summary of Key Terms of Credit Facilities (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2019
Barclays [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Maturity period	Includes four one-year extension options which may be exercised at our sole discretion.

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Other Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Management fee - percent of outstanding equity balance			1.50%
Incentive fee computation-percent of the product per agreement			20.00%
Incentive fee computation-percent of outstanding Equity per annum			7.00%
Management fees description			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.
Management fees	$ 17,502	$ 18,368	$ 58,276	$ 56,248
Manager [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Management fees	14,400	12,100	40,800	34,200
Total incentive compensation payments	3,100	$ 6,300	17,400	$ 22,000
Accrued management and incentive fees payable	$ 17,500		$ 17,500		$ 18,600

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Derivative Financial Instruments - Summary of Non-designated Hedges (Detail) € in Thousands, £ in Thousands, $ in Thousands	Sep. 30, 2019 EUR (€) DerivativeInstrument	Dec. 31, 2018 GBP (£) DerivativeInstrument	Dec. 31, 2018 EUR (€) DerivativeInstrument	Dec. 31, 2018 AUD ($) DerivativeInstrument
AUD [Member] | Buy AUD / Sell USD Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | $				$ 55,000
AUD [Member] | Buy USD / Sell AUD Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | $				$ 55,000
EUR [Member] | Buy GBP / Sell EUR Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | €	€ 12,857
Not Designated as Hedging Instrument [Member] | AUD [Member] | Buy AUD / Sell USD Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments		1	1	1
Not Designated as Hedging Instrument [Member] | AUD [Member] | Buy USD / Sell AUD Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments		1	1	1
Not Designated as Hedging Instrument [Member] | GBP [Member] | Buy GBP / Sell USD Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments		1	1	1
Notional Amount | £		£ 23,200
Not Designated as Hedging Instrument [Member] | GBP [Member] | Buy USD / Sell GBP Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments		1	1	1
Notional Amount | £		£ 23,200
Not Designated as Hedging Instrument [Member] | EUR [Member] | Buy GBP / Sell EUR Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1	1	1	1
Notional Amount | €			€ 12,857
Not Designated as Hedging Instrument [Member] | EUR [Member] | Buy EUR / Sell USD Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1
Notional Amount | €	€ 131,900
Not Designated as Hedging Instrument [Member] | EUR [Member] | Buy USD / Sell EUR Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1
Notional Amount | €	€ 131,900

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Convertible Notes, Net - Summary of Details about Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Instrument [Line Items]
Discount and issuance cost amortization			$ 22,702	$ 20,993
Convertible Senior Note [Member]
Debt Instrument [Line Items]
Cash coupon	$ 7,015	$ 9,277	21,045	25,333
Discount and issuance cost amortization	792	1,535	2,352	4,242
Total interest expense	$ 7,807	$ 10,812	$ 23,397	$ 29,575

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Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Detail) - shares	1 Months Ended	9 Months Ended
	May 31, 2013	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Beginning balance		123,664,577	108,081,077
Issuance of class A common stock	25,875,000	10,535,507	11,484,414
Issuance of restricted class A common stock, net		317,339	300,921
Issuance of deferred stock units		23,428	23,730
Ending balance		134,540,851	119,890,142

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Other Assets and Liabilities

9 Months Ended

Sep. 30, 2019

Text Block [Abstract]

Other Assets and Liabilities

4. OTHER ASSETS AND LIABILITIES

The following table details the components of our other assets ($ in thousands):    

	September 30, 2019		December 31, 2018
Debt securities held-to-maturity(1)	$	92,580	$	96,167
Loan portfolio payments held by servicer(2)		60,978		6,133
Accrued interest receivable		60,907		56,679
Derivative assets		25,009		9,916
Collateral deposited under derivative agreements		2,310		—
Prepaid taxes		750		6
Prepaid expenses		43		647
Other		478		965
Total	$	243,055	$	170,513

(1)	Represents the subordinate risk retention interest in the $993.5 million and $1.0 billion 2018 Single Asset Securitization as of September 30, 2019 and December 31, 2018, respectively, with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. Refer to Note 16 for additional discussion.
(2)	Represents loan principal and interest payments held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle.

The following table details the components of our other liabilities ($ in thousands):

	September 30, 2019		December 31, 2018
Accrued dividends payable	$	83,259	$	76,530
Accrued interest payable		25,522		25,588
Accrued management and incentive fees payable		17,502		18,586
Accounts payable and other liabilities		6,849		4,583
Derivative liabilities		3,992		2,925
Secured debt repayments pending servicer remittance(1)		2,760		—
Total	$	139,884	$	128,212

(1)   Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle.

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Secured Term Loan, Net

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Secured Term Loan, Net

8. SECURED TERM LOAN, NET

In April 2019 we entered into a senior secured term loan facility, or the Secured Term Loan. As of September 30, 2019, the following Secured Term Loan was outstanding ($ in thousands):

Term Loan Issuance	Face Value		Coupon Rate			All-in Cost(1)			Maturity
Term Loan B	$	498,750		L+2.50	%		L+2.80	%		April 23, 2026

(1)   Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Secured Term Loan.

The Secured Term Loan is partially amortizing, with an amount equal to 1.0% per annum of the original principal balance due in quarterly installments beginning on September 30, 2019. The issue discount and transaction expenses on the Secured Term Loan were $1.3 million and $7.4 million, respectively, which will be amortized into interest expense over the life of the Secured Term Loan. The guarantee under our Secured Term Loan contains the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of September 30, 2019, we were in compliance with this covenant.​​​​​​​ Refer to Note 2 for additional discussion of our accounting policies for the Secured Term Loan.

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Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 84,289	$ 105,662
Loans receivable, net	14,755,072	14,191,200
Other assets	243,055	170,513
Total Assets	15,082,416	14,467,375
Liabilities and Equity
Secured debt agreements, net	8,790,604	8,974,756
Loan participations sold, net		94,418
Securitized debt obligations, net	1,288,389	1,285,471
Secured term loan, net	490,659
Convertible notes, net	612,263	609,911
Other liabilities	139,884	128,212
Total Liabilities	11,321,799	11,092,768
Commitments and contingencies
Equity
Class A common stock, $0.01 par value, 200,000,000 shares authorized, 134,288,584 and 123,435,738 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively	1,343	1,234
Additional paid-in capital	4,362,476	3,966,540
Accumulated other comprehensive loss	(33,394)	(34,222)
Accumulated deficit	(587,632)	(569,428)
Total Blackstone Mortgage Trust, Inc. stockholders' equity	3,742,793	3,364,124
Non-controlling interests	17,824	10,483
Total Equity	3,760,617	3,374,607
Total Liabilities and Equity	$ 15,082,416	$ 14,467,375

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Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Class A Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Accumulated Deficit [Member]	Stockholders' Equity [Member]	Non-Controlling Interests [Member]
Balance at Dec. 31, 2017	$ 2,917,406	$ 1,079	$ 3,506,861	$ (29,706)	$ (567,168)	$ 2,911,066	$ 6,340
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	14		122		(108)	14
Deferred directors' compensation	125		125			125
Other comprehensive income (loss)	7,803			7,803		7,803
Net income	61,116				60,958	60,958	158
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 Mar. 31, 2018	2,926,511	1,082	3,515,418	(21,903)	(573,384)	2,921,213	5,298
Balance at Dec. 31, 2017	2,917,406	1,079	3,506,861	(29,706)	(567,168)	2,911,066	6,340
Other comprehensive income (loss)	(3,143)
Net income	211,917
Balance at Sep. 30, 2018	3,307,993	1,197	3,898,841	(32,849)	(566,417)	3,300,772	7,221
Balance at Mar. 31, 2018	2,926,511	1,082	3,515,418	(21,903)	(573,384)	2,921,213	5,298
Shares of class A common stock issued, net	102,495	32	102,463			102,495
Restricted class A common stock earned	6,653		6,653			6,653
Conversion of convertible notes	(20)		(20)			(20)
Dividends reinvested	13		128		(115)	13
Deferred directors' compensation	125		125			125
Other comprehensive income (loss)	(10,233)			(10,233)		(10,233)
Net income	72,508				72,313	72,313	195
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)
Balance at Jun. 30, 2018	3,028,662	1,114	3,624,767	(32,136)	(570,265)	3,023,480	5,182
Shares of class A common stock issued, net	267,292	83	267,209			267,292
Restricted class A common stock earned	6,609		6,609			6,609
Dividends reinvested	12		131		(119)	12
Deferred directors' compensation	125		125			125
Other comprehensive income (loss)	(713)			(713)		(713)
Net income	78,293				78,165	78,165	128
Dividends declared on common stock, $0.62 per share	(74,198)				(74,198)	(74,198)
Contributions from non-controlling interests	2,025						2,025
Distributions to non-controlling interests	(114)						(114)
Balance at Sep. 30, 2018	3,307,993	1,197	3,898,841	(32,849)	(566,417)	3,300,772	7,221
Balance at Dec. 31, 2018	3,374,607	1,234	3,966,540	(34,222)	(569,428)	3,364,124	10,483
Shares of class A common stock issued, net	65,381	23	65,358			65,381
Restricted class A common stock earned	7,639		7,639			7,639
Dividends reinvested	11		143		(132)	11
Deferred directors' compensation	125		125			125
Other comprehensive income (loss)	3,466			3,466		3,466
Net income	76,867				76,565	76,565	302
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 Mar. 31, 2019	3,451,589	1,257	4,039,805	(30,756)	(570,908)	3,439,398	12,191
Balance at Dec. 31, 2018	3,374,607	1,234	3,966,540	(34,222)	(569,428)	3,364,124	10,483
Other comprehensive income (loss)	828
Net income	227,811
Balance at Sep. 30, 2019	3,760,617	1,343	4,362,476	(33,394)	(587,632)	3,742,793	17,824
Balance at Mar. 31, 2019	3,451,589	1,257	4,039,805	(30,756)	(570,908)	3,439,398	12,191
Shares of class A common stock issued, net	306,952	86	306,866			306,952
Restricted class A common stock earned	7,629		7,629			7,629
Dividends reinvested	8		146		(138)	8
Deferred directors' compensation	125		125			125
Other comprehensive income (loss)	1,336			1,336		1,336
Net income	75,551				75,174	75,174	377
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 Jun. 30, 2019	3,776,425	1,343	4,354,571	(29,420)	(579,131)	3,747,363	29,062
Restricted class A common stock earned	7,629		7,629			7,629
Dividends reinvested	12		151		(139)	12
Deferred directors' compensation	125		125			125
Other comprehensive income (loss)	(3,974)			(3,974)		(3,974)
Net income	75,394				74,897	74,897	497
Dividends declared on common stock, $0.62 per share	(83,259)				(83,259)	(83,259)
Contributions from non-controlling interests	8,093						8,093
Distributions to non-controlling interests	(19,828)						(19,828)
Balance at Sep. 30, 2019	$ 3,760,617	$ 1,343	$ 4,362,476	$ (33,394)	$ (587,632)	$ 3,742,793	$ 17,824

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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk

The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands):

September 30, 2019				December 31, 2018
Foreign Currency Derivatives	Number of Instruments	Notional Amount		Foreign Currency Derivatives	Number of Instruments	Notional Amount
Sell GBP Forward	3	£	389,200	Sell GBP Forward	3	£	192,300
Sell EUR Forward	3	€	231,000	Sell AUD Forward	2	A$	187,600
Sell AUD Forward	3	A$	129,500	Sell EUR Forward	1	€	185,000
Sell CAD Forward	1	C$	39,100	Sell CAD Forward	1	C$	70,600

Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk

The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands):

September 30, 2019
Interest Rate Derivatives	Number of Instruments	Notional  Amount		Strike		Index		Wtd.-Avg. Maturity (Years)
Interest Rate Swaps	2	C$	17,273		1.0%		CDOR	0.9
Interest Rate Caps	1	$	7,296		2.3%		USD LIBOR	0.2
Interest Rate Caps	1	C$	21,709		3.0%		CDOR	0.2
December 31, 2018
Interest Rate Derivatives	Number of Instruments	Notional  Amount		Strike		Index		Wtd.-Avg. Maturity (Years)
Interest Rate Swaps	3	C$	90,472		1.0%		CDOR	0.5
Interest Rate Caps	9	$	204,248		2.4%		USD LIBOR	0.5
Interest Rate Caps	2	C$	39,998		2.5%		CDOR	0.6

Summary of Non-designated Hedges

The following tables summarize our non-designated hedges (notional amount in thousands):

September 30, 2019
Non-designated Hedges	Number of Instruments		Notional Amount
Buy EUR / Sell USD Forward		1	€	131,900
Buy USD / Sell EUR Forward		1	€	131,900
Buy GBP / Sell EUR Forward		1	€	12,857
December 31, 2018
Non-designated Hedges	Number of Instruments		Notional Amount
Buy AUD / Sell USD Forward		1	A$	55,000
Buy USD / Sell AUD Forward		1	A$	55,000
Buy GBP / Sell USD Forward		1	£	23,200
Buy USD / Sell GBP Forward		1	£	23,200
Buy GBP / Sell EUR Forward		1	€	12,857

Summary of Fair Value of Derivative Financial Instruments

The following table summarizes the fair value of our derivative financial instruments ($ in thousands):

	Fair Value of Derivatives in an Asset Position(1) as of				Fair Value of Derivatives in a Liability Position(2) as of
	September 30, 2019		December 31, 2018		September 30, 2019		December 31, 2018
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	19,103	$	8,210	$	32	$	1,307
Interest rate derivatives		119		590		—		—
Total	$	19,222	$	8,800	$	32	$	1,307
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	5,787	$	1,116	$	3,960	$	1,618
Interest rate derivatives		—		—		—		—
Total	$	5,787	$	1,116	$	3,960	$	1,618
Total Derivatives	$	25,009	$	9,916	$	3,992	$	2,925

(1)	Included in other assets in our consolidated balance sheets.
(2)	Included in other liabilities in our consolidated balance sheets.

Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations

The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):

	Amount of Gain (Loss) Recognized in OCI on Derivatives					Location of Gain (Loss) Reclassified from Accumulated OCI into Income			Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives in Hedging Relationships	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019						Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Net Investment Hedges
Foreign exchange contracts(1)	$	35,978	$	45,272			Interest Expense		$	—	$	—
Cash Flow Hedges
Interest rate derivatives		13		(152	)		Interest Expense	(2)		4		167
Total	$	35,991	$	45,120					$	4	$	167

(1)	During the three and nine months ended September 30, 2019, we received net cash settlements of $24.2 million and $31.1 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.
(2)	During the three months ended September 30, 2019, we recorded total interest and related expenses of $112.0 million, which was reduced by $4,000 related to income generated by our cash flow hedges. During the nine months ended September 30, 2019, we recorded total interest and related expenses of $347.5 million, which was reduced by $167,000 related to income generated by our cash flow hedges.

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Loan Participations Sold, Net (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Summary of Statistics for Loan Participations Sold

The following table details our loan participations sold as of December 31, 2018 ($ in thousands):

December 31, 2018

Loan Participations Sold

Count

Principal Balance

Book Value

Yield/Cost(1)

Guarantee(2)

Term

Total loan

1

$

123,745

$

122,669

L+5.92

%

n/a

Feb. 2022

Senior participation(3)

1

94,528

94,418

L+4.07

%

n/a

Feb. 2022

(1)	Our floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees / financing costs.
(2)	As of December 31, 2018, our loan participations sold were non-recourse to us.
(3)	The difference between principal balance and book value of loan participations sold is due to deferred financing costs of $110,000 as of December 31, 2018.

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Fair Values (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

	September 30, 2019								December 31, 2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivatives	$	—	$	25,009	$	—	$	25,009	$	—	$	9,916	$	—	$	9,916
Liabilities
Derivatives	$	—	$	3,992	$	—	$	3,992	$	—	$	2,925	$	—	$	2,925

Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments

The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):

	September 30, 2019						December 31, 2018
	Book Value		Face Amount		Fair Value		Book Value		Face Amount		Fair Value
Financial assets
Cash and cash equivalents	$	84,289	$	84,289	$	84,289	$	105,662	$	105,662	$	105,662
Loans receivable, net		14,755,072		14,849,556		14,852,871		14,191,200		14,293,970		14,294,836
Debt securities held-to-maturity(1)		92,580		95,032		94,280		96,167		99,000		96,600
Financial liabilities
Secured debt agreements, net		8,790,604		8,816,566		8,816,566		8,974,756		8,996,481		8,996,481
Loan participations sold, net		—		—		—		94,418		94,528		94,528
Securitized debt obligations, net		1,288,389		1,292,120		1,292,309		1,285,471		1,292,120		1,283,086
Secured term loan, net		490,659		498,750		500,310		—		—		—
Convertible notes, net		612,263		622,500		653,026		609,911		622,500		605,348

(1)   Included in other assets on our consolidated balance sheets.

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Secured Debt Agreements, Net - Summary of Key Terms of Credit Facilities (Detail) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019 CAD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2019 EUR (€)	Sep. 30, 2019 GBP (£)	Sep. 30, 2019 USD ($)	Sep. 30, 2019 AUD ($)
Line of Credit Facility [Line Items]
Guarantee	100.00%
JP Morgan [Member]
Line of Credit Facility [Line Items]
Term/Maturity	Jan. 07, 2021
Outstanding Borrowings					$ 520,600
Bank of America - Multi. JV [Member]
Line of Credit Facility [Line Items]
Term/Maturity	Dec. 16, 2021
Deutsche Bank [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Term/Maturity	Aug. 09, 2021
Outstanding Borrowings					803,700
Morgan Stanley [Member]
Line of Credit Facility [Line Items]
Term/Maturity	Mar. 01, 2022
Goldman Sachs - Multi. JV [Member]
Line of Credit Facility [Line Items]
Term/Maturity	Jul. 12, 2022
Bank of America [Member]
Line of Credit Facility [Line Items]
Term/Maturity	May 21, 2023
Goldman Sachs [Member]
Line of Credit Facility [Line Items]
Term/Maturity	Oct. 22, 2023
Barclays [Member]
Line of Credit Facility [Line Items]
Term/Maturity	Jun. 18, 2024
MetLife [Member]
Line of Credit Facility [Line Items]
Term/Maturity	Sep. 23, 2025
Wells Fargo [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Outstanding Borrowings		$ 302,700			174,300
Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential Borrowings		9,210,325			9,269,701
Outstanding Borrowings		$ 8,870,897			8,567,394
Spread	INDEX + 1.67%
Advance Rate	79.50%	79.50%
Credit Facilities [Member] | USD LIBOR
Line of Credit Facility [Line Items]
Potential Borrowings					7,113,454
Outstanding Borrowings					6,465,833
Spread	L + 1.65%
Advance Rate	79.70%
Credit Facilities [Member] | EUR LIBOR
Line of Credit Facility [Line Items]
Potential Borrowings | €			€ 1,013,050
Outstanding Borrowings | €			€ 963,636
Spread	E + 1.49%
Advance Rate	80.00%
Credit Facilities [Member] | GBP LIBOR
Line of Credit Facility [Line Items]
Potential Borrowings | £				£ 619,853
Outstanding Borrowings | £				£ 619,170
Spread	L + 2.06%
Advance Rate	77.10%
Credit Facilities [Member] | BBSY
Line of Credit Facility [Line Items]
Potential Borrowings						$ 255,270
Outstanding Borrowings						$ 255,270
Spread	BBSY + 1.90%
Advance Rate	78.00%
Credit Facilities [Member] | CDOR
Line of Credit Facility [Line Items]
Potential Borrowings	$ 156,349
Outstanding Borrowings	$ 156,362
Spread	CDOR + 1.83%
Advance Rate	80.70%
Credit Facilities [Member] | JP Morgan [Member]
Line of Credit Facility [Line Items]
Guarantee	50.00%
Margin Call	Collateral marks only
Potential Borrowings		$ 1,010,628			1,016,689
Outstanding Borrowings		1,010,628			918,526
Credit Facilities [Member] | Bank of America - Multi. JV [Member]
Line of Credit Facility [Line Items]
Guarantee	43.00%
Margin Call	Collateral marks only
Potential Borrowings		97,002			22,320
Outstanding Borrowings		97,002			22,320
Credit Facilities [Member] | Deutsche Bank [Member]
Line of Credit Facility [Line Items]
Guarantee	60.00%
Margin Call	Collateral marks only
Potential Borrowings		1,839,698			1,722,050
Outstanding Borrowings		1,839,698			1,722,050
Credit Facilities [Member] | Morgan Stanley [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Potential Borrowings		341,241			490,213
Outstanding Borrowings		276,721			434,165
Credit Facilities [Member] | Goldman Sachs - Multi. JV [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Potential Borrowings		170,060			217,601
Outstanding Borrowings		170,060			217,601
Credit Facilities [Member] | Bank of America [Member]
Line of Credit Facility [Line Items]
Guarantee	50.00%
Margin Call	Collateral marks only
Potential Borrowings		873,446			658,724
Outstanding Borrowings		873,446			658,724
Credit Facilities [Member] | Goldman Sachs [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Potential Borrowings		230,140			313,895
Outstanding Borrowings		230,140			268,895
Credit Facilities [Member] | Barclays [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Potential Borrowings		890,620			996,648
Outstanding Borrowings		890,620			793,906
Credit Facilities [Member] | MetLife [Member]
Line of Credit Facility [Line Items]
Guarantee	61.00%
Margin Call	Collateral marks only
Potential Borrowings		675,329			417,677
Outstanding Borrowings		675,329			417,677
Credit Facilities [Member] | Citibank [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Term/Maturity	Term matched
Potential Borrowings		852,470			1,090,739
Outstanding Borrowings		663,917			888,053
Credit Facilities [Member] | Societe Generale [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Term/Maturity	Term matched
Potential Borrowings		321,182			333,473
Outstanding Borrowings		321,182			333,473
Credit Facilities [Member] | Santander [Member]
Line of Credit Facility [Line Items]
Guarantee	50.00%
Margin Call	Collateral marks only
Term/Maturity	Term matched
Potential Borrowings					143,852
Outstanding Borrowings					143,852
Credit Facilities [Member] | Wells Fargo [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Term/Maturity	Term matched
Potential Borrowings		1,908,509			1,661,789
Outstanding Borrowings		$ 1,822,154			1,564,215
Credit Facilities [Member] | US Bank - Multi. JV [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Term/Maturity	Term matched
Potential Borrowings					184,031
Outstanding Borrowings					$ 183,937

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Loans Receivable, Net - Additional Information (Detail)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average risk rating on loan exposure	2.7
Impaired loans	$ 0	$ 0
Loans held	15,382,934,000	14,740,844,000
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held	2,312,100,000	2,206,740,000
Joint Venture [Member] | Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held	$ 537,700,000	$ 334,600,000

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Secured Debt Agreements, Net - Additional Information (Detail)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) Facility	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Secured debt agreements borrowings outstanding	$ 490,659,000		$ 490,659,000
Interest expense	111,957,000	$ 97,955,000	347,536,000	$ 255,677,000
Covenants, minimum tangible net worth	$ 2,800,000,000		$ 2,800,000,000
Covenants, percentage of tangible assets on cash proceeds from equity issuances			75.00%
Covenants, percentage of recourse indebtedness	5.00%		5.00%
Maximum [Member]
Debt Instrument [Line Items]
Covenants, indebtedness to total assets, in percent	83.33%		83.33%
Minimum [Member]
Debt Instrument [Line Items]
Covenants, EBITDA to fixed charges, in percent			1.40%
Covenants, minimum cash liquidity amount	$ 10,000,000.0		$ 10,000,000.0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Weighted-average outstanding balance			19,100,000		$ 58,800,000
Secured debt agreements borrowings outstanding	0		0		43,800,000
Interest expense			2,100,000		3,200,000
Amortization of deferred fees and expenses			781,000		814,000
Revolving Credit Facility [Member] | Barclays [Member]
Debt Instrument [Line Items]
Maximum Facility Size	250,000,000.0		250,000,000.0
Credit Facilities [Member]
Debt Instrument [Line Items]
Weighted-average outstanding balance			8,600,000,000		7,000,000,000.0
Aggregate borrowings	8,567,394,000		$ 8,567,394,000		$ 8,870,897,000
Basis spread on debt obligation, in percent			1.67%
Weighted-average advance rate			79.50%		79.50%
Weighted-average initial maturity			3 years 1 month 6 days		3 years 6 months
Credit Facilities [Member] | Barclays [Member]
Debt Instrument [Line Items]
Aggregate borrowings	$ 793,906,000		$ 793,906,000		$ 890,620,000
Asset-Specific Financings [Member]
Debt Instrument [Line Items]
Weighted-average outstanding balance			$ 148,300,000		$ 37,800,000
Credit Facilities One [Member] | Joint Venture [Member]
Debt Instrument [Line Items]
Number of new credit facility | Facility			2
Additional credit capacity			$ 577,000,000.0
Credit Facilities Two [Member] | Joint Venture [Member]
Debt Instrument [Line Items]
Number of new credit facility | Facility			6
Additional credit capacity			$ 1,300,000,000
LIBOR [Member] | Credit Facilities [Member] | Weighted-Average Cash Coupon [Member]
Debt Instrument [Line Items]
Basis spread on debt obligation, in percent			1.67%		1.72%
LIBOR [Member] | Credit Facilities [Member] | Weighted-Average All-in Cost of Credit [Member]
Debt Instrument [Line Items]
Basis spread on debt obligation, in percent			1.87%		1.90%

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Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Professional services	$ 1,177	$ 1,022	$ 3,616	$ 3,383
Operating and other costs	810	687	2,059	2,026
Subtotal	1,987	1,709	5,675	5,409
Non-cash compensation expenses
Restricted class A common stock earned	7,629	6,609	22,901	20,113
Director stock-based compensation	125	125	375	375
Subtotal	7,754	6,734	23,276	20,488
Total general and administrative expenses	$ 9,741	$ 8,443	$ 28,951	$ 25,897

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Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivatives in an Asset Position	$ 25,009	$ 9,916
Fair Value of Derivatives in a Liability Position	3,992	2,925
Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivatives in an Asset Position	19,222	8,800
Fair Value of Derivatives in a Liability Position	32	1,307
Designated as Hedging Instrument [Member] | Foreign Currency Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivatives in an Asset Position	19,103	8,210
Fair Value of Derivatives in a Liability Position	32	1,307
Designated as Hedging Instrument [Member] | Interest Rate Swaps/Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivatives in an Asset Position	119	590
Not Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivatives in an Asset Position	5,787	1,116
Fair Value of Derivatives in a Liability Position	3,960	1,618
Not Designated as Hedging Instrument [Member] | Foreign Currency Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivatives in an Asset Position	5,787	1,116
Fair Value of Derivatives in a Liability Position	$ 3,960	$ 1,618

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Derivative Financial Instruments - Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk (Detail) - Sell [Member] - Designated as Hedging Instrument [Member] - Foreign Exchange Forward [Member] - Net Investment Hedges [Member] € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	Sep. 30, 2019 CAD ($) DerivativeInstrument	Sep. 30, 2019 GBP (£) DerivativeInstrument	Sep. 30, 2019 EUR (€) DerivativeInstrument	Sep. 30, 2019 AUD ($) DerivativeInstrument	Dec. 31, 2018 CAD ($) DerivativeInstrument	Dec. 31, 2018 GBP (£) DerivativeInstrument	Dec. 31, 2018 EUR (€) DerivativeInstrument	Dec. 31, 2018 AUD ($) DerivativeInstrument
CAD [Member]
Derivative [Line Items]
Number of Instruments	1	1	1	1	1	1	1	1
Notional Amount | $	$ 39,100				$ 70,600
GBP [Member]
Derivative [Line Items]
Number of Instruments	3	3	3	3	3	3	3	3
Notional Amount | £		£ 389,200				£ 192,300
EUR [Member]
Derivative [Line Items]
Number of Instruments	3	3	3	3	1	1	1	1
Notional Amount | €			€ 231,000				€ 185,000
AUD [Member]
Derivative [Line Items]
Number of Instruments	3	3	3	3	2	2	2	2
Notional Amount | $				$ 129,500				$ 187,600

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Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Parenthetical) (Detail) - Class A Common Stock [Member] - shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Deferred stock units held by directors	252,267	220,947
Common stock, shares issued under dividend reinvestment program	879	1,279

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Loans Receivable, Net - Activity Relating to Loans Receivable Portfolio (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance			$ 14,191,200
Unrealized (loss) gain on foreign currency translation	$ (39,961)	$ (2,416)	(44,125)	$ (26,766)
Amortization of fees and other items			40,110	$ 35,955
Ending Balance	14,755,072		14,755,072
Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance			14,191,200
Loan fundings			3,319,563
Loan repayments and sales proceeds			(2,640,402)
Unrealized (loss) gain on foreign currency translation			(122,490)
Deferred fees and other items			(32,527)
Amortization of fees and other items			39,728
Ending Balance	14,755,072		14,755,072
Deferred Fees/Other Items [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance			(102,770)
Unrealized (loss) gain on foreign currency translation			1,085
Deferred fees and other items			(32,527)
Amortization of fees and other items			39,728
Ending Balance	(94,484)		(94,484)
Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance			14,293,970
Loan fundings			3,319,563
Loan repayments and sales proceeds			(2,640,402)
Unrealized (loss) gain on foreign currency translation			(123,575)
Ending Balance	$ 14,849,556		$ 14,849,556

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Principal Contractual Obligations

Our contractual principal debt repayments as of September 30, 2019 were as follows ($ in thousands):

			Payment Timing
	Total		Less Than		1 to 3		3 to 5		More Than
	Obligation		1 Year		Years		Years		5 Years
Principal repayments under secured debt agreements(1)	$	8,816,566	$	125,859	$	3,286,387	$	5,036,844	$	367,476
Principal repayments of secured term loans(2)		498,750		3,750		10,000		10,000		475,000
Principal repayments of convertible notes(3)		622,500		—		402,500		220,000		—
Total(4)	$	9,937,816	$	129,609	$	3,698,887	$	5,266,844	$	842,476

(1)	The allocation of repayments under our secured debt agreements is based on the earlier of (i) the maturity date of each facility, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
(2)	The Secured Term Loan is partially amortizing, with an amount equal to 1.0% per annum of the original principal balance due in quarterly installments. Refer to Note 8 for further details on our secured term loan.
(3)	Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 9 for further details on our Convertible Notes.
(4)	Does not include $533.4 million of non-consolidated senior interests and $1.3 billion of securitized debt obligations, as the satisfaction of these liabilities will not require cash outlays from us.

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Loans Receivable, Net - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan exposure including senior interests	$ 533.4	$ 446.9
2018 Single Asset Securitization [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Single asset securitization principal amount	$ 993.5	$ 1,000.0	$ 1,000.0

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Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Derivatives	$ 25,009	$ 9,916
Liabilities
Derivatives	3,992	2,925
Recurring [Member]
Assets
Derivatives	25,009	9,916
Liabilities
Derivatives	3,992	2,925
Level 2 [Member] | Recurring [Member]
Assets
Derivatives	25,009	9,916
Liabilities
Derivatives	$ 3,992	$ 2,925

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Loan Participations Sold, Net - Summary of Statistics for Loan Participations Sold (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Participating Mortgage Loans [Line Items]
Deferred financing costs	$ 25,962	$ 21,725
Loan Participations Sold [Member]
Participating Mortgage Loans [Line Items]
Deferred financing costs		$ 110,000

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Secured Term Loan, Net (Detail) - Term Loan B $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
Face Value	$ 498,750
Coupon Rate	L+2.50
All-in Cost	L+2.80
Maturity	Apr. 23, 2026

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Transactions with Related Parties - Additional Information (Detail) € in Millions, £ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019 USD ($) Loans	Jun. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) Loans	Sep. 30, 2018 USD ($)	Sep. 30, 2019 EUR (€) shares	Sep. 30, 2019 USD ($) shares	Jun. 30, 2019 EUR (€)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 GBP (£)	Dec. 31, 2018 USD ($) shares	Jun. 30, 2018 USD ($)	Mar. 31, 2018 EUR (€)	Mar. 31, 2018 USD ($)
Related Party Transaction [Line Items]
Common stock value							$ 1,343,000				$ 1,234,000
Restricted shares, vesting period				3 years
Non-cash expenses				$ 23,276,000	$ 20,488,000
Number of senior notes originated | Loans	2			2
2018 Single Asset Securitization [Member]
Related Party Transaction [Line Items]
Fully subscribed offering costs			$ 1,000,000,000.0		1,000,000,000.0		$ 993,500,000				$ 1,000,000,000.0
Secured Term Loan [Member]
Related Party Transaction [Line Items]
Debt Securities									$ 55,000,000.0
percentage of total secured term loans								11.00%	11.00%
Restricted Class A Common Stock [Member]
Related Party Transaction [Line Items]
Shares held | shares						1,220,724	1,220,724				1,614,907
Restricted shares, vesting period				3 years
Senior Term Facility [Member]
Related Party Transaction [Line Items]
Loan face amount						€ 1,600.0		€ 391.3		£ 490.0			€ 7,300.0
Senior term facility						€ 125.0		€ 191.8		£ 240.1			€ 1,000.0
Minority participation in senior term facility						16.00%	16.00%	49.00%	49.00%	49.00%			14.00%	14.00%
Senior Term Facility [Member] | Loan Purchase Commitments [Member]
Related Party Transaction [Line Items]
Incremental loan acquisition							$ 125,000,000
Unaffiliated Third Party [Member]
Related Party Transaction [Line Items]
Loan face amount							437,400,000
Senior term facility							$ 214,300,000
Minority participation in senior term facility						49.00%	49.00%
Manager [Member]
Related Party Transaction [Line Items]
Management Agreement expiration date				Dec. 19, 2019
Management Agreement renewal term, description				the current term of which expires on December 19, 2019, and will be automatically renewed for a one-year term upon such date and each anniversary thereafter unless earlier terminated.
Management Agreement renewal term, period				1 year
Accrued management and incentive fees payable							$ 17,500,000				$ 18,600,000
Management fees paid to Manager	$ 21,000,000.0		22,400,000	$ 59,400,000	52,200,000
Expenses reimbursed to Manager	335,000		167,000	766,000	572,000
Securitized debt obligations issued, aggregate amount			116,100,000		116,100,000
Total incentive compensation payments	3,100,000		6,300,000	17,400,000	22,000,000.0
Manager [Member] | Senior Loan [Member]
Related Party Transaction [Line Items]
Loan face amount														$ 330,000,000.0
Manager [Member] | Unaffiliated Third Party [Member] | Senior Loan [Member]
Related Party Transaction [Line Items]
Loan face amount												$ 1,000,000,000.0
Manager [Member] | Unaffiliated Third Party [Member] | Partially Owned Properties [Member] | Senior Loan [Member]
Related Party Transaction [Line Items]
Ownership interest in joint venture												50.00%
Manager [Member] | Class A Common Stock [Member] | Restricted Class A Common Stock [Member]
Related Party Transaction [Line Items]
Shares held | shares						606,376	606,376
Common stock value							$ 19,200,000
Non-cash expenses	3,800,000		3,200,000	11,500,000	9,600,000
Affiliates of Manager [Member] | Third-Party Service Provider [Member]
Related Party Transaction [Line Items]
Administrative services expenses incurred	$ 106,000		$ 90,000	$ 282,000	$ 384,000
BXMT Advisors Limited Liability Company and Affiliates [Member] | Secured Term Loan [Member] | Manager [Member]
Related Party Transaction [Line Items]
Total incentive compensation payments		$ 500,000
Blackstone-Advised Investment Vehicles, or the Funds [Member] | Senior Term Facility [Member]
Related Party Transaction [Line Items]
Ownership interest in joint venture													51.00%	51.00%

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Loans Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Overall Statistics for Loans Receivable Portfolio

The following table details overall statistics for our loans receivable portfolio ($ in thousands):

	September 30, 2019			December 31, 2018
Number of loans		128			125
Principal balance	$	14,849,556		$	14,293,970
Net book value	$	14,755,072		$	14,191,200
Unfunded loan commitments(1)	$	4,724,809		$	3,405,945
Weighted-average cash coupon(2)		5.07	%		5.67	%
Weighted-average all-in yield(2)		5.42	%		6.00	%
Weighted-average maximum maturity (years)(3)		3.6			3.9

(1)	Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)	Cash coupon and all-in yield assume applicable floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, BBSY, and CDOR, as of September 30, 2019 and December 31, 2018, respectively, for weighted-average calculation. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. As of September 30, 2019, 99% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR, and 1% earned a fixed rate of interest. In addition, $3.5 billion of our loans earned interest based on floors that are above the applicable index as of September 30, 2019. As of December 31, 2018, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR, and 2% earned a fixed rate of interest. In addition, $1.2 billion of our loans earned interest based on floors that are above the applicable index as of December 31, 2018.
(3)	Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of September 30, 2019, 59% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 41% were open to repayment by the borrower without penalty. As of December 31, 2018, 75% of our loans were subject to yield maintenance or other prepayment restrictions and 25% were open to repayment by the borrower without penalty.

Activity Relating to Loans Receivable Portfolio

Activity relating to our loans receivable portfolio was as follows ($ in thousands):

	Principal Balance			Deferred Fees / Other Items(1)			Net Book Value
December 31, 2018	$	14,293,970		$	(102,770	)	$	14,191,200
Loan fundings		3,319,563			—			3,319,563
Loan repayments and sales proceeds		(2,640,402	)		—			(2,640,402	)
Unrealized (loss) gain on foreign currency translation		(123,575	)		1,085			(122,490	)
Deferred fees and other items		—			(32,527	)		(32,527	)
Amortization of fees and other items		—			39,728			39,728
September 30, 2019	$	14,849,556		$	(94,484	)	$	14,755,072

(1)   Other items primarily consist of purchase discounts or premiums, exit fees, and deferred origination expenses.

Property Type and Geographic Distribution of Properties Securing Loans in Portfolio

The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):

September 30, 2019
Property Type	Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Percentage of Portfolio
Office	59	$	7,654,154	$	7,838,768	50%
Hotel	17		2,367,575		2,444,738	16
Multifamily	37		2,272,220		2,312,100	15
Industrial	5		700,751		704,098	5
Retail	3		381,451		388,138	3
Self-Storage	2		280,880		281,593	2
Condominium	1		223,908		225,116	1
Other	4		874,133		1,188,383	8
	128	$	14,755,072	$	15,382,934	100%
Geographic Location	Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Percentage of Portfolio
United States
Northeast	29	$	4,069,651	$	4,097,215	27%
West	29		3,186,197		3,370,213	22
Southeast	19		2,212,190		2,222,654	14
Midwest	11		1,283,170		1,289,119	8
Southwest	13		626,893		630,498	4
Northwest	4		177,295		177,900	1
Subtotal	105		11,555,396		11,787,599	76
International
United Kingdom	11		1,331,763		1,667,035	11
Spain	2		1,109,276		1,115,580	7
Australia	3		337,107		338,975	2
Germany	1		189,016		241,106	2
Canada	4		148,291		147,880	1
Belgium	1		84,223		84,759	1
Ireland	1		—		—	—
Subtotal	23		3,199,676		3,595,335	24
Total	128	$	14,755,072	$	15,382,934	100%

(1)	In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $533.4 million of such non-consolidated senior interests as of September 30, 2019.
(2)	Excludes investment exposure to the $993.5 million 2018 Single Asset Securitization. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.

December 31, 2018
Property Type	Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Percentage of Portfolio
Office	55	$	7,104,842	$	7,164,466		49%
Hotel	18		2,591,565		2,673,763		18
Multifamily	34		2,193,699		2,206,740		15
Industrial	5		680,808		685,776		5
Retail	4		451,099		452,900		3
Condominium	4		304,545		368,104		2
Self-Storage	2		278,473		280,043		2
Other	3		586,169		909,052		6
	125	$	14,191,200	$	14,740,844		100%
Geographic Location	Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Percentage of Portfolio
United States
Northeast	32	$	4,322,114	$	4,359,938		31%
West	29		3,137,072		3,222,706		22
Southeast	19		2,258,033		2,271,664		15
Midwest	9		1,161,637		1,170,619		8
Southwest	13		478,665		481,745		3
Northwest	4		238,844		239,872		2
Subtotal	106		11,596,365		11,746,544		81
International
Spain	1		1,124,174		1,131,334		8
United Kingdom	7		754,299		1,094,663		7
Canada	5		316,268		313,229		2
Australia	3		310,372		312,893		2
Belgium	1		70,621		71,007		—
Germany	1		11,585		63,637		—
Netherlands	1		7,516		7,537		—
Subtotal	19		2,594,835		2,994,300		19
Total	125	$	14,191,200	$	14,740,844		100%

(1)	In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $446.9 million of such non-consolidated senior interests as of December 31, 2018.
(2)	Excludes investment exposure to the $1.0 billion 2018 Single Asset Securitization. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.

Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings

The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands):

		September 30, 2019					December 31, 2018
Risk Rating		Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Number of Loans	Net Book Value		Total Loan Exposure(1)(2)
	1	4	$	275,921	$	276,178	2	$	181,366	$	182,740
	2	39		4,536,225		4,564,094	38		3,860,432		3,950,025
	3	82		9,776,127		10,375,349	85		10,149,402		10,608,079
	4	3		166,799		167,313	—		—		—
	5	—		—		—	—		—		—
		128	$	14,755,072	$	15,382,934	125	$	14,191,200	$	14,740,844

____________

  (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $533.4 million and $446.9 million of such non-consolidated senior interests as of September 30, 2019 and December 31, 2018, respectively.

  (2) Excludes investment exposure to the $993.5 million and $1.0 billion 2018 Single Asset Securitization as of September 30, 2019 and December 31, 2018, respectively. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.

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Other Expenses

9 Months Ended

Sep. 30, 2019

Other Income and Expenses [Abstract]

Other Expenses

12. OTHER EXPENSES

Our other expenses consist of the management and incentive fees we pay to our Manager and our general and administrative expenses.

Management and Incentive Fees

Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a base management fee in an amount equal to 1.50% per annum multiplied by our outstanding equity balance, as defined in the Management Agreement. In addition, our 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.

During the three and nine months ended September 30, 2019, we incurred $14.4 million and $40.8 million, respectively, of management fees payable to our Manager, compared to $12.1 million and $34.2 million during the same periods in 2018. In addition, during the three and nine months ended September 30, 2019, we incurred $3.1 million and $17.4 million, respectively, of incentive fees payable to our Manager, compared to $6.3 million and $22.0 million during the same periods in 2018.

As of September 30, 2019 and December 31, 2018 we had accrued management and incentive fees payable to our Manager of $17.5 million and $18.6 million, respectively.

General and Administrative Expenses

General and administrative expenses consisted of the following ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Professional services(1)	$	1,177	$	1,022	$	3,616	$	3,383
Operating and other costs(1)		810		687		2,059		2,026
Subtotal		1,987		1,709		5,675		5,409
Non-cash compensation expenses
Restricted class A common stock earned		7,629		6,609		22,901		20,113
Director stock-based compensation		125		125		375		375
Subtotal		7,754		6,734		23,276		20,488
Total general and administrative expenses	$	9,741	$	8,443	$	28,951	$	25,897

(1)   During the three and nine months ended September 30, 2019, we recognized an aggregate $234,000 and $567,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and nine months ended September 30, 2018, we recognized an aggregate $77,000 and $302,000, respectively, of expenses related to our Multifamily Joint Venture.

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Variable Interest Entities

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

16. VARIABLE INTEREST ENTITIES

Consolidated Variable Interest Entities

We have financed a portion of our loans through the CLO and the 2017 Single Asset Securitization, both of which are VIEs. We are the primary beneficiary of, and therefore consolidate, the CLO and the 2017 Single Asset Securitization on our balance sheet as we (i) control the relevant interests of the CLO and the 2017 Single Asset Securitization that give us power to direct the activities that most significantly affect the CLO and the 2017 Single Asset Securitization, and (ii) have the right to receive benefits and obligation to absorb losses of the CLO and the 2017 Single Asset Securitization through the subordinate interests we own.

The following table details the assets and liabilities of our consolidated CLO and 2017 Single Asset Securitization VIEs ($ in thousands):

	September 30, 2019		December 31, 2018
Assets:
Loans receivable, net	$	1,446,375	$	1,500,000
Other assets		58,086		5,440
Total assets	$	1,504,461	$	1,505,440
Liabilities:
Securitized debt obligations, net	$	1,288,389	$	1,285,471
Other liabilities		1,802		2,155
Total liabilities	$	1,290,191	$	1,287,626

Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, interest income and interest expense, however it does not affect our stockholders’ equity or net income.

Non-Consolidated Variable Interest Entities

In the third quarter of 2018, we contributed a $517.5 million loan to the $1.0 billion 2018 Single Asset Securitization, which is a VIE, and invested in the related $99.0 million subordinate risk retention position. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate risk retention position as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. Our maximum exposure to loss from the 2018 Single Asset Securitization is limited to our book value of $92.6 million as of September 30, 2019. Refer to Note 17 for further details of this transaction.

We are not obligated to provide, have not provided, and do not intend to provide financial support to these consolidated and non-consolidated VIEs.

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Other Expenses (Tables)

9 Months Ended

Sep. 30, 2019

Other Income and Expenses [Abstract]

Schedule of General and Administrative Expenses

General and Administrative Expenses

General and administrative expenses consisted of the following ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Professional services(1)	$	1,177	$	1,022	$	3,616	$	3,383
Operating and other costs(1)		810		687		2,059		2,026
Subtotal		1,987		1,709		5,675		5,409
Non-cash compensation expenses
Restricted class A common stock earned		7,629		6,609		22,901		20,113
Director stock-based compensation		125		125		375		375
Subtotal		7,754		6,734		23,276		20,488
Total general and administrative expenses	$	9,741	$	8,443	$	28,951	$	25,897

(1)   During the three and nine months ended September 30, 2019, we recognized an aggregate $234,000 and $567,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and nine months ended September 30, 2018, we recognized an aggregate $77,000 and $302,000, respectively, of expenses related to our Multifamily Joint Venture.

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Secured Term Loan, Net (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Line Items]

Schedule of Debt [Table Text Block]

The following tables detail our secured credit facilities ($ in thousands):

	September 30, 2019
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,722,050	$	1,722,050	$	—	$	2,185,465
Wells Fargo		1,661,789		1,564,215		97,574		2,135,379
JP Morgan		1,016,689		918,526		98,163		1,303,288
Citibank		1,090,739		888,053		202,686		1,386,175
Barclays		996,648		793,906		202,742		1,246,490
Bank of America		658,724		658,724		—		840,573
Morgan Stanley		490,213		434,165		56,048		658,055
MetLife		417,677		417,677		—		524,004
Société Générale		333,473		333,473		—		428,887
Goldman Sachs		313,895		268,895		45,000		426,383
Goldman Sachs - Multi. JV(3)		217,601		217,601		—		279,037
US Bank - Multi. JV(3)		184,031		183,937		94		230,039
Santander		143,852		143,852		—		179,815
Bank of America - Multi. JV(3)		22,320		22,320		—		28,642
	$	9,269,701	$	8,567,394	$	702,307	$	11,852,232

(1)	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.
(2)	Represents the principal balance of the collateral assets.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

	December 31, 2018
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,839,698	$	1,839,698	$	—	$	2,325,047
Wells Fargo		1,908,509		1,822,154		86,355		2,514,513
JP Morgan		1,010,628		1,010,628		—		1,266,259
Barclays		890,620		890,620		—		1,113,275
Citibank		852,470		663,917		188,553		1,076,085
Bank of America		873,446		873,446		—		1,090,117
MetLife		675,329		675,329		—		852,733
Morgan Stanley		341,241		276,721		64,520		457,496
Société Générale		321,182		321,182		—		404,048
Goldman Sachs		230,140		230,140		—		295,368
Goldman Sachs - Multi. JV(3)		170,060		170,060		—		212,983
Bank of America - Multi. JV(3)		97,002		97,002		—		121,636
	$	9,210,325	$	8,870,897	$	339,428	$	11,729,560

(1)	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.
(2)	Represents the principal balance of the collateral assets.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

Secured Debt [Member]

Debt Disclosure [Line Items]

Schedule of Debt [Table Text Block]

In April 2019 we entered into a senior secured term loan facility, or the Secured Term Loan. As of September 30, 2019, the following Secured Term Loan was outstanding ($ in thousands):

Term Loan Issuance	Face Value		Coupon Rate			All-in Cost(1)			Maturity
Term Loan B	$	498,750		L+2.50	%		L+2.80	%		April 23, 2026

(1)   Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Secured Term Loan.

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the Securities and Exchange Commission, or the SEC.

Basis of Presentation

The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

Certain reclassifications have been made in the presentation of the prior period secured debt agreements in Note 5 to conform to the current period presentation.

Principles of Consolidation

We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.

In the third quarter of 2018, we contributed a loan to a single asset securitization vehicle, or the 2018 Single Asset Securitization, which is a VIE, and invested in the related subordinate risk retention position. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate risk retention position as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. Refer to Note 16 for additional discussion of our VIEs.

In April 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint Venture.

Use of Estimates

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.

Revenue Recognition

Interest income from our loans receivable portfolio and debt securities 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 and recorded over the term of the loan or debt security 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.

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents.

During the second quarter of 2018, the letter of credit related to our restricted cash balance was cancelled and the cash was transferred out of our segregated bank account. As of both September 30, 2019 and December 31, 2018, we had no restricted cash on our consolidated balance sheets.

Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $348.4 million and $320.0 million as of September 30, 2019 and December 31, 2018, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts.

Loans Receivable and Provision for Loan Losses

We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. We are required to periodically evaluate each of these loans for possible impairment. Impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. If a loan is determined to be impaired, we write down the loan through a charge to the provision for loan losses. Impairment of these loans, which are collateral dependent, is measured by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by our Manager. Actual losses, if any, could ultimately differ from these estimates.

Our Manager performs a quarterly review of our portfolio of loans. In conjunction with this review, our Manager assesses the risk factors of each loan, and assigns it a risk rating based on a variety of factors, including, without limitation, loan-to-value ratio, or LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:

1 -	Very Low Risk
2 -	Low Risk
3 -	Medium Risk
4 -	High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss.
5 -	Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss.

Debt Securities Held-to-Maturity

We classify our debt securities as held-to-maturity, as we have the intent and ability to hold these securities until maturity. We include our debt securities in other assets on our consolidated balance sheets at amortized cost.

If, based on current information and events, there is an adverse change in cash flows expected to be collected from the cash flows previously projected for one of our debt securities, an other-than-temporary impairment is deemed to have occurred. A change in expected cash flows is considered adverse if the present value of the revised cash flows (taking into consideration both the timing and amount of cash flows expected to be collected), discounted using the debt security’s current yield, is less than the present value of the previously estimated remaining cash flows. If an other-than-temporary impairment is considered to have occurred, the debt security is written down to fair value. The total other-than-temporary impairment is bifurcated into (i) the amount related to expected credit losses, and (ii) the amount related to fair value adjustments in excess of expected credit losses. The other-than-temporary impairment related to expected credit losses is calculated by comparing the amortized cost basis of the security to the present value of cash flows expected to be collected, discounted at the security’s current yield, and is recognized in earnings in the consolidated statement of operations. The remaining other-than-temporary impairment that is not related to expected credit losses is recognized in other comprehensive income (loss). A portion of other-than-temporary impairments recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through other comprehensive income (loss) are amortized over the life of the security with no impact on earnings.

Derivative Financial Instruments

We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value.

On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction.

On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which

the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently.

Secured Debt Agreements

Where applicable, we record investments financed with secured debt agreements as separate assets and the related borrowings under any secured debt agreements are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt agreements are reported separately on our consolidated statements of operations.

Senior Loan Participations

In certain instances, we finance our loans through the non-recourse syndication of a senior loan interest to a third-party. Depending on the particular structure of the syndication, the senior loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participations sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining subordinate loan and not the non-consolidated senior interest we sold.

Secured Term Loan

We record our secured term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the secured term loan as additional non-cash interest expense.

Convertible Notes

The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our convertible notes as of the respective issuance dates based on our nonconvertible debt borrowing rate. The equity component of each series of our convertible notes is reflected within additional paid-in capital on our consolidated balance sheet, and the resulting issue discount is amortized over the period during which such convertible notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to such convertible notes will increase in subsequent periods through the maturity date as the notes accrete to their par value over the same period.

Deferred Financing Costs

The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations.

Fair Value of Financial Instruments

The “Fair Value Measurements and Disclosures” Topic of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.

ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows:

• Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date.

• Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates.

• Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third-parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2.

The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee composed of members of senior management of our Manager, including our Chief Executive Officer, Chief Financial Officer, and other senior officers.

Certain of our other assets are reported at fair value either (i) on a recurring basis, as of each quarter-end, or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 15. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-party dealers. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our Manager’s estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations may require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by our Manager.

We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value:

• Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value.

• Loans receivable, net: The fair values of these loans were estimated by our Manager based on a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, occupancy rates, availability and cost of financing, exit plan, sponsorship, actions of other lenders, and indications of market value from other market participants.

• Debt securities held-to-maturity: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

• Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads.

• Secured debt agreements, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced.

• Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset.

• Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

• Secured term loan, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

• Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained using quoted market prices.

Income Taxes

Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 13 for additional information.

Stock-Based Compensation

Our stock-based compensation consists of awards issued to our Manager and certain individuals employed by an affiliate of our Manager that vest over the life of the awards, as well as deferred stock units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 14 for additional information.

Earnings per Share

Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses.

Diluted earnings per share, or Diluted EPS, is determined using the treasury stock method, and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units. Refer to Note 11 for additional discussion of earnings per share.

Foreign Currency

In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss).

Underwriting Commissions and Offering Costs

Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred.

Recent Accounting Pronouncements

In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” or ASU 2019-04. ASU 2019-04 amends existing guidance originally issued by (i) ASU 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326),” or ASU 2016-13, (ii) ASU 2017-12 “Derivatives and Hedging Topic 815: Targeted Improvements to Accounting for Hedging Activities,” or ASU 2017-12, and (iii) ASU 2016-01 “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” or ASU 2016-01. The amendments in ASU 2019-04 that relate to ASU 2016-13 clarify specific issues related to the implementation of the current expected credit loss model, which are effective for fiscal years beginning after December 15, 2019 and are to be adopted through a cumulative-effect adjustment to retained earnings as of January 1, 2020. The amendments in ASU 2019-04 that relate to ASU 2017-12 primarily update guidance related to fair value hedges and do not have an impact on our consolidated financial statements. The amendments in ASU 2019-04 that relate to ASU 2016-01 primarily update guidance related to equity securities and do not have an impact on our consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace the “incurred loss” model under existing guidance with an “expected loss” model for instruments measured at amortized cost, and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of January 1, 2020. While we are currently evaluating the impact ASU 2016-13 will have on our consolidated financial statements, we expect that the adoption will result in an increased amount of provisions for potential loan losses as well as the recognition of such provisions earlier in the lending cycle. We currently do not have any provision for loan losses in our consolidated financial statements.

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Loan Participations Sold, Net

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Loan Participations Sold, Net

6. LOAN PARTICIPATIONS SOLD, NET

The financing of a loan by the non-recourse sale of a senior interest in the loan through a participation agreement generally does not qualify as a sale under GAAP. Therefore, in the instance of such sales, we present the whole loan as an asset and the loan participation sold as a liability on our consolidated balance sheet until the loan is repaid. The obligation to pay principal and interest on these liabilities is generally based on the performance of the related loan obligation. The gross presentation of loan participations sold does not impact stockholders’ equity or net income.

We did not have any loan participations sold as of September 30, 2019. We did not record any interest expense related to our loan participations sold during the three months ended September 30, 2019. During the nine months ended September 30, 2019, we recorded $3.2 million of interest expense related to our loan participations sold. During the three and nine months ended September 30, 2018, we recorded $11.7 million and $15.2 million, respectively, of interest expense related to our loan participations sold. The following table details our loan participations sold as of December 31, 2018 ($ in thousands):

December 31, 2018

Loan Participations Sold

Count

Principal Balance

Book Value

Yield/Cost(1)

Guarantee(2)

Term

Total loan

1

$

123,745

$

122,669

L+5.92

%

n/a

Feb. 2022

Senior participation(3)

1

94,528

94,418

L+4.07

%

n/a

Feb. 2022

(1)	Our floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees / financing costs.
(2)	As of December 31, 2018, our loan participations sold were non-recourse to us.
(3)	The difference between principal balance and book value of loan participations sold is due to deferred financing costs of $110,000 as of December 31, 2018.

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net income	$ 227,811	$ 211,917
Adjustments to reconcile net income to net cash provided by operating activities
Non-cash compensation expense	23,276	20,488
Amortization of deferred fees on loans and debt securities	(40,110)	(35,955)
Amortization of deferred financing costs and premiums/discount on debt obligations	22,702	20,993
Changes in assets and liabilities, net
Other assets	(3,518)	(9,709)
Other liabilities	(1,570)	15,001
Net cash provided by operating activities	228,591	222,735
Cash flows from investing activities
Origination and fundings of loans receivable	(3,319,563)	(5,222,803)
Principal collections and sales proceeds from loans receivable and debt securities	2,589,622	2,503,454
Loan contributed to securitization		512,002
Investment in debt securities held-to-maturity		(95,937)
Origination and exit fees received on loans receivable	32,527	74,111
Receipts under derivative financial instruments	35,756	34,975
Payments under derivative financial instruments	(4,650)	(14,031)
Collateral deposited under derivative agreements	(11,400)	(32,110)
Return of collateral deposited under derivative agreements	9,090	28,870
Net cash used in investing activities	(668,618)	(2,211,469)
Cash flows from financing activities
Borrowings under secured debt agreements	2,950,456	5,749,678
Repayments under secured debt agreements	(3,048,960)	(4,147,893)
Proceeds from sale of loan participations	21,346	86,339
Repayment of loan participations	(115,874)	(85,875)
Net proceeds from issuance of secured term loans	498,750
Repayments on secured term loans	(1,250)
Payment of deferred financing costs	(25,710)	(18,995)
Contributions from non-controlling interests	26,721	4,500
Distributions to non-controlling interests	(20,556)	(4,100)
Net proceeds from issuance of convertible notes		214,775
Repayment of convertible notes		(192)
Net proceeds from issuance of class A common stock	372,329	369,787
Dividends paid on class A common stock	(237,702)	(203,065)
Net cash provided by financing activities	419,550	1,964,959
Net decrease in cash and cash equivalents	(20,477)	(23,775)
Cash and cash equivalents at beginning of period	105,662	102,518
Effects of currency translation on cash and cash equivalents	(896)	8,244
Cash and cash equivalents at end of period	84,289	86,987
Supplemental disclosure of cash flows information
Payments of interest	(324,013)	(224,320)
Payments of income taxes	(205)	(546)
Supplemental disclosure of non-cash investing and financing activities
Dividends declared, not paid	(83,259)	(74,195)
Loan principal payments held by servicer, net	$ 56,843	$ 3,577

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Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income from loans and other investments
Interest and related income	$ 213,873	$ 203,107	$ 662,001	$ 550,011
Less: Interest and related expenses	111,957	97,955	347,536	255,677
Income from loans and other investments, net	101,916	105,152	314,465	294,334
Other expenses
Management and incentive fees	17,502	18,368	58,276	56,248
General and administrative expenses	9,741	8,443	28,951	25,897
Total other expenses	27,243	26,811	87,227	82,145
Income before income taxes	74,673	78,341	227,238	212,189
Income tax (benefit) provision	(721)	48	(573)	272
Net income	75,394	78,293	227,811	211,917
Net income attributable to non-controlling interests	(497)	(128)	(1,176)	(481)
Net income attributable to Blackstone Mortgage Trust, Inc.	$ 74,897	$ 78,165	$ 226,635	$ 211,436
Net income per share of common stock basic and diluted	$ 0.56	$ 0.67	$ 1.76	$ 1.90
Weighted-average shares of common stock outstanding, basic and diluted	134,536,683	116,203,140	128,485,701	111,251,864

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Derivative Financial Instruments

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

10. DERIVATIVE FINANCIAL INSTRUMENTS

The sole objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of ASC 815 – “Derivatives and Hedging.” Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks. Refer to Note 2 for additional discussion of the accounting for designated and non-designated hedges.

The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and our affiliates may also have other financial relationships.

Net Investment Hedges of Foreign Currency Risk

Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S. dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar.

The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands):

September 30, 2019				December 31, 2018
Foreign Currency Derivatives	Number of Instruments	Notional Amount		Foreign Currency Derivatives	Number of Instruments	Notional Amount
Sell GBP Forward	3	£	389,200	Sell GBP Forward	3	£	192,300
Sell EUR Forward	3	€	231,000	Sell AUD Forward	2	A$	187,600
Sell AUD Forward	3	A$	129,500	Sell EUR Forward	1	€	185,000
Sell CAD Forward	1	C$	39,100	Sell CAD Forward	1	C$	70,600

Cash Flow Hedges of Interest Rate Risk

Certain of our transactions expose us to interest rate risks, which include a fixed versus floating rate mismatch between our assets and liabilities. We use derivative financial instruments, which include interest rate caps and swaps, and may also include interest rate options, floors, and other interest rate derivative contracts, to hedge interest rate risk.

The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands):

September 30, 2019
Interest Rate Derivatives	Number of Instruments	Notional  Amount		Strike		Index		Wtd.-Avg. Maturity (Years)
Interest Rate Swaps	2	C$	17,273		1.0%		CDOR	0.9
Interest Rate Caps	1	$	7,296		2.3%		USD LIBOR	0.2
Interest Rate Caps	1	C$	21,709		3.0%		CDOR	0.2
December 31, 2018
Interest Rate Derivatives	Number of Instruments	Notional  Amount		Strike		Index		Wtd.-Avg. Maturity (Years)
Interest Rate Swaps	3	C$	90,472		1.0%		CDOR	0.5
Interest Rate Caps	9	$	204,248		2.4%		USD LIBOR	0.5
Interest Rate Caps	2	C$	39,998		2.5%		CDOR	0.6

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our floating rate debt. During the twelve months following September 30, 2019, we estimate that an additional $111,000 will be reclassified from accumulated other comprehensive income (loss) as an increase to interest income.

Non-designated Hedges

During the three and nine months ended September 30, 2019, we recorded gains of $187,000 and $331,000, respectively, related to non-designated hedges that were reported as a component of interest expense in our consolidated financial statements. During the three and nine months ended September 30, 2018, we recorded losses of $51,000 and gains of $94,000, respectively, related to such non-designated hedges.

The following tables summarize our non-designated hedges (notional amount in thousands):

September 30, 2019
Non-designated Hedges	Number of Instruments		Notional Amount
Buy EUR / Sell USD Forward		1	€	131,900
Buy USD / Sell EUR Forward		1	€	131,900
Buy GBP / Sell EUR Forward		1	€	12,857
December 31, 2018
Non-designated Hedges	Number of Instruments		Notional Amount
Buy AUD / Sell USD Forward		1	A$	55,000
Buy USD / Sell AUD Forward		1	A$	55,000
Buy GBP / Sell USD Forward		1	£	23,200
Buy USD / Sell GBP Forward		1	£	23,200
Buy GBP / Sell EUR Forward		1	€	12,857

Valuation of Derivative Instruments

The following table summarizes the fair value of our derivative financial instruments ($ in thousands):

	Fair Value of Derivatives in an Asset Position(1) as of				Fair Value of Derivatives in a Liability Position(2) as of
	September 30, 2019		December 31, 2018		September 30, 2019		December 31, 2018
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	19,103	$	8,210	$	32	$	1,307
Interest rate derivatives		119		590		—		—
Total	$	19,222	$	8,800	$	32	$	1,307
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	5,787	$	1,116	$	3,960	$	1,618
Interest rate derivatives		—		—		—		—
Total	$	5,787	$	1,116	$	3,960	$	1,618
Total Derivatives	$	25,009	$	9,916	$	3,992	$	2,925

(1)	Included in other assets in our consolidated balance sheets.
(2)	Included in other liabilities in our consolidated balance sheets.

The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):

	Amount of Gain (Loss) Recognized in OCI on Derivatives					Location of Gain (Loss) Reclassified from Accumulated OCI into Income			Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives in Hedging Relationships	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019						Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Net Investment Hedges
Foreign exchange contracts(1)	$	35,978	$	45,272			Interest Expense		$	—	$	—
Cash Flow Hedges
Interest rate derivatives		13		(152	)		Interest Expense	(2)		4		167
Total	$	35,991	$	45,120					$	4	$	167

(1)	During the three and nine months ended September 30, 2019, we received net cash settlements of $24.2 million and $31.1 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.
(2)	During the three months ended September 30, 2019, we recorded total interest and related expenses of $112.0 million, which was reduced by $4,000 related to income generated by our cash flow hedges. During the nine months ended September 30, 2019, we recorded total interest and related expenses of $347.5 million, which was reduced by $167,000 related to income generated by our cash flow hedges.

Credit-Risk Related Contingent Features

We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of September 30, 2019, we were in a net asset position with each such derivative counterparty, and posted collateral of $2.3 million under these derivative contracts. As of December 31, 2018, we were in a net asset position with each such derivative counterparty and did not have any collateral posted under these derivative contracts.

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Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest and related expenses	$ 111,957,000	$ 97,955,000	$ 347,536,000	$ 255,677,000
Amount of Loss Reclassified from Accumulated OCI into Income	4,000		167,000
Interest Rate Swaps/Derivatives [Member] | Cash Flow Hedges [Member] | Interest Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Reclassified from Accumulated OCI into Income	4,000		167,000
Foreign Currency Contracts [Member] | Net Investment Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net cash settlements on our foreign currency forward contracts	$ 24,200,000		$ 31,100,000

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Income Taxes - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2013	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2018
Tax Credit Carryforward [Line Items]
Annual distribution of net taxable income for U.S. federal income tax not to apply to our earnings that we distribute (percent)				90.00%
Net taxable income subject to distribution (percent)				100.00%
Excise tax rate				4.00%
Income tax provision (benefit)		$ (721,000)	$ 48,000	$ (573,000)	$ 272,000
Tax credit refund		747,000		$ 747,000
U.S. federal corporate income tax rate				21.00%		35.00%
Common stock, shares issued	25,875,000			10,535,507	11,484,414
Net operating losses carried forward							$ 159,000,000.0
NOLs expiration date				Dec. 31, 2029
Open tax year	2015 2017 2018
Internal Revenue Service [Member]
Tax Credit Carryforward [Line Items]
Net operating losses limit per annum		$ 2,000,000.0		$ 2,000,000.0
Net operating losses limitations				the availability of our NOLs is generally limited to $2.0 million per annum

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Equity - Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income	$ 74,897	$ 78,165	$ 226,635	$ 211,436
Weighted-average shares outstanding, basic and diluted	134,536,683	116,203,140	128,485,701	111,251,864
Per share amount, basic and diluted	$ 0.56	$ 0.67	$ 1.76	$ 1.90

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Derivative Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of collateral posted for the net assets/liability positions	$ 2,310,000		$ 2,310,000
Not Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives recorded gains (losses) during the period	$ 187,000	$ 51,000	$ 331,000	$ 94,000
Interest Rate Swaps/Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income (loss) as increase to interest income					$ 111,000
Reclassification from accumulated other comprehensive income, time period			12 months

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Convertible Notes, Net - Summary of Details of Net Book Value of Convertible Note (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Deferred financing costs	$ (25,962)	$ (21,725)
Net book value	612,263	609,911
Convertible Senior Note [Member]
Debt Instrument [Line Items]
Face Value	622,500	622,500
Unamortized discount	(9,552)	(11,740)
Deferred financing costs	(685)	(849)
Net book value	$ 612,263	$ 609,911

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Equity - Summary of Class A Common Stock Issuances (Detail) - USD ($)	1 Months Ended	9 Months Ended
	May 31, 2013	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Shares issued	25,875,000	10,535,507	11,484,414
Net proceeds		$ 372,329,000	$ 369,787,000
Shares issued, Wtd. Avg.		10,534,628
Gross share issue price, Wtd. Avg.		$ 35.75
Net share issue price, Wtd. Avg.		$ 35.38
Net proceeds,Wtd. Avg.		$ 372,341
Class A Common Stock [Member]
Class of Stock [Line Items]
Shares issued		8,625,000
Gross share issue price		$ 36.00
Net share issue price		$ 35.62
Net proceeds		$ 306,952
Class A Common Stock [Member] | At The Market [Member]
Class of Stock [Line Items]
Shares issued		1,909,628
Gross share issue price		$ 34.63
Net share issue price		$ 34.28
Net proceeds		$ 65,389

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Other Assets and Liabilities - Summary of Components of Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Schedule Of Other Assets [Line Items]
Percentage of yield in subordinate risk retention interest	10.00%
2018 Single Asset Securitization [Member]
Schedule Of Other Assets [Line Items]
Single asset securitization principal amount	$ 993.5	$ 1,000.0	$ 1,000.0
Single asset securitization maximum maturity date	Jun. 09, 2025

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Secured Debt Agreements, Net - Credit Facilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	$ 9,269,701	$ 9,210,325
Repurchase Borrowings Outstanding	8,567,394	8,870,897
Available	702,307	339,428
Collateral Assets	11,852,232	11,729,560
Deutsche Bank [Member]
Line of Credit Facility [Line Items]
Repurchase Borrowings Outstanding	803,700
Deutsche Bank [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	1,722,050	1,839,698
Repurchase Borrowings Outstanding	1,722,050	1,839,698
Collateral Assets	2,185,465	2,325,047
Wells Fargo [Member]
Line of Credit Facility [Line Items]
Repurchase Borrowings Outstanding	174,300	302,700
Wells Fargo [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	1,661,789	1,908,509
Repurchase Borrowings Outstanding	1,564,215	1,822,154
Available	97,574	86,355
Collateral Assets	2,135,379	2,514,513
Barclays [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	996,648	890,620
Repurchase Borrowings Outstanding	793,906	890,620
Available	202,742
Collateral Assets	1,246,490	1,113,275
Citibank [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	1,090,739	852,470
Repurchase Borrowings Outstanding	888,053	663,917
Available	202,686	188,553
Collateral Assets	1,386,175	1,076,085
JP Morgan [Member]
Line of Credit Facility [Line Items]
Repurchase Borrowings Outstanding	520,600
JP Morgan [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	1,016,689	1,010,628
Repurchase Borrowings Outstanding	918,526	1,010,628
Available	98,163
Collateral Assets	1,303,288	1,266,259
Bank of America [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	658,724	873,446
Repurchase Borrowings Outstanding	658,724	873,446
Collateral Assets	840,573	1,090,117
Morgan Stanley [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	490,213	341,241
Repurchase Borrowings Outstanding	434,165	276,721
Available	56,048	64,520
Collateral Assets	658,055	457,496
Societe Generale [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	333,473	321,182
Repurchase Borrowings Outstanding	333,473	321,182
Collateral Assets	428,887	404,048
Goldman Sachs [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	313,895	230,140
Repurchase Borrowings Outstanding	268,895	230,140
Available	45,000
Collateral Assets	426,383	295,368
MetLife [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	417,677	675,329
Repurchase Borrowings Outstanding	417,677	675,329
Collateral Assets	524,004	852,733
Goldman Sachs - Multi. JV [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	217,601	170,060
Repurchase Borrowings Outstanding	217,601	170,060
Collateral Assets	279,037	212,983
Santander [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	143,852
Repurchase Borrowings Outstanding	143,852
Collateral Assets	179,815
US Bank - Multi. JV [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	184,031
Repurchase Borrowings Outstanding	183,937
Available	94
Collateral Assets	230,039
Bank of America - Multi. JV [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Potential	22,320	97,002
Repurchase Borrowings Outstanding	22,320	97,002
Collateral Assets	$ 28,642	$ 121,636

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Stock-Based Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($) Plans shares	Dec. 31, 2018 shares	Jun. 29, 2018 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of benefit plans | Plans	9
Restricted shares, vesting period	3 years
Restricted Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, vesting period	3 years
Number of shares of restricted class A common stock outstanding	1,220,724	1,614,907
Unrecognized compensation cost relating to nonvested share-based compensation | $	$ 37.2
Nonvested share-based compensation, closing price | $ / shares			$ 31.43
Unrecognized compensation cost expected to be recognized over weighted average period	1 year
Expired Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available under plan	0
Vest in 2019 [Member] | Restricted Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of restricted class A common stock outstanding	236,885
Vest in 2020 [Member] | Restricted Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of restricted class A common stock outstanding	649,043
Vest in 2021 [Member] | Restricted Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of restricted class A common stock outstanding	334,796
Class A Common Stock [Member] | Stock Incentive Current Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available under plan	3,965,888
Maximum number of shares available under plan	5,000,000

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Secured Debt Agreements, Net - Summary of Asset-Specific Financings (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019 USD ($) SecurityLoan	Dec. 31, 2018 USD ($) SecurityLoan
Participating Mortgage Loans [Line Items]
Financing provided	2023-03	2022-08
Financing provided, Principal Balance	$ 8,816,566	$ 8,996,481
Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Count | SecurityLoan	4	1
LIBOR [Member] | Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	4.96%	6.08%
Asset-Specific Financings [Member]
Participating Mortgage Loans [Line Items]
Financing provided	2023-03	2022-08
Guarantee	$ 84,486
Collateral assets, Book Value	314,472	$ 104,807
Financing provided, Book Value	241,597	80,938
Collateral assets, Principal Balance	326,839	106,739
Financing provided, Principal Balance	$ 249,172	$ 81,739
Count | SecurityLoan	4	1
Asset-Specific Financings [Member] | LIBOR [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	3.53%	4.07%

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Securitized Debt Obligations, Net - Schedule of Information on Securitized Debt Obligations (Detail) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2019 USD ($) Loans	Dec. 31, 2018 USD ($) Loans
Financing Provided [Member]
Debt Instrument [Line Items]
Count | Loans	[1]	2	2
Principal Balance	[1]	$ 1,292,120	$ 1,292,120
Book Value	[1]	$ 1,288,389	$ 1,285,471
Financing Provided [Member] | Collateralized Loan Obligations [Member]
Debt Instrument [Line Items]
Count | Loans		1	1
Principal Balance		$ 817,500	$ 817,500
Book Value		$ 813,852	$ 811,023
Term	[2]	2035-06	2035-06
Financing Provided [Member] | Single Asset Securitization [Member]
Debt Instrument [Line Items]
Count | Loans		1	1
Principal Balance		$ 474,620	$ 474,620
Book Value		$ 474,537	$ 474,448
Term	[2]	2033-06	2033-06
Collateral Assets [Member]
Debt Instrument [Line Items]
Count | Loans		21	27
Principal Balance		$ 1,700,197	$ 1,682,297
Book Value		$ 1,698,040	$ 1,678,770
Wtd. Avg. Yield/Cost	[3]		6.19%
Collateral Assets [Member] | Collateralized Loan Obligations [Member]
Debt Instrument [Line Items]
Count | Loans		20	26
Principal Balance		$ 1,000,000	$ 1,000,000
Book Value		$ 1,000,000	$ 1,000,000
Wtd. Avg. Yield/Cost	[3]		6.25%
Term	[2]	2022-09	2022-04
Collateral Assets [Member] | Single Asset Securitization [Member]
Debt Instrument [Line Items]
Count | Loans	[4]	1	1
Principal Balance	[4]	$ 700,197	$ 682,297
Book Value	[4]	$ 698,040	$ 678,770
Term	[2],[4]	2023-06	2023-06
LIBOR [Member] | Financing Provided [Member]
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	[1],[3]	1.69%	1.71%
LIBOR [Member] | Financing Provided [Member] | Collateralized Loan Obligations [Member]
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	[3]	1.71%	1.74%
LIBOR [Member] | Financing Provided [Member] | Single Asset Securitization [Member]
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	[3]	1.65%	1.65%
LIBOR [Member] | Collateral Assets [Member]
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	[3]	3.51%
LIBOR [Member] | Collateral Assets [Member] | Collateralized Loan Obligations [Member]
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	[3]	3.43%
LIBOR [Member] | Collateral Assets [Member] | Single Asset Securitization [Member]
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	[3],[4]	3.60%	3.60%

[1] During the three and nine months ended September 30, 2019, we recorded $8.2 million and $33.1 million, respectively, of interest expense related to our securitized debt obligations. During the three and nine months ended September 30, 2018, we recorded $12.0 million and $23.1 million, respectively, of interest expense related to our securitized debt obligations.

[2] Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

[3] As of September 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. All-in yield for the total portfolio assume applicable floating benchmark rates for weighted-average calculation.

[4] The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million.

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Variable Interest Entities - Summary of Assets and Liabilities of Consolidated CLO and Single Asset Securitization VIE (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Assets	$ 1,500,000	$ 1,500,000
VIE [Member]
Assets:
Assets	1,504,461	1,505,440
Liabilities:
Liabilities	1,290,191	1,287,626
VIE [Member] | Loans Receivable [Member]
Assets:
Assets	1,446,375	1,500,000
VIE [Member] | Other Assets [Member]
Assets:
Assets	58,086	5,440
VIE [Member] | Securitized Debt Obligations, Net [Member]
Liabilities:
Liabilities	1,288,389	1,285,471
VIE [Member] | Other Liabilities [Member]
Liabilities:
Liabilities	$ 1,802	$ 2,155

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Commitments and Contingencies - Schedule of Principal Debt Repayments (Detail) $ in Thousands	Sep. 30, 2019 USD ($)
Debt Instrument [Line Items]
Total Obligation	$ 9,937,816
Less Than 1 Year	129,609
1 to 3 Years	3,698,887
3 to 5 Years	5,266,844
More Than 5 Years	842,476
Secured Debt agreements[Member]
Debt Instrument [Line Items]
Total Obligation	8,816,566
Less Than 1 Year	125,859
1 to 3 Years	3,286,387
3 to 5 Years	5,036,844
More Than 5 Years	367,476
Secured Term Loans [Member]
Debt Instrument [Line Items]
Total Obligation	498,750
Less Than 1 Year	3,750
1 to 3 Years	10,000
3 to 5 Years	10,000
More Than 5 Years	475,000
Convertible Notes [Member]
Debt Instrument [Line Items]
Total Obligation	622,500
1 to 3 Years	402,500
3 to 5 Years	$ 220,000

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Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
4.38% Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Convertible Note Issuance	2017-05
Face Value	$ 402,500
Coupon Rate	4.38%
All-in Cost	4.85%
Conversion Rate	28.0324
Maturity	May 05, 2022
4.75% Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Convertible Note Issuance	2018-03
Face Value	$ 220,000
Coupon Rate	4.75%
All-in Cost	5.33%
Conversion Rate	27.6052
Maturity	Mar. 15, 2023

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Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan exposure including senior interests	$ 533.4	$ 446.9
2018 Single Asset Securitization [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Single asset securitization principal amount	$ 993.5	$ 1,000.0	$ 1,000.0

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Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019 USD ($) SecurityLoan	Dec. 31, 2018 USD ($) SecurityLoan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	128	125
Net book value	$ 14,755,072	$ 14,191,200
Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	128	125
Principal balance	$ 14,849,556	$ 14,293,970
Unfunded loan commitments	$ 4,724,809	$ 3,405,945
Weighted-average maximum maturity (years)	3 years 7 months 6 days	3 years 10 months 24 days
Loans Receivable [Member] | LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average cash coupon, rate	5.07%	5.67%
Weighted-average all-in yield, rate	5.42%	6.00%
Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 14,755,072	$ 14,191,200

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Stock-Based Incentive Plans

9 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Incentive Plans

14. STOCK-BASED INCENTIVE PLANS

We are externally managed by our Manager and do not currently have any employees. However, as of September 30, 2019, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through our issuance of stock-based instruments.

We had stock-based incentive awards outstanding under nine benefit plans as of September 30, 2019. Seven of such benefit plans have expired and no new awards may be issued under them. Under our two current benefit plans, a maximum of 5,000,000 shares of our class A common stock may be issued to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of September 30, 2019, there were 3,965,888 shares available under our current benefit plans.

The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share:

	Restricted Class A Common Stock			Weighted-Average Grant Date Fair Value Per Share
Balance as of December 31, 2018		1,614,907		$	32.94
Granted		334,904			31.54
Vested		(711,522	)		32.08
Forfeited		(17,565	)		31.55
Balance as of September 30, 2019		1,220,724		$	33.08

These shares generally vest in installments over a three-year period, pursuant to the terms of the respective award agreements and the terms of our current benefit plans. The 1,220,724 shares of restricted class A common stock outstanding as of September 30, 2019 will vest as follows: 236,885 shares will vest in 2019; 649,043 shares will vest in 2020; and 334,796 shares will vest in 2021. As of September 30, 2019, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $37.2 million based on the grant date fair value of shares granted subsequent to July 1, 2018. The compensation cost of our share based compensation arrangements for awards granted before July 1, 2018 is based on $31.43, the closing price of our class A common stock on the last trading day prior to July 1, 2018. This cost is expected to be recognized over a weighted-average period of 1.0 years from September 30, 2019.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

18. COMMITMENTS AND CONTINGENCIES

Unfunded Commitments Under Loans Receivable

As of September 30, 2019, we had unfunded commitments of $4.7 billion related to 96 loans receivable, which amounts will generally be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.

Principal Debt Repayments

Our contractual principal debt repayments as of September 30, 2019 were as follows ($ in thousands):

			Payment Timing
	Total		Less Than		1 to 3		3 to 5		More Than
	Obligation		1 Year		Years		Years		5 Years
Principal repayments under secured debt agreements(1)	$	8,816,566	$	125,859	$	3,286,387	$	5,036,844	$	367,476
Principal repayments of secured term loans(2)		498,750		3,750		10,000		10,000		475,000
Principal repayments of convertible notes(3)		622,500		—		402,500		220,000		—
Total(4)	$	9,937,816	$	129,609	$	3,698,887	$	5,266,844	$	842,476

(1)	The allocation of repayments under our secured debt agreements is based on the earlier of (i) the maturity date of each facility, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
(2)	The Secured Term Loan is partially amortizing, with an amount equal to 1.0% per annum of the original principal balance due in quarterly installments. Refer to Note 8 for further details on our secured term loan.
(3)	Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 9 for further details on our Convertible Notes.
(4)	Does not include $533.4 million of non-consolidated senior interests and $1.3 billion of securitized debt obligations, as the satisfaction of these liabilities will not require cash outlays from us.

Board of Directors’ Compensation

As of September 30, 2019, of the eight members of our board of directors, our five independent directors are entitled to annual compensation of $175,000 each, $75,000 of which will be paid in the form of cash and $100,000 in the form of deferred stock units. The other three board members, including our chairman and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the chair of our audit committee receives additional annual cash compensation of $20,000, (ii) the other members of our audit committee receive additional annual cash compensation of $10,000, and (iii) the chairs of each of our compensation and corporate governance committees receive additional annual cash compensation of $10,000.

Litigation

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2019, we were not involved in any material legal proceedings.

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Commitments and Contingencies - Schedule of Principal Debt Repayments (Parenthetical) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Non-consolidated senior interests excluded from contractual obligations	$ 533.4
Securitized debt obligations excluded from contractual obligations	$ 1,300.0
Debt Instrument Amortization Percentage	1.00%

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Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2019 USD ($) $ / shares
5.25% Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, conversion price	$ 35.85
5.25% Convertible Senior Notes [Member] | Class A Common Stock [Member]
Debt Instrument [Line Items]
Convertible Notes, debt conversion, principal amount | $	$ 1,000
Debt instrument, conversion price	$ 0
4.38% Convertible Senior Notes [Member] | Class A Common Stock [Member]
Debt Instrument [Line Items]
Convertible Notes, debt conversion, principal amount | $	$ 1,000
Debt instrument, conversion price	$ 0
4.75% Convertible Senior Notes Issued In March 2018 [Member] | Class A Common Stock [Member]
Debt Instrument [Line Items]
Debt instrument, conversion price	35.67
Debt instrument, conversion price	0
4.38% Convertible Senior Notes Issued in May 2017 [Member] | Class A Common Stock [Member]
Debt Instrument [Line Items]
Debt instrument, conversion price	36.23
Debt instrument, conversion price	$ 0

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Stock-Based Incentive Plans - Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share (Detail) - Restricted Class A Common Stock [Member]	9 Months Ended
	Sep. 30, 2019 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Class A Common Stock, Beginning Balance | shares	1,614,907
Restricted Class A Common Stock, Granted | shares	334,904
Restricted Class A Common Stock, Vested | shares	(711,522)
Restricted Class A Common Stock, Forfeited | shares	(17,565)
Restricted Class A Common Stock, Ending Balance | shares	1,220,724
Weighted-Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares	$ 32.94
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares	31.54
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares	32.08
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares	31.55
Weighted-Average Grant Date Fair Value Per Share, Ending Balance | $ / shares	$ 33.08

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Loan Participations Sold, Net - Summary of Statistics for Loan Participations Sold (Detail)	12 Months Ended
	Dec. 31, 2018 USD ($) SecurityLoan	Sep. 30, 2019 USD ($)
Participating Mortgage Loans [Line Items]
Count | SecurityLoan	1
Principal Balance	$ 123,745,000
Guarantee	0
Book Value, Total Loan	$ 14,191,200,000	$ 14,755,072,000
Weighted Average Term	2022-02
Book Value	$ 94,418,000
Senior Participation [Member]
Participating Mortgage Loans [Line Items]
Principal Balance	94,528,000
Guarantee	$ 0
Weighted Average Term	2022-02
Book Value	$ 94,418,000
Loan Participations Sold [Member]
Participating Mortgage Loans [Line Items]
Book Value, Total Loan	$ 122,669,000
LIBOR [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost	5.92%
LIBOR [Member] | Senior Participation [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost	4.07%

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Securitized Debt Obligations, Net - Schedule of Information on Securitized Debt Obligations (Parenthetical) (Detail) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jan. 01, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019
Debt Instrument [Line Items]
Percentage of loans financed by securitized debt obligations earned floating rate of interest				98.00%
Interest expense on securitized debt obligations	$ 35.6	$ 11.9	$ 12.5	$ 36.9
Collateral Assets [Member] | Single Asset Securitization [Member]
Debt Instrument [Line Items]
Total loan amount, securitized		$ 500.0		$ 500.0

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Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Subordinate risk retention interest notional amount	$ 99.0
Loans Receivable [Member]
Variable Interest Entity [Line Items]
Loan contributed to securitization	517.5
2018 Single Asset Securitization [Member]
Variable Interest Entity [Line Items]
Single asset securitization principal amount	$ 1,000.0	$ 993.5	$ 1,000.0
Maximum exposure to loss		$ 92.6

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Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019 USD ($) SecurityLoan	Dec. 31, 2018 USD ($) SecurityLoan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	128	125
Net book value	$ 14,755,072	$ 14,191,200
Total Loan Exposure	$ 15,382,934	$ 14,740,844
Percentage of Portfolio	100.00%	100.00%
Office [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	59	55
Net book value	$ 7,654,154	$ 7,104,842
Total Loan Exposure	$ 7,838,768	$ 7,164,466
Percentage of Portfolio	50.00%	49.00%
Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	17	18
Net book value	$ 2,367,575	$ 2,591,565
Total Loan Exposure	$ 2,444,738	$ 2,673,763
Percentage of Portfolio	16.00%	18.00%
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	37	34
Net book value	$ 2,272,220	$ 2,193,699
Total Loan Exposure	$ 2,312,100	$ 2,206,740
Percentage of Portfolio	15.00%	15.00%
Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	5	5
Net book value	$ 700,751	$ 680,808
Total Loan Exposure	$ 704,098	$ 685,776
Percentage of Portfolio	5.00%	5.00%
Retail [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	3	4
Net book value	$ 381,451	$ 451,099
Total Loan Exposure	$ 388,138	$ 452,900
Percentage of Portfolio	3.00%	3.00%
Condominium [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	1	4
Net book value	$ 223,908	$ 304,545
Total Loan Exposure	$ 225,116	$ 368,104
Percentage of Portfolio	1.00%	2.00%
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	4	3
Net book value	$ 874,133	$ 586,169
Total Loan Exposure	$ 1,188,383	$ 909,052
Percentage of Portfolio	8.00%	6.00%
Self-Storage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	2	2
Net book value	$ 280,880	$ 278,473
Total Loan Exposure	$ 281,593	$ 280,043
Percentage of Portfolio	2.00%	2.00%
United States Northeast [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	29	32
Net book value	$ 4,069,651	$ 4,322,114
Total Loan Exposure	$ 4,097,215	$ 4,359,938
Percentage of Portfolio	27.00%	31.00%
United States West [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	29	29
Net book value	$ 3,186,197	$ 3,137,072
Total Loan Exposure	$ 3,370,213	$ 3,222,706
Percentage of Portfolio	22.00%	22.00%
United States Southeast [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	19	19
Net book value	$ 2,212,190	$ 2,258,033
Total Loan Exposure	$ 2,222,654	$ 2,271,664
Percentage of Portfolio	14.00%	15.00%
United States Midwest [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	11	9
Net book value	$ 1,283,170	$ 1,161,637
Total Loan Exposure	$ 1,289,119	$ 1,170,619
Percentage of Portfolio	8.00%	8.00%
United States Southwest [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	13	13
Net book value	$ 626,893	$ 478,665
Total Loan Exposure	$ 630,498	$ 481,745
Percentage of Portfolio	4.00%	3.00%
United States Northwest [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	4	4
Net book value	$ 177,295	$ 238,844
Total Loan Exposure	$ 177,900	$ 239,872
Percentage of Portfolio	1.00%	2.00%
United States [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	105	106
Net book value	$ 11,555,396	$ 11,596,365
Total Loan Exposure	$ 11,787,599	$ 11,746,544
Percentage of Portfolio	76.00%	81.00%
United Kingdom [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	11	7
Net book value	$ 1,331,763	$ 754,299
Total Loan Exposure	$ 1,667,035	$ 1,094,663
Percentage of Portfolio	11.00%	7.00%
Spain [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	2	1
Net book value	$ 1,109,276	$ 1,124,174
Total Loan Exposure	$ 1,115,580	$ 1,131,334
Percentage of Portfolio	7.00%	8.00%
Canada [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	4	5
Net book value	$ 148,291	$ 316,268
Total Loan Exposure	$ 147,880	$ 313,229
Percentage of Portfolio	1.00%	2.00%
Australia [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	3	3
Net book value	$ 337,107	$ 310,372
Total Loan Exposure	$ 338,975	$ 312,893
Percentage of Portfolio	2.00%	2.00%
Belgium [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	1	1
Net book value	$ 84,223	$ 70,621
Total Loan Exposure	$ 84,759	$ 71,007
Percentage of Portfolio	1.00%
Germany [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	1	1
Net book value	$ 189,016	$ 11,585
Total Loan Exposure	$ 241,106	$ 63,637
Percentage of Portfolio	2.00%
Netherlands [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan		1
Net book value		$ 7,516
Total Loan Exposure		$ 7,537
International [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	23	19
Net book value	$ 3,199,676	$ 2,594,835
Total Loan Exposure	$ 3,595,335	$ 2,994,300
Percentage of Portfolio	24.00%	19.00%
Ireland [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	1

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Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Apr. 30, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint venture capital contribution percentage			85.00%
Income accrual, description	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.
Cash and cash equivalents, description	Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less.
Expected loss	$ 0
Provision for loan losses	0
Borrower Escrows	348,400,000	$ 320,000,000.0
Restricted cash	$ 0	$ 0
Walker and Dunlop [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint venture capital contribution percentage			15.00%

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Fair Values

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Values

15. FAIR VALUES

Assets and Liabilities Measured at Fair Value

The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

	September 30, 2019								December 31, 2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivatives	$	—	$	25,009	$	—	$	25,009	$	—	$	9,916	$	—	$	9,916
Liabilities
Derivatives	$	—	$	3,992	$	—	$	3,992	$	—	$	2,925	$	—	$	2,925

Refer to Note 2 for further discussion regarding fair value measurement.

Fair Value of Financial Instruments

As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the statement of financial position, for which it is practicable to estimate that value.

The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):

	September 30, 2019						December 31, 2018
	Book Value		Face Amount		Fair Value		Book Value		Face Amount		Fair Value
Financial assets
Cash and cash equivalents	$	84,289	$	84,289	$	84,289	$	105,662	$	105,662	$	105,662
Loans receivable, net		14,755,072		14,849,556		14,852,871		14,191,200		14,293,970		14,294,836
Debt securities held-to-maturity(1)		92,580		95,032		94,280		96,167		99,000		96,600
Financial liabilities
Secured debt agreements, net		8,790,604		8,816,566		8,816,566		8,974,756		8,996,481		8,996,481
Loan participations sold, net		—		—		—		94,418		94,528		94,528
Securitized debt obligations, net		1,288,389		1,292,120		1,292,309		1,285,471		1,292,120		1,283,086
Secured term loan, net		490,659		498,750		500,310		—		—		—
Convertible notes, net		612,263		622,500		653,026		609,911		622,500		605,348

(1)   Included in other assets on our consolidated balance sheets.

Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for debt securities held-to-maturity, securitized debt obligations, and the secured term loan are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

Certain reclassifications have been made in the presentation of the prior period secured debt agreements in Note 5 to conform to the current period presentation.

Principles of Consolidation

Principles of Consolidation

We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.

In the third quarter of 2018, we contributed a loan to a single asset securitization vehicle, or the 2018 Single Asset Securitization, which is a VIE, and invested in the related subordinate risk retention position. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate risk retention position as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. Refer to Note 16 for additional discussion of our VIEs.

In April 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint Venture.

Use of Estimates

Use of Estimates

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.

Revenue Recognition

Revenue Recognition

Interest income from our loans receivable portfolio and debt securities 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 and recorded over the term of the loan or debt security 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.

Cash, Cash Equivalents, and Restricted Cash

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents.

During the second quarter of 2018, the letter of credit related to our restricted cash balance was cancelled and the cash was transferred out of our segregated bank account. As of both September 30, 2019 and December 31, 2018, we had no restricted cash on our consolidated balance sheets.

Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $348.4 million and $320.0 million as of September 30, 2019 and December 31, 2018, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts.

Loans Receivable and Provision for Loan Losses

Loans Receivable and Provision for Loan Losses

We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. We are required to periodically evaluate each of these loans for possible impairment. Impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. If a loan is determined to be impaired, we write down the loan through a charge to the provision for loan losses. Impairment of these loans, which are collateral dependent, is measured by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by our Manager. Actual losses, if any, could ultimately differ from these estimates.

Our Manager performs a quarterly review of our portfolio of loans. In conjunction with this review, our Manager assesses the risk factors of each loan, and assigns it a risk rating based on a variety of factors, including, without limitation, loan-to-value ratio, or LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:

1 -	Very Low Risk
2 -	Low Risk
3 -	Medium Risk
4 -	High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss.
5 -	Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss.

Debt Securities Held-to-Maturity

Debt Securities Held-to-Maturity

We classify our debt securities as held-to-maturity, as we have the intent and ability to hold these securities until maturity. We include our debt securities in other assets on our consolidated balance sheets at amortized cost.

If, based on current information and events, there is an adverse change in cash flows expected to be collected from the cash flows previously projected for one of our debt securities, an other-than-temporary impairment is deemed to have occurred. A change in expected cash flows is considered adverse if the present value of the revised cash flows (taking into consideration both the timing and amount of cash flows expected to be collected), discounted using the debt security’s current yield, is less than the present value of the previously estimated remaining cash flows. If an other-than-temporary impairment is considered to have occurred, the debt security is written down to fair value. The total other-than-temporary impairment is bifurcated into (i) the amount related to expected credit losses, and (ii) the amount related to fair value adjustments in excess of expected credit losses. The other-than-temporary impairment related to expected credit losses is calculated by comparing the amortized cost basis of the security to the present value of cash flows expected to be collected, discounted at the security’s current yield, and is recognized in earnings in the consolidated statement of operations. The remaining other-than-temporary impairment that is not related to expected credit losses is recognized in other comprehensive income (loss). A portion of other-than-temporary impairments recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through other comprehensive income (loss) are amortized over the life of the security with no impact on earnings.

Derivative Financial Instruments

Derivative Financial Instruments

We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value.

On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction.

On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which

the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently.

Secured Debt Agreements

Secured Debt Agreements

Where applicable, we record investments financed with secured debt agreements as separate assets and the related borrowings under any secured debt agreements are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt agreements are reported separately on our consolidated statements of operations.

Senior Loan Participations

Senior Loan Participations

In certain instances, we finance our loans through the non-recourse syndication of a senior loan interest to a third-party. Depending on the particular structure of the syndication, the senior loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participations sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining subordinate loan and not the non-consolidated senior interest we sold.

Secured Term Loan

Secured Term Loan

We record our secured term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the secured term loan as additional non-cash interest expense.

Convertible Notes

Convertible Notes

The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our convertible notes as of the respective issuance dates based on our nonconvertible debt borrowing rate. The equity component of each series of our convertible notes is reflected within additional paid-in capital on our consolidated balance sheet, and the resulting issue discount is amortized over the period during which such convertible notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to such convertible notes will increase in subsequent periods through the maturity date as the notes accrete to their par value over the same period.

Deferred Financing Costs

Deferred Financing Costs

The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The “Fair Value Measurements and Disclosures” Topic of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.

ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows:

• Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date.

• Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates.

• Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third-parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2.

The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee composed of members of senior management of our Manager, including our Chief Executive Officer, Chief Financial Officer, and other senior officers.

Certain of our other assets are reported at fair value either (i) on a recurring basis, as of each quarter-end, or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 15. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-party dealers. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our Manager’s estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations may require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by our Manager.

We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value:

• Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value.

• Loans receivable, net: The fair values of these loans were estimated by our Manager based on a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, occupancy rates, availability and cost of financing, exit plan, sponsorship, actions of other lenders, and indications of market value from other market participants.

• Debt securities held-to-maturity: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

• Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads.

• Secured debt agreements, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced.

• Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset.

• Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

• Secured term loan, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

• Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained using quoted market prices.

Income Taxes

Income Taxes

Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 13 for additional information.

Stock-Based Compensation

Stock-Based Compensation

Our stock-based compensation consists of awards issued to our Manager and certain individuals employed by an affiliate of our Manager that vest over the life of the awards, as well as deferred stock units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 14 for additional information.

Earnings per Share

Earnings per Share

Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses.

Diluted earnings per share, or Diluted EPS, is determined using the treasury stock method, and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units. Refer to Note 11 for additional discussion of earnings per share.

Foreign Currency

Foreign Currency

In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss).

Underwriting Commissions and Offering Costs

Underwriting Commissions and Offering Costs

Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” or ASU 2019-04. ASU 2019-04 amends existing guidance originally issued by (i) ASU 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326),” or ASU 2016-13, (ii) ASU 2017-12 “Derivatives and Hedging Topic 815: Targeted Improvements to Accounting for Hedging Activities,” or ASU 2017-12, and (iii) ASU 2016-01 “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” or ASU 2016-01. The amendments in ASU 2019-04 that relate to ASU 2016-13 clarify specific issues related to the implementation of the current expected credit loss model, which are effective for fiscal years beginning after December 15, 2019 and are to be adopted through a cumulative-effect adjustment to retained earnings as of January 1, 2020. The amendments in ASU 2019-04 that relate to ASU 2017-12 primarily update guidance related to fair value hedges and do not have an impact on our consolidated financial statements. The amendments in ASU 2019-04 that relate to ASU 2016-01 primarily update guidance related to equity securities and do not have an impact on our consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace the “incurred loss” model under existing guidance with an “expected loss” model for instruments measured at amortized cost, and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of January 1, 2020. While we are currently evaluating the impact ASU 2016-13 will have on our consolidated financial statements, we expect that the adoption will result in an increased amount of provisions for potential loan losses as well as the recognition of such provisions earlier in the lending cycle. We currently do not have any provision for loan losses in our consolidated financial statements.

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Equity (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Summary of Class A Common Stock Issuances

The following table details our issuance of class A common stock during the nine months ended September 30, 2019:

	Class A Common Stock Offerings				2019 Total /
	June 2019		At-the-Market 2019(1)		Wtd. Avg.
Shares issued		8,625,000		1,909,628		10,534,628
Gross share issue price(2)	$	36.00	$	34.63	$	35.75
Net share issue price(3)	$	35.62	$	34.28	$	35.38
Net proceeds(4)	$	306,952	$	65,389	$	372,341

(1) Issuance represents shares issued under our at-the-market program.

(2) Represents the weighted-average gross price per share paid by underwriters or sales agents, as applicable.

(3) Represents the weighted-average net proceeds per share after underwriting or sales discounts and commissions.

(4) Net proceeds represents proceeds received from the underwriters less applicable transaction costs.

Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units

The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units:

	Nine Months Ended September 30,
Common Stock Outstanding(1)	2019		2018
Beginning balance		123,664,577		108,081,077
Issuance of class A common stock(2)		10,535,507		11,484,414
Issuance of restricted class A common stock, net		317,339		300,921
Issuance of deferred stock units		23,428		23,730
Ending balance		134,540,851		119,890,142

(1)	Includes deferred stock units held by members of our board of directors of 252,267 and 220,947 as of September 30, 2019 and 2018, respectively.
(2)	Includes 879 and 1,279 shares issued under our dividend reinvestment program during the nine months ended September 30, 2019 and 2018, respectively.

Schedule of Dividend Activity

The following table details our dividend activity ($ in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Dividends declared per share of common stock	$	0.62	$	0.62	$	1.86	$	1.86
Total dividends declared	$	83,259	$	74,195	$	244,431	$	210,369

Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding

The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income(1)	$	74,897	$	78,165	$	226,635	$	211,436
Weighted-average shares outstanding, basic and diluted		134,536,683		116,203,140		128,485,701		111,251,864
Per share amount, basic and diluted	$	0.56	$	0.67	$	1.76	$	1.90

(1)   Represents net income attributable to Blackstone Mortgage Trust.

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Securitized Debt Obligations, Net (Tables)

9 Months Ended

Sep. 30, 2019

Text Block [Abstract]

Schedule of Information on Securitized Debt Obligations

The following tables detail our securitized debt obligations ($ in thousands):

	September 30, 2019
Securitized Debt Obligations	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Term(2)
Collateralized Loan Obligation
Collateral assets	20	$	1,000,000	$	1,000,000		L+3.43	%	September 2022
Financing provided	1		817,500		813,852		L+1.71	%	June 2035
2017 Single Asset Securitization
Collateral assets(3)	1		700,197		698,040		L+3.60	%	June 2023
Financing provided	1		474,620		474,537		L+1.65	%	June 2033
Total
Collateral assets	21	$	1,700,197	$	1,698,040		L+3.51	%
Financing provided(4)	2	$	1,292,120	$	1,288,389		L+1.69	%
	December 31, 2018
Securitized Debt Obligations	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Term(2)
Collateralized Loan Obligation
Collateral assets	26	$	1,000,000	$	1,000,000		6.25	%	Apr. 2022
Financing provided	1		817,500		811,023		L+1.74	%	June 2035
2017 Single Asset Securitization
Collateral assets(3)	1		682,297		678,770		L+3.60	%	June 2023
Financing provided	1		474,620		474,448		L+1.65	%	June 2033
Total
Collateral assets	27	$	1,682,297	$	1,678,770		6.19	%
Financing provided(4)	2	$	1,292,120	$	1,285,471		L+1.71	%

(1)	As of September 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. All-in yield for the total portfolio assume applicable floating benchmark rates for weighted-average calculation.
(2)	Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.
(3)	The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million.
(4)	During the three and nine months ended September 30, 2019, we recorded $11.9 million and $36.9 million, respectively, of interest expense related to our securitized debt obligations. During the three and nine months ended September 30, 2018, we recorded $12.5 million and $35.6 million, respectively, of interest expense related to our securitized debt obligations.

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 16, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001061630
Current Fiscal Year End Date	--12-31
Document Period End Date	Sep. 30, 2019
Trading Symbol	BXMT
Entity Registrant Name	BLACKSTONE MORTGAGE TRUST, INC.
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		134,288,919
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity File Number	001-14788
Entity Tax Identification Number	94-6181186
Entity Incorporation, State or Country Code	MD
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Address, Address Line One	345 Park Avenue, 42nd Floor
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10154
City Area Code	212
Local Phone Number	655-0220
Title of 12(b) Security	Class A common stock
Security Exchange Name	NYSE
Entity Address, State or Province	NY

XML

Equity

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Equity

11. EQUITY

Stock and Stock Equivalents

Authorized Capital

As of September 30, 2019, we had the authority to issue up to 300,000,000 shares of stock, consisting of 200,000,000 shares of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and preferred stock. We did not have any shares of preferred stock issued and outstanding as of September 30, 2019.

Class A Common Stock and Deferred Stock Units

Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and are entitled to receive such dividends as may be authorized by our board of directors and declared by us, in all cases subject to the rights of the holders of shares of outstanding preferred stock, if any.

The following table details our issuance of class A common stock during the nine months ended September 30, 2019:

	Class A Common Stock Offerings				2019 Total /
	June 2019		At-the-Market 2019(1)		Wtd. Avg.
Shares issued		8,625,000		1,909,628		10,534,628
Gross share issue price(2)	$	36.00	$	34.63	$	35.75
Net share issue price(3)	$	35.62	$	34.28	$	35.38
Net proceeds(4)	$	306,952	$	65,389	$	372,341

(1) Issuance represents shares issued under our at-the-market program.

(2) Represents the weighted-average gross price per share paid by underwriters or sales agents, as applicable.

(3) Represents the weighted-average net proceeds per share after underwriting or sales discounts and commissions.

(4) Net proceeds represents proceeds received from the underwriters less applicable transaction costs.

We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 14 for additional discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units to certain members of our board of directors in lieu of cash compensation for services rendered. These deferred stock units are non-voting, but carry the right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid to holders of shares of class A common stock.

The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units:

	Nine Months Ended September 30,
Common Stock Outstanding(1)	2019		2018
Beginning balance		123,664,577		108,081,077
Issuance of class A common stock(2)		10,535,507		11,484,414
Issuance of restricted class A common stock, net		317,339		300,921
Issuance of deferred stock units		23,428		23,730
Ending balance		134,540,851		119,890,142

(1)	Includes deferred stock units held by members of our board of directors of 252,267 and 220,947 as of September 30, 2019 and 2018, respectively.
(2)	Includes 879 and 1,279 shares issued under our dividend reinvestment program during the nine months ended September 30, 2019 and 2018, respectively.

Dividend Reinvestment and Direct Stock Purchase Plan

On March 25, 2014, we adopted a dividend reinvestment and direct stock purchase plan, under which we registered and reserved for issuance, in the aggregate, 10,000,000 shares of class A common stock. Under the dividend reinvestment component of this plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to our approval, to purchase shares of class A common stock directly from us. During the three and nine months ended September 30, 2019, we issued 326 shares and 879 shares, respectively, of class A common stock under the dividend reinvestment component of the plan compared to 403 shares and 1,279 shares, respectively, for the same periods in 2018. As of September 30, 2019, a total of 9,994,359 shares of class A common stock remained available for issuance under the dividend reinvestment and direct stock purchase plan.

At the Market Stock Offering Program

On November 14, 2018, we entered into six equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $500.0 million of our class A common stock. On July 26, 2019, we amended our existing ATM Agreements and entered into one additional ATM Agreement. Sales of class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or

transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the nine months ended September 30, 2019, we issued and sold 1,909,628 shares of class A common stock under ATM Agreements, generating net proceeds totaling $65.4 million. During the nine months ended September 30, 2018, we issued and sold 4,583,135 shares of class A common stock under ATM Agreements, with net proceeds totaling $147.5 million. As of September 30, 2019, shares of our class A common stock with an aggregate sales price of $363.8 million remained available for issuance under our ATM Agreements.

Dividends

We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors as our board of directors deems relevant.

On September 13, 2019, we declared a dividend of $0.62 per share, or $83.3 million in aggregate, that was paid on October 15, 2019, to stockholders of record as of September 30, 2019.

The following table details our dividend activity ($ in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Dividends declared per share of common stock	$	0.62	$	0.62	$	1.86	$	1.86
Total dividends declared	$	83,259	$	74,195	$	244,431	$	210,369

Earnings Per Share

We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted shares have the same rights as our other shares of class A common stock, including participating in any dividends, and therefore have been included in our basic and diluted net income per share calculation. Our Convertible Notes are excluded from dilutive earnings per share as we have the intent and ability to settle these instruments in cash.

The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income(1)	$	74,897	$	78,165	$	226,635	$	211,436
Weighted-average shares outstanding, basic and diluted		134,536,683		116,203,140		128,485,701		111,251,864
Per share amount, basic and diluted	$	0.56	$	0.67	$	1.76	$	1.90

(1)   Represents net income attributable to Blackstone Mortgage Trust.

Other Balance Sheet Items

Accumulated Other Comprehensive Loss

As of September 30, 2019, total accumulated other comprehensive loss was $33.4 million, primarily representing (i) $148.8 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and (ii) an offsetting $115.4 million of net realized and unrealized gains related to changes in the 

fair value of derivative instruments. As of December 31, 2018, total accumulated other comprehensive loss was $34.2 million, primarily representing (i) $104.6 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and (ii) an offsetting $70.4 million of net realized and unrealized gains related to changes in the fair value of derivative instruments.

Non-Controlling Interests

The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint Venture. As of September 30, 2019, our Multifamily Joint Venture’s total equity was $118.8 million, of which $101.0 million was owned by us, and $17.8 million was allocated to non-controlling interests. As of December 31, 2018, our Multifamily Joint Venture’s total equity was $69.9 million, of which $59.4 million was owned by us, and $10.5 million was allocated to non-controlling interests.

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net income	$ 75,394	$ 78,293	$ 227,811	$ 211,917
Other comprehensive income
Unrealized loss on foreign currency translation	(39,961)	(2,416)	(44,125)	(26,766)
Realized and unrealized gain on derivative financial instruments	35,987	1,703	44,953	23,623
Other comprehensive (loss) income	(3,974)	(713)	828	(3,143)
Comprehensive income	71,420	77,580	228,639	208,774
Comprehensive income attributable to non-controlling interests	(497)	(128)	(1,176)	(481)
Comprehensive income attributable to Blackstone Mortgage Trust, Inc.	$ 70,923	$ 77,452	$ 227,463	$ 208,293

XML

Loans Receivable, Net

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Loans Receivable, Net

3. LOANS RECEIVABLE, NET

The following table details overall statistics for our loans receivable portfolio ($ in thousands):

	September 30, 2019			December 31, 2018
Number of loans		128			125
Principal balance	$	14,849,556		$	14,293,970
Net book value	$	14,755,072		$	14,191,200
Unfunded loan commitments(1)	$	4,724,809		$	3,405,945
Weighted-average cash coupon(2)		5.07	%		5.67	%
Weighted-average all-in yield(2)		5.42	%		6.00	%
Weighted-average maximum maturity (years)(3)		3.6			3.9

(1)	Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)	Cash coupon and all-in yield assume applicable floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, BBSY, and CDOR, as of September 30, 2019 and December 31, 2018, respectively, for weighted-average calculation. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. As of September 30, 2019, 99% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR, and 1% earned a fixed rate of interest. In addition, $3.5 billion of our loans earned interest based on floors that are above the applicable index as of September 30, 2019. As of December 31, 2018, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR, and 2% earned a fixed rate of interest. In addition, $1.2 billion of our loans earned interest based on floors that are above the applicable index as of December 31, 2018.
(3)	Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of September 30, 2019, 59% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 41% were open to repayment by the borrower without penalty. As of December 31, 2018, 75% of our loans were subject to yield maintenance or other prepayment restrictions and 25% were open to repayment by the borrower without penalty.

Activity relating to our loans receivable portfolio was as follows ($ in thousands):

	Principal Balance			Deferred Fees / Other Items(1)			Net Book Value
December 31, 2018	$	14,293,970		$	(102,770	)	$	14,191,200
Loan fundings		3,319,563			—			3,319,563
Loan repayments and sales proceeds		(2,640,402	)		—			(2,640,402	)
Unrealized (loss) gain on foreign currency translation		(123,575	)		1,085			(122,490	)
Deferred fees and other items		—			(32,527	)		(32,527	)
Amortization of fees and other items		—			39,728			39,728
September 30, 2019	$	14,849,556		$	(94,484	)	$	14,755,072

(1)   Other items primarily consist of purchase discounts or premiums, exit fees, and deferred origination expenses.

The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):

September 30, 2019
Property Type	Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Percentage of Portfolio
Office	59	$	7,654,154	$	7,838,768	50%
Hotel	17		2,367,575		2,444,738	16
Multifamily	37		2,272,220		2,312,100	15
Industrial	5		700,751		704,098	5
Retail	3		381,451		388,138	3
Self-Storage	2		280,880		281,593	2
Condominium	1		223,908		225,116	1
Other	4		874,133		1,188,383	8
	128	$	14,755,072	$	15,382,934	100%
Geographic Location	Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Percentage of Portfolio
United States
Northeast	29	$	4,069,651	$	4,097,215	27%
West	29		3,186,197		3,370,213	22
Southeast	19		2,212,190		2,222,654	14
Midwest	11		1,283,170		1,289,119	8
Southwest	13		626,893		630,498	4
Northwest	4		177,295		177,900	1
Subtotal	105		11,555,396		11,787,599	76
International
United Kingdom	11		1,331,763		1,667,035	11
Spain	2		1,109,276		1,115,580	7
Australia	3		337,107		338,975	2
Germany	1		189,016		241,106	2
Canada	4		148,291		147,880	1
Belgium	1		84,223		84,759	1
Ireland	1		—		—	—
Subtotal	23		3,199,676		3,595,335	24
Total	128	$	14,755,072	$	15,382,934	100%

(1)	In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $533.4 million of such non-consolidated senior interests as of September 30, 2019.
(2)	Excludes investment exposure to the $993.5 million 2018 Single Asset Securitization. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.

December 31, 2018
Property Type	Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Percentage of Portfolio
Office	55	$	7,104,842	$	7,164,466		49%
Hotel	18		2,591,565		2,673,763		18
Multifamily	34		2,193,699		2,206,740		15
Industrial	5		680,808		685,776		5
Retail	4		451,099		452,900		3
Condominium	4		304,545		368,104		2
Self-Storage	2		278,473		280,043		2
Other	3		586,169		909,052		6
	125	$	14,191,200	$	14,740,844		100%
Geographic Location	Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Percentage of Portfolio
United States
Northeast	32	$	4,322,114	$	4,359,938		31%
West	29		3,137,072		3,222,706		22
Southeast	19		2,258,033		2,271,664		15
Midwest	9		1,161,637		1,170,619		8
Southwest	13		478,665		481,745		3
Northwest	4		238,844		239,872		2
Subtotal	106		11,596,365		11,746,544		81
International
Spain	1		1,124,174		1,131,334		8
United Kingdom	7		754,299		1,094,663		7
Canada	5		316,268		313,229		2
Australia	3		310,372		312,893		2
Belgium	1		70,621		71,007		—
Germany	1		11,585		63,637		—
Netherlands	1		7,516		7,537		—
Subtotal	19		2,594,835		2,994,300		19
Total	125	$	14,191,200	$	14,740,844		100%

(1)	In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $446.9 million of such non-consolidated senior interests as of December 31, 2018.
(2)	Excludes investment exposure to the $1.0 billion 2018 Single Asset Securitization. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.

Loan Risk Ratings

As further described in Note 2, our Manager evaluates our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, our Manager assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2.

The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands):

		September 30, 2019					December 31, 2018
Risk Rating		Number of Loans	Net Book Value		Total Loan Exposure(1)(2)		Number of Loans	Net Book Value		Total Loan Exposure(1)(2)
	1	4	$	275,921	$	276,178	2	$	181,366	$	182,740
	2	39		4,536,225		4,564,094	38		3,860,432		3,950,025
	3	82		9,776,127		10,375,349	85		10,149,402		10,608,079
	4	3		166,799		167,313	—		—		—
	5	—		—		—	—		—		—
		128	$	14,755,072	$	15,382,934	125	$	14,191,200	$	14,740,844

____________

  (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $533.4 million and $446.9 million of such non-consolidated senior interests as of September 30, 2019 and December 31, 2018, respectively.

  (2) Excludes investment exposure to the $993.5 million and $1.0 billion 2018 Single Asset Securitization as of September 30, 2019 and December 31, 2018, respectively. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.

The weighted-average risk rating of our total loan exposure was 2.7 as of both September 30, 2019 and December 31, 2018. We did not have any impaired loans, nonaccrual loans, or loans in maturity default as of September 30, 2019 or December 31, 2018.

Multifamily Joint Venture

As discussed in Note 2, we entered into a Multifamily Joint Venture in April 2017. As of September 30, 2019 and December 31, 2018, our Multifamily Joint Venture held $537.7 million and $334.6 million of loans, respectively, which are included in the loan disclosures above. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

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Organization

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. ORGANIZATION

References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.

Blackstone Mortgage Trust is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. 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 Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” 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.

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.     

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Securitized Debt Obligations, Net

9 Months Ended

Sep. 30, 2019

Text Block [Abstract]

Securitized Debt Obligations, Net

7. SECURITIZED DEBT OBLIGATIONS, NET

We have financed a pool of our loans through a collateralized loan obligation, or the CLO, and have also financed one of our loans through a single asset securitization vehicle, or the 2017 Single Asset Securitization. The CLO and the 2017 Single Asset Securitization have issued securitized debt obligations that are non-recourse to us. Both the CLO and the 2017 Single Asset Securitization are consolidated in our financial statements. Refer to Note 16 for further discussion of our CLO and 2017 Single Asset Securitization.

The following tables detail our securitized debt obligations ($ in thousands):

	September 30, 2019
Securitized Debt Obligations	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Term(2)
Collateralized Loan Obligation
Collateral assets	20	$	1,000,000	$	1,000,000		L+3.43	%	September 2022
Financing provided	1		817,500		813,852		L+1.71	%	June 2035
2017 Single Asset Securitization
Collateral assets(3)	1		700,197		698,040		L+3.60	%	June 2023
Financing provided	1		474,620		474,537		L+1.65	%	June 2033
Total
Collateral assets	21	$	1,700,197	$	1,698,040		L+3.51	%
Financing provided(4)	2	$	1,292,120	$	1,288,389		L+1.69	%
	December 31, 2018
Securitized Debt Obligations	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Term(2)
Collateralized Loan Obligation
Collateral assets	26	$	1,000,000	$	1,000,000		6.25	%	Apr. 2022
Financing provided	1		817,500		811,023		L+1.74	%	June 2035
2017 Single Asset Securitization
Collateral assets(3)	1		682,297		678,770		L+3.60	%	June 2023
Financing provided	1		474,620		474,448		L+1.65	%	June 2033
Total
Collateral assets	27	$	1,682,297	$	1,678,770		6.19	%
Financing provided(4)	2	$	1,292,120	$	1,285,471		L+1.71	%

(1)	As of September 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. All-in yield for the total portfolio assume applicable floating benchmark rates for weighted-average calculation.
(2)	Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.
(3)	The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million.
(4)	During the three and nine months ended September 30, 2019, we recorded $11.9 million and $36.9 million, respectively, of interest expense related to our securitized debt obligations. During the three and nine months ended September 30, 2018, we recorded $12.5 million and $35.6 million, respectively, of interest expense related to our securitized debt obligations.

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Equity - Schedule of Dividend Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Dividends declared per share of common stock	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 1.86	$ 1.86
Total dividends declared	$ 83,259			$ 74,195			$ 244,431	$ 210,369

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Derivative Financial Instruments - Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Detail) - Cash Flow Hedges [Member] - Designated as Hedging Instrument [Member] $ in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019 CAD ($) DerivativeInstrument	Dec. 31, 2018 CAD ($) DerivativeInstrument	Sep. 30, 2019 USD ($) DerivativeInstrument	Dec. 31, 2018 USD ($) DerivativeInstrument
Interest Rate Caps [Member] | USD [Member] | USD LIBOR [Member]
Derivative [Line Items]
Number of Instruments | DerivativeInstrument	1	9	1	9
Notional Amount | $			$ 7,296	$ 204,248
Strike	2.30%	2.40%	2.30%	2.40%
Wtd. Avg. Maturity (Years)	2 months 12 days	6 months
Interest Rate Caps [Member] | CAD [Member] | CDOR [Member]
Derivative [Line Items]
Number of Instruments | DerivativeInstrument	1	2	1	2
Notional Amount | $	$ 21,709	$ 39,998
Strike	3.00%	2.50%	3.00%	2.50%
Wtd. Avg. Maturity (Years)	2 months 12 days	7 months 6 days
Interest Rate Swaps [Member] | CAD [Member] | CDOR [Member]
Derivative [Line Items]
Number of Instruments | DerivativeInstrument	2	3	2	3
Notional Amount | $	$ 17,273	$ 90,472
Strike	1.00%	1.00%	1.00%	1.00%
Wtd. Avg. Maturity (Years)	10 months 24 days	6 months

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Convertible Notes, Net - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Mar. 31, 2018	May 31, 2017
Debt Instrument [Line Items]
Accrued interest payable	$ 25,522,000	$ 25,588,000
5.25% Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Description of Convertible Notes conversion	The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on January 31, 2022 and December 14, 2022 for the May 2017 and March 2018 convertible notes, respectively, at the applicable conversion rate in effect on the conversion date.
Debt instrument, conversion price	$ 35.85
Discount upon issuance of Convertible Notes			$ 1,500,000
Debt issuance costs			$ 5,200,000
Convertible Notes, assumed effective interest rate			5.25%
Convertible Senior Notes, Interest rate including amortization of discount upon issuance			5.49%
Accrued interest payable	$ 7,800,000	$ 6,000,000.0
4.38% Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Discount upon issuance of Convertible Notes				$ 979,000
Debt issuance costs				$ 8,400,000
Convertible Notes, assumed effective interest rate				4.57%
Convertible Senior Notes, Interest rate including amortization of discount upon issuance				4.91%

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Equity - Additional Information (Detail) - USD ($)				1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 15, 2019	Jun. 14, 2019	Nov. 14, 2018	May 31, 2013	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Mar. 25, 2014
Class of Stock [Line Items]
Total stock, shares authorized					300,000,000		300,000,000
Common stock, shares authorized					200,000,000		200,000,000		200,000,000
Preferred stock, shares authorized					100,000,000		100,000,000
Preferred stock issued					0		0
Preferred stock outstanding					0		0
Plan adoption date							Mar. 25, 2014
Number of shares sold during period				25,875,000			10,535,507	11,484,414
Dividends paid	$ 83,300,000
Dividends paid per common stock		$ 0.62
Date of dividend paid							Oct. 15, 2019
Date of dividend declared							Sep. 13, 2019
Record date of dividend paid							Sep. 30, 2019
Accumulated other comprehensive loss					$ (33,394,000)		$ (33,394,000)		$ (34,222,000)
Net realized and unrealized gains related to changes in fair value of derivative instruments					115,400,000		115,400,000		70,400,000
Cumulative unrealized currency translation adjustment on assets and liabilities denominated in foreign currencies					148,800,000		148,800,000		104,600,000
Net proceeds from issuance of class A common stock							372,329,000	$ 369,787,000
Multifamily [Member] | Joint Venture [Member]
Class of Stock [Line Items]
Total equity					118,800,000		118,800,000		69,900,000
Equity interests owned by Blackstone Mortgage Trust, Inc.					101,000,000.0		101,000,000.0		59,400,000
Non-controlling interests					$ 17,800,000		$ 17,800,000		$ 10,500,000
Dividend Reinvestment and Direct Stock Purchase Plan [Member]
Class of Stock [Line Items]
Reserved for issuance of class A common stock					9,994,359		9,994,359			10,000,000
Class A Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares issued under dividend reinvestment program							879	1,279
Number of shares sold during period							8,625,000
Net proceeds from issuance of class A common stock							$ 306,952
Class A Common Stock [Member] | Dividend Reinvestment and Direct Stock Purchase Plan [Member]
Class of Stock [Line Items]
Common stock, shares issued under dividend reinvestment program					326	403	879	1,279
Class A Common Stock [Member] | ATM Agreements [Member]
Class of Stock [Line Items]
Aggregate sales price			$ 500,000,000.0
Number of shares sold during period							1,909,628	4,583,135
Aggregate sales price remaining available					$ 363,800,000		$ 363,800,000
Net proceeds from issuance of class A common stock							$ 65,400,000	$ 147,500,000

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Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Loss) Gain Recognized in OCI on Derivatives	$ 35,991,000	$ 45,120,000
Amount of Gain Reclassified from Accumulated OCI into Income	4,000	167,000
Net Investment [Member] | Foreign Currency Contracts [Member] | Interest Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Loss) Gain Recognized in OCI on Derivatives	35,978,000	45,272,000
Cash Flow Hedges [Member] | Interest Rate Swaps/Derivatives [Member] | Interest Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of (Loss) Gain Recognized in OCI on Derivatives	13,000	(152,000)
Amount of Gain Reclassified from Accumulated OCI into Income	$ 4,000	$ 167,000

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Other Expenses - Schedule of General and Administrative Expenses (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Multifamily [Member] | Joint Venture [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Expenses related Multifamily Joint Venture.	$ 234,000	$ 77,000	$ 567,000	$ 302,000

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Other Assets and Liabilities - Summary of Components of Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Other Liabilities [Abstract]
Accrued dividends payable	$ 83,259	$ 76,530
Accrued interest payable	25,522	25,588
Accrued management and incentive fees payable	17,502	18,586
Accounts payable and other liabilities	6,849	4,583
Derivative liabilities	3,992	2,925
Secured debt repayments pending servicer remittance	2,760
Total	$ 139,884	$ 128,212

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Secured Debt Agreements, Net - Credit Facilities (Parenthetical) (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Debt Instrument Revolving Repurchase Facilities Guarantee Rate	100.00%
Wells Fargo [Member]
Line of Credit Facility [Line Items]
Long-term Line of Credit	$ 174.3	$ 302.7
Debt Instrument Revolving Repurchase Facilities Guarantee Rate	25.00%
JP Morgan [Member]
Line of Credit Facility [Line Items]
Long-term Line of Credit	$ 520.6
Deutsche Bank [Member]
Line of Credit Facility [Line Items]
Long-term Line of Credit	$ 803.7
Debt Instrument Revolving Repurchase Facilities Guarantee Rate	25.00%