0001193125-21-280118.txt : 20210923 0001193125-21-280118.hdr.sgml : 20210923 20210923080955 ACCESSION NUMBER: 0001193125-21-280118 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20210923 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210923 DATE AS OF CHANGE: 20210923 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKSTONE MORTGAGE TRUST, INC. CENTRAL INDEX KEY: 0001061630 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 946181186 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14788 FILM NUMBER: 211271086 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE STREET 2: 24TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: 2126550220 MAIL ADDRESS: STREET 1: 345 PARK AVENUE STREET 2: 24TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10154 FORMER COMPANY: FORMER CONFORMED NAME: CAPITAL TRUST INC DATE OF NAME CHANGE: 19980512 8-K 1 d573043d8k.htm 8-K 8-K
false 0001061630 0001061630 2021-09-23 2021-09-23

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 23, 2021

 

 

Blackstone Mortgage Trust, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   1-14788   94-6181186

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

345 Park Avenue, 24th Floor

New York, New York 10154

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 655-0220

N/A

(Former Name or Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.  ☐

 

 

 

Item 7.01

Regulation FD Disclosure.

In connection with a private offering of $400 million in aggregate principal amount of senior secured notes due 2027 (the “Notes”) by Blackstone Mortgage Trust, Inc. (the “Company”), the Company is disclosing certain information to prospective investors in a preliminary offering memorandum dated September 23, 2021 (the “Preliminary Offering Memorandum”).

Pursuant to Regulation FD, the Company is furnishing as Exhibit 99.1 to this Current Report on Form 8-K the section captioned “Summary—Summary Historical Financial and Other Data” from the Preliminary Offering Memorandum.

The information in this Current Report on Form 8-K, including the exhibit attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this Current Report on Form 8-K, including the exhibit, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing. This Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.

The information in this Current Report on Form 8-K is neither an offer to sell nor a solicitation of an offer to buy any securities.

CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS

Information set forth in this Current Report (including the exhibit attached hereto) contains forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties. A discussion of factors that may affect future results is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as such factors may be updated from time to time in the Company’s periodic filings with the Securities and Exchange Commission. The Company disclaims any obligation to update forward-looking statements, except as may be required by law.

 

Item 9.01

Financial Statements and Exhibits.

(d)         Exhibits

 

Exhibit

No.

   

Description

99.1    Excerpts from Blackstone Mortgage Trust, Inc.’s preliminary offering memorandum dated September 23, 2021.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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 hereunto duly authorized.

 

    BLACKSTONE MORTGAGE TRUST, INC.

Date: September 23, 2021

      
    By:  

/s/ Leon Volchyok

    Name:   Leon Volchyok
    Title:   Chief Legal Officer and Secretary
 EX-99.1 2 d573043dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

SUMMARY HISTORICAL FINANCIAL AND OTHER DATA

The following table sets forth a summary of our consolidated historical financial and other data as of and for the periods presented. The summary historical financial information presented below for each of the three years in the period ended December 31, 2020 has been derived from our audited consolidated financial statements incorporated by reference in this Offering Memorandum. Our consolidated financial statements for each of the three years in the period ended December 31, 2020 have been audited by Deloitte & Touche LLP, an independent registered public accounting firm. The summary historical financial information presented below as of and for the six and twelve-month periods ended June 30, 2021 has been derived from our unaudited interim condensed consolidated financial statements incorporated by reference in this Offering Memorandum. In the opinion of management, such information contains all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for such periods. The results of operations for the interim periods are not necessarily indicative of the results for the full year or any future period.

The following summary historical financial and other data should be read in conjunction with the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes thereto in this Offering Memorandum.

 

    Twelve Months
Ended June 30,
2021		     Six Months Ended
June 30,		     Year Ended December 31,  
(in thousands)   2021     2020     2020     2019     2018  

CONSOLIDATED STATEMENT OF OPERATIONS

            

Income from loans and other investments

            

Interest and related income

   $ 766,618     $ 383,827     $ 396,857     $ 779,648     $ 882,679     $ 756,109  

Interest and related expenses

     319,102       160,723       189,092       347,471       458,503       359,625  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income from loans and other investments, net

     447,516       223,104       207,765       432,177       424,176       396,484  

Other expenses

            

Management and incentive fees

     78,895       40,752       39,773       77,916       78,435       74,834  

General and administrative expenses

     44,060       21,267       23,078       45,871       38,854       35,529  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total other expenses

     122,955       62,019       62,851       123,787       117,289       110,363  

Increase (decrease) in current expected credit loss reserve

     64,067       52,199       (179,521 )      (167,653 )      —         —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income taxes

     388,628       213,284       (34,607 )      140,737       306,887       286,121  

Income tax provision (benefit)

     426       276       173       323       (506 )      308  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

     388,202       213,008       (34,780 )      140,414       307,393       285,813  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to non-controlling interests

     (3,227 )      (1,511 )      (1,028 )      (2,744 )      (1,826 )      (735 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) attributable to Blackstone Mortgage Trust, Inc.

   $ 384,975     $ 211,497     $ (35,808 )    $ 137,670     $ 305,567     $ 285,078  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

-1-

    As of June 30,     As of December 31,  
(in thousands)   2021     2020     2020     2019     2018  

CONSOLIDATED BALANCE SHEETS

          

Assets

          

Cash and cash equivalents

   $ 289,552     $ 1,259,836     $ 289,970     $ 150,090     $ 105,662  

Loans receivable

     17,436,843       16,339,403       16,572,715       16,164,801       —    

Current expected credit loss reserve

     (128,945 )      (178,050 )      (173,549 )      —         —    

Loans receivable, net

     17,307,898       16,161,353       16,399,166       16,164,801       14,191,200  

Other assets

     304,297       241,934       269,819       236,980       170,513  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

   $ 17,901,747     $ 17,663,123     $ 16,958,955     $ 16,551,871     $ 14,467,375  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities and Equity

          

Secured debt agreements, net

   $ 8,709,818     $ 9,689,541     $ 7,880,536     $ 9,731,426     $ 8,893,818  

Loan participations sold, net

     —         —         —         —         94,418  

Securitized debt obligations, net

     2,833,778       2,240,612       2,922,499       1,187,084       1,285,471  

Asset-specific debt agreements, net

     292,122       —       391,269       323,504       80,893  

Secured term loans, net

     1,332,130       1,045,163       1,041,704       736,142       —  

Convertible notes, net

     618,111       614,710       616,389       613,071       609,911  

Other liabilities

     158,833       177,313       202,327       175,963       128,212  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

   $ 13,944,792     $ 13,767,339     $ 13,054,724     $ 12,767,190     $ 11,092,768  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Commitments and contingencies

     —         —         —         —         —    

Equity

          

Total Blackstone Mortgage Trust, Inc. stockholders’ equity

   $ 3,930,961     $ 3,874,763     $ 3,886,067     $ 3,762,583     $ 3,364,124  

Non-controlling interests

     25,994       21,021       18,164       22,098       10,483  

Total Equity

   $ 3,956,955     $ 3,895,784     $ 3,904,231     $ 3,784,681     $ 3,374,607  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities and Equity

   $ 17,901,747     $ 17,663,123     $ 16,958,955     $ 16,551,871     $ 14,467,375  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Note: The consolidated balance sheets 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. As of June 30, 2021, December 31, 2020, June 30, 2020, December 31, 2019 and December 31, 2018, assets of the consolidated VIEs totaled $3.5 billion, $3.6 billion, $2.7 billion, $1.4 billion and $1.5 billion, respectively, and liabilities of the consolidated VIEs totaled $2.8 billion, $2.9 billion, $2.2 billion, $1.2 billion and $1.3 billion, respectively. Refer to Note 16 to our audited consolidated financial statements for further discussion of the VIEs.

 

    Twelve Months
Ended June 30,
2021		     Six Months Ended
June 30,		     Year Ended December 31,  
(in thousands)   2021     2020     2020     2019     2018  

CONSOLIDATED STATEMENT OF CASH FLOW DATA

            

Net cash provided by operating activities

   $ 326,272     $ 165,373     $ 175,708     $ 336,607     $ 304,037     $ 290,002  

Net cash used in investing activities

     (778,495 )      (924,972 )      (234,728 )      (88,251 )      (1,871,148 )      (4,251,659 ) 

Net cash (used in) provided by financing activities

     (474,423 )      806,118       1,169,772       (110,769 )      1,612,552       3,957,708  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

-2-

     As of June 30,     As of December 31,  
(in thousands, except LTV)    2021(1)     2020(1)     2020(1)     2019(1)     2018(1)  

Number of investments

      125       129       121       129       126  

Principal balance

    $ 19,151,849     $ 18,031,537     $ 18,190,163     $ 17,895,885     $ 15,775,844  

Net book value

    $ 17,385,530     $ 16,237,189     $ 16,474,888     $ 16,251,439     $ 14,287,367  

Unfunded loan commitments(2)

    $ 3,960,523     $ 4,543,086     $ 3,962,960     $ 4,662,169     $ 3,475,928  

Weighted-average cash coupon(3)

      + 3.23 %      + 3.21 %      + 3.22 %      + 3.22 %      + 5.61 % 

Weighted-average all-in yield(3)

      + 3.56 %      + 3.55 %      + 3.56 %      + 3.56 %      + 5.93 % 

Weighted-average maximum maturity (years)(4)

      3.2       3.5       3.2       3.9       4.1  

Origination loan to value (LTV)(5)

      64.8 %      63.6 %      64.0 %      63.7 %      62.4 % 

 

(1)

We do not consolidate the 2018 Single Asset Securitization on our consolidated financial statements. Refer to Notes 4 and 16 to our consolidated financial statements for further discussion of the 2018 Single Asset Securitization. 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.

(2)

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.

(3)

The weighted-average spread and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, STIBOR, BBSY, and CDOR, as applicable to each investment. As of each period end above, 96% or more of our investments by total investment exposure earned a floating rate of interest, primarily indexed to USD LIBOR. The remainder our investments earned a fixed rate of interest. We reflect the fixed rate of interest as a spread over the relevant floating benchmark rates for purposes of the weighted-averages. In addition to spread, 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. Excludes loans accounted for under the cost-recovery method. Refer to our Quarterly Reports on Form 10-Q for the quarters ended June 30, 2021 and June 30, 2020 and our Annual Reports on Form 10-K for the years ended December 31, 2020, 2019 and 2018 for period-specific detail.

(4)

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 June 30, 2021, 36% of our loans and other investments by total investment exposure were subject to yield maintenance or other prepayment restrictions and 64% were open to repayment by the borrower without penalty. As of June 30, 2020, 51% of our loans and other investments were subject to yield maintenance or other prepayment restrictions and 49% were open to repayment by the borrower without penalty. As of December 31, 2020, 32% of our loans and other investments by total investment exposure were subject to yield maintenance or other prepayment restrictions and 68% were open to repayment by the borrower without penalty. As of December 31, 2019, 59% of our loans and other investments 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, 77% of our loans and other investments were subject to yield maintenance or other prepayment restrictions and 23% were open to repayment by the borrower without penalty.

(5)

Based on LTV as of the dates loans and other investments were originated or acquired by us.

 

-3-

     Pro forma
for the
Transactions		      As of June 30,      As of December 31,  
(in thousands)    2021      2020      2020      2019      2018  

Other financial data

                  

Liquidity

      2,093,213        1,385,813        1,368,438        1,138,595        750,895        470,135  

Collateral value

      6,853,901        6,146,501        5,912,402        5,824,090        5,268,183        4,100,954  

Credit metrics

                  

Debt-to-equity ratio(1)

      2.4x        2.7x        2.6x        2.5x        3.0x        2.8x  

Secured debt-to-equity ratio(2)

      2.2x        2.5x        2.4x        2.2x        2.7x        2.6x  

Collateral coverage ratio(3)

      3.9x        4.5x        5.5x        5.5x        7.1x        —    

 

(1)

Represents (i) total outstanding secured debt agreements, asset-specific debt agreements, secured term loans, senior secured notes, and convertible notes, less cash, to (ii) book value of equity.

(2)

Represents (i) total outstanding secured debt agreements, secured term loans, and senior secured notes, less cash, to (ii) book value of equity.

(3)

Represents (i) the Collateral value to (ii) total outstanding principal amount under (A) the Term Loan B and (B) the Notes

 

    Twelve Months
Ended June 30,
2021		     Six Months Ended
June 30,		     Year Ended December 31,  
(in thousands)   2021     2020     2020     2019     2018  

Net income (loss)(1)

   $ 384,975     $ 211,497     $ (35,808 )    $ 137,670     $ 305,567     $ 285,078  

(Decrease) increase in current expected credit loss reserve

     (64,067 )      (52,199 )      179,521       167,653       —         —    

Non-cash compensation expense

     33,308       16,105       17,329       34,532       30,656       28,154  

GE purchase discount accretion adjustment(2)

     —         —         —         —         —         8,706  

Realized hedging and foreign currency income, net(3)

     1,491       916       10,277       10,852       14,172       6,723  

Other items

     1,005       324       806       1,487       300       2,084  

Increase attributable to non-controlling interest

     419       201       (422 )      (204 )      —         —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributable Earnings(4)

   $ 357,131     $ 176,844     $ 171,703     $ 351,990     $ 350,695     $ 330,745  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Convertible interest and cost and discount amortization

     30,956       15,496       15,425       30,885       30,748       37,119  

Term Loan B interest and cost and discount amortization

     42,639       21,964       15,606       36,281       18,460       —    

Income Taxes

     426       276       173       323       (506 )      308  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA(5)

   $ 431,152     $ 214,580     $ 202,907     $ 419,479     $ 399,397     $ 368,172  

 

(1)

Represents net income attributable to Blackstone Mortgage Trust.

(2)

Historically, we have deferred in Distributable Earnings the accretion of a purchase discount attributable to a certain pool of GE portfolio loans acquired in May 2015, until repayment in full of the remaining loans in the pool was substantially assured. During the year ended December 31, 2018, it was determined that repayment of the remaining loans in the deferral pool was substantially assured. As such, the $8.7 million of deferred purchase discount, which has been previously recognized in GAAP net income, was realized in Distributable Earnings during the year ended December 31, 2018.

 

-4-

(3)

For the years ended December 31, 2020 and 2019, 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 were not included in GAAP net income, but rather as a component of Other Comprehensive Income in our consolidated financial statements.

(4)

“Distributable Earnings” is a non-GAAP measure, which we define as GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable 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. Distributable Earnings mirrors the terms of our management agreement between our Manager and us for purposes of calculating our incentive fee expense. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flow from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our class A common stock as historically, over time, Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our class A common stock. Refer to Note 13 to our consolidated financial statements for further discussion of our distribution requirements as a REIT. Further, Distributable Earnings 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, and is a performance metric we consider when declaring our dividends. Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be considered as an alternative to GAAP net income (loss), 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 Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings may not be comparable to the Distributable Earnings reported by other companies.

(5)

“Adjusted EBITDA” is a non-GAAP measure, which we define as represents Distributable Earnings plus (i) interest accrued on convertible notes and amortization of issuance costs and discounts of convertible notes, (ii) interest accrued on the Term Loan B and amortization of issuance costs and discounts of the Term Loan B, and (iii) income tax provisions. We believe that Adjusted EBITDA provides useful information to investors about our company and its financial condition and results of operations. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. In addition, our methodology for calculating Adjusted EBITDA may differ from the methodologies employed by other companies to calculate the same or similar supplemental measures, and accordingly, our reported Adjusted EBITDA may not be comparable to the Adjusted EBITDA reported by other companies.

 

-5-

    Pro forma
for the
Transactions		     As of June 30,     As of December 31,  
(in thousands)   2021     2020     2020     2019     2018  

First mortgage net asset value

   $ 3,408,581     $ 3,408,581     $ 3,146,843     $ 3,297,256     $ 2,870,300     $ 2,545,301  

Whole loans

     95,258       95,258       223,729       359       726,667       280,498  

Retained syndication interests

     533,275       533,275       626,635       656,401       623,482       498,140  

Retained securities

     723,575       723,575       546,757       731,478       296,838       306,880  

Available borrowings under secured debt facilities

     1,463,649       1,068,649       97,032       829,165       598,840       359,618  

Cash and cash equivalents(1)

     629,564       317,164       1,271,406       309,430       152,055       110,517  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Collateral value

   $ 6,853,901     $ 6,146,501     $ 5,912,402     $ 5,824,090     $ 5,268,183     $ 4,100,954  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

Includes 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. For the period ended June 30, 2021 and pro forma of the Transactions and for the periods ended June 30, 2021, June 30, 2020, December 31, 2020, December 31, 2019 and December 31, 2018, loan principal and interest payments totaled $27.6 million, $27.6 million, $11.6 million, $19.5 million, $2.0 million and $4.9 million, respectively.

 

-6-

EX-101.SCH 3 bxmt-20210923.xsd XBRL TAXONOMY EXTENSION SCHEMA 100000 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink EX-101.LAB 4 bxmt-20210923_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Cover [Abstract] Amendment Flag Amendment Flag Entity Central Index Key Entity Central Index Key Document Type Document Type Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name Entity Incorporation State Country Code Entity Incorporation State Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Two Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre Commencement Tender Offer Pre Commencement Tender Offer Pre Commencement Issuer Tender Offer Pre Commencement Issuer Tender Offer Security 12b Title Security 12b Title Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Emerging Growth Company Entity Emerging Growth Company EX-101.PRE 5 bxmt-20210923_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 6 d573043d8k_htm.xml IDEA: XBRL DOCUMENT 0001061630 2021-09-23 2021-09-23 false 0001061630 8-K 2021-09-23 Blackstone Mortgage Trust, Inc. MD 1-14788 94-6181186 345 Park Avenue 24th Floor New York NY 10154 (212) 655-0220 false false false false Class A common stock, par value $0.01 per share BXMT NYSE false XML 7 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Document and Entity Information
Sep. 23, 2021
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001061630
Document Type 8-K
Document Period End Date Sep. 23, 2021
Entity Registrant Name Blackstone Mortgage Trust, Inc.
Entity Incorporation State Country Code MD
Entity File Number 1-14788
Entity Tax Identification Number 94-6181186
Entity Address, Address Line One 345 Park Avenue
Entity Address, Address Line Two 24th Floor
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10154
City Area Code (212)
Local Phone Number 655-0220
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Class A common stock, par value $0.01 per share
Trading Symbol BXMT
Security Exchange Name NYSE
Entity Emerging Growth Company false
EXCEL 8 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 9 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 11 FilingSummary.xml IDEA: XBRL DOCUMENT 3.21.2 html 1 96 1 false 0 0 false 0 false false R1.htm 100000 - Document - Document and Entity Information Sheet http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports d573043d8k.htm bxmt-20210923.xsd bxmt-20210923_lab.xml bxmt-20210923_pre.xml d573043dex991.htm http://xbrl.sec.gov/dei/2020-01-31 true false JSON 13 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "d573043d8k.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "inline": { "local": [ "d573043d8k.htm" ] }, "labelLink": { "local": [ "bxmt-20210923_lab.xml" ] }, "presentationLink": { "local": [ "bxmt-20210923_pre.xml" ] }, "schema": { "local": [ "bxmt-20210923.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "https://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 24, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2020-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 96, "memberCustom": 0, "memberStandard": 0, "nsprefix": "bxmt", "nsuri": "http://www.blackstonemortgagetrust.com/20210923", "report": { "R1": { "firstAnchor": { "ancestors": [ "p", "div", "div", "body", "html" ], "baseRef": "d573043d8k.htm", "contextRef": "duration_2021-09-23_to_2021-09-23", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "100000 - Document - Document and Entity Information", "role": "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation", "shortName": "Document and Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "p", "div", "div", "body", "html" ], "baseRef": "d573043d8k.htm", "contextRef": "duration_2021-09-23_to_2021-09-23", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]", "terseLabel": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two", "terseLabel": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation State Country Code", "terseLabel": "Entity Incorporation State Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre Commencement Issuer Tender Offer", "terseLabel": "Pre Commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre Commencement Tender Offer", "terseLabel": "Pre Commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Security 12b Title", "terseLabel": "Security 12b Title" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.blackstonemortgagetrust.com//20210923/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 14 0001193125-21-280118-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-21-280118-xbrl.zip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