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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2022
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
bxmt-20220930_g1.gif
Blackstone Mortgage Trust, Inc.
(Exact name of Registrant as specified in its charter)
Maryland94-6181186
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
345 Park Avenue, 24th 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 shareBXMTNew 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 shares of class A common stock, par value $0.01 per share, outstanding as of October 19, 2022 was 170,899,090.



TABLE OF CONTENTS
  Page
PART I.
ITEM 1.
Consolidated Financial Statements (Unaudited):
ITEM 2.
ITEM 3.
ITEM 4.
PART II.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.




TABLE OF CONTENTS
Website Disclosure
We use our website (www.blackstonemortgagetrust.com) as a channel of distribution of company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases, Securities and Exchange Commission, or SEC, filings and public conference calls, and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone Mortgage Trust when you enroll your email address by visiting the “Contact Us & E-mail Alerts” section of our website at http://ir.blackstonemortgagetrust.com. The contents of our website and any alerts are not, however, a part of this report.




































PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Blackstone Mortgage Trust, Inc.
Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)
 September 30, 2022December 31, 2021
Assets
Cash and cash equivalents$271,899 $551,154 
Loans receivable24,423,13322,003,017
Current expected credit loss reserve(144,431)(124,679)
Loans receivable, net24,278,70221,878,338
Other assets248,028273,797
Total Assets$24,798,629 $22,703,289 
Liabilities and Equity
Secured debt, net$13,188,692 $12,280,042 
Securitized debt obligations, net2,844,0322,838,062
Asset-specific debt, net949,891393,824
Loan participations sold, net207,225
Term loans, net1,807,0171,327,406
Senior secured notes, net394,864394,010
Convertible notes, net513,626619,876
Other liabilities209,375231,358
Total Liabilities20,114,72218,084,578
Commitments and contingencies
Equity
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 170,896,268 and 168,179,798 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
1,7091,682
Additional paid-in capital5,467,3725,373,029
Accumulated other comprehensive income3,8308,308
Accumulated deficit(814,505)(794,832)
Total Blackstone Mortgage Trust, Inc. stockholders’ equity4,658,4064,588,187
Non-controlling interests25,50130,524
Total Equity4,683,9074,618,711
Total Liabilities and Equity$24,798,629 $22,703,289 
Note: The consolidated balance sheets as of September 30, 2022 and December 31, 2021 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, 2022 and December 31, 2021, assets of the consolidated VIEs totaled $3.5 billion, and liabilities of the consolidated VIEs totaled $2.8 billion. Refer to Note 18 for additional discussion of the VIEs.
See accompanying notes to consolidated financial statements.


3


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,
 2022202120222021
Income from loans and other investments
Interest and related income$358,557 $200,114 $876,676 $583,941 
Less: Interest and related expenses202,37582,690439,708243,413
Income from loans and other investments, net156,182117,424436,968340,528
Other expenses
Management and incentive fees25,91119,34276,46260,094
General and administrative expenses12,93210,84137,70132,108
Total other expenses38,84330,183114,16392,202
(Increase) decrease in current expected credit loss reserve(12,248)(2,767)(22,694)49,432
Income before income taxes105,09184,474300,111297,758
Income tax provision 1,172702,064346
Net income103,91984,404298,047297,412
Net income attributable to non-controlling interests(673)(647)(1,864)(2,158)
Net income attributable to Blackstone Mortgage Trust, Inc.$103,246 $83,757 $296,183 $295,254 
Net income per share of common stock
Basic$0.60 $0.56 $1.74 $2.00 
Diluted$0.59 $0.56 $1.71 $2.00 
Weighted-average shares of common stock outstanding
Basic170,971,874149,214,819170,303,470147,971,737
Diluted185,316,078149,214,819182,011,842147,971,737
See accompanying notes to consolidated financial statements.
4


Blackstone Mortgage Trust, Inc.
Consolidated Statements of Comprehensive Income (Unaudited)
(in thousands)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Net income$103,919 $84,404 $298,047 $297,412 
Other comprehensive loss
Unrealized loss on foreign currency translation(158,097)(46,952)(333,526)(66,356)
Realized and unrealized gain on derivative financial instruments154,84946,083329,04865,059
Other comprehensive loss(3,248)(869)(4,478)(1,297)
Comprehensive income100,67183,535 293,569296,115 
Comprehensive income attributable to non-controlling interests(673)(647)(1,864)(2,158)
Comprehensive income attributable to Blackstone Mortgage Trust, Inc.$99,998 $82,888 $291,705 $293,957 
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 Income (Loss)
Accumulated
 Deficit
Stockholders’
 Equity
Non-Controlling
 Interests
Total
Equity
Balance at December 31, 2021
$1,682 $5,373,029 $8,308 $(794,832)$4,588,187 $30,524 $4,618,711 
Adoption of ASU 2020-06, See Note 2(2,431)1,954(477)(477)
Shares of class A common stock issued, net2152,138 52,15952,159
Restricted class A common stock earned8,4728,4728,472
Dividends reinvested246— 246246
Deferred directors’ compensation173173173
Net income99,68799,687576 100,263
Other comprehensive income292292292
Dividends declared on common stock and deferred stock units, $0.62 per share
(105,801)(105,801)(105,801)
Contributions from non-controlling interests— 5,0405,040
Distributions to non-controlling interests— (9,241)(9,241)
Balance at March 31, 2022
$1,703 $5,431,627 $8,600 $(798,992)$4,642,938 $26,899 $4,669,837 
Restricted class A common stock earned8,2458,2458,245
Dividends reinvested319319319
Deferred directors’ compensation173173173
Net income93,25093,25061593,865
Other comprehensive loss(1,522)(1,522)(1,522)
Dividends declared on common stock and deferred stock units, $0.62 per share
(105,812)(105,812)(105,812)
Distributions to non-controlling interests(2,118)(2,118)
Balance at June 30, 2022
$1,703 $5,440,364 $7,078 $(811,554)$4,637,591 $25,396 $4,662,987 
Shares of class A common stock issued, net6 18,490 18,496 18,496 
Restricted class A common stock earned— 8,046 — — 8,046 — 8,046 
Dividends reinvested— 299 — — 299 — 299 
Deferred directors’ compensation— 173 — — 173 — 173 
Net income— — — 103,246 103,246 673 103,919 
Other comprehensive loss— — (3,248)— (3,248)— (3,248)
Dividends declared on common stock and deferred stock units, $0.62 per share
— — — (106,197)(106,197)— (106,197)
Distributions to non-controlling interests— — — — — (568)(568)
Balance at September 30, 2022
$1,709 $5,467,372 $3,830 $(814,505)$4,658,406 $25,501 $4,683,907 
    

See accompanying notes to consolidated financial statements.

6


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 Income (Loss)
Accumulated
 Deficit
Stockholders’
 Equity
Non-Controlling
 Interests
Total
Equity
Balance at December 31, 2020
$1,468 $4,702,713 $11,170 $(829,284)$3,886,067 $18,164 $3,904,231 
Shares of class A common stock issued, net2— 22
Restricted class A common stock earned7,9587,9587,958
Dividends reinvested204— 204204
Deferred directors’ compensation125125125
Net income79,90279,902638 80,540
Other comprehensive income114114114
Dividends declared on common stock and deferred stock units, $0.62 per share
(91,349)(91,349)(91,349)
Contributions from non-controlling interests— 13,44813,448
Distributions to non-controlling interests— (11,180)(11,180)
Balance at March 31, 2021
$1,470 $4,711,000 $11,284 $(840,731)$3,883,023 $21,070 $3,904,093 
Restricted class A common stock earned7,8957,8957,895
Dividends reinvested211211211
Deferred directors’ compensation125125125
Net income131,595131,595873132,468
Other comprehensive loss(541)(541)(541)
Dividends declared on common stock and deferred stock units, $0.62 per share
(91,347)(91,347)(91,347)
Contributions from non-controlling interests14,74514,745
Distributions to non-controlling interests(10,694)(10,694)
Balance at June 30, 2021
$1,470 $4,719,231 $10,743 $(800,483)$3,930,961 $25,994 $3,956,955 
Shares of class A common stock issued, net100 311,855 — — 311,955 — 311,955 
Restricted class A common stock earned— 7,907 — — 7,907 — 7,907 
Dividends reinvested— 218 — — 218 — 218 
Deferred directors’ compensation— 173 — — 173 — 173 
Net income— — — 83,757 83,757 647 84,404 
Other comprehensive loss— — (869)— (869)— (869)
Dividends declared on common stock and deferred stock units, $0.62 per share
— — — (97,552)(97,552)— (97,552)
Contributions from non-controlling interests— — — — — 19,068 19,068 
Distributions to non-controlling interests— — — — — (11,707)(11,707)
Balance at September 30, 2021
$1,570 $5,039,384 $9,874 $(814,278)$4,236,550 $34,002 $4,270,552 

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,
 20222021
Cash flows from operating activities
Net income$298,047 $297,412 
Adjustments to reconcile net income to net cash provided by operating activities
Non-cash compensation expense25,28624,184
Amortization of deferred fees on loans and debt securities(59,285)(43,299)
Amortization of deferred financing costs and premiums/discounts on debt obligations35,45529,698
Increase (decrease) in current expected credit loss reserve22,694(49,432)
Unrealized gain on assets denominated in foreign currencies, net(31)(7,088)
Unrealized gain on derivative financial instruments, net(3,227)(3,298)
Realized (gain) loss on derivative financial instruments, net(8,418)5,483
Changes in assets and liabilities, net
Other assets(72,769)(12,106)
Other liabilities28,85813,468
Net cash provided by operating activities266,610255,022
Cash flows from investing activities
Principal fundings of loans receivable(6,210,880)(7,449,491)
Principal collections and sales proceeds from loans receivable and debt securities2,670,9023,423,460
Origination and exit fees received on loans receivable67,95079,971
Receipts under derivative financial instruments279,34344,428
Payments under derivative financial instruments(7,385)(75,458)
Collateral deposited under derivative agreements(56,330)(94,060)
Return of collateral deposited under derivative agreements56,330145,110
Net cash used in investing activities(3,200,070)(3,926,040)
continued…
See accompanying notes to consolidated financial statements.














8


Blackstone Mortgage Trust, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
 Nine Months Ended September 30,
 20222021
Cash flows from financing activities
Borrowings under secured debt$4,857,829 $7,701,481 
Repayments under secured debt(3,090,429)(4,239,614)
Proceeds from issuance of securitized debt obligations803,750
Repayment of securitized debt obligations(888,763)
Borrowings under asset-specific debt654,578106,443
Repayments under asset-specific debt(78,659)(178,073)
Proceeds from sale of loan participations245,278
Net proceeds from issuance of term loans492,500298,500
Repayments of term loans(11,554)(10,060)
Net proceeds from issuance of convertible notes294,000
Repayment of convertible notes(402,500)
Payment of deferred financing costs(37,747)(29,339)
Contributions from non-controlling interests5,04047,261
Distributions to non-controlling interests(11,927)(33,581)
Net proceeds from issuance of class A common stock70,651311,955
Dividends paid on class A common stock(315,430)(273,311)
Net cash provided by financing activities2,671,6303,616,649
Net decrease in cash, cash equivalents, and restricted cash(261,830)(54,369)
Cash, cash equivalents, and restricted cash at beginning of period551,154289,970
Effects of currency translation on cash, cash equivalents, and restricted cash(17,425)579
Cash, cash equivalents, and restricted cash at end of period$271,899 $236,180 
Supplemental disclosure of cash flows information
Payments of interest$(374,646)$(207,293)
(Payments) receipts of income taxes$