Company Quick10K Filing
Quick10K
Blackstone Mortgage Trust
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$34.99 126 $4,397
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-26 Other Events, Exhibits
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-06-25 Other Events, Exhibits
8-K 2019-06-19 Shareholder Vote
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-04-11 Earnings
8-K 2019-02-12 Earnings, Exhibits
8-K 2018-11-14 Other Events, Exhibits
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-07-31 Other Events, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-06-20 Officers, Shareholder Vote, Exhibits
8-K 2018-03-27 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-02 Other Events
WY Weyerhaeuser 18,955
HCP HCP 16,553
IRM Iron Mountain 8,954
HR Healthcare Realty Trust 4,250
OFC Corporate Office Properties Trust 3,220
QTS QTS Realty Trust 2,476
CHSP Chesapeake Lodging Trust 1,558
SKT Tanger Factory Outlet Centers 1,318
MNR Monmouth Real Estate Investment 1,242
KREF KKR Real Estate Finance Trust 1,102
BXMT 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 d761963dex101.htm
EX-10.2 d761963dex102.htm
EX-31.1 d761963dex311.htm
EX-31.2 d761963dex312.htm
EX-32.1 d761963dex321.htm
EX-32.2 d761963dex322.htm

Blackstone Mortgage Trust Earnings 2019-09-30

BXMT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q
2023-032023-032022-082022-08002022-042022-022022-02Dec. 31, 20292015 2017 2018false2019Q3000106163012-31BLACKSTONE MORTGAGE TRUST, INC.The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million. 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. 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. 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. 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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, 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
 
TABLE OF CONTENTS
             
PART I.
 
 
 
 
 
 
 
 
 
 
 
ITEM 1.
 
 
 
2
 
 
 
 
 
 
 
 
 
Consolidated Financial Statements (Unaudited):
 
 
 
 
 
 
 
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
4
 
 
 
 
 
 
 
 
 
 
 
5
 
 
 
 
 
 
 
 
 
 
 
7
 
 
 
 
 
 
 
 
 
 
 
9
 
 
 
 
 
 
 
 
ITEM 2.
 
 
 
41
 
 
 
 
 
 
 
 
ITEM 3.
 
 
 
60
 
 
 
 
 
 
 
 
ITEM 4.
 
 
 
63
 
 
 
 
 
 
 
 
PART II.
 
 
 
 
 
 
 
 
 
 
 
ITEM 1.
 
 
 
64
 
 
 
 
 
 
 
 
ITEM 1A.
 
 
 
64
 
 
 
 
 
 
 
 
ITEM 2.
 
 
 
64
 
 
 
 
 
 
 
 
ITEM 3.
 
 
 
64
 
 
 
 
 
 
 
 
ITEM 4.
 
 
 
64
 
 
 
 
 
 
 
 
ITEM 5.
 
 
 
64
 
 
 
 
 
 
 
 
ITEM 6.
 
 
 
65
 
 
 
 
 
 
 
 
66
 
 
 
 
 
 
 
 
 
 

 
Table of Contents
 
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
 

 
Table of Contents
 
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
 

 
Table of Contents
 
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
 

 
Table of Contents
 
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
 

 
Table of Contents
 
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