XML 116 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate

Blackstone Mortgage Trust, Inc.

Schedule IV – Mortgage Loans on Real Estate

As of December 31, 2014

(in thousands)

 

Type of Loan/Borrower

  

Description / Location

    Interest
Payment Rates(2)		     Maximum
Maturity Date(3)		      Periodic
Payment
Terms(4)		      Prior
Liens(5)		      Face
Amount of
Loans		      Carrying
Amount of
Loans(6)		  

Senior Mortgage Loans(1)

                   

Borrower A

   Hotel / UK      L + 4.00 %      5/22/2019         I/O       $ —         $ 311,240       $ 307,084   

Borrower B

   Condo / Northeast      L + 4.50 %      11/9/2018         I/O         —           181,000         179,839   

Borrower C

   Office / Diversified      L + 3.80 %      12/9/2019         I/O         —           163,300         161,770   

Borrower D

   Office / Midwest      L + 3.50 %      8/9/2019         I/O         —           153,879         152,751   

Borrower E

   Other / Diversified      L + 4.75 %      1/7/2019         I/O         —           151,767         150,618   

Borrower F

   Hotel / UK      L + 3.40 %      11/20/2019         I/O         —           149,395         147,936   

Borrower G

   Office / Northeast      L + 4.75 %      1/9/2019         I/O         —           139,809         139,099   

Borrower H

   Office / Canada      L + 5.50 %      12/9/2019         I/O         —           138,644         137,024   

Borrower I

   Hotel / Northeast      L + 4.30 %      12/1/2017         I/O         —           133,350         132,987   

All other mortgage loans individually less than 3%

   Various / Diversified      L + 3.65 % – L + 6.83 %      6/10/2016 – 9/30/2020            —           2,852,148         2,831,478   
            

 

 

     

 

 

     

 

 

  

Total senior mortgage loans

   —        4,374,532      4,340,586   
            

 

 

     

 

 

     

 

 

  

Subordinate Loans(7)

Borrower AA

 Office / Northwest   L + 5.66 %    4/9/2015      I/O      88,986      54,399      53,833   

Borrower BB

 Condo / Northeast   L + 12.56 %    12/13/2017      I/O      110,388      33,966      34,081   
            

 

 

     

 

 

     

 

 

  

Total subordinate loans

   199,374      88,365      87,914   
            

 

 

     

 

 

     

 

 

  

Total loans

 $ 199,374    $ 4,462,897    $ 4,428,500   
            

 

 

     

 

 

     

 

 

  

 

(1)

Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans.
(2)

As of December 31, 2014, our floating rate loans and related liabilities were 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. In addition to cash coupon, all-in yield includes the amortization of deferred origination fees, loan origination costs, and accrual of both extension and exit fees.
(3)

Maximum maturity date assumes all extension options are exercised.
(4)

I/O = interest only.
(5)

Represents only third party liens.
(6)

The tax basis of the loans included above is approximately $3.9 billion as of December 31, 2014.
(7)

Includes subordinate interests in mortgages and mezzanine loans.

 

Blackstone Mortgage Trust, Inc.

Notes to Schedule IV

As of December 31, 2014

(in thousands)

 

1.

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles mortgage loans on real estate for the years ended:

 

     2014     2013     2012  

Balance at January 1,

    $ 2,047,223      $ 141,500      $ 869,269   

Additions during period:

       

Consolidation (deconsolidation) of subsidiary

      —          —          (645,163 ) 

Loan fundings

      3,067,263        2,327,914        26   

Amortization of deferred fees and expenses

      19,785        5,965        180   

Unrealized gain on foreign currency translation

      —          796        —     

Valuation allowance on loans held-for-sale

      —          1,259        —     

Recovery of provision for loan losses

      —          —          36,147   

Deductions during period:

       

Collections of principal

      (564,183 )      (383,647 )      (118,959 ) 

Unrealized (loss) on foreign currency translation

      (52,076 )      —          —     

Deferred origination fees and expenses

      (35,449 )      (25,402 )      —     

Loans sold

      (27,063 )      (21,162 )      —     

Transfers to other assets

      (27,000 )      —          —     
  

 

 

    

 

 

    

 

 

  

Balance at December 31,

    $ 4,428,500      $ 2,047,223      $ 141,500