| 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)
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Type of Loan/Borrower
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Description / Location
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Interest
Payment Rates(2) |
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Maximum
Maturity Date(3) |
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Periodic
Payment
Terms(4) |
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Prior
Liens(5) |
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Face
Amount of
Loans |
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Carrying
Amount of
Loans(6) |
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Senior Mortgage Loans(1)
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Borrower A
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Hotel / UK |
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L + 4.00 |
% |
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5/22/2019 |
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I/O |
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$ |
— |
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$ |
311,240 |
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$ |
307,084 |
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Borrower B
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Condo / Northeast |
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L + 4.50 |
% |
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11/9/2018 |
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I/O |
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— |
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181,000 |
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179,839 |
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Borrower C
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Office / Diversified |
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L + 3.80 |
% |
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12/9/2019 |
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I/O |
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— |
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163,300 |
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161,770 |
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Borrower D
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Office / Midwest |
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L + 3.50 |
% |
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8/9/2019 |
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I/O |
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— |
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153,879 |
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152,751 |
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Borrower E
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Other / Diversified |
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L + 4.75 |
% |
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1/7/2019 |
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I/O |
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— |
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151,767 |
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150,618 |
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Borrower F
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Hotel / UK |
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L + 3.40 |
% |
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11/20/2019 |
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I/O |
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— |
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149,395 |
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147,936 |
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Borrower G
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Office / Northeast |
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L + 4.75 |
% |
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1/9/2019 |
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I/O |
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— |
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139,809 |
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139,099 |
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Borrower H
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Office / Canada |
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L + 5.50 |
% |
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12/9/2019 |
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I/O |
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— |
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138,644 |
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137,024 |
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Borrower I
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Hotel / Northeast |
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L + 4.30 |
% |
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12/1/2017 |
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I/O |
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— |
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133,350 |
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132,987 |
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All other mortgage loans individually less than 3%
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Various / Diversified |
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L + 3.65 % – L + 6.83 |
% |
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6/10/2016 – 9/30/2020 |
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— |
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2,852,148 |
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2,831,478 |
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Total senior mortgage loans
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— |
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4,374,532 |
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4,340,586 |
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Subordinate Loans(7)
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Borrower AA
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Office / Northwest |
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L + 5.66 |
% |
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4/9/2015 |
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I/O |
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88,986 |
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54,399 |
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53,833 |
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Borrower BB
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Condo / Northeast |
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L + 12.56 |
% |
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12/13/2017 |
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I/O |
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110,388 |
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33,966 |
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34,081 |
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Total subordinate loans
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199,374 |
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88,365 |
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87,914 |
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Total loans
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$ |
199,374 |
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$ |
4,462,897 |
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$ |
4,428,500 |
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| (1) |
Includes senior mortgages and similar credit quality
loans, including related contiguous subordinate loans, and pari
passu participations in senior mortgage loans.
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| (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.
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| (3) |
Maximum maturity date assumes all extension options are
exercised.
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| (5) |
Represents only third party liens.
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| (6) |
The tax basis of the loans included above is
approximately $3.9 billion as of December 31, 2014.
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| (7) |
Includes subordinate interests in mortgages and mezzanine
loans.
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Blackstone Mortgage Trust, Inc.
Notes to Schedule IV
As of December 31, 2014
(in thousands)
| 1. |
Reconciliation of Mortgage Loans on Real
Estate:
|
The following table reconciles mortgage loans on
real estate for the years ended:
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| |
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2014 |
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2013 |
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2012 |
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Balance at January 1,
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$ |
2,047,223 |
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$ |
141,500 |
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$ |
869,269 |
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Additions during period:
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Consolidation (deconsolidation) of subsidiary
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— |
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— |
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(645,163 |
) |
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Loan fundings
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3,067,263 |
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2,327,914 |
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26 |
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Amortization of deferred fees and expenses
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|
19,785 |
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5,965 |
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|
180 |
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Unrealized gain on foreign currency translation
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|
— |
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|
796 |
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|
— |
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Valuation allowance on loans held-for-sale
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|
— |
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1,259 |
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— |
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Recovery of provision for loan losses
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|
— |
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|
— |
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|
36,147 |
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Deductions during period:
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Collections of principal
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(564,183 |
) |
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(383,647 |
) |
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(118,959 |
) |
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Unrealized (loss) on foreign currency translation
|
|
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(52,076 |
) |
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|
— |
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|
|
— |
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Deferred origination fees and expenses
|
|
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(35,449 |
) |
|
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(25,402 |
) |
|
|
— |
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Loans sold
|
|
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(27,063 |
) |
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(21,162 |
) |
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— |
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Transfers to other assets
|
|
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(27,000 |
) |
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|
— |
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— |
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Balance at December 31,
|
|
$ |
4,428,500 |
|
|
$ |
2,047,223 |
|
|
$ |
141,500 |
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