Segment Reporting

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Reporting

21. SEGMENT REPORTING

We operate our real estate finance business through a Loan Origination segment and a CT Legacy Portfolio segment. The Loan Origination segment includes our activities associated with the origination and acquisition of mortgage loans, the capitalization of our loan portfolio, and the costs associated with operating our business generally. The CT Legacy Portfolio segment includes our activities specifically related to CT Legacy Partners, CT CDO I, and our equity investment in CTOPI. Our Manager identifies, makes operating decisions, and assesses the performance of each of our business segments based on financial and operating data and metrics generated from our internal information systems.

Our Loan Origination business commenced during 2013. Accordingly, no comparable segment data exists for 2012, 2011, or any other prior period, and we have therefore not retrospectively restated our previously reported information.

The following table presents our consolidated statement of operations for each segment for the year ended December 31, 2013 ($ in thousands):

	Loan Origination			CT Legacy Portfolio			Total
Income from loans and other investments
Interest and related income	$	41,621		$	11,543		$	53,164
Less: Interest and related expenses		13,053			4,964			18,017
Income from loans and other investments, net		28,568			6,579			35,147
Other expenses
Management fees		5,937			—			5,937
General and administrative expenses		5,149			6,356			11,505
Total other expenses		11,086			6,356			17,442
Valuation allowance on loans held-for-sale		—			1,259			1,259
Unrealized gain on investments at fair value		—			7,417			7,417
Gain on extinguishment of debt		—			38			38
Income before income taxes		17,482			8,937			26,419
Income tax provision		31			964			995
Net income		17,451			7,973			25,424
Net income attributable to non-controlling interests		(193	)		(10,199	)		(10,392	)
Net income (loss) attributable to
Blackstone Mortgage Trust, Inc.	$	17,258		$	(2,226	)	$	15,032

There were no transactions between our operating segments during the year ended December 31, 2013. Less than 1% of revenues for the year ended December 31, 2013, were generated from non-domestic sources.

The following table presents our consolidated balance sheet for each segment as of December 31, 2013 ($ in thousands):

	Loan Origination		CT Legacy Portfolio		Total
Assets
Cash and cash equivalents	$	52,342	$	—	$	52,342
Restricted cash		—		10,096		10,096
Loans receivable, net		2,000,223		47,000		2,047,223
Loans receivable, at fair value		—		40,665		40,665
Equity investments in unconsolidated subsidiaries		—		22,480		22,480
Accrued interest receivable, prepaid expenses, and other assets		21,020		18,954		39,974
Total assets	$	2,073,585	$	139,195	$	2,212,780
Liabilities and Equity
Accounts payable, accrued expenses, and other liabilities	$	21,104	$	35,868	$	56,972
Repurchase obligations		1,109,353		—		1,109,353
Convertible notes, net		159,524		—		159,524
Securitized debt obligations		—		40,181		40,181
Participations sold		90,000		—		90,000
Total liabilities		1,379,981		76,049		1,456,030
Equity
Total Blackstone Mortgage Trust, Inc. stockholders’ equity		693,604		24,305		717,909
Non-controlling interests		—		38,841		38,841
Total equity		693,604		63,146		756,750
Total liabilities and equity	$	2,073,585	$	139,195	$	2,212,780