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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2013
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, 2013

(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

      Office / West         L + 3.80 %      6/15/2018        I/O       $ —         $ 193,980       $ 193,194   

Borrower B

      Multifamily / Northeast         L + 4.50 %      11/9/2018        I/O         —           181,000         179,266   

Borrower C

      Diversified / Northeast         L + 3.70 %      9/30/2020        I/O         —           140,000         139,695   

Borrower D

      Office / Northeast         L + 4.75 %      1/9/2019        I/O         —           140,000         138,627   

Borrower E

      Hotel / West         L + 4.38 %      11/9/2018        I/O         —           89,750         89,161   

Borrower F

      Diversified / Diversified         L + 4.25 %      8/10/2018        I/O         —           87,038         86,489   

Borrower G

      Multifamily / Southeast         L + 3.85 %      7/9/2018        I/O         —           81,000         80,664   

Borrower H

      Office / West         L + 3.95 %      6/9/2018        I/O         —           70,284         70,131   

Borrower I

      Office / Northeast         L + 4.00 %      6/10/2016        I/O         —           68,000         67,787   

Borrower J

      Other / Diversified         L + 5.00 %      9/14/2018        I/O         —           67,714         66,956   

Borrower K

      Other / Northeast         L + 8.00 %      2/9/2015        I/O         —           64,000         64,530   

All other mortgage loans individually less than 3%

      Various / Diversified         L + 3.85% – L + 5.00 %      11/6/2016 – 1/9/2019           —           628,747         623,829   
            

 

 

     

 

 

     

 

 

  

Total senior mortgage loans

                —           1,811,513         1,800,329   
            

 

 

     

 

 

     

 

 

  

Subordinate Loans(7)

                   

Borrower AA

      Office / Northwest         L + 5.66 %      4/9/2015        I/O         289,318         173,837         166,207   

Borrower BB

      Multifamily / Northeast         L + 12.56 %      12/13/2017        I/O         108,917         33,513         33,687   

All other floating-rate loans individually less than 3%

      Various / Diversified         L + 3.53 % – L + 6.06 %(8)      1/8/2014 – 12/9/2014 (8)         N/A         178,820         63,990   

All other fixed-rate loans individually less than 3%

      Various / Diversified         8.00% – 8.77 %      6/1/2014 – 2/1/2016           N/A         23,995         23,675   
            

 

 

     

 

 

     

 

 

  

Total subordinate loans

                398,235         410,164         287,559   
            

 

 

     

 

 

     

 

 

  

Total loans

              $ 398,235       $ 2,221,678       $ 2,087,888   
            

 

 

     

 

 

     

 

 

  

 

(1)

Includes senior mortgage loans, related contiguous subordinate loans with a net book value of $68.6 million, and pari passu participations in mortgages.
(2)

All loans are floating rate loans indexed to LIBOR as of December 31, 2013; however, certain of our loans receivable earn a minimum LIBOR floor ranging from 0.20% to 1.00%.
(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 $2.1 billion as of December 31, 2013.
(7)

Includes subordinate interests in mortgages and mezzanine loans.
(8)

Ranges exclude fully impaired loans with an aggregate principal balance of $108.8 million, which includes a subordinate loan with a principal balance of $10.5 million that is greater than 90 days delinquent. All other loans are current on contractual principal and interest payments. Refer to Notes 5 and 7 to our consolidated financial statements for additional details on our impaired loans.

 

Blackstone Mortgage Trust, Inc.

Notes to Schedule IV

As of December 31, 2013

(in thousands)

 

1.

Reconciliation of Mortgage Loans on Real Estate:

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

 

     2013     2012     2011  

Balance at January 1,(1)

    $ 141,500      $ 869,269      $ 3,503,447   

Additions during period:

       

Consolidation (deconsolidation) of subsidiary

      150,332        (645,163 )      (573,483 ) 

Loan originations

      2,325,433        —          —     

Additional fundings(2)

      3,465        26        478   

Amortization of deferred fees and discount, net

      5,965        180        1,773   

Unrealized gain on foreign currency translation

      796        —          —     

Unrealized gain on investments at fair value

      6,816        —          —     

Valuation allowance on loans held-for-sale

      1,259        —          (1,456 ) 

Recovery of provision for loan losses

      —          36,147        21,973   

Deductions during period:

       

Collections of principal

      (494,301 )      (118,959 )      (2,069,799 ) 

Loans sold

      (21,162 )      —          (5,750 ) 

Deferred origination fees and expenses

      (25,402 )      —          —     

Transfers to other assets

      (6,813 )      —          (7,914 ) 
  

 

 

    

 

 

    

 

 

  

Balance at December 31,

    $ 2,087,888      $ 141,500      $ 869,269   
  

 

 

    

 

 

    

 

 

  

 

  (1)

All amounts include loans receivable, net, loans receivable, at fair value, and loans held-for-sale.

  
  (2)

Includes deferred interest, which is a non-cash addition to the balance of mortgage loans, of $325,000, $26,000, and $478,000 for the years ended December 31, 2013, 2012, and 2011, respectively.