Equity (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Primary Components of Accumulated Other Comprehensive Loss

The following table details the primary components of accumulated other comprehensive loss as of, and for the years ended, December 31, 2012 and 2011($ in thousands):


Accumulated Other Comprehensive Loss	Mark-to-Market on Interest Rate Hedges			Deferred Gains on Settled Hedges			Other-than- Temporary Impairments			Unrealized Gains on Securities			Total
Total as of December 31, 2010	$	(37,914	)	$	165		$	(16,800	)	$	4,087		$	(50,462	)
Consolidation of additional securitization vehicles⁽¹⁾		—			—			538			—			538
Unrealized gain on derivative financial instruments		5,453			—			—			—			5,453
Ineffective portion of cash flow hedges⁽²⁾		5,038			—			—			—			5,038
Amortization of net unrealized gains on securities		—			—			—			(908	)		(908	)
Amortization of net deferred gains on settlement of swaps		—			(109	)		—			—			(109	)
Other-than-temporary impairments of securities⁽³⁾		—			—			(326	)		—			(326	)
Allocation to non-controlling interest		—			—			10			182			192

Total as of December 31, 2011		(27,423	)		56			(16,578	)		3,361			(40,584	)

Unrealized gain on derivative financial instruments		8,367			—			—			—			8,367
Ineffective portion of cash flow hedges⁽⁴⁾		2,481			—			—			—			2,481
Amortization of net unrealized gains on securities		—			—			—			(775	)		(775	)
Amortization of net deferred gains on settlement of swaps		—			(56	)		—			—			(56	)
Other-than-temporary impairments of securities⁽³⁾		—			—			678			—			678
Deconsolidation of subsidiaries⁽⁵⁾		16,575			—			15,900			(2,586	)		29,889

Total as of December 31, 2012	$	—		$	—		$	—		$	—		$	—

(1)

We began consolidating an additional securitization vehicle in the third quarter of 2011, which was previously accounted for as part of our legacy securities portfolio. This security had previously been other-than-temporarily impaired, a portion of which was recorded in accumulated other comprehensive income, and was therefore eliminated in consolidation.

(2)

As a result of significant floating rate debt obligation repayments, a portion of our legacy portfolio interest rate swaps was deemed ineffective in the second quarter of 2011 and these were no longer designated as hedging instruments. As a result, a portion of accumulated other comprehensive income was reclassified into earnings each period to reflect the non-hedge designation.

(3)	Represents other-than-temporary impairments of securities in excess of credit losses, including amortization of prior other-than-temporary impairments.

(4)	As a result of the deconsolidation of CT Legacy Asset in the first quarter of 2012, the balance of accumulated other comprehensive income related to cash flow hedges of CT Legacy Asset was reclassified to interest expense.

(5)	As further described in Note 1, we deconsolidated various subsidiaries during 2012. As a result, the balances of accumulated other comprehensive income related to these subsidiaries are no longer included in our consolidated financial statements.

Schedule of Components of Non-Controlling Interests

The following table details the components of non-controlling interests in CT Legacy Partners ($ in thousands):


	December 31, 2013
Restricted cash	$	10,096
Loans receivable, at fair value		40,665
Accrued interest receivable, prepaid expenses, and other assets		16,118
Accounts payable, accrued expenses, and other liabilities		(378	)

CT Legacy Partners equity	$	66,501

Equity interests owned by Blackstone Mortgage Trust, Inc.		(27,660	)

Non-controlling interests in CT Legacy Partners	$	38,841

Schedule of Details Movement in Our Outstanding Class A Common Stock and Restricted Class A Common Stock

The following table details the movement in our outstanding shares of class A common stock, restricted class A common stock, and deferred stock units:


	Year Ended December 31,
Common Stock Outstanding^(1)(2)(3)	2013		2012		2011
Beginning balance		3,016,407		2,277,344		2,243,490
Issuance of class A common stock		25,875,000		669,047		—
Transactions related to stock-based incentive plans
Issuance of restricted class A common stock, net		700,000		36,493		26,161
Issuance of deferred stock units		11,477		33,523		7,693

Ending balance		29,602,884		3,016,407		2,277,344

(1)

Includes shares of our class A common stock, restricted class A common stock, and deferred stock units.

(2)

Deferred stock units held by members of our board of directors totalled 101,233, 89,754, and 56,234 as of December 31, 2013, 2012, and 2011, respectively.

(3)

Share amounts have been retroactively updated to reflect the one-for-ten reverse stock split which we effected as of May 6, 2013. See above for further discussion.

Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding

The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding for the indicated periods ($ in thousands, except per share data):


	Year Ended December 31,
	2013		2012		2011
Net income	$	15,032	$	181,024	$	258,142
Weighted-average shares outstanding⁽¹⁾		18,520,052		2,345,943		2,266,043
Warrants and options outstanding for the purchase of class A common stock⁽²⁾		—		129,351		129,000
Weighted-average shares outstanding, diluted		18,520,052		2,475,294		2,395,043
Per share amount, basic	$	0.81	$	77.16	$	113.92

Per share amount, diluted	$	0.81	$	73.13	$	107.78

(1)	Share and per share amounts have been retroactively updated to reflect the one-for-ten reverse stock split we effected as of May 6, 2013. See above for further discussion.

(2)	As of December 31, 2013, Diluted EPS excludes potential shares issuable upon conversion of our convertible notes, which were not dilutive for the period.

Schedule of Basic and Diluted Earnings Per Share, Continuing Operations

The following table sets forth the calculation of basic and diluted income from continuing operations per share of class A common stock based on the weighted average of both restricted and unrestricted class A common stock outstanding for the indicated periods ($ in thousands, except per share data):


	Year Ended December 31,
	2013			2012			2011
Income from continuing operations	$	25,424		$	282,213		$	253,209
Net income attributable to non-controlling interests		(10,392	)		(98,780	)		5,823

Income from continuing operations attributable to Blackstone Mortgage Trust, Inc.		15,032			183,433			259,032
Weighted-average shares outstanding⁽¹⁾		18,520,052			2,345,943			2,266,043
Warrants and options outstanding for the purchase of class A common stock⁽²⁾		—			129,351			129,000

Weighted-average shares outstanding, diluted		18,520,052			2,475,294			2,395,043
Per share amount, basic	$	0.81		$	78.19		$	114.31

Per share amount, diluted	$	0.81		$	74.16		$	108.17

(1)	Share and per share amounts have been retroactively updated to reflect the one-for-ten reverse stock split which we effected as of May 6, 2013. See above for further discussion.

(2)	As of December 31, 2013, Diluted EPS excludes potential shares issuable upon conversion of our convertible notes, which were not dilutive for the period.