Segment Reporting

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Reporting

14. 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.

There were no transactions between our operating segments during the three months ended March 31, 2014 and 2013. Substantially all of our revenues for the three months ended March 31, 2014 and 2013 were generated from domestic sources.

The following table presents our consolidated statement of operations for each segment for the three months ended March 31, 2014 ($ in thousands):

	Loan		CT Legacy
	Origination		Portfolio			Total
Income from loans and other investments
Interest and related income	$	32,035	$	1,621		$	33,656
Less: Interest and related expenses		11,626		448			12,074
Income from loans and other investments, net		20,409		1,173			21,582
Other expenses
Management fees		3,397		—			3,397
General and administrative expenses		2,846		353			3,199
Total other expenses		6,243		353			6,596
Loss on investments at fair value		—		(1,339	)		(1,339	)
Income (loss) before income taxes		14,166		(519	)		13,647
Income tax provision		131		400			531
Net income (loss)		14,035		(919	)		13,116
Net income attributable to non-controlling interests		—		(51	)		(51	)
Net income (loss) attributable to Blackstone Mortgage Trust, Inc.	$	14,035	$	(970	)	$	13,065

The following table presents our consolidated balance sheet for each segment as of March 31, 2014 ($ in thousands):

	Loan		CT Legacy
	Origination		Portfolio		Total
Assets
Cash and cash equivalents	$	70,834	$	—	$	70,834
Restricted cash		—		10,677		10,677
Loans receivable, net		2,663,159		47,000		2,710,159
Equity investments in unconsolidated subsidiaries		—		23,394		23,394
Accrued interest receivable, prepaid expenses, and other assets		22,163		57,160		79,323
Total assets	$	2,756,156	$	138,231	$	2,894,387
Liabilities and Equity
Accounts payable, accrued expenses, and other liabilities	$	29,922	$	36,789	$	66,711
Repurchase obligations		1,529,788		—		1,529,788
Convertible notes, net		160,094		—		160,094
Securitized debt obligations		—		39,394		39,394
Participations sold		90,000		—		90,000
Total liabilities		1,809,804		76,183		1,885,987
Equity
Total Blackstone Mortgage Trust, Inc. stockholders’ equity		946,352		23,731		970,083
Non-controlling interests		—		38,317		38,317
Total equity		946,352		62,048		1,008,400
Total liabilities and equity	$	2,756,156	$	138,231	$	2,894,387

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

	Loan		CT Legacy
	Origination		Portfolio			Total
Income from loans and other investments
Interest and related income	$	—	$	1,456		$	1,456
Less: Interest and related expenses		—		777			777
Income from loans and other investments, net		—		679			679
Other expenses
Management fees		—		63			63
General and administrative expenses		—		1,975			1,975
Total other expenses		—		2,038			2,038
Valuation allowance on loans held-for-sale		—		(200	)		(200	)
Loss before income taxes		—		(1,559	)		(1,559	)
Income tax provision		—		38			38
Net loss		—		(1,597	)		(1,597	)
Net income attributable to non-controlling interests		—		(1,518	)		(1,518	)
Net loss attributable to Blackstone Mortgage Trust, Inc.	$	—	$	(3,115	)	$	(3,115	)

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

	Loan		CT Legacy
	Origination		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
Equity investments in unconsolidated subsidiaries		—		22,480		22,480
Accrued interest receivable, prepaid expenses, and other assets		21,020		59,619		80,639
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