Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Consolidated Statement of Operations for Each Segment

The following table presents our consolidated statement of operations for each segment for the three months ended June 30, 2014 and 2013 ($ in thousands):

	Three Months Ended June 30, 2014
	Loan			CT Legacy
	Origination			Portfolio			Total
Income from loans and other investments
Interest and related income	$	41,372		$	1,094		$	42,466
Less: Interest and related expenses		15,503			217			15,720
Income from loans and other investments, net		25,869			877			26,746
Other expenses
Management fees		4,410			—			4,410
General and administrative expenses		3,501			11,855			15,356
Total other expenses		7,911			11,855			19,766
Gain on investments at fair value		—			7,163			7,163
Income from equity investments in unconsolidated subsidiaries		—			24,294			24,294
Income before income taxes		17,958			20,479			38,437
Income tax benefit		—			(2	)		(2	)
Net income		17,958			20,481			38,439
Net income attributable to non-controlling interests		—			(4,973	)		(4,973	)
Net income attributable to Blackstone Mortgage Trust, Inc.	$	17,958		$	15,508		$	33,466
	Three Months Ended June 30, 2013
	Loan			CT Legacy
	Origination			Portfolio			Total
Income from loans and other investments
Interest and related income	$	1,908		$	4,109		$	6,017
Less: Interest and related expenses		168			1,138			1,306
Income from loans and other investments, net		1,740			2,971			4,711
Other expenses
Management fees		920			—			920
General and administrative expenses		1,233			1,274			2,507
Total other expenses		2,153			1,274			3,427
Valuation allowance on loans held-for-sale		—			2,000			2,000
Gain on investments at fair value		—			4,000			4,000
Gain on extinguishment of debt		—			38			38
(Loss) income before income taxes		(413	)		7,735			7,322
Income tax provision		2			552			554
Net (loss) income		(415	)		7,183			6,768
Net income attributable to non-controlling interests		—			(4,020	)		(4,020	)
Net (loss) income attributable to Blackstone Mortgage Trust, Inc.	$	(415	)	$	3,163		$	2,748

The following table presents our consolidated statement of operations for each segment for the six months ended June 30, 2014 and 2013 ($ in thousands):

	Six Months Ended June 30, 2014
	Loan			CT Legacy
	Origination			Portfolio			Total
Income from loans and other investments
Interest and related income	$	73,408		$	2,714		$	76,122
Less: Interest and related expenses		27,130			664			27,794
Income from loans and other investments, net		46,278			2,050			48,328
Other expenses
Management fees		7,807			—			7,807
General and administrative expenses		6,346			12,208			18,554
Total other expenses		14,153			12,208			26,361
Gain on investments at fair value		—			5,824			5,824
Income from equity investments in unconsolidated subsidiaries		—			24,294			24,294
Income before income taxes		32,125			19,960			52,085
Income tax provision		131			399			530
Net income		31,994			19,561			51,555
Net income attributable to non-controlling interests		—			(5,024	)		(5,024	)
Net income attributable to Blackstone Mortgage Trust, Inc.	$	31,994		$	14,537		$	46,531
	Six Months Ended June 30, 2013
	Loan			CT Legacy
	Origination			Portfolio			Total
Income from loans and other investments
Interest and related income	$	1,908		$	5,565		$	7,473
Less: Interest and related expenses		168			1,915			2,083
Income from loans and other investments, net		1,740			3,650			5,390
Other expenses
Management fees		983			—			983
General and administrative expenses		1,900			2,582			4,482
Total other expenses		2,883			2,582			5,465
Valuation allowance on loans held-for-sale		—			1,800			1,800
Gain on investments at fair value		—			4,000			4,000
Gain on extinguishment of debt		—			38			38
(Loss) income before income taxes		(1,143	)		6,906			5,763
Income tax provision		40			553			593
Net (loss) income		(1,183	)		6,353			5,170
Net income attributable to non-controlling interests		—			(5,537	)		(5,537	)
Net (loss) income attributable to Blackstone Mortgage Trust, Inc.	$	(1,183	)	$	816		$	(367	)

Consolidated Balance Sheet for Each Segment

The following table presents our consolidated balance sheet for each segment as of June 30, 2014 and December 31, 2013 ($ in thousands):

	June 30, 2014
	Loan		CT Legacy
	Origination		Portfolio		Total
Assets
Cash and cash equivalents	$	120,456	$	—	$	120,456
Restricted cash		—		11,392		11,392
Loans receivable, net		3,488,179		—		3,488,179
Equity investments in unconsolidated subsidiaries		—		14,038		14,038
Accrued interest receivable, prepaid expenses, and other assets		29,803		90,901		120,704
Total assets	$	3,638,438	$	116,331	$	3,754,769
Liabilities and Equity
Accounts payable, accrued expenses, and other liabilities	$	34,036	$	37,309	$	71,345
Repurchase obligations		1,779,650		—		1,779,650
Convertible notes, net		160,671		—		160,671
Participations sold		461,078		—		461,078
Total liabilities		2,435,435		37,309		2,472,744
Equity
Total Blackstone Mortgage Trust, Inc. stockholders’ equity		1,203,003		36,305		1,239,308
Non-controlling interests		—		42,717		42,717
Total equity		1,203,003		79,022		1,282,025
Total liabilities and equity	$	3,638,438	$	116,331	$	3,754,769
	December 31, 2013
	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	$	76,049	$	97,153
Repurchase obligations		1,109,353		—		1,109,353
Convertible notes, net		159,524		—		159,524
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