Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30, 2014 and 2013 ($ in thousands):

	Three Months Ended September 30, 2014
	Loan			CT Legacy
	Origination			Portfolio			Total
Income from loans and other investments
Interest and related income	$	49,720		$	666		$	50,386
Less: Interest and related expenses		19,713			190			19,903
Income from loans and other investments, net		30,007			476			30,483
Other expenses
Management and incentive fees		5,412			—			5,412
General and administrative expenses		2,705			663			3,368
Total other expenses		8,117			663			8,780
Gain on investments at fair value		—			1,780			1,780
Income before income taxes		21,890			1,593			23,483
Income tax benefit		—			(118	)		(118	)
Net income		21,890			1,711			23,601
Net income attributable to non-controlling interests		—			(1,577	)		(1,577	)
Net income attributable to Blackstone Mortgage Trust, Inc.	$	21,890		$	134		$	22,024
	Three Months Ended September 30, 2013
	Loan			CT Legacy
	Origination			Portfolio			Total
Income from loans and other investments
Interest and related income	$	15,143		$	3,710		$	18,853
Less: Interest and related expenses		3,822			585			4,407
Income from loans and other investments, net		11,321			3,125			14,446
Other expenses
Management and incentive fees		2,433			—			2,433
General and administrative expenses		1,026			589			1,615
Total other expenses		3,459			589			4,048
Valuation allowance on loans held-for-sale		—			(600	)		(600	)
Gain on investments at fair value		—			464			464
Income before income taxes		7,862			2,400			10,262
Income tax benefit		(21	)		(243	)		(264	)
Net income		7,883			2,643			10,526
Net income attributable to non-controlling interests		—			(2,206	)		(2,206	)
Net income attributable to Blackstone Mortgage Trust, Inc.	$	7,883		$	437		$	8,320

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

	Nine Months Ended September 30, 2014
	Loan			CT Legacy
	Origination			Portfolio			Total
Income from loans and other investments
Interest and related income	$	123,127		$	3,380		$	126,507
Less: Interest and related expenses		46,843			854			47,697
Income from loans and other investments, net		76,284			2,526			78,810
Other expenses
Management and incentive fees		13,219			—			13,219
General and administrative expenses		9,049			12,871			21,920
Total other expenses		22,268			12,871			35,139
Gain on investments at fair value		—			7,604			7,604
Income from equity investments in unconsolidated subsidiaries		—			24,294			24,294
Income before income taxes		54,016			21,553			75,569
Income tax provision		131			281			412
Net income		53,885			21,272			75,157
Net income attributable to non-controlling interests		—			(6,602	)		(6,602	)
Net income attributable to Blackstone Mortgage Trust, Inc.	$	53,885		$	14,670		$	68,555
	Nine Months Ended September 30, 2013
	Loan			CT Legacy
	Origination			Portfolio			Total
Income from loans and other investments
Interest and related income	$	17,051		$	9,276		$	26,327
Less: Interest and related expenses		3,991			2,501			6,492
Income from loans and other investments, net		13,060			6,775			19,835
Other expenses
Management and incentive fees		3,416			—			3,416
General and administrative expenses		2,923			3,173			6,096
Total other expenses		6,339			3,173			9,512
Valuation allowance on loans held-for-sale		—			1,200			1,200
Gain on investments at fair value		—			4,464			4,464
Gain on extinguishment of debt		—			38			38
Income before income taxes		6,721			9,304			16,025
Income tax benefit		(19	)		348			329
Net income		6,740			8,956			15,696
Net income attributable to non-controlling interests		(193	)		(7,550	)		(7,743	)
Net income attributable to Blackstone Mortgage Trust, Inc.	$	6,547		$	1,406		$	7,953

Consolidated Balance Sheet for Each Segment

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

	September 30, 2014
	Loan		CT Legacy
	Origination		Portfolio		Total
Assets
Cash and cash equivalents	$	63,343	$	—	$	63,343
Restricted cash		—		10,855		10,855
Loans receivable, net		3,906,226		—		3,906,226
Equity investments in unconsolidated subsidiaries		—		14,990		14,990
Accrued interest receivable, prepaid expenses, and other assets		29,727		73,332		103,059
Total assets	$	3,999,296	$	99,177	$	4,098,473
Liabilities and Equity
Accounts payable, accrued expenses, and other liabilities	$	45,309	$	37,702	$	83,011
Revolving repurchase facilities		1,669,406		—		1,669,406
Asset-specific repurchase agreements		226,961		—		226,961
Loans participations sold		447,977		—		447,977
Convertible notes, net		161,259		—		161,259
Total liabilities		2,550,912		37,702		2,588,614
Equity
Total Blackstone Mortgage Trust, Inc. stockholders’ equity		1,448,384		29,355		1,477,739
Non-controlling interests		—		32,120		32,120
Total equity		1,448,384		61,475		1,509,859
Total liabilities and equity	$	3,999,296	$	99,177	$	4,098,473
	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
Revolving repurchase facilities		863,622		—		863,622
Asset-specific repurchase agreements		245,731		—		245,731
Loan participations sold		90,000		—		90,000
Convertible notes, net		159,524		—		159,524
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