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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in 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, 2019
(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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior loans in excess of 3% of the carrying amount of total loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrower A
 
 
Office / Ireland
 
 
 
L+2.50%
 
 
 
2024
 
 
 
I/O
 
 
$
—  
 
 
$
1,330,647
 
 
$
1,318,196
 
Borrower B
 
 
Mixed-Use
 / Spain
 
 
 
L+3.15%
 
 
 
2023
 
 
 
P/I
 
 
 
—  
 
 
 
1,008,605
 
 
 
1,004,542
 
Borrower C
 
 
Office / Southeast
 
 
 
L+3.40%
 
 
 
2023
 
 
 
I/O
 
 
 
—  
 
 
 
711,738
 
 
 
710,260
 
Borrower D
 
 
Office / Northeast
 
 
 
L+2.30%
 
 
 
2024
 
 
 
I/O
 
 
 
—  
 
 
 
586,341
 
 
 
585,086
 
Senior loans less than 3% of the carrying amount of total loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior mortgage loans
 
 
Office / Diversified
 
 
 
L+2.40%  – 8.50%
 
 
 
2020 – 2026
 
 
 
I/O & P/I
 
 
 
—  
 
 
 
7,024,891
 
 
 
6,970,837
 
 
 
 
 
 
Fixed 4.46%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior mortgage loans
 
 
Hotel / Diversified
 
 
 
L+2.75% – 3.75%
 
 
 
2020 – 2025
 
 
 
I/O
 
 
 
—  
 
 
 
2,034,662
 
 
 
2,021,629
 
Senior mortgage loans
 
 
Multifamily / Diversified
 
 
 
L+2.60% – 5.00%
 
 
 
2020 – 2025
 
 
 
I/O & P/I
 
 
 
—  
 
 
 
1,252,517
 
 
 
1,248,641
 
Senior mortgage loans
 
 
Mixed-Use
 / Diversified
 
 
 
L+2.75% – 4.10%
 
 
 
2021 – 2024
 
 
 
I/O
 
 
 
—  
 
 
 
784,219
 
 
 
775,922
 
Senior mortgage loans
 
 
Industrial / Diversified
 
 
 
L+2.60% – 3.85%
 
 
 
2022 – 2025
 
 
 
I/O
 
 
 
—  
 
 
 
676,938
 
 
 
671,844
 
Senior mortgage loans
 
 
Other / Diversified
 
 
 
L+3.10% – 5.00%
 
 
 
2020 – 2026
 
 
 
I/O & P/I
 
 
 
—  
 
 
 
701,173
 
 
 
696,779
 
 
 
 
 
 
Fixed 5.15 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
—  
 
 
 
12,474,400
 
 
 
12,385,652
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total senior mortgage loans
 
 
 
 
 
 
 
$
—  
 
 
$
16,111,731
 
 
$
16,003,736
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Blackstone Mortgage Trust, Inc.
Schedule IV – Mortgage Loans on Real Estate
As of December 31, 2019
(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)
 
Subordinate Loans
(7)
    
     
     
     
     
     
 
                                                 
Subordinate loans less than 3% of the carrying amount of total loans
   
     
     
     
     
     
 
Subordinate loans
   
Various / Diversified
     
L+3.12% – 5.28%
     
2022
–
2025
      
I/O & P/I
     
688,521
     
165,612
     
161,065
 
   
     
Fixed 5.74%
     
     
     
     
     
 
                                                         
Total subordinate loans
 
 
 
  
 
 
    
688,521
     
165,612
     
161,065
 
                                   
 
 
                  
Total loans
 
 
 
  
 
 
   $
688,521
    $
16,277,343
    $
16,164,801
 
                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2)
The interest payment rates are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, BBSY, and CDOR, as applicable to each loan.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3)
Maximum maturity date assumes all extension options are exercised.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(4) I/O = interest only, P/I = principal and interest.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(5) Represents only third party liens.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(6) The tax basis of the loans included above is $
16.2
 billion as of December 31, 2019.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(7) Includes subordinate interests in mortgages and mezzanine loans.
 
 
 
 
 
 
 
 
 
Blackstone Mortgage Trust, Inc.
Notes to Schedule IV
As of December 31, 2019
(in thousands)
1.
Reconciliation of Mortgage Loans on Real Estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table reconciles mortgage loans on real estate for the years ended:
                         
 
2019
 
  
2018
 
  
2017
 
Balance at January 1,
  $
14,191,200
    $
10,056,732
    $
8,692,978
 
Additions during period:
   
     
     
 
Loan fundings
   
6,890,249
     
7,890,051
     
4,072,786
 
Amortization of fees and other items
   
57,415
     
46,864
     
38,373
 
Deductions during period:
   
     
     
 
Loan repayments and sales proceeds
   
(4,974,881
 )    
(3,035,383
 )     
(2,828,610
 )
Loan contributed to securitization
   
—  
      
(512,002
 )    
—  
  
Unrealized gain (loss) on foreign currency translation
   
67,376
      
(150,654
 )    
136,646
 
Deferred fees and other items
   
(66,558
 )    
(104,408
 )    
(55,441
 ) 
Loans sold
   
—
  
      
—  
      
—  
  
 
                        
Balance at December 31,
  $
16,164,801
    $
14,191,200
    $
10,056,732