Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 10, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BXMT | ||
Entity Registrant Name | BLACKSTONE MORTGAGE TRUST, INC. | ||
Entity Central Index Key | 1061630 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 58,270,028 | ||
Entity Public Float | $1,303,564,616 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $51,810 | $52,342 |
Restricted cash | 11,591 | 10,096 |
Loans receivable, net | 4,428,500 | 2,047,223 |
Equity investments in unconsolidated subsidiaries | 10,604 | 22,480 |
Accrued interest receivable, prepaid expenses, and other assets | 86,016 | 80,639 |
Total assets | 4,588,521 | 2,212,780 |
Liabilities and Equity | ||
Accounts payable, accrued expenses, and other liabilities | 61,013 | 97,153 |
Revolving repurchase facilities | 2,040,783 | 863,622 |
Asset-specific repurchase agreements | 324,553 | 245,731 |
Loan participations sold | 499,433 | 90,000 |
Convertible notes, net | 161,853 | 159,524 |
Total liabilities | 3,087,635 | 1,456,030 |
Equity | ||
Class A common stock, $0.01 par value, 100,000,000 shares authorized, 58,269,889 and 29,501,651 shares issued and outstanding as of December 31, 2014 and 2013, respectively | 583 | 295 |
Additional paid-in capital | 2,027,404 | 1,252,986 |
Accumulated other comprehensive (loss) income | -15,024 | 798 |
Accumulated deficit | -547,592 | -536,170 |
Total Blackstone Mortgage Trust, Inc. stockholders' equity | 1,465,371 | 717,909 |
Non-controlling interests | 35,515 | 38,841 |
Total equity | 1,500,886 | 756,750 |
Total liabilities and equity | $4,588,521 | $2,212,780 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 58,269,889 | 29,501,651 |
Common stock, shares outstanding | 58,269,889 | 29,501,651 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income from loans and other investments | |||
Interest and related income | $184,766 | $53,164 | $34,939 |
Less: Interest and related expenses | 69,143 | 18,017 | 38,138 |
Income (loss) from loans and other investments, net | 115,623 | 35,147 | -3,199 |
Other expenses | |||
Management and incentive fees | 19,491 | 5,937 | |
General and administrative expenses | 27,799 | 11,505 | 10,369 |
Total other expenses | 47,290 | 17,442 | 10,369 |
Recovery of provision for loan losses | 36,147 | ||
Valuation allowance on loans held-for-sale | 1,300 | 1,259 | |
Unrealized gain on investments at fair value | 13,258 | 7,417 | 51,904 |
(Loss) gain on deconsolidation of subsidiary | -8,615 | 200,283 | |
Other income | 38 | 5,840 | |
Income from equity investments in unconsolidated subsidiaries | 28,036 | 1,781 | |
Income before income taxes | 101,012 | 26,419 | 282,387 |
Income tax provision | 518 | 995 | 174 |
Income from continuing operations | 100,494 | 25,424 | 282,213 |
Loss from discontinued operations, net of tax | -2,138 | ||
Loss on sale of discontinued operations | -271 | ||
Net income | 100,494 | 25,424 | 279,804 |
Net income attributable to non-controlling interests | -10,449 | -10,392 | -98,780 |
Net income attributable to Blackstone Mortgage Trust, Inc. | $90,045 | $15,032 | $181,024 |
Income from continuing operations per share of common stock | |||
Basic | $1.86 | $0.81 | $78.19 |
Diluted | $1.86 | $0.81 | $74.16 |
Loss from discontinued operations per share of common stock | |||
Basic | ($1.03) | ||
Diluted | ($1.03) | ||
Net income per share of common stock | |||
Basic | $1.86 | $0.81 | $77.16 |
Diluted | $1.86 | $0.81 | $73.13 |
Weighted-average shares of common stock outstanding | |||
Basic | 48,394,478 | 18,520,052 | 2,345,943 |
Diluted | 48,394,478 | 18,520,052 | 2,475,294 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net income | $100,494 | $25,424 | $279,804 |
Other comprehensive income | |||
Unrealized (loss) gain on foreign currency remeasurement | -15,822 | 798 | |
Unrealized gain on derivative financial instruments | 8,367 | ||
Gain on interest rate swaps no longer designated as cash flow hedges | 2,481 | ||
Amortization of unrealized gains and losses on securities | -775 | ||
Amortization of net deferred gains on settlement of swaps | -56 | ||
Other-than-temporary impairments of securities related to fair value adjustments in excess of expected credit losses, net of amortization | 688 | ||
Other comprehensive (loss) income | -15,822 | 798 | 10,705 |
Comprehensive income | 84,672 | 26,222 | 290,509 |
Comprehensive income attributable to non-controlling interests | -10,449 | -10,392 | -98,790 |
Comprehensive income attributable to Blackstone Mortgage Trust, Inc. | $74,223 | $15,830 | $191,719 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in (Deficit) Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (loss) [Member] | Accumulated Deficit [Member] | Blackstone Mortgage Trust Inc [Member] | Non-Controlling Interests [Member] |
In Thousands | |||||||
Balance at Dec. 31, 2011 | ($128,939) | $222 | $597,049 | ($40,584) | ($667,111) | ($110,424) | ($18,515) |
Shares of class A common stock issued | 10,000 | 50 | 9,950 | 10,000 | |||
Restricted class A common stock earned | 997 | 4 | 993 | 997 | |||
Shares issued upon exercise of warrants | 17 | -17 | |||||
Deferred directors' compensation | 1,027 | 1,027 | 1,027 | ||||
Other comprehensive income | 10,705 | 10,695 | 10,695 | 10 | |||
Deconsolidation of subsidiaries | 29,889 | 29,889 | 29,889 | ||||
Net income | 279,804 | 181,024 | 181,024 | 98,780 | |||
Dividends declared on common stock | -49,764 | -49,764 | -49,764 | ||||
Distributions to non-controlling interests | -266 | -266 | |||||
Balance at Dec. 31, 2012 | 153,453 | 293 | 609,002 | -535,851 | 73,444 | 80,009 | |
Shares of class A common stock issued | 633,807 | 265 | 633,549 | 633,807 | |||
Adjustment to par value for reverse stock split and charter amendment | -263 | 263 | |||||
Restricted class A common stock earned | 1,064 | 1,057 | 1,064 | ||||
Issuance of convertible notes | 8,826 | 8,826 | 8,826 | ||||
Deferred directors' compensation | 289 | 289 | 289 | ||||
Other comprehensive income | 798 | 798 | 798 | ||||
Consolidation of subsidiaries | 11,962 | 5,727 | 5,727 | 6,235 | |||
Net income | 25,424 | 15,032 | 15,032 | 10,392 | |||
Dividends declared on common stock | -21,078 | -21,078 | -21,078 | ||||
Contributions from non-controlling interests | 15,000 | 15,000 | |||||
Distributions to non-controlling interests | -72,795 | -72,795 | |||||
Balance at Dec. 31, 2013 | 756,750 | 295 | 1,252,986 | 798 | -536,170 | 717,909 | 38,841 |
Shares of class A common stock issued | 766,143 | 288 | 765,855 | 766,143 | |||
Restricted class A common stock earned | 7,983 | 7,983 | 7,983 | ||||
Dividends reinvested | 205 | -205 | |||||
Deferred directors' compensation | 375 | 375 | 375 | ||||
Other comprehensive income | -15,822 | -15,822 | -15,822 | ||||
Net income | 100,494 | 90,045 | 90,045 | 10,449 | |||
Dividends declared on common stock | -101,262 | -101,262 | -101,262 | ||||
Distributions to non-controlling interests | -13,775 | -13,775 | |||||
Balance at Dec. 31, 2014 | $1,500,886 | $583 | $2,027,404 | ($15,024) | ($547,592) | $1,465,371 | $35,515 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income | $100,494 | $25,424 | $279,804 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Recovery of provision for loan losses | -36,147 | ||
Valuation allowance on loans held-for-sale | -1,300 | -1,259 | |
Unrealized gain on investments at fair value | -13,258 | -7,417 | -51,904 |
Income from equity investments in unconsolidated subsidiaries | -28,036 | -1,781 | |
Loss (gain) on deconsolidation of subsidiary | 8,615 | -200,283 | |
Other non-cash income (loss) | -38 | -5,896 | |
Non-cash compensation expense | 9,716 | 6,242 | 3,808 |
Distributions of income from unconsolidated subsidiaries | 17,867 | 8,795 | 1,933 |
Distributions from CT Legacy Asset | 9,581 | ||
Loss on sale of discontinued operations | 271 | ||
Amortization of deferred interest on loans | -19,785 | -6,290 | -566 |
Amortization of deferred financing costs and premiums/discount on debt obligations | 9,900 | 4,935 | 12,133 |
Changes in assets and liabilities, net | |||
Accrued interest receivable, prepaid expenses, and other assets | -13,166 | 116 | -1,751 |
Accounts payable, accrued expenses, and other liabilities | 8,290 | -1,839 | -2,434 |
Net cash provided by operating activities | 80,637 | 28,669 | 6,768 |
Cash flows from investing activities | |||
Proceeds from Investment Management Business Sale | 21,424 | ||
Origination and fundings of loans receivable | -3,067,263 | -2,327,913 | |
Origination and exit fees received on loans receivable | 35,449 | 25,402 | |
Principal collections and proceeds from the sale of loans receivable and other assets | 620,413 | 508,718 | 172,462 |
Distributions from equity investments | 7,151 | ||
Contributions to unconsolidated subsidiaries | -4,030 | ||
Distributions from unconsolidated subsidiaries | 1,006 | ||
(Increase) decrease in restricted cash | -1,495 | 4,151 | -1,261 |
Net cash (used in) provided by investing activities | -2,412,896 | -1,782,491 | 189,601 |
Cash flows from financing activities | |||
Repayment and purchase of secured notes | -11,059 | ||
Borrowings under revolving repurchase facilities | 2,898,427 | 1,356,796 | 123,977 |
Repayments under revolving repurchase facilities | -1,709,740 | -571,380 | -58,464 |
Borrowings under asset-specific repurchase agreements | 298,512 | 310,827 | |
Repayments under asset-specific repurchase agreements | -216,904 | -7,104 | |
Proceeds from issuance of convertible notes | 168,415 | ||
Repayment of other liabilities | -20,794 | -98,965 | -241,945 |
Proceeds from sale of loan participations | 494,306 | 90,000 | |
Repayment of loan participations | -61,836 | ||
Payment of deferred financing costs | -16,160 | -8,867 | |
Settlement of interest rate swaps | -6,123 | ||
Contributions from non-controlling interests | 15,000 | ||
Purchase of and distributions to non-controlling interests | -13,775 | -72,853 | -16 |
Proceeds from issuance of common stock | 766,138 | 633,807 | 10,000 |
Dividends paid on class A common stock | -84,238 | -7,776 | -48,960 |
Vesting of restricted class A common stock | -356 | ||
Net cash provided by (used in) financing activities | 2,333,936 | 1,790,718 | -215,764 |
Net increase (decrease) in cash and cash equivalents | 1,677 | 36,896 | -19,395 |
Cash and cash equivalents at beginning of year | 52,342 | 15,423 | 34,818 |
Effects of currency translation on cash and cash equivalents | -2,209 | 23 | |
Cash and cash equivalents at end of year | 51,810 | 52,342 | 15,423 |
Supplemental disclosure of cash flows information | |||
Payments of interest | -55,174 | -12,702 | -26,363 |
(Payments) receipts of income taxes | -1,473 | 8 | -2,747 |
Supplemental disclosure of non-cash investing and financing activities | |||
Dividends declared, not paid | 30,357 | 13,302 | 804 |
Participations sold, net | 432,470 | 90,000 | |
Deconsolidation (consolidation) of subsidiaries | $8,615 | ($38,913) | $371,621 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization | 1. ORGANIZATION |
References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise. | |
Blackstone Mortgage Trust is a real estate finance company that originates and purchases senior loans collateralized by properties in North America and Europe. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of The Blackstone Group L.P., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” We are headquartered in New York City. | |
We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries. Our business is organized into two operating segments: the Loan Origination segment and the CT Legacy Portfolio segment. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Basis of Presentation | ||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Certain of the assets and credit of our consolidated subsidiaries are not available to satisfy the debt or other obligations of us, our affiliates, or other entities. | ||||
One of our subsidiaries, CT Legacy Partners, LLC, or CT Legacy Partners, accounts for its operations in accordance with industry-specific GAAP accounting guidance for investment companies, pursuant to which it reports its investments at fair value. We have retained this accounting treatment in consolidation and, accordingly, report the loans and other investments of CT Legacy Partners at fair value on our consolidated balance sheets. | ||||
Certain reclassifications have been made in the presentation of the prior period consolidated financial statements to conform to the current presentation including reclassifying (i) loans receivable, at fair value, into accrued interest receivable, prepaid expenses, and other assets, (ii) securitized debt obligations into accounts payable, accrued expenses, and other liabilities, and (iii) restricted class A common stock into class A common stock. | ||||
Principles of Consolidation | ||||
We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primarily beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. | ||||
Assets of consolidated VIEs can only be used to satisfy the obligations of those VIEs. The liabilities of consolidated VIEs are non-recourse to us. As of December 31, 2013, our consolidated balance sheet included $49.8 million of other assets and $40.2 million of other liabilities that were attributable to CT CDO I, a consolidated VIE which was part of our CT Legacy Portfolio segment. During 2014, we recorded a 100% impairment of our residual interests in CT CDO I. As a result of this impairment, we no longer have a variable interest in CT CDO I, and therefore ceased to be its primary beneficiary. This resulted in the recognition of an $8.6 million loss on the deconsolidation of CT CDO I on our consolidated statement of operations. As of December 31, 2014, we no longer had any assets or liabilities on our consolidated balance sheet attributable to a consolidated VIE. | ||||
Use of Estimates | ||||
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates. | ||||
Revenue Recognition | ||||
Interest income from our loans receivable is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, discounts, and direct costs associated with these investments is deferred until the loan is advanced and is then recorded over the term of the loan as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of our Manager, recovery of income and principal becomes doubtful. Income is then recorded on the basis of cash received until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. | ||||
Cash and Cash Equivalents | ||||
Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. | ||||
Restricted Cash | ||||
We classify the cash balances held by CT Legacy Partners as restricted because, while these cash balances are available for use by CT Legacy Partners for its operations, they cannot be used by us until our allocable share is distributed from CT Legacy Partners and cannot be commingled with any of our unrestricted cash balances. | ||||
Loans Receivable and Provision for Loan Losses | ||||
We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. We are required to periodically evaluate each of these loans for possible impairment. Impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. If a loan is determined to be impaired, we write down the loan through a charge to the provision for loan losses. Impairment of these loans, which are collateral dependent, is measured by comparing the estimated fair value of the underlying collateral to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by our Manager. Actual losses, if any, could ultimately differ from these estimates. | ||||
Our Manager performs a quarterly review of our portfolio of loans. In conjunction with this review, our Manager assesses the risk factors of each loan, and assigns a risk rating based on a variety of factors, including, without limitation, loan-to-value ratio, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows: | ||||
1 – | Very Low Risk | |||
2 – | Low Risk | |||
3 – | Medium Risk | |||
4 – | High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss. | |||
5 – | Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. | |||
Previously, our Manager assigned risk ratings between “1” and “8,” from less risk to greater risk. | ||||
Loans Held-for-Sale and Related Allowance | ||||
In certain cases, we may classify loans as held-for-sale based upon the specific facts and circumstances of particular loans, including known or expected transactions. Loans held-for-sale are carried at the lower of their amortized cost basis or fair value, less costs to sell. A reduction in the fair value of loans held-for-sale is recorded as a charge to our consolidated statements of operations as a valuation allowance on loans held-for-sale. | ||||
Equity Investments in Unconsolidated Subsidiaries | ||||
Our carried interest in CT Opportunity Partners I, LP, or CTOPI, is accounted for using the equity method. CTOPI’s assets and liabilities are not consolidated into our financial statements due to our determination that (i) it is not a VIE and (ii) the other investors in CTOPI have sufficient rights to preclude consolidation by us. As such, we report our allocable percentage of the net assets of CTOPI on our consolidated balance sheets. The recognition of income from CTOPI is generally deferred until cash is collected or appropriate contingencies have been eliminated. | ||||
Derivative Financial Instruments | ||||
We classify all derivative financial instruments as other assets or other liabilities on our consolidated balance sheets at fair value. | ||||
On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or freestanding derivative. For all derivatives other than those designated as freestanding derivatives, we formally document our hedge relationships and designation at inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. | ||||
On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. Changes in the fair value of the effective portion of our hedges are reflected in accumulated other comprehensive income (loss) on our consolidated financial statements. Changes in the fair value of the ineffective portion of our hedges are included in net income (loss). Amounts are reclassified out of accumulated other comprehensive income (loss) and into net income (loss) when the hedged item is either sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a freestanding derivative, the changes in its value are included in net income (loss). | ||||
Repurchase Agreements | ||||
We record investments financed with repurchase agreements as separate assets and the related borrowings under any repurchase agreements are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the repurchase agreements are reported separately on our consolidated statements of operations. | ||||
Loan Participations Sold | ||||
Loan participations sold represent senior interests in certain loans that we sold, however we present such loan participations sold as liabilities because these arrangements do not qualify as sales under GAAP. These participations are non-recourse and remain on our consolidated balance sheet until the loan is repaid. The gross presentation of loan participations sold does not impact stockholders’ equity or net income. | ||||
Convertible Notes | ||||
The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or Codification, requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our convertible notes as of the issuance date based on our nonconvertible debt borrowing rate. The equity component of the convertible notes is reflected within additional paid-in capital on our consolidated balance sheet, and the resulting debt discount is amortized over the period during which the convertible notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to the convertible notes will increase in subsequent periods through the maturity date as the notes accrete to their par value over the same period. | ||||
Deferred Financing Costs | ||||
The deferred financing costs that are included in accrued interest receivable, prepaid expenses, and other assets on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations. | ||||
Fair Value of Financial Instruments | ||||
The Codification defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. | ||||
The “Fair Value Measurement and Disclosures” Topic of the Codification also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. | ||||
Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: | ||||
• | Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. | |||
• | Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. | |||
• | Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. | |||
The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee composed of members of senior management of our Manager, including our Chief Executive Officer, Chief Financial Officer, and other senior officers. | ||||
Certain of our other assets are reported at fair value either (i) on a recurring basis, as of each quarter-end, or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 14. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-party dealers. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our Manager’s estimation of fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations may require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by our Manager. | ||||
We are also required by GAAP to disclose fair value information about financial instruments, that are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. | ||||
The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: | ||||
• | Cash and cash equivalents: The carrying amount of cash on deposit and in money market funds approximates fair value. | |||
• | Restricted cash: The carrying amount of restricted cash approximates fair value. | |||
• | Loans receivable, net: The fair values for these loans were estimated by our Manager taking into consideration factors, including capitalization rates, leasing, occupancy rates, availability and cost of financing, exit plan, sponsorship, actions of other lenders, and indications of market value from other market participants. In the case of impaired loans receivable, fair value was determined based on the lower of amortized cost and the value of the underlying real estate collateral. | |||
• | Derivative financial instruments: The fair value of our foreign currency contracts was valued using advice from a third party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads. | |||
• | Repurchase obligations: The fair values for these instruments were estimated based on the rate at which a similar credit facility would have currently priced. | |||
• | Convertible notes, net: The convertible notes are actively traded and their fair values were obtained using quoted market prices based on recent transactions. | |||
• | Participations sold: The fair value of these instruments were estimated based on the value of the related loan receivable asset. | |||
Income Taxes | ||||
Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 12 for additional information. | ||||
Stock-Based Compensation | ||||
Our stock-based compensation consists of awards issued to our Manager and certain of its employees that vest over the life of the awards as well as deferred stock units issued to certain members of our Board of Directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 13 for additional information. | ||||
Earnings per Share | ||||
Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses. | ||||
Diluted earnings per share, or Diluted EPS, is determined using the treasury stock method, and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of class A common stock, including restricted class A common stock and deferred stock units. Refer to Note 9 for additional discussion of earnings per share. | ||||
Foreign Currency | ||||
In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the prevailing exchange rate on the dates that they were recorded. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income. | ||||
Underwriting Commissions and Offering Costs | ||||
Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred. | ||||
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 loan origination and acquisition, 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 and our equity investment in CTOPI. Our Manager 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. | ||||
Recent Accounting Pronouncements | ||||
In January 2013, the FASB issued ASU 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities,” or ASU 2013-01. ASU 2013-01 was developed to clarify which instruments and transactions are subject to the offsetting disclosure requirements set forth by ASU 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” ASU 2013-01 was effective for the first interim or annual period beginning on or after January 1, 2013, and was applied retrospectively for all comparative periods presented. The adoption of ASU 2013-01 did not have a material impact on our consolidated financial statements. | ||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” or ASU 2013-02. ASU 2013-02 implements the previously deferred requirement to disclose reclassification adjustments into and out of accumulated other comprehensive income in either a note or on the face of the financial statements. ASU 2013-02 was effective for the first interim or annual period beginning after December 15, 2012, and was applied prospectively. As we have not reclassified any balances into or out of accumulated other comprehensive income, the adoption of ASU 2013-02 did not have a material impact on our consolidated financial statements. | ||||
In June 2013, the FASB issued ASU 2013-08, “Financial Services-Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements,” or ASU 2013-08. ASU 2013-08 amends the criteria for qualification as an investment company under Topic 946 of the FASB Accounting Standards Codification, or Topic 946, and requires additional disclosure by investment companies. ASU 2013-08 is effective for the first interim or annual period beginning after December 15, 2013, and is to be applied prospectively. We currently consolidate CT Legacy Partners, which accounts for its operations as an investment company under Topic 946. We do not expect the adoption of ASU 2013-08 to impact CT Legacy Partners’ status as an investment company. Further, because ASU 2013-08 specifically excludes REITs from its scope, it will not otherwise impact our consolidated financial statements. | ||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09. ASU 2014-09 broadly amends the accounting guidance for revenue recognition. ASU 2014-09 is effective for the first interim or annual period beginning after December 15, 2016, and is to be applied prospectively. We do not anticipate that the adoption of ASU 2014-09 will have a material impact on our consolidated financial statements. | ||||
In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures,” or ASU 2014-11. ASU 2014-11 amends the accounting guidance for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings, and requires additional disclosure about certain transactions by the transferor. ASU 2014-11 is effective for certain transactions that qualify for sales treatment for the first interim or annual period beginning after December 15, 2014. The new disclosure requirements for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that qualify for secured borrowing treatment is effective for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. We currently record our repurchase arrangements as secured borrowings and do not anticipate that ASU 2014-11 will have a material impact on our consolidated financial statements. | ||||
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” or ASU 2014-15. ASU 2014-15 introduces an explicit requirement for management to assess and provide certain disclosures if there is substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 is effective for the annual period ending after December 15, 2016. We do not anticipate that the adoption of ASU 2014-15 will have a material impact on our consolidated financial statements. |
Loans_Receivable
Loans Receivable | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||
Loans Receivable | 3. LOANS RECEIVABLE | ||||||||||||||||||||||||||||
The following table details overall statistics for our loans receivable portfolio ($ in thousands): | |||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Number of loans | 60 | 31 | |||||||||||||||||||||||||||
Principal balance | $ | 4,462,897 | $ | 2,077,227 | |||||||||||||||||||||||||
Net book value | $ | 4,428,500 | $ | 2,047,223 | |||||||||||||||||||||||||
Unfunded loan commitments(1) | $ | 513,229 | $ | 164,283 | |||||||||||||||||||||||||
Weighted-average cash coupon(2) | L+4.36 | % | L+4.64 | % | |||||||||||||||||||||||||
Weighted-average all-in yield(2) | L+4.81 | % | L+5.26 | % | |||||||||||||||||||||||||
Weighted-average maximum maturity (years)(3) | 3.9 | 4.1 | |||||||||||||||||||||||||||
-1 | Unfunded commitments will primarily be funded to finance property improvements or lease-related expenditures by the borrowers. These future commitments will expire over the next four years. | ||||||||||||||||||||||||||||
-2 | As of December 31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition, 14% of our loans earned interest based on LIBOR floors, with an average floor of 0.31%, as of December 31, 2014. In addition to cash coupon, all-in yield includes the amortization of deferred origination fees, loan origination costs, and accrual of both extension and exit fees. | ||||||||||||||||||||||||||||
-3 | Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of December 31, 2014, 85% of our loans are subject to yield maintenance, lock-out provisions, or other prepayment restrictions and 15% are open to repayment by the borrower. | ||||||||||||||||||||||||||||
Activity relating to our loans receivable was ($ in thousands): | |||||||||||||||||||||||||||||
Principal | Deferred Fees and | Net Book | |||||||||||||||||||||||||||
Balance | Other Items | Value | |||||||||||||||||||||||||||
December 31, 2013 | $ | 2,077,227 | $ | (30,004 | ) | $ | 2,047,223 | ||||||||||||||||||||||
Loan fundings | 3,067,263 | — | 3,067,263 | ||||||||||||||||||||||||||
Loan repayments and sales | (591,246 | ) | — | (591,246 | ) | ||||||||||||||||||||||||
Unrealized loss on foreign currency translation | (52,801 | ) | 725 | (52,076 | ) | ||||||||||||||||||||||||
Deferred origination fees and expenses | — | (35,449 | ) | (35,449 | ) | ||||||||||||||||||||||||
Amortization of deferred fees and expenses | — | 19,785 | 19,785 | ||||||||||||||||||||||||||
Realized loan losses(1) | (10,546 | ) | 10,546 | — | |||||||||||||||||||||||||
Reclassification to other assets | (27,000 | ) | — | (27,000 | ) | ||||||||||||||||||||||||
December 31, 2014 | $ | 4,462,897 | $ | (34,397 | ) | $ | 4,428,500 | ||||||||||||||||||||||
-1 | Includes a loan loss reserve of $10.5 million as of December 31, 2013, related to one loan in the CT Legacy Portfolio segment, owned by CT CDO I, with a principal balance of $10.5 million. This loan was subsequently written off in 2014 resulting in an aggregate loan loss reserve of zero as of December 31, 2014. | ||||||||||||||||||||||||||||
The tables below detail the types of loans in our loan portfolio, as well as the property type and geographic distribution of the properties securing these loans ($ in thousands): | |||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Asset Type | Net Book | Percentage | Net Book | Percentage | |||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||
Senior loans(1) | $ | 4,340,586 | 98 | % | $ | 1,800,329 | 88 | % | |||||||||||||||||||||
Subordinate loans(2) | 87,914 | 2 | 246,894 | 12 | |||||||||||||||||||||||||
$ | 4,428,500 | 100 | % | $ | 2,047,223 | 100 | % | ||||||||||||||||||||||
Property Type | Net Book | Percentage | Net Book | Percentage | |||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||
Office | $ | 1,878,605 | 42 | % | $ | 864,666 | 42 | % | |||||||||||||||||||||
Hotel | 1,267,486 | 29 | 390,492 | 19 | |||||||||||||||||||||||||
Multifamily | 426,094 | 10 | 341,819 | 17 | |||||||||||||||||||||||||
Condominium | 315,686 | 7 | 275,645 | 13 | |||||||||||||||||||||||||
Retail | 270,812 | 6 | 43,115 | 2 | |||||||||||||||||||||||||
Other | 269,817 | 6 | 131,486 | 7 | |||||||||||||||||||||||||
$ | 4,428,500 | 100 | % | $ | 2,047,223 | 100 | % | ||||||||||||||||||||||
Geographic Location | Net Book | Percentage | Net Book | Percentage | |||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||
United States | |||||||||||||||||||||||||||||
Northeast | $ | 1,383,258 | 31 | % | $ | 828,571 | 40 | % | |||||||||||||||||||||
Southeast | 657,484 | 15 | 243,798 | 12 | |||||||||||||||||||||||||
West | 628,275 | 14 | 469,262 | 23 | |||||||||||||||||||||||||
Southwest | 405,741 | 9 | 216,429 | 11 | |||||||||||||||||||||||||
Midwest | 335,406 | 8 | 85,708 | 4 | |||||||||||||||||||||||||
Northwest | 138,796 | 3 | 166,207 | 8 | |||||||||||||||||||||||||
Subtotal | 3,548,960 | 80 | 2,009,975 | 98 | |||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||
United Kingdom | 622,692 | 14 | 37,248 | 2 | |||||||||||||||||||||||||
Canada | 137,024 | 3 | — | — | |||||||||||||||||||||||||
Spain | 86,289 | 2 | — | — | |||||||||||||||||||||||||
Netherlands | 33,535 | 1 | — | — | |||||||||||||||||||||||||
Subtotal | 879,540 | 20 | 37,248 | 2 | |||||||||||||||||||||||||
Total | $ | 4,428,500 | 100 | % | $ | 2,047,223 | 100 | % | |||||||||||||||||||||
-1 | Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. | ||||||||||||||||||||||||||||
-2 | Includes subordinate interests in mortgages and mezzanine loans. | ||||||||||||||||||||||||||||
Loan Risk Ratings | |||||||||||||||||||||||||||||
As described in Note 2, our Manager evaluates our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, our Manager assesses the risk factors of each loan, and assigns a risk rating based on several factors. One of the primary factors considered is how senior or junior each loan is relative to other debt obligations of the borrower. Additional factors considered in the assessment include risk of loss, current LTV, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2. | |||||||||||||||||||||||||||||
The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings as of December 31, 2014 ($ in thousands): | |||||||||||||||||||||||||||||
Senior Loans(1) | Subordinate Loans(2) | ||||||||||||||||||||||||||||
Risk Rating | Number | Principal | Net | Number | Principal | Net | Total Net | ||||||||||||||||||||||
of Loans | Balance | Book Value | of Loans | Balance | Book Value | Book Value | |||||||||||||||||||||||
1 – 3 | 58 | $ | 4,374,532 | $ | 4,340,586 | 2 | $ | 88,365 | $ | 87,914 | $ | 4,428,500 | |||||||||||||||||
4 – 5 | — | — | — | — | — | — | — | ||||||||||||||||||||||
58 | $ | 4,374,532 | $ | 4,340,586 | 2 | $ | 88,365 | $ | 87,914 | $ | 4,428,500 | ||||||||||||||||||
-1 | Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. | ||||||||||||||||||||||||||||
-2 | Includes subordinate interests in mortgages and mezzanine loans. | ||||||||||||||||||||||||||||
The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings as of December 31, 2013 ($ in thousands): | |||||||||||||||||||||||||||||
Senior Loans(1) | Subordinate Loans(2) | ||||||||||||||||||||||||||||
Risk Rating | Number | Principal | Net | Number | Principal | Net | Total Net | ||||||||||||||||||||||
of Loans | Balance | Book Value | of Loans | Balance | Book Value | Book Value | |||||||||||||||||||||||
1 – 3 | 26 | $ | 1,811,513 | $ | 1,800,329 | 3 | $ | 227,350 | $ | 219,894 | $ | 2,020,223 | |||||||||||||||||
4 – 5 | — | — | — | 2 | 37,548 | 27,000 | 27,000 | ||||||||||||||||||||||
26 | $ | 1,811,513 | $ | 1,800,329 | 5 | $ | 264,898 | $ | 246,894 | $ | 2,047,223 | ||||||||||||||||||
-1 | Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. | ||||||||||||||||||||||||||||
-2 | Includes subordinate interests in mortgages and mezzanine loans. | ||||||||||||||||||||||||||||
Loan Impairments and Nonaccrual Loans | |||||||||||||||||||||||||||||
We do not have any loan impairments, nonaccrual loans, or loans in maturity default as of December 31, 2014. We did not have any material interest receivable accrued on nonperforming loans as of December 31, 2014 or 2013. As of December 31, 2013, CT CDO I, which was a component of our CT Legacy Portfolio segment, had one impaired subordinate interest in a mortgage loan with a gross book value of $10.5 million that was delinquent on its contractual payments. As of December 31, 2013, this loan was on nonaccrual status and we had recorded a 100% loan loss reserve on this loan. This loan was subsequently written off resulting in a loan loss reserve of zero as of December 31, 2014. As of December 31, 2013, CT CDO I had one loan with a net book value of $27.0 million in maturity default, but which had no reserve recorded due to our expectation of future repayment. In June 2014, this loan was restructured and reclassified to other assets. |
Loans_HeldforSale
Loans Held-for-Sale | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Loans Held-for-Sale | 4. LOANS HELD-FOR-SALE |
During the first quarter of 2013, we reclassified a $6.6 million subordinate mortgage loan and its related $4.6 million provision for loan losses to loans held-for-sale. We subsequently sold this loan and recorded a $1.3 million valuation adjustment to reflect the position at its fair value based on the proceeds received from the sale. We did not have any loans classified as held-for-sale as of December 31, 2014 or 2013. |
Equity_Investments_in_Unconsol
Equity Investments in Unconsolidated Subsidiaries | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Equity Method Investments and Joint Ventures [Abstract] | |||||
Equity Investments in Unconsolidated Subsidiaries | 5. EQUITY INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | ||||
As of December 31, 2014, our equity investments in unconsolidated subsidiaries consisted solely of our carried interest in CTOPI, a fund sponsored and managed by an affiliate of our Manager. Activity relating to our equity investments in unconsolidated subsidiaries was ($ in thousands): | |||||
CTOPI | |||||
Carried Interest | |||||
Total as of December 31, 2013 | $ | 22,480 | |||
Distributions | (17,867 | ) | |||
Deferred income allocation(1) | 5,991 | ||||
Total as of December 31, 2014 | $ | 10,604 | |||
-1 | In instances where we have not received cash or all appropriate contingencies have not been eliminated, we have deferred the recognition of revenue allocated to us from CTOPI in respect of our carried interest in CTOPI, and recorded an offsetting liability as a component of accounts payable, accrued expenses, and other liabilities on our consolidated balance sheets. | ||||
Our carried interest in CTOPI entitles us to earn carried interest revenue in an amount equal to 17.7% of the fund’s profits, after a 9% preferred return and 100% return of capital to the CTOPI partners. As of December 31, 2014, we had been allocated $10.6 million of carried interest revenue from CTOPI based on a hypothetical liquidation of the fund at its net asset value. Accordingly, we have recognized this allocation as an equity investment in CTOPI on our consolidated balance sheets. Generally, we defer recognition of income from CTOPI until cash is received and appropriate contingencies have been eliminated. During the year ended December 31, 2014, we received a $17.9 million distribution from CTOPI in respect of our carried interest and recorded such amount as income in our consolidated statement of operations. In addition, we had previously recorded, but deferred recognition of, $10.2 million of advance distributions in respect of our carried interest to allow us to pay any taxes owed on phantom taxable income allocated to us from the partnership. We recognized $28.0 million of distributions as income during the year ended December 31, 2014 as all fund-level contingencies had been satisfied. | |||||
CTOPI Incentive Management Fee Grants | |||||
In January 2011, we created a management compensation pool for employees equal to 45% of the CTOPI carried interest distributions received by us. As of December 31, 2014, we had granted 96% of the pool, and the remainder was unallocated. If any awards remain unallocated at the time carried interest distributions are received by us, any amounts otherwise payable to the unallocated awards will be distributed pro rata to the plan participants then employed by an affiliate of our Manager. | |||||
Approximately 65% of these grants have the following vesting schedule: (i) one-third on the date of grant; (ii) one-third on September 13, 2012; and (iii) the remainder is contingent on continued employment with an affiliate of our Manager and upon our receipt of carried interest distributions from CTOPI. Of the remaining 35% of these grants, 31% are fully vested as a result of an acceleration event, and 4% vest solely upon our receipt of carried interest distributions from CTOPI or the disposition of certain investments owned by CTOPI. | |||||
During the year ended December 31, 2014, we made payments of $12.9 million under the CTOPI incentive plan, which amount was recognized as a component of general and administrative expenses in our consolidated statement of operations. |
Secured_Financings
Secured Financings | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Secured Financings | 6. SECURED FINANCINGS | ||||||||||||||||||||||||
As of December 31, 2014, our secured financings included revolving repurchase facilities, asset-specific financings, and senior loan participations sold. During the year ended December 31, 2014, we entered into three revolving repurchase facilities, two asset-specific repurchase agreements, and sold three senior loan participations, providing an additional $2.2 billion of credit capacity. | |||||||||||||||||||||||||
Repurchase Agreements | |||||||||||||||||||||||||
Revolving Repurchase Facilities | |||||||||||||||||||||||||
The following table details our revolving repurchase facilities outstanding ($ in thousands): | |||||||||||||||||||||||||
December 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Maximum | Collateral | Repurchase Borrowings(3) | Borrowings | ||||||||||||||||||||||
Lender | Facility Size(1) | Assets(2) | Potential | Outstanding | Available | Outstanding | |||||||||||||||||||
Wells Fargo | $ | 1,000,000 | $ | 747,256 | $ | 585,737 | $ | 484,365 | $ | 101,372 | $ | — | |||||||||||||
Citibank | 500,000 | 621,025 | 472,080 | 392,455 | 79,625 | 334,692 | |||||||||||||||||||
Bank of America | 500,000 | 557,810 | 441,201 | 389,347 | 51,854 | 271,320 | |||||||||||||||||||
JP Morgan(4) | 488,155 | 544,654 | 422,249 | 341,487 | 80,762 | 257,610 | |||||||||||||||||||
MetLife | 500,000 | 476,499 | 366,902 | 305,889 | 61,013 | — | |||||||||||||||||||
Morgan Stanley(5) | 389,050 | 174,297 | 137,181 | 127,240 | 9,941 | — | |||||||||||||||||||
$ | 3,377,205 | $ | 3,121,541 | $ | 2,425,350 | $ | 2,040,783 | $ | 384,567 | $ | 863,622 | ||||||||||||||
-1 | Maximum facility size represents the total amount of borrowings in each repurchase agreement, however these borrowings are only available to us once sufficient collateral assets have been pledged under each facility at the discretion of the lender. | ||||||||||||||||||||||||
-2 | Represents the principal balance of the collateral assets. | ||||||||||||||||||||||||
-3 | Potential borrowings represent the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each revolving credit facility. | ||||||||||||||||||||||||
-4 | The JP Morgan maximum facility size is composed of a $250.0 million facility and a £153.0 million ($238.2 million) facility. | ||||||||||||||||||||||||
-5 | The Morgan Stanley maximum facility size represents a £250.0 million ($389.1 million) facility. | ||||||||||||||||||||||||
The weighted-average outstanding balance of our revolving repurchase facilities was $1.4 billion for the year ended December 31, 2014. As of December 31, 2014, we had aggregate borrowings of $2.0 billion outstanding under our revolving repurchase facilities, with a weighted-average cash coupon of LIBOR plus 1.88% per annum and a weighted-average all-in cost of credit, including associated fees and expenses, of LIBOR plus 2.11% per annum. As of December 31, 2014, outstanding borrowings under these facilities had a weighted-average maturity, excluding extension options and term-out provisions, of 1.8 years. Borrowings under each facility are subject to the initial approval of eligible collateral loans by the lender and the maximum advance rate and pricing rate of individual advances are determined with reference to the attributes of the respective collateral loan. | |||||||||||||||||||||||||
The following table outlines the key terms of our revolving repurchase facilities: | |||||||||||||||||||||||||
Lender | Rate(1)(2) | Guarantee(1)(3) | Advance Rate(1) | Margin Call(4) | Term/Maturity | ||||||||||||||||||||
Wells Fargo | L+1.82 | % | 25 | % | 78.82 | % | Collateral marks only | Term matched(5) | |||||||||||||||||
Citibank | L+1.93 | % | 25 | % | 76.68 | % | Collateral marks only | Term matched(5) | |||||||||||||||||
Bank of America | L+1.77 | % | 50 | % | 79.59 | % | Collateral marks only | May 21, 2019(6) | |||||||||||||||||
JP Morgan | L+1.94 | % | 25 | % | 77.92 | % | Collateral marks only | Term matched(5)(7) | |||||||||||||||||
MetLife | L+1.81 | % | 50 | % | 77.27 | % | Collateral marks only | June 29, 2020(8) | |||||||||||||||||
Morgan Stanley | L+2.32 | % | 25 | % | 78.71 | % | Collateral marks only | 3-Mar-17 | |||||||||||||||||
-1 | Represents a weighted-average based on collateral assets pledged and borrowings outstanding as of December 31, 2014. | ||||||||||||||||||||||||
-2 | Represents weighted-average cash coupon on borrowings outstanding as of December 31, 2014. As of December 31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. | ||||||||||||||||||||||||
-3 | Other than amounts guaranteed based on specific collateral asset types, borrowings under our revolving repurchase facilities are not recourse to us. | ||||||||||||||||||||||||
-4 | Margin call provisions under our revolving repurchase facilities do not permit valuation adjustments based on capital markets activity, and are limited to collateral-specific credit marks. | ||||||||||||||||||||||||
-5 | These revolving repurchase facilities have various availability periods during which new advances can be made and which are generally subject to each lender’s discretion. Maturity dates for advances outstanding are tied to the term of each respective collateral asset. | ||||||||||||||||||||||||
-6 | Includes two one-year extension options which may be exercised at our sole discretion. | ||||||||||||||||||||||||
-7 | Borrowings denominated in British pound sterling under this facility mature on December 30, 2016. | ||||||||||||||||||||||||
-8 | Includes five one-year extension options which may be exercised at our sole discretion. | ||||||||||||||||||||||||
Asset-Specific Repurchase Agreements | |||||||||||||||||||||||||
The following table details statistics for our asset-specific repurchase agreements ($ in thousands): | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Repurchase | Collateral | Repurchase | Collateral | ||||||||||||||||||||||
Agreements | Assets | Agreements | Assets | ||||||||||||||||||||||
Number of loans | 3 | 4 | 4 | 4 | |||||||||||||||||||||
Principal balance | $ | 324,553 | $ | 429,197 | $ | 245,731 | $ | 334,857 | |||||||||||||||||
Weighted-average cash coupon(1) | L+2.68 | % | L+5.07 | % | L+2.55 | % | L+4.79 | % | |||||||||||||||||
Weighted-average all-in yield / cost(1) | L+3.16 | % | L+5.53 | % | L+3.03 | % | L+5.38 | % | |||||||||||||||||
-1 | As of December 31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, all-in yield / cost includes the amortization of deferred origination fees / financing costs. | ||||||||||||||||||||||||
The weighted-average outstanding asset-specific balance was $257.9 million for the year ended December 31, 2014. | |||||||||||||||||||||||||
Debt Covenants | |||||||||||||||||||||||||
Each of the guarantees related to our revolving repurchase facilities and asset-specific repurchase agreements contain the following uniform financial covenants: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges shall be not less than 1.40 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $1.1 billion as of December 31, 2014 plus 75% of the net cash proceeds of future equity issuances subsequent to December 31, 2014; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2014 and 2013, we were in compliance with these covenants. | |||||||||||||||||||||||||
Loan Participations Sold | |||||||||||||||||||||||||
The financing of a loan by the non-recourse sale of a senior interest in the loan through a participation agreement does not qualify as a sale under GAAP. Therefore, in the instance of such sales, we present the whole loan as an asset and the loan participation sold as a liability on our consolidated balance sheet until the loan is repaid. The gross presentation of loan participations sold does not impact stockholders’ equity or net income. | |||||||||||||||||||||||||
The following table details statistics for our loan participations sold ($ in thousands): | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Participations | Underlying | Participations | Underlying | ||||||||||||||||||||||
Sold | Loans | Sold | Loans | ||||||||||||||||||||||
Number of loans | 4 | 4 | 1 | 1 | |||||||||||||||||||||
Principal balance | $ | 499,433 | $ | 635,701 | $ | 90,000 | $ | 173,837 | |||||||||||||||||
Weighted-average cash coupon(1) | L+2.51 | % | L+4.10 | % | L+5.12 | % | L+5.66 | % | |||||||||||||||||
Weighted-average all-in yield / cost(1) | L+2.71 | % | L+4.71 | % | L+5.26 | % | L+9.25 | % | |||||||||||||||||
-1 | As of December 31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, all-in yield / cost includes the amortization of deferred origination fees / financing costs. |
Convertible_Notes_Net
Convertible Notes, Net | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Convertible Notes, Net | 7. CONVERTIBLE NOTES, NET |
In November 2013, we issued $172.5 million of 5.25% convertible senior notes due on December 1, 2018, or Convertible Notes. The Convertible Notes’ issuance costs are amortized through interest expense over the life of the Convertible Notes using the effective interest method. Including this amortization, our all-in cost of the Convertible Notes is 5.87% per annum. As of December 31, 2014, the Convertible Notes were carried on our consolidated balance sheet at $161.9 million, net of an unamortized discount of $7.3 million. | |
The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on August 31, 2018, at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The Convertible Notes were not convertible as of December 31, 2014. The conversion rate was initially set to equal 34.8943 shares of class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of $28.66 per share of class A common stock, subject to adjustment upon the occurrence of certain events including distributions above $0.50 per share, subject to certain limited exceptions. We may not redeem the Convertible Notes prior to maturity. As of December 31, 2014 we had the intent and ability to settle the Convertible Notes in cash. As a result, the Convertible Notes did not have any impact on our diluted earnings per share. As of December 31, 2014, the closing price of our class A common stock was $29.14 which exceeds our Convertible Notes conversion price of $28.66. As a result, the if-converted value of our convertible notes exceeded the principal balance by $2.9 million as of December 31, 2014. | |
We recorded a $9.1 million discount upon issuance of the Convertible Notes based on the implied value of the conversion option and an assumed effective interest rate of 6.50%. Including the amortization of this discount and the issuance costs, our total cost of the Convertible Notes is 7.16% per annum. For the year ended December 31, 2014, we incurred total interest on our convertible notes of $11.5 million, of which $9.1 million related to cash coupon and $2.4 million related to the amortization of discount and certain issuance costs. We incurred total interest on our convertible notes of $1.1 million for the year ended December 31, 2013, of which $874,000 related to cash coupon and $197,000 related to the amortization of discount and certain issuance costs. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Derivative Financial Instruments | 8. DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||
We may, from time to time, enter into derivative contracts to achieve certain risk management objectives. Currently, we use derivative financial instruments to manage, or hedge, the variability in the carrying value of certain of our net investments in consolidated, foreign currency-denominated subsidiaries caused by the fluctuations in foreign currency exchange rates. Historically, our consolidated subsidiary, CT Legacy Partners, also used derivative financial instruments to manage, or hedge, the cash flow variability caused by the fluctuations in interest rates. | |||||||||||||||||
As of and during the year ended December 31, 2014, we had a net investment hedge on one Canadian dollar-denominated subsidiary which consisted of two Canadian dollar forward contracts. These foreign currency contracts had an aggregate notional value of $42.5 million, and their fair value of $1.1 million has been included as part of accrued interest receivable, prepaid expenses, and other assets on our consolidated balance sheet. The following table summarizes the notional and fair value amounts of our derivative financial instruments as of December 31, 2014 and 2013 ($ in thousands): | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||
Foreign Currency Contracts | $ | 42,525 | $ | 1,138 | $ | — | $ | — | |||||||||
$ | 42,525 | $ | 1,138 | $ | — | $ | — | ||||||||||
The following table summarizes the impact of our derivative financial instruments to our consolidated statement of operations and consolidated statement of comprehensive income for the year ended December 31, 2014, 2013, and 2012 ($ in thousands): | |||||||||||||||||
For the year ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Net investment hedges – Foreign currency contracts | |||||||||||||||||
Gain recognized in other comprehensive income | $ | 1,138 | $ | — | $ | — | |||||||||||
Gain reclassified from AOCI into net income | $ | — | $ | — | $ | — | |||||||||||
Gain recognized in net income | $ | — | $ | — | $ | — | |||||||||||
Freestanding derivatives – Interest rate contracts(1) | |||||||||||||||||
Loss recognized in other comprehensive income | $ | — | $ | — | $ | (10,449 | ) | ||||||||||
Loss reclassified from AOCI into net income | $ | — | $ | — | $ | (15,066 | ) | ||||||||||
Gain recognized in net income | $ | — | $ | 136 | $ | — | |||||||||||
-1 | The interest rate derivatives represent five interest rate swaps that our consolidated subsidiary, CT Legacy Partners was party to during 2013. In June 2013, CT Legacy Partners terminated these interest rate swaps and recorded a gain of $136,000 which was included as a component of interest expense on our consolidated statements of operations for the year ended December 31, 2013. CT Legacy Partners is no longer party to any derivative financial instruments as of December 31, 2014. |
Equity
Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Equity | 9. EQUITY | ||||||||||||||||||||
Total equity increased by $744.1 million during the year ended December 31, 2014 to $1.5 billion. This increase was primarily driven by the issuance of additional shares of our class A common stock. See below for further discussion of our share issuances. | |||||||||||||||||||||
Share and Share Equivalents | |||||||||||||||||||||
Authorized Capital | |||||||||||||||||||||
We have the authority to issue up to 200,000,000 shares of stock, consisting of 100,000,000 shares of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and preferred stock. We do not have any shares of preferred stock issued and outstanding as of December 31, 2014. | |||||||||||||||||||||
Class A Common Stock and Deferred Stock Units | |||||||||||||||||||||
Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and are entitled to receive such dividends as may be authorized by our board of directors and declared by us, in all cases subject to the rights of the holders of shares of outstanding preferred stock, if any. | |||||||||||||||||||||
The following table details our issuances of class A common stock during the year ended December 31, 2014 ($ in thousands, except share and per share data): | |||||||||||||||||||||
Class A Common Stock Offerings | 2014 Total / | ||||||||||||||||||||
January 2014 | Apr-14 | September 2014 | December 2014(3) | Wtd.-Avg. | |||||||||||||||||
Shares Issued | 9,775,000 | 9,200,000 | 9,200,000 | 100,000 | 28,275,000 | ||||||||||||||||
Issue Price(1) | $ | 26.25 | $ | 27.72 | $ | 27.49 | $ | 27.58 | $ | 27.14 | |||||||||||
Net Proceeds(2) | $ | 256,092 | $ | 254,758 | $ | 252,530 | $ | 2,758 | $ | 766,138 | |||||||||||
-1 | Represents price per share paid to the underwriters. | ||||||||||||||||||||
-2 | Net proceeds represents proceeds received from the underwriters less applicable transaction costs. | ||||||||||||||||||||
-3 | Issuance represents 100,000 shares issued over a five-day period in December, with a weighted average issue price of $27.58, and generating net proceeds of $2.8 million. | ||||||||||||||||||||
We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 13 for additional discussion of these long-term incentive plans. | |||||||||||||||||||||
In addition to our class A common stock, we also issue deferred stock units to certain members of our board of directors in lieu of cash compensation for services rendered. These deferred stock units are non-voting, but carry the right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid to holders of shares of class A common stock. During 2014, we issued 2,851 shares of class A common stock to Joshua A. Polan in exchange for his deferred stock units upon his decision not to stand for reelection to our board of directors. | |||||||||||||||||||||
The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Common Stock Outstanding(1)(2) | 2014 | 2013 | 2012 | ||||||||||||||||||
Beginning balance | 29,602,884 | 3,016,407 | 2,277,344 | ||||||||||||||||||
Issuance of class A common stock | 28,275,006 | 25,875,000 | 669,047 | ||||||||||||||||||
Issuance of restricted class A common stock, net | 490,381 | 700,000 | 36,493 | ||||||||||||||||||
Issuance of deferred stock units | 20,537 | 11,477 | 33,523 | ||||||||||||||||||
Ending balance | 58,388,808 | 29,602,884 | 3,016,407 | ||||||||||||||||||
-1 | Deferred stock units held by members of our board of directors totalled 118,919, 101,233, and 89,754 as of December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||
-2 | Share amounts have been retroactively updated to reflect the one-for-ten reverse stock split which we effected as of May 6, 2013. See below for further discussion. | ||||||||||||||||||||
Dividend Reinvestment and Direct Stock Purchase Plan | |||||||||||||||||||||
On March 25, 2014, we adopted a dividend reinvestment and direct stock purchase plan, under which we registered and reserved for issuance, in the aggregate, 10,000,000 shares of class A common stock. Under the dividend reinvestment component of this plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to our approval, to purchase shares of class A common stock directly from us. During the year ended December 31, 2014, we issued six shares of class A common stock under the dividend reinvestment component and zero shares under the direct stock purchase plan component. As of December 31, 2014, 9,999,994 shares of class A common stock, in the aggregate, remain available for issuance under the dividend reinvestment and direct stock purchase plan. | |||||||||||||||||||||
At the Market Stock Offering Program | |||||||||||||||||||||
On May 9, 2014, we entered into equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $200.0 million of our class A common stock. Sales of class A common stock made pursuant to the ATM Agreements, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales will depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the year ended December 31, 2014, we sold 100,000 shares of class A common stock under the ATM Agreements, with net proceeds totaling $2.8 million. As of December 31, 2014, sales of our class A common stock with an aggregate sales price of $197.2 million remain available for issuance under the ATM Agreements. | |||||||||||||||||||||
Reverse Stock Split | |||||||||||||||||||||
On April 26, 2013, our board of directors approved a one-for-ten reverse stock split of our class A common stock which we effected on May 6, 2013. As a result of the reverse stock split, the number of outstanding shares of our class A common stock was reduced to 2,926,651. In addition, there was a reclassification of $263,000 from the par value of our class A common stock to additional paid-in capital to reflect the impact of the reverse stock split. | |||||||||||||||||||||
Dividends | |||||||||||||||||||||
We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. | |||||||||||||||||||||
Our dividend policy remains subject to revision at the discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors as our board of directors deems relevant. | |||||||||||||||||||||
During the years ended December 31, 2014, 2013, and 2012 we declared dividends per share of $1.98, $0.72, and $20.00, respectively, representing aggregate dividends payment of $101.3 million, $21.1 million, and $49.8 million during each year. | |||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||
We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted shares have the same rights as our other shares of class A common stock, including participating in any gains and losses, and therefore have been included in our basic and diluted net income per share calculation. | |||||||||||||||||||||
The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding for the indicated periods ($ in thousands, except per share data): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Net income | $ | 90,045 | $ | 15,032 | $ | 181,024 | |||||||||||||||
Weighted-average shares outstanding(1) | 48,394,478 | 18,520,052 | 2,345,943 | ||||||||||||||||||
Warrants and options outstanding for the purchase of class A common stock | — | — | 129,351 | ||||||||||||||||||
Weighted-average shares outstanding, diluted | 48,394,478 | 18,520,052 | 2,475,294 | ||||||||||||||||||
Per share amount, basic | $ | 1.86 | $ | 0.81 | $ | 77.16 | |||||||||||||||
Per share amount, diluted | $ | 1.86 | $ | 0.81 | $ | 73.13 | |||||||||||||||
-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. | ||||||||||||||||||||
The following table sets forth the calculation of basic and diluted income from continuing operations per share based on the weighted-average of our shares of class A common stock, including restricted class A common stock and deferred stock units outstanding ($ in thousands, except per share data): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Income from continuing operations | $ | 100,494 | $ | 25,424 | $ | 282,213 | |||||||||||||||
Net income attributable to non-controlling interests | (10,449 | ) | (10,392 | ) | (98,780 | ) | |||||||||||||||
Income from continuing operations attributable to Blackstone Mortgage Trust, Inc. | 90,045 | 15,032 | 183,433 | ||||||||||||||||||
Weighted-average shares outstanding(1) | 48,394,478 | 18,520,052 | 2,345,943 | ||||||||||||||||||
Warrants and options outstanding for the purchase of class A common stock | — | — | 129,351 | ||||||||||||||||||
Weighted-average shares outstanding, diluted | 48,394,478 | 18,520,052 | 2,475,294 | ||||||||||||||||||
Per share amount, basic | $ | 1.86 | $ | 0.81 | $ | 78.19 | |||||||||||||||
Per share amount, diluted | $ | 1.86 | $ | 0.81 | $ | 74.16 | |||||||||||||||
-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. | ||||||||||||||||||||
Other Balance Sheet Items | |||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||
As of December 31, 2014, total accumulated other comprehensive loss was $15.0 million, representing the cumulative currency translation adjustment on assets and liabilities denominated in foreign currencies. During the year ended December 31, 2014, we recorded a $15.8 million currency translation loss in other comprehensive income. As of and during the year ended December 31, 2013, total accumulated other comprehensive income was $798,000 representing the currency translation adjustment on assets denominated in foreign currencies. The following table details the primary components of accumulated other comprehensive loss as of, and for the year ended, December 31, 2012 ($ in thousands): | |||||||||||||||||||||
Accumulated Other | Mark-to-Market | Deferred Gains | Other-than- | Unrealized | Total | ||||||||||||||||
Comprehensive Loss | on Interest | on Settled | Temporary | Gains on | |||||||||||||||||
Rate Hedges | Hedges | Impairments | Securities | ||||||||||||||||||
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(1) | 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 | — | — | 678 | — | 678 | ||||||||||||||||
Deconsolidation of subsidiaries | 16,575 | — | 15,900 | (2,586 | ) | 29,889 | |||||||||||||||
Total as of December 31, 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
-1 | 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. | ||||||||||||||||||||
Non-controlling Interests | |||||||||||||||||||||
The non-controlling interests included on our consolidated balance sheets represent the equity interests in CT Legacy Partners that are not owned by us. A portion of CT Legacy Partners’ consolidated equity and results of operations are allocated to these non-controlling interests based on their pro rata ownership of CT Legacy Partners. As of December 31, 2014, CT Legacy Partners’ total equity was $60.8 million, of which $25.3 million was owned by Blackstone Mortgage Trust, Inc., and $35.5 million was allocated to non-controlling interests. |
Other_Expenses
Other Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Other Expenses | 10. OTHER EXPENSES | ||||||||||||
Our other expenses consist of the management and incentive fees we pay to our Manager and our general and administrative expenses. | |||||||||||||
Management and Incentive Fees | |||||||||||||
Pursuant to our management agreement, our Manager earns a base management fee in an amount equal to 1.50% per annum multiplied by our average outstanding Equity balance, as defined in the management agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in the management agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our average outstanding Equity, provided that our Core Earnings over the prior three-year period (or the period since May 29, 2013, the date of the first offering of our class A common stock following December 19, 2012, whichever is shorter) is greater than zero. Core Earnings is generally equal to our net income (loss) prepared in accordance with GAAP, excluding (i) certain non-cash items and (ii) the net income (loss) related to our CT Legacy Portfolio segment. | |||||||||||||
During the years ended December 31, 2014 and 2013, we incurred $17.8 million and $5.9 million of management fees payable to our Manager, respectively. We did not incur any management fees payable to our Manager during the year ended December 31, 2012. During the year ended December 31, 2014, we incurred $1.7 million of incentive fees payable to our Manager. We did not incur any incentive fees payable to our Manager during the years ended December 31, 2013 and 2012. | |||||||||||||
General and Administrative Expenses | |||||||||||||
General and administrative expenses consisted of the following ($ in thousands): | |||||||||||||
Year Ended December 31, 2014 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Professional services | $ | 2,627 | $ | 2,441 | $ | 895 | |||||||
Operating and other costs | 2,009 | 1,797 | 1,732 | ||||||||||
Transaction costs – investment management sale | — | — | 3,870 | ||||||||||
4,636 | 4,238 | 6,497 | |||||||||||
Non-cash and CT Legacy Portfolio compensation expenses | |||||||||||||
Management incentive awards plan – CTOPI(1) | 12,898 | — | — | ||||||||||
Management incentive awards plan – CT Legacy Partners(2) | 1,374 | 5,089 | 2,232 | ||||||||||
Restricted class A common stock earned | 7,988 | 1,064 | 1,353 | ||||||||||
Director stock-based compensation | 375 | 263 | 223 | ||||||||||
22,635 | 6,416 | 3,808 | |||||||||||
Expenses of consolidated securitization vehicles | 528 | 851 | 64 | ||||||||||
$ | 27,799 | $ | 11,505 | $ | 10,369 | ||||||||
-1 | Represents the portion of CTOPI carried interest revenue paid under compensation awards. See Note 5 for further discussion. | ||||||||||||
-2 | Represents the accrual of amounts payable under the CT Legacy Partners management incentive awards during the period. See below for discussion of the CT Legacy Partners management incentive awards plan. | ||||||||||||
CT Legacy Partners Management Incentive Awards Plan | |||||||||||||
In conjunction with our March 2011 Restructuring, we created an employee pool for up to 6.75% of the distributions paid to the common equity holders of CT Legacy Partners (subject to certain caps and priority distributions). As of December 31, 2014, incentive awards for 94% of the pool have been granted, and the remainder was unallocated. If any awards remain unallocated at the time distributions are paid, any amounts otherwise payable to the unallocated awards will be distributed pro rata to the plan participants then employed by an affiliate of our Manager. | |||||||||||||
Approximately 53% of these grants have the following vesting schedule: (i) 25% on the date of grant; (ii) 25% in March 2013; (iii) 25% in March 2014; and (iv) the remainder is contingent on continued employment with an affiliate of our Manager and our receipt of distributions from CT Legacy Partners. Of the remaining 47% of these grants, 29% are fully vested as a result of an acceleration event, and 18% vest only upon our receipt of distributions from CT Legacy Partners. | |||||||||||||
We accrue a liability for the amounts due under these grants based on the value of CT Legacy Partners and the periodic vesting of the awards granted. Accrued payables for these awards were $2.8 million as of both December 31, 2014 and 2013. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | 11. DISCONTINUED OPERATIONS | ||||||||||||
Investment Management Business Sale | |||||||||||||
On December 19, 2012, pursuant to a purchase and sale agreement, dated as of September 27, 2012, or Purchase Agreement, by and between us and an affiliate of Blackstone, we completed the disposition of our investment management and special servicing business for a purchase price of $21.4 million. The sale included our equity interests in CT Investment Management Co., LLC, our related private investment fund co-investments, and 100% of the outstanding class A preferred stock of CT Legacy REIT. We refer to the entire transaction as our Investment Management Business Sale. As a result of the Investment Management Business Sale, the income and expense items related to our investment management business have been reclassified to income from discontinued operations on our consolidated statements of operations for the year ended December 31, 2012. | |||||||||||||
The following table provides additional information on the components of discontinued operations ($ in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Servicing fees | $ | — | $ | — | $ | 9,686 | |||||||
Management fees from affiliates | — | — | 6,312 | ||||||||||
Total revenues | — | 15,998 | |||||||||||
General and administrative expenses | — | — | 12,938 | ||||||||||
Income from discontinued operations before income taxes | — | — | 3,060 | ||||||||||
Income tax provision | — | — | (5,198 | ) | |||||||||
Loss from discontinued operations | $ | — | $ | — | $ | (2,138 | ) | ||||||
Loss on sale of discontinued operations | — | — | (271 | ) | |||||||||
Loss from discontinued operations per share common stock: | |||||||||||||
Basic | $ | — | $ | — | $ | (1.03 | ) | ||||||
Diluted | $ | — | $ | — | $ | (1.03 | ) | ||||||
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES |
We made an election to be taxed as a REIT, effective January 1, 2003, under the Internal Revenue Code, for U.S. federal income tax purposes. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings that we distribute. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. | |
Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue Code, which relate to organizational structure, diversity of stock ownership and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal excise taxes and state and local taxes on our income and assets. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and will not be able to qualify as a REIT for the subsequent four full taxable years. | |
During the years ended December 31, 2014, 2013, and 2012, we recorded a current income tax provision of $518,000, $995,000, and $174,000, respectively, primarily related to activities of our taxable REIT subsidiaries and various state and local taxes. We did not have any deferred tax assets or liabilities as of December 31, 2014 or 2013. | |
As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the availability of our net operating losses, or NOLs, and net capital losses, or NCLs, is generally limited to $2.0 million per annum by change of control provisions promulgated by the Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of December 31, 2014, we had estimated NOLs of $159.0 million and NCLs of $32.0 million available to be carried forward and utilized in current or future periods. To the extent we are unable to utilize our NOLs, they will expire in 2029. To the extent we are unable to utilize our NCLs, $31.4 million will expire in 2015, and $602,000 will expire in 2017. | |
As of December 31, 2014, tax years 2011 through 2014 remain subject to examination by taxing authorities. |
StockBased_Incentive_Plans
Stock-Based Incentive Plans | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Stock-Based Incentive Plans | 13. STOCK-BASED INCENTIVE PLANS | ||||||||
We do not have any employees as we are externally managed by our Manager. However, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors are compensated, in part, through the issuance of stock-based instruments. | |||||||||
We had stock-based incentive awards outstanding under five benefit plans as of December 31, 2014: (i) our amended and restated 1997 non-employee director stock plan, or 1997 Plan; (ii) our 2007 long-term incentive plan, or 2007 Plan; (iii) our 2011 long-term incentive plan, or 2011 Plan; (iv) our 2013 stock incentive plan, or 2013 Plan; and (v) our 2013 manager incentive plan, or 2013 Manager Plan. We refer to our 1997 Plan, our 2007 Plan, and our 2011 Plan collectively as our Expired Plans and we refer to our 2013 Plan and 2013 Manager Plan collectively as our Current Plans. | |||||||||
Our Expired Plans have expired and no new awards may be issued under them. Under our Current Plans, a maximum of 2,160,106 shares of our class A common stock may be issued to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of December 31, 2014, there were 939,319 shares available under the Current Plans. | |||||||||
We issued 490,381 and 700,000 shares of restricted class A common stock under our Current Plans during 2014 and 2013, respectively. These shares generally vest in quarterly installments over a three-year period, pursuant to the terms of the respective award agreements and the terms of the Current Plans. The 919,719 shares of restricted class A common stock outstanding as of December 31, 2014 will vest as follows; 398,751 shares will vest in 2015; 357,511 shares will vest in 2016; and 163,457 shares will vest in 2017. | |||||||||
The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share: | |||||||||
Restricted Class A | Weighted-Average | ||||||||
Common Stock | Grant Date Fair | ||||||||
Value Per Share | |||||||||
Balance as of December 31, 2013 | 700,000 | $ | 25.69 | ||||||
Granted | 490,381 | 27.82 | |||||||
Vested | (270,662 | ) | 25.57 | ||||||
Balance as of December 31, 2014 | 919,719 | $ | 26.86 | ||||||
Fair_Values
Fair Values | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Values | 14. FAIR VALUES | ||||||||||||||||||||||||
Assets Recorded at Fair Value | |||||||||||||||||||||||||
The following table summarizes our assets measured and reported at fair value on a recurring basis ($ in thousands): | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Other assets, at fair value(1) | $ | — | $ | 2,648 | $ | 47,507 | $ | 50,155 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Other assets, at fair value(1) | $ | — | $ | 1,944 | $ | 54,461 | $ | 56,405 | |||||||||||||||||
-1 | Other assets include loans, securities, equity investments, and other receivables carried at fair value. | ||||||||||||||||||||||||
The following table reconciles the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Other Assets | Loans | Other | Investment in | ||||||||||||||||||||||
Held-for-Sale, | Assets | CT Legacy | |||||||||||||||||||||||
net | Assets | ||||||||||||||||||||||||
January 1, | $ | 54,461 | $ | — | $ | — | $ | 132,000 | |||||||||||||||||
Consolidation of CT Legacy Partners | — | — | 164,780 | (132,000 | ) | ||||||||||||||||||||
Transfer from loans receivable, at fair value | — | 2,000 | — | — | |||||||||||||||||||||
Proceeds from investments | (20,231 | ) | (3,259 | ) | (118,635 | ) | — | ||||||||||||||||||
Adjustments to fair value included in earnings | |||||||||||||||||||||||||
Gain on investments at fair value | 13,277 | — | 7,332 | — | |||||||||||||||||||||
Valuation allowance on loans held-for-sale | — | 1,259 | — | — | |||||||||||||||||||||
Deferred interest | — | — | 984 | — | |||||||||||||||||||||
December 31, | $ | 47,507 | $ | — | $ | 54,461 | $ | — | |||||||||||||||||
Our other assets include loans, securities, equity investments, and other receivables that are carried at fair value. The following describes the key assumptions used in arriving at the fair value of each of these assets as of December 31, 2014 and 2013. | |||||||||||||||||||||||||
Securities: As of December 31, 2014 and 2013, our securities, which had a book value of $10.0 million and $9.4 million, respectively, were valued by obtaining assessments from third-party dealers. | |||||||||||||||||||||||||
Loans: The following table lists the range of key assumptions for each type of loans receivable as of December 31, 2014 and December 31, 2013 ($ in millions): | |||||||||||||||||||||||||
Discount Rate | Recovery | Fair Value as of | |||||||||||||||||||||||
Collateral Type | Percentage(1) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Hotel | (2 | ) | 100 | % | $ | 15 | $ | 15 | |||||||||||||||||
Office | (3 | ) | 100 | % | 4 | 25.7 | |||||||||||||||||||
$ | 19 | $ | 40.7 | ||||||||||||||||||||||
-1 | Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2014 and 2013, excluding loans for which there is no expectation of future cash flows. | ||||||||||||||||||||||||
-2 | The discount rate used to value our hotel loan portfolio was 7% as of December 31, 2014 and 2013. A 100 bp discount rate increase would result in a decrease in fair value of 0.3% and 1.4% as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
-3 | The discount rates used to value our office loan portfolio was 15% as of December 31, 2014 and ranged from 6% to 15% as of December 31, 2013. A 100 bp discount rate increase would result in a decrease in fair value of 1.1% and 0.3% as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Equity investments and other receivables: As of December 31, 2014, equity investments and other receivables, which had an aggregate book value of $18.5 million, were generally valued by discounting expected cash flows. | |||||||||||||||||||||||||
There were no liabilities recorded at fair value as of December 31, 2014 or 2013. Refer to Note 2 for further discussion regarding fair value measurement. | |||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||
As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not reported in the statement of financial position at fair value, for which it is practicable to estimate that value. | |||||||||||||||||||||||||
The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2 that are not reported in the statement of financial position at fair value ($ in thousands): | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Carrying | Face | Fair | Carrying | Face | Fair | ||||||||||||||||||||
Amount | Amount | Value | Amount | Amount | Value | ||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 51,810 | $ | 51,810 | $ | 51,810 | $ | 52,342 | $ | 52,342 | $ | 52,342 | |||||||||||||
Restricted cash | 11,591 | 11,591 | 11,591 | 10,096 | 10,096 | 10,096 | |||||||||||||||||||
Loans receivable, net | 4,428,500 | 4,462,897 | 4,462,897 | 2,047,223 | 2,077,227 | 2,058,699 | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Revolving repurchase facilities | 2,040,783 | 2,040,783 | 2,040,783 | 863,622 | 863,622 | 863,622 | |||||||||||||||||||
Asset-specific repurchase agreements | 324,553 | 324,553 | 324,553 | 245,731 | 245,731 | 245,731 | |||||||||||||||||||
Loan participations sold | 499,433 | 499,433 | 499,433 | 90,000 | 90,000 | 90,000 | |||||||||||||||||||
Convertible notes, net | 161,853 | 172,500 | 181,341 | 159,524 | 172,500 | 181,772 | |||||||||||||||||||
Estimates of fair value for cash, cash equivalents and convertible notes are measured using observable, quoted market prices, or Level 1 inputs. All other significant fair value estimates are measured using unobservable inputs, or Level 3 inputs. The use of different assumptions or methodologies could have a material effect on our estimated fair value amounts. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities. |
Transactions_with_Related_Part
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 15. TRANSACTIONS WITH RELATED PARTIES |
Transactions Related to Our Manager and its Affiliates | |
As further described in Note 11, in December 2012 we concluded multiple, related transactions with Blackstone and its affiliates, including: (i) the Investment Management Business Sale; (ii) the sale of 500,000 shares of our class A common stock for $20.00 per share; and (iii) the execution of a new external management agreement with our Manager. In addition, Blackstone received the right to designate two members of our board of directors and exercised that right by designating an employee and one of its senior advisors to replace two former members of our board of directors who resigned effective December 19, 2012. Certain of our former employees are now employed by an affiliate of our Manager. | |
The initial term of the Management Agreement expires on December 19, 2015 and will be automatically renewed for a one-year term each anniversary thereafter unless earlier terminated. | |
On March 26, 2013, we amended the Management Agreement with our Manager to, among other things, amend our investment guidelines to permit the investment risk management committee of our board of directors, which consists of only independent directors, to approve any proposed investment by our Manager. | |
On July 30, 2013, we and our Manager entered into Amendment No. 1 to our amended and restated Management Agreement with our Manager. The amendments consisted of: (i) revisions to clarify that internal audit expenses (including through one or more third parties and/or affiliates of our Manager) are to be paid by us and not our Manager; and (ii) updates to reflect our recent name change and the merger of our CT Legacy REIT Mezz Borrower, Inc. subsidiary with and into CT Legacy Partners, LLC. | |
On October 23, 2014, we and our Manager entered into a Second Amended and Restated Management Agreement, or the Second Amended and Restated Management Agreement. The Second Amended and Restated Management Agreement amended and restated the existing Management Agreement to, among other things: (i) incorporate the terms of Amendment No. 1 to our amended and restated Management Agreement; (ii) amend our investment guidelines to increase the threshold required for approval by the investment risk management committee of our board of directors from any proposed investment in excess of $150.0 million to any proposed investment in excess of $250.0 million; and (iii) revise the definitions for Incentive Compensation and Management Fee (in each case as defined in the Second Amended and Restated Management Agreement) to remove wording regarding the calculation of payments during 2013 that is no longer relevant. | |
As of December 31, 2014, our consolidated balance sheet included $6.3 million of accrued management and incentive fees payable to our Manager. During the year ended December 31, 2014, we paid $15.7 million of management and incentive fees to our Manager and reimbursed our Manager for $115,000 of expenses incurred on our behalf. In addition, as of December 31, 2014, our consolidated balance sheet includes $151,000 of preferred distributions payable by CT Legacy Partners to an affiliate of our Manager. During the year ended December 31, 2014, CT Legacy Partners made aggregate preferred distributions of $2.1 million to such affiliate. | |
On October 23, 2014, we issued 337,941 shares of restricted class A common stock with a fair value of $9.4 million as of the grant date to our Manager under the 2013 Manager Plan. On October 3, 2013, we issued 339,431 shares of restricted class A common stock with a grant date fair value of $8.5 million to our Manager under the 2013 Manager Plan. The shares of restricted class A common stock vest ratably in quarterly installments over three years from the date of issuance. During the years ended, December 31, 2014 and 2013, we recorded a non-cash expense related to these shares of $3.8 million and $767,000, respectively. Refer to Note 13 for further discussion of our restricted class A common stock. | |
During the years ended December 31, 2014 and 2013, CT CDO I incurred special servicing fees to our Manager of $522,000 and $847,000 respectively, of which it paid $139,000 and $847,000 respectively. | |
During the years ended December 31, 2014 and 2013, we paid fees of $26,000 and $9,000, respectively, to a third-party service provider for equity capital markets data services. This service provider was acquired by an affiliate of our Manager on August 6, 2014. | |
During the year ended December 31, 2014, we incurred $96,000 of fees to a third-party service provider for various administrative services that was owned by an affiliate of our Manager. We did not incur any of these fees during the year ended December 31, 2013. | |
During the year ended December 31, 2014, we incurred $80,000 of fees to an affiliate of our Manager for various administrative services. We did not incur any of these fees during the year ended December 31, 2013. | |
There may be conflicts between us and our Manager with respect to certain of the investments in the CT Legacy Partners and CTOPI portfolios where an affiliate of our Manager holds a related investment that is senior, junior, or pari passu to the investments held by these portfolios. | |
The Management Agreement with our Manager excludes from the management fee calculation our interests in CT Legacy Partners, CTOPI, and CT CDO I, which may result in further conflicts between the economic interests of us and our Manager. Refer to Note 10 for further discussion of the Management Agreement with our Manager. | |
On May 13, 2013, we entered into a joint venture, 42-16 Partners, with an affiliate of our Manager to originate and warehouse loans prior to the completion of our class A common stock offering on May 29, 2013. 42-16 Partners was owned 16.7% by us and 83.3% by an affiliate of our Manager and originated one senior mortgage loan on May 21, 2013. On May 30, 2013, we ended this relationship with the affiliate of our Manager and purchased 100% of the equity interests in 42-16 Partners held by the affiliate of our Manager using proceeds from the sale of our class A common stock, and, as a result, 42-16 Partners became a 100% owned and consolidated subsidiary. We recorded a $193,000 charge to non-controlling interest as a result of the purchase of these equity interests at their fair value, rather than GAAP book value. | |
An affiliate of our Manager purchased 1,960,784 shares of our class A common stock as part of our stock offering on May 22, 2013. These shares were purchased for $25.50 each, the same price offered to non-affiliated purchasers. This affiliate owned class A common stock representing 5.4% of outstanding class A common stock and stock units as of February 10, 2015. In addition, an affiliate of our Manager was compensated $1.0 million for its role as co-manager of our offering of class A common stock on May 22, 2013 and $188,000 for its role as co-manager of our offering of convertible notes on November 19, 2013. | |
On October 2, 2013 we originated a $71.0 million loan, the proceeds of which were used by the borrower to repay an existing loan owned by an affiliate of our Manager. | |
On October 23, 2013, we purchased a $176.9 million loan from a third party. In conjunction with our acquisition of this loan, we consented to its restructuring, which restructuring resulted in an affiliate of our Manager earning a $2.3 million modification fee. During 2014, we received $119.4 million of proceeds from partial repayments of this loan, resulting in a net book value of $53.8 million as of December 31, 2014. | |
On June 20, 2014, CT CDO I, CT Legacy Partners, CTOPI, and other affiliates of our Manager entered into a deed-in-lieu of foreclosure transaction which resulted in a restructuring of the interests held by each entity with respect to certain loans in our CT Legacy Portfolio segment with an aggregate principal balance of $35.0 million and an aggregate book value of $27.0 million. | |
Other Related-Party Transactions | |
In conjunction with the Investment Management Business Sale, we entered into a letter agreement with W.R. Berkley Corporation, or WRBC, pursuant to which we agreed not to undertake any offering of our class A common stock, or other equity securities, in an aggregate amount greater than $30.0 million without prior approval of a majority of the independent members of our board of directors. This one-time approval was obtained in conjunction with our May 2013 offering of class A common stock, and we are no longer required to obtain such approval for future offerings. An employee of WRBC was a member of our board of directors until our annual meeting held on June 18, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. COMMITMENTS AND CONTINGENCIES |
Unfunded Commitments Under Loans Receivable | |
As of December 31, 2014, we had unfunded commitments of $513.2 million related to 35 loans receivable, which amounts will generally be funded to finance lease-related or capital expenditures by our borrowers. These future commitments will expire over the next five years. | |
Income Tax Audit of CTIMCO | |
The Internal Revenue Service, or the IRS, is currently undergoing an examination of the federal income tax returns for the year ended December 31, 2012 of our former subsidiary, CT Investment Management Co., LLC, or CTIMCO. The examination is on-going, and no adjustments have been communicated to us by the IRS. When we sold CTIMCO in December 2012, we provided certain indemnifications related to its operations, and any amounts determined by the IRS to be owed by CTIMCO would ultimately be paid by us. | |
Litigation | |
In the normal course of business, we are subject to various legal proceedings and claims, the resolution of which, in our Manager’s opinion, will not have a material adverse effect on our consolidated financial position or results of operations. As of December 31, 2014, there are no reserves recorded for pending litigation. | |
Board of Director’s Compensation | |
As of December 31, 2014, of the eight members of our board of directors, five are entitled to annual compensation of $125,000 each. The other three board members, including our chairman and our chief executive officer, serve as directors with no compensation. As of December 31, 2014, the annual compensation for our directors was paid 50% in cash and 50% in the form of deferred stock units. In addition, the member of our board of directors that serves as the chairperson of the audit committee of our board of directors receives additional annual cash compensation of $12,000. Compensation to the board of directors is payable in four equal quarterly installments. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting | 17. SEGMENT REPORTING | ||||||||||||
We operate our real estate finance business through a Loan Origination segment and a CT Legacy Portfolio segment. The Loan Origination segment includes our activities associated with the origination and acquisition of mortgage loans, the capitalization of our loan portfolio, and the costs associated with operating our business generally. The CT Legacy Portfolio segment includes our activities specifically related to CT Legacy Partners and our equity investment in CTOPI. Our Manager identifies, makes operating decisions, and assesses the performance of each of our business segments based on financial and operating data and metrics generated from our internal information systems. | |||||||||||||
Our Loan Origination segment business commenced during 2013. Accordingly, no comparable segment data exists for 2012, or any other prior period, and we have therefore not retrospectively restated our previously reported 2012 information. | |||||||||||||
There were no transactions between our operating segments during the years ended December 31, 2014 and 2013. For the year ended December 31, 2014, 11% of our revenues were generated from international sources. Substantially all of our revenues for the year ended December 31, 2013 were generated from domestic sources. | |||||||||||||
The following table presents our consolidated statement of operations for each segment for the year ended December 31, 2014 ($ in thousands): | |||||||||||||
Loan | CT Legacy | Total | |||||||||||
Origination | Portfolio | ||||||||||||
Income from loans and other investments | |||||||||||||
Interest and related income | $ | 180,654 | $ | 4,112 | $ | 184,766 | |||||||
Less: Interest and related expenses | 68,098 | 1,045 | 69,143 | ||||||||||
Income from loans and other investments, net | 112,556 | 3,067 | 115,623 | ||||||||||
Other expenses | |||||||||||||
Management and incentive fees | 19,491 | — | 19,491 | ||||||||||
General and administrative expenses | 12,665 | 15,134 | 27,799 | ||||||||||
Total other expenses | 32,156 | 15,134 | 47,290 | ||||||||||
Gain on investments at fair value | — | 13,258 | 13,258 | ||||||||||
Loss on deconsolidation of subsidiaries | — | (8,615 | ) | (8,615 | ) | ||||||||
Income from equity investments in unconsolidated subsidiaries | — | 28,036 | 28,036 | ||||||||||
Income before income taxes | 80,400 | 20,612 | 101,012 | ||||||||||
Income tax provision | 194 | 324 | 518 | ||||||||||
Net income | 80,206 | 20,288 | 100,494 | ||||||||||
Net income attributable to non-controlling interests | — | (10,449 | ) | (10,449 | ) | ||||||||
Net income attributable to Blackstone Mortgage Trust, Inc. | $ | 80,206 | $ | 9,839 | $ | 90,045 | |||||||
The following table presents our consolidated balance sheet for each segment as of December 31, 2014 ($ in thousands): | |||||||||||||
Loan | CT Legacy | Total | |||||||||||
Origination | Portfolio | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 51,810 | $ | — | $ | 51,810 | |||||||
Restricted cash | — | 11,591 | 11,591 | ||||||||||
Loans receivable, net | 4,428,500 | — | 4,428,500 | ||||||||||
Equity investments in unconsolidated subsidiaries | — | 10,604 | 10,604 | ||||||||||
Accrued interest receivable, prepaid expenses, and other assets | 36,531 | 49,485 | 86,016 | ||||||||||
Total assets | $ | 4,516,841 | $ | 71,680 | $ | 4,588,521 | |||||||
Liabilities and Equity | |||||||||||||
Accounts payable, accrued expenses, and other liabilities | $ | 47,328 | $ | 13,685 | $ | 61,013 | |||||||
Revolving repurchase facilities | 2,040,783 | — | 2,040,783 | ||||||||||
Asset-specific repurchase agreements | 324,553 | — | 324,553 | ||||||||||
Loan participations sold | 499,433 | — | 499,433 | ||||||||||
Convertible notes, net | 161,853 | — | 161,853 | ||||||||||
Total liabilities | 3,073,950 | 13,685 | 3,087,635 | ||||||||||
Equity | |||||||||||||
Total Blackstone Mortgage Trust, Inc. stockholders’ equity | 1,442,891 | 22,480 | 1,465,371 | ||||||||||
Non-controlling interests | — | 35,515 | 35,515 | ||||||||||
Total equity | 1,442,891 | 57,995 | 1,500,886 | ||||||||||
Total liabilities and equity | $ | 4,516,841 | $ | 71,680 | $ | 4,588,521 | |||||||
The following table presents our consolidated statement of operations for each segment for the year ended December 31, 2013 ($ in thousands): | |||||||||||||
Loan | CT Legacy | Total | |||||||||||
Origination | Portfolio | ||||||||||||
Income from loans and other investments | |||||||||||||
Interest and related income | $ | 41,621 | $ | 11,543 | $ | 53,164 | |||||||
Less: Interest and related expenses | 13,053 | 4,964 | 18,017 | ||||||||||
Income from loans and other investments, net | 28,568 | 6,579 | 35,147 | ||||||||||
Other expenses | |||||||||||||
Management and incentive fees | 5,937 | — | 5,937 | ||||||||||
General and administrative expenses | 5,149 | 6,356 | 11,505 | ||||||||||
Total other expenses | 11,086 | 6,356 | 17,442 | ||||||||||
Valuation allowance on loans held-for-sale | — | 1,259 | 1,259 | ||||||||||
Gain on investments at fair value | — | 7,417 | 7,417 | ||||||||||
Gain on extinguishment of debt | — | 38 | 38 | ||||||||||
Income before income taxes | 17,482 | 8,937 | 26,419 | ||||||||||
Income tax benefit | 31 | 964 | 995 | ||||||||||
Net income | 17,451 | 7,973 | 25,424 | ||||||||||
Net income attributable to non-controlling interests | (193 | ) | (10,199 | ) | (10,392 | ) | |||||||
Net income (loss) attributable to Blackstone Mortgage Trust, Inc. | $ | 17,258 | $ | (2,226 | ) | $ | 15,032 | ||||||
The following table presents our consolidated balance sheet for each segment as of December 31, 2013 ($ in thousands): | |||||||||||||
Loan | CT Legacy | Total | |||||||||||
Origination | Portfolio | ||||||||||||
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 | |||||||
Summary_of_Quarterly_Results_o
Summary of Quarterly Results of Operations | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Quarterly Results of Operations | 18. SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2014, 2013, and 2012 ($ in thousands except per share data): | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2014 | |||||||||||||||||
Revenues(1) | $ | 33,656 | $ | 42,466 | $ | 50,386 | $ | 58,258 | |||||||||
Net income | $ | 13,116 | $ | 38,439 | $ | 23,601 | $ | 25,338 | |||||||||
Net income attributable to | |||||||||||||||||
Blackstone Mortgage Trust, Inc. | $ | 13,065 | $ | 33,466 | $ | 22,024 | $ | 21,490 | |||||||||
Net income per share of class A common stock: | |||||||||||||||||
Basic | $ | 0.34 | $ | 0.7 | $ | 0.45 | $ | 0.37 | |||||||||
Diluted | $ | 0.34 | $ | 0.7 | $ | 0.45 | $ | 0.37 | |||||||||
2013 | |||||||||||||||||
Revenues(1) | $ | 1,456 | $ | 6,017 | $ | 18,853 | $ | 26,837 | |||||||||
Net (loss) income | $ | (1,597 | ) | $ | 6,768 | $ | 10,526 | $ | 9,728 | ||||||||
Net (loss) income attributable to | |||||||||||||||||
Blackstone Mortgage Trust, Inc. | $ | (3,115 | ) | $ | 2,748 | $ | 8,320 | $ | 7,079 | ||||||||
Net (loss) income per share of class A common stock: | |||||||||||||||||
Basic | $ | (1.03 | ) | $ | 0.22 | $ | 0.29 | $ | 0.24 | ||||||||
Diluted | $ | (1.03 | ) | $ | 0.22 | $ | 0.29 | $ | 0.24 | ||||||||
2012 | |||||||||||||||||
Revenues(1) | $ | 14,716 | $ | 6,763 | $ | 6,944 | $ | 6,517 | |||||||||
Net income | $ | 140,622 | $ | 3,351 | $ | 12,900 | $ | 122,931 | |||||||||
Net income attributable to | |||||||||||||||||
Blackstone Mortgage Trust, Inc. | $ | 66,553 | $ | 2,283 | $ | 6,999 | $ | 105,189 | |||||||||
Net income per share of class A common stock: | |||||||||||||||||
Basic | $ | 29.14 | $ | 1 | $ | 3.02 | $ | 42.21 | |||||||||
Diluted | $ | 27.39 | $ | 0.93 | $ | 2.84 | $ | 40.65 | |||||||||
-1 | Excludes revenues from discontinued operations. | ||||||||||||||||
Basic and diluted earnings per share are computed independently based on the weighted-average shares of common stock and stock units outstanding for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the total for the year. Earnings per share amounts have been adjusted to give retroactive effect to the reverse stock split, which we effected on May 6, 2013. See Note 9 for a further discussion of earnings per share. |
Schedule_IV_Mortgage_Loans_on_
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Type of Loan/Borrower | Description / Location | Interest | Maximum | Periodic | Prior | Face | Carrying | ||||||||||||||||||||
Payment Rates(2) | Maturity Date(3) | Payment | Liens(5) | Amount of | Amount of | ||||||||||||||||||||||
Terms(4) | Loans | Loans(6) | |||||||||||||||||||||||||
Senior Mortgage Loans(1) | |||||||||||||||||||||||||||
Borrower A | Hotel / UK | L + 4.00 | % | 5/22/19 | I/O | $ | — | $ | 311,240 | $ | 307,084 | ||||||||||||||||
Borrower B | Condo / Northeast | L + 4.50 | % | 11/9/18 | I/O | — | 181,000 | 179,839 | |||||||||||||||||||
Borrower C | Office / Diversified | L + 3.80 | % | 12/9/19 | I/O | — | 163,300 | 161,770 | |||||||||||||||||||
Borrower D | Office / Midwest | L + 3.50 | % | 8/9/19 | I/O | — | 153,879 | 152,751 | |||||||||||||||||||
Borrower E | Other / Diversified | L + 4.75 | % | 1/7/19 | I/O | — | 151,767 | 150,618 | |||||||||||||||||||
Borrower F | Hotel / UK | L + 3.40 | % | 11/20/19 | I/O | — | 149,395 | 147,936 | |||||||||||||||||||
Borrower G | Office / Northeast | L + 4.75 | % | 1/9/19 | I/O | — | 139,809 | 139,099 | |||||||||||||||||||
Borrower H | Office / Canada | L + 5.50 | % | 12/9/19 | I/O | — | 138,644 | 137,024 | |||||||||||||||||||
Borrower I | Hotel / Northeast | L + 4.30 | % | 12/1/17 | I/O | — | 133,350 | 132,987 | |||||||||||||||||||
All other mortgage loans individually less than 3% | Various / Diversified | L + 3.65 % – L + 6.83 | % | 6/10/2016 – 9/30/2020 | — | 2,852,148 | 2,831,478 | ||||||||||||||||||||
Total senior mortgage loans | — | 4,374,532 | 4,340,586 | ||||||||||||||||||||||||
Subordinate Loans(7) | |||||||||||||||||||||||||||
Borrower AA | Office / Northwest | L + 5.66 | % | 4/9/15 | I/O | 88,986 | 54,399 | 53,833 | |||||||||||||||||||
Borrower BB | Condo / Northeast | L + 12.56 | % | 12/13/17 | I/O | 110,388 | 33,966 | 34,081 | |||||||||||||||||||
Total subordinate loans | 199,374 | 88,365 | 87,914 | ||||||||||||||||||||||||
Total loans | $ | 199,374 | $ | 4,462,897 | $ | 4,428,500 | |||||||||||||||||||||
-1 | Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. | ||||||||||||||||||||||||||
-2 | As of December 31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, all-in yield includes the amortization of deferred origination fees, loan origination costs, and accrual of both extension and exit fees. | ||||||||||||||||||||||||||
-3 | Maximum maturity date assumes all extension options are exercised. | ||||||||||||||||||||||||||
-4 | I/O =nterest only. | ||||||||||||||||||||||||||
-5 | Represents only third party liens. | ||||||||||||||||||||||||||
-6 | The tax basis of the loans included above is approximately $3.9 billion as of December 31, 2014. | ||||||||||||||||||||||||||
-7 | Includes subordinate interests in mortgages and mezzanine loans. | ||||||||||||||||||||||||||
Blackstone Mortgage Trust, Inc. | |||||||||||||||||||||||||||
Notes to Schedule IV | |||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
1 | Reconciliation of Mortgage Loans on Real Estate: | ||||||||||||||||||||||||||
The following table reconciles mortgage loans on real estate for the years ended: | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Balance at January 1, | $ | 2,047,223 | $ | 141,500 | $ | 869,269 | |||||||||||||||||||||
Additions during period: | |||||||||||||||||||||||||||
Consolidation (deconsolidation) of subsidiary | — | — | (645,163 | ) | |||||||||||||||||||||||
Loan fundings | 3,067,263 | 2,327,914 | 26 | ||||||||||||||||||||||||
Amortization of deferred fees and expenses | 19,785 | 5,965 | 180 | ||||||||||||||||||||||||
Unrealized gain on foreign currency translation | — | 796 | — | ||||||||||||||||||||||||
Valuation allowance on loans held-for-sale | — | 1,259 | — | ||||||||||||||||||||||||
Recovery of provision for loan losses | — | — | 36,147 | ||||||||||||||||||||||||
Deductions during period: | |||||||||||||||||||||||||||
Collections of principal | (564,183 | ) | (383,647 | ) | (118,959 | ) | |||||||||||||||||||||
Unrealized (loss) on foreign currency translation | (52,076 | ) | — | — | |||||||||||||||||||||||
Deferred origination fees and expenses | (35,449 | ) | (25,402 | ) | — | ||||||||||||||||||||||
Loans sold | (27,063 | ) | (21,162 | ) | — | ||||||||||||||||||||||
Transfers to other assets | (27,000 | ) | — | — | |||||||||||||||||||||||
Balance at December 31, | $ | 4,428,500 | $ | 2,047,223 | $ | 141,500 | |||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Basis of Presentation | Basis of Presentation | |||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Certain of the assets and credit of our consolidated subsidiaries are not available to satisfy the debt or other obligations of us, our affiliates, or other entities. | ||||
One of our subsidiaries, CT Legacy Partners, LLC, or CT Legacy Partners, accounts for its operations in accordance with industry-specific GAAP accounting guidance for investment companies, pursuant to which it reports its investments at fair value. We have retained this accounting treatment in consolidation and, accordingly, report the loans and other investments of CT Legacy Partners at fair value on our consolidated balance sheets. | ||||
Certain reclassifications have been made in the presentation of the prior period consolidated financial statements to conform to the current presentation including reclassifying (i) loans receivable, at fair value, into accrued interest receivable, prepaid expenses, and other assets, (ii) securitized debt obligations into accounts payable, accrued expenses, and other liabilities, and (iii) restricted class A common stock into class A common stock. | ||||
Principles of Consolidation | Principles of Consolidation | |||
We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primarily beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. | ||||
Assets of consolidated VIEs can only be used to satisfy the obligations of those VIEs. The liabilities of consolidated VIEs are non-recourse to us. As of December 31, 2013, our consolidated balance sheet included $49.8 million of other assets and $40.2 million of other liabilities that were attributable to CT CDO I, a consolidated VIE which was part of our CT Legacy Portfolio segment. During 2014, we recorded a 100% impairment of our residual interests in CT CDO I. As a result of this impairment, we no longer have a variable interest in CT CDO I, and therefore ceased to be its primary beneficiary. This resulted in the recognition of an $8.6 million loss on the deconsolidation of CT CDO I on our consolidated statement of operations. As of December 31, 2014, we no longer had any assets or liabilities on our consolidated balance sheet attributable to a consolidated VIE. | ||||
Use of Estimates | Use of Estimates | |||
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates. | ||||
Revenue Recognition | Revenue Recognition | |||
Interest income from our loans receivable is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, discounts, and direct costs associated with these investments is deferred until the loan is advanced and is then recorded over the term of the loan as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of our Manager, recovery of income and principal becomes doubtful. Income is then recorded on the basis of cash received until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. | ||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||
Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. | ||||
Restricted Cash | Restricted Cash | |||
We classify the cash balances held by CT Legacy Partners as restricted because, while these cash balances are available for use by CT Legacy Partners for its operations, they cannot be used by us until our allocable share is distributed from CT Legacy Partners and cannot be commingled with any of our unrestricted cash balances. | ||||
Loans Receivable and Provision for Loan Losses | Loans Receivable and Provision for Loan Losses | |||
We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. We are required to periodically evaluate each of these loans for possible impairment. Impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. If a loan is determined to be impaired, we write down the loan through a charge to the provision for loan losses. Impairment of these loans, which are collateral dependent, is measured by comparing the estimated fair value of the underlying collateral to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by our Manager. Actual losses, if any, could ultimately differ from these estimates. | ||||
Our Manager performs a quarterly review of our portfolio of loans. In conjunction with this review, our Manager assesses the risk factors of each loan, and assigns a risk rating based on a variety of factors, including, without limitation, loan-to-value ratio, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows: | ||||
1 – | Very Low Risk | |||
2 – | Low Risk | |||
3 – | Medium Risk | |||
4 – | High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss. | |||
5 – | Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. | |||
Previously, our Manager assigned risk ratings between “1” and “8,” from less risk to greater risk. | ||||
Loans Held-for-Sale and Related Allowance | Loans Held-for-Sale and Related Allowance | |||
In certain cases, we may classify loans as held-for-sale based upon the specific facts and circumstances of particular loans, including known or expected transactions. Loans held-for-sale are carried at the lower of their amortized cost basis or fair value, less costs to sell. A reduction in the fair value of loans held-for-sale is recorded as a charge to our consolidated statements of operations as a valuation allowance on loans held-for-sale. | ||||
Equity Investments in Unconsolidated Subsidiaries | Equity Investments in Unconsolidated Subsidiaries | |||
Our carried interest in CT Opportunity Partners I, LP, or CTOPI, is accounted for using the equity method. CTOPI’s assets and liabilities are not consolidated into our financial statements due to our determination that (i) it is not a VIE and (ii) the other investors in CTOPI have sufficient rights to preclude consolidation by us. As such, we report our allocable percentage of the net assets of CTOPI on our consolidated balance sheets. The recognition of income from CTOPI is generally deferred until cash is collected or appropriate contingencies have been eliminated. | ||||
Derivative Financial Instruments | Derivative Financial Instruments | |||
We classify all derivative financial instruments as other assets or other liabilities on our consolidated balance sheets at fair value. | ||||
On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or freestanding derivative. For all derivatives other than those designated as freestanding derivatives, we formally document our hedge relationships and designation at inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. | ||||
On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. Changes in the fair value of the effective portion of our hedges are reflected in accumulated other comprehensive income (loss) on our consolidated financial statements. Changes in the fair value of the ineffective portion of our hedges are included in net income (loss). Amounts are reclassified out of accumulated other comprehensive income (loss) and into net income (loss) when the hedged item is either sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a freestanding derivative, the changes in its value are included in net income (loss). | ||||
Repurchase Agreements | Repurchase Agreements | |||
We record investments financed with repurchase agreements as separate assets and the related borrowings under any repurchase agreements are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the repurchase agreements are reported separately on our consolidated statements of operations. | ||||
Loan Participations Sold | Loan Participations Sold | |||
Loan participations sold represent senior interests in certain loans that we sold, however we present such loan participations sold as liabilities because these arrangements do not qualify as sales under GAAP. These participations are non-recourse and remain on our consolidated balance sheet until the loan is repaid. The gross presentation of loan participations sold does not impact stockholders’ equity or net income. | ||||
Convertible Notes | Convertible Notes | |||
The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or Codification, requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our convertible notes as of the issuance date based on our nonconvertible debt borrowing rate. The equity component of the convertible notes is reflected within additional paid-in capital on our consolidated balance sheet, and the resulting debt discount is amortized over the period during which the convertible notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to the convertible notes will increase in subsequent periods through the maturity date as the notes accrete to their par value over the same period. | ||||
Deferred Financing Costs | Deferred Financing Costs | |||
The deferred financing costs that are included in accrued interest receivable, prepaid expenses, and other assets on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations. | ||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||
The Codification defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. | ||||
The “Fair Value Measurement and Disclosures” Topic of the Codification also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. | ||||
Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: | ||||
• | Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. | |||
• | Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. | |||
• | Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. | |||
The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee composed of members of senior management of our Manager, including our Chief Executive Officer, Chief Financial Officer, and other senior officers. | ||||
Certain of our other assets are reported at fair value either (i) on a recurring basis, as of each quarter-end, or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 14. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-party dealers. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our Manager’s estimation of fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations may require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by our Manager. | ||||
We are also required by GAAP to disclose fair value information about financial instruments, that are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. | ||||
The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: | ||||
• | Cash and cash equivalents: The carrying amount of cash on deposit and in money market funds approximates fair value. | |||
• | Restricted cash: The carrying amount of restricted cash approximates fair value. | |||
• | Loans receivable, net: The fair values for these loans were estimated by our Manager taking into consideration factors, including capitalization rates, leasing, occupancy rates, availability and cost of financing, exit plan, sponsorship, actions of other lenders, and indications of market value from other market participants. In the case of impaired loans receivable, fair value was determined based on the lower of amortized cost and the value of the underlying real estate collateral. | |||
• | Derivative financial instruments: The fair value of our foreign currency contracts was valued using advice from a third party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads. | |||
• | Repurchase obligations: The fair values for these instruments were estimated based on the rate at which a similar credit facility would have currently priced. | |||
• | Convertible notes, net: The convertible notes are actively traded and their fair values were obtained using quoted market prices based on recent transactions. | |||
• | Participations sold: The fair value of these instruments were estimated based on the value of the related loan receivable asset. | |||
Income Taxes | Income Taxes | |||
Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 12 for additional information. | ||||
Stock-Based Compensation | Stock-Based Compensation | |||
Our stock-based compensation consists of awards issued to our Manager and certain of its employees that vest over the life of the awards as well as deferred stock units issued to certain members of our Board of Directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 13 for additional information. | ||||
Earnings per Share | Earnings per Share | |||
Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses. | ||||
Diluted earnings per share, or Diluted EPS, is determined using the treasury stock method, and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of class A common stock, including restricted class A common stock and deferred stock units. Refer to Note 9 for additional discussion of earnings per share. | ||||
Foreign Currency | Foreign Currency | |||
In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the prevailing exchange rate on the dates that they were recorded. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income. | ||||
Underwriting Commissions and Offering Costs | Underwriting Commissions and Offering Costs | |||
Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred. | ||||
Segment Reporting | 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 loan origination and acquisition, 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 and our equity investment in CTOPI. Our Manager 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. | ||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||
In January 2013, the FASB issued ASU 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities,” or ASU 2013-01. ASU 2013-01 was developed to clarify which instruments and transactions are subject to the offsetting disclosure requirements set forth by ASU 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” ASU 2013-01 was effective for the first interim or annual period beginning on or after January 1, 2013, and was applied retrospectively for all comparative periods presented. The adoption of ASU 2013-01 did not have a material impact on our consolidated financial statements. | ||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” or ASU 2013-02. ASU 2013-02 implements the previously deferred requirement to disclose reclassification adjustments into and out of accumulated other comprehensive income in either a note or on the face of the financial statements. ASU 2013-02 was effective for the first interim or annual period beginning after December 15, 2012, and was applied prospectively. As we have not reclassified any balances into or out of accumulated other comprehensive income, the adoption of ASU 2013-02 did not have a material impact on our consolidated financial statements. | ||||
In June 2013, the FASB issued ASU 2013-08, “Financial Services-Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements,” or ASU 2013-08. ASU 2013-08 amends the criteria for qualification as an investment company under Topic 946 of the FASB Accounting Standards Codification, or Topic 946, and requires additional disclosure by investment companies. ASU 2013-08 is effective for the first interim or annual period beginning after December 15, 2013, and is to be applied prospectively. We currently consolidate CT Legacy Partners, which accounts for its operations as an investment company under Topic 946. We do not expect the adoption of ASU 2013-08 to impact CT Legacy Partners’ status as an investment company. Further, because ASU 2013-08 specifically excludes REITs from its scope, it will not otherwise impact our consolidated financial statements. | ||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09. ASU 2014-09 broadly amends the accounting guidance for revenue recognition. ASU 2014-09 is effective for the first interim or annual period beginning after December 15, 2016, and is to be applied prospectively. We do not anticipate that the adoption of ASU 2014-09 will have a material impact on our consolidated financial statements. | ||||
In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures,” or ASU 2014-11. ASU 2014-11 amends the accounting guidance for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings, and requires additional disclosure about certain transactions by the transferor. ASU 2014-11 is effective for certain transactions that qualify for sales treatment for the first interim or annual period beginning after December 15, 2014. The new disclosure requirements for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that qualify for secured borrowing treatment is effective for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. We currently record our repurchase arrangements as secured borrowings and do not anticipate that ASU 2014-11 will have a material impact on our consolidated financial statements. | ||||
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” or ASU 2014-15. ASU 2014-15 introduces an explicit requirement for management to assess and provide certain disclosures if there is substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 is effective for the annual period ending after December 15, 2016. We do not anticipate that the adoption of ASU 2014-15 will have a material impact on our consolidated financial statements. |
Loans_Receivable_Tables
Loans Receivable (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||
Overall Statistics for Loans Receivable Portfolio | The following table details overall statistics for our loans receivable portfolio ($ in thousands): | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Number of loans | 60 | 31 | |||||||||||||||||||||||||||
Principal balance | $ | 4,462,897 | $ | 2,077,227 | |||||||||||||||||||||||||
Net book value | $ | 4,428,500 | $ | 2,047,223 | |||||||||||||||||||||||||
Unfunded loan commitments(1) | $ | 513,229 | $ | 164,283 | |||||||||||||||||||||||||
Weighted-average cash coupon(2) | L+4.36 | % | L+4.64 | % | |||||||||||||||||||||||||
Weighted-average all-in yield(2) | L+4.81 | % | L+5.26 | % | |||||||||||||||||||||||||
Weighted-average maximum maturity (years)(3) | 3.9 | 4.1 | |||||||||||||||||||||||||||
-1 | Unfunded commitments will primarily be funded to finance property improvements or lease-related expenditures by the borrowers. These future commitments will expire over the next four years. | ||||||||||||||||||||||||||||
-2 | As of December 31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition, 14% of our loans earned interest based on LIBOR floors, with an average floor of 0.31%, as of December 31, 2014. In addition to cash coupon, all-in yield includes the amortization of deferred origination fees, loan origination costs, and accrual of both extension and exit fees. | ||||||||||||||||||||||||||||
-3 | Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of December 31, 2014, 85% of our loans are subject to yield maintenance, lock-out provisions, or other prepayment restrictions and 15% are open to repayment by the borrower. | ||||||||||||||||||||||||||||
Activity Relating to Loans Receivable | Activity relating to our loans receivable was ($ in thousands): | ||||||||||||||||||||||||||||
Principal | Deferred Fees and | Net Book | |||||||||||||||||||||||||||
Balance | Other Items | Value | |||||||||||||||||||||||||||
December 31, 2013 | $ | 2,077,227 | $ | (30,004 | ) | $ | 2,047,223 | ||||||||||||||||||||||
Loan fundings | 3,067,263 | — | 3,067,263 | ||||||||||||||||||||||||||
Loan repayments and sales | (591,246 | ) | — | (591,246 | ) | ||||||||||||||||||||||||
Unrealized loss on foreign currency translation | (52,801 | ) | 725 | (52,076 | ) | ||||||||||||||||||||||||
Deferred origination fees and expenses | — | (35,449 | ) | (35,449 | ) | ||||||||||||||||||||||||
Amortization of deferred fees and expenses | — | 19,785 | 19,785 | ||||||||||||||||||||||||||
Realized loan losses(1) | (10,546 | ) | 10,546 | — | |||||||||||||||||||||||||
Reclassification to other assets | (27,000 | ) | — | (27,000 | ) | ||||||||||||||||||||||||
December 31, 2014 | $ | 4,462,897 | $ | (34,397 | ) | $ | 4,428,500 | ||||||||||||||||||||||
-1 | Includes a loan loss reserve of $10.5 million as of December 31, 2013, related to one loan in the CT Legacy Portfolio segment, owned by CT CDO I, with a principal balance of $10.5 million. This loan was subsequently written off in 2014 resulting in an aggregate loan loss reserve of zero as of December 31, 2014. | ||||||||||||||||||||||||||||
Types of Loans in Loan Portfolio, as well as Property Type and Geographic Distribution of Properties Securing these Loans | The tables below detail the types of loans in our loan portfolio, as well as the property type and geographic distribution of the properties securing these loans ($ in thousands): | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Asset Type | Net Book | Percentage | Net Book | Percentage | |||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||
Senior loans(1) | $ | 4,340,586 | 98 | % | $ | 1,800,329 | 88 | % | |||||||||||||||||||||
Subordinate loans(2) | 87,914 | 2 | 246,894 | 12 | |||||||||||||||||||||||||
$ | 4,428,500 | 100 | % | $ | 2,047,223 | 100 | % | ||||||||||||||||||||||
Property Type | Net Book | Percentage | Net Book | Percentage | |||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||
Office | $ | 1,878,605 | 42 | % | $ | 864,666 | 42 | % | |||||||||||||||||||||
Hotel | 1,267,486 | 29 | 390,492 | 19 | |||||||||||||||||||||||||
Multifamily | 426,094 | 10 | 341,819 | 17 | |||||||||||||||||||||||||
Condominium | 315,686 | 7 | 275,645 | 13 | |||||||||||||||||||||||||
Retail | 270,812 | 6 | 43,115 | 2 | |||||||||||||||||||||||||
Other | 269,817 | 6 | 131,486 | 7 | |||||||||||||||||||||||||
$ | 4,428,500 | 100 | % | $ | 2,047,223 | 100 | % | ||||||||||||||||||||||
Geographic Location | Net Book | Percentage | Net Book | Percentage | |||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||
United States | |||||||||||||||||||||||||||||
Northeast | $ | 1,383,258 | 31 | % | $ | 828,571 | 40 | % | |||||||||||||||||||||
Southeast | 657,484 | 15 | 243,798 | 12 | |||||||||||||||||||||||||
West | 628,275 | 14 | 469,262 | 23 | |||||||||||||||||||||||||
Southwest | 405,741 | 9 | 216,429 | 11 | |||||||||||||||||||||||||
Midwest | 335,406 | 8 | 85,708 | 4 | |||||||||||||||||||||||||
Northwest | 138,796 | 3 | 166,207 | 8 | |||||||||||||||||||||||||
Subtotal | 3,548,960 | 80 | 2,009,975 | 98 | |||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||
United Kingdom | 622,692 | 14 | 37,248 | 2 | |||||||||||||||||||||||||
Canada | 137,024 | 3 | — | — | |||||||||||||||||||||||||
Spain | 86,289 | 2 | — | — | |||||||||||||||||||||||||
Netherlands | 33,535 | 1 | — | — | |||||||||||||||||||||||||
Subtotal | 879,540 | 20 | 37,248 | 2 | |||||||||||||||||||||||||
Total | $ | 4,428,500 | 100 | % | $ | 2,047,223 | 100 | % | |||||||||||||||||||||
-1 | Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. | ||||||||||||||||||||||||||||
-2 | Includes subordinate interests in mortgages and mezzanine loans. | ||||||||||||||||||||||||||||
Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings | The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings as of December 31, 2014 ($ in thousands): | ||||||||||||||||||||||||||||
Senior Loans(1) | Subordinate Loans(2) | ||||||||||||||||||||||||||||
Risk Rating | Number | Principal | Net | Number | Principal | Net | Total Net | ||||||||||||||||||||||
of Loans | Balance | Book Value | of Loans | Balance | Book Value | Book Value | |||||||||||||||||||||||
1 – 3 | 58 | $ | 4,374,532 | $ | 4,340,586 | 2 | $ | 88,365 | $ | 87,914 | $ | 4,428,500 | |||||||||||||||||
4 – 5 | — | — | — | — | — | — | — | ||||||||||||||||||||||
58 | $ | 4,374,532 | $ | 4,340,586 | 2 | $ | 88,365 | $ | 87,914 | $ | 4,428,500 | ||||||||||||||||||
-1 | Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. | ||||||||||||||||||||||||||||
-2 | Includes subordinate interests in mortgages and mezzanine loans. | ||||||||||||||||||||||||||||
The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings as of December 31, 2013 ($ in thousands): | |||||||||||||||||||||||||||||
Senior Loans(1) | Subordinate Loans(2) | ||||||||||||||||||||||||||||
Risk Rating | Number | Principal | Net | Number | Principal | Net | Total Net | ||||||||||||||||||||||
of Loans | Balance | Book Value | of Loans | Balance | Book Value | Book Value | |||||||||||||||||||||||
1 – 3 | 26 | $ | 1,811,513 | $ | 1,800,329 | 3 | $ | 227,350 | $ | 219,894 | $ | 2,020,223 | |||||||||||||||||
4 – 5 | — | — | — | 2 | 37,548 | 27,000 | 27,000 | ||||||||||||||||||||||
26 | $ | 1,811,513 | $ | 1,800,329 | 5 | $ | 264,898 | $ | 246,894 | $ | 2,047,223 | ||||||||||||||||||
-1 | Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. | ||||||||||||||||||||||||||||
-2 | Includes subordinate interests in mortgages and mezzanine loans. |
Equity_Investments_in_Unconsol1
Equity Investments in Unconsolidated Subsidiaries (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Equity Method Investments and Joint Ventures [Abstract] | |||||
Activity Relating to Our Equity Investments in Unconsolidated Subsidiaries | Activity relating to our equity investments in unconsolidated subsidiaries was ($ in thousands): | ||||
CTOPI | |||||
Carried Interest | |||||
Total as of December 31, 2013 | $ | 22,480 | |||
Distributions | (17,867 | ) | |||
Deferred income allocation(1) | 5,991 | ||||
Total as of December 31, 2014 | $ | 10,604 | |||
-1 | In instances where we have not received cash or all appropriate contingencies have not been eliminated, we have deferred the recognition of revenue allocated to us from CTOPI in respect of our carried interest in CTOPI, and recorded an offsetting liability as a component of accounts payable, accrued expenses, and other liabilities on our consolidated balance sheets. |
Secured_Financings_Tables
Secured Financings (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Revolving Repurchase Facilities Outstanding | The following table details our revolving repurchase facilities outstanding ($ in thousands): | ||||||||||||||||||||||||
December 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Maximum | Collateral | Repurchase Borrowings(3) | Borrowings | ||||||||||||||||||||||
Lender | Facility Size(1) | Assets(2) | Potential | Outstanding | Available | Outstanding | |||||||||||||||||||
Wells Fargo | $ | 1,000,000 | $ | 747,256 | $ | 585,737 | $ | 484,365 | $ | 101,372 | $ | — | |||||||||||||
Citibank | 500,000 | 621,025 | 472,080 | 392,455 | 79,625 | 334,692 | |||||||||||||||||||
Bank of America | 500,000 | 557,810 | 441,201 | 389,347 | 51,854 | 271,320 | |||||||||||||||||||
JP Morgan(4) | 488,155 | 544,654 | 422,249 | 341,487 | 80,762 | 257,610 | |||||||||||||||||||
MetLife | 500,000 | 476,499 | 366,902 | 305,889 | 61,013 | — | |||||||||||||||||||
Morgan Stanley(5) | 389,050 | 174,297 | 137,181 | 127,240 | 9,941 | — | |||||||||||||||||||
$ | 3,377,205 | $ | 3,121,541 | $ | 2,425,350 | $ | 2,040,783 | $ | 384,567 | $ | 863,622 | ||||||||||||||
-1 | Maximum facility size represents the total amount of borrowings in each repurchase agreement, however these borrowings are only available to us once sufficient collateral assets have been pledged under each facility at the discretion of the lender. | ||||||||||||||||||||||||
-2 | Represents the principal balance of the collateral assets. | ||||||||||||||||||||||||
-3 | Potential borrowings represent the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each revolving credit facility. | ||||||||||||||||||||||||
-4 | The JP Morgan maximum facility size is composed of a $250.0 million facility and a £153.0 million ($238.2 million) facility. | ||||||||||||||||||||||||
-5 | The Morgan Stanley maximum facility size represents a £250.0 million ($389.1 million) facility. | ||||||||||||||||||||||||
Summary of Key Terms of Revolving Repurchase Facilities | The following table outlines the key terms of our revolving repurchase facilities: | ||||||||||||||||||||||||
Lender | Rate(1)(2) | Guarantee(1)(3) | Advance Rate(1) | Margin Call(4) | Term/Maturity | ||||||||||||||||||||
Wells Fargo | L+1.82 | % | 25 | % | 78.82 | % | Collateral marks only | Term matched(5) | |||||||||||||||||
Citibank | L+1.93 | % | 25 | % | 76.68 | % | Collateral marks only | Term matched(5) | |||||||||||||||||
Bank of America | L+1.77 | % | 50 | % | 79.59 | % | Collateral marks only | May 21, 2019(6) | |||||||||||||||||
JP Morgan | L+1.94 | % | 25 | % | 77.92 | % | Collateral marks only | Term matched(5)(7) | |||||||||||||||||
MetLife | L+1.81 | % | 50 | % | 77.27 | % | Collateral marks only | June 29, 2020(8) | |||||||||||||||||
Morgan Stanley | L+2.32 | % | 25 | % | 78.71 | % | Collateral marks only | 3-Mar-17 | |||||||||||||||||
-1 | Represents a weighted-average based on collateral assets pledged and borrowings outstanding as of December 31, 2014. | ||||||||||||||||||||||||
-2 | Represents weighted-average cash coupon on borrowings outstanding as of December 31, 2014. As of December 31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. | ||||||||||||||||||||||||
-3 | Other than amounts guaranteed based on specific collateral asset types, borrowings under our revolving repurchase facilities are not recourse to us. | ||||||||||||||||||||||||
-4 | Margin call provisions under our revolving repurchase facilities do not permit valuation adjustments based on capital markets activity, and are limited to collateral-specific credit marks. | ||||||||||||||||||||||||
-5 | These revolving repurchase facilities have various availability periods during which new advances can be made and which are generally subject to each lender’s discretion. Maturity dates for advances outstanding are tied to the term of each respective collateral asset. | ||||||||||||||||||||||||
-6 | Includes two one-year extension options which may be exercised at our sole discretion. | ||||||||||||||||||||||||
-7 | Borrowings denominated in British pound sterling under this facility mature on December 30, 2016. | ||||||||||||||||||||||||
-8 | Includes five one-year extension options which may be exercised at our sole discretion. | ||||||||||||||||||||||||
Summary of Overall Statistics for our Asset-Specific Repurchase Agreements and Loan Participations Sold | The following table details statistics for our loan participations sold ($ in thousands): | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Participations | Underlying | Participations | Underlying | ||||||||||||||||||||||
Sold | Loans | Sold | Loans | ||||||||||||||||||||||
Number of loans | 4 | 4 | 1 | 1 | |||||||||||||||||||||
Principal balance | $ | 499,433 | $ | 635,701 | $ | 90,000 | $ | 173,837 | |||||||||||||||||
Weighted-average cash coupon(1) | L+2.51 | % | L+4.10 | % | L+5.12 | % | L+5.66 | % | |||||||||||||||||
Weighted-average all-in yield / cost(1) | L+2.71 | % | L+4.71 | % | L+5.26 | % | L+9.25 | % | |||||||||||||||||
-1 | As of December 31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, all-in yield / cost includes the amortization of deferred origination fees / financing costs. | ||||||||||||||||||||||||
Asset-Specific Repurchase Agreements [Member] | |||||||||||||||||||||||||
Summary of Overall Statistics for our Asset-Specific Repurchase Agreements and Loan Participations Sold | Asset-Specific Repurchase Agreements | ||||||||||||||||||||||||
The following table details statistics for our asset-specific repurchase agreements ($ in thousands): | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Repurchase | Collateral | Repurchase | Collateral | ||||||||||||||||||||||
Agreements | Assets | Agreements | Assets | ||||||||||||||||||||||
Number of loans | 3 | 4 | 4 | 4 | |||||||||||||||||||||
Principal balance | $ | 324,553 | $ | 429,197 | $ | 245,731 | $ | 334,857 | |||||||||||||||||
Weighted-average cash coupon(1) | L+2.68 | % | L+5.07 | % | L+2.55 | % | L+4.79 | % | |||||||||||||||||
Weighted-average all-in yield / cost(1) | L+3.16 | % | L+5.53 | % | L+3.03 | % | L+5.38 | % | |||||||||||||||||
-1 | As of December 31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, all-in yield / cost includes the amortization of deferred origination fees / financing costs. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Summary of Notional and Fair Value Amounts of Derivative Financial Instruments | The following table summarizes the notional and fair value amounts of our derivative financial instruments as of December 31, 2014 and 2013 ($ in thousands): | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||
Foreign Currency Contracts | $ | 42,525 | $ | 1,138 | $ | — | $ | — | |||||||||
$ | 42,525 | $ | 1,138 | $ | — | $ | — | ||||||||||
Summary of Impact of Derivative Financial Instruments to Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income | The following table summarizes the impact of our derivative financial instruments to our consolidated statement of operations and consolidated statement of comprehensive income for the year ended December 31, 2014, 2013, and 2012 ($ in thousands): | ||||||||||||||||
For the year ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Net investment hedges – Foreign currency contracts | |||||||||||||||||
Gain recognized in other comprehensive income | $ | 1,138 | $ | — | $ | — | |||||||||||
Gain reclassified from AOCI into net income | $ | — | $ | — | $ | — | |||||||||||
Gain recognized in net income | $ | — | $ | — | $ | — | |||||||||||
Freestanding derivatives – Interest rate contracts(1) | |||||||||||||||||
Loss recognized in other comprehensive income | $ | — | $ | — | $ | (10,449 | ) | ||||||||||
Loss reclassified from AOCI into net income | $ | — | $ | — | $ | (15,066 | ) | ||||||||||
Gain recognized in net income | $ | — | $ | 136 | $ | — | |||||||||||
-1 | The interest rate derivatives represent five interest rate swaps that our consolidated subsidiary, CT Legacy Partners was party to during 2013. In June 2013, CT Legacy Partners terminated these interest rate swaps and recorded a gain of $136,000 which was included as a component of interest expense on our consolidated statements of operations for the year ended December 31, 2013. CT Legacy Partners is no longer party to any derivative financial instruments as of December 31, 2014. |
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Summary of Class A Common Stock Issuances | The following table details our issuances of class A common stock during the year ended December 31, 2014 ($ in thousands, except share and per share data): | ||||||||||||||||||||
Class A Common Stock Offerings | 2014 Total / | ||||||||||||||||||||
January 2014 | Apr-14 | September 2014 | December 2014(3) | Wtd.-Avg. | |||||||||||||||||
Shares Issued | 9,775,000 | 9,200,000 | 9,200,000 | 100,000 | 28,275,000 | ||||||||||||||||
Issue Price(1) | $ | 26.25 | $ | 27.72 | $ | 27.49 | $ | 27.58 | $ | 27.14 | |||||||||||
Net Proceeds(2) | $ | 256,092 | $ | 254,758 | $ | 252,530 | $ | 2,758 | $ | 766,138 | |||||||||||
-1 | Represents price per share paid to the underwriters. | ||||||||||||||||||||
-2 | Net proceeds represents proceeds received from the underwriters less applicable transaction costs. | ||||||||||||||||||||
-3 | Issuance represents 100,000 shares issued over a five-day period in December, with a weighted average issue price of $27.58, and generating net proceeds of $2.8 million. | ||||||||||||||||||||
Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units | The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units: | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Common Stock Outstanding(1)(2) | 2014 | 2013 | 2012 | ||||||||||||||||||
Beginning balance | 29,602,884 | 3,016,407 | 2,277,344 | ||||||||||||||||||
Issuance of class A common stock | 28,275,006 | 25,875,000 | 669,047 | ||||||||||||||||||
Issuance of restricted class A common stock, net | 490,381 | 700,000 | 36,493 | ||||||||||||||||||
Issuance of deferred stock units | 20,537 | 11,477 | 33,523 | ||||||||||||||||||
Ending balance | 58,388,808 | 29,602,884 | 3,016,407 | ||||||||||||||||||
-1 | Deferred stock units held by members of our board of directors totalled 118,919, 101,233, and 89,754 as of December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||
-2 | Share amounts have been retroactively updated to reflect the one-for-ten reverse stock split which we effected as of May 6, 2013. See below for further discussion. | ||||||||||||||||||||
Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding | The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding for the indicated periods ($ in thousands, except per share data): | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Net income | $ | 90,045 | $ | 15,032 | $ | 181,024 | |||||||||||||||
Weighted-average shares outstanding(1) | 48,394,478 | 18,520,052 | 2,345,943 | ||||||||||||||||||
Warrants and options outstanding for the purchase of class A common stock | — | — | 129,351 | ||||||||||||||||||
Weighted-average shares outstanding, diluted | 48,394,478 | 18,520,052 | 2,475,294 | ||||||||||||||||||
Per share amount, basic | $ | 1.86 | $ | 0.81 | $ | 77.16 | |||||||||||||||
Per share amount, diluted | $ | 1.86 | $ | 0.81 | $ | 73.13 | |||||||||||||||
-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. | ||||||||||||||||||||
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 based on the weighted-average of our shares of class A common stock, including restricted class A common stock and deferred stock units outstanding ($ in thousands, except per share data): | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Income from continuing operations | $ | 100,494 | $ | 25,424 | $ | 282,213 | |||||||||||||||
Net income attributable to non-controlling interests | (10,449 | ) | (10,392 | ) | (98,780 | ) | |||||||||||||||
Income from continuing operations attributable to Blackstone Mortgage Trust, Inc. | 90,045 | 15,032 | 183,433 | ||||||||||||||||||
Weighted-average shares outstanding(1) | 48,394,478 | 18,520,052 | 2,345,943 | ||||||||||||||||||
Warrants and options outstanding for the purchase of class A common stock | — | — | 129,351 | ||||||||||||||||||
Weighted-average shares outstanding, diluted | 48,394,478 | 18,520,052 | 2,475,294 | ||||||||||||||||||
Per share amount, basic | $ | 1.86 | $ | 0.81 | $ | 78.19 | |||||||||||||||
Per share amount, diluted | $ | 1.86 | $ | 0.81 | $ | 74.16 | |||||||||||||||
-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. | ||||||||||||||||||||
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 year ended, December 31, 2012 ($ in thousands): | ||||||||||||||||||||
Accumulated Other | Mark-to-Market | Deferred Gains | Other-than- | Unrealized | Total | ||||||||||||||||
Comprehensive Loss | on Interest | on Settled | Temporary | Gains on | |||||||||||||||||
Rate Hedges | Hedges | Impairments | Securities | ||||||||||||||||||
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(1) | 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 | — | — | 678 | — | 678 | ||||||||||||||||
Deconsolidation of subsidiaries | 16,575 | — | 15,900 | (2,586 | ) | 29,889 | |||||||||||||||
Total as of December 31, 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
-1 | 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. |
Other_Expenses_Tables
Other Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Schedule of General and Administrative Expenses | General and administrative expenses consisted of the following ($ in thousands): | ||||||||||||
Year Ended December 31, 2014 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Professional services | $ | 2,627 | $ | 2,441 | $ | 895 | |||||||
Operating and other costs | 2,009 | 1,797 | 1,732 | ||||||||||
Transaction costs – investment management sale | — | — | 3,870 | ||||||||||
4,636 | 4,238 | 6,497 | |||||||||||
Non-cash and CT Legacy Portfolio compensation expenses | |||||||||||||
Management incentive awards plan – CTOPI(1) | 12,898 | — | — | ||||||||||
Management incentive awards plan – CT Legacy Partners(2) | 1,374 | 5,089 | 2,232 | ||||||||||
Restricted class A common stock earned | 7,988 | 1,064 | 1,353 | ||||||||||
Director stock-based compensation | 375 | 263 | 223 | ||||||||||
22,635 | 6,416 | 3,808 | |||||||||||
Expenses of consolidated securitization vehicles | 528 | 851 | 64 | ||||||||||
$ | 27,799 | $ | 11,505 | $ | 10,369 | ||||||||
-1 | Represents the portion of CTOPI carried interest revenue paid under compensation awards. See Note 5 for further discussion. | ||||||||||||
-2 | Represents the accrual of amounts payable under the CT Legacy Partners management incentive awards during the period. See below for discussion of the CT Legacy Partners management incentive awards plan. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Schedule of the Components of Discontinued Operations | The following table provides additional information on the components of discontinued operations ($ in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Servicing fees | $ | — | $ | — | $ | 9,686 | |||||||
Management fees from affiliates | — | — | 6,312 | ||||||||||
Total revenues | — | 15,998 | |||||||||||
General and administrative expenses | — | — | 12,938 | ||||||||||
Income from discontinued operations before income taxes | — | — | 3,060 | ||||||||||
Income tax provision | — | — | (5,198 | ) | |||||||||
Loss from discontinued operations | $ | — | $ | — | $ | (2,138 | ) | ||||||
Loss on sale of discontinued operations | — | — | (271 | ) | |||||||||
Loss from discontinued operations per share common stock: | |||||||||||||
Basic | $ | — | $ | — | $ | (1.03 | ) | ||||||
Diluted | $ | — | $ | — | $ | (1.03 | ) | ||||||
StockBased_Incentive_Plans_Tab
Stock-Based Incentive Plans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share | The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share: | ||||||||
Restricted Class A | Weighted-Average | ||||||||
Common Stock | Grant Date Fair | ||||||||
Value Per Share | |||||||||
Balance as of December 31, 2013 | 700,000 | $ | 25.69 | ||||||
Granted | 490,381 | 27.82 | |||||||
Vested | (270,662 | ) | 25.57 | ||||||
Balance as of December 31, 2014 | 919,719 | $ | 26.86 | ||||||
Fair_Values_Tables
Fair Values (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Assets Measured and Reported at Fair Value on Recurring Basis | The following table summarizes our assets measured and reported at fair value on a recurring basis ($ in thousands): | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Other assets, at fair value(1) | $ | — | $ | 2,648 | $ | 47,507 | $ | 50,155 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Other assets, at fair value(1) | $ | — | $ | 1,944 | $ | 54,461 | $ | 56,405 | |||||||||||||||||
-1 | Other assets include loans, securities, equity investments, and other receivables carried at fair value. | ||||||||||||||||||||||||
Reconciliation of Beginning and Ending Balances of Assets Measured at Fair Value on Recurring Basis Using Level 3 Inputs | The following table reconciles the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Other Assets | Loans | Other | Investment in | ||||||||||||||||||||||
Held-for-Sale, | Assets | CT Legacy | |||||||||||||||||||||||
net | Assets | ||||||||||||||||||||||||
January 1, | $ | 54,461 | $ | — | $ | — | $ | 132,000 | |||||||||||||||||
Consolidation of CT Legacy Partners | — | — | 164,780 | (132,000 | ) | ||||||||||||||||||||
Transfer from loans receivable, at fair value | — | 2,000 | — | — | |||||||||||||||||||||
Proceeds from investments | (20,231 | ) | (3,259 | ) | (118,635 | ) | — | ||||||||||||||||||
Adjustments to fair value included in earnings | |||||||||||||||||||||||||
Gain on investments at fair value | 13,277 | — | 7,332 | — | |||||||||||||||||||||
Valuation allowance on loans held-for-sale | — | 1,259 | — | — | |||||||||||||||||||||
Deferred interest | — | — | 984 | — | |||||||||||||||||||||
December 31, | $ | 47,507 | $ | — | $ | 54,461 | $ | — | |||||||||||||||||
Schedule of Range of Key Assumptions for Each Type of Loans Receivable | The following table lists the range of key assumptions for each type of loans receivable as of December 31, 2014 and December 31, 2013 ($ in millions): | ||||||||||||||||||||||||
Discount Rate | Recovery | Fair Value as of | |||||||||||||||||||||||
Collateral Type | Percentage(1) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Hotel | (2 | ) | 100 | % | $ | 15 | $ | 15 | |||||||||||||||||
Office | (3 | ) | 100 | % | 4 | 25.7 | |||||||||||||||||||
$ | 19 | $ | 40.7 | ||||||||||||||||||||||
-1 | Represents the proportion of the principal expected to be collected relative to the loan balances as of December 31, 2014 and 2013, excluding loans for which there is no expectation of future cash flows. | ||||||||||||||||||||||||
-2 | The discount rate used to value our hotel loan portfolio was 7% as of December 31, 2014 and 2013. A 100 bp discount rate increase would result in a decrease in fair value of 0.3% and 1.4% as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
-3 | The discount rates used to value our office loan portfolio was 15% as of December 31, 2014 and ranged from 6% to 15% as of December 31, 2013. A 100 bp discount rate increase would result in a decrease in fair value of 1.1% and 0.3% as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments | The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2 that are not reported in the statement of financial position at fair value ($ in thousands): | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Carrying | Face | Fair | Carrying | Face | Fair | ||||||||||||||||||||
Amount | Amount | Value | Amount | Amount | Value | ||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 51,810 | $ | 51,810 | $ | 51,810 | $ | 52,342 | $ | 52,342 | $ | 52,342 | |||||||||||||
Restricted cash | 11,591 | 11,591 | 11,591 | 10,096 | 10,096 | 10,096 | |||||||||||||||||||
Loans receivable, net | 4,428,500 | 4,462,897 | 4,462,897 | 2,047,223 | 2,077,227 | 2,058,699 | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Revolving repurchase facilities | 2,040,783 | 2,040,783 | 2,040,783 | 863,622 | 863,622 | 863,622 | |||||||||||||||||||
Asset-specific repurchase agreements | 324,553 | 324,553 | 324,553 | 245,731 | 245,731 | 245,731 | |||||||||||||||||||
Loan participations sold | 499,433 | 499,433 | 499,433 | 90,000 | 90,000 | 90,000 | |||||||||||||||||||
Convertible notes, net | 161,853 | 172,500 | 181,341 | 159,524 | 172,500 | 181,772 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 year ended December 31, 2014 ($ in thousands): | ||||||||||||
Loan | CT Legacy | Total | |||||||||||
Origination | Portfolio | ||||||||||||
Income from loans and other investments | |||||||||||||
Interest and related income | $ | 180,654 | $ | 4,112 | $ | 184,766 | |||||||
Less: Interest and related expenses | 68,098 | 1,045 | 69,143 | ||||||||||
Income from loans and other investments, net | 112,556 | 3,067 | 115,623 | ||||||||||
Other expenses | |||||||||||||
Management and incentive fees | 19,491 | — | 19,491 | ||||||||||
General and administrative expenses | 12,665 | 15,134 | 27,799 | ||||||||||
Total other expenses | 32,156 | 15,134 | 47,290 | ||||||||||
Gain on investments at fair value | — | 13,258 | 13,258 | ||||||||||
Loss on deconsolidation of subsidiaries | — | (8,615 | ) | (8,615 | ) | ||||||||
Income from equity investments in unconsolidated subsidiaries | — | 28,036 | 28,036 | ||||||||||
Income before income taxes | 80,400 | 20,612 | 101,012 | ||||||||||
Income tax provision | 194 | 324 | 518 | ||||||||||
Net income | 80,206 | 20,288 | 100,494 | ||||||||||
Net income attributable to non-controlling interests | — | (10,449 | ) | (10,449 | ) | ||||||||
Net income attributable to Blackstone Mortgage Trust, Inc. | $ | 80,206 | $ | 9,839 | $ | 90,045 | |||||||
The following table presents our consolidated balance sheet for each segment as of December 31, 2014 ($ in thousands): | |||||||||||||
Loan | CT Legacy | Total | |||||||||||
Origination | Portfolio | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 51,810 | $ | — | $ | 51,810 | |||||||
Restricted cash | — | 11,591 | 11,591 | ||||||||||
Loans receivable, net | 4,428,500 | — | 4,428,500 | ||||||||||
Equity investments in unconsolidated subsidiaries | — | 10,604 | 10,604 | ||||||||||
Accrued interest receivable, prepaid expenses, and other assets | 36,531 | 49,485 | 86,016 | ||||||||||
Total assets | $ | 4,516,841 | $ | 71,680 | $ | 4,588,521 | |||||||
Liabilities and Equity | |||||||||||||
Accounts payable, accrued expenses, and other liabilities | $ | 47,328 | $ | 13,685 | $ | 61,013 | |||||||
Revolving repurchase facilities | 2,040,783 | — | 2,040,783 | ||||||||||
Asset-specific repurchase agreements | 324,553 | — | 324,553 | ||||||||||
Loan participations sold | 499,433 | — | 499,433 | ||||||||||
Convertible notes, net | 161,853 | — | 161,853 | ||||||||||
Total liabilities | 3,073,950 | 13,685 | 3,087,635 | ||||||||||
Equity | |||||||||||||
Total Blackstone Mortgage Trust, Inc. stockholders’ equity | 1,442,891 | 22,480 | 1,465,371 | ||||||||||
Non-controlling interests | — | 35,515 | 35,515 | ||||||||||
Total equity | 1,442,891 | 57,995 | 1,500,886 | ||||||||||
Total liabilities and equity | $ | 4,516,841 | $ | 71,680 | $ | 4,588,521 | |||||||
The following table presents our consolidated statement of operations for each segment for the year ended December 31, 2013 ($ in thousands): | |||||||||||||
Loan | CT Legacy | Total | |||||||||||
Origination | Portfolio | ||||||||||||
Income from loans and other investments | |||||||||||||
Interest and related income | $ | 41,621 | $ | 11,543 | $ | 53,164 | |||||||
Less: Interest and related expenses | 13,053 | 4,964 | 18,017 | ||||||||||
Income from loans and other investments, net | 28,568 | 6,579 | 35,147 | ||||||||||
Other expenses | |||||||||||||
Management and incentive fees | 5,937 | — | 5,937 | ||||||||||
General and administrative expenses | 5,149 | 6,356 | 11,505 | ||||||||||
Total other expenses | 11,086 | 6,356 | 17,442 | ||||||||||
Valuation allowance on loans held-for-sale | — | 1,259 | 1,259 | ||||||||||
Gain on investments at fair value | — | 7,417 | 7,417 | ||||||||||
Gain on extinguishment of debt | — | 38 | 38 | ||||||||||
Income before income taxes | 17,482 | 8,937 | 26,419 | ||||||||||
Income tax benefit | 31 | 964 | 995 | ||||||||||
Net income | 17,451 | 7,973 | 25,424 | ||||||||||
Net income attributable to non-controlling interests | (193 | ) | (10,199 | ) | (10,392 | ) | |||||||
Net income (loss) attributable to Blackstone Mortgage Trust, Inc. | $ | 17,258 | $ | (2,226 | ) | $ | 15,032 | ||||||
Consolidated Balance Sheet for Each Segment | The following table presents our consolidated balance sheet for each segment as of December 31, 2014 ($ in thousands): | ||||||||||||
Loan | CT Legacy | Total | |||||||||||
Origination | Portfolio | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 51,810 | $ | — | $ | 51,810 | |||||||
Restricted cash | — | 11,591 | 11,591 | ||||||||||
Loans receivable, net | 4,428,500 | — | 4,428,500 | ||||||||||
Equity investments in unconsolidated subsidiaries | — | 10,604 | 10,604 | ||||||||||
Accrued interest receivable, prepaid expenses, and other assets | 36,531 | 49,485 | 86,016 | ||||||||||
Total assets | $ | 4,516,841 | $ | 71,680 | $ | 4,588,521 | |||||||
Liabilities and Equity | |||||||||||||
Accounts payable, accrued expenses, and other liabilities | $ | 47,328 | $ | 13,685 | $ | 61,013 | |||||||
Revolving repurchase facilities | 2,040,783 | — | 2,040,783 | ||||||||||
Asset-specific repurchase agreements | 324,553 | — | 324,553 | ||||||||||
Loan participations sold | 499,433 | — | 499,433 | ||||||||||
Convertible notes, net | 161,853 | — | 161,853 | ||||||||||
Total liabilities | 3,073,950 | 13,685 | 3,087,635 | ||||||||||
Equity | |||||||||||||
Total Blackstone Mortgage Trust, Inc. stockholders’ equity | 1,442,891 | 22,480 | 1,465,371 | ||||||||||
Non-controlling interests | — | 35,515 | 35,515 | ||||||||||
Total equity | 1,442,891 | 57,995 | 1,500,886 | ||||||||||
Total liabilities and equity | $ | 4,516,841 | $ | 71,680 | $ | 4,588,521 | |||||||
The following table presents our consolidated balance sheet for each segment as of December 31, 2013 ($ in thousands): | |||||||||||||
Loan | CT Legacy | Total | |||||||||||
Origination | Portfolio | ||||||||||||
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 | |||||||
Summary_of_Quarterly_Results_o1
Summary of Quarterly Results of Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Quarterly Results of Operations | The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2014, 2013, and 2012 ($ in thousands except per share data): | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2014 | |||||||||||||||||
Revenues(1) | $ | 33,656 | $ | 42,466 | $ | 50,386 | $ | 58,258 | |||||||||
Net income | $ | 13,116 | $ | 38,439 | $ | 23,601 | $ | 25,338 | |||||||||
Net income attributable to | |||||||||||||||||
Blackstone Mortgage Trust, Inc. | $ | 13,065 | $ | 33,466 | $ | 22,024 | $ | 21,490 | |||||||||
Net income per share of class A common stock: | |||||||||||||||||
Basic | $ | 0.34 | $ | 0.7 | $ | 0.45 | $ | 0.37 | |||||||||
Diluted | $ | 0.34 | $ | 0.7 | $ | 0.45 | $ | 0.37 | |||||||||
2013 | |||||||||||||||||
Revenues(1) | $ | 1,456 | $ | 6,017 | $ | 18,853 | $ | 26,837 | |||||||||
Net (loss) income | $ | (1,597 | ) | $ | 6,768 | $ | 10,526 | $ | 9,728 | ||||||||
Net (loss) income attributable to | |||||||||||||||||
Blackstone Mortgage Trust, Inc. | $ | (3,115 | ) | $ | 2,748 | $ | 8,320 | $ | 7,079 | ||||||||
Net (loss) income per share of class A common stock: | |||||||||||||||||
Basic | $ | (1.03 | ) | $ | 0.22 | $ | 0.29 | $ | 0.24 | ||||||||
Diluted | $ | (1.03 | ) | $ | 0.22 | $ | 0.29 | $ | 0.24 | ||||||||
2012 | |||||||||||||||||
Revenues(1) | $ | 14,716 | $ | 6,763 | $ | 6,944 | $ | 6,517 | |||||||||
Net income | $ | 140,622 | $ | 3,351 | $ | 12,900 | $ | 122,931 | |||||||||
Net income attributable to | |||||||||||||||||
Blackstone Mortgage Trust, Inc. | $ | 66,553 | $ | 2,283 | $ | 6,999 | $ | 105,189 | |||||||||
Net income per share of class A common stock: | |||||||||||||||||
Basic | $ | 29.14 | $ | 1 | $ | 3.02 | $ | 42.21 | |||||||||
Diluted | $ | 27.39 | $ | 0.93 | $ | 2.84 | $ | 40.65 | |||||||||
-1 | Excludes revenues from discontinued operations. |
Organization_Additional_Inform
Organization - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 2 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Loss on deconsolidation | ($8,615,000) | $200,283,000 | |
Income accrual, description | Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of our Manager, recovery of income and principal becomes doubtful. | ||
Cash and cash equivalents, Description | Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. | ||
Consolidation Variable Interest Entities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other assets | 49,800,000 | ||
Other liabilities | 40,200,000 | ||
Loss on deconsolidation | 8,600,000 | ||
Impairment of residual interests | 100.00% | ||
Cash and Cash Equivalents [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Expected loss | $0 |
Loans_Receivable_Overall_Stati
Loans Receivable - Overall Statistics for Loans Receivable Portfolio (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
SecurityLoan | SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $4,428,500 | $2,047,223 |
Unfunded loan commitments | 513,200 | |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 60 | 31 |
Principal balance | 4,462,897 | 2,077,227 |
Net book value | 4,428,500 | 2,047,223 |
Unfunded loan commitments | $513,229 | $164,283 |
Weighted-average cash coupon | L+4.36 % | L+4.64 % |
Weighted-average all-in yield | L+4.81 % | L+5.26 % |
Weighted-average maximum maturity (years) | 3 years 10 months 24 days | 4 years 1 month 6 days |
Loans_Receivable_Overall_Stati1
Loans Receivable - Overall Statistics for Loans Receivable Portfolio (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commitments expiration period | 5 years |
Percentage of loans subject to yield maintenance, lock-out provisions, or other prepayment restrictions | 85.00% |
Percentage of loans open to repayment by borrower | 15.00% |
LIBOR [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Percentage of loans receivable by type | 14.00% |
Average floor rate | 0.31% |
Unfunded Commitments [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Commitments expiration period | 4 years |
Loans_Receivable_Activity_Rela
Loans Receivable - Activity Relating to Loans Receivable (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan fundings | $3,067,263 | $2,327,914 | $26 |
Unrealized loss on foreign currency translation | 15,822 | -798 | |
Deferred origination fees and expenses | -35,449 | -25,402 | |
Amortization of deferred fees and expenses | -19,785 | -6,290 | -566 |
Reclassification to other assets | -27,000 | ||
Net Book Value [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
31-Dec-13 | 2,047,223 | ||
Loan fundings | 3,067,263 | ||
Loan repayments and sales | -591,246 | ||
Unrealized loss on foreign currency translation | -52,076 | ||
Deferred origination fees and expenses | -35,449 | ||
Amortization of deferred fees and expenses | 19,785 | ||
Reclassification to other assets | -27,000 | ||
31-Dec-14 | 4,428,500 | ||
Deferred Fees and Other Items [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
31-Dec-13 | -30,004 | ||
Unrealized loss on foreign currency translation | 725 | ||
Deferred origination fees and expenses | -35,449 | ||
Amortization of deferred fees and expenses | 19,785 | ||
Realized loan losses | 10,546 | ||
31-Dec-14 | -34,397 | ||
Principal Balance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
31-Dec-13 | 2,077,227 | ||
Loan fundings | 3,067,263 | ||
Loan repayments and sales | -591,246 | ||
Unrealized loss on foreign currency translation | -52,801 | ||
Realized loan losses | -10,546 | ||
Reclassification to other assets | -27,000 | ||
31-Dec-14 | $4,462,897 |
Loans_Receivable_Activity_Rela1
Loans Receivable - Activity Relating to Loans Receivable (Parenthetical) (Detail) (CT CDO I [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
SecurityLoan | ||
CT CDO I [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan loss reserve | $0 | $10.50 |
Aggregate principal balance | $10.50 | |
Number of loan | 1 |
Loans_Receivable_Types_of_Loan
Loans Receivable - Types of Loans in Loan Portfolio, as well as Property Type and Geographic Distribution of Properties Securing these Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $4,428,500 | $2,047,223 |
Senior Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 4,340,586 | 1,800,329 |
Percentage of Book Value | 98.00% | 88.00% |
Subordinate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 87,914 | 246,894 |
Percentage of Book Value | 2.00% | 12.00% |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 4,428,500 | 2,047,223 |
Percentage of Book Value | 100.00% | 100.00% |
Office [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 1,878,605 | 864,666 |
Percentage of Book Value | 42.00% | 42.00% |
Hotel [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 1,267,486 | 390,492 |
Percentage of Book Value | 29.00% | 19.00% |
Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 426,094 | 341,819 |
Percentage of Book Value | 10.00% | 17.00% |
Condominium [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 315,686 | 275,645 |
Percentage of Book Value | 7.00% | 13.00% |
Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 270,812 | 43,115 |
Percentage of Book Value | 6.00% | 2.00% |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 269,817 | 131,486 |
Percentage of Book Value | 6.00% | 7.00% |
United States Northeast [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 1,383,258 | 828,571 |
Percentage of Book Value | 31.00% | 40.00% |
United States Southeast [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 657,484 | 243,798 |
Percentage of Book Value | 15.00% | 12.00% |
United States West [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 628,275 | 469,262 |
Percentage of Book Value | 14.00% | 23.00% |
United States Southwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 405,741 | 216,429 |
Percentage of Book Value | 9.00% | 11.00% |
United States Midwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 335,406 | 85,708 |
Percentage of Book Value | 8.00% | 4.00% |
United States Northwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 138,796 | 166,207 |
Percentage of Book Value | 3.00% | 8.00% |
United States [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 3,548,960 | 2,009,975 |
Percentage of Book Value | 80.00% | 98.00% |
United Kingdom [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 622,692 | 37,248 |
Percentage of Book Value | 14.00% | 2.00% |
Canada [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 137,024 | |
Percentage of Book Value | 3.00% | |
Spain [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 86,289 | |
Percentage of Book Value | 2.00% | |
Netherlands [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 33,535 | |
Percentage of Book Value | 1.00% | |
International [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $879,540 | $37,248 |
Percentage of Book Value | 20.00% | 2.00% |
Loans_Receivable_Principal_Bal
Loans Receivable - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
SecurityLoan | SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $4,428,500 | $2,047,223 |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 60 | 31 |
Principal balance | 4,462,897 | 2,077,227 |
Net book value | 4,428,500 | 2,047,223 |
Loans Receivable [Member] | Risk Rating 1-3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 4,428,500 | 2,020,223 |
Loans Receivable [Member] | Risk Rating 4-5 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | 27,000 | |
Subordinate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 2 | 5 |
Principal balance | 88,365 | 264,898 |
Net book value | 87,914 | 246,894 |
Subordinate Loans [Member] | Risk Rating 1-3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 2 | 3 |
Principal balance | 88,365 | 227,350 |
Net book value | 87,914 | 219,894 |
Subordinate Loans [Member] | Risk Rating 4-5 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 2 | |
Principal balance | 37,548 | |
Net book value | 27,000 | |
Senior Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 58 | 26 |
Principal balance | 4,374,532 | 1,811,513 |
Net book value | 4,340,586 | 1,800,329 |
Senior Loans [Member] | Risk Rating 1-3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 58 | 26 |
Principal balance | 4,374,532 | 1,811,513 |
Net book value | $4,340,586 | $1,800,329 |
Loans_Receivable_Additional_In
Loans Receivable - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
SecurityLoan | SecurityLoan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net book value of loans in maturity default | 27,000,000 | ||
Number of loans in maturity default | 1 | ||
Reserve for loan losses | 0 | 0 | |
Mortgage Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan loss reserve | 0 | ||
Nonaccrual loans in loan portfolio | 0 | 0 | |
Material interest receivable | 0 | 0 | 0 |
Subordinate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan impairments or loans in maturity | 0 | ||
Loss reserves on loans | 100.00% | ||
Number of Loans | 2 | 5 | |
Subordinate Loans [Member] | Mortgage Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | 1 | ||
Subordinate Loans [Member] | Delinquent [Member] | Contractual Payments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross book value | 10,500,000 |
Loans_HeldforSale_Additional_I
Loans Held-for-Sale - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recovery of valuation allowance on loans held-for-sale | $1,300,000 | $1,259,000 | |
Loans held-for-sale | 0 | 0 | |
Loans Held-for-Sale, Net [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount reclassified on subordinate mortgage loan | 4,600,000 | ||
Recovery of valuation allowance on loans held-for-sale | -1,259,000 | ||
Subordinate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount reclassified on subordinate mortgage loan | $6,600,000 |
Equity_Investments_in_Unconsol2
Equity Investments in Unconsolidated Subsidiaries - Activity Relating to Our Equity Investments in Unconsolidated Subsidiaries (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ||
Beginning Balance | $22,480 | |
Ending Balance | 10,604 | 22,480 |
CTOPI Carried Interest [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Beginning Balance | 22,480 | |
Distributions | -17,867 | |
Deferred income allocation | 5,991 | |
Ending Balance | $10,604 |
Equity_Investments_in_Unconsol3
Equity Investments in Unconsolidated Subsidiaries - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2012 | Jan. 31, 2011 | |
Schedule of Equity Method Investments [Line Items] | |||
Distributions | $1,006,000 | ||
Income from equity investments in unconsolidated subsidiaries | 28,036,000 | 1,781,000 | |
CT Opportunity Partners I, LP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Carried interest revenue, percentage of fund's profit | 17.70% | ||
Preferred return | 9.00% | ||
Return of capital to partners | 100.00% | ||
Carried interest revenue | 10,600,000 | ||
Distributions | 17,900,000 | ||
Advance distribution of carried interest revenue | 10,200,000 | ||
Income from equity investments in unconsolidated subsidiaries | 28,000,000 | ||
Percentage of carried interest distributions pool for employees | 45.00% | ||
Percentage of granted carried interest distributions to employees | 96.00% | ||
Percentage of grants vesting schedule | 65.00% | ||
Percentage of grants vesting upon receipt of dividends | 35.00% | ||
Description of incentive management fee grants to employees vesting schedule | (i) one-third on the date of grant; (ii) one-third on September 13, 2012; and (iii) the remainder is contingent on continued employment with an affiliate of our Manager and upon our receipt of carried interest distributions from CTOPI. Of the remaining 35% of these grants, 31% are fully vested as a result of an acceleration event, and 4% vest solely upon our receipt of carried interest distributions from CTOPI or the disposition of certain investments owned by CTOPI. | ||
Payment under equity method investment | $12,900,000 | ||
CT Opportunity Partners I, LP [Member] | Acceleration Event [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of grants vesting upon receipt of dividends | 31.00% | ||
CT Opportunity Partners I, LP [Member] | Incentive Management Fees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of grants vesting upon receipt of dividends | 4.00% |
Secured_Financings_Additional_
Secured Financings - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Participants | |
Facility | |
Assets | |
Debt Instrument [Line Items] | |
Number of revolving repurchase facilities closed | 3 |
Closing of asset specific repurchase facilities | 2 |
Number of senior loan participations sold | 3 |
Proceeds from line of credit | $2,200,000,000 |
Aggregate borrowings | 2,000,000,000 |
Weighted-average initial maturity | 1 year 9 months 18 days |
Covenants, minimum tangible net worth | 1,100,000,000 |
Covenants, percentage of tangible assets on cash proceeds from equity issuances | 75.00% |
Covenants, percentage of recourse indebtedness | 5.00% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Covenants, EBITDA to fixed charges | 1.4 |
Covenants, indebtedness to total assets | 83.33% |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Covenants, EBITDA to fixed charges | 1 |
Covenants, minimum cash liquidity amount | 10,000,000 |
Asset-Specific Repurchase Agreements [Member] | |
Debt Instrument [Line Items] | |
Weighted-average outstanding asset specific balance | 257,900,000 |
Weighted-Average Cash Coupon [Member] | |
Debt Instrument [Line Items] | |
LIBOR basis spread on debt obligation | LIBOR plus 1.88% per annum |
LIBOR basis spread on debt obligation | 1.88% |
Weighted-Average All-in Cost of Credit [Member] | |
Debt Instrument [Line Items] | |
LIBOR basis spread on debt obligation | LIBOR plus 2.11% per annum |
LIBOR basis spread on debt obligation | 2.11% |
Revolving Repurchase Facilities [Member] | |
Debt Instrument [Line Items] | |
Weighted-average outstanding asset specific balance | $1,400,000,000 |
Secured_Financings_Revolving_R
Secured Financings - Revolving Repurchase Facilities Outstanding (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ||
Maximum Facility Size | $3,377,205,000 | |
Collateral Assets | 3,121,541,000 | |
Potential | 2,425,350,000 | |
Repurchase Borrowings Outstanding | 2,040,783,000 | 863,622,000 |
Available | 384,567,000 | |
Wells Fargo [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum Facility Size | 1,000,000,000 | |
Collateral Assets | 747,256,000 | |
Potential | 585,737,000 | |
Repurchase Borrowings Outstanding | 484,365,000 | |
Available | 101,372,000 | |
Citibank [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum Facility Size | 500,000,000 | |
Collateral Assets | 621,025,000 | |
Potential | 472,080,000 | |
Repurchase Borrowings Outstanding | 392,455,000 | 334,692,000 |
Available | 79,625,000 | |
Bank of America [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum Facility Size | 500,000,000 | |
Collateral Assets | 557,810,000 | |
Potential | 441,201,000 | |
Repurchase Borrowings Outstanding | 389,347,000 | 271,320,000 |
Available | 51,854,000 | |
JP Morgan [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum Facility Size | 488,155,000 | |
Collateral Assets | 544,654,000 | |
Potential | 422,249,000 | |
Repurchase Borrowings Outstanding | 341,487,000 | 257,610,000 |
Available | 80,762,000 | |
MetLife [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum Facility Size | 500,000,000 | |
Collateral Assets | 476,499,000 | |
Potential | 366,902,000 | |
Repurchase Borrowings Outstanding | 305,889,000 | |
Available | 61,013,000 | |
Morgan Stanley [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum Facility Size | 389,050,000 | |
Collateral Assets | 174,297,000 | |
Potential | 137,181,000 | |
Repurchase Borrowings Outstanding | 127,240,000 | |
Available | $9,941,000 |
Secured_Financings_Revolving_R1
Secured Financings - Revolving Repurchase Facilities Outstanding (Parenthetical) (Detail) (Revolving Repurchase Facilities [Member]) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | JP Morgan [Member] | JP Morgan [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] |
USD ($) | GBP (£) | JP Morgan [Member] | Morgan Stanley [Member] | Morgan Stanley [Member] | |
USD ($) | USD ($) | GBP (£) | |||
Line of Credit Facility [Line Items] | |||||
Facility size | $238.20 | £ 153 | $250 | $389.10 | £ 250 |
Secured_Financings_Summary_of_
Secured Financings - Summary of Key Terms of Revolving Repurchase Facilities (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
MetLife [Member] | |
Line of Credit Facility [Line Items] | |
LIBOR basis spread on debt obligation | L+1.81 % |
Rate | 1.81% |
Guarantee | 50.00% |
Advance Rate | 77.27% |
Margin Call | Collateral marks only |
Term/Maturity | 29-Jun-20 |
Wells Fargo [Member] | |
Line of Credit Facility [Line Items] | |
LIBOR basis spread on debt obligation | L+1.82 % |
Rate | 1.82% |
Guarantee | 25.00% |
Advance Rate | 78.82% |
Margin Call | Collateral marks only |
Term/Maturity | Term matched |
Citibank [Member] | |
Line of Credit Facility [Line Items] | |
LIBOR basis spread on debt obligation | L+1.93 % |
Rate | 1.93% |
Guarantee | 25.00% |
Advance Rate | 76.68% |
Margin Call | Collateral marks only |
Term/Maturity | Term matched |
Bank of America [Member] | |
Line of Credit Facility [Line Items] | |
LIBOR basis spread on debt obligation | L+1.77 % |
Rate | 1.77% |
Guarantee | 50.00% |
Advance Rate | 79.59% |
Margin Call | Collateral marks only |
Term/Maturity | 21-May-19 |
JP Morgan [Member] | |
Line of Credit Facility [Line Items] | |
LIBOR basis spread on debt obligation | L+1.94 % |
Rate | 1.94% |
Guarantee | 25.00% |
Advance Rate | 77.92% |
Margin Call | Collateral marks only |
Term/Maturity | Term matched |
Morgan Stanley [Member] | |
Line of Credit Facility [Line Items] | |
LIBOR basis spread on debt obligation | L+2.32 % |
Rate | 2.32% |
Guarantee | 25.00% |
Advance Rate | 78.71% |
Margin Call | Collateral marks only |
Term/Maturity | 3-Mar-17 |
Secured_Financings_Summary_of_1
Secured Financings - Summary of Key Terms of Revolving Repurchase Facilities (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |
Facility mature date | 30-Dec-16 |
MetLife [Member] | |
Line of Credit Facility [Line Items] | |
Maturity period | Includes five one-year extension options which may be exercised at our sole discretion. |
Bank of America [Member] | |
Line of Credit Facility [Line Items] | |
Maturity period | Includes two one-year extension options which may be exercised at our sole discretion. |
Secured_Financings_Summary_of_2
Secured Financings - Summary of Statistics for Asset-Specific Repurchase Agreements (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loans | Loans | |
Assets Sold Under Agreements To Repurchase Carrying Amounts [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Number of loans | 3 | 4 |
Principal balance | $324,553 | $245,731 |
Weighted-average cash coupon | L+2.68 % | L+2.55 % |
Weighted-average all-in yield / cost | L+3.16 % | L+3.03 % |
Assets Sold Under Agreements To Repurchase Carrying Amounts [Member] | LIBOR [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted-average cash coupon | 2.68% | 2.55% |
Weighted-average all-in yield / cost | 3.16% | 3.03% |
Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Number of loans | 4 | 4 |
Principal balance | $429,197 | $334,857 |
Weighted-average cash coupon | L+5.07 % | L+4.79 % |
Weighted-average all-in yield / cost | L+5.53 % | L+5.38 % |
Collateral Assets [Member] | LIBOR [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted-average cash coupon | 5.07% | 4.79% |
Weighted-average all-in yield / cost | 5.53% | 5.38% |
Secured_Financings_Summary_of_3
Secured Financings - Summary of Statistics for Asset-Specific Repurchase Agreements (Parenthetical) (Detail) (Assets Sold Under Agreements To Repurchase Carrying Amounts [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Assets Sold Under Agreements To Repurchase Carrying Amounts [Member] | |
Participating Mortgage Loans [Line Items] | |
LIBOR basis spread on debt obligation | As of December 31, 2014, our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each case in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, all-in yield / cost includes the amortization of deferred origination fees / financing costs. |
Secured_Financings_Summary_of_4
Secured Financings - Summary of Loan Participations Sold (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Participants | Participants | |
Participating Mortgage Loans [Line Items] | ||
Participations sold, Number of loans | 4 | 1 |
Principal balance, Participations sold | $499,433 | $90,000 |
Weighted-average cash coupon, Participations sold | L+2.51 % | L+5.12 % |
Weighted-average all-in yield / cost, Participations sold | L+2.71 % | L+5.26 % |
Underlying Loans, Number of loans | 4 | 1 |
Principal balance, Underlying Loans | $635,701 | $173,837 |
Weighted-average cash coupon, Underlying Loans | L+4.10 % | L+5.66 % |
Weighted-average all-in yield / cost, Underlying Loans | L+4.71 % | L+9.25 % |
LIBOR [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted-average cash coupon, Participations sold, rate | 2.51% | 5.12% |
Weighted-average all-in yield / cost, Participations sold, rate | 2.71% | 5.26% |
Weighted-average cash coupon, Underlying Loans, rate | 4.10% | 5.66% |
Weighted-average all-in yield / cost, Underlying Loans, rate | 4.71% | 9.25% |
Convertible_Notes_Net_Addition
Convertible Notes, Net - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Nov. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | |
Debt Instrument [Line Items] | ||||
Convertible notes, net | $161,853,000 | $159,524,000 | ||
Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible Senior Notes, Principal amount | 172,500,000 | 172,500,000 | ||
Convertible Senior Notes, Interest rate | 5.25% | 5.25% | ||
Maturity Date | 1-Dec-18 | |||
Convertible Senior Notes, Interest rate including underwriter discounts | 5.87% | 5.87% | ||
Convertible notes, net | 161,900,000 | |||
Discount upon issuance of Convertible Notes | 9,100,000 | 7,300,000 | 9,100,000 | |
Description of Convertible Notes conversion | The Convertible Notes are convertible at the holders' option into shares of our class A common stock, only under specific circumstances, prior to the close of business on August 31, 2018, at the applicable conversion rate in effect on the conversion date. | |||
Debt instrument, convertible, if-converted value in excess of principal | 2,900,000 | |||
Convertible Notes, assumed effective interest rate | 6.50% | |||
Convertible Senior Notes, Interest rate including amortization of discount upon issuance | 7.16% | 7.16% | ||
Total interest on convertible notes | 11,500,000 | 1,100,000 | ||
Interest on convertible notes related to cash coupon | 9,100,000 | 874,000 | ||
Interest on convertible notes related to amortization of discount and certain issuance costs | 2,400,000 | 197,000 | ||
Convertible Senior Notes [Member] | Class A Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible Notes, debt conversion, common stock issued | 34.8943 | |||
Convertible Notes, debt conversion, principal amount | $1,000 | |||
Debt instrument, conversion price | $28.66 | $29.14 | $28.66 | |
Debt instrument, conversion price above distribution | $0.50 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, notional amount | $42,525,000 |
Derivative, fair value | 1,138,000 |
Derivative, description of hedged item | We had a net investment hedge on one Canadian dollar-denominated subsidiary which consisted of two Canadian dollar forward contracts. |
Foreign Currency Contracts [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, notional amount | 42,525,000 |
Derivative, fair value | 1,138,000 |
Foreign Currency Contracts [Member] | Other Assets [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, notional amount | 42,500,000 |
Derivative, fair value | $1,100,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Summary of Notional and Fair Value Amounts of Derivative Financial Instruments (Detail) (USD $) | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional Amount | $42,525,000 |
Fair Value | 1,138,000 |
Foreign Currency Contracts [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional Amount | 42,525,000 |
Fair Value | $1,138,000 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Summary of Impact of Derivative Financial Instruments to Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Investment Hedges [Member] | Foreign Currency Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain recognized in other comprehensive income | $1,138 | ||
Gain reclassified from AOCI into net income | 0 | 0 | 0 |
Freestanding Derivatives [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss recognized in other comprehensive income | -10,449 | ||
Loss reclassified from AOCI into net income | -15,066 | ||
Gain recognized in net income | $136 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Summary of Impact of Derivative Financial Instruments to Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain on termination of residual interest rate swaps | $136,000 |
Number of interest rate swap agreements terminated | 5 |
Interest Rate Swaps [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Interest rate swaps, termination period | Jun-13 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 9-May-14 | Sep. 30, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Dec. 31, 2011 | 31-May-13 | 6-May-13 | Mar. 25, 2014 | |
Class of Stock [Line Items] | ||||||||||||
Increase in total equity | $744,100,000 | |||||||||||
Total equity | 1,500,886,000 | 1,500,886,000 | 756,750,000 | 153,453,000 | -128,939,000 | |||||||
Total stock, shares authorized | 200,000,000 | 200,000,000 | ||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ||||||||||
Preferred stock issued | 0 | 0 | ||||||||||
Preferred stock outstanding | 0 | 0 | ||||||||||
Plan adoption date | 25-Mar-14 | |||||||||||
Common stock issued | 58,269,889 | 58,269,889 | 29,501,651 | |||||||||
Net proceeds from issuance of common stock | 2,800,000 | 766,138,000 | 633,807,000 | 10,000,000 | ||||||||
Sale of common stock sales price | 583,000 | 583,000 | 295,000 | |||||||||
Common stock, shares outstanding | 58,269,889 | 58,269,889 | 29,501,651 | |||||||||
Dividends paid | 84,238,000 | 7,776,000 | 48,960,000 | |||||||||
Dividends per common stock | $1.98 | $0.72 | $20 | |||||||||
Accumulated other comprehensive (loss) income | -15,024,000 | -15,024,000 | 798,000 | |||||||||
Loss on foreign currency translation | 15,800,000 | |||||||||||
CT Legacy Partners' total equity | 60,800,000 | 60,800,000 | ||||||||||
Equity interests owned by Blackstone Mortgage Trust, Inc. | 25,300,000 | 25,300,000 | ||||||||||
Non-controlling interests in CT Legacy Partners | 35,500,000 | 35,500,000 | ||||||||||
Installment 1 Fiscal Year 2014 [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividends paid | 101,300,000 | 21,100,000 | 49,800,000 | |||||||||
Class A Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock issued | 25,875,000 | |||||||||||
Aggregate sales price | 200,000,000 | |||||||||||
Net proceeds from issuance of common stock | 2,758,000 | 766,138,000 | 252,530,000 | 254,758,000 | 256,092,000 | |||||||
Common stock, shares outstanding | 2,926,651,000,000 | |||||||||||
Reverse stock split ratio | 0.1 | |||||||||||
Description reverse stock split | On April 26, 2013, our board of directors approved a one-for-ten reverse stock split of our class A common stock which we effected on May 6, 2013. | |||||||||||
Reclassification of common stock to additional paid-in capital | 263,000,000,000 | |||||||||||
Class A Common Stock [Member] | ATM Agreements [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock issued | 100,000 | 100,000 | ||||||||||
Net proceeds from issuance of common stock | 2,815,000 | |||||||||||
Sale of common stock sales price | $197,200,000 | $197,200,000 | ||||||||||
Class A Common Stock [Member] | Director [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares issued for deferred stock units upon resignation | 2,851 | |||||||||||
Class A Common Stock [Member] | Direct Stock Purchase Plan [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock issued | 0 | 0 | ||||||||||
Class A Common Stock [Member] | Dividend Reinvestment Plan [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock issued | 6 | 6 | ||||||||||
Class A Common Stock [Member] | Dividend Reinvestment and Direct Stock Purchase Plan [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Reserved for issuance of class A common stock | 9,999,994 | 9,999,994 | 10,000,000 |
Equity_Summary_of_Class_A_Comm
Equity - Summary of Class A Common Stock Issuances (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Apr. 30, 2014 | Jan. 31, 2014 |
Shares Issued | 100,000 | 28,275,006 | 25,875,000 | 669,047 | |||
Net Proceeds | $2,800 | $766,138 | $633,807 | $10,000 | |||
Class A Common Stock [Member] | |||||||
Shares Issued | 100,000 | 28,275,000 | 9,200,000 | 9,200,000 | 9,775,000 | ||
Net Proceeds | $2,758 | $766,138 | $252,530 | $254,758 | $256,092 | ||
Issue Price | $27.58 | $27.14 | $27.49 | $27.72 | $26.25 |
Equity_Summary_of_Class_A_Comm1
Equity - Summary of Class A Common Stock Issuances (Parenthetical) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ||||
Shares Issued | 100,000 | 28,275,006 | 25,875,000 | 669,047 |
Weighted average issue price | $27.58 | |||
Net Proceeds | $2,800 | $766,138 | $633,807 | $10,000 |
Equity_Schedule_of_Movement_in
Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Detail) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | ||||
Beginning balance | 29,602,884 | 3,016,407 | 2,277,344 | |
Issuance of class A common stock | 100,000 | 28,275,006 | 25,875,000 | 669,047 |
Issuance of restricted class A common stock, net | 490,381 | 700,000 | 36,493 | |
Issuance of deferred stock units | 20,537 | 11,477 | 33,523 | |
Ending balance | 58,388,808 | 58,388,808 | 29,602,884 | 3,016,407 |
Equity_Schedule_of_Movement_in1
Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred stock units held by directors | 118,919 | 101,233 | 89,754 |
Class A Common Stock [Member] | |||
Reverse stock split ratio | 0.1 |
Equity_Schedule_of_Basic_and_D
Equity - Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||||||
Net income | $21,490 | $22,024 | $33,466 | $13,065 | $7,079 | $8,320 | $2,748 | ($3,115) | $105,189 | $6,999 | $2,283 | $66,553 | $90,045 | $15,032 | $181,024 |
Weighted-average shares outstanding | 48,394,478 | 18,520,052 | 2,345,943 | ||||||||||||
Warrants and options outstanding for the purchase of class A common stock | 129,351 | ||||||||||||||
Weighted-average shares outstanding, diluted | 48,394,478 | 18,520,052 | 2,475,294 | ||||||||||||
Per share amount, basic | $0.37 | $0.45 | $0.70 | $0.34 | $0.24 | $0.29 | $0.22 | ($1.03) | $42.21 | $3.02 | $1 | $29.14 | $1.86 | $0.81 | $77.16 |
Per share amount, diluted | $0.37 | $0.45 | $0.70 | $0.34 | $0.24 | $0.29 | $0.22 | ($1.03) | $40.65 | $2.84 | $0.93 | $27.39 | $1.86 | $0.81 | $73.13 |
Equity_Schedule_of_Basic_and_D1
Equity - Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding (Parenthetical) (Detail) (Class A Common Stock [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Class A Common Stock [Member] | |
Reverse stock split ratio | 0.1 |
Equity_Schedule_of_Basic_and_D2
Equity - Schedule of Basic and Diluted Earnings Per Share, Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Income from continuing operations | $100,494 | $25,424 | $282,213 |
Net income attributable to non-controlling interests | -10,449 | -10,392 | -98,780 |
Income from continuing operations attributable to Blackstone Mortgage Trust, Inc. | $90,045 | $15,032 | $183,433 |
Weighted-average shares outstanding | 48,394,478 | 18,520,052 | 2,345,943 |
Warrants and options outstanding for the purchase of class A common stock | 129,351 | ||
Weighted-average shares outstanding, diluted | 48,394,478 | 18,520,052 | 2,475,294 |
Per share amount, basic | $1.86 | $0.81 | $78.19 |
Per share amount, diluted | $1.86 | $0.81 | $74.16 |
Equity_Schedule_of_Primary_Com
Equity - Schedule of Primary Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | ($15,024) | $798 | |
Amortization of net deferred gains on settlement of swaps | -56 | ||
Deconsolidation of subsidiaries | 29,889 | ||
Balance, ending | -15,024 | 798 | |
Mark-to-Market on Interest Rate Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | -27,423 | ||
Unrealized gain on derivative financial instruments | 8,367 | ||
Ineffective portion of cash flow hedges | 2,481 | ||
Deconsolidation of subsidiaries | 16,575 | ||
Deferred Gains on Settled Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | 56 | ||
Amortization of net deferred gains on settlement of swaps | -56 | ||
Other-Than-Temporary Impairments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | -16,578 | ||
Other-than-temporary impairments of securities | 678 | ||
Deconsolidation of subsidiaries | 15,900 | ||
Unrealized Gains on Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | 3,361 | ||
Amortization of net unrealized gains on securities | -775 | ||
Deconsolidation of subsidiaries | -2,586 | ||
Accumulated Other Comprehensive Income (loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | -40,584 | ||
Unrealized gain on derivative financial instruments | 8,367 | ||
Ineffective portion of cash flow hedges | 2,481 | ||
Amortization of net unrealized gains on securities | -775 | ||
Amortization of net deferred gains on settlement of swaps | -56 | ||
Other-than-temporary impairments of securities | 678 | ||
Deconsolidation of subsidiaries | $29,889 |
Other_Expenses_Additional_Info
Other Expenses - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Management fee - percent of average outstanding Equity balance | 1.50% | ||
Incentive fee computation-percent of the product per agreement | 20.00% | ||
Incentive fee computation-percent of average outstanding Equity per annum | 7.00% | ||
Management fees description | Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in the management agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our average outstanding Equity, provided that our Core Earnings over the prior three-year period (or the period since May 29, 2013, the date of the first offering of our class A common stock following December 19, 2012, whichever is shorter) is greater than zero. Core Earnings is generally equal to our net income (loss) prepared in accordance with GAAP, excluding (i) certain non-cash items and (ii) the net income (loss) related to our CT Legacy Portfolio segment. | ||
Management fees | $19,491,000 | $5,937,000 | |
Manager [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Management fees | 17,800,000 | 5,900,000 | 0 |
Incentive fees payable | 1,700,000 | 0 | 0 |
Incentive Awards Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Percentage of the dividends paid to common equity holders created employee pool | 6.75% | ||
Percentage of granted incentive compensation to employees | 94.00% | ||
Percentage of grants vesting schedule | 53.00% | ||
Description of incentive management fee grants to employees vesting schedule | (i) 25% on the date of grant; (ii) 25% in March 2013; (iii) 25% in March 2014; and (iv) the remainder is contingent on continued employment with an affiliate of our Manager and our receipt of distributions from CT Legacy Partners. Of the remaining 47% of these grants, 29% are fully vested as a result of an acceleration event, and 18% vest only upon our receipt of distributions from CT Legacy Partners. | ||
Percentage of grants vesting upon receipt of dividends | 18.00% | ||
Percentage of remaining grants after vesting schedule | 47.00% | ||
Percentage of fully vested grants | 29.00% | ||
Accrued payables, awards | $2,800,000 | $2,800,000 |
Other_Expenses_Schedule_of_Gen
Other Expenses - Schedule of General and Administrative Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income and Expenses [Abstract] | |||
Professional services | $2,627 | $2,441 | $895 |
Operating and other costs | 2,009 | 1,797 | 1,732 |
Transaction costs - investment management sale | 3,870 | ||
Subtotal | 4,636 | 4,238 | 6,497 |
Non-cash and CT Legacy Portfolio compensation expenses | |||
Management incentive awards plan-CTOPI | 12,898 | ||
Management incentive awards plan-CT Legacy Partners | 1,374 | 5,089 | 2,232 |
Restricted class A common stock earned | 7,988 | 1,064 | 1,353 |
Director stock-based compensation | 375 | 263 | 223 |
Subtotal | 22,635 | 6,416 | 3,808 |
Expenses of consolidated securitization vehicles | 528 | 851 | 64 |
Total | $27,799 | $11,505 | $10,369 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 19, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Purchase agreement, purchase price | $21,424 | |
CT Legacy REIT [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Sale of outstanding class A preferred stock | 100.00% | |
Sale to Holdings III [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Purchase agreement, purchase price | 21,400 |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of the Components of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Total revenues | $58,258 | $50,386 | $42,466 | $33,656 | $26,837 | $18,853 | $6,017 | $1,456 | $6,517 | $6,944 | $6,763 | $14,716 | |||
General and administrative expenses | 27,799 | 11,505 | 10,369 | ||||||||||||
Loss from discontinued operations | -2,138 | ||||||||||||||
Loss on sale of discontinued operations | -271 | ||||||||||||||
Loss from discontinued operations per share common stock: | |||||||||||||||
Basic | ($1.03) | ||||||||||||||
Diluted | ($1.03) | ||||||||||||||
Discontinued Operations [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Servicing fees | 9,686 | ||||||||||||||
Management fees from affiliates | 6,312 | ||||||||||||||
Total revenues | 15,998 | ||||||||||||||
General and administrative expenses | 12,938 | ||||||||||||||
Income from discontinued operations before income taxes | 3,060 | ||||||||||||||
Income tax provision | -5,198 | ||||||||||||||
Loss from discontinued operations | -2,138 | ||||||||||||||
Loss on sale of discontinued operations | ($271) | ||||||||||||||
Loss from discontinued operations per share common stock: | |||||||||||||||
Basic | ($1.03) | ||||||||||||||
Diluted | ($1.03) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | |
Tax Credit Carryforward [Line Items] | ||||
Annual distribution of net taxable income for U.S. federal income tax not to apply to our earnings that we distribute (percent) | 90.00% | |||
Net taxable income subject to distribution (percent) | 100.00% | |||
Excise tax rate | 4.00% | |||
Income tax provision | $518,000 | $995,000 | $174,000 | |
Deferred tax assets | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Common stock, shares issued | 58,269,889 | 29,501,651 | ||
Net operating losses carried forward | 159,000,000 | |||
Net capital losses carried forward | 32,000,000 | |||
NOLs expiration date | Expire in 2029 | |||
Capital Loss Carryforwards Expiring 2015 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Net capital losses carried forward | 31,400,000 | |||
Capital Loss Carryforwards Expiring 2017 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Net capital losses carried forward | 602,000 | |||
Internal Revenue Service [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Net operating losses and net capital losses | $2,000,000 | |||
Class A Common Stock [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Common stock, shares issued | 25,875,000 | |||
Earliest Tax Year [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Open tax year | 2011 | |||
Latest Tax Year [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Open tax year | 2014 |
StockBased_Incentive_Plans_Add
Stock-Based Incentive Plans - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of benefit plans | 5 | ||
Issuance of restricted class A common stock, net | 490,381 | 700,000 | 36,493 |
Restricted Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of restricted class A common stock, net | 490,381 | 700,000 | |
Restricted shares, vesting period | 3 years | ||
Number of shares of restricted class A common stock outstanding | 919,719 | 700,000 | |
Vest in 2015 [Member] | Restricted Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of restricted class A common stock outstanding | 398,751 | ||
Vest in 2016 [Member] | Restricted Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of restricted class A common stock outstanding | 357,511 | ||
Vesting Period Two Thousand Seventeen [Member] | Restricted Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of restricted class A common stock outstanding | 163,457 | ||
2013 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares available under plan | 939,319 | ||
2013 Manager Plan [Member] | Maximum [Member] | Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares available under plan | 2,160,106 |
StockBased_Incentive_Plans_Mov
Stock-Based Incentive Plans - Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share (Detail) (Restricted Class A Common Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Class A Common Stock [Member] | |
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items] | |
Restricted Class A Common Stock, Beginning Balance | 700,000 |
Restricted Class A Common Stock, Granted | 490,381 |
Restricted Class A Common Stock, Vested | -270,662 |
Restricted Class A Common Stock, Ending Balance | 919,719 |
Weighted-Average Grant Date Fair Value Per Share, Beginning Balance | $25.69 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $27.82 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $25.57 |
Weighted-Average Grant Date Fair Value Per Share, Ending Balance | $26.86 |
Fair_Values_Assets_Measured_an
Fair Values - Assets Measured and Reported at Fair Value on Recurring Basis (Detail) (Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, at fair value | $50,155 | $56,405 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, at fair value | 2,648 | 1,944 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, at fair value | $47,507 | $54,461 |
Fair_Values_Reconciliation_of_
Fair Values - Reconciliation of Beginning and Ending Balances of Assets Measured at Fair Value on Recurring Basis Using Level 3 Inputs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Adjustments to fair value included in earnings | ||
Valuation allowance on loans held-for-sale | ($1,300) | ($1,259) |
Other Assets [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning | 54,461 | |
Consolidation of CT Legacy Partners | 164,780 | |
Proceeds from investments | -20,231 | -118,635 |
Adjustments to fair value included in earnings | ||
Gain on investments at fair value | 13,277 | 7,332 |
Deferred interest | 984 | |
Balance, ending | 47,507 | 54,461 |
Loans Held-for-Sale, Net [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfer from loans receivable, at fair value | 2,000 | |
Proceeds from investments | -3,259 | |
Adjustments to fair value included in earnings | ||
Valuation allowance on loans held-for-sale | 1,259 | |
Investment in CT Legacy Assets [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning | 132,000 | |
Consolidation of CT Legacy Partners | ($132,000) |
Fair_Values_Additional_Informa
Fair Values - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||
Book value of securities | $10,000,000 | $9,400,000 |
Aggregate book value of equity investments and other receivables | 18,500,000 | |
Liabilities recorded at fair value | $0 | $0 |
Fair_Values_Schedule_of_Range_
Fair Values - Schedule of Range of Key Assumptions for Each Type of Loans Receivable (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Book Value | $19,000 | $40,700 |
Hotel [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recovery Percentage | 100.00% | |
Book Value | 15,000 | 15,000 |
Office [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recovery Percentage | 100.00% | |
Book Value | $4,000 | $25,700 |
Fair_Values_Schedule_of_Range_1
Fair Values - Schedule of Range of Key Assumptions for Each Type of Loans Receivable (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Hotel [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Discount Rate | 7.00% | 7.00% |
Fair Value of a 100 bp discount rate increase | 0.30% | 1.40% |
Office [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fair Value of a 100 bp discount rate increase | 1.10% | 0.30% |
Minimum [Member] | Office [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Discount Rate | 6.00% | |
Maximum [Member] | Office [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Discount Rate | 15.00% | 15.00% |
Fair_Values_Schedule_of_Detail
Fair Values - Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets | ||
Loans receivable, net | $19,000 | $40,700 |
Financial liabilities | ||
Revolving repurchase facilities | 2,040,783 | 863,622 |
Asset-specific repurchase agreements | 324,553 | 245,731 |
Loan participations sold | 499,433 | 90,000 |
Carrying Amount [Member] | ||
Financial assets | ||
Cash and cash equivalents | 51,810 | 52,342 |
Restricted cash | 11,591 | 10,096 |
Loans receivable, net | 4,428,500 | 2,047,223 |
Financial liabilities | ||
Revolving repurchase facilities | 2,040,783 | 863,622 |
Asset-specific repurchase agreements | 324,553 | 245,731 |
Loan participations sold | 499,433 | 90,000 |
Convertible notes, net | 161,853 | 159,524 |
Face Amount [Member] | ||
Financial assets | ||
Cash and cash equivalents | 51,810 | 52,342 |
Restricted cash | 11,591 | 10,096 |
Loans receivable, net | 4,462,897 | 2,077,227 |
Financial liabilities | ||
Revolving repurchase facilities | 2,040,783 | 863,622 |
Asset-specific repurchase agreements | 324,553 | 245,731 |
Loan participations sold | 499,433 | 90,000 |
Convertible notes, net | 172,500 | 172,500 |
Fair Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 51,810 | 52,342 |
Restricted cash | 11,591 | 10,096 |
Loans receivable, net | 4,462,897 | 2,058,699 |
Financial liabilities | ||
Revolving repurchase facilities | 2,040,783 | 863,622 |
Asset-specific repurchase agreements | 324,553 | 245,731 |
Loan participations sold | 499,433 | 90,000 |
Convertible notes, net | $181,341 | $181,772 |
Transactions_with_Related_Part1
Transactions with Related Parties - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||
Oct. 23, 2013 | Oct. 02, 2013 | 13-May-13 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 23, 2014 | Oct. 03, 2013 | Dec. 20, 2012 | 30-May-13 | 31-May-13 | Jun. 20, 2014 | Nov. 19, 2013 | 22-May-13 | Feb. 10, 2015 | |
Related Party Transaction [Line Items] | |||||||||||||||||||
Class A common shares acquired by Holdings III, shares | 100,000 | 28,275,006 | 25,875,000 | 669,047 | |||||||||||||||
Management Agreement expiration date | 19-Dec-15 | ||||||||||||||||||
Management Agreement renewal term, description | The initial term of the Management Agreement expires on December 19, 2015 and will be automatically renewed for a one-year term each anniversary thereafter unless earlier terminated. | ||||||||||||||||||
Issuance of restricted class A common stock | 490,381 | 700,000 | 36,493 | ||||||||||||||||
Common stock value | $583,000 | $583,000 | $295,000 | ||||||||||||||||
Joint venture agreement date | 13-May-13 | ||||||||||||||||||
Percentage of equity interest purchased | 100.00% | 100.00% | |||||||||||||||||
Joint venture agreement end date | 30-May-13 | ||||||||||||||||||
Charge to non-controlling interest from purchase of equity interests at fair value | 193,000 | ||||||||||||||||||
Common stock, shares issued | 58,269,889 | 58,269,889 | 29,501,651 | ||||||||||||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | ||||||||||||||||
Convertible notes | 161,853,000 | 161,853,000 | 159,524,000 | ||||||||||||||||
Amount of loan originated | 71,000,000 | ||||||||||||||||||
Purchased loan from third party | 176,900,000 | ||||||||||||||||||
Proceeds from partial repayments of loans | 119,400,000 | ||||||||||||||||||
Net Book Value Of Loans | 53,800,000 | ||||||||||||||||||
Minimum [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Investment threshold amount | 150,000,000 | 150,000,000 | |||||||||||||||||
Second Amended and Restated Management Agreement [Member] | Minimum [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Investment threshold amount | 250,000,000 | 250,000,000 | |||||||||||||||||
Class A Common Stock [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Class A common shares acquired by Holdings III, shares | 100,000 | 28,275,000 | 9,200,000 | 9,200,000 | 9,775,000 | ||||||||||||||
Common stock, shares issued | 25,875,000 | ||||||||||||||||||
CT Legacy Portfolio [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Aggregate principal balance of loans | 35,000,000 | ||||||||||||||||||
Aggregate book value of loans | 27,000,000 | ||||||||||||||||||
Manager [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Issuance of restricted class A common stock | 337,941 | 339,431 | |||||||||||||||||
Common stock value | 9,400,000 | 8,500,000 | |||||||||||||||||
Vesting period of restricted class A common stock | 3 years | ||||||||||||||||||
Non-cash expense | 3,800 | 767,000,000 | |||||||||||||||||
Affiliate of Manager [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Accrued management fees payable | 6,300,000 | 6,300,000 | |||||||||||||||||
Management fees paid to Manager | 15,700,000 | ||||||||||||||||||
Percentage of equity interest purchased | 83.30% | ||||||||||||||||||
Convertible notes | 188,000 | ||||||||||||||||||
Modification fee | 2,300,000 | ||||||||||||||||||
Affiliate of Manager [Member] | Class A Common Stock [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common stock value | 1,000,000 | ||||||||||||||||||
Common stock, shares issued | 1,960,784 | ||||||||||||||||||
Common stock, par value | $25.50 | ||||||||||||||||||
Affiliate of Manager [Member] | Subsequent Events [Member] | Class A Common Stock [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common stock, shares outstanding percentage | 5.40% | ||||||||||||||||||
Affiliate of our Manager [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Preferred distributions payable to affiliate of our Manager | 115,000 | ||||||||||||||||||
Payments of preferred distributions to affiliate of our Manager | 2,100,000 | ||||||||||||||||||
Preferred distributions payable to affiliate of our Manager | 151,000 | 151,000 | |||||||||||||||||
Administrative services fees incurred | 80,000 | 0 | |||||||||||||||||
Affiliate of our Manager [Member] | Third-Party Service Provider [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Acquired service provider, date | 6-Aug-14 | ||||||||||||||||||
Administrative services fees incurred | 96,000 | 0 | |||||||||||||||||
Affiliate of our Manager [Member] | CT CDO I [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Special servicing fees | 139,000 | 847,000 | |||||||||||||||||
Special servicing fees payable | 522,000 | 522,000 | 847,000 | ||||||||||||||||
Affiliate of our Manager [Member] | Equity Capital Markets Data Services [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Service fees paid to third-party service provider | 26,000 | 9,000 | |||||||||||||||||
Blackstone [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of equity interest purchased | 16.70% | ||||||||||||||||||
W.R. Berkley Corporation [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Aggregate amount of offering as stated in letter agreement, threshold | $30,000,000 | $30,000,000 | |||||||||||||||||
Sale to Holdings III [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Class A common shares acquired by Holdings III, price per share | $20 | ||||||||||||||||||
Class A common shares acquired by Holdings III, shares | 500,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Directors | |
Loans | |
Commitments And Contingencies [Line Items] | |
Unfunded commitments | $513,200,000 |
Commitments expiration period | 5 years |
Number of loans receivable | 35 |
Number of board of directors | 8 |
Number of directors entitled to annual compensation | 5 |
Pending Litigation [Member] | |
Commitments And Contingencies [Line Items] | |
Reserves recorded for pending litigation | 0 |
Five Board of Directors [Member] | |
Commitments And Contingencies [Line Items] | |
Annual cash compensation | 125,000 |
Three Board of Directors [Member] | |
Commitments And Contingencies [Line Items] | |
Annual cash compensation | 0 |
Four Directors [Member] | |
Commitments And Contingencies [Line Items] | |
Percentage of compensation paid in cash | 50.00% |
Percentage of compensation in the form of deferred stock units | 50.00% |
Chairperson of Audit Committee [Member] | |
Commitments And Contingencies [Line Items] | |
Annual cash compensation | $12,000 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (Geographic Concentration Risk [Member], International Sources [Member], Sales [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Geographic Concentration Risk [Member] | International Sources [Member] | Sales [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of revenues generated from non-domestic sources | 11.00% |
Segment_Reporting_Consolidated
Segment Reporting - Consolidated Statement of Operations for Each Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income from loans and other investments | |||||||||||||||
Interest and related income | $184,766,000 | $53,164,000 | $34,939,000 | ||||||||||||
Less: Interest and related expenses | 69,143,000 | 18,017,000 | 38,138,000 | ||||||||||||
Income from loans and other investments, net | 115,623,000 | 35,147,000 | -3,199,000 | ||||||||||||
Other expenses | |||||||||||||||
Management and incentive fees | 19,491,000 | 5,937,000 | |||||||||||||
General and administrative expenses | 27,799,000 | 11,505,000 | 10,369,000 | ||||||||||||
Total other expenses | 47,290,000 | 17,442,000 | 10,369,000 | ||||||||||||
Valuation allowance on loans held-for-sale | 1,300,000 | 1,259,000 | |||||||||||||
Gain on investments at fair value | 13,258,000 | 7,417,000 | 51,904,000 | ||||||||||||
Loss on deconsolidation of subsidiaries | -8,615,000 | 200,283,000 | |||||||||||||
Gain on extinguishment of debt | 38,000 | ||||||||||||||
Income from equity investments in unconsolidated subsidiaries | 28,036,000 | 1,781,000 | |||||||||||||
Income before income taxes | 101,012,000 | 26,419,000 | 282,387,000 | ||||||||||||
Income tax provision | 518,000 | 995,000 | 174,000 | ||||||||||||
Net income | 25,338,000 | 23,601,000 | 38,439,000 | 13,116,000 | 9,728,000 | 10,526,000 | 6,768,000 | -1,597,000 | 122,931,000 | 12,900,000 | 3,351,000 | 140,622,000 | 100,494,000 | 25,424,000 | 279,804,000 |
Net income attributable to non-controlling interests | -10,449,000 | -10,392,000 | -98,780,000 | ||||||||||||
Net income (loss) attributable to Blackstone Mortgage Trust, Inc. | 21,490,000 | 22,024,000 | 33,466,000 | 13,065,000 | 7,079,000 | 8,320,000 | 2,748,000 | -3,115,000 | 105,189,000 | 6,999,000 | 2,283,000 | 66,553,000 | 90,045,000 | 15,032,000 | 181,024,000 |
Loan Origination [Member] | |||||||||||||||
Income from loans and other investments | |||||||||||||||
Interest and related income | 180,654,000 | 41,621,000 | |||||||||||||
Less: Interest and related expenses | 68,098,000 | 13,053,000 | |||||||||||||
Income from loans and other investments, net | 112,556,000 | 28,568,000 | |||||||||||||
Other expenses | |||||||||||||||
Management and incentive fees | 19,491,000 | 5,937,000 | |||||||||||||
General and administrative expenses | 12,665,000 | 5,149,000 | |||||||||||||
Total other expenses | 32,156,000 | 11,086,000 | |||||||||||||
Income before income taxes | 80,400,000 | 17,482,000 | |||||||||||||
Income tax provision | 194,000 | 31,000 | |||||||||||||
Net income | 80,206,000 | 17,451,000 | |||||||||||||
Net income attributable to non-controlling interests | -193,000 | ||||||||||||||
Net income (loss) attributable to Blackstone Mortgage Trust, Inc. | 80,206,000 | 17,258,000 | |||||||||||||
CT Legacy Portfolio [Member] | |||||||||||||||
Income from loans and other investments | |||||||||||||||
Interest and related income | 4,112,000 | 11,543,000 | |||||||||||||
Less: Interest and related expenses | 1,045,000 | 4,964,000 | |||||||||||||
Income from loans and other investments, net | 3,067,000 | 6,579,000 | |||||||||||||
Other expenses | |||||||||||||||
General and administrative expenses | 15,134,000 | 6,356,000 | |||||||||||||
Total other expenses | 15,134,000 | 6,356,000 | |||||||||||||
Valuation allowance on loans held-for-sale | 1,259,000 | ||||||||||||||
Gain on investments at fair value | 13,258,000 | 7,417,000 | |||||||||||||
Loss on deconsolidation of subsidiaries | -8,615,000 | ||||||||||||||
Gain on extinguishment of debt | 38,000 | ||||||||||||||
Income from equity investments in unconsolidated subsidiaries | 28,036,000 | ||||||||||||||
Income before income taxes | 20,612,000 | 8,937,000 | |||||||||||||
Income tax provision | 324,000 | 964,000 | |||||||||||||
Net income | 20,288,000 | 7,973,000 | |||||||||||||
Net income attributable to non-controlling interests | -10,449,000 | -10,199,000 | |||||||||||||
Net income (loss) attributable to Blackstone Mortgage Trust, Inc. | $9,839,000 | ($2,226,000) |
Segment_Reporting_Consolidated1
Segment Reporting - Consolidated Balance Sheet for Each Segment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets | ||||
Cash and cash equivalents | $51,810,000 | $52,342,000 | $15,423,000 | $34,818,000 |
Restricted cash | 11,591,000 | 10,096,000 | ||
Loans receivable, net | 4,428,500,000 | 2,047,223,000 | ||
Equity investments in unconsolidated subsidiaries | 10,604,000 | 22,480,000 | ||
Accrued interest receivable, prepaid expenses, and other assets | 86,016,000 | 80,639,000 | ||
Total assets | 4,588,521,000 | 2,212,780,000 | ||
Liabilities and Equity | ||||
Accounts payable, accrued expenses, and other liabilities | 61,013,000 | 97,153,000 | ||
Revolving repurchase facilities | 2,040,783,000 | 863,622,000 | ||
Asset-specific repurchase agreements | 324,553,000 | 245,731,000 | ||
Loan participations sold | 499,433,000 | 90,000,000 | ||
Convertible notes, net | 161,853,000 | 159,524,000 | ||
Total liabilities | 3,087,635,000 | 1,456,030,000 | ||
Equity | ||||
Total Blackstone Mortgage Trust, Inc. stockholders' equity | 1,465,371,000 | 717,909,000 | ||
Non-controlling interests | 35,515,000 | 38,841,000 | ||
Total equity | 1,500,886,000 | 756,750,000 | 153,453,000 | -128,939,000 |
Total liabilities and equity | 4,588,521,000 | 2,212,780,000 | ||
Loan Origination [Member] | ||||
Assets | ||||
Cash and cash equivalents | 51,810,000 | 52,342,000 | ||
Loans receivable, net | 4,428,500,000 | 2,000,223,000 | ||
Accrued interest receivable, prepaid expenses, and other assets | 36,531,000 | 21,020,000 | ||
Total assets | 4,516,841,000 | 2,073,585,000 | ||
Liabilities and Equity | ||||
Accounts payable, accrued expenses, and other liabilities | 47,328,000 | 21,104,000 | ||
Revolving repurchase facilities | 2,040,783,000 | 863,622,000 | ||
Asset-specific repurchase agreements | 324,553,000 | 245,731,000 | ||
Loan participations sold | 499,433,000 | 90,000,000 | ||
Convertible notes, net | 161,853,000 | 159,524,000 | ||
Total liabilities | 3,073,950,000 | 1,379,981,000 | ||
Equity | ||||
Total Blackstone Mortgage Trust, Inc. stockholders' equity | 1,442,891,000 | 693,604,000 | ||
Total equity | 1,442,891,000 | 693,604,000 | ||
Total liabilities and equity | 4,516,841,000 | 2,073,585,000 | ||
CT Legacy Portfolio [Member] | ||||
Assets | ||||
Restricted cash | 11,591,000 | 10,096,000 | ||
Loans receivable, net | 47,000,000 | |||
Equity investments in unconsolidated subsidiaries | 10,604,000 | 22,480,000 | ||
Accrued interest receivable, prepaid expenses, and other assets | 49,485,000 | 59,619,000 | ||
Total assets | 71,680,000 | 139,195,000 | ||
Liabilities and Equity | ||||
Accounts payable, accrued expenses, and other liabilities | 13,685,000 | 76,049,000 | ||
Total liabilities | 13,685,000 | 76,049,000 | ||
Equity | ||||
Total Blackstone Mortgage Trust, Inc. stockholders' equity | 22,480,000 | 24,305,000 | ||
Non-controlling interests | 35,515,000 | 38,841,000 | ||
Total equity | 57,995,000 | 63,146,000 | ||
Total liabilities and equity | $71,680,000 | $139,195,000 |
Summary_of_Quarterly_Results_o2
Summary of Quarterly Results of Operations - Summary of Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Revenues | $58,258 | $50,386 | $42,466 | $33,656 | $26,837 | $18,853 | $6,017 | $1,456 | $6,517 | $6,944 | $6,763 | $14,716 | |||
Net (loss) income | 25,338 | 23,601 | 38,439 | 13,116 | 9,728 | 10,526 | 6,768 | -1,597 | 122,931 | 12,900 | 3,351 | 140,622 | 100,494 | 25,424 | 279,804 |
Net (loss) income attributable to Blackstone Mortgage Trust, Inc. | $21,490 | $22,024 | $33,466 | $13,065 | $7,079 | $8,320 | $2,748 | ($3,115) | $105,189 | $6,999 | $2,283 | $66,553 | $90,045 | $15,032 | $181,024 |
Net (loss) income per share of class A common stock: | |||||||||||||||
Basic | $0.37 | $0.45 | $0.70 | $0.34 | $0.24 | $0.29 | $0.22 | ($1.03) | $42.21 | $3.02 | $1 | $29.14 | $1.86 | $0.81 | $77.16 |
Diluted | $0.37 | $0.45 | $0.70 | $0.34 | $0.24 | $0.29 | $0.22 | ($1.03) | $40.65 | $2.84 | $0.93 | $27.39 | $1.86 | $0.81 | $73.13 |
Schedule_IV_Mortgage_Loans_on_1
Schedule IV - Mortgage Loans on Real Estate (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Mortgage Loans on Real Estate [Line Items] | |
Prior Liens | $199,374 |
Face Amount of Loans | 4,462,897 |
Carrying Amount of Loans | 4,428,500 |
Senior Mortgage Loans [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Face Amount of Loans | 4,374,532 |
Carrying Amount of Loans | 4,340,586 |
Senior Mortgage Loans [Member] | Various / Diversified [Member] | All Other Mortgage Loans Individually Less Than 3% [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Location | Various / Diversified |
Debt instrument variable rate basis | LIBOR |
Maximum Maturity Date - earliest | 10-Jun-16 |
Maximum Maturity Date | 30-Sep-20 |
Face Amount of Loans | 2,852,148 |
Carrying Amount of Loans | 2,831,478 |
Senior Mortgage Loans [Member] | Hotel [Member] | Borrower A [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Location | Hotel / UK |
Debt instrument variable rate basis | LIBOR |
Interest Payment Rates | 4.00% |
Maximum Maturity Date | 22-May-19 |
Periodic Payment Terms | I/O |
Face Amount of Loans | 311,240 |
Carrying Amount of Loans | 307,084 |
Senior Mortgage Loans [Member] | Hotel [Member] | Borrower F [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Location | Hotel / UK |
Debt instrument variable rate basis | LIBOR |
Interest Payment Rates | 3.40% |
Maximum Maturity Date | 20-Nov-19 |
Periodic Payment Terms | I/O |
Face Amount of Loans | 149,395 |
Carrying Amount of Loans | 147,936 |
Senior Mortgage Loans [Member] | Hotel [Member] | Borrower I [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Location | Hotel / Northeast |
Debt instrument variable rate basis | LIBOR |
Interest Payment Rates | 4.30% |
Maximum Maturity Date | 1-Dec-17 |
Periodic Payment Terms | I/O |
Face Amount of Loans | 133,350 |
Carrying Amount of Loans | 132,987 |
Senior Mortgage Loans [Member] | Condo / Northeast [Member] | Borrower B [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Location | Condo / Northeast |
Debt instrument variable rate basis | LIBOR |
Interest Payment Rates | 4.50% |
Maximum Maturity Date | 9-Nov-18 |
Periodic Payment Terms | I/O |
Face Amount of Loans | 181,000 |
Carrying Amount of Loans | 179,839 |
Senior Mortgage Loans [Member] | Office [Member] | Borrower C [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Location | Office / Diversified |
Debt instrument variable rate basis | LIBOR |
Interest Payment Rates | 3.80% |
Maximum Maturity Date | 9-Dec-19 |
Periodic Payment Terms | I/O |
Face Amount of Loans | 163,300 |
Carrying Amount of Loans | 161,770 |
Senior Mortgage Loans [Member] | Office [Member] | Borrower D [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Location | Office / Midwest |
Debt instrument variable rate basis | LIBOR |
Interest Payment Rates | 3.50% |
Maximum Maturity Date | 9-Aug-19 |
Periodic Payment Terms | I/O |
Face Amount of Loans | 153,879 |
Carrying Amount of Loans | 152,751 |
Senior Mortgage Loans [Member] | Office [Member] | Borrower G [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Location | Office / Northeast |
Debt instrument variable rate basis | LIBOR |
Interest Payment Rates | 4.75% |
Maximum Maturity Date | 9-Jan-19 |
Periodic Payment Terms | I/O |
Face Amount of Loans | 139,809 |
Carrying Amount of Loans | 139,099 |
Senior Mortgage Loans [Member] | Office [Member] | Borrower H [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Location | Office / Canada |
Debt instrument variable rate basis | LIBOR |
Interest Payment Rates | 5.50% |
Maximum Maturity Date | 9-Dec-19 |
Periodic Payment Terms | I/O |
Face Amount of Loans | 138,644 |
Carrying Amount of Loans | 137,024 |
Senior Mortgage Loans [Member] | Other [Member] | Borrower E [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Location | Other / Diversified |
Debt instrument variable rate basis | LIBOR |
Interest Payment Rates | 4.75% |
Maximum Maturity Date | 7-Jan-19 |
Periodic Payment Terms | I/O |
Face Amount of Loans | 151,767 |
Carrying Amount of Loans | 150,618 |
Subordinate Loans [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Prior Liens | 199,374 |
Face Amount of Loans | 88,365 |
Carrying Amount of Loans | 87,914 |
Subordinate Loans [Member] | Condo / Northeast [Member] | Borrower BB [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Location | Condo / Northeast |
Debt instrument variable rate basis | LIBOR |
Interest Payment Rates | 12.56% |
Maximum Maturity Date | 13-Dec-17 |
Periodic Payment Terms | I/O |
Prior Liens | 110,388 |
Face Amount of Loans | 33,966 |
Carrying Amount of Loans | 34,081 |
Subordinate Loans [Member] | Office [Member] | Borrower AA [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Location | Office / Northwest |
Debt instrument variable rate basis | LIBOR |
Interest Payment Rates | 5.66% |
Maximum Maturity Date | 9-Apr-15 |
Periodic Payment Terms | I/O |
Prior Liens | 88,986 |
Face Amount of Loans | 54,399 |
Carrying Amount of Loans | $53,833 |
Minimum [Member] | Senior Mortgage Loans [Member] | Various / Diversified [Member] | All Other Mortgage Loans Individually Less Than 3% [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest Payment Rates | 365.00% |
Maximum [Member] | Senior Mortgage Loans [Member] | Various / Diversified [Member] | All Other Mortgage Loans Individually Less Than 3% [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest Payment Rates | 683.00% |
Schedule_IV_Mortgage_Loans_on_2
Schedule IV - Mortgage Loans on Real Estate (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 |
In Billions, unless otherwise specified | |
Mortgage Loans on Real Estate [Abstract] | |
Tax basis of mortgage loans | $3.90 |
Schedule_IV_Reconciliation_of_
Schedule IV - Reconciliation of Mortgage Loans on Real Estate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage Loans on Real Estate [Abstract] | |||
Balance at January 1, | $2,047,223 | $141,500 | $869,269 |
Additions during period: | |||
Consolidation (deconsolidation) of subsidiary | -645,163 | ||
Loan fundings | 3,067,263 | 2,327,914 | 26 |
Amortization of deferred fees and expenses | 19,785 | 5,965 | 180 |
Unrealized gain (loss) on foreign currency translation | 796 | ||
Valuation allowance on loans held-for-sale | 1,300 | 1,259 | |
Recovery of provision for loan losses | 36,147 | ||
Deductions during period: | |||
Collections of principal | -564,183 | -383,647 | -118,959 |
Unrealized gain (loss) on foreign currency translation | -52,076 | ||
Deferred origination fees and expenses | -35,449 | -25,402 | |
Loans sold | -27,063 | -21,162 | |
Transfers to other assets | -27,000 | ||
Balance at December 31, | $4,428,500 | $2,047,223 | $141,500 |