Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 19, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BXMT | |
Entity Registrant Name | BLACKSTONE MORTGAGE TRUST, INC. | |
Entity Central Index Key | 1,061,630 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 93,912,936 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 181,796 | $ 96,450 |
Restricted cash | 476 | 9,556 |
Loans receivable, net | 9,090,934 | 9,077,007 |
Equity investments in unconsolidated subsidiaries | 2,806 | 9,441 |
Other assets | 212,449 | 184,119 |
Total Assets | 9,488,461 | 9,376,573 |
Liabilities and Equity | ||
Secured debt agreements | 6,198,093 | 6,116,105 |
Loan participations sold | 422,585 | 497,032 |
Convertible notes, net | 165,373 | 164,026 |
Other liabilities | 193,316 | 93,679 |
Total Liabilities | 6,979,367 | 6,870,842 |
Commitments and contingencies | ||
Equity | ||
Additional paid-in capital | 3,079,903 | 3,070,200 |
Accumulated other comprehensive loss | (42,143) | (32,758) |
Accumulated deficit | (542,282) | (545,791) |
Total Blackstone Mortgage Trust, Inc. stockholders' equity | 2,496,417 | 2,492,588 |
Non-controlling interests | 12,677 | 13,143 |
Total Equity | 2,509,094 | 2,505,731 |
Total Liabilities and Equity | 9,488,461 | 9,376,573 |
Class A Common Stock [Member] | ||
Equity | ||
Class A common stock, $0.01 par value, 200,000,000 shares authorized, 93,912,674 and 93,702,326 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively | $ 939 | $ 937 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - Class A Common Stock [Member] - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Common stock, par value in dollars per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 93,912,674 | 93,702,326 |
Common stock, shares outstanding | 93,912,674 | 93,702,326 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income from loans and other investments | ||||
Interest and related income | $ 130,471 | $ 80,481 | $ 253,496 | $ 143,889 |
Less: Interest and related expenses | 49,065 | 30,634 | 94,446 | 54,796 |
Income from loans and other investments, net | 81,406 | 49,847 | 159,050 | 89,093 |
Other expenses | ||||
Management and incentive fees | 15,847 | 8,051 | 29,460 | 14,721 |
General and administrative expenses | 6,781 | 15,698 | 13,576 | 23,359 |
Total other expenses | 22,628 | 23,749 | 43,036 | 38,080 |
Gain on investments at fair value | 10,524 | 4,714 | 10,589 | 22,190 |
(Loss) income from equity investments in unconsolidated subsidiaries | (6) | 1,710 | 133 | 5,659 |
Income before income taxes | 69,296 | 32,522 | 126,736 | 78,862 |
Income tax (benefit) provision | (154) | 105 | 87 | 350 |
Net income | 69,450 | 32,417 | 126,649 | 78,512 |
Net income attributable to non-controlling interests | (6,369) | (3,133) | (6,521) | (13,833) |
Net income attributable to Blackstone Mortgage Trust, Inc. | $ 63,081 | $ 29,284 | $ 120,128 | $ 64,679 |
Net income per share of common stock basic and diluted | $ 0.67 | $ 0.36 | $ 1.28 | $ 0.93 |
Weighted-average shares of common stock outstanding basic and diluted | 94,064,423 | 80,940,535 | 94,066,096 | 69,820,061 |
Dividends declared per share of common stock | $ 0.62 | $ 0.52 | $ 1.24 | $ 1.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Net income | $ 69,450 | $ 32,417 | $ 126,649 | $ 78,512 |
Other comprehensive loss | ||||
Unrealized (loss) gain on foreign currency remeasurement | (21,321) | 15,732 | (15,343) | (4,336) |
Unrealized gain (loss) on derivative financial instruments | 12,624 | (3,308) | 5,958 | 28 |
Comprehensive income | 60,753 | 44,841 | 117,264 | 74,204 |
Comprehensive income attributable to non-controlling interests | (6,369) | (3,133) | (6,521) | (13,833) |
Comprehensive income attributable to Blackstone Mortgage Trust, Inc. | $ 54,384 | $ 41,708 | $ 110,743 | $ 60,371 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Stockholders' Equity [Member] | Non-Controlling Interests [Member] | Class A Common Stock [Member]Common Stock [Member] |
Balance at Dec. 31, 2014 | $ 1,500,886 | $ 2,027,404 | $ (15,024) | $ (547,592) | $ 1,465,371 | $ 35,515 | $ 583 |
Shares of class A common stock issued, net | 1,029,557 | 1,029,208 | 1,029,557 | 349 | |||
Restricted class A common stock earned | 6,504 | 6,504 | 6,504 | ||||
Dividends reinvested | 7 | 125 | (118) | 7 | |||
Deferred directors' compensation | 188 | 188 | 188 | ||||
Other comprehensive loss | (4,308) | (4,308) | (4,308) | ||||
Net income | 78,512 | 64,679 | 64,679 | 13,833 | |||
Dividends declared on common stock | (78,874) | (78,874) | (78,874) | ||||
Distributions to non-controlling interests | (36,985) | (36,985) | |||||
Balance at Jun. 30, 2015 | 2,495,487 | 3,063,429 | (19,332) | (561,905) | 2,483,124 | 12,363 | 932 |
Balance at Dec. 31, 2015 | 2,505,731 | 3,070,200 | (32,758) | (545,791) | 2,492,588 | 13,143 | 937 |
Shares of class A common stock issued, net | 2 | 2 | 2 | ||||
Restricted class A common stock earned | 9,335 | 9,335 | 9,335 | ||||
Dividends reinvested | 13 | 180 | (167) | 13 | |||
Deferred directors' compensation | 188 | 188 | 188 | ||||
Other comprehensive loss | (9,385) | (9,385) | (9,385) | ||||
Net income | 126,649 | 120,128 | 120,128 | 6,521 | |||
Dividends declared on common stock | (116,452) | (116,452) | (116,452) | ||||
Distributions to non-controlling interests | (6,987) | (6,987) | |||||
Balance at Jun. 30, 2016 | $ 2,509,094 | $ 3,079,903 | $ (42,143) | $ (542,282) | $ 2,496,417 | $ 12,677 | $ 939 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities | ||
Net income | $ 126,649 | $ 78,512 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Gain on investments at fair value | (10,589) | (22,190) |
Income from equity investments in unconsolidated subsidiaries | (133) | (5,659) |
Non-cash compensation expense | 10,315 | 11,184 |
Distributions of income from unconsolidated subsidiaries | 6,837 | 5,007 |
Amortization of deferred interest on loans | (20,360) | (12,198) |
Amortization of deferred financing costs and premiums/discount on debt obligations | 9,752 | 7,955 |
Changes in assets and liabilities, net | ||
Other assets | 4,248 | (56,703) |
Other liabilities | (3,424) | 443 |
Net cash provided by operating activities | 123,295 | 6,351 |
Cash flows from investing activities | ||
Originations and fundings of loans receivable | (1,401,871) | (6,430,243) |
Principal collections and proceeds from loans receivable and other assets | 1,323,770 | 686,037 |
Origination and exit fees received on loans receivable | 21,613 | 16,373 |
Change in restricted cash | 9,080 | 4,566 |
Net cash used in investing activities | (47,408) | (5,723,267) |
Cash flows from financing activities | ||
Borrowings under secured debt agreements | 1,508,171 | 6,241,975 |
Repayments under secured debt agreements | (1,328,131) | (1,520,790) |
Proceeds from sales of loan participations | 54,441 | 256,000 |
Repayment of loan participations | (92,000) | (124,164) |
Payment of deferred financing costs | (9,316) | (17,712) |
Receipts under derivative financial instruments | 11,478 | 4,141 |
Payments under derivative financial instruments | (13,240) | (3,079) |
Distributions to non-controlling interests | (6,987) | (36,985) |
Net proceeds from issuance of class A common stock | 13 | 1,029,557 |
Dividends paid on class A common stock | (116,323) | (60,695) |
Net cash provided by financing activities | 8,106 | 5,768,248 |
Net increase in cash and cash equivalents | 83,993 | 51,332 |
Cash and cash equivalents at beginning of period | 96,450 | 51,810 |
Effects of currency translation on cash and cash equivalents | 1,353 | 1,110 |
Cash and cash equivalents at end of period | 181,796 | 104,252 |
Supplemental disclosure of cash flows information | ||
Payments of interest | (84,408) | (43,558) |
Payments of income taxes | (204) | (126) |
Supplemental disclosure of non-cash investing and financing activities | ||
Dividends declared, not paid | (58,382) | (48,480) |
Participations sold, net | (37,559) | 131,836 |
Principal payments held by servicer | 138,573 | $ 95,144 |
Secured debt repayments held by servicer | $ (102,626) |
Organization
Organization | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the Securities and Exchange Commission. Basis of Presentation The accompanying consolidated financial statements 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 statement of cash flows to conform to the current period presentation. 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 primary 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. As of both June 30, 2016 and December 31, 2015, we did not consolidate any VIEs. Use of Estimates The preparation of consolidated 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 portfolio is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts 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. In addition, for loans we originate, the related origination expenses are deferred and recognized as a component of interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred. 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, less costs to sell, 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, or LTV, 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: 5 - Impaired/Loss Likely: During the second quarter of 2015, we acquired a portfolio of loans from General Electric Capital Corporation and certain of its affiliates, or the GE portfolio, for a total purchase price of $4.7 billion. We allocated the aggregate purchase price between each loan based on its fair value relative to the overall portfolio, which allocation resulted in purchase discounts or premiums determined on an asset-by-asset basis. Each loan will accrete from its allocated purchase price to its expected collection value over the life of the loan, consistent with the other loans in our portfolio. 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 either 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 non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s 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. Amounts are reclassified out of accumulated other comprehensive income (loss) and into net income when the hedged item is sold, substantially liquidated, or de-designated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its value are included in net income. 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. Senior Loan Participations In certain instances, we finance our loans through the non-recourse syndication of a senior loan interest to a third-party. Depending on the particular structure of the syndication, the senior loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participations sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining subordinate loan and not the non-consolidated senior interest we sold. Convertible Notes The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 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 as a reduction in the net book value of the related liability 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 “Fair Value Measurements and Disclosures” Topic, or ASC 820, 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. ASC 820 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 based on discounted cash flow methodology taking into consideration factors, including capitalization rates, discount 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. • Derivative financial instruments: The fair value of our foreign currency contracts and interest rates caps 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. • Secured debt agreements: The fair values for these instruments were estimated based on the rate at which a similar credit facility would have currently priced. • Loan participations sold: The fair value of these instruments were estimated based on the value of the related loan receivable asset. • Convertible notes, net: The convertible notes are actively traded and their fair values were obtained using quoted market prices for these instruments. 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 our 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 our class A common stock, including restricted class A common stock and deferred stock units. Refer to Note 10 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 average exchange rate over the applicable period. 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. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326),” or ASU 2016-13. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace the “incurred loss” model under existing guidance with an “expected loss” model for instruments measured at amortized cost, and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We are currently evaluating the impact ASU 2016-13 will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting (Topic 718),” or ASU 2016-09. ASU 2016-09 requires all income tax effects of share-based payment awards to be recognized in the income statement relating to the period in which the awards vest or are settled. ASU 2016-09 also allows an employer to repurchase more of an employee’s shares for tax withholding purposes than is permitted under current guidance without triggering liability accounting. Finally, ASU 2016-09 allows a policy election to account for employee forfeitures as they occur. We adopted ASU 2016-09 in the second quarter of 2016 and its adoption did not have a material impact on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): 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. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606) , |
Loans Receivable
Loans Receivable | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Loans Receivable | 3. LOANS RECEIVABLE The following table details overall statistics for our loans receivable portfolio ($ in thousands): June 30, 2016 December 31, 2015 Number of loans 116 125 Principal balance $ 9,122,567 $ 9,108,361 Net book value $ 9,090,934 $ 9,077,007 Unfunded loan commitments (1) $ 907,709 $ 700,658 Weighted-average cash coupon (2) 4.85 % 4.84 % Weighted-average all-in yield (2) 5.19 % 5.18 % Weighted-average maximum maturity (years) (3) 3.0 3.1 (1) Unfunded commitments will primarily be funded to finance property improvements or lease-related expenditures by the borrowers. These future commitments will be funded over the term of each loan, subject in certain cases to an expiration date. (2) As of June 30, 2016, our floating rate loans were indexed to various benchmark rates, with 84% of floating rate loans indexed to USD LIBOR. In addition, $146.0 million of our floating rate loans earned interest based on floors that are above the applicable index, with an average floor of 1.80%, as of June 30, 2016. As of December 31, 2015, our floating rate loans were indexed to various benchmark rates, with 84% of floating rate loans indexed to USD LIBOR. In addition, $147.9 million of our floating rate loans earned interest based on floors that are above the applicable index, with an average floor of 1.80%, as of December 31, 2015. In addition to cash coupon, all-in yield includes the amortization of deferred origination fees, loan origination costs, purchase discounts, and accrual of both extension and exit fees. Cash coupon and all-in yield assume applicable floating benchmark rate for weighted-average calculation. (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of June 30, 2016, 63% of our loans were subject to yield maintenance or other prepayment restrictions and 37% were open to repayment by the borrower without penalty. As of December 31, 2015, 64% of our loans were subject to yield maintenance or other prepayment restrictions and 36% were open to repayment by the borrower without penalty. Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Deferred Fees / (1) Net Book Value December 31, 2015 $ 9,108,361 $ (31,354) $ 9,077,007 Loan fundings 1,401,871 — 1,401,871 Loan repayments (1,341,814 ) — (1,341,814 ) Unrealized (loss) gain on foreign currency translation (45,851 ) 974 (44,877 ) Deferred fees and other items (1) — (21,613 ) (21,613 ) Amortization of fees and other items (1) — 20,360 20,360 June 30, 2016 $ 9,122,567 $ (31,633 ) $ 9,090,934 (1) Other items primarily consist of purchase discounts or premiums, exit fees, and deferred origination expenses. The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands): June 30, 2016 Property Type Number of Net Book Total Loan (1) Percentage of Office 54 $ 4,110,928 $ 4,176,738 41 % Hotel 18 1,863,974 1,937,744 19 Manufactured housing 15 1,259,884 1,257,691 12 Retail 9 818,471 1,195,197 12 Multifamily 10 622,038 623,892 6 Condominium 2 101,238 344,337 3 Other 8 314,401 649,877 7 116 $ 9,090,934 $ 10,185,476 100 % Geographic Location Number of Net Book Total Loan (1) Percentage of United States Northeast 23 $ 2,158,020 $ 2,168,623 21 % Southeast 25 1,716,458 2,093,981 20 West 20 1,311,546 1,560,118 15 Midwest 7 921,518 924,728 9 Southwest 12 877,497 875,685 9 Northwest 6 261,194 305,556 3 Subtotal 93 7,246,233 7,928,691 77 International United Kingdom 10 981,209 1,340,300 13 Canada 9 518,592 515,379 5 Germany 1 218,458 273,503 3 Spain 1 67,930 68,600 1 Netherlands 2 58,512 59,003 1 Subtotal 23 1,844,701 2,256,785 23 Total 116 $ 9,090,934 10,185,476 100 % (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.1 billion of such non-consolidated senior interests as of June 30, 2016. December 31, 2015 Property Type Number of Net Book Total Loan (1) Percentage of Office 55 $ 4,039,521 $ 4,085,007 41 % Hotel 20 1,903,544 1,986,113 20 Manufactured housing 18 1,361,572 1,359,132 13 Retail 9 684,944 1,031,405 10 Multifamily 11 580,112 582,545 6 Condominium 3 127,434 353,144 3 Other 9 379,880 750,780 7 125 $ 9,077,007 $ 10,148,126 100 % Geographic Location Number of Net Book Total Loan (1) Percentage of United States Northeast 25 $ 2,260,392 $ 2,272,163 22 % Southeast 27 1,836,766 2,185,609 21 West 22 1,125,238 1,356,301 13 Southwest 15 1,035,839 1,034,732 10 Midwest 5 616,964 617,774 6 Northwest 5 390,307 415,207 4 Subtotal 99 7,265,506 7,881,786 76 International United Kingdom 10 888,998 1,283,644 13 Canada 11 561,023 558,724 6 Germany 2 235,294 296,424 3 Spain 1 66,661 67,416 1 Netherlands 2 59,525 60,132 1 Subtotal 26 1,811,501 $ 2,266,340 24 Total 125 $ 9,077,007 $ 10,148,126 100 % (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.0 billion of such non-consolidated senior interests as of December 31, 2015. Loan Risk Ratings As further described in Note 2, our Manager evaluates our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, our Manager assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2. The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands): June 30, 2016 December 31, 2015 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) 1 15 $ 1,366,279 $ 1,364,986 1 12 $ 919,991 $ 925,443 2 63 4,356,669 4,409,578 2 77 5,929,447 6,316,890 3 38 3,367,986 4,410,912 3 35 2,114,531 2,792,510 4 — — — 4 1 113,038 113,283 5 — — — 5 — — — 116 $ 9,090,934 $ 10,185,476 125 $ 9,077,007 $ 10,148,126 (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.1 billion and $1.0 billion of such non-consolidated senior interests as of June 30, 2016 and December 31, 2015, respectively. The weighted-average risk rating of our total loan exposure was 2.3 and 2.2 as of June 30, 2016 and December 31, 2015, respectively. We did not have any impaired loans, nonaccrual loans, or loans in maturity default as of June 30, 2016 or December 31, 2015. During the third quarter of 2015, one of the loans in our portfolio experienced a maturity default as a result of not meeting certain loan covenants. During the fourth quarter of 2015 and the first quarter of 2016, the loan was modified to include, among other changes: a redetermination of asset release pricing; an additional borrower contribution of capital; and an extension of the maturity date to August 31, 2016, which the borrower may extend for six months. During the six months ended June 30, 2016, three of the assets collateralizing the $113.3 million loan were sold and the loan was partially repaid by $102.6 million, resulting in a net book value of $10.3 million as of June 30, 2016. The loan’s risk rating was upgraded from a “4” to a “3” during the second quarter of 2016 as a result of the collateral asset sales and resulting loan repayments. As of June 30, 2016 and December 31, 2015, the borrower was current with all terms of the loan and we expect to collect all contractual amounts due thereunder. |
Equity Investments in Unconsoli
Equity Investments in Unconsolidated Subsidiaries | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments in Unconsolidated Subsidiaries | 4. EQUITY INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES As of June 30, 2016, our equity investments in unconsolidated subsidiaries consisted solely of our carried interest in CTOPI, a fund sponsored and managed by an affiliate of our Manager. Activity relating to our equity investments in unconsolidated subsidiaries was as follows ($ in thousands): CTOPI Total as of December 31, 2015 $ 9,441 Distributions (6,837 ) Income allocation (1) 202 Total as of June 30, 2016 $ 2,806 (1) In instances where we have not received cash or all appropriate contingencies have not been eliminated, we have deferred the recognition of promote revenue allocated to us from CTOPI in respect of our carried interest in CTOPI, and recorded an offsetting liability as a component of other liabilities on our consolidated balance sheets. Our carried interest in CTOPI entitles us to earn promote 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 June 30, 2016, we had been allocated $2.8 million of promote 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 or earned, pending distribution, and appropriate contingencies have been eliminated. We recognized $133,000 of promote income from CTOPI in respect of our carried interest and recorded such amounts as income in our consolidated statement of operations during the six months ended June 30, 2016, compared to $5.7 million during the same period in 2015. This carried interest was either received in cash, or was earned and available in cash at CTOPI pending future distribution as of each respective balance sheet date. CTOPI Incentive Management Fee Grants In January 2011, we created a management compensation pool for employees equal to 45% of the CTOPI promote distributions received by us. Approximately 68% of the pool is two-thirds vested as of June 30, 2016, with the remainder contingent on continued employment with an affiliate of our Manager and upon our receipt of promote distributions from CTOPI. The remaining 32% of the pool is fully vested as a result of an acceleration event. During the six months ended June 30, 2016, we recognized $168,000, under the CTOPI incentive plan, compared to $2.5 million for the same period in 2015. Such amounts were recognized as a component of general and administrative expenses in our consolidated statement of operations. |
Other Assets and Liabilities
Other Assets and Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Other Assets and Liabilities | 5. OTHER ASSETS AND LIABILITIES The following table details the components of our other assets ($ in thousands): June 30, December 31, 2016 2015 Loan portfolio payments held by servicer (1) $ 138,883 $ 122,666 Accrued interest receivable 36,022 37,161 Real estate debt and equity investments, at fair value (2) 22,442 14,220 Derivative assets 14,023 8,657 Prepaid expenses 593 890 Prepaid taxes 486 525 Total $ 212,449 $ 184,119 (1) Represents loan principal and interest payments held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle. (2) Real estate debt and equity investments consists of assets held by CT Legacy Partners and are measured at fair value. As of June 30, 2016, our other liabilities primarily included $102.6 million of secured debt repayments pending servicer remittance as of the balance sheet date, $58.2 million of accrued dividends payable, and $15.8 million of accrued management and incentive fees payable to our Manager. As of December 31, 2015, our other liabilities primarily included $58.1 million of accrued dividends payable and $14.4 million of accrued management and incentive fees payable to our Manager. |
Secured Debt Agreements
Secured Debt Agreements | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Secured Debt Agreements | 6. SECURED DEBT AGREEMENTS Our secured debt agreements include revolving repurchase facilities, the GE portfolio acquisition facility, asset-specific financings, and a revolving credit agreement. The following table details our secured debt agreements ($ in thousands): Secured Debt Agreements Borrowings Outstanding June 30, 2016 December 31, 2015 Revolving repurchase facilities $ 3,142,404 $ 2,495,805 GE portfolio acquisition facility 2,581,776 3,161,291 Asset-specific financings 490,702 474,655 Revolving credit agreement — — Total secured debt agreements $ 6,214,882 $ 6,131,751 Deferred financing costs (1) (16,789 ) (15,646 ) Net book value of secured debt $ 6,198,093 $ 6,116,105 (1) Costs incurred in connection with our secured debt agreements are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related agreement. Revolving Repurchase Facilities During the six months ended June 30, 2016, we increased the maximum facility size of two of our revolving repurchase facilities, providing an additional $1.3 billion of credit capacity. The following table details our revolving repurchase facilities ($ in thousands): June 30, 2016 Maximum Collateral Repurchase Borrowings Lender Facility Size (1) Assets (2) Potential (3) Outstanding Available (3) Wells Fargo $ 2,000,000 $ 1,421,595 $ 1,099,823 $ 826,255 $ 273,568 MetLife 1,000,000 946,957 739,102 739,102 — Bank of America 750,000 649,974 512,679 498,334 14,345 JP Morgan (4) 500,000 519,014 404,031 393,738 10,293 Citibank 500,000 533,589 412,130 369,145 42,985 Morgan Stanley (5) 335,725 267,152 210,432 210,432 — Société Générale (6) 445,000 166,513 133,211 105,398 27,813 $ 5,530,725 $ 4,504,794 $ 3,511,408 $ 3,142,404 $ 369,004 December 31, 2015 Maximum Collateral Repurchase Borrowings Lender Facility Size (1) Assets (2) Potential (3) Outstanding Available (3) Bank of America $ 750,000 $ 840,884 $ 665,861 $ 618,944 $ 46,917 Wells Fargo 1,000,000 879,155 687,200 562,382 124,818 JP Morgan (4) 524,547 589,752 464,723 382,042 82,681 Citibank 500,000 568,032 436,217 344,879 91,338 MetLife 750,000 593,273 462,849 324,587 138,262 Morgan Stanley (5) 370,400 273,280 212,050 209,038 3,012 Société Générale (6) 437,320 67,416 53,933 53,933 — $ 4,332,267 $ 3,811,792 $ 2,982,833 $ 2,495,805 $ 487,028 (1) Maximum facility size represents the largest amount of borrowings available under a given facility once sufficient collateral assets have been approved by the lender and pledged by us. (2) Represents the principal balance of the collateral assets. (3) Potential borrowings represents 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) As of June 30, 2016, the JP Morgan maximum facility size was composed of a general $500.0 million facility size, under which U.S. Dollars and British Pound Sterling borrowings are contemplated. As of December 31, 2015, the JP Morgan maximum facility was composed of general $250.0 million facility size plus a general £153.0 million ($226.7 million) facility size provided under a related agreement that contemplated U.S. Dollars and British Pound Sterling borrowings, and additional capacity of £32.3 million ($47.8 million) on the £153.0 million facility. (5) The Morgan Stanley maximum facility size represents a £250.0 million facility size that was translated to $335.7 million as of June 30, 2016, and $370.4 million as of December 31, 2015. (6) The Société Générale maximum facility size represents a €400.0 million facility size that was translated to $445.0 million as of June 30, 2016, and $437.3 million as of December 31, 2015. The weighted-average outstanding balance of our revolving repurchase facilities was $2.9 billion for the six months ended June 30, 2016. As of June 30, 2016, we had aggregate borrowings of $3.1 billion outstanding under our revolving repurchase facilities, with a weighted-average cash coupon of LIBOR plus 1.85% per annum, a weighted-average all-in cost of credit, including associated fees and expenses, of LIBOR plus 2.04% per annum, and a weighted-average advance rate of 79.1%. As of June 30, 2016, outstanding borrowings under these facilities had a weighted-average maturity, excluding extension options and term-out provisions, of 1.3 years. The weighted-average outstanding balance of our revolving repurchase facilities was $2.4 billion for the six months ended December 31, 2015. As of December 31, 2015, we had aggregated borrowings of $2.5 billion outstanding under our revolving repurchase facilities, with a weighted-average cash coupon of LIBOR plus 1.83% per annum, a weighted-average all-in cost of credit, including associated fees and expenses, of LIBOR plus 2.05% per annum, and a weighted-average advance rate of 78.8%. As of December 31, 2015, outstanding borrowings under these facilities had a weighted-average maturity, excluding extension options and term-out provisions, of 1.3 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 as of June 30, 2016: Lender Currency Rate (1) Guarantee (2) Advance Rate (3) Margin Call (4) Term/Maturity Wells Fargo $ L+1.82% 25% 79.5% Collateral marks only Term matched (5) MetLife $ L+1.84% 50% 78.8% Collateral marks only April 22, 2022 (6) Bank of America $ L+1.68% 50% 79.3% Collateral marks only May 21, 2021 (7) JP Morgan $ / £ L+1.86% 25% 78.8% Collateral marks only January 7, 2018 Citibank $ L+1.92% 25% 78.1% Collateral marks only Term matched (5) Morgan Stanley £ / € L+2.35% 25% 78.8% Collateral marks only March 1, 2019 Société Générale £ / € L+1.60% 25% 80.0% Collateral marks only Term matched (5) (1) Represents weighted-average cash coupon based on borrowings outstanding. In instances where our borrowings are denominated in currencies other than the U.S. Dollar, interest accrues at a rate equivalent to a margin plus a base rate other than 1-month USD LIBOR, such as 3-month GBP LIBOR, 3-month EURIBOR, or 3-month CDOR. (2) Other than amounts guaranteed based on specific collateral asset types, borrowings under our revolving repurchase facilities are non-recourse to us. (3) Represents weighted-average advance rate based on the outstanding principal balance of the collateral assets pledged. (4) Margin call provisions under our revolving repurchase facilities do not permit valuation adjustments based on capital markets events, 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 five one-year extension options which may be exercised at our sole discretion. (7) Includes two one-year extension options which may be exercised at our sole discretion. Subsequent Events On July 25, 2016, we amended our multi-currency, revolving repurchase facility with JP Morgan to extend the maturity date to January 7, 2019 from January 7, 2018. GE Portfolio Acquisition Facility During the second quarter of 2015, concurrently with our acquisition of the GE portfolio, we entered into an agreement with Wells Fargo to provide us with secured financing for the acquired portfolio. During the second quarter of 2016, we increased the facility size by $125.0 million. As of June 30, 2016, this facility provided for $2.8 billion of financing, of which $2.6 billion was outstanding and an additional $238.7 million was available to finance future loan fundings in the GE portfolio. The GE portfolio acquisition facility is non-revolving and consists of a single master repurchase agreement providing for both (i) asset-specific borrowings for each collateral asset as well as (ii) a sequential pay advance feature. Asset-Specific Borrowings The asset-specific borrowings under the GE portfolio acquisition facility were advanced at a weighted-average rate of 80% of our purchase price of the collateral assets and will be repaid pro rata from collateral asset repayment proceeds. The asset-specific borrowings are currency matched to the collateral assets and accrue interest at a rate equal to the sum of (i) the applicable base rate plus (ii) a margin of 1.75%, which will increase to 1.80% and 1.85% in year four and year five, respectively. As of June 30, 2016, those borrowings were denominated in U.S. Dollars, Canadian Dollars, British Pounds Sterling, and Euros. The asset-specific borrowings are term matched to the underlying collateral assets with an outside maturity date of May 20, 2020, which may be extended pursuant to two one-year extension options. We guarantee obligations under the GE portfolio acquisition facility in an amount equal to the greater of (i) 25% of outstanding asset-specific borrowings, and (ii) $250.0 million. We had outstanding asset-specific borrowings of $2.6 billion and $3.1 billion under the GE portfolio acquisition facility as of June 30, 2016 and December 31, 2015, respectively. Sequential Pay Advance The GE portfolio acquisition facility also included a sequential pay advance feature that provided for $237.2 million of borrowings, representing an additional 5% advance against each collateral asset pledged under the facility. As of June 30, 2016, the sequential pay advance borrowings under the GE portfolio acquisition facility had been fully repaid. As of December 31, 2015, we had outstanding sequential pay advance borrowings of $40.7 million. Borrowings under the sequential pay advance accrued interest at a rate equal to the sum of (i) 30-day LIBOR plus (ii) a margin of 3.10%. The sequential pay advance was denominated in U.S. Dollars and was repaid from collateral loan principal repayments, after repayment of the related asset-specific borrowing. The sequential pay advances each had a maturity date that was one year from the date of funding, and we had guaranteed 100% of outstanding borrowings of the sequential pay advance. Asset-Specific Financings The following table details statistics for our asset-specific financings ($ in thousands): June 30, 2016 Lender Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term JP Morgan (3) Collateral assets 1 $ 280,415 $ 278,709 L+3.87 % $ n/a Jan., 2020 Financing provided 1 233,679 233,456 L+1.89 % 58,420 Jan., 2020 Citibank (3) Collateral assets 2 201,270 201,101 L+4.45 % n/a Nov., 2020 Financing provided 2 156,461 156,446 L+2.45 % 39,115 Nov., 2020 Bank of the Ozarks Collateral assets 2 73,751 70,823 L+6.00 % n/a Nov., 2019 Financing provided 2 55,500 54,003 L+3.84 % — Nov., 2019 Wells Fargo Collateral assets 1 64,375 63,899 L+6.32 % n/a Dec., 2019 Financing provided 1 45,062 44,729 L+3.20 % 9,012 Dec., 2019 Total Collateral assets 6 $ 619,811 $ 614,532 L+4.57 % $ n/a Financing provided 6 $ 490,702 $ 488,634 L+2.41 % $ 106,547 (1) These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement 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, yield/cost includes the amortization of deferred origination fees / financing costs. (2) Other than amounts guaranteed on an asset-by-asset basis, borrowings under our asset-specific financings are non-recourse to us. (3) Borrowings under these asset specific financings are cross collateralized with the related revolving repurchase facility with the same lender. December 31, 2015 Lender Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term Wells Fargo (3) Collateral assets 3 $ 319,897 $ 318,693 L+4.92 % $ n/a Jun., 2019 Financing provided 3 234,850 234,115 L+2.37 % 42,627 Jun., 2019 JP Morgan (3) Collateral assets 1 274,878 272,632 L+3.88 % n/a Jan., 2020 Financing provided 1 214,491 214,391 L+1.94 % 53,623 Jan., 2020 Citibank (3) Collateral assets 1 36,749 36,514 L+4.42 % n/a Oct., 2018 Financing provided 1 25,314 25,293 L+2.08 % 6,329 Oct., 2018 Total Collateral assets 5 $ 631,524 $ 627,839 L+4.44 % $ n/a Financing provided 5 $ 474,655 $ 473,799 L+2.16 % $ 102,579 (1) These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement 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, yield/cost includes the amortization of deferred origination fees / financing costs. (2) Other than amounts guaranteed on an asset-by-asset basis, borrowings under our asset-specific financings are non-recourse to us. (3) Borrowings under these asset specific financings are cross collateralized with the related revolving repurchase facility with the same lender. The weighted-average outstanding balance of our asset-specific financings was $540.1 million for the six months ended June 30, 2016 and $648.9 million for the six months ended December 31, 2015. Revolving Credit Agreement During the second quarter of 2016, we entered into a $125.0 million full recourse secured revolving credit agreement with Barclays that is designed to finance first mortgage originations for up to six months as a bridge to term financing or syndication. Advances under the agreement are subject to availability under a specified borrowing base and accrue interest at a per annum pricing rate equal to the sum of (i) an applicable base rate or Eurodollar rate and (ii) an applicable margin, in each case, dependent on the applicable type of loan collateral. The initial maturity date of the facility is April 4, 2018 and is subject to two one-year extension options, exercisable at our option. The weighted-average outstanding borrowings under the revolving credit agreement were $35.2 million during the six months ended June 30, 2016, and we recorded interest expense of $494,000, including $121,000 of amortization of deferred fees and expenses. As of June 30, 2016 we did not have any outstanding borrowings under the agreement. Debt Covenants Each of the guarantees related to our secured debt agreements contain the following uniform financial covenants: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $1.9 billion as of each measurement date plus 75% of the net cash proceeds of future equity issuances subsequent to June 30, 2016; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2016 and December 31, 2015, we were in compliance with these covenants. |
Loan Participations Sold
Loan Participations Sold | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Loan Participations Sold | 7. LOAN PARTICIPATIONS SOLD The financing of a loan by the non-recourse sale of a senior interest in the loan through a participation agreement generally does not qualify as a sale under GAAP. Therefore, in the instance of such sales, we present the whole loan as an asset and the loan participation sold as a liability on our consolidated balance sheet until the loan is repaid. The obligation to pay principal and interest on these liabilities is generally based on the performance of the related loan obligation. The gross presentation of loan participations sold does not impact stockholders’ equity or net income. The following table details statistics for our loan participations sold ($ in thousands): June 30, 2016 Loan Participations Sold Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term Total loan 2 $ 511,586 $ 507,396 L+4.51 % $ n/a Sep., 2019 Senior participation (3)(4) 2 424,488 422,585 L+2.51 % 32,330 Sep., 2019 December 31, 2015 Loan Participations Sold Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term Total loan 3 $ 608,554 $ 604,321 L+4.15 % $ n/a Nov., 2018 Senior participation (3)(4) 3 498,992 497,032 L+2.49 % 35,558 Nov., 2018 (1) Our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each arrangement 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, yield/cost includes the amortization of deferred fees / financing costs. (2) Other than one instance where we entered into a related guarantee agreement for £24.0 million ($32.2 million as of June 30, 2016), our loan participations sold are non-recourse to us. (3) During the three and six months ended June 30, 2016, we recorded $3.7 million and $7.4 million, respectively, of interest expense related to our loan participations sold, of which $3.6 million and $7.1 million was paid in cash. During the three and six months ended June 30, 2015, we recorded $4.9 million and $9.2 million, respectively, of interest expense related to our loan participations sold, of which $4.7 million and $8.7 million was paid in cash. (4) The difference between principal balance and book value of loan participations sold is due to deferred financing costs of $1.9 million and $2.0 million as of June 30, 2016 and December 31, 2015, respectively. |
Convertible Notes, Net
Convertible Notes, Net | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Convertible Notes, Net | 8. 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. 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 June 30, 2016. 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 was 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. In the fourth quarter of 2015, as a result of exceeding the cumulative dividend threshold as defined in the Convertible Notes Supplemental Indenture, the conversion rate was adjusted to 35.2653 shares of Class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of $28.36 per share of class A common stock. We may not redeem the Convertible Notes prior to maturity. As of June 30, 2016, the conversion option value was zero based on the price of our class A common stock of $27.67. In addition, we have 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. Upon issuance of the Convertible Notes, we recorded a $9.1 million discount based on the implied value of the conversion option and an assumed effective interest rate of 6.50%, as well as $4.1 million of initial issuance costs. Including the amortization of this discount and the issuance costs, our total cost of the Convertible Notes is 7.16% per annum. During the three months ended June 30, 2016, we incurred total interest on our convertible notes of $2.9 million, of which $2.3 million related to cash coupon and $677,000 related to the amortization of discount and certain issuance costs. During the six months ended June 30, 2016, we incurred total interest on our convertible notes of $5.9 million, of which $4.5 million related to cash coupon and $1.4 million related to the amortization of discount and certain issuance costs. During the three months ended June 30, 2015, we incurred total interest on our convertible notes of $2.9 million, of which $2.3 million related to cash coupon and $636,000 related to the amortization of discount and certain issuance costs. During the six months ended June 30, 2015, we incurred total interest on our convertible notes of $5.8 million, of which $4.5 million related to cash coupon and $1.3 million related to the amortization of discount and certain issuance costs. As of June 30, 2016, the Convertible Notes were carried on our consolidated balance sheet at $165.4 million, net of an unamortized discount of $6.9 million and deferred financing costs of $256,000. As of December 31, 2015, the Convertible Notes were carried on our consolidated balance sheet at $164.0 million, net of an unamortized discount of $8.2 million and deferred financing costs of $305,000. Accrued interest payable for the Convertible Notes was $755,000 as of June 30, 2016 and December 31, 2015. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 9. DERIVATIVE FINANCIAL INSTRUMENTS The sole objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of ASC 815 – “Derivatives and Hedging.” Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks. For more information on the accounting for designated and non-designated hedges, refer to Note 2. The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and our affiliates may also have other financial relationships. We do not anticipate that any of the counterparties will fail to meet their obligations. Net Investment Hedges of Foreign Currency Risk Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S. Dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. Dollar. The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands): June 30, 2016 December 31, 2015 Foreign Currency Derivatives Number of Instruments Notional Foreign Currency Derivatives Number of Instruments Notional Amount Sell CAD Forward 1 C$ 130,600 Sell CAD Forward 2 C$ 154,900 Sell GBP Forward 1 £ 114,400 Sell GBP Forward 2 £ 90,400 Sell EUR Forward 1 € 45,100 Sell EUR Forward 1 € 49,000 Cash Flow Hedges of Interest Rate Risk Certain of our financing transactions expose us to a fixed versus floating rate mismatch between our assets and liabilities. We use derivative financial instruments, which include interest rate caps and swaps, and may also include interest rate options, floors, and other interest rate derivative contracts, to hedge interest rate risk associated with our borrowings where there is potential for an index mismatch. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our floating rate debt. During the twelve months following June 30, 2016, we estimate that an additional $1.6 million will be reclassified from other accumulated comprehensive income as an increase to interest expense. Additionally, during the three and six months ended June 30, 2016 and 2015, we did not record any hedge ineffectiveness in our consolidated statements of operations. The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands): June 30, 2016 Interest Rate Number of Instruments Notional Amount Strike Index Wtd.-Avg. Maturity (Years) Interest Rate Caps 26 $ 1,097,632 2% USD LIBOR 0.8 Interest Rate Caps 6 C$ 439,320 2% CDOR 0.8 Interest Rate Caps 1 £ 15,142 2% GBP LIBOR 0.8 Interest Rate Swap 2 C$ 17,273 n/a CDOR 4.2 December 31, 2015 Interest Rate Number of Notional Amount Strike Index Wtd.-Avg. Maturity (Years) Interest Rate Caps 26 $ 1,097,632 2% USD LIBOR 1.3 Interest Rate Caps 7 C$ 483,286 2% CDOR 1.2 Interest Rate Caps 1 € 152,710 2% EURIBOR 1.0 Interest Rate Caps 1 £ 15,142 2% GBP LIBOR 1.3 Non-designated Hedges During the three and six months ended June 30, 2016, we recorded unrealized losses of $659,000 and $1.6 million, respectively, related to non-designated hedges that were reported as a component of interest expense in our consolidated financial statements. We did not record any losses related to non-designated hedges during the three and six months ended June 30, 2015. The following table summarizes our non-designated hedges (notional amount in thousands): June 30, 2016 December 31, 2015 Non-designated Hedges Number of Instruments Notional Amount Non-designated Hedges Number of Instruments Notional Amount Interest Rate Caps 2 € 152,710 Interest Rate Caps 4 C$ 67,303 Interest Rate Caps 4 C$ 67,303 Interest Rate Caps 1 $ 13,387 Buy USD / Sell CAD 2 C$ 17,250 Buy GBP / Sell EUR Forward 1 € 12,857 Buy CAD / Sell USD 2 € 17,250 Buy GBP / Sell USD Forward 1 £ 10,400 Buy GBP / Sell EUR 1 € 12,857 Buy USD / Sell GBP Forward 1 £ 10,400 Buy CAD / Sell USD Forward 1 C$ 1,000 Buy USD / Sell CAD Forward 1 C$ 1,000 Valuation of Derivative Instruments The following table summarizes the fair value of our derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset Position (1) Fair Value of Derivatives in a (2) June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 Derivatives designated as hedging instruments: Foreign exchange contracts $ 13,887 $ 7,999 $ 55 $ 511 Interest rate derivatives 2 238 40 — Total derivatives designated as hedging instruments $ 13,889 $ 8,237 $ 95 $ 511 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 134 $ 419 $ 750 $ 937 Interest rate derivatives — 1 — — Total derivatives not designated as hedging instruments $ 134 $ 420 $ 750 $ 937 Total Derivatives $ 14,023 $ 8,657 $ 845 $ 1,448 (1) Included in other assets in our consolidated balance sheets. (2) Included in other liabilities in our consolidated balance sheets. The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Amount of Gain (Loss) OCI on Derivatives (Effective Portion) Location of Gain (Loss) Accumulated Amount of Loss Reclassified from Income (Effective Portion) Derivatives in Hedging Relationships Three Months Six Months Three Months Six Months Net Investment Foreign exchange contracts (1) $ 12,591 $ 6,121 Interest Expense $ — $ — Cash Flow Hedges Interest rate derivatives (67 ) (290 ) Interest Expense (100 ) (126 ) Total $ 12,524 $ 5,831 $ (100 ) $ (126 ) (1) During the three and six months ended June 30, 2016, we paid net cash settlements of $10.0 million and $1.8 million, respectively, on our foreign currency forward contracts, compared to paying $1.3 million and receiving $2.8 million during the same periods in 2015. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets. Credit-Risk Related Contingent Features We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of June 30, 2016, we were in a net asset position with both of our derivative counterparties. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Equity | 10. EQUITY Stock and Stock Equivalents Authorized Capital As of June 30, 2016, we had the authority to issue up to 300,000,000 shares of stock, consisting of 200,000,000 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 did not have any shares of preferred stock issued and outstanding as of June 30, 2016. 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. 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. 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: Six Months Ended June 30, Common Stock Outstanding (1) 2016 2015 Beginning balance 93,843,847 58,388,808 Issuance of class A common stock 550 34,780,298 Issuance of restricted class A common stock, net 209,798 179,799 Issuance of deferred stock units 14,155 10,665 Ending balance 94,068,350 93,359,570 (1) Deferred stock units held by members of our board of directors totaled 155,676 and 129,584 as of June 30, 2016 and 2015, respectively. 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 three and six months ended June 30, 2016, we issued 265 shares and 550 shares, respectively, of class A common stock under the dividend reinvestment component of the plan compared to 134 shares and 273 shares for the same periods in 2015. As of June 30, 2016, a total of 9,998,847 shares of class A common stock 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 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. We did not sell any shares of our class A common stock under the ATM Agreements during the six months ended June 30, 2016 and 2015. As of June 30, 2016, sales of our class A common stock with an aggregate sales price of $188.6 million remain available for issuance under the ATM Agreements. 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. On June 15, 2016, we declared a dividend of $0.62 per share, or $58.2 million, that was paid on July 15, 2016 to stockholders of record as of June 30, 2016. The following table details our dividend activity ($ in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Dividends declared per share of common stock $ 0.62 $ 0.52 $ 1.24 $ 1.04 Total dividends declared $ 58,226 $ 48,480 $ 116,452 $ 78,874 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 dividends, and therefore have been included in our basic and diluted net income per share calculation. Our Convertible Notes are excluded from dilutive earnings per share as we have the intent and ability to settle these instruments in cash. 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 ($ in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net income (1) $ 63,081 $ 29,284 $ 120,128 $ 64,679 Weighted-average shares outstanding, basic and diluted 94,064,423 80,940,535 94,066,096 69,820,061 Per share amount, basic and diluted $ 0.67 $ 0.36 $ 1.28 $ 0.93 (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. Other Balance Sheet Items Accumulated Other Comprehensive Loss As of June 30, 2016, total accumulated other comprehensive loss was $42.1 million, primarily representing (i) $73.1 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and (ii) an offsetting $31.0 million unrealized gain related to changes in the fair value of derivative instruments. As of December 31, 2015, total accumulated other comprehensive loss was $32.8 million, primarily representing (i) $57.8 million of cumulative unrealized currency translation adjustment on assets and liabilities denominated in foreign currencies and (ii) an offsetting $25.0 million unrealized gain related to changes in the fair value of derivative instruments. 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 June 30, 2016, CT Legacy Partners’ total equity was $21.7 million, of which $9.0 million was owned by Blackstone Mortgage Trust, and $12.7 million was allocated to non-controlling interests. As of December 31, 2015, CT Legacy Partners’ total equity was $22.5 million, of which $9.4 million was owned by Blackstone Mortgage Trust, and $13.1 million was allocated to non-controlling interests. |
Other Expenses
Other Expenses | 6 Months Ended |
Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Other Expenses | 11. 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 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 our management agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our outstanding Equity, provided that our Core Earnings over the prior three-year period is greater than zero. Core Earnings, as defined in our management agreement, is generally equal to our net income (loss) prepared in accordance with GAAP, excluding (i) certain non-cash items (ii) the net income (loss) related to our legacy portfolio and (iii) incentive management fees. During the three and six months ended June 30, 2016, we incurred $9.4 million and $18.9 million, respectively, of management fees payable to our Manager, compared to $8.1 million and $13.5 million during the same periods in 2015. In addition, during the three and six months ended June 30, 2016, we incurred $6.4 million and $10.6 million, respectively, of incentive fees payable to our Manager. During the six months ended June 30, 2015, we incurred $1.2 million of incentive fees payable to our Manager. We did not incur any incentive fee expenses during the three months ended June 30, 2015. As of June 30, 2016 we had accrued management and incentive fees payable to our Manager of $15.8 million, compared to $14.4 million as of December 31, 2015. General and Administrative Expenses General and administrative expenses consisted of the following ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Professional services $ 756 $ 777 $ 1,644 $ 1,476 Operating and other costs 521 554 1,391 1,112 GE transaction costs — 9,013 — 9,213 Subtotal 1,277 10,344 3,035 11,801 Non-cash and CT Legacy Portfolio compensation expenses Management incentive awards plan - CTOPI (1) (3 ) 828 168 2,605 Management incentive awards plan - CT Legacy Partners (2) 630 1,024 758 2,054 Restricted class A common stock earned 4,742 3,303 9,335 6,506 Director stock-based compensation 94 94 188 188 Subtotal 5,463 5,249 10,449 11,353 Total BXMT expenses 6,740 15,593 13,484 23,154 Expenses of consolidated subsidiaries 41 105 92 205 Total general and administrative expenses $ 6,781 $ 15,698 $ 13,576 $ 23,359 (1) Represents the portion of CTOPI promote revenue accrued under compensation awards. See Note 4 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). Approximately 50% of the pool was 75% vested as of June 30, 2016, with the remainder contingent on continued employment with an affiliate of our Manager and our receipt of distributions from CT Legacy Partners. Of the remaining 50% of the pool, 27% is fully vested as a result of an acceleration event, and 23% 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 $1.3 million as of June 30, 2016 and December 31, 2015. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES We elected 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 income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of June 30, 2016 and December 31, 2015, we were in compliance with all REIT requirements. During the three and six months ended June 30, 2016, we recorded an income tax benefit of $154,000 and an income tax provision of $87,000, respectively, primarily related to various state and local taxes. During the three and six months ended June 30, 2015, we recorded an income tax provision of $105,000 and $350,000, respectively. We did not have any deferred tax assets or liabilities as of June 30, 2016 or December 31, 2015. 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, 2015, we had estimated NOLs of $159.0 million and NCLs of $602,000 available to be carried forward and utilized in current or future periods. If we are unable to utilize our NOLs, they will expire in 2029. If we are unable to utilize our NCLs, they will expire in 2017. As of June 30, 2016, tax years 2012 through 2015 remain subject to examination by taxing authorities. |
Stock-Based Incentive Plans
Stock-Based Incentive Plans | 6 Months Ended |
Jun. 30, 2016 | |
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, as of June 30, 2016, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through the issuance of stock-based instruments. We had stock-based incentive awards outstanding under seven benefit plans as of June 30, 2016: (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; (v) our 2013 manager incentive plan, or 2013 Manager Plan; (vi) our 2016 stock incentive plan, or 2016 Plan; and (vii) our 2016 manager incentive plan, or 2016 Manager Plan. We refer to our 1997 Plan, our 2007 Plan, our 2011 Plan, our 2013 Plan, and our 2013 Manager Plan, collectively, as our Expired Plans and we refer to our 2016 Plan and 2016 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 2,400,000 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 June 30, 2016, there were 2,396,605 shares available under the Current Plans. 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 Balance as of December 31, 2015 1,114,908 $ 27.64 Granted 245,225 26.51 Vested (348,767 ) 27.10 Forfeited (35,427 ) 27.49 Balance as of June 30, 2016 975,939 $ 27.55 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 975,939 shares of restricted class A common stock outstanding as of June 30, 2016 will vest as follows: 293,014 shares will vest in 2016; 446,781 shares will vest in 2017; and 236,144 shares will vest in 2018. As of June 30, 2016, total unrecognized compensation cost relating to nonvested share-based compensation arrangements was $27.0 million. This cost is expected to be recognized over a weighted average period of 1.1 years from June 30, 2016. |
Fair Values
Fair Values | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Values | 14. FAIR VALUES Assets and Liabilities Measured at Fair Value The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands): June 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Fair Value Assets Derivatives $ — $ 14,023 $ — $ 14,023 $ — $ 8,657 $ — $ 8,657 Other assets (1) $ 20,745 $ 1,697 $ — $ 22,442 $ — $ 1,659 $ 12,561 $ 14,220 Liabilities Derivatives $ — $ 845 $ — $ 845 $ — $ 1,448 $ — $ 1,448 (1) Other assets include loans, securities, equity investments, and other receivables measured 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): Six Months Ended June 30, 2016 2015 January 1, $ 12,561 $ 47,507 Proceeds from investment realizations (2,406 ) (57,039 ) Transfers out of level 3 (20,745 ) — Adjustments to fair value included in earnings Gain on investments at fair value 10,590 22,228 June 30, $ — $ 12,696 During the second quarter of 2016, $20.7 million of collateralized debt obligations, or CDOs, were transferred out of Level 3 and into Level 1 as a result of a binding agreement to sell the underlying collateral assets of the CDO to an independent third-party as of June 30, 2016. Refer to Note 2 for further discussion regarding fair value measurement. Fair Value of Financial Instruments As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the statement of financial position, for which it is practicable to estimate that value. The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands): June 30, 2016 December 31, 2015 Carrying Face Fair Carrying Face Fair Amount Amount Value Amount Amount Value Financial assets Cash and cash equivalents $ 181,796 $ 181,796 $ 181,796 $ 96,450 $ 96,450 $ 96,450 Restricted cash 476 476 476 9,556 9,556 9,556 Loans receivable, net 9,090,934 9,122,567 9,147,799 9,077,007 9,108,361 9,121,732 Financial liabilities Secured debt agreements 6,198,093 6,214,882 6,214,882 6,116,105 6,131,751 6,131,751 Loan participations sold 422,585 424,488 424,488 497,032 498,992 498,992 Convertible notes, net 165,373 172,500 183,131 164,026 172,500 171,344 Estimates of fair value for cash and cash equivalents, restricted cash and convertible notes are measured using observable, quoted market prices, or Level 1 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 15. TRANSACTIONS WITH RELATED PARTIES We are managed by our Manager pursuant to a management agreement, the current term of which expires on December 19, 2016, and will be automatically renewed for a one-year term each anniversary thereafter unless earlier terminated. As of June 30, 2016, our consolidated balance sheet included $15.8 million of accrued management and incentive fees payable to our Manager. During the three and six months ended June 30, 2016, we paid $13.6 million and $28.0 million, respectively, of management and incentive fees to our Manager, compared to $6.7 million and $12.9 million during the same periods of 2015. In addition, during the three and six months ended June 30, 2016, we reimbursed our Manager for $59,000 and $380,000, respectively, of expenses incurred on our behalf. During the six months ended June 30, 2015, we reimbursed our Manager for $139,000 of expenses incurred on our behalf. We did not reimburse our Manager for any expenses incurred on our behalf during the three months ended June 30, 2015. As of June 30, 2016, our consolidated balance sheet includes $31,000 of preferred distributions payable by CT Legacy Partners to an affiliate of our Manager, compared to $83,000 as of December 31, 2015. During the three and six months ended June 30, 2016, CT Legacy Partners made aggregate preferred distributions of $121,000 and $345,000, respectively, to such affiliate, compared to $389,000 and $841,000 during the same periods of 2015. As of June 30, 2016, our Manager held 476,203 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $13.2 million. We did not issue any shares of restricted class A common stock to our Manager during the six months ended June 30, 2016. The shares of restricted class A common stock vest ratably in quarterly installments over three years from the date of issuance. During the three and six months ended June 30, 2016, we recorded non-cash expense related to shares granted to our Manager of $2.5 million and $4.6 million, respectively, compared to $1.9 million and $3.3 million during the same periods of 2015. Refer to Note 13 for further discussion of our restricted class A common stock. On May 8, 2015, a joint venture of CT Legacy Partners, certain affiliates of our Manager, and other non-affiliated parties, which we refer to as the Three-Pack JV, sold a hotel portfolio it owned to an investment vehicle managed by an affiliate of our Manager. We consented to the sale of the hotel portfolio by the Three-Pack JV, which will result in the ultimate liquidation of the Three-Pack JV and distribution of net sale proceeds to CT Legacy Partners in respect of its investment therein. An aggregate of $40.1 million of net sales proceeds has been received to date by CT Legacy Partners, of which $2.4 million was received during the six months ended June 30, 2016. As a result of the sale transaction, employees of our Manager, including certain of our executive officers, received incentive compensation payments totaling $2.7 million under the CT Legacy Partners Management Incentive Awards Plan, of which $2.5 million was paid during 2015, and the remaining $162,000 was paid during the six months ended June 30, 2016. All of the income from the sale of the hotel portfolio and related compensation expense was recorded during 2015. See Note 11 for further discussion of the CT Legacy Partners Management Incentive Awards Plan. During the three and six months ended June 30, 2016, we incurred $80,000 and $170,000, respectively, of expenses for various administrative and capital market data services to third-party service providers that are affiliates of our Manager, compared to $54,000 and $129,000 during the same periods of 2015. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. COMMITMENTS AND CONTINGENCIES Unfunded Commitments Under Loans Receivable As of June 30, 2016, we had unfunded commitments of $907.7 million related to 63 loans receivable, which amounts will generally be funded to finance lease-related or capital expenditures by our borrowers. These future commitments will expire variously over the next three years. Income Tax Audits of CTIMCO The Internal Revenue Service and the State of New York are separately undergoing examinations of the income tax returns for the years ended December 31, 2012 and 2011 of our former subsidiary, CT Investment Management Co., LLC, or CTIMCO. The examinations are on-going, and no final adjustments have been made or agreed to as a result of these examinations. When we sold CTIMCO in December 2012, we provided certain indemnifications related to its operations, and any amounts determined to be owed by CTIMCO would ultimately be paid by us. As of June 30, 2016, there were no reserves recorded for the CTIMCO examinations. Litigation From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2016, we were not involved in any material legal proceedings. Board of Directors’ Compensation As of June 30, 2016, of the eight members of our board of directors, our five independent directors 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 June 30, 2016, the annual compensation for our directors was paid 40% in cash and 60% 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. SUBSEQUENT EVENTS On July 25, 2016, we amended our multi-currency, revolving repurchase facility with JP Morgan to extend the maturity date to January 7, 2019 from January 7, 2018. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements 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 statement of cash flows to conform to the current period presentation. |
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 primary 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. As of both June 30, 2016 and December 31, 2015, we did not consolidate any VIEs. |
Use of Estimates | Use of Estimates The preparation of consolidated 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 portfolio is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts 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. In addition, for loans we originate, the related origination expenses are deferred and recognized as a component of interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred. |
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, less costs to sell, 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, or LTV, 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: 5 - Impaired/Loss Likely: During the second quarter of 2015, we acquired a portfolio of loans from General Electric Capital Corporation and certain of its affiliates, or the GE portfolio, for a total purchase price of $4.7 billion. We allocated the aggregate purchase price between each loan based on its fair value relative to the overall portfolio, which allocation resulted in purchase discounts or premiums determined on an asset-by-asset basis. Each loan will accrete from its allocated purchase price to its expected collection value over the life of the loan, consistent with the other loans in our portfolio. |
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 either 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 non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s 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. Amounts are reclassified out of accumulated other comprehensive income (loss) and into net income when the hedged item is sold, substantially liquidated, or de-designated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its value are included in net income. |
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. |
Senior Loan Participations | Senior Loan Participations In certain instances, we finance our loans through the non-recourse syndication of a senior loan interest to a third-party. Depending on the particular structure of the syndication, the senior loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participations sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining subordinate loan and not the non-consolidated senior interest we sold. |
Convertible Notes | Convertible Notes The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 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 as a reduction in the net book value of the related liability 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 “Fair Value Measurements and Disclosures” Topic, or ASC 820, 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. ASC 820 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 based on discounted cash flow methodology taking into consideration factors, including capitalization rates, discount 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. • Derivative financial instruments: The fair value of our foreign currency contracts and interest rates caps 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. • Secured debt agreements: The fair values for these instruments were estimated based on the rate at which a similar credit facility would have currently priced. • Loan participations sold: The fair value of these instruments were estimated based on the value of the related loan receivable asset. • Convertible notes, net: The convertible notes are actively traded and their fair values were obtained using quoted market prices for these instruments. |
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 our 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 our class A common stock, including restricted class A common stock and deferred stock units. Refer to Note 10 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 average exchange rate over the applicable period. 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326),” or ASU 2016-13. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace the “incurred loss” model under existing guidance with an “expected loss” model for instruments measured at amortized cost, and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We are currently evaluating the impact ASU 2016-13 will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting (Topic 718),” or ASU 2016-09. ASU 2016-09 requires all income tax effects of share-based payment awards to be recognized in the income statement relating to the period in which the awards vest or are settled. ASU 2016-09 also allows an employer to repurchase more of an employee’s shares for tax withholding purposes than is permitted under current guidance without triggering liability accounting. Finally, ASU 2016-09 allows a policy election to account for employee forfeitures as they occur. We adopted ASU 2016-09 in the second quarter of 2016 and its adoption did not have a material impact on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): 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. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606) , |
Loans Receivable (Tables)
Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Overall Statistics for Loans Receivable Portfolio | The following table details overall statistics for our loans receivable portfolio ($ in thousands): June 30, 2016 December 31, 2015 Number of loans 116 125 Principal balance $ 9,122,567 $ 9,108,361 Net book value $ 9,090,934 $ 9,077,007 Unfunded loan commitments (1) $ 907,709 $ 700,658 Weighted-average cash coupon (2) 4.85 % 4.84 % Weighted-average all-in yield (2) 5.19 % 5.18 % Weighted-average maximum maturity (years) (3) 3.0 3.1 (1) Unfunded commitments will primarily be funded to finance property improvements or lease-related expenditures by the borrowers. These future commitments will be funded over the term of each loan, subject in certain cases to an expiration date. (2) As of June 30, 2016, our floating rate loans were indexed to various benchmark rates, with 84% of floating rate loans indexed to USD LIBOR. In addition, $146.0 million of our floating rate loans earned interest based on floors that are above the applicable index, with an average floor of 1.80%, as of June 30, 2016. As of December 31, 2015, our floating rate loans were indexed to various benchmark rates, with 84% of floating rate loans indexed to USD LIBOR. In addition, $147.9 million of our floating rate loans earned interest based on floors that are above the applicable index, with an average floor of 1.80%, as of December 31, 2015. In addition to cash coupon, all-in yield includes the amortization of deferred origination fees, loan origination costs, purchase discounts, and accrual of both extension and exit fees. Cash coupon and all-in yield assume applicable floating benchmark rate for weighted-average calculation. (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of June 30, 2016, 63% of our loans were subject to yield maintenance or other prepayment restrictions and 37% were open to repayment by the borrower without penalty. As of December 31, 2015, 64% of our loans were subject to yield maintenance or other prepayment restrictions and 36% were open to repayment by the borrower without penalty. |
Activity Relating to Loans Receivable Portfolio | Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Deferred Fees / (1) Net Book Value December 31, 2015 $ 9,108,361 $ (31,354) $ 9,077,007 Loan fundings 1,401,871 — 1,401,871 Loan repayments (1,341,814 ) — (1,341,814 ) Unrealized (loss) gain on foreign currency translation (45,851 ) 974 (44,877 ) Deferred fees and other items (1) — (21,613 ) (21,613 ) Amortization of fees and other items (1) — 20,360 20,360 June 30, 2016 $ 9,122,567 $ (31,633 ) $ 9,090,934 (1) Other items primarily consist of purchase discounts or premiums, exit fees, and deferred origination expenses. |
Property Type and Geographic Distribution of Properties Securing Loans in Portfolio | The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands): June 30, 2016 Property Type Number of Net Book Total Loan (1) Percentage of Office 54 $ 4,110,928 $ 4,176,738 41 % Hotel 18 1,863,974 1,937,744 19 Manufactured housing 15 1,259,884 1,257,691 12 Retail 9 818,471 1,195,197 12 Multifamily 10 622,038 623,892 6 Condominium 2 101,238 344,337 3 Other 8 314,401 649,877 7 116 $ 9,090,934 $ 10,185,476 100 % Geographic Location Number of Net Book Total Loan (1) Percentage of United States Northeast 23 $ 2,158,020 $ 2,168,623 21 % Southeast 25 1,716,458 2,093,981 20 West 20 1,311,546 1,560,118 15 Midwest 7 921,518 924,728 9 Southwest 12 877,497 875,685 9 Northwest 6 261,194 305,556 3 Subtotal 93 7,246,233 7,928,691 77 International United Kingdom 10 981,209 1,340,300 13 Canada 9 518,592 515,379 5 Germany 1 218,458 273,503 3 Spain 1 67,930 68,600 1 Netherlands 2 58,512 59,003 1 Subtotal 23 1,844,701 2,256,785 23 Total 116 $ 9,090,934 10,185,476 100 % (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.1 billion of such non-consolidated senior interests as of June 30, 2016. December 31, 2015 Property Type Number of Net Book Total Loan (1) Percentage of Office 55 $ 4,039,521 $ 4,085,007 41 % Hotel 20 1,903,544 1,986,113 20 Manufactured housing 18 1,361,572 1,359,132 13 Retail 9 684,944 1,031,405 10 Multifamily 11 580,112 582,545 6 Condominium 3 127,434 353,144 3 Other 9 379,880 750,780 7 125 $ 9,077,007 $ 10,148,126 100 % Geographic Location Number of Net Book Total Loan (1) Percentage of United States Northeast 25 $ 2,260,392 $ 2,272,163 22 % Southeast 27 1,836,766 2,185,609 21 West 22 1,125,238 1,356,301 13 Southwest 15 1,035,839 1,034,732 10 Midwest 5 616,964 617,774 6 Northwest 5 390,307 415,207 4 Subtotal 99 7,265,506 7,881,786 76 International United Kingdom 10 888,998 1,283,644 13 Canada 11 561,023 558,724 6 Germany 2 235,294 296,424 3 Spain 1 66,661 67,416 1 Netherlands 2 59,525 60,132 1 Subtotal 26 1,811,501 $ 2,266,340 24 Total 125 $ 9,077,007 $ 10,148,126 100 % (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.0 billion of such non-consolidated senior interests as of December 31, 2015. |
Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings | The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands): June 30, 2016 December 31, 2015 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) 1 15 $ 1,366,279 $ 1,364,986 1 12 $ 919,991 $ 925,443 2 63 4,356,669 4,409,578 2 77 5,929,447 6,316,890 3 38 3,367,986 4,410,912 3 35 2,114,531 2,792,510 4 — — — 4 1 113,038 113,283 5 — — — 5 — — — 116 $ 9,090,934 $ 10,185,476 125 $ 9,077,007 $ 10,148,126 (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.1 billion and $1.0 billion of such non-consolidated senior interests as of June 30, 2016 and December 31, 2015, respectively. |
Equity Investments in Unconso27
Equity Investments in Unconsolidated Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Activity Relating to Our Equity Investments in Unconsolidated Subsidiaries | As of June 30, 2016, our equity investments in unconsolidated subsidiaries consisted solely of our carried interest in CTOPI, a fund sponsored and managed by an affiliate of our Manager. Activity relating to our equity investments in unconsolidated subsidiaries was as follows ($ in thousands): CTOPI Total as of December 31, 2015 $ 9,441 Distributions (6,837 ) Income allocation (1) 202 Total as of June 30, 2016 $ 2,806 (1) In instances where we have not received cash or all appropriate contingencies have not been eliminated, we have deferred the recognition of promote revenue allocated to us from CTOPI in respect of our carried interest in CTOPI, and recorded an offsetting liability as a component of other liabilities on our consolidated balance sheets. |
Other Assets and Liabilities (T
Other Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Summary of Components of Other Assets | The following table details the components of our other assets ($ in thousands): June 30, December 31, 2016 2015 Loan portfolio payments held by servicer (1) $ 138,883 $ 122,666 Accrued interest receivable 36,022 37,161 Real estate debt and equity investments, at fair value (2) 22,442 14,220 Derivative assets 14,023 8,657 Prepaid expenses 593 890 Prepaid taxes 486 525 Total $ 212,449 $ 184,119 (1) Represents loan principal and interest payments held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle. (2) Real estate debt and equity investments consists of assets held by CT Legacy Partners and are measured at fair value. |
Secured Debt Agreements (Tables
Secured Debt Agreements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Secured Debt Agreements | The following table details our secured debt agreements ($ in thousands): Secured Debt Agreements Borrowings Outstanding June 30, 2016 December 31, 2015 Revolving repurchase facilities $ 3,142,404 $ 2,495,805 GE portfolio acquisition facility 2,581,776 3,161,291 Asset-specific financings 490,702 474,655 Revolving credit agreement — — Total secured debt agreements $ 6,214,882 $ 6,131,751 Deferred financing costs (1) (16,789 ) (15,646 ) Net book value of secured debt $ 6,198,093 $ 6,116,105 (1) Costs incurred in connection with our secured debt agreements are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related agreement. |
Revolving Repurchase Facilities | The following table details our revolving repurchase facilities ($ in thousands): June 30, 2016 Maximum Collateral Repurchase Borrowings Lender Facility Size (1) Assets (2) Potential (3) Outstanding Available (3) Wells Fargo $ 2,000,000 $ 1,421,595 $ 1,099,823 $ 826,255 $ 273,568 MetLife 1,000,000 946,957 739,102 739,102 — Bank of America 750,000 649,974 512,679 498,334 14,345 JP Morgan (4) 500,000 519,014 404,031 393,738 10,293 Citibank 500,000 533,589 412,130 369,145 42,985 Morgan Stanley (5) 335,725 267,152 210,432 210,432 — Société Générale (6) 445,000 166,513 133,211 105,398 27,813 $ 5,530,725 $ 4,504,794 $ 3,511,408 $ 3,142,404 $ 369,004 December 31, 2015 Maximum Collateral Repurchase Borrowings Lender Facility Size (1) Assets (2) Potential (3) Outstanding Available (3) Bank of America $ 750,000 $ 840,884 $ 665,861 $ 618,944 $ 46,917 Wells Fargo 1,000,000 879,155 687,200 562,382 124,818 JP Morgan (4) 524,547 589,752 464,723 382,042 82,681 Citibank 500,000 568,032 436,217 344,879 91,338 MetLife 750,000 593,273 462,849 324,587 138,262 Morgan Stanley (5) 370,400 273,280 212,050 209,038 3,012 Société Générale (6) 437,320 67,416 53,933 53,933 — $ 4,332,267 $ 3,811,792 $ 2,982,833 $ 2,495,805 $ 487,028 (1) Maximum facility size represents the largest amount of borrowings available under a given facility once sufficient collateral assets have been approved by the lender and pledged by us. (2) Represents the principal balance of the collateral assets. (3) Potential borrowings represents 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) As of June 30, 2016, the JP Morgan maximum facility size was composed of a general $500.0 million facility size, under which U.S. Dollars and British Pound Sterling borrowings are contemplated. As of December 31, 2015, the JP Morgan maximum facility was composed of general $250.0 million facility size plus a general £153.0 million ($226.7 million) facility size provided under a related agreement that contemplated U.S. Dollars and British Pound Sterling borrowings, and additional capacity of £32.3 million ($47.8 million) on the £153.0 million facility. (5) The Morgan Stanley maximum facility size represents a £250.0 million facility size that was translated to $335.7 million as of June 30, 2016, and $370.4 million as of December 31, 2015. (6) The Société Générale maximum facility size represents a €400.0 million facility size that was translated to $445.0 million as of June 30, 2016, and $437.3 million as of December 31, 2015. |
Summary of Key Terms of Revolving Repurchase Facilities | The following table outlines the key terms of our revolving repurchase facilities as of June 30, 2016: Lender Currency Rate (1) Guarantee (2) Advance Rate (3) Margin Call (4) Term/Maturity Wells Fargo $ L+1.82% 25% 79.5% Collateral marks only Term matched (5) MetLife $ L+1.84% 50% 78.8% Collateral marks only April 22, 2022 (6) Bank of America $ L+1.68% 50% 79.3% Collateral marks only May 21, 2021 (7) JP Morgan $ / £ L+1.86% 25% 78.8% Collateral marks only January 7, 2018 Citibank $ L+1.92% 25% 78.1% Collateral marks only Term matched (5) Morgan Stanley £ / € L+2.35% 25% 78.8% Collateral marks only March 1, 2019 Société Générale £ / € L+1.60% 25% 80.0% Collateral marks only Term matched (5) (1) Represents weighted-average cash coupon based on borrowings outstanding. In instances where our borrowings are denominated in currencies other than the U.S. Dollar, interest accrues at a rate equivalent to a margin plus a base rate other than 1-month USD LIBOR, such as 3-month GBP LIBOR, 3-month EURIBOR, or 3-month CDOR. (2) Other than amounts guaranteed based on specific collateral asset types, borrowings under our revolving repurchase facilities are non-recourse to us. (3) Represents weighted-average advance rate based on the outstanding principal balance of the collateral assets pledged. (4) Margin call provisions under our revolving repurchase facilities do not permit valuation adjustments based on capital markets events, 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 five one-year extension options which may be exercised at our sole discretion. (7) Includes two one-year extension options which may be exercised at our sole discretion. |
Summary of Statistics for Asset-Specific Financings | The following table details statistics for our asset-specific financings ($ in thousands): June 30, 2016 Lender Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term JP Morgan (3) Collateral assets 1 $ 280,415 $ 278,709 L+3.87 % $ n/a Jan., 2020 Financing provided 1 233,679 233,456 L+1.89 % 58,420 Jan., 2020 Citibank (3) Collateral assets 2 201,270 201,101 L+4.45 % n/a Nov., 2020 Financing provided 2 156,461 156,446 L+2.45 % 39,115 Nov., 2020 Bank of the Ozarks Collateral assets 2 73,751 70,823 L+6.00 % n/a Nov., 2019 Financing provided 2 55,500 54,003 L+3.84 % — Nov., 2019 Wells Fargo Collateral assets 1 64,375 63,899 L+6.32 % n/a Dec., 2019 Financing provided 1 45,062 44,729 L+3.20 % 9,012 Dec., 2019 Total Collateral assets 6 $ 619,811 $ 614,532 L+4.57 % $ n/a Financing provided 6 $ 490,702 $ 488,634 L+2.41 % $ 106,547 (1) These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement 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, yield/cost includes the amortization of deferred origination fees / financing costs. (2) Other than amounts guaranteed on an asset-by-asset basis, borrowings under our asset-specific financings are non-recourse to us. (3) Borrowings under these asset specific financings are cross collateralized with the related revolving repurchase facility with the same lender. December 31, 2015 Lender Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term Wells Fargo (3) Collateral assets 3 $ 319,897 $ 318,693 L+4.92 % $ n/a Jun., 2019 Financing provided 3 234,850 234,115 L+2.37 % 42,627 Jun., 2019 JP Morgan (3) Collateral assets 1 274,878 272,632 L+3.88 % n/a Jan., 2020 Financing provided 1 214,491 214,391 L+1.94 % 53,623 Jan., 2020 Citibank (3) Collateral assets 1 36,749 36,514 L+4.42 % n/a Oct., 2018 Financing provided 1 25,314 25,293 L+2.08 % 6,329 Oct., 2018 Total Collateral assets 5 $ 631,524 $ 627,839 L+4.44 % $ n/a Financing provided 5 $ 474,655 $ 473,799 L+2.16 % $ 102,579 (1) These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement 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, yield/cost includes the amortization of deferred origination fees / financing costs. (2) Other than amounts guaranteed on an asset-by-asset basis, borrowings under our asset-specific financings are non-recourse to us. (3) Borrowings under these asset specific financings are cross collateralized with the related revolving repurchase facility with the same lender. |
Loan Participations Sold (Table
Loan Participations Sold (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Statistics for Loan Participations Sold | The following table details statistics for our loan participations sold ($ in thousands): June 30, 2016 Loan Participations Sold Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term Total loan 2 $ 511,586 $ 507,396 L+4.51 % $ n/a Sep., 2019 Senior participation (3)(4) 2 424,488 422,585 L+2.51 % 32,330 Sep., 2019 December 31, 2015 Loan Participations Sold Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term Total loan 3 $ 608,554 $ 604,321 L+4.15 % $ n/a Nov., 2018 Senior participation (3)(4) 3 498,992 497,032 L+2.49 % 35,558 Nov., 2018 (1) Our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each arrangement 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, yield/cost includes the amortization of deferred fees / financing costs. (2) Other than one instance where we entered into a related guarantee agreement for £24.0 million ($32.2 million as of June 30, 2016), our loan participations sold are non-recourse to us. (3) During the three and six months ended June 30, 2016, we recorded $3.7 million and $7.4 million, respectively, of interest expense related to our loan participations sold, of which $3.6 million and $7.1 million was paid in cash. During the three and six months ended June 30, 2015, we recorded $4.9 million and $9.2 million, respectively, of interest expense related to our loan participations sold, of which $4.7 million and $8.7 million was paid in cash. (4) The difference between principal balance and book value of loan participations sold is due to deferred financing costs of $1.9 million and $2.0 million as of June 30, 2016 and December 31, 2015, respectively. |
Derivative Financial Instrume31
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk | The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands): June 30, 2016 December 31, 2015 Foreign Currency Derivatives Number of Instruments Notional Foreign Currency Derivatives Number of Instruments Notional Amount Sell CAD Forward 1 C$ 130,600 Sell CAD Forward 2 C$ 154,900 Sell GBP Forward 1 £ 114,400 Sell GBP Forward 2 £ 90,400 Sell EUR Forward 1 € 45,100 Sell EUR Forward 1 € 49,000 |
Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk | The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands): June 30, 2016 Interest Rate Number of Instruments Notional Amount Strike Index Wtd.-Avg. Maturity (Years) Interest Rate Caps 26 $ 1,097,632 2% USD LIBOR 0.8 Interest Rate Caps 6 C$ 439,320 2% CDOR 0.8 Interest Rate Caps 1 £ 15,142 2% GBP LIBOR 0.8 Interest Rate Swap 2 C$ 17,273 n/a CDOR 4.2 December 31, 2015 Interest Rate Number of Notional Amount Strike Index Wtd.-Avg. Maturity (Years) Interest Rate Caps 26 $ 1,097,632 2% USD LIBOR 1.3 Interest Rate Caps 7 C$ 483,286 2% CDOR 1.2 Interest Rate Caps 1 € 152,710 2% EURIBOR 1.0 Interest Rate Caps 1 £ 15,142 2% GBP LIBOR 1.3 |
Summary of Non-designated Hedges | The following table summarizes our non-designated hedges (notional amount in thousands): June 30, 2016 December 31, 2015 Non-designated Hedges Number of Instruments Notional Amount Non-designated Hedges Number of Instruments Notional Amount Interest Rate Caps 2 € 152,710 Interest Rate Caps 4 C$ 67,303 Interest Rate Caps 4 C$ 67,303 Interest Rate Caps 1 $ 13,387 Buy USD / Sell CAD 2 C$ 17,250 Buy GBP / Sell EUR Forward 1 € 12,857 Buy CAD / Sell USD 2 € 17,250 Buy GBP / Sell USD Forward 1 £ 10,400 Buy GBP / Sell EUR 1 € 12,857 Buy USD / Sell GBP Forward 1 £ 10,400 Buy CAD / Sell USD Forward 1 C$ 1,000 Buy USD / Sell CAD Forward 1 C$ 1,000 |
Summary of Fair Value of Derivative Financial Instruments | The following table summarizes the fair value of our derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset Position (1) Fair Value of Derivatives in a (2) June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 Derivatives designated as hedging instruments: Foreign exchange contracts $ 13,887 $ 7,999 $ 55 $ 511 Interest rate derivatives 2 238 40 — Total derivatives designated as hedging instruments $ 13,889 $ 8,237 $ 95 $ 511 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 134 $ 419 $ 750 $ 937 Interest rate derivatives — 1 — — Total derivatives not designated as hedging instruments $ 134 $ 420 $ 750 $ 937 Total Derivatives $ 14,023 $ 8,657 $ 845 $ 1,448 (1) Included in other assets in our consolidated balance sheets. (2) Included in other liabilities in our consolidated balance sheets. |
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations | The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Amount of Gain (Loss) OCI on Derivatives (Effective Portion) Location of Gain (Loss) Accumulated Amount of Loss Reclassified from Income (Effective Portion) Derivatives in Hedging Relationships Three Months Six Months Three Months Six Months Net Investment Foreign exchange contracts (1) $ 12,591 $ 6,121 Interest Expense $ — $ — Cash Flow Hedges Interest rate derivatives (67 ) (290 ) Interest Expense (100 ) (126 ) Total $ 12,524 $ 5,831 $ (100 ) $ (126 ) (1) During the three and six months ended June 30, 2016, we paid net cash settlements of $10.0 million and $1.8 million, respectively, on our foreign currency forward contracts, compared to paying $1.3 million and receiving $2.8 million during the same periods in 2015. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units | The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units: Six Months Ended June 30, Common Stock Outstanding (1) 2016 2015 Beginning balance 93,843,847 58,388,808 Issuance of class A common stock 550 34,780,298 Issuance of restricted class A common stock, net 209,798 179,799 Issuance of deferred stock units 14,155 10,665 Ending balance 94,068,350 93,359,570 (1) Deferred stock units held by members of our board of directors totaled 155,676 and 129,584 as of June 30, 2016 and 2015, respectively. |
Schedule of Dividend Activity | The following table details our dividend activity ($ in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Dividends declared per share of common stock $ 0.62 $ 0.52 $ 1.24 $ 1.04 Total dividends declared $ 58,226 $ 48,480 $ 116,452 $ 78,874 |
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 ($ in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net income (1) $ 63,081 $ 29,284 $ 120,128 $ 64,679 Weighted-average shares outstanding, basic and diluted 94,064,423 80,940,535 94,066,096 69,820,061 Per share amount, basic and diluted $ 0.67 $ 0.36 $ 1.28 $ 0.93 (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. |
Other Expenses (Tables)
Other Expenses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of General and Administrative Expenses | General and administrative expenses consisted of the following ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Professional services $ 756 $ 777 $ 1,644 $ 1,476 Operating and other costs 521 554 1,391 1,112 GE transaction costs — 9,013 — 9,213 Subtotal 1,277 10,344 3,035 11,801 Non-cash and CT Legacy Portfolio compensation expenses Management incentive awards plan - CTOPI (1) (3 ) 828 168 2,605 Management incentive awards plan - CT Legacy Partners (2) 630 1,024 758 2,054 Restricted class A common stock earned 4,742 3,303 9,335 6,506 Director stock-based compensation 94 94 188 188 Subtotal 5,463 5,249 10,449 11,353 Total BXMT expenses 6,740 15,593 13,484 23,154 Expenses of consolidated subsidiaries 41 105 92 205 Total general and administrative expenses $ 6,781 $ 15,698 $ 13,576 $ 23,359 (1) Represents the portion of CTOPI promote revenue accrued under compensation awards. See Note 4 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. |
Stock-Based Incentive Plans (Ta
Stock-Based Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 Balance as of December 31, 2015 1,114,908 $ 27.64 Granted 245,225 26.51 Vested (348,767 ) 27.10 Forfeited (35,427 ) 27.49 Balance as of June 30, 2016 975,939 $ 27.55 |
Fair Values (Tables)
Fair Values (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands): June 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Fair Value Assets Derivatives $ — $ 14,023 $ — $ 14,023 $ — $ 8,657 $ — $ 8,657 Other assets (1) $ 20,745 $ 1,697 $ — $ 22,442 $ — $ 1,659 $ 12,561 $ 14,220 Liabilities Derivatives $ — $ 845 $ — $ 845 $ — $ 1,448 $ — $ 1,448 (1) Other assets include loans, securities, equity investments, and other receivables measured 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): Six Months Ended June 30, 2016 2015 January 1, $ 12,561 $ 47,507 Proceeds from investment realizations (2,406 ) (57,039 ) Transfers out of level 3 (20,745 ) — Adjustments to fair value included in earnings Gain on investments at fair value 10,590 22,228 June 30, $ — $ 12,696 |
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 ($ in thousands): June 30, 2016 December 31, 2015 Carrying Face Fair Carrying Face Fair Amount Amount Value Amount Amount Value Financial assets Cash and cash equivalents $ 181,796 $ 181,796 $ 181,796 $ 96,450 $ 96,450 $ 96,450 Restricted cash 476 476 476 9,556 9,556 9,556 Loans receivable, net 9,090,934 9,122,567 9,147,799 9,077,007 9,108,361 9,121,732 Financial liabilities Secured debt agreements 6,198,093 6,214,882 6,214,882 6,116,105 6,131,751 6,131,751 Loan participations sold 422,585 424,488 424,488 497,032 498,992 498,992 Convertible notes, net 165,373 172,500 183,131 164,026 172,500 171,344 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount attributable to consolidated VIEs | $ 0 | $ 0 | |
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. | ||
Expected loss | $ 0 | ||
General Electrical Capital Corporation [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchase price of Loan Portfolio | $ 4,700,000,000 |
Loans Receivable - Overall Stat
Loans Receivable - Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016USD ($)SecurityLoan | Dec. 31, 2015USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 116 | 125 |
Net book value | $ 9,090,934 | $ 9,077,007 |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 116 | 125 |
Principal balance | $ 9,122,567 | $ 9,108,361 |
Unfunded loan commitments | $ 907,709 | $ 700,658 |
Weighted-average maximum maturity (years) | 3 years | 3 years 1 month 6 days |
Loans Receivable [Member] | LIBOR [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted-average cash coupon, rate | 4.85% | 4.84% |
Weighted-average all-in yield, rate | 5.19% | 5.18% |
Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $ 9,090,934 | $ 9,077,007 |
Loans Receivable - Overall St38
Loans Receivable - Overall Statistics for Loans Receivable Portfolio (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Floating rate loans | $ 146 | $ 147.9 |
Average floor rate | 1.80% | 1.80% |
Percentage of loans subject to yield maintenance, or other prepayment restrictions | 63.00% | 64.00% |
Percentage of loans open to repayment by borrower without penalty | 37.00% | 36.00% |
USD LIBOR [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of loans receivable by type | 84.00% | 84.00% |
Loans Receivable - Activity Rel
Loans Receivable - Activity Relating to Loans Receivable Portfolio (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | $ 9,077,007 | |||
Unrealized (loss) gain on foreign currency translation | $ (21,321) | $ 15,732 | (15,343) | $ (4,336) |
Amortization of fees and other items | 20,360 | $ 12,198 | ||
Ending Balance | 9,090,934 | 9,090,934 | ||
Net Book Value [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 9,077,007 | |||
Loan fundings | 1,401,871 | |||
Loan repayments | (1,341,814) | |||
Unrealized (loss) gain on foreign currency translation | 44,877 | |||
Deferred fees and other items | (21,613) | |||
Amortization of fees and other items | 20,360 | |||
Ending Balance | 9,090,934 | 9,090,934 | ||
Deferred Fees/Other Items [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | (31,354) | |||
Unrealized (loss) gain on foreign currency translation | 974 | |||
Deferred fees and other items | (21,613) | |||
Amortization of fees and other items | 20,360 | |||
Ending Balance | (31,633) | (31,633) | ||
Loans Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 9,108,361 | |||
Loan fundings | 1,401,871 | |||
Loan repayments | (1,341,814) | |||
Unrealized (loss) gain on foreign currency translation | 45,851 | |||
Ending Balance | $ 9,122,567 | $ 9,122,567 |
Loans Receivable - Property Typ
Loans Receivable - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016USD ($)SecurityLoan | Dec. 31, 2015USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 116 | 125 |
Net book value | $ 9,090,934 | $ 9,077,007 |
Total Loan Exposure | $ 10,185,476 | $ 10,148,126 |
Percentage of Portfolio | 100.00% | 100.00% |
Office [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 54 | 55 |
Net book value | $ 4,110,928 | $ 4,039,521 |
Total Loan Exposure | $ 4,176,738 | $ 4,085,007 |
Percentage of Portfolio | 41.00% | 41.00% |
Hotel [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 18 | 20 |
Net book value | $ 1,863,974 | $ 1,903,544 |
Total Loan Exposure | $ 1,937,744 | $ 1,986,113 |
Percentage of Portfolio | 19.00% | 20.00% |
Manufactured Housing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 15 | 18 |
Net book value | $ 1,259,884 | $ 1,361,572 |
Total Loan Exposure | $ 1,257,691 | $ 1,359,132 |
Percentage of Portfolio | 12.00% | 13.00% |
Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 9 | 9 |
Net book value | $ 818,471 | $ 684,944 |
Total Loan Exposure | $ 1,195,197 | $ 1,031,405 |
Percentage of Portfolio | 12.00% | 10.00% |
Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 10 | 11 |
Net book value | $ 622,038 | $ 580,112 |
Total Loan Exposure | $ 623,892 | $ 582,545 |
Percentage of Portfolio | 6.00% | 6.00% |
Condominium [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 2 | 3 |
Net book value | $ 101,238 | $ 127,434 |
Total Loan Exposure | $ 344,337 | $ 353,144 |
Percentage of Portfolio | 3.00% | 3.00% |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 8 | 9 |
Net book value | $ 314,401 | $ 379,880 |
Total Loan Exposure | $ 649,877 | $ 750,780 |
Percentage of Portfolio | 7.00% | 7.00% |
United States Northeast [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 23 | 25 |
Net book value | $ 2,158,020 | $ 2,260,392 |
Total Loan Exposure | $ 2,168,623 | $ 2,272,163 |
Percentage of Portfolio | 21.00% | 22.00% |
United States Southeast [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 25 | 27 |
Net book value | $ 1,716,458 | $ 1,836,766 |
Total Loan Exposure | $ 2,093,981 | $ 2,185,609 |
Percentage of Portfolio | 20.00% | 21.00% |
United States West [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 20 | 22 |
Net book value | $ 1,311,546 | $ 1,125,238 |
Total Loan Exposure | $ 1,560,118 | $ 1,356,301 |
Percentage of Portfolio | 15.00% | 13.00% |
United States Midwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 7 | 5 |
Net book value | $ 921,518 | $ 616,964 |
Total Loan Exposure | $ 924,728 | $ 617,774 |
Percentage of Portfolio | 9.00% | 6.00% |
United States Southwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 12 | 15 |
Net book value | $ 877,497 | $ 1,035,839 |
Total Loan Exposure | $ 875,685 | $ 1,034,732 |
Percentage of Portfolio | 9.00% | 10.00% |
United States Northwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 6 | 5 |
Net book value | $ 261,194 | $ 390,307 |
Total Loan Exposure | $ 305,556 | $ 415,207 |
Percentage of Portfolio | 3.00% | 4.00% |
United States [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 93 | 99 |
Net book value | $ 7,246,233 | $ 7,265,506 |
Total Loan Exposure | $ 7,928,691 | $ 7,881,786 |
Percentage of Portfolio | 77.00% | 76.00% |
United Kingdom [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 10 | 10 |
Net book value | $ 981,209 | $ 888,998 |
Total Loan Exposure | $ 1,340,300 | $ 1,283,644 |
Percentage of Portfolio | 13.00% | 13.00% |
Canada [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 9 | 11 |
Net book value | $ 518,592 | $ 561,023 |
Total Loan Exposure | $ 515,379 | $ 558,724 |
Percentage of Portfolio | 5.00% | 6.00% |
Germany [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 2 |
Net book value | $ 218,458 | $ 235,294 |
Total Loan Exposure | $ 273,503 | $ 296,424 |
Percentage of Portfolio | 3.00% | 3.00% |
Spain [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 1 |
Net book value | $ 67,930 | $ 66,661 |
Total Loan Exposure | $ 68,600 | $ 67,416 |
Percentage of Portfolio | 1.00% | 1.00% |
Netherlands [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 2 | 2 |
Net book value | $ 58,512 | $ 59,525 |
Total Loan Exposure | $ 59,003 | $ 60,132 |
Percentage of Portfolio | 1.00% | 1.00% |
International [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 23 | 26 |
Net book value | $ 1,844,701 | $ 1,811,501 |
Total Loan Exposure | $ 2,256,785 | $ 2,266,340 |
Percentage of Portfolio | 23.00% | 24.00% |
Loans Receivable - Property T41
Loans Receivable - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Parenthetical) (Detail) - USD ($) $ in Billions | Jun. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Total loan exposure including senior interests | $ 1.1 | $ 1 |
Loans Receivable - Principal Ba
Loans Receivable - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016USD ($)SecurityLoan | Dec. 31, 2015USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 116 | 125 |
Net book value | $ 9,090,934 | $ 9,077,007 |
Total Loan Exposure | $ 10,185,476 | $ 10,148,126 |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 116 | 125 |
Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $ 9,090,934 | $ 9,077,007 |
Risk Rating 1 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loan Exposure | $ 1,364,986 | $ 925,443 |
Risk Rating 1 [Member] | Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 15 | 12 |
Risk Rating 1 [Member] | Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $ 1,366,279 | $ 919,991 |
Risk Rating 2 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loan Exposure | $ 4,409,578 | $ 6,316,890 |
Risk Rating 2 [Member] | Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 63 | 77 |
Risk Rating 2 [Member] | Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $ 4,356,669 | $ 5,929,447 |
Risk Rating 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loan Exposure | $ 4,410,912 | $ 2,792,510 |
Risk Rating 3 [Member] | Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 38 | 35 |
Risk Rating 3 [Member] | Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $ 3,367,986 | $ 2,114,531 |
Risk Rating 4 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loan Exposure | $ 113,283 | |
Risk Rating 4 [Member] | Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | |
Risk Rating 4 [Member] | Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $ 10,300 | $ 113,038 |
Loans Receivable - Principal 43
Loans Receivable - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings (Parenthetical) (Detail) - USD ($) $ in Billions | Jun. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Total loan exposure including senior interests | $ 1.1 | $ 1 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted-average risk rating on loan exposure | 2.3 | 2.2 |
Impaired loans | $ 0 | $ 0 |
Maturity date | Aug. 31, 2016 | |
Partial repayment of loan on sale of collateralized assets | $ 102,600,000 | |
Net book value of loan after partial repayment | $ 9,090,934,000 | 9,077,007,000 |
Extend maturity term | 6 months | |
Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value of loan after partial repayment | $ 9,090,934,000 | 9,077,007,000 |
Risk Rating 4 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Balance of collateralized loan | 113,300,000 | |
Risk Rating 4 [Member] | Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value of loan after partial repayment | $ 10,300,000 | $ 113,038,000 |
Equity Investments in Unconso45
Equity Investments in Unconsolidated Subsidiaries - Activity Relating to Our Equity Investments in Unconsolidated Subsidiaries (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Beginning Balance | $ 9,441 | |
Distributions | (6,837) | $ (5,007) |
Ending Balance | 2,806 | |
CT Opportunity Partners I, LP [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Beginning Balance | 9,441 | |
Distributions | (6,837) | |
Income allocation | 202 | |
Ending Balance | $ 2,806 |
Equity Investments in Unconso46
Equity Investments in Unconsolidated Subsidiaries - Additional Information (Detail) - CT Opportunity Partners I, LP [Member] - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jan. 31, 2011 | |
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 | $ 2,800,000 | ||
Promote income recognized | $ 133,000,000 | $ 5,700,000 | |
Percentage of carried interest distributions pool for employees | 45.00% | ||
Percentage of pool vested | 68.00% | ||
Fully vested pool, percentage | 32.00% | ||
Description of incentive management fee grants to employees vesting schedule | Approximately 68% of the pool is two-thirds vested as of June 30, 2016, with the remainder contingent on continued employment with an affiliate of our Manager and upon our receipt of promote distributions from CTOPI. The remaining 32% of the pool is fully vested as a result of an acceleration event. During the six months ended June 30, 2016, we recognized $168,000, under the CTOPI incentive plan, compared to $2.6 million for the same period in 2015. Such amounts were recognized as a component of general and administrative expenses in our consolidated statement of operations. | ||
CTOPI Incentive Plan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Recognized expenses for incentive plan | $ 168,000 | $ 2,500,000 |
Other Assets and Liabilities -
Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Loan portfolio payments held by servicer | $ 138,883 | $ 122,666 |
Accrued interest receivable | 36,022 | 37,161 |
Real estate debt and equity investments, at fair value | 22,442 | 14,220 |
Derivative assets | 14,023 | 8,657 |
Prepaid expenses | 593 | 890 |
Prepaid taxes | 486 | 525 |
Total | $ 212,449 | $ 184,119 |
Other Assets and Liabilities 48
Other Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Manager [Member] | ||
Schedule Of Other Assets [Line Items] | ||
Accrued management and incentive fees payable | $ 15.8 | $ 14.4 |
Other Liabilities [Member] | ||
Schedule Of Other Assets [Line Items] | ||
Secured debt repayments pending servicer remittance | 102.6 | |
Accrued dividends payable | 58.2 | 58.1 |
Other Liabilities [Member] | Manager [Member] | ||
Schedule Of Other Assets [Line Items] | ||
Accrued management and incentive fees payable | $ 15.8 | $ 14.4 |
Secured Debt Agreements - Sched
Secured Debt Agreements - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Secured debt agreements borrowings outstanding | $ 490,702 | |
Secured debt agreements borrowings outstanding | 6,214,882 | $ 6,131,751 |
Deferred financing costs | (16,789) | (15,646) |
Net book value of secured debt | 6,198,093 | 6,116,105 |
Revolving Repurchase Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt agreements borrowings outstanding | 3,142,404 | 2,495,805 |
GE Portfolio Acquisition Facility [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt agreements borrowings outstanding | 2,581,776 | 3,161,291 |
Asset-Specific Financings [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt agreements borrowings outstanding | $ 490,702 | $ 474,655 |
Secured Debt Agreements - Addit
Secured Debt Agreements - Additional Information (Detail) | Jul. 25, 2016 | Jul. 24, 2016 | Jun. 30, 2016USD ($)ExtensionOptions | Jun. 30, 2016USD ($)ExtensionOptions | Jun. 30, 2015USD ($)ExtensionOptions | Jun. 30, 2016USD ($)ExtensionOptionsFacility | Dec. 31, 2015USD ($) | Jun. 30, 2015USD ($)ExtensionOptions | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||||||||
Maturity date | Aug. 31, 2016 | ||||||||
Term of maturity date | 6 months | ||||||||
Secured debt agreements borrowings outstanding | $ 6,198,093,000 | $ 6,198,093,000 | $ 6,198,093,000 | $ 6,116,105,000 | $ 6,116,105,000 | ||||
Interest expense | 49,065,000 | $ 30,634,000 | 94,446,000 | $ 54,796,000 | |||||
Covenants, minimum tangible net worth | $ 1,900,000,000 | $ 1,900,000,000 | $ 1,900,000,000 | ||||||
Covenants, percentage of tangible assets on cash proceeds from equity issuances | 75.00% | ||||||||
Covenants, percentage of recourse indebtedness | 5.00% | 5.00% | 5.00% | ||||||
Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Covenants, indebtedness to total assets, in percent | 83.33% | 83.33% | 83.33% | ||||||
Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Covenants, EBITDA to fixed charges, in percent | 140.00% | ||||||||
Covenants, minimum cash liquidity amount | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | ||||||
Asset-Specific Financings [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted-average outstanding balance | $ 540,100,000 | 648,900,000 | |||||||
Revolving Repurchase Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of revolving repurchase facilities closed | Facility | 2 | ||||||||
Additional credit capacity | $ 1,300,000,000 | ||||||||
Weighted-average outstanding balance | 2,900,000,000 | 2,400,000,000 | |||||||
Aggregate borrowings | 3,100,000,000 | 3,100,000,000 | $ 3,100,000,000 | 2,500,000,000 | $ 2,500,000,000 | ||||
Weighted-average advance rate | 79.10% | 78.80% | |||||||
Weighted-average initial maturity | 1 year 3 months 18 days | 1 year 3 months 18 days | |||||||
Maximum Facility Size | 5,530,725,000 | 5,530,725,000 | $ 5,530,725,000 | 4,332,267,000 | $ 4,332,267,000 | ||||
Amount available for potential future fundings of loan | 369,004,000 | 369,004,000 | 369,004,000 | 487,028,000 | 487,028,000 | ||||
Current borrowing capacity | 3,511,408,000 | 3,511,408,000 | $ 3,511,408,000 | 2,982,833,000 | 2,982,833,000 | ||||
Revolving Repurchase Facilities [Member] | Bank of America [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted-average advance rate | 79.30% | ||||||||
Maximum Facility Size | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | 750,000,000 | 750,000,000 | ||||
Number of extension options | ExtensionOptions | 2 | 2 | 2 | ||||||
Term of maturity date | 1 year | ||||||||
Amount available for potential future fundings of loan | $ 14,345,000 | $ 14,345,000 | $ 14,345,000 | 46,917,000 | 46,917,000 | ||||
Borrowings maturity term | May 21, 2021 | ||||||||
Current borrowing capacity | 512,679,000 | 512,679,000 | $ 512,679,000 | 665,861,000 | 665,861,000 | ||||
Revolving Repurchase Facilities [Member] | Wells Fargo [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted-average advance rate | 79.50% | ||||||||
Maximum Facility Size | 2,000,000,000 | 2,000,000,000 | $ 2,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||
Amount available for potential future fundings of loan | 273,568,000 | 273,568,000 | $ 273,568,000 | 124,818,000 | 124,818,000 | ||||
Borrowings maturity term | Term matched | ||||||||
Current borrowing capacity | 1,099,823,000 | 1,099,823,000 | $ 1,099,823,000 | 687,200,000 | 687,200,000 | ||||
Revolving Repurchase Facilities [Member] | JP Morgan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted-average advance rate | 78.80% | ||||||||
Maximum Facility Size | 500,000,000 | 500,000,000 | $ 500,000,000 | 524,547,000 | 524,547,000 | ||||
Amount available for potential future fundings of loan | 10,293,000 | 10,293,000 | $ 10,293,000 | 82,681,000 | 82,681,000 | ||||
Borrowings maturity term | January 7, 2018 | ||||||||
Current borrowing capacity | 404,031,000 | 404,031,000 | $ 404,031,000 | 464,723,000 | 464,723,000 | ||||
Revolving Repurchase Facilities [Member] | JP Morgan [Member] | Subsequent Events [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Jan. 7, 2019 | Jan. 7, 2018 | |||||||
Revolving Repurchase Facilities [Member] | Extended Maturity [Member] | Bank of America [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum Facility Size | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||||||
Maturity date | May 21, 2021 | ||||||||
Number of extension options | ExtensionOptions | 2 | 2 | 2 | ||||||
Term of maturity date | 1 year | ||||||||
GE Portfolio Acquisition Facility [Member] | Sequential Repay Advance [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Term of maturity date | 1 year | ||||||||
Secured debt agreements borrowings outstanding | 40,700,000 | 40,700,000 | |||||||
Current borrowing capacity | $ 237,200,000 | $ 237,200,000 | |||||||
Percentage of additional advance | 5.00% | 5.00% | |||||||
Sequential Repay Advance, percentage of guarantee rate | 100.00% | 100.00% | |||||||
GE Portfolio Acquisition Facility [Member] | Wells Fargo [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Additional credit capacity | $ 125,000,000 | ||||||||
Maximum Facility Size | $ 2,800,000,000 | 2,800,000,000 | $ 2,800,000,000 | ||||||
Approximate credit line, outstanding amount | 2,600,000,000 | ||||||||
Amount available for potential future fundings of loan | 238,700,000 | 238,700,000 | $ 238,700,000 | ||||||
GE Portfolio Acquisition Facility [Member] | Asset Specific Borrowings [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | May 20, 2020 | ||||||||
Number of extension options | ExtensionOptions | 2 | 2 | |||||||
Term of maturity date | 1 year | ||||||||
Weighted average rate | 80.00% | ||||||||
Borrowings maturity term | The asset-specific borrowings are term matched to the underlying collateral assets with an outside maturity date of May 20, 2020, which may be extended pursuant to two one-year extension options. | ||||||||
Secured debt agreements borrowings outstanding | 2,600,000,000 | 2,600,000,000 | $ 2,600,000,000 | $ 3,100,000,000 | $ 3,100,000,000 | ||||
GE Portfolio Acquisition Facility [Member] | Asset Specific Borrowings [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of guarantee rate | 25.00% | 25.00% | |||||||
Guarantee of outstanding borrowings | $ 250,000,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted-average outstanding balance | 35,200,000 | ||||||||
Interest expense | 494,000,000 | ||||||||
Amortization of deferred fees and expenses | 121,000,000 | ||||||||
Revolving Credit Facility [Member] | Barclays [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum Facility Size | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 | ||||||
Number of extension options | ExtensionOptions | 2 | 2 | 2 | ||||||
Term of maturity date | 1 year | ||||||||
First mortgage bridge to term financing maximum period | 6 months | ||||||||
Base Rate [Member] | GE Portfolio Acquisition Facility [Member] | Asset Specific Borrowings [Member] | Primary [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on debt obligation, in percent | 1.75% | ||||||||
Base Rate [Member] | GE Portfolio Acquisition Facility [Member] | Asset Specific Borrowings [Member] | Primary [Member] | Year Four [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on debt obligation, in percent | 1.80% | ||||||||
Base Rate [Member] | GE Portfolio Acquisition Facility [Member] | Asset Specific Borrowings [Member] | Primary [Member] | Year Five [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on debt obligation, in percent | 1.85% | ||||||||
LIBOR [Member] | Revolving Repurchase Facilities [Member] | Bank of America [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on debt obligation, in percent | 1.68% | ||||||||
LIBOR [Member] | Revolving Repurchase Facilities [Member] | Wells Fargo [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on debt obligation, in percent | 1.82% | ||||||||
LIBOR [Member] | Revolving Repurchase Facilities [Member] | JP Morgan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on debt obligation, in percent | 1.86% | ||||||||
LIBOR [Member] | Revolving Repurchase Facilities [Member] | Weighted-Average Cash Coupon [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on debt obligation, in percent | 1.85% | 1.83% | |||||||
LIBOR [Member] | Revolving Repurchase Facilities [Member] | Weighted-Average All-in Cost of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on debt obligation, in percent | 2.04% | 2.05% | |||||||
LIBOR [Member] | GE Portfolio Acquisition Facility [Member] | Sequential Repay Advance [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on debt obligation, in percent | 3.10% | ||||||||
LIBOR basis spread on debt obligation | 30-day LIBOR |
Secured Debt Agreements - Revol
Secured Debt Agreements - Revolving Repurchase Facilities (Detail) - Revolving Repurchase Facilities [Member] | Jun. 30, 2016USD ($) | Jun. 30, 2016GBP (£) | Jun. 30, 2016EUR (€) | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | ||||
Maximum Facility Size | $ 5,530,725,000 | $ 4,332,267,000 | ||
Collateral Assets | 4,504,794,000 | 3,811,792,000 | ||
Potential | 3,511,408,000 | 2,982,833,000 | ||
Repurchase Borrowings Outstanding | 3,142,404,000 | 2,495,805,000 | ||
Available | 369,004,000 | 487,028,000 | ||
Morgan Stanley [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum Facility Size | 335,725,000 | £ 250,000,000 | 370,400,000 | |
Collateral Assets | 267,152,000 | 273,280,000 | ||
Potential | 210,432,000 | 212,050,000 | ||
Repurchase Borrowings Outstanding | 210,432,000 | 209,038,000 | ||
Available | 3,012,000 | |||
Societe Generale [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum Facility Size | 445,000,000 | € 400,000,000 | 437,320,000 | |
Collateral Assets | 166,513,000 | 67,416,000 | ||
Potential | 133,211,000 | 53,933,000 | ||
Repurchase Borrowings Outstanding | 105,398,000 | 53,933,000 | ||
Available | 27,813,000 | |||
JP Morgan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum Facility Size | 500,000,000 | 524,547,000 | ||
Collateral Assets | 519,014,000 | 589,752,000 | ||
Potential | 404,031,000 | 464,723,000 | ||
Repurchase Borrowings Outstanding | 393,738,000 | 382,042,000 | ||
Available | 10,293,000 | 82,681,000 | ||
Wells Fargo [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum Facility Size | 2,000,000,000 | 1,000,000,000 | ||
Collateral Assets | 1,421,595,000 | 879,155,000 | ||
Potential | 1,099,823,000 | 687,200,000 | ||
Repurchase Borrowings Outstanding | 826,255,000 | 562,382,000 | ||
Available | 273,568,000 | 124,818,000 | ||
MetLife [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum Facility Size | 1,000,000,000 | 750,000,000 | ||
Collateral Assets | 946,957,000 | 593,273,000 | ||
Potential | 739,102,000 | 462,849,000 | ||
Repurchase Borrowings Outstanding | 739,102,000 | 324,587,000 | ||
Available | 138,262,000 | |||
Bank of America [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum Facility Size | 750,000,000 | 750,000,000 | ||
Collateral Assets | 649,974,000 | 840,884,000 | ||
Potential | 512,679,000 | 665,861,000 | ||
Repurchase Borrowings Outstanding | 498,334,000 | 618,944,000 | ||
Available | 14,345,000 | 46,917,000 | ||
Citibank [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum Facility Size | 500,000,000 | 500,000,000 | ||
Collateral Assets | 533,589,000 | 568,032,000 | ||
Potential | 412,130,000 | 436,217,000 | ||
Repurchase Borrowings Outstanding | 369,145,000 | 344,879,000 | ||
Available | $ 42,985,000 | $ 91,338,000 |
Secured Debt Agreements - Rev52
Secured Debt Agreements - Revolving Repurchase Facilities (Parenthetical) (Detail) | Jun. 30, 2016USD ($) | Jun. 30, 2016GBP (£) | Jun. 30, 2016EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2015GBP (£) |
Revolving Repurchase Facilities [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum Facility Size | $ 5,530,725,000 | $ 4,332,267,000 | |||
Revolving Repurchase Facilities [Member] | Morgan Stanley [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum Facility Size | 335,725,000 | £ 250,000,000 | 370,400,000 | ||
Revolving Repurchase Facilities [Member] | Societe Generale [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum Facility Size | 445,000,000 | € 400,000,000 | 437,320,000 | ||
Revolving Repurchase Facilities [Member] | JP Morgan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum Facility Size | 500,000,000 | 524,547,000 | |||
Revolving Repurchase Facilities [Member] | JP Morgan [Member] | $250.0 Million Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum Facility Size | $ 500,000,000 | 250,000,000 | |||
Revolving Repurchase Facilities [Member] | JP Morgan [Member] | UK Pound Sterling 153.0 Million ($226.7 Million) Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum Facility Size | 226,700,000 | £ 153,000,000 | |||
Pledged Assets Repayment Revolving Repurchase Facilities [Member] | JP Morgan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum Facility Size | $ 47,800,000 | £ 32,300,000 |
Secured Debt Agreements - Summa
Secured Debt Agreements - Summary of Key Terms of Revolving Repurchase Facilities (Detail) - Revolving Repurchase Facilities [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Advance Rate | 79.10% | 78.80% |
Wells Fargo [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantee | 25.00% | |
Advance Rate | 79.50% | |
Margin Call | Collateral marks only | |
Term/Maturity | Term matched | |
Wells Fargo [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Rate | 1.82% | |
MetLife [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantee | 50.00% | |
Advance Rate | 78.80% | |
Margin Call | Collateral marks only | |
Term/Maturity | April 22, 2022 | |
MetLife [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Rate | 1.84% | |
Bank of America [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantee | 50.00% | |
Advance Rate | 79.30% | |
Margin Call | Collateral marks only | |
Term/Maturity | May 21, 2021 | |
Bank of America [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Rate | 1.68% | |
JP Morgan [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantee | 25.00% | |
Advance Rate | 78.80% | |
Margin Call | Collateral marks only | |
Term/Maturity | January 7, 2018 | |
JP Morgan [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Rate | 1.86% | |
Citibank [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantee | 25.00% | |
Advance Rate | 78.10% | |
Margin Call | Collateral marks only | |
Term/Maturity | Term matched | |
Citibank [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Rate | 1.92% | |
Morgan Stanley [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantee | 25.00% | |
Advance Rate | 78.80% | |
Margin Call | Collateral marks only | |
Term/Maturity | March 1, 2019 | |
Morgan Stanley [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Rate | 2.35% | |
Societe Generale [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantee | 25.00% | |
Advance Rate | 80.00% | |
Margin Call | Collateral marks only | |
Term/Maturity | Term matched | |
Societe Generale [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Rate | 1.60% |
Secured Debt Agreements - Sum54
Secured Debt Agreements - Summary of Key Terms of Revolving Repurchase Facilities (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2016ExtensionOptions | |
Line of Credit Facility [Line Items] | |
Term of maturity date | 6 months |
Revolving Repurchase Facilities [Member] | MetLife [Member] | |
Line of Credit Facility [Line Items] | |
Maturity period | Includes five one-year extension options which may be exercised at our sole discretion. |
Number of extension options | 5 |
Term of maturity date | 1 year |
Revolving Repurchase Facilities [Member] | 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. |
Number of extension options | 2 |
Term of maturity date | 1 year |
Secured Debt Agreements - Sum55
Secured Debt Agreements - Summary of Statistics for Asset-Specific Financings (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016USD ($)SecurityLoan | Dec. 31, 2015USD ($)SecurityLoan | |
Participating Mortgage Loans [Line Items] | ||
Collateral assets, Book Value | $ 614,532 | |
Financing provided, Book Value | 488,634 | |
Collateral assets, Principal Balance | 619,811 | |
Financing provided, Principal Balance | $ 490,702 | |
Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Collateral assets, Book Value | $ 627,839 | |
Collateral assets, Principal Balance | $ 631,524 | |
Count | SecurityLoan | 6 | 5 |
LIBOR [Member] | Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 4.57% | 4.44% |
JP Morgan [Member] | Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Term | 2020-01 | 2020-01 |
Collateral assets, Book Value | $ 278,709 | $ 272,632 |
Collateral assets, Principal Balance | $ 280,415 | $ 274,878 |
Count | SecurityLoan | 1 | 1 |
JP Morgan [Member] | LIBOR [Member] | Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 3.87% | 3.88% |
Citibank [Member] | Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Term | 2020-11 | 2018-10 |
Collateral assets, Book Value | $ 201,101 | $ 36,514 |
Collateral assets, Principal Balance | $ 201,270 | $ 36,749 |
Count | SecurityLoan | 2 | 1 |
Citibank [Member] | LIBOR [Member] | Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 4.45% | 4.42% |
Bank of the Ozarks [Member] | Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Term | 2019-11 | |
Collateral assets, Book Value | $ 70,823 | |
Collateral assets, Principal Balance | $ 73,751 | |
Count | SecurityLoan | 2 | |
Bank of the Ozarks [Member] | LIBOR [Member] | Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 6.00% | |
Wells Fargo [Member] | Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Term | 2019-12 | 2019-06 |
Collateral assets, Book Value | $ 63,899 | $ 318,693 |
Collateral assets, Principal Balance | $ 64,375 | $ 319,897 |
Count | SecurityLoan | 1 | 3 |
Wells Fargo [Member] | LIBOR [Member] | Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 6.32% | 4.92% |
Asset-Specific Financings [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Guarantee | $ 106,547 | $ 102,579 |
Financing provided, Book Value | 473,799 | |
Financing provided, Principal Balance | $ 490,702 | $ 474,655 |
Count | SecurityLoan | 6 | 5 |
Asset-Specific Financings [Member] | LIBOR [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 2.41% | 2.16% |
Asset-Specific Financings [Member] | JP Morgan [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Term | 2020-01 | 2020-01 |
Guarantee | $ 58,420 | $ 53,623 |
Financing provided, Book Value | 233,456 | 214,391 |
Financing provided, Principal Balance | $ 233,679 | $ 214,491 |
Count | SecurityLoan | 1 | 1 |
Asset-Specific Financings [Member] | JP Morgan [Member] | LIBOR [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 1.89% | 1.94% |
Asset-Specific Financings [Member] | Citibank [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Term | 2020-11 | 2018-10 |
Guarantee | $ 39,115 | $ 6,329 |
Financing provided, Book Value | 156,446 | 25,293 |
Financing provided, Principal Balance | $ 156,461 | $ 25,314 |
Count | SecurityLoan | 2 | 1 |
Asset-Specific Financings [Member] | Citibank [Member] | LIBOR [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 2.45% | 2.08% |
Asset-Specific Financings [Member] | Bank of the Ozarks [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Term | 2019-11 | |
Financing provided, Book Value | $ 54,003 | |
Financing provided, Principal Balance | $ 55,500 | |
Count | SecurityLoan | 2 | |
Asset-Specific Financings [Member] | Bank of the Ozarks [Member] | LIBOR [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 3.84% | |
Asset-Specific Financings [Member] | Wells Fargo [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Term | 2019-12 | 2019-06 |
Guarantee | $ 9,012 | $ 42,627 |
Financing provided, Book Value | 44,729 | 234,115 |
Financing provided, Principal Balance | $ 45,062 | $ 234,850 |
Count | SecurityLoan | 1 | 3 |
Asset-Specific Financings [Member] | Wells Fargo [Member] | LIBOR [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 3.20% | 2.37% |
Loan Participations Sold - Summ
Loan Participations Sold - Summary of Statistics for Loan Participations Sold (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016USD ($)Loans | Dec. 31, 2015USD ($)Loans | |
Participating Mortgage Loans [Line Items] | ||
Count | Loans | 2 | 3 |
Principal Balance | $ 511,586 | $ 608,554 |
Book Value | $ 422,585 | $ 497,032 |
Weighted Average Term | 2019-09 | 2018-11 |
Senior Participation [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Count | Loans | 2 | 3 |
Principal Balance | $ 424,488 | $ 498,992 |
Book Value | 422,585 | 497,032 |
Guarantee | $ 32,330 | $ 35,558 |
Weighted Average Term | 2019-09 | 2018-11 |
LIBOR [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost | 4.51% | 4.15% |
LIBOR [Member] | Senior Participation [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost | 2.51% | 2.49% |
Loan Participations Sold - Su57
Loan Participations Sold - Summary of Statistics for Loan Participations Sold (Parenthetical) (Detail) $ in Thousands, £ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016GBP (£) | Dec. 31, 2015USD ($) | |
Participating Mortgage Loans [Line Items] | ||||||
Guarantor obligations | $ 32,200 | $ 32,200 | £ 24 | |||
Interest paid | 84,408 | $ 43,558 | ||||
Deferred financing costs | 16,789 | 16,789 | $ 15,646 | |||
Loan Participations Sold [Member] | ||||||
Participating Mortgage Loans [Line Items] | ||||||
Interest expense | 3,700 | $ 4,900 | 7,400 | 9,200 | ||
Interest paid | 3,600 | $ 4,700 | 7,100 | $ 8,700 | ||
Deferred financing costs | $ 1,900 | $ 1,900 | $ 2,000 |
Convertible Notes, Net - Additi
Convertible Notes, Net - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Nov. 30, 2013USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||
Maturity date | Aug. 31, 2016 | |||||
Convertible notes, net | $ 165,373,000 | $ 164,026,000 | $ 165,373,000 | |||
5.25% Convertible Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible Senior Notes, Principal amount | $ 172,500,000 | |||||
Convertible Senior Notes, Interest rate | 5.25% | |||||
Maturity date | Dec. 1, 2018 | |||||
Convertible Senior Notes, Interest rate including underwriter discounts | 5.87% | |||||
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. | |||||
Discount upon issuance of Convertible Notes | $ 9,100,000 | 6,900,000 | 8,200,000 | $ 6,900,000 | ||
Debt issuance costs | $ 4,100,000 | |||||
Convertible Notes, assumed effective interest rate | 6.50% | |||||
Convertible Senior Notes, Interest rate including amortization of discount upon issuance | 7.16% | |||||
Total interest on convertible notes | 2,900,000 | $ 2,900,000 | 5,900,000 | $ 5,800,000 | ||
Interest on convertible notes related to cash coupon | 2,300,000 | 2,300,000 | 4,500,000 | 4,500,000 | ||
Interest on convertible notes related to amortization of discount and certain issuance costs | 677,000 | $ 636,000 | 1,400,000 | $ 1,300,000 | ||
Accrued interest payable | 755,000 | 755,000 | 755,000 | |||
Deferred financing costs | $ 256,000 | $ 305,000 | 256,000 | |||
5.25% Convertible Senior Notes [Member] | Class A Common Stock [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible Notes, debt conversion, common stock issued, in percent | 34.8943 | 35.2653 | ||||
Convertible Notes, debt conversion, principal amount | $ 1,000 | $ 1,000 | $ 0 | |||
Debt instrument, conversion price | $ / shares | $ 28.66 | $ 27.67 | $ 28.36 | $ 27.67 |
Derivative Financial Instrume59
Derivative Financial Instruments - Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk (Detail) - Sell [Member] - Designated as Hedging Instrument [Member] - Foreign Exchange Forward [Member] - Net Investment Hedges [Member] € in Thousands, £ in Thousands, CAD in Thousands | Jun. 30, 2016GBP (£)DerivativeInstrument | Jun. 30, 2016EUR (€)DerivativeInstrument | Jun. 30, 2016CADDerivativeInstrument | Dec. 31, 2015GBP (£)DerivativeInstrument | Dec. 31, 2015EUR (€)DerivativeInstrument | Dec. 31, 2015CADDerivativeInstrument |
EUR [Member] | ||||||
Derivative [Line Items] | ||||||
Number of Instruments | 1 | 1 | 1 | 1 | 1 | 1 |
Notional Amount | € | € 45,100 | € 49,000 | ||||
GBP [Member] | ||||||
Derivative [Line Items] | ||||||
Number of Instruments | 1 | 1 | 1 | 2 | 2 | 2 |
Notional Amount | £ | £ 114,400 | £ 90,400 | ||||
CAD [Member] | ||||||
Derivative [Line Items] | ||||||
Number of Instruments | 1 | 1 | 1 | 2 | 2 | 2 |
Notional Amount | CAD | CAD 130,600 | CAD 154,900 |
Derivative Financial Instrume60
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivatives recorded losses during the period | $ 659,000 | $ 0 | $ 1,600,000 | $ 0 |
Interest Rate Caps [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Reclassification from other accumulated comprehensive income as increase to interest expense | 1,600,000 | |||
Cash flow hedge ineffectiveness | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrume61
Derivative Financial Instruments - Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Detail) - Cash Flow Hedges [Member] - Designated as Hedging Instrument [Member] € in Thousands, £ in Thousands, CAD in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2016USD ($)DerivativeInstrument | Dec. 31, 2015USD ($)DerivativeInstrument | Jun. 30, 2016GBP (£)DerivativeInstrument | Jun. 30, 2016EUR (€)DerivativeInstrument | Jun. 30, 2016CADDerivativeInstrument | Dec. 31, 2015GBP (£)DerivativeInstrument | Dec. 31, 2015EUR (€)DerivativeInstrument | Dec. 31, 2015CADDerivativeInstrument | |
Interest Rate Caps [Member] | USD [Member] | USD LIBOR [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 |
Notional Amount | $ | $ 1,097,632 | $ 1,097,632 | ||||||
Strike | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Wtd. Avg. Maturity (Years) | 9 months 18 days | 9 months 18 days | ||||||
Interest Rate Caps [Member] | CAD [Member] | CDOR [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 6 | 7 | 6 | 6 | 6 | 7 | 7 | 7 |
Notional Amount | CAD | CAD 439,320 | CAD 483,286 | ||||||
Strike | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Wtd. Avg. Maturity (Years) | 9 months 18 days | 1 year 2 months 12 days | ||||||
Interest Rate Caps [Member] | EUR [Member] | EURIBOR [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Notional Amount | € | € 15,142 | € 152,710 | ||||||
Strike | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Wtd. Avg. Maturity (Years) | 9 months 18 days | 1 year | ||||||
Interest Rate Caps [Member] | GBP [Member] | GBP LIBOR [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Notional Amount | £ | £ 15,142 | £ 15,142 | ||||||
Strike | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Wtd. Avg. Maturity (Years) | 9 months 18 days | 1 year 3 months 18 days | ||||||
Interest Rate Swaps [Member] | CAD [Member] | CDOR [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 2 | 2 | 2 | 2 | ||||
Notional Amount | CAD | CAD 17,273 | |||||||
Wtd. Avg. Maturity (Years) | 4 years 2 months 12 days |
Derivative Financial Instrume62
Derivative Financial Instruments - Summary of Non-designated Hedges (Detail) - Not Designated as Hedging Instrument [Member] € in Thousands, £ in Thousands, CAD in Thousands, $ in Thousands | Jun. 30, 2016EUR (€)DerivativeInstrument | Jun. 30, 2016CADDerivativeInstrument | Dec. 31, 2015USD ($)DerivativeInstrument | Dec. 31, 2015GBP (£)DerivativeInstrument | Dec. 31, 2015EUR (€)DerivativeInstrument | Dec. 31, 2015CADDerivativeInstrument |
Foreign Exchange Forward [Member] | GBP [Member] | Buy USD / Sell GBP Forward [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Number of Instruments | 1 | 1 | 1 | 1 | ||
Notional Amount | £ | £ 10,400 | |||||
Foreign Exchange Forward [Member] | GBP [Member] | Buy GBP / Sell USD Forward [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Number of Instruments | 1 | 1 | 1 | 1 | ||
Notional Amount | £ | £ 10,400 | |||||
Foreign Exchange Forward [Member] | EUR [Member] | Buy GBP / Sell EUR Forward [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Number of Instruments | 1 | 1 | 1 | 1 | 1 | 1 |
Notional Amount | € | € 12,857 | € 12,857 | ||||
Foreign Exchange Forward [Member] | EUR [Member] | Buy CAD / Sell USD Forward [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Number of Instruments | 2 | 2 | ||||
Notional Amount | € | € 17,250 | |||||
Foreign Exchange Forward [Member] | CAD [Member] | Buy CAD / Sell USD Forward [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Number of Instruments | 1 | 1 | 1 | 1 | ||
Notional Amount | CAD | CAD 1,000 | |||||
Foreign Exchange Forward [Member] | CAD [Member] | Buy USD / Sell CAD Forward [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Number of Instruments | 2 | 2 | 1 | 1 | 1 | 1 |
Notional Amount | CAD | CAD 17,250 | CAD 1,000 | ||||
Interest Rate Caps [Member] | EUR [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Number of Instruments | 2 | 2 | ||||
Notional Amount | € | € 152,710 | |||||
Interest Rate Caps [Member] | CAD [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Number of Instruments | 4 | 4 | 4 | 4 | 4 | 4 |
Notional Amount | CAD | CAD 67,303 | CAD 67,303 | ||||
Interest Rate Caps [Member] | USD [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Number of Instruments | 1 | 1 | 1 | 1 | ||
Notional Amount | $ | $ 13,387 |
Derivative Financial Instrume63
Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | $ 14,023 | $ 8,657 |
Fair Value of Derivatives in a Liability Position | 845 | 1,448 |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | 13,889 | 8,237 |
Fair Value of Derivatives in a Liability Position | 95 | 511 |
Designated as Hedging Instrument [Member] | Foreign Currency Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | 13,887 | 7,999 |
Fair Value of Derivatives in a Liability Position | 55 | 511 |
Designated as Hedging Instrument [Member] | Interest Rate Derivatives [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | 2 | 238 |
Fair Value of Derivatives in a Liability Position | 40 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | 134 | 420 |
Fair Value of Derivatives in a Liability Position | 750 | 937 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | 134 | 419 |
Fair Value of Derivatives in a Liability Position | $ 750 | 937 |
Not Designated as Hedging Instrument [Member] | Interest Rate Derivatives [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | $ 1 |
Derivative Financial Instrume64
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ 12,524 | $ 5,831 |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | (100) | (126) |
Foreign Currency Contracts [Member] | Interest Expense [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 12,591 | 6,121 |
Interest Rate Derivatives [Member] | Interest Expense [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | (67) | (290) |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | $ (100) | $ (126) |
Derivative Financial Instrume65
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net Investment Hedges [Member] | Foreign Currency Contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Net cash settlements on our foreign currency forward contracts | $ (10) | $ (1.3) | $ (1.8) | $ 2.8 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 15, 2016 | Jun. 15, 2016 | May 09, 2014 | May 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Mar. 25, 2014 |
Class of Stock [Line Items] | ||||||||||
Total stock, shares authorized | 300,000,000 | 300,000,000 | ||||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ||||||||
Preferred stock issued | 0 | 0 | ||||||||
Preferred stock outstanding | 0 | 0 | ||||||||
Plan adoption date | Mar. 25, 2014 | |||||||||
Dividends declared per share of common stock | $ 0.62 | $ 0.62 | $ 0.52 | $ 1.24 | $ 1.04 | |||||
Date of dividend paid | Jul. 15, 2016 | |||||||||
Date of dividend declared | Jun. 15, 2016 | |||||||||
Record date of dividend paid | Jun. 30, 2016 | |||||||||
Accumulated other comprehensive loss | $ 42,143 | $ 42,143 | $ 32,758 | |||||||
Unrealized gain related to changes in fair value of derivative instruments | 31,000 | 31,000 | 25,000 | |||||||
Cumulative unrealized currency translation adjustment on assets and liabilities denominated in foreign currencies | 73,100 | 73,100 | 57,800 | |||||||
CT Legacy Partners' total equity | 21,700 | 21,700 | 22,500 | |||||||
Equity interests owned by Blackstone Mortgage Trust, Inc. | 9,000 | 9,000 | 9,400 | |||||||
Non-controlling interests in CT Legacy Partners | $ 12,700 | $ 12,700 | $ 13,100 | |||||||
Subsequent Events [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends paid | $ 58,200 | |||||||||
Dividends paid per common stock | $ 0.62 | |||||||||
Class A Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||||||
Common stock, shares issued under dividend reinvestment component | 265 | 134 | 550 | 273 | ||||||
Number of shares sold during period | 25,875,000 | 550 | 34,780,298 | |||||||
Class A Common Stock [Member] | ATM Agreements [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Aggregate sales price | $ 200,000 | |||||||||
Number of shares sold during period | 0 | 0 | ||||||||
Aggregate sales price remaining available | $ 188,600 | $ 188,600 | ||||||||
Dividend Reinvestment and Direct Stock Purchase Plan [Member] | Class A Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Reserved for issuance of class A common stock | 9,998,847 | 9,998,847 | 10,000,000 |
Equity - Schedule of Movement i
Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Detail) - Class A Common Stock [Member] - shares | 1 Months Ended | 6 Months Ended | |
May 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | |
Class of Stock [Line Items] | |||
Beginning balance | 93,843,847 | 58,388,808 | |
Issuance of class A common stock | 25,875,000 | 550 | 34,780,298 |
Issuance of restricted class A common stock, net | 209,798 | 179,799 | |
Issuance of deferred stock units | 14,155 | 10,665 | |
Ending balance | 94,068,350 | 93,359,570 |
Equity - Schedule of Movement68
Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Parenthetical) (Detail) - shares | Jun. 30, 2016 | Jun. 30, 2015 |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Deferred stock units held by directors | 155,676 | 129,584 |
Equity - Schedule of Dividend A
Equity - Schedule of Dividend Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 15, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Equity [Abstract] | |||||
Dividends declared per share of common stock | $ 0.62 | $ 0.62 | $ 0.52 | $ 1.24 | $ 1.04 |
Total dividends declared | $ 58,226 | $ 48,480 | $ 116,452 | $ 78,874 |
Equity - Schedule of Basic and
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 ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 63,081 | $ 29,284 | $ 120,128 | $ 64,679 |
Weighted-average shares outstanding, basic and diluted | 94,064,423 | 80,940,535 | 94,066,096 | 69,820,061 |
Per share amount, basic and diluted | $ 0.67 | $ 0.36 | $ 1.28 | $ 0.93 |
Other Expenses - Additional Inf
Other Expenses - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Management fee - percent of outstanding equity balance | 1.50% | ||||
Incentive fee computation-percent of the product per agreement | 20.00% | ||||
Incentive fee computation-percent of 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 our management agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our outstanding Equity, provided that our Core Earnings over the prior three-year period is greater than zero. Core Earnings, as defined in our management agreement, is generally equal to our net income (loss) prepared in accordance with GAAP, excluding (i) certain non-cash items (ii) the net income (loss) related to our legacy portfolio and (iii) incentive management fees. | ||||
Management fees | $ 15,847,000 | $ 8,051,000 | $ 29,460,000 | $ 14,721,000 | |
Manager [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Management fees | 9,400,000 | 8,100,000 | 18,900,000 | 13,500,000 | |
Incentive fees payable | 6,400,000 | $ 0 | 10,600,000 | $ 1,200,000 | |
Accrued management and incentive fees payable | $ 15,800,000 | $ 15,800,000 | $ 14,400,000 | ||
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% | 6.75% | |||
Percentage of pool vested | 50.00% | ||||
Vested pool, percentage | 75.00% | ||||
Fully vested pool, percentage | 27.00% | 27.00% | |||
Percentage of pool vesting upon receipt of dividends | 23.00% | 23.00% | |||
Description of incentive management fee awards to employees vesting schedule | Approximately 50% of the pool was 75% vested as of June 30, 2016, with the remainder contingent on continued employment with an affiliate of our Manager and our receipt of distributions from CT Legacy Partners. Of the remaining 50% of the pool, 27% is fully vested as a result of an acceleration event, and 23% vest only upon our receipt of distributions from CT Legacy Partners. | ||||
Accrued payables, awards | $ 1,300,000 | $ 1,300,000 | $ 1,300,000 |
Other Expenses - Schedule of Ge
Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Professional services | $ 756 | $ 777 | $ 1,644 | $ 1,476 |
Operating and other costs | 521 | 554 | 1,391 | 1,112 |
Subtotal | 1,277 | 10,344 | 3,035 | 11,801 |
Non-cash and CT Legacy Portfolio compensation expenses | ||||
Restricted class A common stock earned | 4,742 | 3,303 | 9,335 | 6,506 |
Subtotal | 5,463 | 5,249 | 10,449 | 11,353 |
General and administrative expenses | 6,781 | 15,698 | 13,576 | 23,359 |
General Electrical Capital Corporation [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
GE transaction costs | 9,013 | 9,213 | ||
General and Administrative Expense [Member] | ||||
Non-cash and CT Legacy Portfolio compensation expenses | ||||
Director stock-based compensation | 94 | 94 | 188 | 188 |
CT Legacy Partners [Member] | ||||
Non-cash and CT Legacy Portfolio compensation expenses | ||||
Management incentive awards plan | 630 | 1,024 | 758 | 2,054 |
Blackstone [Member] | ||||
Non-cash and CT Legacy Portfolio compensation expenses | ||||
General and administrative expenses | 6,740 | 15,593 | 13,484 | 23,154 |
REIT [Member] | ||||
Non-cash and CT Legacy Portfolio compensation expenses | ||||
General and administrative expenses | 41 | 105 | 92 | 205 |
CT Opportunity Partners I, LP [Member] | ||||
Non-cash and CT Legacy Portfolio compensation expenses | ||||
Management incentive awards plan | $ (3) | $ 828 | $ 168 | $ 2,605 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
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 (benefit) provision | $ (154,000) | $ 105,000 | $ 87,000 | $ 350,000 | ||
Deferred tax assets | 0 | 0 | $ 0 | |||
Deferred tax liabilities | 0 | $ 0 | 0 | |||
Net operating losses carried forward | 159,000,000 | |||||
Net capital losses carried forward | $ 602,000 | |||||
NOLs expiration date | Dec. 31, 2029 | |||||
Internal Revenue Service [Member] | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Net operating losses and net capital losses | $ 2,000,000 | $ 2,000,000 | ||||
Class A Common Stock [Member] | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Common stock, shares issued | 25,875,000 | 550 | 34,780,298 | |||
Earliest Tax Year [Member] | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Open tax year | 2,012 | |||||
Latest Tax Year [Member] | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Open tax year | 2,015 |
Stock-Based Incentive Plans - A
Stock-Based Incentive Plans - Additional Information (Detail) $ in Millions | Jun. 30, 2016USD ($)Plansshares | Jun. 30, 2016USD ($)Plansshares | Dec. 31, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of benefit plans | Plans | 7 | 7 | |
Restricted Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares, vesting period | 3 years | ||
Number of shares of restricted class A common stock outstanding | 975,939 | 975,939 | 1,114,908 |
Unrecognized compensation cost relating to nonvested share-based compensation | $ | $ 27 | $ 27 | |
Unrecognized compensation cost expected to be recognized over weighted average period | 1 year 1 month 6 days | ||
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 | 293,014 | 293,014 | |
Vest in 2017 [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 | 446,781 | 446,781 | |
Vest in 2018 [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 | 236,144 | 236,144 | |
Stock Incentive Current Plan [Member] | Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available under plan | 2,396,605 | 2,396,605 | |
Maximum number of shares available under plan | 2,400,000 | 2,400,000 | |
Expired Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available under plan | 0 | 0 |
Stock-Based Incentive Plans - M
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] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Class A Common Stock, Beginning Balance | shares | 1,114,908 |
Restricted Class A Common Stock, Granted | shares | 245,225 |
Restricted Class A Common Stock, Vested | shares | (348,767) |
Restricted Class A Common Stock, Forfeited | shares | (35,427) |
Restricted Class A Common Stock, Ending Balance | shares | 975,939 |
Weighted-Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares | $ 27.64 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 26.51 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 27.10 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 27.49 |
Weighted-Average Grant Date Fair Value Per Share, Ending Balance | $ / shares | $ 27.55 |
Fair Values - Assets and Liabil
Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Derivatives | $ 14,023 | $ 8,657 |
Recurring [Member] | ||
Assets | ||
Derivatives | 14,023 | 8,657 |
Other assets | 22,442 | 14,220 |
Liabilities | ||
Derivatives | 845 | 1,448 |
Level 1 [Member] | Recurring [Member] | ||
Assets | ||
Other assets | 20,745 | |
Level 2 [Member] | Recurring [Member] | ||
Assets | ||
Derivatives | 14,023 | 8,657 |
Other assets | 1,697 | 1,659 |
Liabilities | ||
Derivatives | $ 845 | 1,448 |
Level 3 [Member] | Recurring [Member] | ||
Assets | ||
Other assets | $ 12,561 |
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) - Level 3 [Member] - Recurring [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning | $ 12,561 | $ 47,507 |
Proceeds from investment realizations | (2,406) | (57,039) |
Transfers out of level 3 | (20,745) | |
Adjustments to fair value included in earnings | ||
Gain on investments at fair value | $ 10,590 | 22,228 |
Balance, ending | $ 12,696 |
Fair Values - Additional Inform
Fair Values - Additional Information (Detail) $ in Millions | 3 Months Ended |
Jun. 30, 2016USD ($) | |
Recurring [Member] | Level 1 [Member] | Collateralized Debt Obligations [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Transfer out of level 3 | $ 20.7 |
Fair Values - Schedule of Detai
Fair Values - Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financial liabilities | ||
Loan participations sold | $ 422,585 | $ 497,032 |
Carrying Amount [Member] | ||
Financial assets | ||
Cash and cash equivalents | 181,796 | 96,450 |
Restricted cash | 476 | 9,556 |
Loans receivable, net | 9,090,934 | 9,077,007 |
Financial liabilities | ||
Secured debt agreements | 6,198,093 | 6,116,105 |
Loan participations sold | 422,585 | 497,032 |
Convertible notes, net | 165,373 | 164,026 |
Face Amount [Member] | ||
Financial assets | ||
Cash and cash equivalents | 181,796 | 96,450 |
Restricted cash | 476 | 9,556 |
Loans receivable, net | 9,122,567 | 9,108,361 |
Financial liabilities | ||
Secured debt agreements | 6,214,882 | 6,131,751 |
Loan participations sold | 424,488 | 498,992 |
Convertible notes, net | 172,500 | 172,500 |
Fair Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 181,796 | 96,450 |
Restricted cash | 476 | 9,556 |
Loans receivable, net | 9,147,799 | 9,121,732 |
Financial liabilities | ||
Secured debt agreements | 6,214,882 | 6,131,751 |
Loan participations sold | 424,488 | 498,992 |
Convertible notes, net | $ 183,131 | $ 171,344 |
Transactions with Related Par80
Transactions with Related Parties - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
CT Legacy Partners [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total incentive compensation payments | $ 630,000 | $ 1,024,000 | $ 758,000 | $ 2,054,000 | |
Restricted Class A Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Restricted shares, vesting period | 3 years | ||||
Class A Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Common stock value | 939,000 | $ 939,000 | $ 937,000 | ||
Manager [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management Agreement expiration date | Dec. 19, 2016 | ||||
Management Agreement renewal term, description | The current term of which expires on December 19, 2016, and will be automatically renewed for a one-year term each anniversary thereafter unless earlier terminated. | ||||
Management Agreement renewal term, period | 1 year | ||||
Accrued management and incentive fees payable | 15,800,000 | $ 15,800,000 | 14,400,000 | ||
Management fees paid to Manager | 13,600,000 | 6,700,000 | 28,000,000 | 12,900,000 | |
Expenses reimbursed to Manager | 59,000 | 0 | 380,000 | 139,000 | |
Total incentive compensation payments | $ 6,400,000 | 0 | 10,600,000 | 1,200,000 | |
Manager [Member] | CT Legacy Partners [Member] | |||||
Related Party Transaction [Line Items] | |||||
Net sale proceeds | 40,100,000 | ||||
Net sales proceeds, amount received | 2,400,000 | ||||
Manager [Member] | Incentive Awards Plan [Member] | CT Legacy Partners [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total incentive compensation payments | 2,700,000 | ||||
Incentive compensation amount paid | $ 162,000 | 2,500,000 | |||
Manager [Member] | Class A Common Stock [Member] | Restricted Class A Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Issuance of restricted class A common stock | 0 | ||||
Shares held | 476,203 | 476,203 | |||
Common stock value | $ 13,200,000 | $ 13,200,000 | |||
Non-cash expense | 2,500,000 | 1,900,000 | $ 4,600,000 | 3,300,000 | |
Manager [Member] | Class A Common Stock [Member] | Restricted Class A Common Stock [Member] | Stock Incentive Current Plan [Member] | |||||
Related Party Transaction [Line Items] | |||||
Restricted shares, vesting period | 3 years | ||||
Affiliates of Manager [Member] | Third-Party Service Provider [Member] | |||||
Related Party Transaction [Line Items] | |||||
Administrative services expenses incurred | 80,000 | 54,000 | $ 170,000 | 129,000 | |
BXMT Advisors Limited Liability Company and Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Preferred distributions payable to affiliate of our Manager | 31,000 | 31,000 | $ 83,000 | ||
Payments of preferred distributions to affiliate of our Manager | $ 121,000 | $ 389,000 | $ 345,000 | $ 841,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jun. 30, 2016USD ($)LoansDirectors | Jun. 30, 2016USD ($)LoansInstallments | Dec. 31, 2015USD ($) |
Commitments And Contingencies [Line Items] | |||
Commitments expiration period | 3 years | ||
Number of loans receivable | Loans | 63 | 63 | |
Percentage of compensation paid in cash | 40.00% | ||
Percentage of compensation in the form of deferred stock units | 60.00% | ||
Number of board of directors | Directors | 8 | ||
Number of independent directors entitled to annual compensation | Directors | 5 | ||
Number of equal quarterly installments | Installments | 4 | ||
CT Investment Management Co LLC [Member] | Internal Revenue Service [Member] | |||
Commitments And Contingencies [Line Items] | |||
Income tax examinations, reserves | $ 0 | $ 0 | |
CT Investment Management Co LLC [Member] | New York State Division of Taxation and Finance [Member] | |||
Commitments And Contingencies [Line Items] | |||
Income tax examinations, reserves | 0 | 0 | |
Loans Receivable [Member] | |||
Commitments And Contingencies [Line Items] | |||
Unfunded loan commitments | 907,709,000 | $ 907,709,000 | $ 700,658,000 |
Five Independent 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 | 125,000 | ||
Chairperson of Audit Committee [Member] | |||
Commitments And Contingencies [Line Items] | |||
Annual cash compensation | $ 12,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Jul. 25, 2016 | Jul. 24, 2016 | Jun. 30, 2016 |
Subsequent Event [Line Items] | |||
Maturity date | Aug. 31, 2016 | ||
Subsequent Events [Member] | JP Morgan [Member] | Revolving Repurchase Facilities [Member] | |||
Subsequent Event [Line Items] | |||
Maturity date | Jan. 7, 2019 | Jan. 7, 2018 |