Blackstone Mortgage Trust (BXMT) 10-Q 25 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 18, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		94,827,579

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 64,275	$ 75,567
Loans receivable, net	8,721,768	8,692,978
Other assets	168,616	44,070
Total Assets	8,954,659	8,812,615
Liabilities and Equity
Secured debt agreements, net	5,760,191	5,716,354
Loan participations sold, net	354,131	348,077
Convertible notes, net	167,475	166,762
Other liabilities	176,880	87,819
Total Liabilities	6,458,677	6,319,012
Commitments and contingencies
Equity
Class A common stock, $0.01 par value, 200,000,000 shares authorized, 94,818,348 and 94,540,263 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	948	945
Additional paid-in capital	3,096,006	3,089,997
Accumulated other comprehensive loss	(52,357)	(56,202)
Accumulated deficit	(548,615)	(541,137)
Total Equity	2,495,982	2,493,603
Total Liabilities and Equity	$ 8,954,659	$ 8,812,615

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
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	94,818,348	94,540,263
Common stock, shares outstanding	94,818,348	94,540,263

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income from loans and other investments
Interest and related income	$ 118,517	$ 123,025
Less: Interest and related expenses	46,674	45,381
Income from loans and other investments, net	71,843	77,644
Other expenses
Management and incentive fees	12,921	13,613
General and administrative expenses	7,428	6,795
Total other expenses	20,349	20,408
Gain on investments at fair value		66
Income from equity investment in unconsolidated subsidiary		138
Income before income taxes	51,494	57,440
Income tax provision	89	241
Net income	51,405	57,199
Net income attributable to non-controlling interests		(152)
Net income attributable to Blackstone Mortgage Trust, Inc.	$ 51,405	$ 57,047
Net income per share of common stock basic and diluted	$ 0.54	$ 0.61
Weighted-average shares of common stock outstanding, basic and diluted	94,993,386	94,067,769
Dividends declared per share of common stock	$ 0.62	$ 0.62

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net income	$ 51,405	$ 57,199
Other comprehensive income
Unrealized gain on foreign currency remeasurement	7,770	5,979
Realized and unrealized loss on derivative financial instruments	(3,925)	(6,666)
Other comprehensive income (loss)	3,845	(687)
Comprehensive income	55,250	56,512
Comprehensive income attributable to non-controlling interests		(152)
Comprehensive income attributable to Blackstone Mortgage Trust, Inc.	$ 55,250	$ 56,360

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Stockholders' Equity [Member]	Non-controlling Interests [Member]
Balance at Dec. 31, 2015	$ 2,505,731	$ 937	$ 3,070,200	$ (32,758)	$ (545,791)	$ 2,492,588	$ 13,143
Shares of class A common stock issued, net	2	2				2
Restricted class A common stock earned	4,593		4,593			4,593
Dividends reinvested	6		88		(82)	6
Deferred directors' compensation	94		94			94
Other comprehensive income (loss)	(687)			(687)		(687)
Net income	57,199				57,047	57,047	152
Dividends declared on common stock	(58,226)				(58,226)	(58,226)
Distributions to non-controlling interests	(6,879)						(6,879)
Balance at Mar. 31, 2016	2,501,833	939	3,074,975	(33,445)	(547,052)	2,495,417	$ 6,416
Balance at Dec. 31, 2016	2,493,603	945	3,089,997	(56,202)	(541,137)	2,493,603
Shares of class A common stock issued, net	3	3				3
Restricted class A common stock earned	5,810		5,810			5,810
Dividends reinvested	9		105		(96)	9
Deferred directors' compensation	94		94			94
Other comprehensive income (loss)	3,845			3,845		3,845
Net income	51,405				51,405	51,405
Dividends declared on common stock	(58,787)				(58,787)	(58,787)
Balance at Mar. 31, 2017	$ 2,495,982	$ 948	$ 3,096,006	$ (52,357)	$ (548,615)	$ 2,495,982

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income	$ 51,405	$ 57,199
Adjustments to reconcile net income to net cash provided by operating activities
Non-cash compensation expense	5,907	4,852
Amortization of deferred fees on loans	(8,808)	(8,954)
Amortization of deferred financing costs and premiums/ discount on debt obligations	4,535	4,053
Income from equity investment in unconsolidated subsidiary		(138)
Distributions of income from unconsolidated subsidiary		6,837
Gain on investments at fair value		(66)
Changes in assets and liabilities, net
Other assets	1,699	4,254
Other liabilities	2,636	(2,256)
Net cash provided by operating activities	57,374	65,781
Cash flows from investing activities
Origination and fundings of loans receivable	(702,353)	(586,066)
Principal collections and sales proceeds from loans receivable and other assets	567,321	420,513
Origination and exit fees received on loans receivable	12,429	10,424
Receipts under derivative financial instruments	1,903
Payments under derivative financial instruments	(3,752)
Change in restricted cash		9,122
Net cash used in investing activities	(124,452)	(146,007)
Cash flows from financing activities
Borrowings under secured debt agreements	789,865	629,897
Repayments under secured debt agreements	(672,161)	(466,536)
Repayment of loan participations		(9,600)
Payment of deferred financing costs	(3,895)	(5,260)
Receipts under derivative financial instruments		11,478
Payments under derivative financial instruments		(3,260)
Distributions to non-controlling interests		(6,879)
Net proceeds from issuance of class A common stock	8	6
Dividends paid on class A common stock	(58,615)	(58,097)
Net cash provided by financing activities	55,202	91,749
Net (decrease) increase in cash and cash equivalents	(11,876)	11,523
Cash and cash equivalents at beginning of period	75,567	96,450
Effects of currency translation on cash and cash equivalents	584	2,649
Cash and cash equivalents at end of period	64,275	110,622
Supplemental disclosure of cash flows information
Payments of interest	(39,287)	(38,121)
Payments of income taxes	(50)	(151)
Supplemental disclosure of non-cash investing and financing activities
Dividends declared, not paid	(58,787)	(58,226)
Participations sold, net		(9,600)
Loan principal payments held by servicer, net	$ 42,715	$ 75,378

Organization

Organization	3 Months Ended
	Mar. 31, 2017
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	3 Months Ended
	Mar. 31, 2017
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 10-01 S-X. 10-K 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. 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 March 31, 2017 and December 31, 2016, 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. 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 5-point 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 Equity Investment in Unconsolidated Subsidiary Our carried interest in CT Opportunity Partners I, LP, or CTOPI, was accounted for using the equity method. CTOPI’s assets and liabilities were not consolidated into our financial statements due to our determination that (i) it was not a VIE and (ii) the other investors in CTOPI had sufficient rights to preclude consolidation by us. As such, we reported our allocable percentage of the net assets of CTOPI on our consolidated balance sheets. The investment was fully realized as of December 31, 2016 and we no longer have any equity investments in unconsolidated subsidiaries in our consolidated financial statements. 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 non-designated 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. non-designated Secured Debt Agreements Where applicable, 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 the non-consolidated senior 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 non-cash non-cash 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, 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 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 and cash equivalents approximates fair value. • Loans receivable, net: The fair values of these loans were estimated by our Manager based on a discounted cash flow methodology, taking into consideration various 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 and interest rate contracts was estimated 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, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced. • Loan participations sold, net: The fair value of these instruments was 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. 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 individuals employed by an affiliate of our Manager 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 two-class 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. Non-U.S. non-U.S. 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 Recent Accounting Pronouncements In November 2016, the FASB issued ASU 2016-18 “Statement or ASU 2016-18. ASU 2016-18 is statements. ASU 2016-18 is In June 2016, the FASB issued ASU 2016-13 “Financial ASU 2016-13. ASU 2016-13 significantly ASU 2016-13 will for available-for-sale debt ASU 2016-13 is ASU 2016-13 will In May 2014, the FASB issued ASU 2014-09, “Revenue , or ASU 2014-09. ASU 2014-09 broadly recognition. ASU 2014-09 is of ASU 2014-09 will

Loans Receivable, Net

Loans Receivable, Net	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Loans Receivable, Net	3. LOANS RECEIVABLE, NET The following table details overall statistics for our loans receivable portfolio ($ in thousands): March 31, 2017 December 31, 2016 Number of loans 103 107 Principal balance $ 8,759,696 $ 8,727,218 Net book value $ 8,721,768 $ 8,692,978 Unfunded loan commitments (1) $ 1,149,842 $ 882,472 Weighted-average cash coupon (2) 5.15 % 5.01 % Weighted-average all-in (2) 5.57 % 5.36 % Weighted-average maximum maturity (years) (3) 3.3 3.2 (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 March 31, 2017, our floating rate loans were indexed to various benchmark rates, with 84% of floating rate loans by principal balance indexed to USD LIBOR. In addition, $217.8 million of our floating rate loans earned interest based on floors that are above the applicable index, with an average floor of 1.22%, as of March 31, 2017. As of December 31, 2016, our floating rate loans were indexed to various benchmark rates, with 84% of floating rate loans indexed to USD LIBOR. In addition, $216.3 million of our floating rate loans earned interest based on floors that are above the applicable index, with an average floor of 1.27%, as of December 31, 2016. In addition to cash coupon, all-in all-in (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of March 31, 2017, 59% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 41% were open to repayment by the borrower without penalty. As of December 31, 2016, 64% of our loans were subject to yield maintenance or other prepayment restrictions and 36% were open to repayment by the borrower without penalty. Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Balance Deferred Fees / Other Items (1) Net Book Value December 31, 2016 $ 8,727,218 $ (34,240) $ 8,692,978 Loan fundings 702,353 — 702,353 Loan repayments (695,758 ) — (695,758 ) Unrealized gain (loss) on foreign currency translation 25,883 (67 ) 25,816 Deferred fees and other items (1) — (12,429 ) (12,429 ) Amortization of fees and other items (1) — 8,808 8,808 March 31, 2017 $ 8,759,696 $ (37,928 ) $ 8,721,768 (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): March 31, 2017 Property Type Number of Loans Net Book Value Total Loan Exposure (1) Percentage of Portfolio Office 54 $ 4,808,211 $ 4,833,513 50% Hotel 16 2,104,014 2,175,505 22 Retail 7 524,318 944,818 10 Multifamily 8 515,170 517,376 5 Manufactured housing 9 295,559 295,359 3 Condominium 1 49,276 226,478 2 Other 8 425,220 740,328 8 103 $ 8,721,768 $ 9,733,377 100% Geographic Location Number of Loans Net Book Value Total Loan Exposure (1) Percentage of Portfolio United States Northeast 24 $ 2,493,379 $ 2,510,088 26% West 23 1,998,995 2,185,476 22 Southeast 20 1,453,309 1,877,334 19 Midwest 7 702,238 704,199 7 Southwest 7 318,348 317,136 3 Northwest 2 215,617 218,088 2 Subtotal 83 7,181,886 7,812,321 79 International United Kingdom 9 983,679 1,317,265 14 Canada 8 494,223 490,326 5 Germany 1 11,271 62,510 1 Netherlands 2 50,709 50,955 1 Subtotal 20 1,539,882 1,921,056 21 Total 103 $ 8,721,768 $ 9,733,377 100% (1) In certain instances, we finance our loans through the non-recourse non-consolidated December 31, 2016 Property Type Number of Loans Net Book Value Total Loan Exposure (1) Percentage of Portfolio Office 55 $ 4,800,609 $ 4,889,456 50% Hotel 18 1,889,732 1,957,334 20 Retail 9 769,813 1,173,592 12 Multifamily 8 521,097 523,529 5 Manufactured housing 9 296,290 296,252 3 Condominium 2 66,070 258,360 3 Other 6 349,367 658,211 7 107 $ 8,692,978 $ 9,756,734 100% Geographic Location Number of Net Book Total Loan (1) Percentage of United States Northeast 26 $ 2,548,257 $ 2,562,149 26% Southeast 21 1,492,530 1,899,748 19 West 22 1,628,811 1,828,667 19 Midwest 7 695,713 698,093 7 Southwest 8 380,639 379,766 4 Northwest 3 227,747 293,564 3 Subtotal 87 6,973,697 7,661,987 78 International United Kingdom 9 977,136 1,305,816 13 Canada 8 487,835 483,923 5 Germany 1 204,241 254,644 3 Netherlands 2 50,069 50,364 1 Subtotal 20 1,719,281 2,094,747 22 Total 107 $ 8,692,978 $ 9,756,734 100% (1) In certain instances, we finance our loans through the non-recourse non-consolidated 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): March 31, 2017 December 31, 2016 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 6 $ 303,849 $ 304,170 1 8 $ 361,100 $ 361,574 2 47 3,670,002 3,679,119 2 52 4,011,992 4,083,678 3 49 4,727,107 5,729,339 3 46 4,299,026 5,290,668 4 1 20,810 20,749 4 1 20,860 20,814 5 — — — 5 — — — 103 $ 8,721,768 $ 9,733,377 107 $ 8,692,978 $ 9,756,734 (1) In certain instances, we finance our loans through the non-recourse non-consolidated The weighted-average risk rating of our total loan exposure was 2.6 and 2.5 as of March 31, 2017 and December 31, 2016, respectively. The increase in weighted-average risk rating was primarily driven by repayments of loans with lower risk ratings, and not rating downgrades in the existing portfolio. We did not have any impaired loans, nonaccrual loans, or loans in maturity default as of March 31, 2017 or December 31, 2016.

Equity Investment in Unconsolid

Equity Investment in Unconsolidated Subsidiary	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Investment in Unconsolidated Subsidiary	4. EQUITY INVESTMENT IN UNCONSOLIDATED SUBSIDIARY Our equity investment in unconsolidated subsidiary consisted solely of our carried interest in CTOPI, a fund sponsored and managed by an affiliate of our Manager. The investment was fully realized as of December 31, 2016 and we no longer have any investments in unconsolidated subsidiaries on our consolidated financial statements. Our carried interest in CTOPI entitled 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. We recognized $138,000 of promote income from CTOPI in respect of our carried interest and recorded such amounts as income in our consolidated statements of operations during the three months ended March 31, 2016. 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. During the three months ended March 31, 2016, we recognized $170,000 of expenses under the CTOPI incentive plan. Such amounts were recognized as a component of general and administrative expenses in our consolidated statements of operations.

Other Assets and Liabilities

Other Assets and Liabilities	3 Months Ended
	Mar. 31, 2017
Text Block [Abstract]
Other Assets and Liabilities	5. OTHER ASSETS AND LIABILITIES The following table details the components of our other assets ($ in thousands): March 31, December 31, 2017 2016 Loan portfolio payments held by servicer (1) $ 135,516 $ 6,294 Accrued interest receivable 30,962 32,871 Derivative assets 1,424 4,086 Prepaid expenses 700 803 Prepaid taxes 14 16 Total $ 168,616 $ 44,070 (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. The following table details the components of our other liabilities ($ in thousands): March 31, December 31, 2017 2016 Secured debt repayments pending servicer remittance (1) $ 91,763 $ 5,372 Accrued dividends payable 58,787 58,615 Accrued management and incentive fees payable 12,921 12,798 Accrued interest payable 11,673 9,049 Accounts payable and other liabilities 1,736 1,985 Total $ 176,880 $ 87,819 (1) Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle.

Secured Debt Agreements, Net

Secured Debt Agreements, Net	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Secured Debt Agreements, Net	6. SECURED DEBT AGREEMENTS, NET Our secured debt agreements include credit 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 March 31, 2017 December 31, 2016 Credit facilities $ 3,958,064 $ 3,572,837 GE portfolio acquisition facility 1,250,524 1,479,582 Asset-specific financings 567,577 679,207 Revolving credit agreement — — Total secured debt agreements $ 5,776,165 $ 5,731,626 Deferred financing costs (1) (15,974 ) (15,272 ) Net book value of secured debt $ 5,760,191 $ 5,716,354 (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. Credit Facilities During the three months ended March 31, 2017, we increased the maximum facility size of two of our credit facilities, providing an additional £250.0 million and €250.0 million of credit capacity, respectively, and we converted one of our asset-specific financings to a $500.0 million credit facility. The following tables detail our credit facilities ($ in thousands): March 31, 2017 Maximum Collateral Credit Borrowings Lender Facility Size (1) Assets (2) Potential (3) Outstanding Available (3) Wells Fargo $ 2,000,000 $ 1,895,248 $ 1,468,184 $ 1,238,872 $ 229,312 MetLife 1,000,000 1,104,478 866,114 866,114 — Bank of America 750,000 813,305 641,066 641,066 — Citibank (4) 766,300 509,582 393,933 295,777 98,156 Deutsche Bank 500,000 374,119 278,851 278,851 — Morgan Stanley (5) 627,500 329,767 260,623 220,969 39,654 Société Générale (6) 426,080 281,623 220,915 214,678 6,237 JP Morgan (7) 500,000 359,098 277,914 201,737 76,177 $ 6,569,880 $ 5,667,220 $ 4,407,600 $ 3,958,064 $ 449,536 December 31, 2016 Maximum Collateral Credit Borrowings Lender Facility Size (1) Assets (2) Potential (3) Outstanding Available (3) Wells Fargo $ 2,000,000 $ 1,718,874 $ 1,339,942 $ 1,107,733 $ 232,209 MetLife 1,000,000 1,106,017 862,454 862,454 — Bank of America 750,000 794,881 617,694 617,694 — JP Morgan (7) 500,000 550,560 420,414 316,219 104,195 Morgan Stanley (5) 308,500 344,056 272,221 231,930 40,291 Citibank (4) 500,000 508,989 394,677 229,629 165,048 Société Générale (6) 420,680 274,351 207,178 207,178 — $ 5,479,180 $ 5,297,728 $ 4,114,580 $ 3,572,837 $ 541,743 (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 credit facility. (4) As of March 31, 2017, the Citibank maximum facility size was composed of a general $500.0 million facility size denominated in U.S. Dollars plus a general €250.0 million ($266.3 million) facility size that contemplated British Pound Sterling and Euro borrowings. As of December 31, 2016, the maximum facility size was composed of a general $500.0 million facility. (5) As of March 31, 2017, the Morgan Stanley maximum facility size was composed of a £500.0 million facility size that was translated to $627.5 million. As of December 31, 2016, the maximum facility size was composed of a £250.0 million facility size that was translated to $308.5 million. Borrowings denominated in British Pound Sterling and Euro are contemplated under this facility. (6) As of March 31, 2017 and December 31, 2016, the Société Générale maximum facility size was composed of a €400.0 million facility size that was translated to $426.1 million and $420.7 million, respectively. Borrowings denominated in U.S. Dollars, British Pound Sterling, and Euro are contemplated under this facility. (7) As of March 31, 2017 and December 31, 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. The weighted-average outstanding balance of our credit facilities was $3.5 billion for the three months ended March 31, 2017. As of March 31, 2017, we had aggregate borrowings of $4.0 billion outstanding under our credit facilities, with a weighted-average cash coupon of LIBOR plus 1.90% per annum, a weighted-average all-in term-out The weighted-average outstanding balance of our credit facilities was $2.9 billion for the three months ended December 31, 2016. As of December 31, 2016, we had aggregated borrowings of $3.6 billion outstanding under our credit facilities, with a weighted-average cash coupon of LIBOR plus 1.82% per annum, a weighted-average all-in term-out 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 tables outline the key terms of our credit facilities as of March 31, 2017: Lender Currency Guarantee (1) Margin Call (2) Term/Maturity Wells Fargo $ 25% Collateral marks only Term matched (3) MetLife $ 50% Collateral marks only April 22, 2022 (4) Bank of America $ 50% Collateral marks only May 21, 2021 (5) Citibank $ / £/ € 25% Collateral marks only Term matched (3) Deutsche Bank $ 25% Collateral marks only Term matched (3) Morgan Stanley £ / € 25% Collateral marks only March 1, 2020 Société Générale $ /£/ € 25% Collateral marks only Term matched (3) JP Morgan $ / £ 50% Collateral marks only January 7, 2019 (1) Other than amounts guaranteed based on specific collateral asset types, borrowings under our credit facilities are non-recourse (2) Margin call provisions under our credit facilities do not permit valuation adjustments based on capital markets events, and are limited to collateral-specific credit marks. (3) These credit 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. (4) Includes five one-year (5) Includes two one-year Currency Outstanding Borrowings Potential Borrowings (1) Index Rate (2) Advance Rate (3) $ $3,639,921 $4,030,008 1-month L+1.88% 78.9% € € — € 38,269 3-month n/a 77.8% £ £ 253,500 £ 269,273 3-month L+2.15% 79.0% $3,958,064 $4,407,600 L+1.90% 78.9% (1) 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 credit facility. (2) Represents weighted-average cash coupon based on borrowings outstanding. (3) Represents weighted-average advance rate based on the outstanding principal balance of the collateral assets pledged. 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. As of March 31, 2017, this facility provided for $1.4 billion of financing, of which $1.3 billion was outstanding and an additional $171.7 million was available to finance future loan fundings in the GE portfolio. The GE portfolio acquisition facility is non-revolving The asset-specific borrowings under the GE portfolio acquisition facility were advanced at a weighted-average rate of 80% of our purchase price of the collateral assets and are repaid pro rata from collateral asset repayment proceeds. The asset-specific borrowings are currency matched to the collateral assets and accrue interest at a rate equal to the sum of (i) the applicable base rate plus (ii) a margin of 1.75%, which will increase to 1.80% and 1.85% in year four and year five, respectively. As of March 31, 2017, those borrowings were denominated in U.S. Dollars, Canadian Dollars, and British Pounds Sterling. The asset-specific borrowings are term matched to the underlying collateral assets with an outside maturity date of May 20, 2020, which may be extended pursuant to two one-year Asset-Specific Financings The following tables detail statistics for our asset-specific financings ($ in thousands): March 31, 2017 Lender Count Principal Book Value Wtd. Avg. (1) Guarantee (2) Wtd. Avg. (3) JP Morgan (4) Collateral assets 1 $ 286,887 $ 285,955 L+3.88 % n/a Jan. 2020 Financing provided 1 233,679 233,413 L+1.89 % $ 116,839 Jan. 2020 Citibank (4) Collateral assets 2 204,617 204,548 L+4.40 % n/a Nov. 2020 Financing provided 2 161,163 161,123 L+2.42 % 40,291 Nov. 2020 Bank of the Ozarks Collateral assets 2 169,986 167,510 L+6.51 % n/a June 2020 Financing provided 2 128,969 128,045 L+3.83 % — June 2020 Wells Fargo Collateral assets 1 62,523 62,302 L+6.05 % n/a Dec. 2019 Financing provided 1 43,766 43,609 L+3.14 % 8,753 Dec. 2019 Total Collateral assets 6 $ 724,013 $ 720,315 L+4.83 % n/a Financing provided 6 $ 567,577 $ 566,190 L+2.58 % $ 165,883 (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 non-recourse (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings are term-matched to the corresponding collateral loans. (4) Borrowings under these asset specific financings are cross collateralized with the related credit facility with the same lender. December 31, 2016 Lender Count Principal Book Wtd. Avg. (1) Guarantee (2) Wtd. Avg. (3) JP Morgan (4) Collateral assets 1 $ 284,012 $ 282,818 L+3.88 % n/a Jan. 2020 Financing provided 1 233,679 233,626 L+1.89 % $ 116,839 Jan. 2020 Citibank (4) Collateral assets 2 203,656 203,555 L+4.40 % n/a Nov. 2020 Financing provided 2 158,652 158,609 L+2.42 % 39,663 Nov. 2020 Deutsche Bank Collateral assets 1 183,300 180,866 L+5.18 % n/a Aug. 2021 Financing provided 1 135,075 133,621 L+3.03 % 66,410 Aug. 2021 Bank of the Ozarks Collateral assets 2 143,164 140,524 L+6.42 % n/a Apr. 2020 Financing provided 2 108,435 107,323 L+3.68 % — Apr. 2020 Wells Fargo Collateral assets 1 61,951 61,654 L+6.05 % n/a Dec. 2019 Financing provided 1 43,366 43,154 L+2.97 % 8,673 Dec. 2019 Total Collateral assets 7 $ 876,083 $ 869,417 L+4.84 % n/a Financing provided 7 $ 679,207 $ 676,333 L+2.60 % $ 231,585 (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 non-recourse (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings are term-matched to the corresponding collateral loans. (4) Borrowings under these asset specific financings are cross collateralized with the related credit facility with the same lender. The weighted-average outstanding balance of our asset-specific financings was $696.4 million for the three months ended March 31, 2017 and $606.9 million for the three months ended December 31, 2016. 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 During the three months ended March 31, 2017, we had no borrowings under the revolving credit agreement and we recorded interest expense of $240,000, including $126,000 of amortization of deferred fees and expenses. During the three months ended December 31, 2016, the weighted-average outstanding borrowings under the revolving credit agreement were $35.3 million and we recorded interest expense of $506,000, including $128,000 of amortization of deferred fees and expenses. As of December 31, 2016 we had no 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 March 31, 2017; (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 March 31, 2017 and December 31, 2016, we were in compliance with these covenants.

Loan Participations Sold, Net

Loan Participations Sold, Net	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Loan Participations Sold, Net	7. LOAN PARTICIPATIONS SOLD, NET The financing of a loan by the non-recourse The following tables detail statistics for our loan participations sold ($ in thousands): March 31, 2017 Loan Participations Sold Count Principal Book Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Total loan 1 $ 426,700 $ 423,575 L+4.48 % n/a Dec. 2019 Senior participation (3)(4) 1 355,583 354,131 L+2.72 % $ 30,120 Dec. 2019 December 31, 2016 Loan Participations Sold Count Principal Book Wtd. Avg. (1) Guarantee (2) Wtd. Avg. Total loan 1 $ 419,560 $ 416,233 L+4.48 % n/a Dec. 2019 Senior participation (3)(4) 1 349,633 348,077 L+2.72 % $ 29,616 Dec. 2019 (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 ($30.1 million and $29.6 million as of March 31, 2017 and December 31, 2016, respectively), our loan participations sold are non-recourse (3) During the three months ended March 31, 2017 and December 31, 2016, we recorded $2.6 million and $2.9 million, respectively, of interest expense related to our loan participations sold, of which $2.5 million and $2.8 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 $1.5 million and $1.6 million as of March 31, 2017 and December 31, 2016, respectively.

Convertible Notes, Net

Convertible Notes, Net	3 Months Ended
	Mar. 31, 2017
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 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 March 31, 2017. 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. As a result of exceeding the cumulative dividend threshold as defined in the Convertible Notes Supplemental Indenture, the conversion rate was adjusted on September 28, 2016 to 35.7236 shares of Class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of $27.99 per share of class A common stock. We may not redeem the Convertible Notes prior to maturity. The last reported sale price of our Class A common stock of $30.96 on March 31, 2017 was greater than the per share conversion price of the Convertible Notes. We have the intent and ability to settle the Convertible Notes in cash and, 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 March 31, 2017, we incurred total interest on our Convertible Notes of $3.0 million, of which $2.3 million related to cash coupon and $713,000 related to the amortization of discount and certain issuance costs. During the three months ended March 31, 2016, we incurred total interest on our Convertible Notes of $3.0 million, of which $2.3 million related to cash coupon and $670,000 related to the amortization of discount and certain issuance costs. As of March 31, 2017, the Convertible Notes were carried on our consolidated balance sheet at $167.5 million, net of an unamortized discount of $4.8 million and deferred financing costs of $180,000. As of December 31, 2016, the Convertible Notes were carried on our consolidated balance sheet at $166.8 million, net of an unamortized discount of $5.5 million and deferred financing costs of $206,000. Accrued interest payable for the Convertible Notes was $3.0 million and $755,000 as of March 31, 2017 and December 31, 2016, respectively. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
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, 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): March 31, 2017 December 31, 2016 Foreign Currency Derivatives Number of Notional Foreign Currency Derivatives Number of Notional Sell GBP Forward 1 £ 141,900 Sell GBP Forward 2 £ 141,900 Sell CAD Forward 1 C$ 122,900 Sell CAD Forward 2 C$ 122,900 Sell EUR Forward 1 € 44,900 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. The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands): March 31, 2017 Interest Rate Derivatives Number of Notional Amount Strike Index Wtd.-Avg. Interest Rate Swaps (1) 4 C$ 108,271 1.0% CDOR 2.2 Interest Rate Caps 19 $ 633,903 2.0% USD LIBOR 0.2 Interest Rate Caps 6 C$ 304,931 2.0% CDOR 0.2 Interest Rate Caps 1 £ 15,142 2.0% GBP LIBOR 0.1 December 31, 2016 Interest Rate Derivatives Number of Notional Strike Index Wtd.-Avg. Interest Rate Swaps (1) 4 C$ 108,271 1.0% CDOR 2.4 Interest Rate Caps 21 $ 802,256 2.0% USD LIBOR 0.4 Interest Rate Caps 5 C$ 400,035 2.0% CDOR 0.4 Interest Rate Caps 1 £ 15,142 2.0% GBP LIBOR 0.3 (1) Two of our interest rate swaps totaling C$91.0 million ($68.3 million and $67.7 million as of March 31, 2017 and December 31, 2016, respectively) do not become effective until June 1, 2017. 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 March 31, 2017, we estimate that an additional $470,000 will be reclassified from accumulated other comprehensive income as an increase to interest expense. Additionally, during the three months ended March 31, 2017 and 2016, we did not record any hedge ineffectiveness in our consolidated statements of operations. Non-designated During the three months ended March 31, 2017 and 2016, we recorded gains of $90,000 and losses of $976,000, respectively, related to non-designated The following tables summarize our non-designated March 31, 2017 Non-designated Number of Notional Amount Interest Rate Caps 2 $ 72,960 Interest Rate Caps 1 C$ 18,327 Buy GBP / Sell EUR Forward 1 € 12,857 December 31, 2016 Non-designated Number of Notional Interest Rate Caps 3 $ 256,875 Interest Rate Caps 2 C$ 37,221 Buy GBP / Sell EUR Forward 1 € 12,857 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 Liability Position (2) March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Derivatives designated as hedging instruments: Foreign exchange contracts $ 1,174 $ 3,268 $ — $ 210 Interest rate derivatives 236 331 — — Total derivatives designated as hedging instruments $ 1,410 $ 3,599 $ — $ 210 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 14 $ 487 $ — $ — Interest rate derivatives — — — — Total derivatives not designated as hedging instruments $ 14 $ 487 $ — $ — Total Derivatives $ 1,424 $ 4,086 $ — $ 210 (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 Loss Recognized in OCI on Derivatives (Effective Portion) Location of Gain (Loss) Accumulated Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Derivatives in Hedging Relationships Three Months Ended March 31, Three Months Ended March 31, 2017 2016 2017 2016 Net Investment Foreign exchange contracts (1) $ (4,294 ) $ (6,470 ) Interest Expense $ — $ — Cash Flow Hedges Interest rate derivatives (105 ) (196 ) Interest Expense (474 ) (27 ) Total $ (4,399 ) $ (6,666 ) $ (474 ) $ (27 ) (1) During the three months ended March 31, 2017 and 2016, we paid net cash settlements of $1.8 million and received $8.2 million on our foreign currency forward contracts, respectively. 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 March 31, 2017, we were in a net asset position with each such derivative counterparty.

Equity

Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Equity	10. EQUITY Stock and Stock Equivalents Authorized Capital As of March 31, 2017, 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 March 31, 2017. 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, 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: Three Months Ended March 31, Common Stock Outstanding (1) 2017 2016 Beginning balance 94,709,290 93,843,847 Issuance of class A common stock (2) 270 285 Issuance of restricted class A common stock, net 277,815 209,798 Issuance of deferred stock units 6,415 7,322 Ending balance 94,993,790 94,061,252 (1) Includes deferred stock units held by members of our board of directors of 175,442 and 148,843 as of March 31, 2017 and 2016, respectively. (2) Consists of 270 and 285 shares under our dividend reinvestment program during the three months ended March 31, 2017 and 2016, 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 months ended March 31, 2017 and 2016, we issued 270 shares and 285 shares, respectively, of class A common stock under the dividend reinvestment component of the plan. As of March 31, 2017, a total of 9,998,057 shares of class A common stock remained 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. On July 29, 2016, in connection with filing a new universal shelf registration statement on Form S-3, 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 March 15, 2017, we declared a dividend of $0.62 per share, or $58.8 million, that was paid on April 17, 2017, to stockholders of record as of March 31, 2017. The following table details our dividend activity ($ in thousands, except per share data): Three Months Ended March 31, 2017 2016 Dividends declared per share of common stock $ 0.62 $ 0.62 Total dividends declared $ 58,787 $ 58,226 Earnings Per Share We calculate our basic and diluted earnings per share using the two-class 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 March 31, 2017 2016 Net income (1) $ 51,405 $ 57,047 Weighted-average shares outstanding, basic and diluted 94,993,386 94,067,769 Per share amount, basic and diluted $ 0.54 $ 0.61 (1) Represents net income attributable to Blackstone Mortgage Trust, Inc. Other Balance Sheet Items Accumulated Other Comprehensive Loss As of March 31, 2017, total accumulated other comprehensive loss was $52.4 million, primarily representing (i) $99.7 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and (ii) an offsetting $47.3 million of net realized and unrealized gains related to changes in the fair value of derivative instruments. As of December 31, 2016, total accumulated other comprehensive loss was $56.2 million, primarily representing (i) $107.5 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and (ii) an offsetting $51.3 million of net realized and unrealized gains related to changes in the fair value of derivative instruments.

Other Expenses

Other Expenses	3 Months Ended
	Mar. 31, 2017
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 a management agreement between our Manager and us, or 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 non-cash During the three months ended March 31, 2017 and 2016, we incurred $9.6 million and $9.5 million, respectively, of management fees payable to our Manager. In addition, during the three months ended March 31, 2017 and 2016, we incurred $3.3 million and $4.2 million, respectively, of incentive fees payable to our Manager. As of March 31, 2017 and December 31, 2016 we had accrued management and incentive fees payable to our Manager of $12.9 million and $12.8 million, respectively. General and Administrative Expenses General and administrative expenses consisted of the following ($ in thousands): Three Months Ended March 31, 2017 2016 Professional services $ 1,017 $ 890 Operating and other costs 445 869 Subtotal 1,462 1,759 Non-cash Management incentive awards plan - CTOPI (1) — 170 Management incentive awards plan - CT Legacy Partners (2) — 129 Restricted class A common stock earned 5,813 4,593 Director stock-based compensation 94 94 Subtotal 5,907 4,986 Total BXMT expenses 7,369 6,745 Other expenses 59 50 Total general and administrative expenses $ 7,428 $ 6,795 (1) Represents the portion of CTOPI promote revenue recorded under compensation awards. See Note 4 for further discussion. (2) Represents the amounts recorded 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 our subsidiary, CT Legacy Partners (subject to certain caps and priority distributions). During the three months ended March 31, 2016 we recognized $129,000 of expenses under the CT Legacy Partners incentive plan. Our investment in CT Legacy Partners was substantially realized as of December 31, 2016.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016, we were in compliance with all REIT requirements. During the three months ended March 31, 2017 and 2016, we recorded a current income tax provision of $89,000 and $241,000, respectively, primarily related to activities of our taxable REIT subsidiaries and various state and local taxes. We did not have any deferred tax assets or liabilities as of March 31, 2017 or December 31, 2016. 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, 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, 2016, we had estimated NOLs of $159.0 million 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. As of March 31, 2017, tax years 2013 through 2016 remain subject to examination by taxing authorities.

Stock-Based Incentive Plans

Stock-Based Incentive Plans	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017, 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 March 31, 2017: (i) our amended and restated 1997 non-employee 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 March 31, 2017, there were 1,471,955 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, 2016 1,309,995 $ 28.68 Granted 280,938 30.54 Vested (111,699 ) 27.77 Forfeited (3,123 ) 27.37 Balance as of March 31, 2017 1,476,111 $ 29.11 These shares generally vest in installments over a three-year period, pursuant to the terms of the respective award agreements and the terms of the Current Plans. The 1,476,111 shares of restricted class A common stock outstanding as of March 31, 2017 will vest as follows: 636,317 shares will vest in 2017; 537,562 shares will vest in 2018; and 302,232 shares will vest in 2019. As of March 31, 2017, total unrecognized compensation cost relating to nonvested share-based compensation arrangements was $45.7 million based on the March 31, 2017 closing price of our class A common stock of $30.96. This cost is expected to be recognized over a weighted average period of 1.2 years from March 31, 2017.

Fair Values

Fair Values	3 Months Ended
	Mar. 31, 2017
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): March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Fair Value Assets Derivatives $ — $ 1,424 $ — $ 1,424 $ — $ 4,086 $ — $ 4,086 Liabilities Derivatives $ — $ — $ — $ — $ — $ 210 $ — $ 210 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): Three Months Ended March 31, 2017 2016 (1) January 1, $ — $ 12,561 Proceeds from investment realizations — (2,406 ) Adjustments to fair value included in earnings Gain on investments at fair value — 66 March 31, $ — $ 10,221 (1) All assets measured at fair value on a recurring basis using Level 3 inputs were included as a component of other assets in the consolidated Balance Sheets. 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): March 31, 2017 December 31, 2016 Carrying Face Fair Carrying Face Fair Amount Amount Value Amount Amount Value Financial assets Cash and cash equivalents $ 64,275 $ 64,275 $ 64,275 $ 75,567 $ 75,567 $ 75,567 Loans receivable, net 8,721,768 8,759,696 8,765,688 8,692,978 8,727,218 8,733,784 Financial liabilities Secured debt agreements, net 5,760,191 5,776,165 5,776,165 5,716,354 5,731,626 5,731,626 Loan participations sold, net 354,131 355,583 355,583 348,077 349,633 349,633 Convertible notes, net 167,475 172,500 194,870 166,762 172,500 191,763 Estimates of fair value for cash and cash equivalents 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	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Transactions with Related Parties	15. TRANSACTIONS WITH RELATED PARTIES We are managed by our Manager pursuant to the Management Agreement, the current term of which expires on December 19, 2017, and will be automatically renewed for a one-year As of March 31, 2017 and December 31, 2016, our consolidated balance sheet included $12.9 million and $12.8 million of accrued management and incentive fees payable to our Manager, respectively. During the three months ended March 31, 2017, we paid $12.8 million, of management and incentive fees to our Manager, compared to $14.4 million during the same period of 2016. In addition, during the three months ended March 31, 2017, we reimbursed our Manager for $93,000 of expenses incurred on our behalf compared to $320,000 during the same period of 2016. During the three months ended March 31, 2016, CT Legacy Partners made aggregate preferred distributions of $224,000 to an affiliate of our Manager. As of March 31, 2017, our Manager held 719,903 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $20.9 million. The shares vest in installments over three years from the date of issuance. During the three months ended March 31, 2017 and 2016, we recorded non-cash During the three months ended March 31, 2017, we originated two loans whereby each respective borrower engaged an affiliate of our Manager to act as title insurance agent in connection with each transaction. We did not incur any expenses or receive any revenues as a result of this transaction. We did not have any similar transactions during the three months ended March 31, 2016. During the three months ended March 31, 2017 and 2016, we incurred $88,000 and $90,000, respectively, of expenses for various administrative and capital market data services to third-party service providers that are affiliates of our Manager.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. COMMITMENTS AND CONTINGENCIES Unfunded Commitments Under Loans Receivable As of March 31, 2017, we had unfunded commitments of $1.1 billion related to 58 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 four years. Litigation From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2017, we were not involved in any material legal proceedings. Board of Directors’ Compensation As of March 31, 2017, 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 without compensation for such service. As of March 31, 2017, 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. In April 2017, our board of directors approved changes to the compensation of our five independent directors which will be effective as of the beginning of the third quarter of 2017. The other three board members, including our chairman and our chief executive officer, will continue to serve as directors without compensation for such service. These changes will increase the annual compensation of our directors from $125,000 to $175,000 and will be paid $75,000 in cash and $100,000 in the form of deferred stock units. In addition, the chair of our audit committee will receive an increase in the additional annual cash compensation from $12,000 to $20,000, the other members of our audit committee will receive additional annual cash compensation of $10,000, and the chairs of each of our compensation and corporate governance committees will receive additional annual cash compensation of $10,000.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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.
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 March 31, 2017 and December 31, 2016, 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.
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 5-point 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
Equity Investment in Unconsolidated Subsidiary	Equity Investment in Unconsolidated Subsidiary Our carried interest in CT Opportunity Partners I, LP, or CTOPI, was accounted for using the equity method. CTOPI’s assets and liabilities were not consolidated into our financial statements due to our determination that (i) it was not a VIE and (ii) the other investors in CTOPI had sufficient rights to preclude consolidation by us. As such, we reported our allocable percentage of the net assets of CTOPI on our consolidated balance sheets. The investment was fully realized as of December 31, 2016 and we no longer have any equity investments in unconsolidated subsidiaries in our consolidated financial statements.
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 non-designated 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. non-designated
Secured Debt Agreements	Secured Debt Agreements Where applicable, 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 the non-consolidated senior
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 non-cash non-cash
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, 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 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 and cash equivalents approximates fair value. • Loans receivable, net: The fair values of these loans were estimated by our Manager based on a discounted cash flow methodology, taking into consideration various 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 and interest rate contracts was estimated 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, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced. • Loan participations sold, net: The fair value of these instruments was 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.
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 individuals employed by an affiliate of our Manager 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 two-class 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. Non-U.S. non-U.S.
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
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2016, the FASB issued ASU 2016-18 “Statement or ASU 2016-18. ASU 2016-18 is statements. ASU 2016-18 is In June 2016, the FASB issued ASU 2016-13 “Financial ASU 2016-13. ASU 2016-13 significantly ASU 2016-13 will for available-for-sale debt ASU 2016-13 is ASU 2016-13 will In May 2014, the FASB issued ASU 2014-09, “Revenue , or ASU 2014-09. ASU 2014-09 broadly recognition. ASU 2014-09 is of ASU 2014-09 will

Loans Receivable, Net (Tables)

Loans Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Overall Statistics for Loans Receivable Portfolio	The following table details overall statistics for our loans receivable portfolio ($ in thousands): March 31, 2017 December 31, 2016 Number of loans 103 107 Principal balance $ 8,759,696 $ 8,727,218 Net book value $ 8,721,768 $ 8,692,978 Unfunded loan commitments (1) $ 1,149,842 $ 882,472 Weighted-average cash coupon (2) 5.15 % 5.01 % Weighted-average all-in (2) 5.57 % 5.36 % Weighted-average maximum maturity (years) (3) 3.3 3.2 (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 March 31, 2017, our floating rate loans were indexed to various benchmark rates, with 84% of floating rate loans by principal balance indexed to USD LIBOR. In addition, $217.8 million of our floating rate loans earned interest based on floors that are above the applicable index, with an average floor of 1.22%, as of March 31, 2017. As of December 31, 2016, our floating rate loans were indexed to various benchmark rates, with 84% of floating rate loans indexed to USD LIBOR. In addition, $216.3 million of our floating rate loans earned interest based on floors that are above the applicable index, with an average floor of 1.27%, as of December 31, 2016. In addition to cash coupon, all-in all-in (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of March 31, 2017, 59% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 41% were open to repayment by the borrower without penalty. As of December 31, 2016, 64% of our loans were subject to yield maintenance or other prepayment restrictions and 36% were open to repayment by the borrower without penalty.
Activity Relating to Loans Receivable Portfolio	Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Balance Deferred Fees / Other Items (1) Net Book Value December 31, 2016 $ 8,727,218 $ (34,240) $ 8,692,978 Loan fundings 702,353 — 702,353 Loan repayments (695,758 ) — (695,758 ) Unrealized gain (loss) on foreign currency translation 25,883 (67 ) 25,816 Deferred fees and other items (1) — (12,429 ) (12,429 ) Amortization of fees and other items (1) — 8,808 8,808 March 31, 2017 $ 8,759,696 $ (37,928 ) $ 8,721,768 (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): March 31, 2017 Property Type Number of Loans Net Book Value Total Loan Exposure (1) Percentage of Portfolio Office 54 $ 4,808,211 $ 4,833,513 50% Hotel 16 2,104,014 2,175,505 22 Retail 7 524,318 944,818 10 Multifamily 8 515,170 517,376 5 Manufactured housing 9 295,559 295,359 3 Condominium 1 49,276 226,478 2 Other 8 425,220 740,328 8 103 $ 8,721,768 $ 9,733,377 100% Geographic Location Number of Loans Net Book Value Total Loan Exposure (1) Percentage of Portfolio United States Northeast 24 $ 2,493,379 $ 2,510,088 26% West 23 1,998,995 2,185,476 22 Southeast 20 1,453,309 1,877,334 19 Midwest 7 702,238 704,199 7 Southwest 7 318,348 317,136 3 Northwest 2 215,617 218,088 2 Subtotal 83 7,181,886 7,812,321 79 International United Kingdom 9 983,679 1,317,265 14 Canada 8 494,223 490,326 5 Germany 1 11,271 62,510 1 Netherlands 2 50,709 50,955 1 Subtotal 20 1,539,882 1,921,056 21 Total 103 $ 8,721,768 $ 9,733,377 100% (1) In certain instances, we finance our loans through the non-recourse non-consolidated December 31, 2016 Property Type Number of Loans Net Book Value Total Loan Exposure (1) Percentage of Portfolio Office 55 $ 4,800,609 $ 4,889,456 50% Hotel 18 1,889,732 1,957,334 20 Retail 9 769,813 1,173,592 12 Multifamily 8 521,097 523,529 5 Manufactured housing 9 296,290 296,252 3 Condominium 2 66,070 258,360 3 Other 6 349,367 658,211 7 107 $ 8,692,978 $ 9,756,734 100% Geographic Location Number of Net Book Total Loan (1) Percentage of United States Northeast 26 $ 2,548,257 $ 2,562,149 26% Southeast 21 1,492,530 1,899,748 19 West 22 1,628,811 1,828,667 19 Midwest 7 695,713 698,093 7 Southwest 8 380,639 379,766 4 Northwest 3 227,747 293,564 3 Subtotal 87 6,973,697 7,661,987 78 International United Kingdom 9 977,136 1,305,816 13 Canada 8 487,835 483,923 5 Germany 1 204,241 254,644 3 Netherlands 2 50,069 50,364 1 Subtotal 20 1,719,281 2,094,747 22 Total 107 $ 8,692,978 $ 9,756,734 100% (1) In certain instances, we finance our loans through the non-recourse non-consolidated
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): March 31, 2017 December 31, 2016 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 6 $ 303,849 $ 304,170 1 8 $ 361,100 $ 361,574 2 47 3,670,002 3,679,119 2 52 4,011,992 4,083,678 3 49 4,727,107 5,729,339 3 46 4,299,026 5,290,668 4 1 20,810 20,749 4 1 20,860 20,814 5 — — — 5 — — — 103 $ 8,721,768 $ 9,733,377 107 $ 8,692,978 $ 9,756,734 (1) In certain instances, we finance our loans through the non-recourse non-consolidated

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Text Block [Abstract]
Summary of Components of Other Assets	The following table details the components of our other assets ($ in thousands): March 31, December 31, 2017 2016 Loan portfolio payments held by servicer (1) $ 135,516 $ 6,294 Accrued interest receivable 30,962 32,871 Derivative assets 1,424 4,086 Prepaid expenses 700 803 Prepaid taxes 14 16 Total $ 168,616 $ 44,070 (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.
Summary of Components of Other Liabilities	The following table details the components of our other liabilities ($ in thousands): March 31, December 31, 2017 2016 Secured debt repayments pending servicer remittance (1) $ 91,763 $ 5,372 Accrued dividends payable 58,787 58,615 Accrued management and incentive fees payable 12,921 12,798 Accrued interest payable 11,673 9,049 Accounts payable and other liabilities 1,736 1,985 Total $ 176,880 $ 87,819 (1) Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle.

Secured Debt Agreements, Net (T

Secured Debt Agreements, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Secured Debt Agreements	The following table details our secured debt agreements ($ in thousands): Secured Debt Agreements Borrowings Outstanding March 31, 2017 December 31, 2016 Credit facilities $ 3,958,064 $ 3,572,837 GE portfolio acquisition facility 1,250,524 1,479,582 Asset-specific financings 567,577 679,207 Revolving credit agreement — — Total secured debt agreements $ 5,776,165 $ 5,731,626 Deferred financing costs (1) (15,974 ) (15,272 ) Net book value of secured debt $ 5,760,191 $ 5,716,354 (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.
Credit Facilities	The following tables detail our credit facilities ($ in thousands): March 31, 2017 Maximum Collateral Credit Borrowings Lender Facility Size (1) Assets (2) Potential (3) Outstanding Available (3) Wells Fargo $ 2,000,000 $ 1,895,248 $ 1,468,184 $ 1,238,872 $ 229,312 MetLife 1,000,000 1,104,478 866,114 866,114 — Bank of America 750,000 813,305 641,066 641,066 — Citibank (4) 766,300 509,582 393,933 295,777 98,156 Deutsche Bank 500,000 374,119 278,851 278,851 — Morgan Stanley (5) 627,500 329,767 260,623 220,969 39,654 Société Générale (6) 426,080 281,623 220,915 214,678 6,237 JP Morgan (7) 500,000 359,098 277,914 201,737 76,177 $ 6,569,880 $ 5,667,220 $ 4,407,600 $ 3,958,064 $ 449,536 December 31, 2016 Maximum Collateral Credit Borrowings Lender Facility Size (1) Assets (2) Potential (3) Outstanding Available (3) Wells Fargo $ 2,000,000 $ 1,718,874 $ 1,339,942 $ 1,107,733 $ 232,209 MetLife 1,000,000 1,106,017 862,454 862,454 — Bank of America 750,000 794,881 617,694 617,694 — JP Morgan (7) 500,000 550,560 420,414 316,219 104,195 Morgan Stanley (5) 308,500 344,056 272,221 231,930 40,291 Citibank (4) 500,000 508,989 394,677 229,629 165,048 Société Générale (6) 420,680 274,351 207,178 207,178 — $ 5,479,180 $ 5,297,728 $ 4,114,580 $ 3,572,837 $ 541,743 (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 credit facility. (4) As of March 31, 2017, the Citibank maximum facility size was composed of a general $500.0 million facility size denominated in U.S. Dollars plus a general €250.0 million ($266.3 million) facility size that contemplated British Pound Sterling and Euro borrowings. As of December 31, 2016, the maximum facility size was composed of a general $500.0 million facility. (5) As of March 31, 2017, the Morgan Stanley maximum facility size was composed of a £500.0 million facility size that was translated to $627.5 million. As of December 31, 2016, the maximum facility size was composed of a £250.0 million facility size that was translated to $308.5 million. Borrowings denominated in British Pound Sterling and Euro are contemplated under this facility. (6) As of March 31, 2017 and December 31, 2016, the Société Générale maximum facility size was composed of a €400.0 million facility size that was translated to $426.1 million and $420.7 million, respectively. Borrowings denominated in U.S. Dollars, British Pound Sterling, and Euro are contemplated under this facility. (7) As of March 31, 2017 and December 31, 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.
Summary of Key Terms of Credit Facilities	The following tables outline the key terms of our credit facilities as of March 31, 2017: Lender Currency Guarantee (1) Margin Call (2) Term/Maturity Wells Fargo $ 25% Collateral marks only Term matched (3) MetLife $ 50% Collateral marks only April 22, 2022 (4) Bank of America $ 50% Collateral marks only May 21, 2021 (5) Citibank $ / £/ € 25% Collateral marks only Term matched (3) Deutsche Bank $ 25% Collateral marks only Term matched (3) Morgan Stanley £ / € 25% Collateral marks only March 1, 2020 Société Générale $ /£/ € 25% Collateral marks only Term matched (3) JP Morgan $ / £ 50% Collateral marks only January 7, 2019 (1) Other than amounts guaranteed based on specific collateral asset types, borrowings under our credit facilities are non-recourse (2) Margin call provisions under our credit facilities do not permit valuation adjustments based on capital markets events, and are limited to collateral-specific credit marks. (3) These credit 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. (4) Includes five one-year (5) Includes two one-year Currency Outstanding Borrowings Potential Borrowings (1) Index Rate (2) Advance Rate (3) $ $3,639,921 $4,030,008 1-month L+1.88% 78.9% € € — € 38,269 3-month n/a 77.8% £ £ 253,500 £ 269,273 3-month L+2.15% 79.0% $3,958,064 $4,407,600 L+1.90% 78.9% (1) Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each credit facility. (2) Represents weighted-average cash coupon based on borrowings outstanding. (3) Represents weighted-average advance rate based on the outstanding principal balance of the collateral assets pledged.
Summary of Statistics for Asset-Specific Financings	The following tables detail statistics for our asset-specific financings ($ in thousands): March 31, 2017 Lender Count Principal Book Value Wtd. Avg. (1) Guarantee (2) Wtd. Avg. (3) JP Morgan (4) Collateral assets 1 $ 286,887 $ 285,955 L+3.88 % n/a Jan. 2020 Financing provided 1 233,679 233,413 L+1.89 % $ 116,839 Jan. 2020 Citibank (4) Collateral assets 2 204,617 204,548 L+4.40 % n/a Nov. 2020 Financing provided 2 161,163 161,123 L+2.42 % 40,291 Nov. 2020 Bank of the Ozarks Collateral assets 2 169,986 167,510 L+6.51 % n/a June 2020 Financing provided 2 128,969 128,045 L+3.83 % — June 2020 Wells Fargo Collateral assets 1 62,523 62,302 L+6.05 % n/a Dec. 2019 Financing provided 1 43,766 43,609 L+3.14 % 8,753 Dec. 2019 Total Collateral assets 6 $ 724,013 $ 720,315 L+4.83 % n/a Financing provided 6 $ 567,577 $ 566,190 L+2.58 % $ 165,883 (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 non-recourse (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings are term-matched to the corresponding collateral loans. (4) Borrowings under these asset specific financings are cross collateralized with the related credit facility with the same lender. December 31, 2016 Lender Count Principal Book Wtd. Avg. (1) Guarantee (2) Wtd. Avg. (3) JP Morgan (4) Collateral assets 1 $ 284,012 $ 282,818 L+3.88 % n/a Jan. 2020 Financing provided 1 233,679 233,626 L+1.89 % $ 116,839 Jan. 2020 Citibank (4) Collateral assets 2 203,656 203,555 L+4.40 % n/a Nov. 2020 Financing provided 2 158,652 158,609 L+2.42 % 39,663 Nov. 2020 Deutsche Bank Collateral assets 1 183,300 180,866 L+5.18 % n/a Aug. 2021 Financing provided 1 135,075 133,621 L+3.03 % 66,410 Aug. 2021 Bank of the Ozarks Collateral assets 2 143,164 140,524 L+6.42 % n/a Apr. 2020 Financing provided 2 108,435 107,323 L+3.68 % — Apr. 2020 Wells Fargo Collateral assets 1 61,951 61,654 L+6.05 % n/a Dec. 2019 Financing provided 1 43,366 43,154 L+2.97 % 8,673 Dec. 2019 Total Collateral assets 7 $ 876,083 $ 869,417 L+4.84 % n/a Financing provided 7 $ 679,207 $ 676,333 L+2.60 % $ 231,585 (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 non-recourse (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings are term-matched to the corresponding collateral loans. (4) Borrowings under these asset specific financings are cross collateralized with the related credit facility with the same lender.

Loan Participations Sold, Net (

Loan Participations Sold, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Statistics for Loan Participations Sold	The following tables detail statistics for our loan participations sold ($ in thousands): March 31, 2017 Loan Participations Sold Count Principal Book Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Total loan 1 $ 426,700 $ 423,575 L+4.48 % n/a Dec. 2019 Senior participation (3)(4) 1 355,583 354,131 L+2.72 % $ 30,120 Dec. 2019 December 31, 2016 Loan Participations Sold Count Principal Book Wtd. Avg. (1) Guarantee (2) Wtd. Avg. Total loan 1 $ 419,560 $ 416,233 L+4.48 % n/a Dec. 2019 Senior participation (3)(4) 1 349,633 348,077 L+2.72 % $ 29,616 Dec. 2019 (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 ($30.1 million and $29.6 million as of March 31, 2017 and December 31, 2016, respectively), our loan participations sold are non-recourse (3) During the three months ended March 31, 2017 and December 31, 2016, we recorded $2.6 million and $2.9 million, respectively, of interest expense related to our loan participations sold, of which $2.5 million and $2.8 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 $1.5 million and $1.6 million as of March 31, 2017 and December 31, 2016, respectively.

Derivative Financial Instrume29

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
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): March 31, 2017 December 31, 2016 Foreign Currency Derivatives Number of Notional Foreign Currency Derivatives Number of Notional Sell GBP Forward 1 £ 141,900 Sell GBP Forward 2 £ 141,900 Sell CAD Forward 1 C$ 122,900 Sell CAD Forward 2 C$ 122,900 Sell EUR Forward 1 € 44,900
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): March 31, 2017 Interest Rate Derivatives Number of Notional Amount Strike Index Wtd.-Avg. Interest Rate Swaps (1) 4 C$ 108,271 1.0% CDOR 2.2 Interest Rate Caps 19 $ 633,903 2.0% USD LIBOR 0.2 Interest Rate Caps 6 C$ 304,931 2.0% CDOR 0.2 Interest Rate Caps 1 £ 15,142 2.0% GBP LIBOR 0.1 December 31, 2016 Interest Rate Derivatives Number of Notional Strike Index Wtd.-Avg. Interest Rate Swaps (1) 4 C$ 108,271 1.0% CDOR 2.4 Interest Rate Caps 21 $ 802,256 2.0% USD LIBOR 0.4 Interest Rate Caps 5 C$ 400,035 2.0% CDOR 0.4 Interest Rate Caps 1 £ 15,142 2.0% GBP LIBOR 0.3 (1) Two of our interest rate swaps totaling C$91.0 million ($68.3 million and $67.7 million as of March 31, 2017 and December 31, 2016, respectively) do not become effective until June 1, 2017.
Summary of Non-designated Hedges	The following tables summarize our non-designated March 31, 2017 Non-designated Number of Notional Amount Interest Rate Caps 2 $ 72,960 Interest Rate Caps 1 C$ 18,327 Buy GBP / Sell EUR Forward 1 € 12,857 December 31, 2016 Non-designated Number of Notional Interest Rate Caps 3 $ 256,875 Interest Rate Caps 2 C$ 37,221 Buy GBP / Sell EUR Forward 1 € 12,857
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 Liability Position (2) March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Derivatives designated as hedging instruments: Foreign exchange contracts $ 1,174 $ 3,268 $ — $ 210 Interest rate derivatives 236 331 — — Total derivatives designated as hedging instruments $ 1,410 $ 3,599 $ — $ 210 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 14 $ 487 $ — $ — Interest rate derivatives — — — — Total derivatives not designated as hedging instruments $ 14 $ 487 $ — $ — Total Derivatives $ 1,424 $ 4,086 $ — $ 210 (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 Loss Recognized in OCI on Derivatives (Effective Portion) Location of Gain (Loss) Accumulated Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Derivatives in Hedging Relationships Three Months Ended March 31, Three Months Ended March 31, 2017 2016 2017 2016 Net Investment Foreign exchange contracts (1) $ (4,294 ) $ (6,470 ) Interest Expense $ — $ — Cash Flow Hedges Interest rate derivatives (105 ) (196 ) Interest Expense (474 ) (27 ) Total $ (4,399 ) $ (6,666 ) $ (474 ) $ (27 ) (1) During the three months ended March 31, 2017 and 2016, we paid net cash settlements of $1.8 million and received $8.2 million on our foreign currency forward contracts, respectively. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2017
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: Three Months Ended March 31, Common Stock Outstanding (1) 2017 2016 Beginning balance 94,709,290 93,843,847 Issuance of class A common stock (2) 270 285 Issuance of restricted class A common stock, net 277,815 209,798 Issuance of deferred stock units 6,415 7,322 Ending balance 94,993,790 94,061,252 (1) Includes deferred stock units held by members of our board of directors of 175,442 and 148,843 as of March 31, 2017 and 2016, respectively. (2) Consists of 270 and 285 shares under our dividend reinvestment program during the three months ended March 31, 2017 and 2016, respectively.
Schedule of Dividend Activity	The following table details our dividend activity ($ in thousands, except per share data): Three Months Ended March 31, 2017 2016 Dividends declared per share of common stock $ 0.62 $ 0.62 Total dividends declared $ 58,787 $ 58,226
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 March 31, 2017 2016 Net income (1) $ 51,405 $ 57,047 Weighted-average shares outstanding, basic and diluted 94,993,386 94,067,769 Per share amount, basic and diluted $ 0.54 $ 0.61 (1) Represents net income attributable to Blackstone Mortgage Trust, Inc.

Other Expenses (Tables)

Other Expenses (Tables)	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
Schedule of General and Administrative Expenses	General and administrative expenses consisted of the following ($ in thousands): Three Months Ended March 31, 2017 2016 Professional services $ 1,017 $ 890 Operating and other costs 445 869 Subtotal 1,462 1,759 Non-cash Management incentive awards plan - CTOPI (1) — 170 Management incentive awards plan - CT Legacy Partners (2) — 129 Restricted class A common stock earned 5,813 4,593 Director stock-based compensation 94 94 Subtotal 5,907 4,986 Total BXMT expenses 7,369 6,745 Other expenses 59 50 Total general and administrative expenses $ 7,428 $ 6,795 (1) Represents the portion of CTOPI promote revenue recorded under compensation awards. See Note 4 for further discussion. (2) Represents the amounts recorded 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)	3 Months Ended
	Mar. 31, 2017
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, 2016 1,309,995 $ 28.68 Granted 280,938 30.54 Vested (111,699 ) 27.77 Forfeited (3,123 ) 27.37 Balance as of March 31, 2017 1,476,111 $ 29.11

Fair Values (Tables)

Fair Values (Tables)	3 Months Ended
	Mar. 31, 2017
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): March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Fair Value Assets Derivatives $ — $ 1,424 $ — $ 1,424 $ — $ 4,086 $ — $ 4,086 Liabilities Derivatives $ — $ — $ — $ — $ — $ 210 $ — $ 210
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): Three Months Ended March 31, 2017 2016 (1) January 1, $ — $ 12,561 Proceeds from investment realizations — (2,406 ) Adjustments to fair value included in earnings Gain on investments at fair value — 66 March 31, $ — $ 10,221 (1) All assets measured at fair value on a recurring basis using Level 3 inputs were included as a component of other assets in the consolidated Balance Sheets.
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): March 31, 2017 December 31, 2016 Carrying Face Fair Carrying Face Fair Amount Amount Value Amount Amount Value Financial assets Cash and cash equivalents $ 64,275 $ 64,275 $ 64,275 $ 75,567 $ 75,567 $ 75,567 Loans receivable, net 8,721,768 8,759,696 8,765,688 8,692,978 8,727,218 8,733,784 Financial liabilities Secured debt agreements, net 5,760,191 5,776,165 5,776,165 5,716,354 5,731,626 5,731,626 Loan participations sold, net 354,131 355,583 355,583 348,077 349,633 349,633 Convertible notes, net 167,475 172,500 194,870 166,762 172,500 191,763

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	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
Provision for loan losses	$ 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, Net - Overall

Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)SecurityLoan	Dec. 31, 2016USD ($)SecurityLoan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	103	107
Net book value	$ 8,721,768	$ 8,692,978
Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	103	107
Principal balance	$ 8,759,696	$ 8,727,218
Unfunded loan commitments	$ 1,149,842	$ 882,472
Weighted-average maximum maturity (years)	3 years 3 months 18 days	3 years 2 months 12 days
Loans Receivable [Member] | LIBOR [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average cash coupon, rate	5.15%	5.01%
Weighted-average all-in yield, rate	5.57%	5.36%
Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 8,721,768	$ 8,692,978

Loans Receivable, Net - Overa36

Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Floating rate loans	$ 217.8	$ 216.3
Average floor rate	1.22%	1.27%
Percentage of loans subject to yield maintenance, or other prepayment restrictions	59.00%	64.00%
Percentage of loans open to repayment by borrower without penalty	41.00%	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, Net - Activit

Loans Receivable, Net - Activity Relating to Loans Receivable Portfolio (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	$ 8,692,978
Unrealized gain (loss) on foreign currency translation	7,770	$ 5,979
Amortization of fees and other items	8,808	$ 8,954
Ending Balance	8,721,768
Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	8,692,978
Loan fundings	702,353
Loan repayments	(695,758)
Unrealized gain (loss) on foreign currency translation	25,816
Deferred fees and other items	(12,429)
Amortization of fees and other items	8,808
Ending Balance	8,721,768
Deferred Fees/Other Items [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	(34,240)
Unrealized gain (loss) on foreign currency translation	(67)
Deferred fees and other items	(12,429)
Amortization of fees and other items	8,808
Ending Balance	(37,928)
Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	8,727,218
Loan fundings	702,353
Loan repayments	(695,758)
Unrealized gain (loss) on foreign currency translation	25,883
Ending Balance	$ 8,759,696

Loans Receivable, Net - Propert

Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)SecurityLoan	Dec. 31, 2016USD ($)SecurityLoan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	103	107
Net book value	$ 8,721,768	$ 8,692,978
Total Loan Exposure	$ 9,733,377	$ 9,756,734
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	$ 4,808,211	$ 4,800,609
Total Loan Exposure	$ 4,833,513	$ 4,889,456
Percentage of Portfolio	50.00%	50.00%
Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	16	18
Net book value	$ 2,104,014	$ 1,889,732
Total Loan Exposure	$ 2,175,505	$ 1,957,334
Percentage of Portfolio	22.00%	20.00%
Manufactured Housing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	9	9
Net book value	$ 295,559	$ 296,290
Total Loan Exposure	$ 295,359	$ 296,252
Percentage of Portfolio	3.00%	3.00%
Retail [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	7	9
Net book value	$ 524,318	$ 769,813
Total Loan Exposure	$ 944,818	$ 1,173,592
Percentage of Portfolio	10.00%	12.00%
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	8	8
Net book value	$ 515,170	$ 521,097
Total Loan Exposure	$ 517,376	$ 523,529
Percentage of Portfolio	5.00%	5.00%
Condominium [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	1	2
Net book value	$ 49,276	$ 66,070
Total Loan Exposure	$ 226,478	$ 258,360
Percentage of Portfolio	2.00%	3.00%
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	8	6
Net book value	$ 425,220	$ 349,367
Total Loan Exposure	$ 740,328	$ 658,211
Percentage of Portfolio	8.00%	7.00%
United States Northeast [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	24	26
Net book value	$ 2,493,379	$ 2,548,257
Total Loan Exposure	$ 2,510,088	$ 2,562,149
Percentage of Portfolio	26.00%	26.00%
United States West [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	23	22
Net book value	$ 1,998,995	$ 1,628,811
Total Loan Exposure	$ 2,185,476	$ 1,828,667
Percentage of Portfolio	22.00%	19.00%
United States Southeast [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	20	21
Net book value	$ 1,453,309	$ 1,492,530
Total Loan Exposure	$ 1,877,334	$ 1,899,748
Percentage of Portfolio	19.00%	19.00%
United States Midwest [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	7	7
Net book value	$ 702,238	$ 695,713
Total Loan Exposure	$ 704,199	$ 698,093
Percentage of Portfolio	7.00%	7.00%
United States Southwest [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	7	8
Net book value	$ 318,348	$ 380,639
Total Loan Exposure	$ 317,136	$ 379,766
Percentage of Portfolio	3.00%	4.00%
United States Northwest [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	2	3
Net book value	$ 215,617	$ 227,747
Total Loan Exposure	$ 218,088	$ 293,564
Percentage of Portfolio	2.00%	3.00%
United States [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	83	87
Net book value	$ 7,181,886	$ 6,973,697
Total Loan Exposure	$ 7,812,321	$ 7,661,987
Percentage of Portfolio	79.00%	78.00%
United Kingdom [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	9	9
Net book value	$ 983,679	$ 977,136
Total Loan Exposure	$ 1,317,265	$ 1,305,816
Percentage of Portfolio	14.00%	13.00%
Canada [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	8	8
Net book value	$ 494,223	$ 487,835
Total Loan Exposure	$ 490,326	$ 483,923
Percentage of Portfolio	5.00%	5.00%
Germany [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	1	1
Net book value	$ 11,271	$ 204,241
Total Loan Exposure	$ 62,510	$ 254,644
Percentage of Portfolio	1.00%	3.00%
Netherlands [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	2	2
Net book value	$ 50,709	$ 50,069
Total Loan Exposure	$ 50,955	$ 50,364
Percentage of Portfolio	1.00%	1.00%
International [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	20	20
Net book value	$ 1,539,882	$ 1,719,281
Total Loan Exposure	$ 1,921,056	$ 2,094,747
Percentage of Portfolio	21.00%	22.00%

Loans Receivable, Net - Prope39

Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Parenthetical) (Detail) - USD ($) $ in Billions	Mar. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Total loan exposure including senior interests	$ 1	$ 1

Loans Receivable, Net - Princip

Loans Receivable, Net - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)SecurityLoan	Dec. 31, 2016USD ($)SecurityLoan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	103	107
Net book value	$ 8,721,768	$ 8,692,978
Total Loan Exposure	$ 9,733,377	$ 9,756,734
Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	103	107
Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 8,721,768	$ 8,692,978
Risk Rating 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loan Exposure	$ 304,170	$ 361,574
Risk Rating 1 [Member] | Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	6	8
Risk Rating 1 [Member] | Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 303,849	$ 361,100
Risk Rating 2 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loan Exposure	$ 3,679,119	$ 4,083,678
Risk Rating 2 [Member] | Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	47	52
Risk Rating 2 [Member] | Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 3,670,002	$ 4,011,992
Risk Rating 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loan Exposure	$ 5,729,339	$ 5,290,668
Risk Rating 3 [Member] | Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	49	46
Risk Rating 3 [Member] | Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 4,727,107	$ 4,299,026
Risk Rating 4 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loan Exposure	$ 20,749	$ 20,814
Risk Rating 4 [Member] | Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | SecurityLoan	1	1
Risk Rating 4 [Member] | Net Book Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	$ 20,810	$ 20,860

Loans Receivable, Net - Princ41

Loans Receivable, Net - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings (Parenthetical) (Detail) - USD ($) $ in Billions	Mar. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Total loan exposure including senior interests	$ 1	$ 1

Loans Receivable, Net - Additio

Loans Receivable, Net - Additional Information (Detail)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Receivables [Abstract]
Weighted-average risk rating on loan exposure	2.6	2.5
Impaired loans	$ 0	$ 0

Equity Investment in Unconsol43

Equity Investment in Unconsolidated Subsidiary - Additional Information (Detail) - CT Opportunity Partners I, LP [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	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%
Promote income recognized		$ 138,000
Percentage of carried interest distributions pool for employees			45.00%
Description of incentive management fee grants to employees vesting schedule	During the three months ended March 31, 2016, we recognized $170,000 of expenses under the CTOPI incentive plan. Such amounts were recognized as a component of general and administrative expenses in our consolidated statements of operations.
CTOPI Incentive Plan [Member]
Schedule of Equity Method Investments [Line Items]
Recognized expenses for incentive plan		$ 170,000

Other Assets and Liabilities -

Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Loan portfolio payments held by servicer	$ 135,516	$ 6,294
Accrued interest receivable	30,962	32,871
Derivative assets	1,424	4,086
Prepaid expenses	700	803
Prepaid taxes	14	16
Total	$ 168,616	$ 44,070

Other Assets and Liabilities 45

Other Assets and Liabilities - Summary of Components of Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Liabilities [Abstract]
Secured debt repayments pending servicer remittance	$ 91,763	$ 5,372
Accrued dividends payable	58,787	58,615
Accrued management and incentive fees payable	12,921	12,798
Accrued interest payable	11,673	9,049
Accounts payable and other liabilities	1,736	1,985
Total	$ 176,880	$ 87,819

Secured Debt Agreements, Net -

Secured Debt Agreements, Net - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Secured debt agreements borrowings outstanding	$ 567,577	$ 679,207
Secured debt agreements borrowings outstanding	5,776,165	5,731,626
Deferred financing costs	(15,974)	(15,272)
Net book value of secured debt	5,760,191	5,716,354
Credit Facilities [Member]
Debt Instrument [Line Items]
Secured debt agreements borrowings outstanding	3,958,064	3,572,837
GE Portfolio Acquisition Facility [Member]
Debt Instrument [Line Items]
Secured debt agreements borrowings outstanding	1,250,524	1,479,582
Asset-Specific Financings [Member]
Debt Instrument [Line Items]
Secured debt agreements borrowings outstanding	$ 567,577	$ 679,207

Secured Debt Agreements, Net 47

Secured Debt Agreements, Net - Additional Information (Detail) € in Millions, £ in Millions	Mar. 31, 2017USD ($)ExtensionOptions	Mar. 31, 2017USD ($)ExtensionOptionsFacility	Mar. 31, 2017GBP (£)Facility	Mar. 31, 2017EUR (€)Facility	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)	Jun. 30, 2015USD ($)ExtensionOptions	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Basis spread on debt obligation, in percent		1.90%	1.90%	1.90%
Weighted-average advance rate		78.90%	78.90%	78.90%
Secured debt agreements borrowings outstanding	$ 5,760,191,000	$ 5,760,191,000			$ 5,716,354,000				$ 5,716,354,000
Interest expense		46,674,000				$ 45,381,000
Secured debt agreements borrowings outstanding	5,776,165,000	5,776,165,000			5,731,626,000				5,731,626,000
Covenants, minimum tangible net worth	$ 1,900,000,000	$ 1,900,000,000
Covenants, percentage of tangible assets on cash proceeds from equity issuances		75.00%	75.00%	75.00%
Covenants, percentage of recourse indebtedness	5.00%	5.00%
Maximum [Member]
Debt Instrument [Line Items]
Covenants, indebtedness to total assets, in percent	83.33%	83.33%
Minimum [Member]
Debt Instrument [Line Items]
Covenants, EBITDA to fixed charges, in percent		140.00%	140.00%	140.00%
Covenants, minimum cash liquidity amount	$ 10,000,000	$ 10,000,000
Asset-Specific Financings [Member]
Debt Instrument [Line Items]
Weighted-average outstanding balance		696,400,000			606,900,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Weighted-average outstanding balance					35,300,000
Interest expense		240,000			506,000
Amortization of deferred fees and expenses		126,000			128,000
Secured debt agreements borrowings outstanding	$ 0	$ 0			0				0
Revolving Credit Facility [Member] | Barclays [Member]
Debt Instrument [Line Items]
Maximum Facility Size								$ 125,000,000
Number of extension options | ExtensionOptions	2	2
Term of maturity date		1 year	1 year	1 year
First mortgage bridge to term financing maximum period								6 months
GE Portfolio Acquisition Facility [Member]
Debt Instrument [Line Items]
Secured debt agreements borrowings outstanding	$ 1,250,524,000	$ 1,250,524,000			1,479,582,000				1,479,582,000
GE Portfolio Acquisition Facility [Member] | Wells Fargo [Member]
Debt Instrument [Line Items]
Maximum Facility Size	1,400,000,000	1,400,000,000
Approximate credit line, outstanding amount	1,300,000,000
Amount available for potential future fundings of loan	171,700,000	$ 171,700,000
GE Portfolio Acquisition Facility [Member] | Asset Specific Borrowings [Member]
Debt Instrument [Line Items]
Weighted average rate							80.00%
Maturity date		May 20, 2020	May 20, 2020	May 20, 2020
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.	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.	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.
Number of extension options | ExtensionOptions							2
Term of maturity date							1 year
Secured debt agreements borrowings outstanding	1,300,000,000	$ 1,300,000,000			1,500,000,000				1,500,000,000
GE Portfolio Acquisition Facility [Member] | Asset Specific Borrowings [Member] | Maximum [Member]
Debt Instrument [Line Items]
Percentage of guarantee rate							25.00%
Guarantee of outstanding borrowings							$ 250,000,000
Credit Facilities [Member]
Debt Instrument [Line Items]
Number of revolving repurchase facilities closed | Facility		2	2	2
Additional credit capacity			£ 250	€ 250
Weighted-average outstanding balance		$ 3,500,000,000			3,600,000,000
Aggregate borrowings	4,000,000,000	$ 4,000,000,000			2,900,000,000				$ 2,900,000,000
Weighted-average advance rate		78.90%	78.90%	78.90%					79.10%
Weighted-average initial maturity		1 year 6 months	1 year 6 months	1 year 6 months					1 year 6 months
Maximum Facility Size	6,569,880,000	$ 6,569,880,000			5,479,180,000				$ 5,479,180,000
Amount available for potential future fundings of loan	449,536,000	449,536,000			541,743,000				541,743,000
Secured debt agreements borrowings outstanding	3,958,064,000	3,958,064,000			3,572,837,000				3,572,837,000
Credit Facilities [Member] | Wells Fargo [Member]
Debt Instrument [Line Items]
Maximum Facility Size	2,000,000,000	2,000,000,000			2,000,000,000				2,000,000,000
Amount available for potential future fundings of loan	$ 229,312,000	$ 229,312,000			$ 232,209,000				$ 232,209,000
Borrowings maturity term		Term matched	Term matched	Term matched
Credit Facilities [Member] | Asset-Specific Financings [Member]
Debt Instrument [Line Items]
Additional credit capacity		$ 500,000,000
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] | Credit Facilities [Member] | Weighted-Average Cash Coupon [Member]
Debt Instrument [Line Items]
Basis spread on debt obligation, in percent		1.90%	1.90%	1.90%					1.82%
LIBOR [Member] | Credit Facilities [Member] | Weighted-Average All-in Cost of Credit [Member]
Debt Instrument [Line Items]
Basis spread on debt obligation, in percent		2.11%	2.11%	2.11%					2.02%

Secured Debt Agreements, Net 48

Secured Debt Agreements, Net - Credit Facilities (Detail)	Mar. 31, 2017USD ($)	Mar. 31, 2017GBP (£)	Mar. 31, 2017EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)	Dec. 31, 2016EUR (€)
Line of Credit Facility [Line Items]
Potential	$ 4,407,600,000
Repurchase Borrowings Outstanding	3,958,064,000
Credit Facilities [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	6,569,880,000			$ 5,479,180,000
Collateral Assets	5,667,220,000			5,297,728,000
Potential	4,407,600,000			4,114,580,000
Repurchase Borrowings Outstanding	3,958,064,000			3,572,837,000
Available	449,536,000			541,743,000
Wells Fargo [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	2,000,000,000			2,000,000,000
Collateral Assets	1,895,248,000			1,718,874,000
Potential	1,468,184,000			1,339,942,000
Repurchase Borrowings Outstanding	1,238,872,000			1,107,733,000
Available	229,312,000			232,209,000
MetLife [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	1,000,000,000			1,000,000,000
Collateral Assets	1,104,478,000			1,106,017,000
Potential	866,114,000			862,454,000
Repurchase Borrowings Outstanding	866,114,000			862,454,000
Bank of America [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	750,000,000			750,000,000
Collateral Assets	813,305,000			794,881,000
Potential	641,066,000			617,694,000
Repurchase Borrowings Outstanding	641,066,000			617,694,000
JP Morgan [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	500,000,000			500,000,000
Collateral Assets	359,098,000			550,560,000
Potential	277,914,000			420,414,000
Repurchase Borrowings Outstanding	201,737,000			316,219,000
Available	76,177,000			104,195,000
Morgan Stanley [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	627,500,000	£ 500,000,000		308,500,000	£ 250,000,000
Collateral Assets	329,767,000			344,056,000
Potential	260,623,000			272,221,000
Repurchase Borrowings Outstanding	220,969,000			231,930,000
Available	39,654,000			40,291,000
Citibank [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	766,300,000			500,000,000
Collateral Assets	509,582,000			508,989,000
Potential	393,933,000			394,677,000
Repurchase Borrowings Outstanding	295,777,000			229,629,000
Available	98,156,000			165,048,000
Deutsche Bank [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	500,000,000
Collateral Assets	374,119,000
Potential	278,851,000
Repurchase Borrowings Outstanding	278,851,000
Societe Generale [Member] | Credit Facilities [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	426,080,000		€ 400,000,000	420,680,000		€ 400,000,000
Collateral Assets	281,623,000			274,351,000
Potential	220,915,000			207,178,000
Repurchase Borrowings Outstanding	214,678,000			$ 207,178,000
Available	$ 6,237,000

Secured Debt Agreements, Net 49

Secured Debt Agreements, Net - Credit Facilities (Parenthetical) (Detail) - Credit Facilities [Member]	Mar. 31, 2017USD ($)	Mar. 31, 2017GBP (£)	Mar. 31, 2017EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)	Dec. 31, 2016EUR (€)
Line of Credit Facility [Line Items]
Maximum Facility Size	$ 6,569,880,000			$ 5,479,180,000
JP Morgan [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	500,000,000			500,000,000
JP Morgan [Member] | $250.0 Million Facility [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	500,000,000			500,000,000
Morgan Stanley [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	627,500,000	£ 500,000,000		308,500,000	£ 250,000,000
Citibank [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	766,300,000			500,000,000
Citibank [Member] | $250.0 Million Facility [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	500,000,000
Citibank [Member] | $500.0 Million Facility [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	266,300,000		€ 250,000,000
Citibank [Member] | UK Pound Sterling 153.0 Million ($226.7 Million) Facility [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size				500,000,000
Societe Generale [Member]
Line of Credit Facility [Line Items]
Maximum Facility Size	$ 426,080,000		€ 400,000,000	$ 420,680,000		€ 400,000,000

Secured Debt Agreements, Net 50

Secured Debt Agreements, Net - Summary of Key Terms of Credit Facilities (Detail) € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2017GBP (£)	Mar. 31, 2017EUR (€)
Line of Credit Facility [Line Items]
Outstanding Borrowings	$ 3,958,064
Potential Borrowings	$ 4,407,600
Rate	1.90%
Advance Rate	78.90%
Credit Facilities [Member]
Line of Credit Facility [Line Items]
Outstanding Borrowings	$ 3,958,064	$ 3,572,837
Potential Borrowings	$ 4,407,600	$ 4,114,580
Advance Rate	78.90%	79.10%
Credit Facilities [Member] | 1-Month USD LIBOR [Member]
Line of Credit Facility [Line Items]
Outstanding Borrowings	$ 3,639,921
Potential Borrowings	$ 4,030,008
Rate	1.88%
Advance Rate	78.90%
Credit Facilities [Member] | 3-Month EURIBOR [Member]
Line of Credit Facility [Line Items]
Potential Borrowings | €				€ 38,269
Advance Rate	77.80%
Credit Facilities [Member] | 3-Month GBP LIBOR [Member]
Line of Credit Facility [Line Items]
Outstanding Borrowings | £			£ 253,500
Potential Borrowings | £			£ 269,273
Rate	2.15%
Advance Rate	79.00%
Credit Facilities [Member] | Wells Fargo [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Term/Maturity	Term matched
Outstanding Borrowings	$ 1,238,872	$ 1,107,733
Potential Borrowings	$ 1,468,184	1,339,942
Credit Facilities [Member] | MetLife [Member]
Line of Credit Facility [Line Items]
Guarantee	50.00%
Margin Call	Collateral marks only
Term/Maturity	April 22, 2022
Outstanding Borrowings	$ 866,114	862,454
Potential Borrowings	$ 866,114	862,454
Credit Facilities [Member] | Bank of America [Member]
Line of Credit Facility [Line Items]
Guarantee	50.00%
Margin Call	Collateral marks only
Term/Maturity	May 21, 2021
Outstanding Borrowings	$ 641,066	617,694
Potential Borrowings	$ 641,066	617,694
Credit Facilities [Member] | Citibank [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Term/Maturity	Term matched
Outstanding Borrowings	$ 295,777	229,629
Potential Borrowings	$ 393,933	394,677
Credit Facilities [Member] | Deutsche Bank [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Term/Maturity	Term matched
Outstanding Borrowings	$ 278,851
Potential Borrowings	$ 278,851
Credit Facilities [Member] | Morgan Stanley [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Term/Maturity	March 1, 2020
Outstanding Borrowings	$ 220,969	231,930
Potential Borrowings	$ 260,623	272,221
Credit Facilities [Member] | Societe Generale [Member]
Line of Credit Facility [Line Items]
Guarantee	25.00%
Margin Call	Collateral marks only
Term/Maturity	Term matched
Outstanding Borrowings	$ 214,678	207,178
Potential Borrowings	$ 220,915	207,178
Credit Facilities [Member] | JP Morgan [Member]
Line of Credit Facility [Line Items]
Guarantee	50.00%
Margin Call	Collateral marks only
Term/Maturity	January 7, 2019
Outstanding Borrowings	$ 201,737	316,219
Potential Borrowings	$ 277,914	$ 420,414

Secured Debt Agreements, Net 51

Secured Debt Agreements, Net - Summary of Key Terms of Credit Facilities (Parenthetical) (Detail) - Credit Facilities [Member] - ExtensionOptions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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
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, Net 52

Secured Debt Agreements, Net - Summary of Statistics for Asset-Specific Financings (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)SecurityLoan	Dec. 31, 2016USD ($)SecurityLoan
Participating Mortgage Loans [Line Items]
Collateral assets, Book Value	$ 720,315	$ 869,417
Financing provided, Book Value	566,190	676,333
Collateral assets, Principal Balance	724,013	876,083
Financing provided, Principal Balance	$ 567,577	$ 679,207
Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Count | SecurityLoan	6	7
LIBOR [Member] | Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	4.83%	4.84%
JP Morgan [Member] | Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Term	2020-01	2020-01
Collateral assets, Book Value	$ 285,955	$ 282,818
Collateral assets, Principal Balance	$ 286,887	$ 284,012
Count | SecurityLoan	1	1
JP Morgan [Member] | LIBOR [Member] | Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	3.88%	3.88%
Citibank [Member] | Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Term	2020-11	2020-11
Collateral assets, Book Value	$ 204,548	$ 203,555
Collateral assets, Principal Balance	$ 204,617	$ 203,656
Count | SecurityLoan	2	2
Citibank [Member] | LIBOR [Member] | Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	4.40%	4.40%
Deutsche Bank [Member] | Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Term		2021-08
Collateral assets, Book Value		$ 180,866
Collateral assets, Principal Balance		$ 183,300
Count | SecurityLoan		1
Deutsche Bank [Member] | LIBOR [Member] | Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate		5.18%
Bank of the Ozarks [Member] | Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Term	2020-06	2020-04
Collateral assets, Book Value	$ 167,510	$ 140,524
Collateral assets, Principal Balance	$ 169,986	$ 143,164
Count | SecurityLoan	2	2
Bank of the Ozarks [Member] | LIBOR [Member] | Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	6.51%	6.42%
Wells Fargo [Member] | Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Term	2019-12	2019-12
Collateral assets, Book Value	$ 62,302	$ 61,654
Collateral assets, Principal Balance	$ 62,523	$ 61,951
Count | SecurityLoan	1	1
Wells Fargo [Member] | LIBOR [Member] | Collateral Assets [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	6.05%	6.05%
Asset-Specific Financings [Member]
Participating Mortgage Loans [Line Items]
Guarantee	$ 165,883	$ 231,585
Financing provided, Principal Balance	$ 567,577	$ 679,207
Count | SecurityLoan	6	7
Asset-Specific Financings [Member] | LIBOR [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	2.58%	2.60%
Asset-Specific Financings [Member] | JP Morgan [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Term	2020-01	2020-01
Guarantee	$ 116,839	$ 116,839
Financing provided, Book Value	233,413	233,626
Financing provided, Principal Balance	$ 233,679	$ 233,679
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%	1.89%
Asset-Specific Financings [Member] | Citibank [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Term	2020-11	2020-11
Guarantee	$ 40,291	$ 39,663
Financing provided, Book Value	161,123	158,609
Financing provided, Principal Balance	$ 161,163	$ 158,652
Count | SecurityLoan	2	2
Asset-Specific Financings [Member] | Citibank [Member] | LIBOR [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	2.42%	2.42%
Asset-Specific Financings [Member] | Deutsche Bank [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Term		2021-08
Guarantee		$ 66,410
Financing provided, Book Value		133,621
Financing provided, Principal Balance		$ 135,075
Count | SecurityLoan		1
Asset-Specific Financings [Member] | Deutsche Bank [Member] | LIBOR [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate		3.03%
Asset-Specific Financings [Member] | Bank of the Ozarks [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Term	2020-06	2020-04
Financing provided, Book Value	$ 128,045	$ 107,323
Financing provided, Principal Balance	$ 128,969	$ 108,435
Count | SecurityLoan	2	2
Asset-Specific Financings [Member] | Bank of the Ozarks [Member] | LIBOR [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	3.83%	3.68%
Asset-Specific Financings [Member] | Wells Fargo [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Term	2019-12	2019-12
Guarantee	$ 8,753	$ 8,673
Financing provided, Book Value	43,609	43,154
Financing provided, Principal Balance	$ 43,766	$ 43,366
Count | SecurityLoan	1	1
Asset-Specific Financings [Member] | Wells Fargo [Member] | LIBOR [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	3.14%	2.97%

Loan Participations Sold, Net -

Loan Participations Sold, Net - Summary of Statistics for Loan Participations Sold (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)Loans	Dec. 31, 2016USD ($)Loans
Participating Mortgage Loans [Line Items]
Count | Loans	1	1
Principal Balance	$ 426,700	$ 419,560
Book Value, Total Loan	$ 8,721,768	$ 8,692,978
Weighted Average Term	2019-12	2019-12
Book Value	$ 354,131	$ 348,077
Senior Participation [Member]
Participating Mortgage Loans [Line Items]
Count | Loans	1	1
Principal Balance	$ 355,583	$ 349,633
Guarantee	$ 30,120	$ 29,616
Weighted Average Term	2019-12	2019-12
Book Value	$ 354,131	$ 348,077
Loan Participations Sold [Member]
Participating Mortgage Loans [Line Items]
Book Value, Total Loan	$ 423,575	$ 416,233
LIBOR [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost	4.48%	4.48%
LIBOR [Member] | Senior Participation [Member]
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost	2.72%	2.72%

Loan Participations Sold, Net54

Loan Participations Sold, Net - Summary of Statistics for Loan Participations Sold (Parenthetical) (Detail) $ in Thousands, £ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017GBP (£)
Participating Mortgage Loans [Line Items]
Guarantor obligations	$ 30,100	$ 29,600		£ 24
Interest paid	39,287		$ 38,121
Deferred financing costs	15,974	15,272
Loan Participations Sold [Member]
Participating Mortgage Loans [Line Items]
Interest expense	2,600	2,900
Interest paid	2,500	2,800
Deferred financing costs	$ 1,500	$ 1,600

Convertible Notes, Net - Additi

Convertible Notes, Net - Additional Information (Detail)	Sep. 28, 2016USD ($)$ / shares	Nov. 30, 2013USD ($)$ / shares	Mar. 31, 2017USD ($)$ / shares	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Interest on convertible notes related to amortization of discount and certain issuance costs			$ 4,535,000	$ 4,053,000
Convertible notes, net			167,475,000		$ 166,762,000
Accrued interest payable			11,673,000		9,049,000
Deferred financing costs			15,974,000		15,272,000
5.25% Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Convertible Senior Notes, Principal amount		$ 172,500,000	$ 172,500,000		$ 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	$ 4,800,000		$ 5,500,000
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			3,000,000	3,000,000
Interest on convertible notes related to cash coupon			2,300,000	2,300,000
Interest on convertible notes related to amortization of discount and certain issuance costs			713,000	$ 670,000
Accrued interest payable			3,000,000		755,000
Deferred financing costs			$ 180,000		$ 206,000
5.25% Convertible Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, conversion price | $ / shares			$ 30.96
5.25% Convertible Senior Notes [Member] | Class A Common Stock [Member]
Debt Instrument [Line Items]
Convertible Notes, debt conversion, common stock issued, in percent	35.7236	34.8943
Convertible Notes, debt conversion, principal amount	$ 1,000	$ 1,000
Debt instrument, conversion price | $ / shares	$ 27.99	$ 28.66

Derivative Financial Instrume56

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	Mar. 31, 2017GBP (£)DerivativeInstrument	Mar. 31, 2017CADDerivativeInstrument	Dec. 31, 2016GBP (£)DerivativeInstrument	Dec. 31, 2016EUR (€)DerivativeInstrument	Dec. 31, 2016CADDerivativeInstrument
EUR [Member]
Derivative [Line Items]
Number of Instruments			1	1	1
Notional Amount | €				€ 44,900
GBP [Member]
Derivative [Line Items]
Number of Instruments	1	1	2	2	2
Notional Amount | £	£ 141,900		£ 141,900
CAD [Member]
Derivative [Line Items]
Number of Instruments	1	1	2	2	2
Notional Amount | CAD		CAD 122,900			CAD 122,900

Derivative Financial Instrume57

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, CAD in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)DerivativeInstrument	Dec. 31, 2016USD ($)DerivativeInstrument	Mar. 31, 2017GBP (£)DerivativeInstrument	Mar. 31, 2017CADDerivativeInstrument	Dec. 31, 2016GBP (£)DerivativeInstrument	Dec. 31, 2016CADDerivativeInstrument
Interest Rate Caps [Member] | GBP [Member] | GBP LIBOR [Member]
Derivative [Line Items]
Number of Instruments	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%
Wtd. Avg. Maturity (Years)	1 month 6 days	3 months 18 days
Interest Rate Caps [Member] | USD [Member] | USD LIBOR [Member]
Derivative [Line Items]
Number of Instruments	19	21	19	19	21	21
Notional Amount | $	$ 633,903	$ 802,256
Strike	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%
Wtd. Avg. Maturity (Years)	2 months 12 days	4 months 24 days
Interest Rate Caps [Member] | CAD [Member] | CDOR [Member]
Derivative [Line Items]
Number of Instruments	6	5	6	6	5	5
Notional Amount | CAD				CAD 304,931		CAD 400,035
Strike	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%
Wtd. Avg. Maturity (Years)	2 months 12 days	4 months 24 days
Interest Rate Swaps [Member] | CAD [Member] | CDOR [Member]
Derivative [Line Items]
Number of Instruments	4	4	4	4	4	4
Notional Amount | CAD				CAD 108,271		CAD 108,271
Strike	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
Wtd. Avg. Maturity (Years)	2 years 2 months 12 days	2 years 4 months 24 days

Derivative Financial Instrume58

Derivative Financial Instruments - Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Parenthetical) (Detail) - Cash Flow Hedges [Member] - Interest Rate Swaps Effective June 1, 2017 [Member] - Designated as Hedging Instrument [Member] CAD in Millions, $ in Millions	Mar. 31, 2017USD ($)DerivativeInstrument	Mar. 31, 2017CADDerivativeInstrument	Dec. 31, 2016USD ($)
Derivative [Line Items]
Number of Instruments	2	2
Notional Amount	$ 68.3	CAD 91	$ 67.7

Derivative Financial Instrume59

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Not Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives recorded gains (losses) during the period	$ 90,000	$ (976,000)
Interest Rate Swaps/Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income as increase to interest expense	$ 470,000
Reclassification from accumulated other comprehensive income, time period	12 months
Cash flow hedge ineffectiveness	$ 0	$ 0

Derivative Financial Instrume60

Derivative Financial Instruments - Summary of Non-designated Hedges (Detail) - Not Designated as Hedging Instrument [Member] € in Thousands, CAD in Thousands, $ in Thousands	Mar. 31, 2017USD ($)DerivativeInstrument	Mar. 31, 2017EUR (€)DerivativeInstrument	Mar. 31, 2017CADDerivativeInstrument	Dec. 31, 2016USD ($)DerivativeInstrument	Dec. 31, 2016EUR (€)DerivativeInstrument	Dec. 31, 2016CADDerivativeInstrument
CAD [Member] | Interest Rate Swaps/Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1	1	1	2	2	2
Notional Amount | CAD			CAD 18,327			CAD 37,221
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
USD [Member] | Interest Rate Swaps/Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	2	2	2	3	3	3
Notional Amount | $	$ 72,960			$ 256,875

Derivative Financial Instrume61

Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivatives in an Asset Position	$ 1,424	$ 4,086
Fair Value of Derivatives in a Liability Position		210
Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivatives in an Asset Position	1,410	3,599
Fair Value of Derivatives in a Liability Position		210
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	1,174	3,268
Fair Value of Derivatives in a Liability Position		210
Designated as Hedging Instrument [Member] | Interest Rate Swaps/Derivatives [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivatives in an Asset Position	236	331
Not Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Derivatives in an Asset Position	14	487
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	$ 14	$ 487

Derivative Financial Instrume62

Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Recognized in OCI on Derivatives (Effective Portion)	$ (4,399)	$ (6,666)
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	(474)	(27)
Net Investment [Member] | Foreign Currency Contracts [Member] | Interest Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Recognized in OCI on Derivatives (Effective Portion)	(4,294)	(6,470)
Cash Flow Hedges [Member] | Interest Rate Swaps/Derivatives [Member] | Interest Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Recognized in OCI on Derivatives (Effective Portion)	(105)	(196)
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	$ (474)	$ (27)

Derivative Financial Instrume63

Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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	$ 1.8	$ 8.2

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Apr. 17, 2017	Mar. 15, 2017	May 09, 2014	May 31, 2013	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Mar. 25, 2014
Class of Stock [Line Items]
Total stock, shares authorized					300,000,000
Common stock, shares authorized					200,000,000		200,000,000
Preferred stock, shares authorized					100,000,000
Preferred stock issued					0
Preferred stock outstanding					0
Plan adoption date					Mar. 25, 2014
Common stock, shares issued under dividend reinvestment program					270	285
Number of shares sold during period				25,875,000	270	285
Dividends declared per share of common stock		$ 0.62			$ 0.62	$ 0.62
Date of dividend paid					Apr. 17, 2017
Date of dividend declared					Mar. 15, 2017
Record date of dividend paid					Mar. 31, 2017
Accumulated other comprehensive loss					$ 52,357		$ 56,202
Net realized and unrealized gains related to changes in fair value of derivative instruments					47,300		51,300
Cumulative unrealized currency translation adjustment on assets and liabilities denominated in foreign currencies					$ 99,700		$ 107,500
Subsequent Events [Member]
Class of Stock [Line Items]
Dividends paid	$ 58,800
Dividends paid per common stock	$ 0.62
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
Dividend Reinvestment and Direct Stock Purchase Plan [Member]
Class of Stock [Line Items]
Reserved for issuance of class A common stock					9,998,057			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) - shares	1 Months Ended	3 Months Ended
	May 31, 2013	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Beginning balance		94,709,290	93,843,847
Issuance of class A common stock	25,875,000	270	285
Issuance of restricted class A common stock, net		277,815	209,798
Issuance of deferred stock units		6,415	7,322
Ending balance		94,993,790	94,061,252

Equity - Schedule of Movement66

Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Parenthetical) (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Common stock, shares issued under dividend reinvestment program	270	285
Class A Common Stock [Member]
Class of Stock [Line Items]
Deferred stock units held by directors	175,442	148,843
Common stock, shares issued under dividend reinvestment program	270	285

Equity - Schedule of Dividend A

Equity - Schedule of Dividend Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 15, 2017	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Dividends declared per share of common stock	$ 0.62	$ 0.62	$ 0.62
Total dividends declared		$ 58,787	$ 58,226

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
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net income	$ 51,405	$ 57,047
Weighted-average shares outstanding, basic and diluted	94,993,386	94,067,769
Per share amount, basic and diluted	$ 0.54	$ 0.61

Other Expenses - Additional Inf

Other Expenses - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
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	$ 12,921,000	$ 13,613,000
Accrued management and incentive fees payable	12,921,000		$ 12,798,000
CT Legacy Partners [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total incentive compensation payments		129,000
Manager [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Management fees	9,600,000	9,500,000
Total incentive compensation payments	3,300,000	4,200,000
Accrued management and incentive fees payable	$ 12,900,000		$ 12,800,000
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%
Incentive Awards Plan [Member] | CT Legacy Partners [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Recognized expenses for incentive plan		$ 129,000

Other Expenses - Schedule of Ge

Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Professional services	$ 1,017	$ 890
Operating and other costs	445	869
Subtotal	1,462	1,759
Non-cash and CT Legacy Portfolio compensation expenses
Restricted class A common stock earned	5,813	4,593
Subtotal	5,907	4,986
General and administrative expenses	59	50
General and administrative expenses	7,428	6,795
General and Administrative Expense [Member]
Non-cash and CT Legacy Portfolio compensation expenses
Director stock-based compensation	94	94
CT Legacy Partners [Member]
Non-cash and CT Legacy Portfolio compensation expenses
Management incentive awards plan		129
Blackstone [Member]
Non-cash and CT Legacy Portfolio compensation expenses
General and administrative expenses	$ 7,369	6,745
CT Opportunity Partners I, LP [Member]
Non-cash and CT Legacy Portfolio compensation expenses
Management incentive awards plan		$ 170

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2013	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Tax Credit Carryforward [Line Items]
Annual distribution of net taxable income for U.S. federal income tax not to apply to our earnings that we distribute (percent)		90.00%
Net taxable income subject to distribution (percent)		100.00%
Excise tax rate		4.00%
Income tax provision		$ 89,000	$ 241,000
Deferred tax assets		0		$ 0
Deferred tax liabilities		$ 0		0
Common stock, shares issued	25,875,000	270	285
Net operating losses carried forward				$ 159,000,000
NOLs expiration date		Dec. 31, 2029
Internal Revenue Service [Member]
Tax Credit Carryforward [Line Items]
Net operating losses limitations		The availability of our net operating losses, or NOLs, is generally limited to $2.0 million per annum
Earliest Tax Year [Member]
Tax Credit Carryforward [Line Items]
Open tax year		2,013
Latest Tax Year [Member]
Tax Credit Carryforward [Line Items]
Open tax year		2,016

Stock-Based Incentive Plans - A

Stock-Based Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Millions	Mar. 31, 2017USD ($)Plans$ / sharesshares	Mar. 31, 2017USD ($)Plans$ / sharesshares	Dec. 31, 2016shares
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	1,476,111	1,476,111	1,309,995
Unrecognized compensation cost relating to nonvested share-based compensation | $	$ 45.7	$ 45.7
Unrecognized compensation cost expected to be recognized over weighted average period	1 year 2 months 12 days
Nonvested share-based compensation, closing price | $ / shares	$ 30.96	$ 30.96
Expired Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available under plan	0	0
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	636,317	636,317
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	537,562	537,562
Vest in 2019 [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	302,232	302,232
Class A Common Stock [Member] | Stock Incentive Current Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available under plan	1,471,955	1,471,955
Maximum number of shares available under plan	2,400,000	2,400,000

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]	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Class A Common Stock, Beginning Balance | shares	1,309,995
Restricted Class A Common Stock, Granted | shares	280,938
Restricted Class A Common Stock, Vested | shares	(111,699)
Restricted Class A Common Stock, Forfeited | shares	(3,123)
Restricted Class A Common Stock, Ending Balance | shares	1,476,111
Weighted-Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares	$ 28.68
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares	30.54
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares	27.77
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares	27.37
Weighted-Average Grant Date Fair Value Per Share, Ending Balance | $ / shares	$ 29.11

Fair Values - Assets and Liabil

Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Derivatives	$ 1,424	$ 4,086
Liabilities
Derivatives		210
Recurring [Member]
Assets
Derivatives	1,424	4,086
Liabilities
Derivatives		210
Level 2 [Member] | Recurring [Member]
Assets
Derivatives	$ 1,424	4,086
Liabilities
Derivatives		$ 210

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] $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning	$ 12,561
Proceeds from investment realizations	(2,406)
Adjustments to fair value included in earnings
Gain on investments at fair value	66
Balance, ending	$ 10,221

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	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Nov. 30, 2013
Financial assets
Cash and cash equivalents, face amount	$ 64,275	$ 75,567	$ 110,622	$ 96,450
Loans receivable, net, face amount	8,759,696	8,727,218
Financial liabilities
Secured debt agreements, net, face amount	5,776,165	5,731,626
Loan participations sold, net	354,131	348,077
Loan participations sold, net, face amount	426,700	419,560
Carrying Amount [Member]
Financial assets
Cash and cash equivalents	64,275	75,567
Loans receivable, net	8,721,768	8,692,978
Financial liabilities
Secured debt agreements, net	5,760,191	5,716,354
Loan participations sold, net	354,131	348,077
Convertible notes, net	167,475	166,762
Fair Value [Member]
Financial assets
Cash and cash equivalents	64,275	75,567
Loans receivable, net	8,765,688	8,733,784
Financial liabilities
Secured debt agreements, net	5,776,165	5,731,626
Loan participations sold, net	355,583	349,633
Convertible notes, net	194,870	191,763
Senior Participation [Member]
Financial liabilities
Loan participations sold, net	354,131	348,077
Loan participations sold, net, face amount	355,583	349,633
5.25% Convertible Senior Notes [Member]
Financial liabilities
Convertible notes, net, face amount	$ 172,500	$ 172,500			$ 172,500

Transactions with Related Par77

Transactions with Related Parties - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)SecurityLoanshares	Mar. 31, 2016USD ($)shares	Dec. 31, 2016USD ($)SecurityLoanshares
Related Party Transaction [Line Items]
Accrued management and incentive fees payable	$ 12,921,000		$ 12,798,000
Common stock value	948,000		$ 945,000
Non-cash expenses	$ 5,907,000	$ 4,852,000
Number of Loans | SecurityLoan	103		107
Restricted Class A Common Stock [Member]
Related Party Transaction [Line Items]
Shares held | shares	1,476,111		1,309,995
Restricted shares, vesting period	3 years
Restricted Class A Common Stock [Member] | Class A Common Stock [Member]
Related Party Transaction [Line Items]
Common stock, shares issued | shares	0	0
Manager [Member]
Related Party Transaction [Line Items]
Management Agreement expiration date	Dec. 19, 2017
Management Agreement renewal term, description	The current term of which expires on December 19, 2017, 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	$ 12,900,000		$ 12,800,000
Management fees paid to Manager	12,800,000	$ 14,400,000
Expenses reimbursed to Manager	$ 93,000	320,000
Number of Loans | SecurityLoan	2
Expenses incurred on insurance agency transaction of affiliate with loan borrower	$ 0	0
Income received on insurance agency transaction of affiliate with loan borrower	$ 0	0
Manager [Member] | Class A Common Stock [Member] | Restricted Class A Common Stock [Member]
Related Party Transaction [Line Items]
Shares held | shares	719,903
Common stock value	$ 20,900,000
Non-cash expenses	$ 2,900,000	2,100,000
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
BXMT Advisors Limited Liability Company and Affiliates [Member]
Related Party Transaction [Line Items]
Payments of preferred distributions to affiliate of our Manager	$ 224,000
Affiliates of Manager [Member] | Third-Party Service Provider [Member]
Related Party Transaction [Line Items]
Administrative services expenses incurred	$ 88,000	$ 90,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Mar. 31, 2017USD ($)LoansDirectors	Mar. 31, 2017USD ($)LoansInstallments	Dec. 31, 2017USD ($)Directors	Dec. 31, 2016USD ($)
Commitments And Contingencies [Line Items]
Commitments expiration period		4 years
Number of loans receivable | Loans	58	58
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
Scenario, Forecast [Member]
Commitments And Contingencies [Line Items]
Number of independent directors entitled to annual compensation | Directors			5
Loans Receivable [Member]
Commitments And Contingencies [Line Items]
Unfunded loan commitments	$ 1,149,842,000	$ 1,149,842,000		$ 882,472,000
Five Independent Board of Directors [Member]
Commitments And Contingencies [Line Items]
Annual cash compensation	125,000
Five Independent Board of Directors [Member] | Scenario, Forecast [Member]
Commitments And Contingencies [Line Items]
Annual cash compensation			$ 175,000
Annual cash compensation paid in cash			75,000
Annual cash compensation paid in the form of deferred stock units			100,000
Chairperson of Audit Committee [Member]
Commitments And Contingencies [Line Items]
Annual cash compensation	$ 12,000
Chairperson of Audit Committee [Member] | Scenario, Forecast [Member]
Commitments And Contingencies [Line Items]
Annual cash compensation			20,000
Audit Committee Members [Member] | Scenario, Forecast [Member]
Commitments And Contingencies [Line Items]
Annual cash compensation			10,000
Compensation and Corporate Governance Committees [Member] | Scenario, Forecast [Member]
Commitments And Contingencies [Line Items]
Annual cash compensation			$ 10,000