Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 16, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001061630 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 30, 2019 | |
Trading Symbol | BXMT | |
Entity Registrant Name | BLACKSTONE MORTGAGE TRUST, INC. | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 134,288,919 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-14788 | |
Entity Tax Identification Number | 94-6181186 | |
Entity Incorporation, State or Country Code | MD | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Address, Address Line One | 345 Park Avenue, 42nd Floor | |
Entity Address, City or Town | New York | |
Entity Address, Postal Zip Code | 10154 | |
City Area Code | 212 | |
Local Phone Number | 655-0220 | |
Title of 12(b) Security | Class A common stock | |
Security Exchange Name | NYSE | |
Entity Address, State or Province | NY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 84,289 | $ 105,662 |
Loans receivable, net | 14,755,072 | 14,191,200 |
Other assets | 243,055 | 170,513 |
Total Assets | 15,082,416 | 14,467,375 |
Liabilities and Equity | ||
Secured debt agreements, net | 8,790,604 | 8,974,756 |
Loan participations sold, net | 94,418 | |
Securitized debt obligations, net | 1,288,389 | 1,285,471 |
Secured term loan, net | 490,659 | |
Convertible notes, net | 612,263 | 609,911 |
Other liabilities | 139,884 | 128,212 |
Total Liabilities | 11,321,799 | 11,092,768 |
Commitments and contingencies | ||
Equity | ||
Class A common stock, $0.01 par value, 200,000,000 shares authorized, 134,288,584 and 123,435,738 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 1,343 | 1,234 |
Additional paid-in capital | 4,362,476 | 3,966,540 |
Accumulated other comprehensive loss | (33,394) | (34,222) |
Accumulated deficit | (587,632) | (569,428) |
Total Blackstone Mortgage Trust, Inc. stockholders' equity | 3,742,793 | 3,364,124 |
Non-controlling interests | 17,824 | 10,483 |
Total Equity | 3,760,617 | 3,374,607 |
Total Liabilities and Equity | $ 15,082,416 | $ 14,467,375 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Billions | Sep. 30, 2019 | Dec. 31, 2018 |
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 | 134,288,584 | 123,435,738 |
Common stock, shares outstanding | 134,288,584 | 123,435,738 |
Variable interest entity, consolidated, carrying amount, assets | $ 1.5 | $ 1.5 |
Variable interest entity, consolidated, carrying amount, liabilities | $ 1.3 | $ 1.3 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income from loans and other investments | ||||
Interest and related income | $ 213,873 | $ 203,107 | $ 662,001 | $ 550,011 |
Less: Interest and related expenses | 111,957 | 97,955 | 347,536 | 255,677 |
Income from loans and other investments, net | 101,916 | 105,152 | 314,465 | 294,334 |
Other expenses | ||||
Management and incentive fees | 17,502 | 18,368 | 58,276 | 56,248 |
General and administrative expenses | 9,741 | 8,443 | 28,951 | 25,897 |
Total other expenses | 27,243 | 26,811 | 87,227 | 82,145 |
Income before income taxes | 74,673 | 78,341 | 227,238 | 212,189 |
Income tax (benefit) provision | (721) | 48 | (573) | 272 |
Net income | 75,394 | 78,293 | 227,811 | 211,917 |
Net income attributable to non-controlling interests | (497) | (128) | (1,176) | (481) |
Net income attributable to Blackstone Mortgage Trust, Inc. | $ 74,897 | $ 78,165 | $ 226,635 | $ 211,436 |
Net income per share of common stock basic and diluted | $ 0.56 | $ 0.67 | $ 1.76 | $ 1.90 |
Weighted-average shares of common stock outstanding, basic and diluted | 134,536,683 | 116,203,140 | 128,485,701 | 111,251,864 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Net income | $ 75,394 | $ 78,293 | $ 227,811 | $ 211,917 |
Other comprehensive income | ||||
Unrealized loss on foreign currency translation | (39,961) | (2,416) | (44,125) | (26,766) |
Realized and unrealized gain on derivative financial instruments | 35,987 | 1,703 | 44,953 | 23,623 |
Other comprehensive (loss) income | (3,974) | (713) | 828 | (3,143) |
Comprehensive income | 71,420 | 77,580 | 228,639 | 208,774 |
Comprehensive income attributable to non-controlling interests | (497) | (128) | (1,176) | (481) |
Comprehensive income attributable to Blackstone Mortgage Trust, Inc. | $ 70,923 | $ 77,452 | $ 227,463 | $ 208,293 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Class A Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Deficit [Member] | Stockholders' Equity [Member] | Non-Controlling Interests [Member] |
Balance at Dec. 31, 2017 | $ 2,917,406 | $ 1,079 | $ 3,506,861 | $ (29,706) | $ (567,168) | $ 2,911,066 | $ 6,340 |
Shares of class A common stock issued, net | 3 | 3 | 3 | ||||
Restricted class A common stock earned | 6,848 | 6,848 | 6,848 | ||||
Issuance of convertible notes | 1,462 | 1,462 | 1,462 | ||||
Dividends reinvested | 14 | 122 | (108) | 14 | |||
Deferred directors' compensation | 125 | 125 | 125 | ||||
Other comprehensive income (loss) | 7,803 | 7,803 | 7,803 | ||||
Net income | 61,116 | 60,958 | 60,958 | 158 | |||
Dividends declared on common stock, $0.62 per share | (67,066) | (67,066) | (67,066) | ||||
Contributions from non-controlling interests | 375 | 375 | |||||
Distributions to non-controlling interests | (1,575) | (1,575) | |||||
Balance at Mar. 31, 2018 | 2,926,511 | 1,082 | 3,515,418 | (21,903) | (573,384) | 2,921,213 | 5,298 |
Balance at Dec. 31, 2017 | 2,917,406 | 1,079 | 3,506,861 | (29,706) | (567,168) | 2,911,066 | 6,340 |
Other comprehensive income (loss) | (3,143) | ||||||
Net income | 211,917 | ||||||
Balance at Sep. 30, 2018 | 3,307,993 | 1,197 | 3,898,841 | (32,849) | (566,417) | 3,300,772 | 7,221 |
Balance at Mar. 31, 2018 | 2,926,511 | 1,082 | 3,515,418 | (21,903) | (573,384) | 2,921,213 | 5,298 |
Shares of class A common stock issued, net | 102,495 | 32 | 102,463 | 102,495 | |||
Restricted class A common stock earned | 6,653 | 6,653 | 6,653 | ||||
Conversion of convertible notes | (20) | (20) | (20) | ||||
Dividends reinvested | 13 | 128 | (115) | 13 | |||
Deferred directors' compensation | 125 | 125 | 125 | ||||
Other comprehensive income (loss) | (10,233) | (10,233) | (10,233) | ||||
Net income | 72,508 | 72,313 | 72,313 | 195 | |||
Dividends declared on common stock, $0.62 per share | (69,079) | (69,079) | (69,079) | ||||
Contributions from non-controlling interests | 2,100 | 2,100 | |||||
Distributions to non-controlling interests | (2,411) | (2,411) | |||||
Balance at Jun. 30, 2018 | 3,028,662 | 1,114 | 3,624,767 | (32,136) | (570,265) | 3,023,480 | 5,182 |
Shares of class A common stock issued, net | 267,292 | 83 | 267,209 | 267,292 | |||
Restricted class A common stock earned | 6,609 | 6,609 | 6,609 | ||||
Dividends reinvested | 12 | 131 | (119) | 12 | |||
Deferred directors' compensation | 125 | 125 | 125 | ||||
Other comprehensive income (loss) | (713) | (713) | (713) | ||||
Net income | 78,293 | 78,165 | 78,165 | 128 | |||
Dividends declared on common stock, $0.62 per share | (74,198) | (74,198) | (74,198) | ||||
Contributions from non-controlling interests | 2,025 | 2,025 | |||||
Distributions to non-controlling interests | (114) | (114) | |||||
Balance at Sep. 30, 2018 | 3,307,993 | 1,197 | 3,898,841 | (32,849) | (566,417) | 3,300,772 | 7,221 |
Balance at Dec. 31, 2018 | 3,374,607 | 1,234 | 3,966,540 | (34,222) | (569,428) | 3,364,124 | 10,483 |
Shares of class A common stock issued, net | 65,381 | 23 | 65,358 | 65,381 | |||
Restricted class A common stock earned | 7,639 | 7,639 | 7,639 | ||||
Dividends reinvested | 11 | 143 | (132) | 11 | |||
Deferred directors' compensation | 125 | 125 | 125 | ||||
Other comprehensive income (loss) | 3,466 | 3,466 | 3,466 | ||||
Net income | 76,867 | 76,565 | 76,565 | 302 | |||
Dividends declared on common stock, $0.62 per share | (77,913) | (77,913) | (77,913) | ||||
Contributions from non-controlling interests | 1,470 | 1,470 | |||||
Distributions to non-controlling interests | (64) | (64) | |||||
Balance at Mar. 31, 2019 | 3,451,589 | 1,257 | 4,039,805 | (30,756) | (570,908) | 3,439,398 | 12,191 |
Balance at Dec. 31, 2018 | 3,374,607 | 1,234 | 3,966,540 | (34,222) | (569,428) | 3,364,124 | 10,483 |
Other comprehensive income (loss) | 828 | ||||||
Net income | 227,811 | ||||||
Balance at Sep. 30, 2019 | 3,760,617 | 1,343 | 4,362,476 | (33,394) | (587,632) | 3,742,793 | 17,824 |
Balance at Mar. 31, 2019 | 3,451,589 | 1,257 | 4,039,805 | (30,756) | (570,908) | 3,439,398 | 12,191 |
Shares of class A common stock issued, net | 306,952 | 86 | 306,866 | 306,952 | |||
Restricted class A common stock earned | 7,629 | 7,629 | 7,629 | ||||
Dividends reinvested | 8 | 146 | (138) | 8 | |||
Deferred directors' compensation | 125 | 125 | 125 | ||||
Other comprehensive income (loss) | 1,336 | 1,336 | 1,336 | ||||
Net income | 75,551 | 75,174 | 75,174 | 377 | |||
Dividends declared on common stock, $0.62 per share | (83,259) | (83,259) | (83,259) | ||||
Contributions from non-controlling interests | 17,158 | 17,158 | |||||
Distributions to non-controlling interests | (664) | (664) | |||||
Balance at Jun. 30, 2019 | 3,776,425 | 1,343 | 4,354,571 | (29,420) | (579,131) | 3,747,363 | 29,062 |
Restricted class A common stock earned | 7,629 | 7,629 | 7,629 | ||||
Dividends reinvested | 12 | 151 | (139) | 12 | |||
Deferred directors' compensation | 125 | 125 | 125 | ||||
Other comprehensive income (loss) | (3,974) | (3,974) | (3,974) | ||||
Net income | 75,394 | 74,897 | 74,897 | 497 | |||
Dividends declared on common stock, $0.62 per share | (83,259) | (83,259) | (83,259) | ||||
Contributions from non-controlling interests | 8,093 | 8,093 | |||||
Distributions to non-controlling interests | (19,828) | (19,828) | |||||
Balance at Sep. 30, 2019 | $ 3,760,617 | $ 1,343 | $ 4,362,476 | $ (33,394) | $ (587,632) | $ 3,742,793 | $ 17,824 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Dividends declared on common stock, per share | $ 0.62 | $ 0.62 | $ 0.62 | $ 0.62 | $ 0.62 | $ 0.62 | $ 1.86 | $ 1.86 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 227,811 | $ 211,917 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Non-cash compensation expense | 23,276 | 20,488 |
Amortization of deferred fees on loans and debt securities | (40,110) | (35,955) |
Amortization of deferred financing costs and premiums/discount on debt obligations | 22,702 | 20,993 |
Changes in assets and liabilities, net | ||
Other assets | (3,518) | (9,709) |
Other liabilities | (1,570) | 15,001 |
Net cash provided by operating activities | 228,591 | 222,735 |
Cash flows from investing activities | ||
Origination and fundings of loans receivable | (3,319,563) | (5,222,803) |
Principal collections and sales proceeds from loans receivable and debt securities | 2,589,622 | 2,503,454 |
Loan contributed to securitization | 512,002 | |
Investment in debt securities held-to-maturity | (95,937) | |
Origination and exit fees received on loans receivable | 32,527 | 74,111 |
Receipts under derivative financial instruments | 35,756 | 34,975 |
Payments under derivative financial instruments | (4,650) | (14,031) |
Collateral deposited under derivative agreements | (11,400) | (32,110) |
Return of collateral deposited under derivative agreements | 9,090 | 28,870 |
Net cash used in investing activities | (668,618) | (2,211,469) |
Cash flows from financing activities | ||
Borrowings under secured debt agreements | 2,950,456 | 5,749,678 |
Repayments under secured debt agreements | (3,048,960) | (4,147,893) |
Proceeds from sale of loan participations | 21,346 | 86,339 |
Repayment of loan participations | (115,874) | (85,875) |
Net proceeds from issuance of secured term loans | 498,750 | |
Repayments on secured term loans | (1,250) | |
Payment of deferred financing costs | (25,710) | (18,995) |
Contributions from non-controlling interests | 26,721 | 4,500 |
Distributions to non-controlling interests | (20,556) | (4,100) |
Net proceeds from issuance of convertible notes | 214,775 | |
Repayment of convertible notes | (192) | |
Net proceeds from issuance of class A common stock | 372,329 | 369,787 |
Dividends paid on class A common stock | (237,702) | (203,065) |
Net cash provided by financing activities | 419,550 | 1,964,959 |
Net decrease in cash and cash equivalents | (20,477) | (23,775) |
Cash and cash equivalents at beginning of period | 105,662 | 102,518 |
Effects of currency translation on cash and cash equivalents | (896) | 8,244 |
Cash and cash equivalents at end of period | 84,289 | 86,987 |
Supplemental disclosure of cash flows information | ||
Payments of interest | (324,013) | (224,320) |
Payments of income taxes | (205) | (546) |
Supplemental disclosure of non-cash investing and financing activities | ||
Dividends declared, not paid | (83,259) | (74,195) |
Loan principal payments held by servicer, net | $ 56,843 | $ 3,577 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2019 | |
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 senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from our loan portfolio. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of The Blackstone Group Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” Our principal executive offices are located at 345 Park Avenue, 42 nd 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 | 9 Months Ended |
Sep. 30, 2019 | |
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. Certain reclassifications have been made in the presentation of the prior period secured debt agreements in Note 5 to conform to the current period presentation. Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. In the third quarter of 2018, we contributed a loan to a single asset securitization vehicle, or the 2018 Single Asset Securitization, which is a VIE, and invested in the related subordinate risk retention position. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate risk retention position as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. Refer to Note 16 for additional discussion of our VIEs. In April 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling non-controlling 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 and debt securities 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 and recorded over the term of the loan or debt security 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 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. During the second quarter of 2018, the letter of credit related to our restricted cash balance was cancelled and the cash was transferred out of our segregated bank account. As of both September 30, 2019 and December 31, 2018, we had no restricted cash on our consolidated balance sheets. Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $348.4 million and $320.0 million as of September 30, 2019 and December 31, 2018, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts. 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 it 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: A loan that has a risk of realizing a principal loss. 5 - Impaired/Loss Likely: Debt Securities Held-to-Maturity We classify our debt securities as held-to-maturity, If, based on current information and events, there is an adverse change in cash flows expected to be collected from the cash flows previously projected for one of our debt securities, an other-than-temporary impairment is deemed to have occurred. A change in expected cash flows is considered adverse if the present value of the revised cash flows (taking into consideration both the timing and amount of cash flows expected to be collected), discounted using the debt security’s current yield, is less than the present value of the previously estimated remaining cash flows. If an other-than-temporary impairment is considered to have occurred, the debt security is written down to fair value. The total other-than-temporary impairment is bifurcated into (i) the amount related to expected credit losses, and (ii) the amount related to fair value adjustments in excess of expected credit losses. The other-than-temporary impairment related to expected credit losses is calculated by comparing the amortized cost basis of the security to the present value of cash flows expected to be collected, discounted at the security’s current yield, and is recognized in earnings in the consolidated statement of operations. The remaining other-than-temporary impairment that is not related to expected credit losses is recognized in other comprehensive income (loss). A portion of other-than-temporary impairments recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through other comprehensive income (loss) are amortized over the life of the security with no impact on earnings. Derivative Financial Instruments We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value. On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated Secured Debt Agreements Where applicable, we record investments financed with secured debt agreements as separate assets and the related borrowings under any secured debt agreements are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt agreements are reported separately on our consolidated statements of operations. Senior Loan Participations In certain instances, we finance our loans through the non-recourse non-consolidated Secured Term Loan We record our secured term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the secured term loan as additional non-cash 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 respective issuance dates based on our nonconvertible debt borrowing rate. The equity component of each series of our 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 of the FASB, 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, which 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. • Debt securities held-to-maturity: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • 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. • Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Secured term loan, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Convertible notes, net: Each series of the convertible notes is 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 13 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 14 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 11 for additional discussion of earnings per share. Foreign Currency In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss). 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 April 2019, the FASB issued ASU 2019-04, 2019-04. 2019-04 2016-13 2016-13, 2017-12 2017-12, 2016-01 825-10): 2016-01. 2019-04 2016-13 2019-04 2017-12 2019-04 2016-01 In June 2016, the FASB issued ASU 2016-13. 2016-13 2016-13 available-for-sale 2016-13 2016-13 |
Loans Receivable, Net
Loans Receivable, Net | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans Receivable, Net | 3. LOANS RECEIVABLE, NET The following table details overall statistics for our loans receivable portfolio ($ in thousands): September 30, 2019 December 31, 2018 Number of loans 128 125 Principal balance $ 14,849,556 $ 14,293,970 Net book value $ 14,755,072 $ 14,191,200 Unfunded loan commitments (1) $ 4,724,809 $ 3,405,945 Weighted-average cash coupon (2) 5.07 % 5.67 % Weighted-average all-in (2) 5.42 % 6.00 % Weighted-average maximum maturity (3) 3.6 3.9 (1) Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date. (2) Cash coupon and all-in all-in In addition, $1.2 billion of our loans earned interest based on floors that are above the applicable index as of December 31, 2018. (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of September 30, 2019, 59% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 41% were open to repayment by the borrower without penalty. As of December 31, 2018, 75% of our loans were subject to yield maintenance or other prepayment restrictions and 25% were open to repayment by the borrower without penalty. Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Deferred Fees / (1) Net Book Value December 31, 2018 $ 14,293,970 $ (102,770 ) $ 14,191,200 Loan fundings 3,319,563 — 3,319,563 Loan repayments (2,640,402 ) — (2,640,402 ) Unrealized (loss) gain on foreign currency translation (123,575 ) 1,085 (122,490 ) Deferred fees and other items — (32,527 ) (32,527 ) Amortization of fees and other items — 39,728 39,728 September 30, 2019 $ 14,849,556 $ (94,484 ) $ 14,755,072 (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): September 30, 2019 Property Type Number of Net Book Total Loan (1)(2) Percentage of Office 59 $ 7,654,154 $ 7,838,768 50% Hotel 17 2,367,575 2,444,738 16 Multifamily 37 2,272,220 2,312,100 15 Industrial 5 700,751 704,098 5 Retail 3 381,451 388,138 3 Self-Storage 2 280,880 281,593 2 Condominium 1 223,908 225,116 1 Other 4 874,133 1,188,383 8 128 $ 14,755,072 $ 15,382,934 100% Geographic Location Number of Net Book Total Loan (1)(2) Percentage of United States Northeast 29 $ 4,069,651 $ 4,097,215 27% West 29 3,186,197 3,370,213 22 Southeast 19 2,212,190 2,222,654 14 Midwest 11 1,283,170 1,289,119 8 Southwest 13 626,893 630,498 4 Northwest 4 177,295 177,900 1 Subtotal 105 11,555,396 11,787,599 76 International United Kingdom 11 1,331,763 1,667,035 11 Spain 2 1,109,276 1,115,580 7 Australia 3 337,107 338,975 2 Germany 1 189,016 241,106 2 Canada 4 148,291 147,880 1 Belgium 1 84,223 84,759 1 Ireland 1 — — — Subtotal 23 3,199,676 3,595,335 24 Total 128 $ 14,755,072 $ 15,382,934 100% (1) In certain instances, we finance our loans through the non-recourse non-consolidated (2) Excludes investment exposure to the $ 993.5 December 31, 2018 Property Type Number of Net Book Value Total Loan (1)(2) Percentage of Office 55 $ 7,104,842 $ 7,164,466 49% Hotel 18 2,591,565 2,673,763 18 Multifamily 34 2,193,699 2,206,740 15 Industrial 5 680,808 685,776 5 Retail 4 451,099 452,900 3 Condominium 4 304,545 368,104 2 Self-Storage 2 278,473 280,043 2 Other 3 586,169 909,052 6 125 $ 14,191,200 $ 14,740,844 100% Geographic Location Number of Net Book Value Total Loan (1)(2) Percentage of United States Northeast 32 $ 4,322,114 $ 4,359,938 31% West 29 3,137,072 3,222,706 22 Southeast 19 2,258,033 2,271,664 15 Midwest 9 1,161,637 1,170,619 8 Southwest 13 478,665 481,745 3 Northwest 4 238,844 239,872 2 Subtotal 106 11,596,365 11,746,544 81 International Spain 1 1,124,174 1,131,334 8 United Kingdom 7 754,299 1,094,663 7 Canada 5 316,268 313,229 2 Australia 3 310,372 312,893 2 Belgium 1 70,621 71,007 — Germany 1 11,585 63,637 — Netherlands 1 7,516 7,537 — Subtotal 19 2,594,835 2,994,300 19 Total 125 $ 14,191,200 $ 14,740,844 100% (1) In certain instances, we finance our loans through the non-recourse non-consolidated (2) Excludes investment exposure to the $1.0 billion 2018 Single Asset Securitization. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization. Loan Risk Ratings As further described in Note 2, our Manager evaluates our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, our Manager assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2. The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands): September 30, 2019 December 31, 2018 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1)(2) Number of Loans Net Book Value Total Loan Exposure (1)(2) 1 4 $ 275,921 $ 276,178 $ 181,366 $ 182,740 2 39 4,536,225 4,564,094 3,860,432 3,950,025 3 82 9,776,127 10,375,349 10,149,402 10,608,079 4 3 166,799 167,313 — — 5 — — — — — 128 $ 14,755,072 $ 15,382,934 125 $ 14,191,200 $ 14,740,844 ____________ In certain instances, we finance our loans through the non-recourse non-consolidated Excludes investment exposure to the $ 993.5 The weighted-average risk rating of our total loan exposure was 2.7 as of both September 30, 2019 and December 31, 2018. We did Multifamily Joint Venture As discussed in Note 2, we entered into a Multifamily Joint Venture in April 2017. As of September 30, 2019 and December 31, 2018, our Multifamily Joint Venture held $537.7 million and $334.6 million of loans, respectively, which are included in the loan disclosures above. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. |
Other Assets and Liabilities
Other Assets and Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Other Assets and Liabilities | 4. OTHER ASSETS AND LIABILITIES The following table details the components of our other assets ($ in thousands): Debt securities held-to-maturity (1) $ 92,580 $ 96,167 Loan portfolio payments held by servicer (2) 60,978 6,133 Accrued interest receivable 60,907 56,679 Derivative assets 25,009 9,916 Collateral deposited under derivative agreements 2,310 — Prepaid taxes 750 6 Prepaid expenses 43 647 Other 478 965 Total $ 243,055 $ 170,513 (1) Represents the subordinate risk retention interest in the $ 993.5 , with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. Refer to Note 16 for additional discussion. (2) 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 December 31, 2018 Accrued dividends payable $ 83,259 $ 76,530 Accrued interest payable 25,522 25,588 Accrued management and incentive fees payable 17,502 18,586 Accounts payable and other liabilities 6,849 4,583 Derivative liabilities 3,992 2,925 Secured debt repayments pending servicer remittance (1) 2,760 — Total $ 139,884 $ 128,212 (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 | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Secured Debt Agreements, Net | 5. SECURED DEBT AGREEMENTS, NET Our secured debt agreements include secured credit facilities, asset-specific financings, and a revolving credit agreement. The following table details our secured debt agreements ($ in thousands): Secured Debt Agreements Borrowings Outstanding September 30, 2019 Secured credit facilities $ 8,567,394 $ 8,870,897 Asset-specific financings 249,172 81,739 Revolving credit agreement — 43,845 Total secured debt agreements $ 8,816,566 $ 8,996,481 Deferred financing costs (1) (25,962 ) (21,725 ) Net book value of secured debt $ 8,790,604 $ 8,974,756 (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. Secured Credit Facilities During the nine months ended September 30, 2019, we added two September 30, 2019 Credit Facility Borrowings Collateral Lender Potential (1) Outstanding Available (1) Assets (2) Deutsche Bank $ 1,722,050 $ 1,722,050 $ — $ 2,185,465 Wells Fargo 1,661,789 1,564,215 97,574 2,135,379 JP Morgan 1,016,689 918,526 98,163 1,303,288 Citibank 1,090,739 888,053 202,686 1,386,175 Barclays 996,648 793,906 202,742 1,246,490 Bank of America 658,724 658,724 — 840,573 Morgan Stanley 490,213 434,165 56,048 658,055 MetLife 417,677 417,677 — 524,004 Société Générale 333,473 333,473 — 428,887 Goldman Sachs 313,895 268,895 45,000 426,383 Goldman Sachs - Multi. JV (3) 217,601 217,601 — 279,037 US Bank - Multi. JV (3) 184,031 183,937 94 230,039 Santander 143,852 143,852 — 179,815 Bank of America - Multi. JV (3) 22,320 22,320 — 28,642 $ 9,269,701 $ 8,567,394 $ 702,307 $ 11,852,232 (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 the principal balance of the collateral assets. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. The weighted-average outstanding balance of our secured credit facilities was $8.6 billion for the nine months ended September 30, 2019. As of September 30, 2019, we had aggregate borrowings of $8.6 billion outstanding under our secured credit facilities, with a weighted-average cash coupon of LIBOR plus 1.67% per annum, a weighted-average all-in December 31, 2018 Credit Facility Borrowings Collateral Lender Potential (1) Outstanding Available (1) Assets (2) Deutsche Bank $ 1,839,698 $ 1,839,698 $ — $ 2,325,047 Wells Fargo 1,908,509 1,822,154 86,355 2,514,513 JP Morgan 1,010,628 1,010,628 — 1,266,259 Barclays 890,620 890,620 — 1,113,275 Citibank 852,470 663,917 188,553 1,076,085 Bank of America 873,446 873,446 — 1,090,117 MetLife 675,329 675,329 — 852,733 Morgan Stanley 341,241 276,721 64,520 457,496 Société Générale 321,182 321,182 — 404,048 Goldman Sachs 230,140 230,140 — 295,368 Goldman Sachs - Multi. JV (3) 170,060 170,060 — 212,983 Bank of America - Multi. JV (3) 97,002 97,002 — 121,636 $ 9,210,325 $ 8,870,897 $ 339,428 $ 11,729,560 (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 the principal balance of the collateral assets. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. The weighted-average outstanding balance of our secured credit facilities was $7.0 billion for the nine months ended December 31, 2018. As of December 31, 2018, we had aggregate borrowings of $8.9 billion outstanding under our secured credit facilities, with a weighted-average cash coupon of LIBOR plus 1.72% per annum, a weighted-average all-in 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 September 30, 2019: Lender Currency Guarantee (1) Margin Call (2) Term/Maturity JP Morgan $ / £ 50% Collateral marks only January 7, 2021 (6) Bank of America - (3) $ 43% Collateral marks only December 16, 2021 (7) Deutsche Bank $ / € 60% (4) Collateral marks only August 9, 2021 (4) Morgan Stanley $ / £ / € 25% Collateral marks only March 1, 2022 Goldman Sachs - Multi. JV (3) $ 25% Collateral marks only July 12, 2022 (8) Bank of America $ 50% Collateral marks only May 21, 2023 (9) Goldman Sachs $ 25% Collateral marks only October 22, 2023 (10) Barclays $ / £ / € 25% Collateral marks only June 18, 2024 (11) MetLife $ 61% Collateral marks only September 23, 2025 (12) Citibank $ / £ / € 25% Collateral marks only Term matched (13) Société Générale $ / £ / € 25% Collateral marks only Term matched (13) Santander € 50% Collateral marks only Term matched (13) Wells Fargo $ / C$ 25% (5) Collateral marks only Term matched (13) US Bank - Multi. JV (3) $ 25% Collateral marks only Term matched (13) (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 facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. (4) Includes a one-year (5) In addition to the 25% guarantee across all borrowings, there is an incremental guarantee of $174.3 million related to $302.7 million of specific borrowings outstanding. (6) Maturity dates for $520.6 million of specific borrowings outstanding are term-matched to the respective collateral assets. (7) Includes two one-year (8) Includes a one-year (9) Includes two one-year (10) Includes three one-year (11) Includes four one-year extension options which may be exercised at our sole discretion. (12) Includes five one-year (13) These secured 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. Currency Potential (1) Outstanding Floating Rate Index (2) Spread Advance (3) $ $ 7,113,454 $ 6,465,833 USD LIBOR L + 1.65% 79.7% € € 1,013,050 € 963,636 EURIBOR E + 1.49% 80.0% £ £ 619,853 £ 619,170 GBP LIBOR L + 2.06% 77.1% A$ A$ 255,270 A$ BBSY BBSY + 1.90% 78.0% C$ C$ 156,349 C$ 156,362 CDOR CDOR + 1.83% 80.7% $ 9,269,701 $ 8,567,394 INDEX + 1.67% 79.5% (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) Floating rate indices are generally matched to the payment timing under the terms of each secured credit facility and its respective collateral assets. ( 3 Represents weighted-average advance rate based on the approved outstanding principal balance of the collateral assets pledged. Asset-Specific Financings The following tables detail our asset-specific financings ($ in thousands): September 30, 2019 Asset-Specific Financings Count Principal Book Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term (3) Collateral assets 4 $ 326,839 $ 314,472 L+4.96 % n/a Mar. 2023 Financing provided 4 $ 249,172 $ 241,597 L+3.53 % 84,486 Mar. 2023 December 31, 2018 Asset-Specific Financings Count Principal Book Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term (3) Collateral assets 1 $ 106,739 $ 104,807 L+6.08 % n/a Aug. 2022 Financing provided 1 $ 81,739 $ 80,938 L+4.07 % n/a Aug. 2022 (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 is term-matched to the corresponding collateral loans. The weighted-average outstanding balance of our asset-specific financings was $148.3 million for the nine months ended September 30, 2019 and $37.8 million for the nine months ended December 31, 2018. Revolving Credit Agreement We have a $250.0 million full recourse secured revolving credit agreement with Barclays that is designed to finance first mortgage originations for up to nine 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 maturity date of the facility is April 4, 2020. During the nine months ended September 30, 2019, the weighted-average outstanding borrowings under the revolving credit agreement was $19.1 million and we recorded interest expense of $2.1 million, including $781,000 of amortization of deferred fees and expenses. As of September 30, 2019, we had no outstanding borrowings under the agreement. During the nine months ended December 31, 2018, the weighted-average outstanding borrowings under the revolving credit agreement was $58.8 million and we recorded interest expense of $3.2 million, including $814,000 of amortization of deferred fees and expenses. As of December 31, 2018, we had $43.8 million of borrowings outstanding under the agreement. Debt Covenants The guarantees related to our secured debt agreements contain the following 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 $2.8 billion as of each measurement date plus 75% of the net cash proceeds of future equity issuances subsequent to September 30, 2019; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of September 30, 2019 and December 31, 2018, we were in compliance with these covenants. Refer to Note 8 for information regarding financial covenants contained in the agreements governing our senior secured term loan facility. |
Loan Participations Sold, Net
Loan Participations Sold, Net | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Loan Participations Sold, Net | 6. LOAN PARTICIPATIONS SOLD, NET The financing of a loan by the non-recourse We did not have any loan participations sold as of September 30, 2019. We did not record any interest expense related to our loan participations sold during the three months ended September 30, 2019. During the nine months ended September 30, 2019, we recorded $3.2 million of interest expense related to our loan participations sold. During the three and nine months ended September 30, 2018, we recorded $11.7 million and $15.2 million, respectively, of interest expense related to our loan participations sold. The following table details our loan participations sold as of December 31, 2018 ($ in thousands): December 31, 2018 Loan Participations Sold Count Principal Balance Book Yield/Cost (1) Guarantee (2) Term Total loan 1 $ 123,745 $ 122,669 L+5.92 % n/a Feb. 2022 Senior participation (3) 1 94,528 94,418 L+4.07 % n/a Feb. 2022 (1) Our 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 fees / financing costs. (2) As of December 31, 2018, our loan participations sold were non-recourse (3) The difference between principal balance and book value of loan participations sold is due to deferred financing costs of $110,000 as of December 31, 2018. |
Securitized Debt Obligations, N
Securitized Debt Obligations, Net | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Securitized Debt Obligations, Net | 7. SECURITIZED DEBT OBLIGATIONS, NET We have financed a pool of our loans through a collateralized loan obligation, or the CLO, and have also financed one of our loans through a single asset securitization vehicle, or the 2017 Single Asset Securitization. The CLO and the 2017 Single Asset Securitization have issued securitized debt obligations that are non-recourse The following tables detail our securitized debt obligations ($ in thousands): September 30, 2019 Securitized Debt Obligations Count Principal Book Value Wtd. Avg. Yield/Cost (1) Term (2) Collateralized Loan Obligation Collateral assets 20 $ 1,000,000 $ 1,000,000 L+3.43 % September 2022 Financing provided 1 817,500 813,852 L+1.71 % June 2035 2017 Single Asset Securitization Collateral assets (3) 1 700,197 698,040 L+3.60 % June 2023 Financing provided 1 474,620 474,537 L+1.65 % June 2033 Total Collateral assets 21 $ 1,700,197 $ 1,698,040 L+3.51 % Financing provided (4) 2 $ 1,292,120 $ 1,288,389 L+1.69 % December 31, 2018 Securitized Debt Obligations Count Principal Book Value Wtd. Avg. Yield/Cost (1) Term (2) Collateralized Loan Obligation Collateral assets 26 $ 1,000,000 $ 1,000,000 6.25 % Apr. 2022 Financing provided 1 817,500 811,023 L+1.74 % June 2035 2017 Single Asset Securitization Collateral assets (3) 1 682,297 678,770 L+3.60 % June 2023 Financing provided 1 474,620 474,448 L+1.65 % June 2033 Total Collateral assets 27 $ 1,682,297 $ 1,678,770 6.19 % Financing provided (4) 2 $ 1,292,120 $ 1,285,471 L+1.71 % (1) As of September 30, 2019, all of our loans financed by securitized debt obligations earned a floating rate of interest. As of December 31, 2018, 98% of our loans financed by securitized debt obligations earned a floating rate of interest. In addition to cash coupon, all-in All-in (2) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (3) The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million. (4) During the three and nine months ended September 30, 2019, we recorded $11.9 million and $36.9 million, respectively, of interest expense related to our securitized debt obligations. During the three and nine months ended September 30, 2018, we recorded $12.5 million and $ 35.6 |
Secured Term Loan, Net
Secured Term Loan, Net | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Secured Term Loan, Net | 8. SECURED TERM LOAN, NET In April 2019 we entered into a senior secured term loan facility, or the Secured Term Loan. As of September 30, 2019, the following Secured Term Loan was outstanding ($ in thousands): Term Loan Issuance Face Value Coupon Rate All-in (1) Maturity Term Loan B $ 498,750 L+2.50 % L+2.80 % April 23, 2026 (1) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Secured Term Loan. The Secured Term Loan is partially amortizing, with an amount equal to 1.0% per annum of the original principal balance due in quarterly installments beginning on September 30, 2019. The issue discount and transaction expenses on the Secured Term Loan were $1.3 million and $7.4 million, respectively, which will be amortized into interest expense over the life of the Secured Term Loan. The guarantee under our Secured Term Loan contains the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of September 30, 2019, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Secured Term Loan. |
Convertible Notes, Net
Convertible Notes, Net | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Convertible Notes, Net | 9. CONVERTIBLE NOTES, NET As of September 30, 2019, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Coupon Rate All-in (1) Conversion Rate (2) Maturity May 2017 $ 402,500 4.38 % 4.85 % 28.0324 May 5, 2022 March 2018 $ 220,000 4.75 % 5.33 % 27.6052 March 15, 2023 (1) Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2) Represents the shares of class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of $35.67 and $36.23 per share of class A common stock, respectively, for the May 2017 and March 2018 convertible notes. The cumulative dividend threshold as defined in the respective May 2017 and March 2018 convertible notes supplemental indentures have not been exceeded as of September 30, 2019. 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 January 31, 2022 and December 14, 2022 for the May 2017 and March 2018 convertible notes, respectively, 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. We may not redeem the Convertible Notes prior to maturity. The last reported sale price of our class A common stock of $35.85 on September 30, 2019 was less than the per share conversion price of the March 2018 convertible notes. We have the intent and ability to settle each series of the Convertible Notes in cash and, as a result, the Convertible Notes did not have any impact on our diluted earnings per share. Upon our issuance of the May 2017 convertible notes, we recorded a $979,000 discount based on the implied value of the conversion option and an assumed effective interest rate of 4.57%, as well as $8.4 million of issue discount and issuance costs. Including the amortization of the discount and issuance costs, our total cost of the May 2017 convertible notes issuance is 4.91% per annum. Upon our issuance of the March 2018 convertible notes, we recorded a $1.5 million discount based on the implied value of the conversion option and an assumed effective interest rate of 5.25%, as well as $5.2 million of issue discount and issuance costs. Including the amortization of the discount and issuance costs, our total cost of the March 2018 convertible notes issuance is 5.49% per annum. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): September 30, 2019 December 31, 2018 Face value $ 622,500 $ 622,500 Unamortized discount (9,552 ) (11,740 ) Deferred financing costs (685 ) (849 ) Net book value $ 612,263 $ 609,911 The following table details our interest expense related to the Convertible Notes ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cash coupon $ 7,015 $ 9,277 $ 21,045 $ 25,333 Discount and issuance cost amortization 792 1,535 2,352 4,242 Total interest expense $ 7,807 $ 10,812 $ 23,397 $ 29,575 Accrued interest payable for the Convertible Notes was $ 7.8 . Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 10. 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. Refer to Note 2 for additional discussion of the accounting for designated and non-designated 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. 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): September 30, 2019 December 31, 2018 Foreign Currency Derivatives Number of Notional Foreign Currency Derivatives Number of Notional Sell GBP Forward 3 £ 389,200 Sell GBP Forward 3 £ 192,300 Sell EUR Forward 3 € 231,000 Sell AUD Forward 2 A$ 187,600 Sell AUD Forward 3 A$ 129,500 Sell EUR Forward 1 € 185,000 Sell CAD Forward 1 C$ 39,100 Sell CAD Forward 1 C$ 70,600 Cash Flow Hedges of Interest Rate Risk Certain of our transactions expose us to interest rate risks, which include 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. The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands): September 30, 2019 Interest Rate Derivatives Number of Notional Strike Index Wtd.-Avg. Interest Rate Swaps 2 C$ 17,273 1.0 % CDOR 0.9 Interest Rate Caps 1 $ 7,296 2.3 % USD LIBOR 0.2 Interest Rate Caps 1 C$ 21,709 3.0 % CDOR 0.2 December 31, 2018 Interest Rate Derivatives Number of Notional Strike Index Wtd.-Avg. Interest Rate Swaps 3 C$ 90,472 1.0 % CDOR 0.5 Interest Rate Caps 9 $ 204,248 2.4 % USD LIBOR 0.5 Interest Rate Caps 2 C$ 39,998 2.5 % CDOR 0.6 Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our floating rate debt. During the twelve months Non-designated During the three and nine months ended September 30, 2019, we recorded gains of $187,000 and $331,000, respectively, related to non-designated non-designated The following tables summarize our non-designated September 30, 2019 Non-designated Hedges Number of Notional Buy EUR / Sell USD Forward 1 € 131,900 Buy USD / Sell EUR Forward 1 € 131,900 Buy GBP / Sell EUR Forward 1 € 12,857 December 31, 2018 Non-designated Hedges Number of Notional Buy AUD / Sell USD Forward 1 A$ 55,000 Buy USD / Sell AUD Forward 1 A$ 55,000 Buy GBP / Sell USD Forward 1 £ 23,200 Buy USD / Sell GBP Forward 1 £ 23,200 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) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Derivatives designated as hedging instruments: Foreign exchange contracts $ 19,103 $ 8,210 $ 32 $ 1,307 Interest rate derivatives 119 590 — — Total $ 19,222 $ 8,800 $ 32 $ 1,307 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 5,787 $ 1,116 $ 3,960 $ 1,618 Interest rate derivatives — — — — Total $ 5,787 $ 1,116 $ 3,960 $ 1,618 Total Derivatives $ 25,009 $ 9,916 $ 3,992 $ 2,925 (1) Included in other assets in our consolidated balance sheets. (2) Included in other liabilities in our consolidated balance sheets. The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Derivatives in Hedging Relationships Three Months Nine Months Three Months Nine Months Net Investment Hedges Foreign exchange contracts (1) $ 35,978 $ 45,272 Interest Expense $ — $ — Cash Flow Hedges Interest rate derivatives 13 (152 ) Interest Expense (2) 4 167 Total $ 35,991 $ 45,120 $ 4 $ 167 (1) During the three and nine months ended September 30, 2019, we received net cash settlements of $24.2 million and $31.1 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets. (2) During the three months ended September 30, 2019, we recorded total interest and related expenses of $112.0 million, which was reduced by $4,000 related to our cash flow hedges. During the nine months ended September 30, 2019, we recorded total interest and related expenses of $347.5 million, which was reduced by $167,000 related to income generated by our cash flow hedges. 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 September 30, 2019, we were in a net asset position with each such derivative counterparty, and posted collateral of $2.3 million under these derivative contracts. As of December 31, 2018, we were in a net asset position with each such derivative counterparty and did not have any collateral posted under these derivative contracts. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Equity | 11. EQUITY Stock and Stock Equivalents Authorized Capital As of September 30, 2019, 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 September 30, 2019. Class A Common Stock and Deferred Stock Units Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and are entitled to receive such dividends as may be authorized by our board of directors and declared by us, in all cases subject to the rights of the holders of shares of outstanding preferred stock, if any. The following table details our issuance of class A common stock during the nine months ended September 30, 2019: Class A Common Stock Offerings 2019 Total / June 2019 At-the-Market (1) Wtd. Avg. Shares issued 8,625,000 1,909,628 10,534,628 Gross share issue price (2) $ 36.00 $ 34.63 $ 35.75 Net share issue price (3) $ 35.62 $ 34.28 $ 35.38 Net proceeds (4) $ 306,952 $ 65,389 $ 372,341 (1) Issuance represents shares issued under our at-the-market (2) Represents the weighted-average gross price per share paid by underwriters or sales agents, as applicable. (3) Represents the weighted-average net proceeds per share after underwriting or sales discounts and commissions. (4) Net proceeds represents proceeds received from the underwriters less applicable transaction costs. We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 14 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: Nine Months Ended September 30, Common Stock Outstanding (1) 2019 2018 Beginning balance 123,664,577 108,081,077 Issuance of class A common stock (2) 10,535,507 11,484,414 Issuance of restricted class A common stock, net 317,339 300,921 Issuance of deferred stock units 23,428 23,730 Ending balance 134,540,851 119,890,142 (1) Includes deferred stock units held by members of our board of directors of 252,267 and 220,947 as of September 30, 2019 and 2018, respectively. (2) Includes 879 and 1,279 shares issued under our dividend reinvestment program during the nine months ended September 30, 2019 and 2018, respectively. Dividend Reinvestment and Direct Stock Purchase Plan On March 25, 2014, we adopted a dividend reinvestment and direct stock purchase plan, under which we registered and reserved for issuance, in the aggregate, 10,000,000 shares of class A common stock. Under the dividend reinvestment component of this plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to our approval, to purchase shares of class A common stock directly from us. During the three and nine months ended September 30, 2019, we issued 326 shares and 879 shares, respectively, of class A common stock under the dividend reinvestment component of the plan compared to 403 shares and 1,279 shares, respectively, for the same periods in 2018. As of September 30, 2019, a total of 9,994,359 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 November 14, 2018, we entered into six equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $500.0 million of our class A common stock. On July 26, 2019, we amended our existing ATM Agreements and entered into one additional ATM Agreement. Sales of class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales 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 On September 13, 2019, we declared a dividend of $0.62 per share, or $83.3 million in aggregate The following table details our dividend activity ($ in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Dividends declared per share of common stock $ 0.62 $ 0.62 $ 1.86 $ 1.86 Total dividends declared $ 83,259 $ 74,195 $ 244,431 $ 210,369 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (1) $ 74,897 $ 78,165 $ 226,635 $ 211,436 Weighted-average 134,536,683 116,203,140 128,485,701 111,251,864 Per share amount, basic and diluted $ 0.56 $ 0.67 $ 1.76 $ 1.90 (1) Represents net income attributable to Blackstone Mortgage Trust. Other Balance Sheet Items Accumulated Other Comprehensive Loss As of September 30, 2019, total accumulated other comprehensive loss was $33.4 million, primarily representing (i) $148.8 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and (ii) an offsetting $ million of net realized and unrealized gains related to changes in the fair value of derivative instruments. As of December 31, 2018, total accumulated other comprehensive loss was $34.2 million, primarily representing (i) $104.6 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and (ii) an offsetting $70.4 million of net realized and unrealized gains related to changes in the fair value of derivative instruments. Non-Controlling The non-controlling non-controlling non-controlling non-controlling |
Other Expenses
Other Expenses | 9 Months Ended |
Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Other Expenses | 12. 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 A 12-month non-cash , , During the three and nine months ended September 30, 2019, we incurred $14.4 million and $40.8 million, respectively, of management fees payable to our Manager, compared to $12.1 million and $34.2 million during the same periods in 2018. In addition, during the three and nine months ended September 30, 2019, we incurred $3.1 million and $17.4 million, respectively, of incentive fees payable to our Manager, compared to $6.3 million and $22.0 million during the same periods in 2018. As of September 30, 2019 and December 31, 2018 we had accrued management and incentive fees payable to our Manager of $17.5 million and $18.6 million, respectively. General and Administrative Expenses General and administrative expenses consisted of the following ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Professional services (1) $ 1,177 $ 1,022 $ 3,616 $ 3,383 Operating and other costs (1) 810 687 2,059 2,026 Subtotal 1,987 1,709 5,675 5,409 Non-cash compensation expenses Restricted class A common stock earned 7,629 6,609 22,901 20,113 Director stock-based compensation 125 125 375 375 Subtotal 7,754 6,734 23,276 20,488 Total general and administrative expenses $ 9,741 $ 8,443 $ 28,951 $ 25,897 (1) During the three and nine months ended September 30, 2019, we recognized an aggregate $234,000 and $567,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and nine months ended September 30, 2018, we recognized an aggregate $77,000 and $302,000, respectively, of expenses related to our Multifamily Joint Venture. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. INCOME TAXES We have elected to be taxed as a REIT 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 September 30, 2019 and December 31, 2018, we were in compliance with all REIT requirements. Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders, however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and certain tax-exempt During the three and nine months ended September 30, 2019, we recorded a current income tax benefit of $721,000 and $573,000, respectively, primarily due to an expected $747,000 tax credit refund. During the three and nine months ended September 30, 2018, we recorded a current income tax provision of $48,000 and $272,000, respectively. We did not have any deferred tax assets or liabilities as of September 30, 2019 or December 31, 2018. We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the availability of our 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, 2018, we had estimated NOLs of $159.0 million that will expire in 2029 As of September 30, 2019, tax years 2015 through 2018 |
Stock-Based Incentive Plans
Stock-Based Incentive Plans | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Incentive Plans | 14. STOCK-BASED INCENTIVE PLANS We are externally managed by our Manager and do not currently have any employees. However, as of September 30, 2019, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through our issuance of stock-based instruments. We had stock-based incentive awards outstanding under nine benefit plans as of September 30, 2019. Seven 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, 2018 1,614,907 $ 32.94 Granted 334,904 31.54 Vested (711,522 ) 32.08 Forfeited (17,565 ) 31.55 Balance as of September 30, 2019 1,220,724 $ 33.08 These shares generally vest in installments over a three-year period, pursuant to the terms of the respective award agreements and the terms of our current benefit plans. The 1,220,724 shares of restricted class A common stock outstanding as of September 30, 2019 will vest as follows: 236,885 shares will vest in 2019; 649,043 shares will vest in 2020; and 334,796 shares will vest in 2021. As of September 30, 2019, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $37.2 million based on the grant date fair value of shares granted subsequent to July 1, 2018. The compensation cost of our share based compensation arrangements for awards granted before July 1, 2018 is based on $31.43, the closing price of our class A common stock on the last trading day prior to July 1, 2018. This cost is expected to be recognized over a weighted-average period of 1.0 years from September 30, 2019. |
Fair Values
Fair Values | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Values | 15. FAIR VALUES Assets and Liabilities Measured at Fair Value The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 25,009 $ — $ 25,009 $ — $ 9,916 $ — $ 9,916 Liabilities Derivatives $ — $ 3,992 $ — $ 3,992 $ — $ 2,925 $ — $ 2,925 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 book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands): September 30, 2019 December 31, 2018 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 84,289 $ 84,289 $ 84,289 $ 105,662 $ 105,662 $ 105,662 Loans receivable, net 14,755,072 14,849,556 14,852,871 14,191,200 14,293,970 14,294,836 Debt securities held-to-maturity (1) 92,580 95,032 94,280 96,167 99,000 96,600 Financial liabilities Secured debt agreements, net 8,790,604 8,816,566 8,816,566 8,974,756 8,996,481 8,996,481 Loan participations sold, net — — — 94,418 94,528 94,528 Securitized debt obligations, net 1,288,389 1,292,120 1,292,309 1,285,471 1,292,120 1,283,086 Secured term loan, net 490,659 498,750 500,310 — — — Convertible notes, net 612,263 622,500 653,026 609,911 622,500 605,348 (1) Included in other assets on our consolidated balance sheets. Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for debt securities held-to-maturity, |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 16. VARIABLE INTEREST ENTITIES Consolidated Variable Interest Entities We have financed a portion of our loans through the CLO and the 2017 Single Asset Securitization, both of which are VIEs. We are the primary beneficiary of, and therefore consolidate, the CLO and the 2017 Single Asset Securitization on our balance sheet as we (i) control the relevant interests of the CLO and the 2017 Single Asset Securitization that give us power to direct the activities that most significantly affect the CLO and the 2017 Single Asset Securitization, and (ii) have the right to receive benefits and obligation to absorb losses of the CLO and the 2017 Single Asset Securitization through the subordinate interests we own. The following table details the assets and liabilities of our consolidated CLO and 2017 Single Asset Securitization VIEs ($ in thousands): September 30, 2019 December 31, 2018 Assets: Loans receivable, net $ 1,446,375 $ 1,500,000 Other assets 58,086 5,440 Total assets $ 1,504,461 $ 1,505,440 Liabilities: Securitized debt obligations, net $ 1,288,389 $ 1,285,471 Other liabilities 1,802 2,155 Total liabilities $ 1,290,191 $ 1,287,626 Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate interests owned by us. The liabilities of these VIEs are non-recourse Non-Consolidated In the third quarter of 2018, we contributed a $517.5 million loan to the $1.0 billion 2018 Single Asset Securitization, which is a VIE, and invested in the related $99.0 million subordinate risk retention position. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate risk retention position as a held-to-maturity We are not obligated to provide, have not provided, and do not intend to provide financial support to these consolidated and non-consolidated |
Transactions With Related Parti
Transactions With Related Parties | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | 17. TRANSACTIONS WITH RELATED PARTIES We are managed by our Manager pursuant to the Management Agreement, the current term of which expires on December 19, 2019, and will be automatically renewed for a one-year As of September 30, 2019 and December 31, 2018, our consolidated balance sheets included $17.5 million and $18.6 million of accrued management and incentive fees payable to our Manager, respectively. During the three and nine months ended September 30, 2019, we paid aggregate management and incentive fees of $21.0 million and $59.4 million, respectively, to our Manager, compared to $22.4 million and $52.2 million during the same periods of 2018. In addition, during the three and nine months ended September 30, 2019, we reimbursed our Manager for expenses incurred on our behalf of $335,000 and $766,000, respectively, compared to $167,000 and $572,000 during the same periods of 2018. As of September 30, 2019, our Manager held 606,376 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $19.2 million, and vest in installments over three years from the date of issuance. During the three and nine months ended September 30, 2019, we recorded non-cash An affiliate of our Manager is the special servicer of the CLO. This affiliate did not earn any special servicing fees related to the CLO during the nine months ended September 30, 2019 or 2018. During the three and nine months ended September 30, 2019, we incurred $106,000 and $282,000, respectively, of expenses for various administrative, compliance, and capital market data services to third-party service providers that are affiliates of our Manager, compared to $90,000 and $384,000 during the same periods of 2018. During the nine months ended September 30, 2019 and 2018, we originated two In the third quarter of 2019, we originated $214.3 million of a total $437.4 million senior loan to an unaffiliated third-party, Blackstone-advised non-economic Blackstone-advised controls loan , w ith respect to the mezzanine lender, In the third quarter of 2019, we acquired €125.0 million , and agreed to acquire an incremental € 125. 0 million , In the second quarter of 2019, certain Blackstone-advised investment vehicles acquired an aggregate $55.0 million participation, or 11% of the total Secured Term Loan as a part of a broad syndication lead-arranged In the second quarter of 2019, we originated € € non-economic In the first quarter of 2019, we originated £240.1 million of a total £490.0 million senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. We will forgo all non-economic In the third quarter of 2018, in a fully subscribed offering totaling $1.0 billion, certain Blackstone-advised investment vehicles purchased, in the aggregate, $116.1 million of securitized debt obligations issued by the 2018 Single Asset Securitization. In the second quarter of 2018, we acquired from an unaffiliated third-party a 50% interest in a $1.0 billion senior loan to a borrower that is partially owned by a Blackstone-advised investment vehicle. In the third quarter of 2018, we contributed this loan to the 2018 Single Asset Securitization and invested in the related subordinate risk retention position. We will forgo all non-economic In the first quarter of 2018, we originated € € non-economic |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. COMMITMENTS AND CONTINGENCIES Unfunded Commitments Under Loans Receivable As of September 30, 2019, we had unfunded commitments of $4.7 billion related to 96 loans receivable, which amounts will generally be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date. Principal Debt Repayments Our contractual principal debt repayments as of September 30, 2019 were as follows ($ in thousands): Payment Timing Total Less Than 1 to 3 3 to 5 More Than Obligation 1 Year Years Years 5 Years Principal repayments under secured debt agreements (1) $ 8,816,566 $ 125,859 $ 3,286,387 $ 5,036,844 $ 367,476 Principal repayments of secured term loans (2) 498,750 3,750 10,000 10,000 475,000 Principal repayments of convertible notes (3) 622,500 — 402,500 220,000 — Total (4) $ 9,937,816 $ 129,609 $ 3,698,887 $ 5,266,844 $ 842,476 (1) The allocation of repayments under our secured debt agreements is based on the earlier of (i) the maturity date of each facility, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. (2) The Secured Term Loan is partially amortizing, with an amount equal to 1.0% per annum of the original principal balance due in quarterly installments. Refer to Note 8 for further details on our secured term loan. (3) Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 9 for further details on our Convertible Notes. (4) Does not include $533.4 million of non-consolidated Board of Directors’ Compensation As of September 30, 2019, of the eight members of our board of directors, our five independent directors are entitled to annual compensation of $175,000 each, $75,000 of which will be paid in the form of cash and $100,000 in the form of deferred stock units. The other three board members, including our chairman and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the chair of our audit committee receives additional annual cash compensation of $20,000, (ii) the other members of our audit committee receive additional annual cash compensation of $10,000, and (iii) the chairs of each of our compensation and corporate governance committees receive additional annual cash compensation of $10,000. Litigation From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2019, we were not involved in any material legal proceedings. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made in the presentation of the prior period secured debt agreements in Note 5 to conform to the current period presentation. |
Principles of Consolidation | Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. In the third quarter of 2018, we contributed a loan to a single asset securitization vehicle, or the 2018 Single Asset Securitization, which is a VIE, and invested in the related subordinate risk retention position. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate risk retention position as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. Refer to Note 16 for additional discussion of our VIEs. In April 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling non-controlling |
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 and debt securities 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 and recorded over the term of the loan or debt security 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, Cash Equivalents, and Restricted Cash | Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks 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. During the second quarter of 2018, the letter of credit related to our restricted cash balance was cancelled and the cash was transferred out of our segregated bank account. As of both September 30, 2019 and December 31, 2018, we had no restricted cash on our consolidated balance sheets. Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $348.4 million and $320.0 million as of September 30, 2019 and December 31, 2018, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts. |
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 it 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: A loan that has a risk of realizing a principal loss. 5 - Impaired/Loss Likely: |
Debt Securities Held-to-Maturity | Debt Securities Held-to-Maturity We classify our debt securities as held-to-maturity, If, based on current information and events, there is an adverse change in cash flows expected to be collected from the cash flows previously projected for one of our debt securities, an other-than-temporary impairment is deemed to have occurred. A change in expected cash flows is considered adverse if the present value of the revised cash flows (taking into consideration both the timing and amount of cash flows expected to be collected), discounted using the debt security’s current yield, is less than the present value of the previously estimated remaining cash flows. If an other-than-temporary impairment is considered to have occurred, the debt security is written down to fair value. The total other-than-temporary impairment is bifurcated into (i) the amount related to expected credit losses, and (ii) the amount related to fair value adjustments in excess of expected credit losses. The other-than-temporary impairment related to expected credit losses is calculated by comparing the amortized cost basis of the security to the present value of cash flows expected to be collected, discounted at the security’s current yield, and is recognized in earnings in the consolidated statement of operations. The remaining other-than-temporary impairment that is not related to expected credit losses is recognized in other comprehensive income (loss). A portion of other-than-temporary impairments recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through other comprehensive income (loss) are amortized over the life of the security with no impact on earnings. |
Derivative Financial Instruments | Derivative Financial Instruments We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value. On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated |
Secured Debt Agreements | Secured Debt Agreements Where applicable, we record investments financed with secured debt agreements as separate assets and the related borrowings under any secured debt agreements are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt 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 non-consolidated |
Secured Term Loan | Secured Term Loan We record our secured term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the secured term loan as additional non-cash |
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 respective issuance dates based on our nonconvertible debt borrowing rate. The equity component of each series of our 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 of the FASB, 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, which 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. • Debt securities held-to-maturity: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • 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. • Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Secured term loan, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Convertible notes, net: Each series of the convertible notes is 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 13 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 14 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 |
Foreign Currency | Foreign Currency In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss). |
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 April 2019, the FASB issued ASU 2019-04, 2019-04. 2019-04 2016-13 2016-13, 2017-12 2017-12, 2016-01 825-10): 2016-01. 2019-04 2016-13 2019-04 2017-12 2019-04 2016-01 In June 2016, the FASB issued ASU 2016-13. 2016-13 2016-13 available-for-sale 2016-13 2016-13 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Overall Statistics for Loans Receivable Portfolio | The following table details overall statistics for our loans receivable portfolio ($ in thousands): September 30, 2019 December 31, 2018 Number of loans 128 125 Principal balance $ 14,849,556 $ 14,293,970 Net book value $ 14,755,072 $ 14,191,200 Unfunded loan commitments (1) $ 4,724,809 $ 3,405,945 Weighted-average cash coupon (2) 5.07 % 5.67 % Weighted-average all-in (2) 5.42 % 6.00 % Weighted-average maximum maturity (3) 3.6 3.9 (1) Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date. (2) Cash coupon and all-in all-in In addition, $1.2 billion of our loans earned interest based on floors that are above the applicable index as of December 31, 2018. (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of September 30, 2019, 59% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 41% were open to repayment by the borrower without penalty. As of December 31, 2018, 75% of our loans were subject to yield maintenance or other prepayment restrictions and 25% were open to repayment by the borrower without penalty. |
Activity Relating to Loans Receivable Portfolio | Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Deferred Fees / (1) Net Book Value December 31, 2018 $ 14,293,970 $ (102,770 ) $ 14,191,200 Loan fundings 3,319,563 — 3,319,563 Loan repayments (2,640,402 ) — (2,640,402 ) Unrealized (loss) gain on foreign currency translation (123,575 ) 1,085 (122,490 ) Deferred fees and other items — (32,527 ) (32,527 ) Amortization of fees and other items — 39,728 39,728 September 30, 2019 $ 14,849,556 $ (94,484 ) $ 14,755,072 (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): September 30, 2019 Property Type Number of Net Book Total Loan (1)(2) Percentage of Office 59 $ 7,654,154 $ 7,838,768 50% Hotel 17 2,367,575 2,444,738 16 Multifamily 37 2,272,220 2,312,100 15 Industrial 5 700,751 704,098 5 Retail 3 381,451 388,138 3 Self-Storage 2 280,880 281,593 2 Condominium 1 223,908 225,116 1 Other 4 874,133 1,188,383 8 128 $ 14,755,072 $ 15,382,934 100% Geographic Location Number of Net Book Total Loan (1)(2) Percentage of United States Northeast 29 $ 4,069,651 $ 4,097,215 27% West 29 3,186,197 3,370,213 22 Southeast 19 2,212,190 2,222,654 14 Midwest 11 1,283,170 1,289,119 8 Southwest 13 626,893 630,498 4 Northwest 4 177,295 177,900 1 Subtotal 105 11,555,396 11,787,599 76 International United Kingdom 11 1,331,763 1,667,035 11 Spain 2 1,109,276 1,115,580 7 Australia 3 337,107 338,975 2 Germany 1 189,016 241,106 2 Canada 4 148,291 147,880 1 Belgium 1 84,223 84,759 1 Ireland 1 — — — Subtotal 23 3,199,676 3,595,335 24 Total 128 $ 14,755,072 $ 15,382,934 100% (1) In certain instances, we finance our loans through the non-recourse non-consolidated (2) Excludes investment exposure to the $ 993.5 December 31, 2018 Property Type Number of Net Book Value Total Loan (1)(2) Percentage of Office 55 $ 7,104,842 $ 7,164,466 49% Hotel 18 2,591,565 2,673,763 18 Multifamily 34 2,193,699 2,206,740 15 Industrial 5 680,808 685,776 5 Retail 4 451,099 452,900 3 Condominium 4 304,545 368,104 2 Self-Storage 2 278,473 280,043 2 Other 3 586,169 909,052 6 125 $ 14,191,200 $ 14,740,844 100% Geographic Location Number of Net Book Value Total Loan (1)(2) Percentage of United States Northeast 32 $ 4,322,114 $ 4,359,938 31% West 29 3,137,072 3,222,706 22 Southeast 19 2,258,033 2,271,664 15 Midwest 9 1,161,637 1,170,619 8 Southwest 13 478,665 481,745 3 Northwest 4 238,844 239,872 2 Subtotal 106 11,596,365 11,746,544 81 International Spain 1 1,124,174 1,131,334 8 United Kingdom 7 754,299 1,094,663 7 Canada 5 316,268 313,229 2 Australia 3 310,372 312,893 2 Belgium 1 70,621 71,007 — Germany 1 11,585 63,637 — Netherlands 1 7,516 7,537 — Subtotal 19 2,594,835 2,994,300 19 Total 125 $ 14,191,200 $ 14,740,844 100% (1) In certain instances, we finance our loans through the non-recourse non-consolidated (2) Excludes investment exposure to the $1.0 billion 2018 Single Asset Securitization. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization. |
Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings | The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands): September 30, 2019 December 31, 2018 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1)(2) Number of Loans Net Book Value Total Loan Exposure (1)(2) 1 4 $ 275,921 $ 276,178 $ 181,366 $ 182,740 2 39 4,536,225 4,564,094 3,860,432 3,950,025 3 82 9,776,127 10,375,349 10,149,402 10,608,079 4 3 166,799 167,313 — — 5 — — — — — 128 $ 14,755,072 $ 15,382,934 125 $ 14,191,200 $ 14,740,844 ____________ In certain instances, we finance our loans through the non-recourse non-consolidated Excludes investment exposure to the $ 993.5 |
Other Assets and Liabilities (T
Other Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Summary of Components of Other Assets | The following table details the components of our other assets ($ in thousands): Debt securities held-to-maturity (1) $ 92,580 $ 96,167 Loan portfolio payments held by servicer (2) 60,978 6,133 Accrued interest receivable 60,907 56,679 Derivative assets 25,009 9,916 Collateral deposited under derivative agreements 2,310 — Prepaid taxes 750 6 Prepaid expenses 43 647 Other 478 965 Total $ 243,055 $ 170,513 (1) Represents the subordinate risk retention interest in the $ 993.5 , with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. Refer to Note 16 for additional discussion. (2) 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 December 31, 2018 Accrued dividends payable $ 83,259 $ 76,530 Accrued interest payable 25,522 25,588 Accrued management and incentive fees payable 17,502 18,586 Accounts payable and other liabilities 6,849 4,583 Derivative liabilities 3,992 2,925 Secured debt repayments pending servicer remittance (1) 2,760 — Total $ 139,884 $ 128,212 (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) | 9 Months Ended |
Sep. 30, 2019 | |
Schedule of Secured Debt Agreements | Our secured debt agreements include secured credit facilities, asset-specific financings, and a revolving credit agreement. The following table details our secured debt agreements ($ in thousands): Secured Debt Agreements Borrowings Outstanding September 30, 2019 Secured credit facilities $ 8,567,394 $ 8,870,897 Asset-specific financings 249,172 81,739 Revolving credit agreement — 43,845 Total secured debt agreements $ 8,816,566 $ 8,996,481 Deferred financing costs (1) (25,962 ) (21,725 ) Net book value of secured debt $ 8,790,604 $ 8,974,756 (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 secured credit facilities ($ in thousands): September 30, 2019 Credit Facility Borrowings Collateral Lender Potential (1) Outstanding Available (1) Assets (2) Deutsche Bank $ 1,722,050 $ 1,722,050 $ — $ 2,185,465 Wells Fargo 1,661,789 1,564,215 97,574 2,135,379 JP Morgan 1,016,689 918,526 98,163 1,303,288 Citibank 1,090,739 888,053 202,686 1,386,175 Barclays 996,648 793,906 202,742 1,246,490 Bank of America 658,724 658,724 — 840,573 Morgan Stanley 490,213 434,165 56,048 658,055 MetLife 417,677 417,677 — 524,004 Société Générale 333,473 333,473 — 428,887 Goldman Sachs 313,895 268,895 45,000 426,383 Goldman Sachs - Multi. JV (3) 217,601 217,601 — 279,037 US Bank - Multi. JV (3) 184,031 183,937 94 230,039 Santander 143,852 143,852 — 179,815 Bank of America - Multi. JV (3) 22,320 22,320 — 28,642 $ 9,269,701 $ 8,567,394 $ 702,307 $ 11,852,232 (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 the principal balance of the collateral assets. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. December 31, 2018 Credit Facility Borrowings Collateral Lender Potential (1) Outstanding Available (1) Assets (2) Deutsche Bank $ 1,839,698 $ 1,839,698 $ — $ 2,325,047 Wells Fargo 1,908,509 1,822,154 86,355 2,514,513 JP Morgan 1,010,628 1,010,628 — 1,266,259 Barclays 890,620 890,620 — 1,113,275 Citibank 852,470 663,917 188,553 1,076,085 Bank of America 873,446 873,446 — 1,090,117 MetLife 675,329 675,329 — 852,733 Morgan Stanley 341,241 276,721 64,520 457,496 Société Générale 321,182 321,182 — 404,048 Goldman Sachs 230,140 230,140 — 295,368 Goldman Sachs - Multi. JV (3) 170,060 170,060 — 212,983 Bank of America - Multi. JV (3) 97,002 97,002 — 121,636 $ 9,210,325 $ 8,870,897 $ 339,428 $ 11,729,560 (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 the principal balance of the collateral assets. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. |
Summary of Key Terms of Credit Facilities | The following tables outline the key terms of our credit facilities as of September 30, 2019: Lender Currency Guarantee (1) Margin Call (2) Term/Maturity JP Morgan $ / £ 50% Collateral marks only January 7, 2021 (6) Bank of America - (3) $ 43% Collateral marks only December 16, 2021 (7) Deutsche Bank $ / € 60% (4) Collateral marks only August 9, 2021 (4) Morgan Stanley $ / £ / € 25% Collateral marks only March 1, 2022 Goldman Sachs - Multi. JV (3) $ 25% Collateral marks only July 12, 2022 (8) Bank of America $ 50% Collateral marks only May 21, 2023 (9) Goldman Sachs $ 25% Collateral marks only October 22, 2023 (10) Barclays $ / £ / € 25% Collateral marks only June 18, 2024 (11) MetLife $ 61% Collateral marks only September 23, 2025 (12) Citibank $ / £ / € 25% Collateral marks only Term matched (13) Société Générale $ / £ / € 25% Collateral marks only Term matched (13) Santander € 50% Collateral marks only Term matched (13) Wells Fargo $ / C$ 25% (5) Collateral marks only Term matched (13) US Bank - Multi. JV (3) $ 25% Collateral marks only Term matched (13) (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 facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. (4) Includes a one-year (5) In addition to the 25% guarantee across all borrowings, there is an incremental guarantee of $174.3 million related to $302.7 million of specific borrowings outstanding. (6) Maturity dates for $520.6 million of specific borrowings outstanding are term-matched to the respective collateral assets. (7) Includes two one-year (8) Includes a one-year (9) Includes two one-year (10) Includes three one-year (11) Includes four one-year extension options which may be exercised at our sole discretion. (12) Includes five one-year (13) These secured 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. Currency Potential (1) Outstanding Floating Rate Index (2) Spread Advance (3) $ $ 7,113,454 $ 6,465,833 USD LIBOR L + 1.65% 79.7% € € 1,013,050 € 963,636 EURIBOR E + 1.49% 80.0% £ £ 619,853 £ 619,170 GBP LIBOR L + 2.06% 77.1% A$ A$ 255,270 A$ BBSY BBSY + 1.90% 78.0% C$ C$ 156,349 C$ 156,362 CDOR CDOR + 1.83% 80.7% $ 9,269,701 $ 8,567,394 INDEX + 1.67% 79.5% (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) Floating rate indices are generally matched to the payment timing under the terms of each secured credit facility and its respective collateral assets. ( 3 Represents weighted-average advance rate based on the approved outstanding principal balance of the collateral assets pledged. |
Summary of Asset-Specific Financings | The following tables detail our asset-specific financings ($ in thousands): September 30, 2019 Asset-Specific Financings Count Principal Book Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term (3) Collateral assets 4 $ 326,839 $ 314,472 L+4.96 % n/a Mar. 2023 Financing provided 4 $ 249,172 $ 241,597 L+3.53 % 84,486 Mar. 2023 December 31, 2018 Asset-Specific Financings Count Principal Book Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term (3) Collateral assets 1 $ 106,739 $ 104,807 L+6.08 % n/a Aug. 2022 Financing provided 1 $ 81,739 $ 80,938 L+4.07 % n/a Aug. 2022 (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 is term-matched to the corresponding collateral loans. |
Loan Participations Sold, Net (
Loan Participations Sold, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Statistics for Loan Participations Sold | The following table details our loan participations sold as of December 31, 2018 ($ in thousands): December 31, 2018 Loan Participations Sold Count Principal Balance Book Yield/Cost (1) Guarantee (2) Term Total loan 1 $ 123,745 $ 122,669 L+5.92 % n/a Feb. 2022 Senior participation (3) 1 94,528 94,418 L+4.07 % n/a Feb. 2022 (1) Our 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 fees / financing costs. (2) As of December 31, 2018, our loan participations sold were non-recourse (3) The difference between principal balance and book value of loan participations sold is due to deferred financing costs of $110,000 as of December 31, 2018. |
Securitized Debt Obligations,_2
Securitized Debt Obligations, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Schedule of Information on Securitized Debt Obligations | The following tables detail our securitized debt obligations ($ in thousands): September 30, 2019 Securitized Debt Obligations Count Principal Book Value Wtd. Avg. Yield/Cost (1) Term (2) Collateralized Loan Obligation Collateral assets 20 $ 1,000,000 $ 1,000,000 L+3.43 % September 2022 Financing provided 1 817,500 813,852 L+1.71 % June 2035 2017 Single Asset Securitization Collateral assets (3) 1 700,197 698,040 L+3.60 % June 2023 Financing provided 1 474,620 474,537 L+1.65 % June 2033 Total Collateral assets 21 $ 1,700,197 $ 1,698,040 L+3.51 % Financing provided (4) 2 $ 1,292,120 $ 1,288,389 L+1.69 % December 31, 2018 Securitized Debt Obligations Count Principal Book Value Wtd. Avg. Yield/Cost (1) Term (2) Collateralized Loan Obligation Collateral assets 26 $ 1,000,000 $ 1,000,000 6.25 % Apr. 2022 Financing provided 1 817,500 811,023 L+1.74 % June 2035 2017 Single Asset Securitization Collateral assets (3) 1 682,297 678,770 L+3.60 % June 2023 Financing provided 1 474,620 474,448 L+1.65 % June 2033 Total Collateral assets 27 $ 1,682,297 $ 1,678,770 6.19 % Financing provided (4) 2 $ 1,292,120 $ 1,285,471 L+1.71 % (1) As of September 30, 2019, all of our loans financed by securitized debt obligations earned a floating rate of interest. As of December 31, 2018, 98% of our loans financed by securitized debt obligations earned a floating rate of interest. In addition to cash coupon, all-in All-in (2) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (3) The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million. (4) During the three and nine months ended September 30, 2019, we recorded $11.9 million and $36.9 million, respectively, of interest expense related to our securitized debt obligations. During the three and nine months ended September 30, 2018, we recorded $12.5 million and $ 35.6 |
Secured Term Loan, Net (Tables)
Secured Term Loan, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Line Items] | |
Schedule of Debt [Table Text Block] | The following tables detail our secured credit facilities ($ in thousands): September 30, 2019 Credit Facility Borrowings Collateral Lender Potential (1) Outstanding Available (1) Assets (2) Deutsche Bank $ 1,722,050 $ 1,722,050 $ — $ 2,185,465 Wells Fargo 1,661,789 1,564,215 97,574 2,135,379 JP Morgan 1,016,689 918,526 98,163 1,303,288 Citibank 1,090,739 888,053 202,686 1,386,175 Barclays 996,648 793,906 202,742 1,246,490 Bank of America 658,724 658,724 — 840,573 Morgan Stanley 490,213 434,165 56,048 658,055 MetLife 417,677 417,677 — 524,004 Société Générale 333,473 333,473 — 428,887 Goldman Sachs 313,895 268,895 45,000 426,383 Goldman Sachs - Multi. JV (3) 217,601 217,601 — 279,037 US Bank - Multi. JV (3) 184,031 183,937 94 230,039 Santander 143,852 143,852 — 179,815 Bank of America - Multi. JV (3) 22,320 22,320 — 28,642 $ 9,269,701 $ 8,567,394 $ 702,307 $ 11,852,232 (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 the principal balance of the collateral assets. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. December 31, 2018 Credit Facility Borrowings Collateral Lender Potential (1) Outstanding Available (1) Assets (2) Deutsche Bank $ 1,839,698 $ 1,839,698 $ — $ 2,325,047 Wells Fargo 1,908,509 1,822,154 86,355 2,514,513 JP Morgan 1,010,628 1,010,628 — 1,266,259 Barclays 890,620 890,620 — 1,113,275 Citibank 852,470 663,917 188,553 1,076,085 Bank of America 873,446 873,446 — 1,090,117 MetLife 675,329 675,329 — 852,733 Morgan Stanley 341,241 276,721 64,520 457,496 Société Générale 321,182 321,182 — 404,048 Goldman Sachs 230,140 230,140 — 295,368 Goldman Sachs - Multi. JV (3) 170,060 170,060 — 212,983 Bank of America - Multi. JV (3) 97,002 97,002 — 121,636 $ 9,210,325 $ 8,870,897 $ 339,428 $ 11,729,560 (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 the principal balance of the collateral assets. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. |
Secured Debt [Member] | |
Debt Disclosure [Line Items] | |
Schedule of Debt [Table Text Block] | In April 2019 we entered into a senior secured term loan facility, or the Secured Term Loan. As of September 30, 2019, the following Secured Term Loan was outstanding ($ in thousands): Term Loan Issuance Face Value Coupon Rate All-in (1) Maturity Term Loan B $ 498,750 L+2.50 % L+2.80 % April 23, 2026 (1) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Secured Term Loan. |
Convertible Notes, Net (Tables)
Convertible Notes, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Summary of Outstanding Convertible Senior Notes | As of September 30, 2019, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Coupon Rate All-in (1) Conversion Rate (2) Maturity May 2017 $ 402,500 4.38 % 4.85 % 28.0324 May 5, 2022 March 2018 $ 220,000 4.75 % 5.33 % 27.6052 March 15, 2023 (1) Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2) Represents the shares of class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of $35.67 and $36.23 per share of class A common stock, respectively, for the May 2017 and March 2018 convertible notes. The cumulative dividend threshold as defined in the respective May 2017 and March 2018 convertible notes supplemental indentures have not been exceeded as of September 30, 2019. |
Summary of Details of Net Book Value of Convertible Note | The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): September 30, 2019 December 31, 2018 Face value $ 622,500 $ 622,500 Unamortized discount (9,552 ) (11,740 ) Deferred financing costs (685 ) (849 ) Net book value $ 612,263 $ 609,911 |
Summary of Details about Interest Expense | The following table details our interest expense related to the Convertible Notes ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cash coupon $ 7,015 $ 9,277 $ 21,045 $ 25,333 Discount and issuance cost amortization 792 1,535 2,352 4,242 Total interest expense $ 7,807 $ 10,812 $ 23,397 $ 29,575 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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): September 30, 2019 December 31, 2018 Foreign Currency Derivatives Number of Notional Foreign Currency Derivatives Number of Notional Sell GBP Forward 3 £ 389,200 Sell GBP Forward 3 £ 192,300 Sell EUR Forward 3 € 231,000 Sell AUD Forward 2 A$ 187,600 Sell AUD Forward 3 A$ 129,500 Sell EUR Forward 1 € 185,000 Sell CAD Forward 1 C$ 39,100 Sell CAD Forward 1 C$ 70,600 |
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): September 30, 2019 Interest Rate Derivatives Number of Notional Strike Index Wtd.-Avg. Interest Rate Swaps 2 C$ 17,273 1.0 % CDOR 0.9 Interest Rate Caps 1 $ 7,296 2.3 % USD LIBOR 0.2 Interest Rate Caps 1 C$ 21,709 3.0 % CDOR 0.2 December 31, 2018 Interest Rate Derivatives Number of Notional Strike Index Wtd.-Avg. Interest Rate Swaps 3 C$ 90,472 1.0 % CDOR 0.5 Interest Rate Caps 9 $ 204,248 2.4 % USD LIBOR 0.5 Interest Rate Caps 2 C$ 39,998 2.5 % CDOR 0.6 |
Summary of Non-designated Hedges | The following tables summarize our non-designated September 30, 2019 Non-designated Hedges Number of Notional Buy EUR / Sell USD Forward 1 € 131,900 Buy USD / Sell EUR Forward 1 € 131,900 Buy GBP / Sell EUR Forward 1 € 12,857 December 31, 2018 Non-designated Hedges Number of Notional Buy AUD / Sell USD Forward 1 A$ 55,000 Buy USD / Sell AUD Forward 1 A$ 55,000 Buy GBP / Sell USD Forward 1 £ 23,200 Buy USD / Sell GBP Forward 1 £ 23,200 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) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Derivatives designated as hedging instruments: Foreign exchange contracts $ 19,103 $ 8,210 $ 32 $ 1,307 Interest rate derivatives 119 590 — — Total $ 19,222 $ 8,800 $ 32 $ 1,307 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 5,787 $ 1,116 $ 3,960 $ 1,618 Interest rate derivatives — — — — Total $ 5,787 $ 1,116 $ 3,960 $ 1,618 Total Derivatives $ 25,009 $ 9,916 $ 3,992 $ 2,925 (1) Included in other assets in our consolidated balance sheets. (2) Included in other liabilities in our consolidated balance sheets. |
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations | The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Derivatives in Hedging Relationships Three Months Nine Months Three Months Nine Months Net Investment Hedges Foreign exchange contracts (1) $ 35,978 $ 45,272 Interest Expense $ — $ — Cash Flow Hedges Interest rate derivatives 13 (152 ) Interest Expense (2) 4 167 Total $ 35,991 $ 45,120 $ 4 $ 167 (1) During the three and nine months ended September 30, 2019, we received net cash settlements of $24.2 million and $31.1 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets. (2) During the three months ended September 30, 2019, we recorded total interest and related expenses of $112.0 million, which was reduced by $4,000 related to our cash flow hedges. During the nine months ended September 30, 2019, we recorded total interest and related expenses of $347.5 million, which was reduced by $167,000 related to income generated by our cash flow hedges. |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Summary of Class A Common Stock Issuances | The following table details our issuance of class A common stock during the nine months ended September 30, 2019: Class A Common Stock Offerings 2019 Total / June 2019 At-the-Market (1) Wtd. Avg. Shares issued 8,625,000 1,909,628 10,534,628 Gross share issue price (2) $ 36.00 $ 34.63 $ 35.75 Net share issue price (3) $ 35.62 $ 34.28 $ 35.38 Net proceeds (4) $ 306,952 $ 65,389 $ 372,341 (1) Issuance represents shares issued under our at-the-market (2) Represents the weighted-average gross price per share paid by underwriters or sales agents, as applicable. (3) Represents the weighted-average net proceeds per share after underwriting or sales discounts and commissions. (4) Net proceeds represents proceeds received from the underwriters less applicable transaction costs. |
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: Nine Months Ended September 30, Common Stock Outstanding (1) 2019 2018 Beginning balance 123,664,577 108,081,077 Issuance of class A common stock (2) 10,535,507 11,484,414 Issuance of restricted class A common stock, net 317,339 300,921 Issuance of deferred stock units 23,428 23,730 Ending balance 134,540,851 119,890,142 (1) Includes deferred stock units held by members of our board of directors of 252,267 and 220,947 as of September 30, 2019 and 2018, respectively. (2) Includes 879 and 1,279 shares issued under our dividend reinvestment program during the nine months ended September 30, 2019 and 2018, respectively. |
Schedule of Dividend Activity | The following table details our dividend activity ($ in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Dividends declared per share of common stock $ 0.62 $ 0.62 $ 1.86 $ 1.86 Total dividends declared $ 83,259 $ 74,195 $ 244,431 $ 210,369 |
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (1) $ 74,897 $ 78,165 $ 226,635 $ 211,436 Weighted-average 134,536,683 116,203,140 128,485,701 111,251,864 Per share amount, basic and diluted $ 0.56 $ 0.67 $ 1.76 $ 1.90 (1) Represents net income attributable to Blackstone Mortgage Trust. |
Other Expenses (Tables)
Other Expenses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of General and Administrative Expenses | General and Administrative Expenses General and administrative expenses consisted of the following ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Professional services (1) $ 1,177 $ 1,022 $ 3,616 $ 3,383 Operating and other costs (1) 810 687 2,059 2,026 Subtotal 1,987 1,709 5,675 5,409 Non-cash compensation expenses Restricted class A common stock earned 7,629 6,609 22,901 20,113 Director stock-based compensation 125 125 375 375 Subtotal 7,754 6,734 23,276 20,488 Total general and administrative expenses $ 9,741 $ 8,443 $ 28,951 $ 25,897 (1) During the three and nine months ended September 30, 2019, we recognized an aggregate $234,000 and $567,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and nine months ended September 30, 2018, we recognized an aggregate $77,000 and $302,000, respectively, of expenses related to our Multifamily Joint Venture. |
Stock-Based Incentive Plans (Ta
Stock-Based Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2018 1,614,907 $ 32.94 Granted 334,904 31.54 Vested (711,522 ) 32.08 Forfeited (17,565 ) 31.55 Balance as of September 30, 2019 1,220,724 $ 33.08 |
Fair Values (Tables)
Fair Values (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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): September 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 25,009 $ — $ 25,009 $ — $ 9,916 $ — $ 9,916 Liabilities Derivatives $ — $ 3,992 $ — $ 3,992 $ — $ 2,925 $ — $ 2,925 |
Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments | The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands): September 30, 2019 December 31, 2018 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 84,289 $ 84,289 $ 84,289 $ 105,662 $ 105,662 $ 105,662 Loans receivable, net 14,755,072 14,849,556 14,852,871 14,191,200 14,293,970 14,294,836 Debt securities held-to-maturity (1) 92,580 95,032 94,280 96,167 99,000 96,600 Financial liabilities Secured debt agreements, net 8,790,604 8,816,566 8,816,566 8,974,756 8,996,481 8,996,481 Loan participations sold, net — — — 94,418 94,528 94,528 Securitized debt obligations, net 1,288,389 1,292,120 1,292,309 1,285,471 1,292,120 1,283,086 Secured term loan, net 490,659 498,750 500,310 — — — Convertible notes, net 612,263 622,500 653,026 609,911 622,500 605,348 (1) Included in other assets on our consolidated balance sheets. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Assets and Liabilities of Consolidated CLO and Single Asset Securitization VIE | September 30, 2019 December 31, 2018 Assets: Loans receivable, net $ 1,446,375 $ 1,500,000 Other assets 58,086 5,440 Total assets $ 1,504,461 $ 1,505,440 Liabilities: Securitized debt obligations, net $ 1,288,389 $ 1,285,471 Other liabilities 1,802 2,155 Total liabilities $ 1,290,191 $ 1,287,626 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Principal Contractual Obligations | Our contractual principal debt repayments as of September 30, 2019 were as follows ($ in thousands): Payment Timing Total Less Than 1 to 3 3 to 5 More Than Obligation 1 Year Years Years 5 Years Principal repayments under secured debt agreements (1) $ 8,816,566 $ 125,859 $ 3,286,387 $ 5,036,844 $ 367,476 Principal repayments of secured term loans (2) 498,750 3,750 10,000 10,000 475,000 Principal repayments of convertible notes (3) 622,500 — 402,500 220,000 — Total (4) $ 9,937,816 $ 129,609 $ 3,698,887 $ 5,266,844 $ 842,476 (1) The allocation of repayments under our secured debt agreements is based on the earlier of (i) the maturity date of each facility, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. (2) The Secured Term Loan is partially amortizing, with an amount equal to 1.0% per annum of the original principal balance due in quarterly installments. Refer to Note 8 for further details on our secured term loan. (3) Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 9 for further details on our Convertible Notes. (4) Does not include $533.4 million of non-consolidated |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | Apr. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Joint venture capital contribution percentage | 85.00% | ||
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 and liquid investments with original maturities of three months or less. | ||
Expected loss | $ 0 | ||
Provision for loan losses | 0 | ||
Borrower Escrows | 348,400,000 | $ 320,000,000 | |
Restricted cash | $ 0 | $ 0 | |
Walker and Dunlop [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Joint venture capital contribution percentage | 15.00% |
Loans Receivable, Net - Overall
Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)SecurityLoan | Dec. 31, 2018USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 128 | 125 |
Net book value | $ 14,755,072 | $ 14,191,200 |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 128 | 125 |
Principal balance | $ 14,849,556 | $ 14,293,970 |
Unfunded loan commitments | $ 4,724,809 | $ 3,405,945 |
Weighted-average maximum maturity (years) | 3 years 7 months 6 days | 3 years 10 months 24 days |
Loans Receivable [Member] | LIBOR [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted-average cash coupon, rate | 5.07% | 5.67% |
Weighted-average all-in yield, rate | 5.42% | 6.00% |
Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $ 14,755,072 | $ 14,191,200 |
Loans Receivable, Net - Overa_2
Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Parenthetical) (Detail) - USD ($) $ in Billions | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of loans subject to yield maintenance, or other prepayment restrictions | 59.00% | 75.00% |
Percentage of loans open to repayment by borrower without penalty | 41.00% | 25.00% |
USD LIBOR [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of loans receivable by type | 99.00% | 98.00% |
Percentage of loans, fixed rate | 1.00% | 2.00% |
Additional loan receivable of floating rate | $ 3.5 | $ 1.2 |
Loans Receivable, Net - Activit
Loans Receivable, Net - Activity Relating to Loans Receivable Portfolio (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | $ 14,191,200 | |||
Unrealized (loss) gain on foreign currency translation | $ (39,961) | $ (2,416) | (44,125) | $ (26,766) |
Amortization of fees and other items | 40,110 | $ 35,955 | ||
Ending Balance | 14,755,072 | 14,755,072 | ||
Net Book Value [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 14,191,200 | |||
Loan fundings | 3,319,563 | |||
Loan repayments and sales proceeds | (2,640,402) | |||
Unrealized (loss) gain on foreign currency translation | (122,490) | |||
Deferred fees and other items | (32,527) | |||
Amortization of fees and other items | 39,728 | |||
Ending Balance | 14,755,072 | 14,755,072 | ||
Deferred Fees/Other Items [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | (102,770) | |||
Unrealized (loss) gain on foreign currency translation | 1,085 | |||
Deferred fees and other items | (32,527) | |||
Amortization of fees and other items | 39,728 | |||
Ending Balance | (94,484) | (94,484) | ||
Loans Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 14,293,970 | |||
Loan fundings | 3,319,563 | |||
Loan repayments and sales proceeds | (2,640,402) | |||
Unrealized (loss) gain on foreign currency translation | (123,575) | |||
Ending Balance | $ 14,849,556 | $ 14,849,556 |
Loans Receivable, Net - Propert
Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)SecurityLoan | Dec. 31, 2018USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 128 | 125 |
Net book value | $ 14,755,072 | $ 14,191,200 |
Total Loan Exposure | $ 15,382,934 | $ 14,740,844 |
Percentage of Portfolio | 100.00% | 100.00% |
Office [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 59 | 55 |
Net book value | $ 7,654,154 | $ 7,104,842 |
Total Loan Exposure | $ 7,838,768 | $ 7,164,466 |
Percentage of Portfolio | 50.00% | 49.00% |
Hotel [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 17 | 18 |
Net book value | $ 2,367,575 | $ 2,591,565 |
Total Loan Exposure | $ 2,444,738 | $ 2,673,763 |
Percentage of Portfolio | 16.00% | 18.00% |
Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 37 | 34 |
Net book value | $ 2,272,220 | $ 2,193,699 |
Total Loan Exposure | $ 2,312,100 | $ 2,206,740 |
Percentage of Portfolio | 15.00% | 15.00% |
Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 5 | 5 |
Net book value | $ 700,751 | $ 680,808 |
Total Loan Exposure | $ 704,098 | $ 685,776 |
Percentage of Portfolio | 5.00% | 5.00% |
Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 3 | 4 |
Net book value | $ 381,451 | $ 451,099 |
Total Loan Exposure | $ 388,138 | $ 452,900 |
Percentage of Portfolio | 3.00% | 3.00% |
Condominium [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 4 |
Net book value | $ 223,908 | $ 304,545 |
Total Loan Exposure | $ 225,116 | $ 368,104 |
Percentage of Portfolio | 1.00% | 2.00% |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 4 | 3 |
Net book value | $ 874,133 | $ 586,169 |
Total Loan Exposure | $ 1,188,383 | $ 909,052 |
Percentage of Portfolio | 8.00% | 6.00% |
Self-Storage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 2 | 2 |
Net book value | $ 280,880 | $ 278,473 |
Total Loan Exposure | $ 281,593 | $ 280,043 |
Percentage of Portfolio | 2.00% | 2.00% |
United States Northeast [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 29 | 32 |
Net book value | $ 4,069,651 | $ 4,322,114 |
Total Loan Exposure | $ 4,097,215 | $ 4,359,938 |
Percentage of Portfolio | 27.00% | 31.00% |
United States West [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 29 | 29 |
Net book value | $ 3,186,197 | $ 3,137,072 |
Total Loan Exposure | $ 3,370,213 | $ 3,222,706 |
Percentage of Portfolio | 22.00% | 22.00% |
United States Southeast [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 19 | 19 |
Net book value | $ 2,212,190 | $ 2,258,033 |
Total Loan Exposure | $ 2,222,654 | $ 2,271,664 |
Percentage of Portfolio | 14.00% | 15.00% |
United States Midwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 11 | 9 |
Net book value | $ 1,283,170 | $ 1,161,637 |
Total Loan Exposure | $ 1,289,119 | $ 1,170,619 |
Percentage of Portfolio | 8.00% | 8.00% |
United States Southwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 13 | 13 |
Net book value | $ 626,893 | $ 478,665 |
Total Loan Exposure | $ 630,498 | $ 481,745 |
Percentage of Portfolio | 4.00% | 3.00% |
United States Northwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 4 | 4 |
Net book value | $ 177,295 | $ 238,844 |
Total Loan Exposure | $ 177,900 | $ 239,872 |
Percentage of Portfolio | 1.00% | 2.00% |
United States [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 105 | 106 |
Net book value | $ 11,555,396 | $ 11,596,365 |
Total Loan Exposure | $ 11,787,599 | $ 11,746,544 |
Percentage of Portfolio | 76.00% | 81.00% |
United Kingdom [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 11 | 7 |
Net book value | $ 1,331,763 | $ 754,299 |
Total Loan Exposure | $ 1,667,035 | $ 1,094,663 |
Percentage of Portfolio | 11.00% | 7.00% |
Spain [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 2 | 1 |
Net book value | $ 1,109,276 | $ 1,124,174 |
Total Loan Exposure | $ 1,115,580 | $ 1,131,334 |
Percentage of Portfolio | 7.00% | 8.00% |
Canada [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 4 | 5 |
Net book value | $ 148,291 | $ 316,268 |
Total Loan Exposure | $ 147,880 | $ 313,229 |
Percentage of Portfolio | 1.00% | 2.00% |
Australia [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 3 | 3 |
Net book value | $ 337,107 | $ 310,372 |
Total Loan Exposure | $ 338,975 | $ 312,893 |
Percentage of Portfolio | 2.00% | 2.00% |
Belgium [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 1 |
Net book value | $ 84,223 | $ 70,621 |
Total Loan Exposure | $ 84,759 | $ 71,007 |
Percentage of Portfolio | 1.00% | |
Germany [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 1 |
Net book value | $ 189,016 | $ 11,585 |
Total Loan Exposure | $ 241,106 | $ 63,637 |
Percentage of Portfolio | 2.00% | |
Netherlands [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | |
Net book value | $ 7,516 | |
Total Loan Exposure | $ 7,537 | |
International [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 23 | 19 |
Net book value | $ 3,199,676 | $ 2,594,835 |
Total Loan Exposure | $ 3,595,335 | $ 2,994,300 |
Percentage of Portfolio | 24.00% | 19.00% |
Ireland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 |
Loans Receivable, Net - Prope_2
Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loan exposure including senior interests | $ 533.4 | $ 446.9 | |
2018 Single Asset Securitization [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Single asset securitization principal amount | $ 993.5 | $ 1,000 | $ 1,000 |
Loans Receivable, Net - Princip
Loans Receivable, Net - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)SecurityLoan | Dec. 31, 2018USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 128 | 125 |
Net book value | $ 14,755,072 | $ 14,191,200 |
Total Loan Exposure | $ 15,382,934 | $ 14,740,844 |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 128 | 125 |
Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $ 14,755,072 | $ 14,191,200 |
Risk Rating 1 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loan Exposure | $ 276,178 | $ 182,740 |
Risk Rating 1 [Member] | Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 4 | 2 |
Risk Rating 1 [Member] | Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $ 275,921 | $ 181,366 |
Risk Rating 2 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loan Exposure | $ 4,564,094 | $ 3,950,025 |
Risk Rating 2 [Member] | Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 39 | 38 |
Risk Rating 2 [Member] | Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $ 4,536,225 | $ 3,860,432 |
Risk Rating 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loan Exposure | $ 10,375,349 | $ 10,608,079 |
Risk Rating 3 [Member] | Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 82 | 85 |
Risk Rating 3 [Member] | Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $ 9,776,127 | $ 10,149,402 |
Risk Rating 4 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loan Exposure | $ 167,313 | |
Risk Rating 4 [Member] | Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 3 | |
Risk Rating 4 [Member] | Net Book Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net book value | $ 166,799 |
Loans Receivable, Net - Princ_2
Loans Receivable, Net - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loan exposure including senior interests | $ 533.4 | $ 446.9 | |
2018 Single Asset Securitization [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Single asset securitization principal amount | $ 993.5 | $ 1,000 | $ 1,000 |
Loans Receivable, Net - Additio
Loans Receivable, Net - Additional Information (Detail) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted-average risk rating on loan exposure | 2.7 | |
Impaired loans | $ 0 | $ 0 |
Loans held | 15,382,934,000 | 14,740,844,000 |
Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held | 2,312,100,000 | 2,206,740,000 |
Joint Venture [Member] | Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held | $ 537,700,000 | $ 334,600,000 |
Other Assets and Liabilities -
Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Debt securities held-to-maturity | $ 92,580 | $ 96,167 |
Loan portfolio payments held by servicer | 60,978 | 6,133 |
Accrued interest receivable | 60,907 | 56,679 |
Derivative assets | 25,009 | 9,916 |
Collateral deposited under derivative agreements | 2,310 | |
Prepaid taxes | 750 | 6 |
Prepaid expenses | 43 | 647 |
Other | 478 | 965 |
Total | $ 243,055 | $ 170,513 |
Other Assets and Liabilities _2
Other Assets and Liabilities - Summary of Components of Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Schedule Of Other Assets [Line Items] | |||
Percentage of yield in subordinate risk retention interest | 10.00% | ||
2018 Single Asset Securitization [Member] | |||
Schedule Of Other Assets [Line Items] | |||
Single asset securitization principal amount | $ 993.5 | $ 1,000 | $ 1,000 |
Single asset securitization maximum maturity date | Jun. 9, 2025 |
Other Assets and Liabilities _3
Other Assets and Liabilities - Summary of Components of Other Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Other Liabilities [Abstract] | ||
Accrued dividends payable | $ 83,259 | $ 76,530 |
Accrued interest payable | 25,522 | 25,588 |
Accrued management and incentive fees payable | 17,502 | 18,586 |
Accounts payable and other liabilities | 6,849 | 4,583 |
Derivative liabilities | 3,992 | 2,925 |
Secured debt repayments pending servicer remittance | 2,760 | |
Total | $ 139,884 | $ 128,212 |
Secured Debt Agreements, Net -
Secured Debt Agreements, Net - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Facility | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||||
Secured debt agreements borrowings outstanding | $ 490,659,000 | $ 490,659,000 | |||
Interest expense | 111,957,000 | $ 97,955,000 | 347,536,000 | $ 255,677,000 | |
Covenants, minimum tangible net worth | $ 2,800,000,000 | $ 2,800,000,000 | |||
Covenants, percentage of tangible assets on cash proceeds from equity issuances | 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 | 1.40% | ||||
Covenants, minimum cash liquidity amount | $ 10,000,000 | $ 10,000,000 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted-average outstanding balance | 19,100,000 | $ 58,800,000 | |||
Secured debt agreements borrowings outstanding | 0 | 0 | 43,800,000 | ||
Interest expense | 2,100,000 | 3,200,000 | |||
Amortization of deferred fees and expenses | 781,000 | 814,000 | |||
Revolving Credit Facility [Member] | Barclays [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum Facility Size | 250,000,000 | 250,000,000 | |||
Credit Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted-average outstanding balance | 8,600,000,000 | 7,000,000,000 | |||
Aggregate borrowings | 8,567,394,000 | $ 8,567,394,000 | $ 8,870,897,000 | ||
Basis spread on debt obligation, in percent | 1.67% | ||||
Weighted-average advance rate | 79.50% | 79.50% | |||
Weighted-average initial maturity | 3 years 1 month 6 days | 3 years 6 months | |||
Credit Facilities [Member] | Barclays [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate borrowings | $ 793,906,000 | $ 793,906,000 | $ 890,620,000 | ||
Asset-Specific Financings [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted-average outstanding balance | $ 148,300,000 | $ 37,800,000 | |||
Credit Facilities One [Member] | Joint Venture [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of new credit facility | Facility | 2 | ||||
Additional credit capacity | $ 577,000,000 | ||||
Credit Facilities Two [Member] | Joint Venture [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of new credit facility | Facility | 6 | ||||
Additional credit capacity | $ 1,300,000,000 | ||||
LIBOR [Member] | Credit Facilities [Member] | Weighted-Average Cash Coupon [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on debt obligation, in percent | 1.67% | 1.72% | |||
LIBOR [Member] | Credit Facilities [Member] | Weighted-Average All-in Cost of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on debt obligation, in percent | 1.87% | 1.90% |
Secured Debt Agreements, Net _2
Secured Debt Agreements, Net - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Secured debt agreements borrowings outstanding | $ 8,816,566 | $ 8,996,481 |
Deferred financing costs | (25,962) | (21,725) |
Secured debt agreements borrowings outstanding | 8,816,566 | 8,996,481 |
Net book value of secured debt | 8,790,604 | 8,974,756 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt agreements borrowings outstanding | 8,567,394 | 8,870,897 |
Asset-Specific Financings [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt agreements borrowings outstanding | $ 249,172 | 81,739 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt agreements borrowings outstanding | $ 43,845 |
Secured Debt Agreements, Net _3
Secured Debt Agreements, Net - Credit Facilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | $ 9,269,701 | $ 9,210,325 |
Repurchase Borrowings Outstanding | 8,567,394 | 8,870,897 |
Available | 702,307 | 339,428 |
Collateral Assets | 11,852,232 | 11,729,560 |
Deutsche Bank [Member] | ||
Line of Credit Facility [Line Items] | ||
Repurchase Borrowings Outstanding | 803,700 | |
Deutsche Bank [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 1,722,050 | 1,839,698 |
Repurchase Borrowings Outstanding | 1,722,050 | 1,839,698 |
Collateral Assets | 2,185,465 | 2,325,047 |
Wells Fargo [Member] | ||
Line of Credit Facility [Line Items] | ||
Repurchase Borrowings Outstanding | 174,300 | 302,700 |
Wells Fargo [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 1,661,789 | 1,908,509 |
Repurchase Borrowings Outstanding | 1,564,215 | 1,822,154 |
Available | 97,574 | 86,355 |
Collateral Assets | 2,135,379 | 2,514,513 |
Barclays [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 996,648 | 890,620 |
Repurchase Borrowings Outstanding | 793,906 | 890,620 |
Available | 202,742 | |
Collateral Assets | 1,246,490 | 1,113,275 |
Citibank [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 1,090,739 | 852,470 |
Repurchase Borrowings Outstanding | 888,053 | 663,917 |
Available | 202,686 | 188,553 |
Collateral Assets | 1,386,175 | 1,076,085 |
JP Morgan [Member] | ||
Line of Credit Facility [Line Items] | ||
Repurchase Borrowings Outstanding | 520,600 | |
JP Morgan [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 1,016,689 | 1,010,628 |
Repurchase Borrowings Outstanding | 918,526 | 1,010,628 |
Available | 98,163 | |
Collateral Assets | 1,303,288 | 1,266,259 |
Bank of America [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 658,724 | 873,446 |
Repurchase Borrowings Outstanding | 658,724 | 873,446 |
Collateral Assets | 840,573 | 1,090,117 |
Morgan Stanley [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 490,213 | 341,241 |
Repurchase Borrowings Outstanding | 434,165 | 276,721 |
Available | 56,048 | 64,520 |
Collateral Assets | 658,055 | 457,496 |
Societe Generale [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 333,473 | 321,182 |
Repurchase Borrowings Outstanding | 333,473 | 321,182 |
Collateral Assets | 428,887 | 404,048 |
Goldman Sachs [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 313,895 | 230,140 |
Repurchase Borrowings Outstanding | 268,895 | 230,140 |
Available | 45,000 | |
Collateral Assets | 426,383 | 295,368 |
MetLife [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 417,677 | 675,329 |
Repurchase Borrowings Outstanding | 417,677 | 675,329 |
Collateral Assets | 524,004 | 852,733 |
Goldman Sachs - Multi. JV [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 217,601 | 170,060 |
Repurchase Borrowings Outstanding | 217,601 | 170,060 |
Collateral Assets | 279,037 | 212,983 |
Santander [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 143,852 | |
Repurchase Borrowings Outstanding | 143,852 | |
Collateral Assets | 179,815 | |
US Bank - Multi. JV [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 184,031 | |
Repurchase Borrowings Outstanding | 183,937 | |
Available | 94 | |
Collateral Assets | 230,039 | |
Bank of America - Multi. JV [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 22,320 | 97,002 |
Repurchase Borrowings Outstanding | 22,320 | 97,002 |
Collateral Assets | $ 28,642 | $ 121,636 |
Secured Debt Agreements, Net _4
Secured Debt Agreements, Net - Credit Facilities (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Debt Instrument Revolving Repurchase Facilities Guarantee Rate | 100.00% | |
Wells Fargo [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 174.3 | $ 302.7 |
Debt Instrument Revolving Repurchase Facilities Guarantee Rate | 25.00% | |
JP Morgan [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 520.6 | |
Deutsche Bank [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 803.7 | |
Debt Instrument Revolving Repurchase Facilities Guarantee Rate | 25.00% |
Secured Debt Agreements, Net _5
Secured Debt Agreements, Net - Summary of Key Terms of Credit Facilities (Detail) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019CAD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2019EUR (€) | Sep. 30, 2019GBP (£) | Sep. 30, 2019USD ($) | Sep. 30, 2019AUD ($) | |
Line of Credit Facility [Line Items] | ||||||
Guarantee | 100.00% | |||||
JP Morgan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | Jan. 7, 2021 | |||||
Outstanding Borrowings | $ 520,600 | |||||
Bank of America - Multi. JV [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | Dec. 16, 2021 | |||||
Deutsche Bank [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Term/Maturity | Aug. 9, 2021 | |||||
Outstanding Borrowings | 803,700 | |||||
Morgan Stanley [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | Mar. 1, 2022 | |||||
Goldman Sachs - Multi. JV [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | Jul. 12, 2022 | |||||
Bank of America [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | May 21, 2023 | |||||
Goldman Sachs [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | Oct. 22, 2023 | |||||
Barclays [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | Jun. 18, 2024 | |||||
MetLife [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | Sep. 23, 2025 | |||||
Wells Fargo [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Outstanding Borrowings | $ 302,700 | 174,300 | ||||
Credit Facilities [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential Borrowings | 9,210,325 | 9,269,701 | ||||
Outstanding Borrowings | $ 8,870,897 | 8,567,394 | ||||
Spread | INDEX + 1.67% | |||||
Advance Rate | 79.50% | 79.50% | ||||
Credit Facilities [Member] | USD LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential Borrowings | 7,113,454 | |||||
Outstanding Borrowings | 6,465,833 | |||||
Spread | L + 1.65% | |||||
Advance Rate | 79.70% | |||||
Credit Facilities [Member] | EUR LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential Borrowings | € | € 1,013,050 | |||||
Outstanding Borrowings | € | € 963,636 | |||||
Spread | E + 1.49% | |||||
Advance Rate | 80.00% | |||||
Credit Facilities [Member] | GBP LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential Borrowings | £ | £ 619,853 | |||||
Outstanding Borrowings | £ | £ 619,170 | |||||
Spread | L + 2.06% | |||||
Advance Rate | 77.10% | |||||
Credit Facilities [Member] | BBSY | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential Borrowings | $ 255,270 | |||||
Outstanding Borrowings | $ 255,270 | |||||
Spread | BBSY + 1.90% | |||||
Advance Rate | 78.00% | |||||
Credit Facilities [Member] | CDOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential Borrowings | $ 156,349 | |||||
Outstanding Borrowings | $ 156,362 | |||||
Spread | CDOR + 1.83% | |||||
Advance Rate | 80.70% | |||||
Credit Facilities [Member] | JP Morgan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 50.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | $ 1,010,628 | 1,016,689 | ||||
Outstanding Borrowings | 1,010,628 | 918,526 | ||||
Credit Facilities [Member] | Bank of America - Multi. JV [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 43.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | 97,002 | 22,320 | ||||
Outstanding Borrowings | 97,002 | 22,320 | ||||
Credit Facilities [Member] | Deutsche Bank [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 60.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | 1,839,698 | 1,722,050 | ||||
Outstanding Borrowings | 1,839,698 | 1,722,050 | ||||
Credit Facilities [Member] | Morgan Stanley [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | 341,241 | 490,213 | ||||
Outstanding Borrowings | 276,721 | 434,165 | ||||
Credit Facilities [Member] | Goldman Sachs - Multi. JV [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | 170,060 | 217,601 | ||||
Outstanding Borrowings | 170,060 | 217,601 | ||||
Credit Facilities [Member] | Bank of America [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 50.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | 873,446 | 658,724 | ||||
Outstanding Borrowings | 873,446 | 658,724 | ||||
Credit Facilities [Member] | Goldman Sachs [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | 230,140 | 313,895 | ||||
Outstanding Borrowings | 230,140 | 268,895 | ||||
Credit Facilities [Member] | Barclays [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | 890,620 | 996,648 | ||||
Outstanding Borrowings | 890,620 | 793,906 | ||||
Credit Facilities [Member] | MetLife [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 61.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | 675,329 | 417,677 | ||||
Outstanding Borrowings | 675,329 | 417,677 | ||||
Credit Facilities [Member] | Citibank [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | 852,470 | 1,090,739 | ||||
Outstanding Borrowings | 663,917 | 888,053 | ||||
Credit Facilities [Member] | Societe Generale [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | 321,182 | 333,473 | ||||
Outstanding Borrowings | 321,182 | 333,473 | ||||
Credit Facilities [Member] | Santander [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 50.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | 143,852 | |||||
Outstanding Borrowings | 143,852 | |||||
Credit Facilities [Member] | Wells Fargo [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | 1,908,509 | 1,661,789 | ||||
Outstanding Borrowings | $ 1,822,154 | 1,564,215 | ||||
Credit Facilities [Member] | US Bank - Multi. JV [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | 184,031 | |||||
Outstanding Borrowings | $ 183,937 |
Secured Debt Agreements, Net _6
Secured Debt Agreements, Net - Summary of Key Terms of Credit Facilities (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Barclays [Member] | Credit Facilities [Member] | |
Line of Credit Facility [Line Items] | |
Maturity period | Includes four one-year extension options which may be exercised at our sole discretion. |
Secured Debt Agreements, Net _7
Secured Debt Agreements, Net - Summary of Asset-Specific Financings (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)SecurityLoan | Dec. 31, 2018USD ($)SecurityLoan | |
Participating Mortgage Loans [Line Items] | ||
Financing provided | 2023-03 | 2022-08 |
Financing provided, Principal Balance | $ 8,816,566 | $ 8,996,481 |
Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Count | SecurityLoan | 4 | 1 |
LIBOR [Member] | Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 4.96% | 6.08% |
Asset-Specific Financings [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Financing provided | 2023-03 | 2022-08 |
Guarantee | $ 84,486 | |
Collateral assets, Book Value | 314,472 | $ 104,807 |
Financing provided, Book Value | 241,597 | 80,938 |
Collateral assets, Principal Balance | 326,839 | 106,739 |
Financing provided, Principal Balance | $ 249,172 | $ 81,739 |
Count | SecurityLoan | 4 | 1 |
Asset-Specific Financings [Member] | LIBOR [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 3.53% | 4.07% |
Loan Participations Sold, Net -
Loan Participations Sold, Net - Summary of Statistics for Loan Participations Sold (Detail) | 12 Months Ended | |
Dec. 31, 2018USD ($)SecurityLoan | Sep. 30, 2019USD ($) | |
Participating Mortgage Loans [Line Items] | ||
Count | SecurityLoan | 1 | |
Principal Balance | $ 123,745,000 | |
Guarantee | 0 | |
Book Value, Total Loan | $ 14,191,200,000 | $ 14,755,072,000 |
Weighted Average Term | 2022-02 | |
Book Value | $ 94,418,000 | |
Senior Participation [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Principal Balance | 94,528,000 | |
Guarantee | $ 0 | |
Weighted Average Term | 2022-02 | |
Book Value | $ 94,418,000 | |
Loan Participations Sold [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Book Value, Total Loan | $ 122,669,000 | |
LIBOR [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost | 5.92% | |
LIBOR [Member] | Senior Participation [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost | 4.07% |
Loan Participations Sold, Net_2
Loan Participations Sold, Net - Summary of Statistics for Loan Participations Sold (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Participating Mortgage Loans [Line Items] | ||
Deferred financing costs | $ 25,962 | $ 21,725 |
Loan Participations Sold [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Deferred financing costs | $ 110,000 |
Loan Participations Sold, Net_3
Loan Participations Sold, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Participating Mortgages [Member] | ||||
Participating Mortgage Loans [Line Items] | ||||
Interest expense | $ 0 | $ 11.7 | $ 3.2 | $ 15.2 |
Securitized Debt Obligations,_3
Securitized Debt Obligations, Net - Schedule of Information on Securitized Debt Obligations (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)Loans | Dec. 31, 2018USD ($)Loans | ||
Financing Provided [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | [1] | 2 | 2 |
Principal Balance | [1] | $ 1,292,120 | $ 1,292,120 |
Book Value | [1] | $ 1,288,389 | $ 1,285,471 |
Financing Provided [Member] | Collateralized Loan Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | 1 | 1 | |
Principal Balance | $ 817,500 | $ 817,500 | |
Book Value | $ 813,852 | $ 811,023 | |
Term | [2] | 2035-06 | 2035-06 |
Financing Provided [Member] | Single Asset Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | 1 | 1 | |
Principal Balance | $ 474,620 | $ 474,620 | |
Book Value | $ 474,537 | $ 474,448 | |
Term | [2] | 2033-06 | 2033-06 |
Collateral Assets [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | 21 | 27 | |
Principal Balance | $ 1,700,197 | $ 1,682,297 | |
Book Value | $ 1,698,040 | $ 1,678,770 | |
Wtd. Avg. Yield/Cost | [3] | 6.19% | |
Collateral Assets [Member] | Collateralized Loan Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | 20 | 26 | |
Principal Balance | $ 1,000,000 | $ 1,000,000 | |
Book Value | $ 1,000,000 | $ 1,000,000 | |
Wtd. Avg. Yield/Cost | [3] | 6.25% | |
Term | [2] | 2022-09 | 2022-04 |
Collateral Assets [Member] | Single Asset Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | [4] | 1 | 1 |
Principal Balance | [4] | $ 700,197 | $ 682,297 |
Book Value | [4] | $ 698,040 | $ 678,770 |
Term | [2],[4] | 2023-06 | 2023-06 |
LIBOR [Member] | Financing Provided [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [1],[3] | 1.69% | 1.71% |
LIBOR [Member] | Financing Provided [Member] | Collateralized Loan Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [3] | 1.71% | 1.74% |
LIBOR [Member] | Financing Provided [Member] | Single Asset Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [3] | 1.65% | 1.65% |
LIBOR [Member] | Collateral Assets [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [3] | 3.51% | |
LIBOR [Member] | Collateral Assets [Member] | Collateralized Loan Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [3] | 3.43% | |
LIBOR [Member] | Collateral Assets [Member] | Single Asset Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [3],[4] | 3.60% | 3.60% |
[1] | During the three and nine months ended September 30, 2019, we recorded $8.2 million and $33.1 million, respectively, of interest expense related to our securitized debt obligations. During the three and nine months ended September 30, 2018, we recorded $12.0 million and $23.1 million, respectively, of interest expense related to our securitized debt obligations. | ||
[2] | Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. | ||
[3] | As of September 30, 2019, all of our loans financed by securitized debt obligations earned a floating rate of interest. As of December 31, 2018, 98% of our loans financed by securitized debt obligations earned a floating rate of interest. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. All-in yield for the total portfolio assume applicable floating benchmark rates for weighted-average calculation. | ||
[4] | The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million. |
Securitized Debt Obligations,_4
Securitized Debt Obligations, Net - Schedule of Information on Securitized Debt Obligations (Parenthetical) (Detail) - USD ($) $ in Millions | Jan. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 |
Debt Instrument [Line Items] | ||||
Percentage of loans financed by securitized debt obligations earned floating rate of interest | 98.00% | |||
Interest expense on securitized debt obligations | $ 35.6 | $ 11.9 | $ 12.5 | $ 36.9 |
Collateral Assets [Member] | Single Asset Securitization [Member] | ||||
Debt Instrument [Line Items] | ||||
Total loan amount, securitized | $ 500 | $ 500 |
Secured Term Loan, Net (Detail)
Secured Term Loan, Net (Detail) - Term Loan B $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Face Value | $ 498,750 |
Coupon Rate | L+2.50 |
All-in Cost | L+2.80 |
Maturity | Apr. 23, 2026 |
Secured Term Loan, Net - Additi
Secured Term Loan, Net - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Secured term loan percentage of partially amortizing | 1.00% |
Secured Term Loan [Member] | |
Secured term loan percentage of partially amortizing | 1.00% |
Discount upon issuance of Secured term loan | $ 1.3 |
Secured term loan transaction expenses | $ 7.4 |
Secured term loan covenant description | The guarantee under our Secured Term Loan contains the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. |
Convertible Notes, Net - Summar
Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
4.38% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Convertible Note Issuance | 2017-05 |
Face Value | $ 402,500 |
Coupon Rate | 4.38% |
All-in Cost | 4.85% |
Conversion Rate | 28.0324 |
Maturity | May 5, 2022 |
4.75% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Convertible Note Issuance | 2018-03 |
Face Value | $ 220,000 |
Coupon Rate | 4.75% |
All-in Cost | 5.33% |
Conversion Rate | 27.6052 |
Maturity | Mar. 15, 2023 |
Convertible Notes, Net - Summ_2
Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2019USD ($)$ / shares | |
5.25% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, conversion price | $ 35.85 |
5.25% Convertible Senior Notes [Member] | Class A Common Stock [Member] | |
Debt Instrument [Line Items] | |
Convertible Notes, debt conversion, principal amount | $ | $ 1,000 |
Debt instrument, conversion price | $ 0 |
4.38% Convertible Senior Notes [Member] | Class A Common Stock [Member] | |
Debt Instrument [Line Items] | |
Convertible Notes, debt conversion, principal amount | $ | $ 1,000 |
Debt instrument, conversion price | $ 0 |
4.75% Convertible Senior Notes Issued In March 2018 [Member] | Class A Common Stock [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, conversion price | 35.67 |
Debt instrument, conversion price | 0 |
4.38% Convertible Senior Notes Issued in May 2017 [Member] | Class A Common Stock [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, conversion price | 36.23 |
Debt instrument, conversion price | $ 0 |
Convertible Notes, Net - Additi
Convertible Notes, Net - Additional Information (Detail) - USD ($) | 9 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | May 31, 2017 | |
Debt Instrument [Line Items] | ||||
Accrued interest payable | $ 25,522,000 | $ 25,588,000 | ||
5.25% Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
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 January 31, 2022 and December 14, 2022 for the May 2017 and March 2018 convertible notes, respectively, at the applicable conversion rate in effect on the conversion date. | |||
Debt instrument, conversion price | $ 35.85 | |||
Discount upon issuance of Convertible Notes | $ 1,500,000 | |||
Debt issuance costs | $ 5,200,000 | |||
Convertible Notes, assumed effective interest rate | 5.25% | |||
Convertible Senior Notes, Interest rate including amortization of discount upon issuance | 5.49% | |||
Accrued interest payable | $ 7,800,000 | $ 6,000,000 | ||
4.38% Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Discount upon issuance of Convertible Notes | $ 979,000 | |||
Debt issuance costs | $ 8,400,000 | |||
Convertible Notes, assumed effective interest rate | 4.57% | |||
Convertible Senior Notes, Interest rate including amortization of discount upon issuance | 4.91% |
Convertible Notes, Net - Summ_3
Convertible Notes, Net - Summary of Details of Net Book Value of Convertible Note (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (25,962) | $ (21,725) |
Net book value | 612,263 | 609,911 |
Convertible Senior Note [Member] | ||
Debt Instrument [Line Items] | ||
Face Value | 622,500 | 622,500 |
Unamortized discount | (9,552) | (11,740) |
Deferred financing costs | (685) | (849) |
Net book value | $ 612,263 | $ 609,911 |
Convertible Notes, Net - Summ_4
Convertible Notes, Net - Summary of Details about Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Debt Instrument [Line Items] | ||||
Discount and issuance cost amortization | $ 22,702 | $ 20,993 | ||
Convertible Senior Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Cash coupon | $ 7,015 | $ 9,277 | 21,045 | 25,333 |
Discount and issuance cost amortization | 792 | 1,535 | 2,352 | 4,242 |
Total interest expense | $ 7,807 | $ 10,812 | $ 23,397 | $ 29,575 |
Derivative Financial Instrume_3
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, $ in Thousands, $ in Thousands | Sep. 30, 2019CAD ($)DerivativeInstrument | Sep. 30, 2019GBP (£)DerivativeInstrument | Sep. 30, 2019EUR (€)DerivativeInstrument | Sep. 30, 2019AUD ($)DerivativeInstrument | Dec. 31, 2018CAD ($)DerivativeInstrument | Dec. 31, 2018GBP (£)DerivativeInstrument | Dec. 31, 2018EUR (€)DerivativeInstrument | Dec. 31, 2018AUD ($)DerivativeInstrument |
CAD [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Notional Amount | $ | $ 39,100 | $ 70,600 | ||||||
GBP [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
Notional Amount | £ | £ 389,200 | £ 192,300 | ||||||
EUR [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 3 | 3 | 3 | 3 | 1 | 1 | 1 | 1 |
Notional Amount | € | € 231,000 | € 185,000 | ||||||
AUD [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 3 | 3 | 3 | 3 | 2 | 2 | 2 | 2 |
Notional Amount | $ | $ 129,500 | $ 187,600 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Detail) - Cash Flow Hedges [Member] - Designated as Hedging Instrument [Member] $ in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019CAD ($)DerivativeInstrument | Dec. 31, 2018CAD ($)DerivativeInstrument | Sep. 30, 2019USD ($)DerivativeInstrument | Dec. 31, 2018USD ($)DerivativeInstrument | |
Interest Rate Caps [Member] | USD [Member] | USD LIBOR [Member] | ||||
Derivative [Line Items] | ||||
Number of Instruments | DerivativeInstrument | 1 | 9 | 1 | 9 |
Notional Amount | $ | $ 7,296 | $ 204,248 | ||
Strike | 2.30% | 2.40% | 2.30% | 2.40% |
Wtd. Avg. Maturity (Years) | 2 months 12 days | 6 months | ||
Interest Rate Caps [Member] | CAD [Member] | CDOR [Member] | ||||
Derivative [Line Items] | ||||
Number of Instruments | DerivativeInstrument | 1 | 2 | 1 | 2 |
Notional Amount | $ | $ 21,709 | $ 39,998 | ||
Strike | 3.00% | 2.50% | 3.00% | 2.50% |
Wtd. Avg. Maturity (Years) | 2 months 12 days | 7 months 6 days | ||
Interest Rate Swaps [Member] | CAD [Member] | CDOR [Member] | ||||
Derivative [Line Items] | ||||
Number of Instruments | DerivativeInstrument | 2 | 3 | 2 | 3 |
Notional Amount | $ | $ 17,273 | $ 90,472 | ||
Strike | 1.00% | 1.00% | 1.00% | 1.00% |
Wtd. Avg. Maturity (Years) | 10 months 24 days | 6 months |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amount of collateral posted for the net assets/liability positions | $ 2,310,000 | $ 2,310,000 | |||
Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivatives recorded gains (losses) during the period | $ 187,000 | $ 51,000 | $ 331,000 | $ 94,000 | |
Interest Rate Swaps/Derivatives [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Reclassification from accumulated other comprehensive income (loss) as increase to interest income | $ 111,000 | ||||
Reclassification from accumulated other comprehensive income, time period | 12 months |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Non-designated Hedges (Detail) € in Thousands, £ in Thousands, $ in Thousands | Sep. 30, 2019EUR (€)DerivativeInstrument | Dec. 31, 2018GBP (£)DerivativeInstrument | Dec. 31, 2018EUR (€)DerivativeInstrument | Dec. 31, 2018AUD ($)DerivativeInstrument |
AUD [Member] | Buy AUD / Sell USD Forward [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional Amount | $ | $ 55,000 | |||
AUD [Member] | Buy USD / Sell AUD Forward [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional Amount | $ | $ 55,000 | |||
EUR [Member] | Buy GBP / Sell EUR Forward [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional Amount | € | € 12,857 | |||
Not Designated as Hedging Instrument [Member] | AUD [Member] | Buy AUD / Sell USD Forward [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Number of Instruments | 1 | 1 | 1 | |
Not Designated as Hedging Instrument [Member] | AUD [Member] | Buy USD / Sell AUD Forward [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Number of Instruments | 1 | 1 | 1 | |
Not Designated as Hedging Instrument [Member] | GBP [Member] | Buy GBP / Sell USD Forward [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Number of Instruments | 1 | 1 | 1 | |
Notional Amount | £ | £ 23,200 | |||
Not Designated as Hedging Instrument [Member] | GBP [Member] | Buy USD / Sell GBP Forward [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Number of Instruments | 1 | 1 | 1 | |
Notional Amount | £ | £ 23,200 | |||
Not Designated as Hedging Instrument [Member] | EUR [Member] | Buy GBP / Sell EUR Forward [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Number of Instruments | 1 | 1 | 1 | 1 |
Notional Amount | € | € 12,857 | |||
Not Designated as Hedging Instrument [Member] | EUR [Member] | Buy EUR / Sell USD Forward [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Number of Instruments | 1 | |||
Notional Amount | € | € 131,900 | |||
Not Designated as Hedging Instrument [Member] | EUR [Member] | Buy USD / Sell EUR Forward [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Number of Instruments | 1 | |||
Notional Amount | € | € 131,900 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | $ 25,009 | $ 9,916 |
Fair Value of Derivatives in a Liability Position | 3,992 | 2,925 |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | 19,222 | 8,800 |
Fair Value of Derivatives in a Liability Position | 32 | 1,307 |
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 | 19,103 | 8,210 |
Fair Value of Derivatives in a Liability Position | 32 | 1,307 |
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 | 119 | 590 |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | 5,787 | 1,116 |
Fair Value of Derivatives in a Liability Position | 3,960 | 1,618 |
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 | 5,787 | 1,116 |
Fair Value of Derivatives in a Liability Position | $ 3,960 | $ 1,618 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of (Loss) Gain Recognized in OCI on Derivatives | $ 35,991,000 | $ 45,120,000 |
Amount of Gain Reclassified from Accumulated OCI into Income | 4,000 | 167,000 |
Net Investment [Member] | Foreign Currency Contracts [Member] | Interest Expense [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of (Loss) Gain Recognized in OCI on Derivatives | 35,978,000 | 45,272,000 |
Cash Flow Hedges [Member] | Interest Rate Swaps/Derivatives [Member] | Interest Expense [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of (Loss) Gain Recognized in OCI on Derivatives | 13,000 | (152,000) |
Amount of Gain Reclassified from Accumulated OCI into Income | $ 4,000 | $ 167,000 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest and related expenses | $ 111,957,000 | $ 97,955,000 | $ 347,536,000 | $ 255,677,000 |
Amount of Loss Reclassified from Accumulated OCI into Income | 4,000 | 167,000 | ||
Interest Rate Swaps/Derivatives [Member] | Cash Flow Hedges [Member] | Interest Expense [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss Reclassified from Accumulated OCI into Income | 4,000 | 167,000 | ||
Foreign Currency Contracts [Member] | Net Investment Hedges [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Net cash settlements on our foreign currency forward contracts | $ 24,200,000 | $ 31,100,000 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | Oct. 15, 2019 | Jun. 14, 2019 | Nov. 14, 2018 | May 31, 2013 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Mar. 25, 2014 |
Class of Stock [Line Items] | ||||||||||
Total stock, shares authorized | 300,000,000 | 300,000,000 | ||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ||||||||
Preferred stock issued | 0 | 0 | ||||||||
Preferred stock outstanding | 0 | 0 | ||||||||
Plan adoption date | Mar. 25, 2014 | |||||||||
Number of shares sold during period | 25,875,000 | 10,535,507 | 11,484,414 | |||||||
Dividends paid | $ 83,300,000 | |||||||||
Dividends paid per common stock | $ 0.62 | |||||||||
Date of dividend paid | Oct. 15, 2019 | |||||||||
Date of dividend declared | Sep. 13, 2019 | |||||||||
Record date of dividend paid | Sep. 30, 2019 | |||||||||
Accumulated other comprehensive loss | $ (33,394,000) | $ (33,394,000) | $ (34,222,000) | |||||||
Net realized and unrealized gains related to changes in fair value of derivative instruments | 115,400,000 | 115,400,000 | 70,400,000 | |||||||
Cumulative unrealized currency translation adjustment on assets and liabilities denominated in foreign currencies | 148,800,000 | 148,800,000 | 104,600,000 | |||||||
Net proceeds from issuance of class A common stock | 372,329,000 | $ 369,787,000 | ||||||||
Multifamily [Member] | Joint Venture [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total equity | 118,800,000 | 118,800,000 | 69,900,000 | |||||||
Equity interests owned by Blackstone Mortgage Trust, Inc. | 101,000,000 | 101,000,000 | 59,400,000 | |||||||
Non-controlling interests | $ 17,800,000 | $ 17,800,000 | $ 10,500,000 | |||||||
Dividend Reinvestment and Direct Stock Purchase Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Reserved for issuance of class A common stock | 9,994,359 | 9,994,359 | 10,000,000 | |||||||
Class A Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, shares issued under dividend reinvestment program | 879 | 1,279 | ||||||||
Number of shares sold during period | 8,625,000 | |||||||||
Net proceeds from issuance of class A common stock | $ 306,952 | |||||||||
Class A Common Stock [Member] | Dividend Reinvestment and Direct Stock Purchase Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, shares issued under dividend reinvestment program | 326 | 403 | 879 | 1,279 | ||||||
Class A Common Stock [Member] | ATM Agreements [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Aggregate sales price | $ 500,000,000 | |||||||||
Number of shares sold during period | 1,909,628 | 4,583,135 | ||||||||
Aggregate sales price remaining available | $ 363,800,000 | $ 363,800,000 | ||||||||
Net proceeds from issuance of class A common stock | $ 65,400,000 | $ 147,500,000 |
Equity - Summary of Class A Com
Equity - Summary of Class A Common Stock Issuances (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | |
May 31, 2013 | Sep. 30, 2019 | Sep. 30, 2018 | |
Class of Stock [Line Items] | |||
Shares issued | 25,875,000 | 10,535,507 | 11,484,414 |
Net proceeds | $ 372,329,000 | $ 369,787,000 | |
Shares issued, Wtd. Avg. | 10,534,628 | ||
Gross share issue price, Wtd. Avg. | $ 35.75 | ||
Net share issue price, Wtd. Avg. | $ 35.38 | ||
Net proceeds,Wtd. Avg. | $ 372,341 | ||
Class A Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued | 8,625,000 | ||
Gross share issue price | $ 36 | ||
Net share issue price | $ 35.62 | ||
Net proceeds | $ 306,952 | ||
Class A Common Stock [Member] | At The Market [Member] | |||
Class of Stock [Line Items] | |||
Shares issued | 1,909,628 | ||
Gross share issue price | $ 34.63 | ||
Net share issue price | $ 34.28 | ||
Net proceeds | $ 65,389 |
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 | 9 Months Ended | |
May 31, 2013 | Sep. 30, 2019 | Sep. 30, 2018 | |
Equity [Abstract] | |||
Beginning balance | 123,664,577 | 108,081,077 | |
Issuance of class A common stock | 25,875,000 | 10,535,507 | 11,484,414 |
Issuance of restricted class A common stock, net | 317,339 | 300,921 | |
Issuance of deferred stock units | 23,428 | 23,730 | |
Ending balance | 134,540,851 | 119,890,142 |
Equity - Schedule of Movement_2
Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Parenthetical) (Detail) - Class A Common Stock [Member] - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Class of Stock [Line Items] | ||
Deferred stock units held by directors | 252,267 | 220,947 |
Common stock, shares issued under dividend reinvestment program | 879 | 1,279 |
Equity - Schedule of Dividend A
Equity - Schedule of Dividend Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Equity [Abstract] | ||||||||
Dividends declared per share of common stock | $ 0.62 | $ 0.62 | $ 0.62 | $ 0.62 | $ 0.62 | $ 0.62 | $ 1.86 | $ 1.86 |
Total dividends declared | $ 83,259 | $ 74,195 | $ 244,431 | $ 210,369 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 74,897 | $ 78,165 | $ 226,635 | $ 211,436 |
Weighted-average shares outstanding, basic and diluted | 134,536,683 | 116,203,140 | 128,485,701 | 111,251,864 |
Per share amount, basic and diluted | $ 0.56 | $ 0.67 | $ 1.76 | $ 1.90 |
Other Expenses - Additional Inf
Other Expenses - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
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 | $ 17,502 | $ 18,368 | $ 58,276 | $ 56,248 | |
Manager [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Management fees | 14,400 | 12,100 | 40,800 | 34,200 | |
Total incentive compensation payments | 3,100 | $ 6,300 | 17,400 | $ 22,000 | |
Accrued management and incentive fees payable | $ 17,500 | $ 17,500 | $ 18,600 |
Other Expenses - Schedule of Ge
Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Professional services | $ 1,177 | $ 1,022 | $ 3,616 | $ 3,383 |
Operating and other costs | 810 | 687 | 2,059 | 2,026 |
Subtotal | 1,987 | 1,709 | 5,675 | 5,409 |
Non-cash compensation expenses | ||||
Restricted class A common stock earned | 7,629 | 6,609 | 22,901 | 20,113 |
Director stock-based compensation | 125 | 125 | 375 | 375 |
Subtotal | 7,754 | 6,734 | 23,276 | 20,488 |
Total general and administrative expenses | $ 9,741 | $ 8,443 | $ 28,951 | $ 25,897 |
Other Expenses - Schedule of _2
Other Expenses - Schedule of General and Administrative Expenses (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Multifamily [Member] | Joint Venture [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Expenses related Multifamily Joint Venture. | $ 234,000 | $ 77,000 | $ 567,000 | $ 302,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 31, 2013 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
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 (benefit) | $ (721,000) | $ 48,000 | $ (573,000) | $ 272,000 | |||
Tax credit refund | 747,000 | $ 747,000 | |||||
U.S. federal corporate income tax rate | 21.00% | 35.00% | |||||
Common stock, shares issued | 25,875,000 | 10,535,507 | 11,484,414 | ||||
Net operating losses carried forward | $ 159,000,000 | ||||||
NOLs expiration date | Dec. 31, 2029 | ||||||
Open tax year | 2015 2017 2018 | ||||||
Internal Revenue Service [Member] | |||||||
Tax Credit Carryforward [Line Items] | |||||||
Net operating losses limit per annum | $ 2,000,000 | $ 2,000,000 | |||||
Net operating losses limitations | the availability of our NOLs is generally limited to $2.0 million per annum |
Stock-Based Incentive Plans - A
Stock-Based Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($)Plansshares | Dec. 31, 2018shares | Jun. 29, 2018$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of benefit plans | Plans | 9 | ||
Restricted shares, vesting period | 3 years | ||
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 | 1,220,724 | 1,614,907 | |
Unrecognized compensation cost relating to nonvested share-based compensation | $ | $ 37.2 | ||
Nonvested share-based compensation, closing price | $ / shares | $ 31.43 | ||
Unrecognized compensation cost expected to be recognized over weighted average period | 1 year | ||
Expired Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available under plan | 0 | ||
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 | 236,885 | ||
Vest in 2020 [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 | 649,043 | ||
Vest in 2021 [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 | 334,796 | ||
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 | 3,965,888 | ||
Maximum number of shares available under plan | 5,000,000 |
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] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Class A Common Stock, Beginning Balance | shares | 1,614,907 |
Restricted Class A Common Stock, Granted | shares | 334,904 |
Restricted Class A Common Stock, Vested | shares | (711,522) |
Restricted Class A Common Stock, Forfeited | shares | (17,565) |
Restricted Class A Common Stock, Ending Balance | shares | 1,220,724 |
Weighted-Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares | $ 32.94 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 31.54 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 32.08 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 31.55 |
Weighted-Average Grant Date Fair Value Per Share, Ending Balance | $ / shares | $ 33.08 |
Fair Values - Assets and Liabil
Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Derivatives | $ 25,009 | $ 9,916 |
Liabilities | ||
Derivatives | 3,992 | 2,925 |
Recurring [Member] | ||
Assets | ||
Derivatives | 25,009 | 9,916 |
Liabilities | ||
Derivatives | 3,992 | 2,925 |
Level 2 [Member] | Recurring [Member] | ||
Assets | ||
Derivatives | 25,009 | 9,916 |
Liabilities | ||
Derivatives | $ 3,992 | $ 2,925 |
Fair Values - Schedule of Detai
Fair Values - Schedule of Details of Book Value, Face Amount, and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial assets | ||
Cash and cash equivalents | $ 84,289 | $ 105,662 |
Loans receivable, net | 14,849,556 | 14,293,970 |
Debt securities held-to-maturity | 95,032 | 99,000 |
Financial liabilities | ||
Secured debt agreements, net, face amount | 8,816,566 | 8,996,481 |
Loan participations sold, net | 94,418 | |
Loan participations sold, net, face amount | 123,745 | |
Securitized debt obligations, net | 1,288,389 | 1,285,471 |
Securitized debt obligations, net,face amount | 1,292,120 | 1,292,120 |
Secured term loan, net | 498,750 | |
Book Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 84,289 | 105,662 |
Loans receivable, net | 14,755,072 | 14,191,200 |
Debt securities held-to-maturity | 92,580 | 96,167 |
Financial liabilities | ||
Secured debt agreements, net | 8,790,604 | 8,974,756 |
Loan participations sold, net | 94,418 | |
Securitized debt obligations, net | 1,288,389 | 1,285,471 |
Secured term loan, net | 490,659 | |
Convertible notes, net | 612,263 | 609,911 |
Fair Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 84,289 | 105,662 |
Loans receivable, net | 14,852,871 | 14,294,836 |
Debt securities held-to-maturity | 94,280 | 96,600 |
Financial liabilities | ||
Secured debt agreements, net | 8,816,566 | 8,996,481 |
Loan participations sold, net | 94,528 | |
Securitized debt obligations, net | 1,292,309 | 1,283,086 |
Secured term loan, net | 500,310 | |
Convertible notes, net | 653,026 | 605,348 |
Convertible Senior Note [Member] | ||
Financial liabilities | ||
Convertible notes, net, face amount | $ 622,500 | 622,500 |
Senior Participation [Member] | ||
Financial liabilities | ||
Loan participations sold, net | 94,418 | |
Loan participations sold, net, face amount | $ 94,528 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Assets and Liabilities of Consolidated CLO and Single Asset Securitization VIE (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Assets | $ 1,500,000 | $ 1,500,000 |
VIE [Member] | ||
Assets: | ||
Assets | 1,504,461 | 1,505,440 |
Liabilities: | ||
Liabilities | 1,290,191 | 1,287,626 |
VIE [Member] | Loans Receivable [Member] | ||
Assets: | ||
Assets | 1,446,375 | 1,500,000 |
VIE [Member] | Other Assets [Member] | ||
Assets: | ||
Assets | 58,086 | 5,440 |
VIE [Member] | Securitized Debt Obligations, Net [Member] | ||
Liabilities: | ||
Liabilities | 1,288,389 | 1,285,471 |
VIE [Member] | Other Liabilities [Member] | ||
Liabilities: | ||
Liabilities | $ 1,802 | $ 2,155 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||
Subordinate risk retention interest notional amount | $ 99 | ||
Loans Receivable [Member] | |||
Variable Interest Entity [Line Items] | |||
Loan contributed to securitization | 517.5 | ||
2018 Single Asset Securitization [Member] | |||
Variable Interest Entity [Line Items] | |||
Single asset securitization principal amount | $ 1,000 | $ 993.5 | $ 1,000 |
Maximum exposure to loss | $ 92.6 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Detail) € in Millions, £ in Millions | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2019USD ($)Loans | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Loans | Sep. 30, 2018USD ($) | Sep. 30, 2019EUR (€)shares | Sep. 30, 2019USD ($)shares | Jun. 30, 2019EUR (€) | Jun. 30, 2019USD ($) | Mar. 31, 2019GBP (£) | Dec. 31, 2018USD ($)shares | Jun. 30, 2018USD ($) | Mar. 31, 2018EUR (€) | Mar. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | ||||||||||||||
Common stock value | $ 1,343,000 | $ 1,234,000 | ||||||||||||
Restricted shares, vesting period | 3 years | |||||||||||||
Non-cash expenses | $ 23,276,000 | $ 20,488,000 | ||||||||||||
Number of senior notes originated | Loans | 2 | 2 | ||||||||||||
2018 Single Asset Securitization [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Fully subscribed offering costs | $ 1,000,000,000 | 1,000,000,000 | $ 993,500,000 | $ 1,000,000,000 | ||||||||||
Secured Term Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt Securities | $ 55,000,000 | |||||||||||||
percentage of total secured term loans | 11.00% | 11.00% | ||||||||||||
Restricted Class A Common Stock [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Shares held | shares | 1,220,724 | 1,220,724 | 1,614,907 | |||||||||||
Restricted shares, vesting period | 3 years | |||||||||||||
Senior Term Facility [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loan face amount | € 1,600 | € 391.3 | £ 490 | € 7,300 | ||||||||||
Senior term facility | € 125 | € 191.8 | £ 240.1 | € 1,000 | ||||||||||
Minority participation in senior term facility | 16.00% | 16.00% | 49.00% | 49.00% | 49.00% | 14.00% | 14.00% | |||||||
Senior Term Facility [Member] | Loan Purchase Commitments [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Incremental loan acquisition | $ 125,000,000 | |||||||||||||
Unaffiliated Third Party [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loan face amount | 437,400,000 | |||||||||||||
Senior term facility | $ 214,300,000 | |||||||||||||
Minority participation in senior term facility | 49.00% | 49.00% | ||||||||||||
Manager [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Management Agreement expiration date | Dec. 19, 2019 | |||||||||||||
Management Agreement renewal term, description | the current term of which expires on December 19, 2019, and will be automatically renewed for a one-year term upon such date and each anniversary thereafter unless earlier terminated. | |||||||||||||
Management Agreement renewal term, period | 1 year | |||||||||||||
Accrued management and incentive fees payable | $ 17,500,000 | $ 18,600,000 | ||||||||||||
Management fees paid to Manager | $ 21,000,000 | 22,400,000 | $ 59,400,000 | 52,200,000 | ||||||||||
Expenses reimbursed to Manager | 335,000 | 167,000 | 766,000 | 572,000 | ||||||||||
Securitized debt obligations issued, aggregate amount | 116,100,000 | 116,100,000 | ||||||||||||
Total incentive compensation payments | 3,100,000 | 6,300,000 | 17,400,000 | 22,000,000 | ||||||||||
Manager [Member] | Senior Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loan face amount | $ 330,000,000 | |||||||||||||
Manager [Member] | Unaffiliated Third Party [Member] | Senior Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loan face amount | $ 1,000,000,000 | |||||||||||||
Manager [Member] | Unaffiliated Third Party [Member] | Partially Owned Properties [Member] | Senior Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Ownership interest in joint venture | 50.00% | |||||||||||||
Manager [Member] | Class A Common Stock [Member] | Restricted Class A Common Stock [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Shares held | shares | 606,376 | 606,376 | ||||||||||||
Common stock value | $ 19,200,000 | |||||||||||||
Non-cash expenses | 3,800,000 | 3,200,000 | 11,500,000 | 9,600,000 | ||||||||||
Affiliates of Manager [Member] | Third-Party Service Provider [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Administrative services expenses incurred | $ 106,000 | $ 90,000 | $ 282,000 | $ 384,000 | ||||||||||
BXMT Advisors Limited Liability Company and Affiliates [Member] | Secured Term Loan [Member] | Manager [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Total incentive compensation payments | $ 500,000 | |||||||||||||
Blackstone-Advised Investment Vehicles, or the Funds [Member] | Senior Term Facility [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Ownership interest in joint venture | 51.00% | 51.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2019USD ($)LoansDirectors | Dec. 31, 2018USD ($) | |
Commitments And Contingencies [Line Items] | ||
Number of loans receivable | Loans | 96 | |
Number of independent directors entitled to annual compensation | Directors | 5 | |
Loans Receivable [Member] | ||
Commitments And Contingencies [Line Items] | ||
Unfunded loan commitments | $ 4,724,809,000 | $ 3,405,945,000 |
Five Independent Board of Directors [Member] | ||
Commitments And Contingencies [Line Items] | ||
Annual cash compensation | 175,000 | |
Annual cash compensation paid in the form of deferred stock units | 100,000 | |
Annual cash compensation paid in cash | 75,000 | |
Chairperson of Audit Committee [Member] | ||
Commitments And Contingencies [Line Items] | ||
Annual cash compensation | 20,000 | |
Audit Committee Members [Member] | ||
Commitments And Contingencies [Line Items] | ||
Annual cash compensation | 10,000 | |
Compensation and Corporate Governance Committees [Member] | ||
Commitments And Contingencies [Line Items] | ||
Annual cash compensation | $ 10,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Principal Debt Repayments (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Debt Instrument [Line Items] | |
Total Obligation | $ 9,937,816 |
Less Than 1 Year | 129,609 |
1 to 3 Years | 3,698,887 |
3 to 5 Years | 5,266,844 |
More Than 5 Years | 842,476 |
Secured Debt agreements[Member] | |
Debt Instrument [Line Items] | |
Total Obligation | 8,816,566 |
Less Than 1 Year | 125,859 |
1 to 3 Years | 3,286,387 |
3 to 5 Years | 5,036,844 |
More Than 5 Years | 367,476 |
Secured Term Loans [Member] | |
Debt Instrument [Line Items] | |
Total Obligation | 498,750 |
Less Than 1 Year | 3,750 |
1 to 3 Years | 10,000 |
3 to 5 Years | 10,000 |
More Than 5 Years | 475,000 |
Convertible Notes [Member] | |
Debt Instrument [Line Items] | |
Total Obligation | 622,500 |
1 to 3 Years | 402,500 |
3 to 5 Years | $ 220,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Principal Debt Repayments (Parenthetical) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Non-consolidated senior interests excluded from contractual obligations | $ 533.4 |
Securitized debt obligations excluded from contractual obligations | $ 1,300 |
Debt Instrument Amortization Percentage | 1.00% |