UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
- QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021
OR
- TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM | TO |
Commission File Number: 001-14788
Blackstone Mortgage Trust, Inc.
(Exact name of Registrant as specified in its charter)
Maryland | 94-6181186 | |||||
(State or other jurisdiction of | (I.R.S. Employer | |||||
incorporation or organization) | 345 Park Avenue, 24th Floor | Identification No.) | ||||
New York, New York 10154 | ||||||
(Address of principal executive offices)(Zip Code) | ||||||
(212) 655-0220 | ||||||
(Registrant's telephone number, including area code) | ||||||
N/A | ||||||
(Former name, former address and former fiscal year, if changed since last report) | ||||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||
Title of each class | Trading | Name of each exchange | ||||
symbol(s) | on which registered | |||||
Class A common stock, par value $0.01 per | BXMT | New York Stock Exchange | ||||
share |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past | |
90 days. Yes ☒ | No ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation | |
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ | No ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of the registrant's shares of class A common stock, par value $0.01 per share, outstanding as of October 20, 2021 was 157,080,951.
TABLE OF CONTENTS | ||
PART I. | FINANCIAL INFORMATION | |
ITEM 1. | FINANCIAL STATEMENTS | 3 |
Consolidated Financial Statements (Unaudited): | ||
Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 | 3 | |
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020 | 4 | |
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and | ||
2020 | 5 | |
Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2021 and 2020, June 30, 2021 | ||
and 2020, and September 30, 2021 and 2020 | 6 | |
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 | 8 | |
Notes to Consolidated Financial Statements | 10 | |
ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF | |
OPERATIONS | 51 | |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 80 |
ITEM 4. | CONTROLS AND PROCEDURES | 83 |
PART II. | OTHER INFORMATION | |
ITEM 1. | LEGAL PROCEEDINGS | 84 |
ITEM 1A. | RISK FACTORS | 84 |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 84 |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES | 84 |
ITEM 4. | MINE SAFETY DISCLOSURES | 84 |
ITEM 5. | OTHER INFORMATION | 84 |
ITEM 6. | EXHIBITS | 85 |
SIGNATURES | 86 |
TABLE OF CONTENTS
Website Disclosure
We use our website (www.blackstonemortgagetrust.com) as a channel of distribution of company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases, Securities and Exchange Commission, or SEC, filings and public conference calls, and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone Mortgage Trust when you enroll your email address by visiting the "Contact Us & E-mail Alerts" section of our website at http://ir.blackstonemortgagetrust.com. The contents of our website and any alerts are not, however, a part of this report.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Blackstone Mortgage Trust, Inc.
Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 211,180 | $ | 289,970 | ||||
Loans receivable | 20,406,466 | 16,572,715 | ||||||
Current expected credit loss reserve | (130,388) | (173,549) | ||||||
Loans receivable, net | 20,276,078 | 16,399,166 | ||||||
Other assets | 218,614 | 269,819 | ||||||
Total Assets | $ | 20,705,872 | $ | 16,958,955 | ||||
Liabilities and Equity | ||||||||
Secured debt, net | $ | 11,170,330 | $ | 7,880,536 | ||||
Securitized debt obligations, net | 2,836,049 | 2,922,499 | ||||||
Asset-specific debt, net | 320,895 | 391,269 | ||||||
Term loans, net | 1,329,637 | 1,041,704 | ||||||
Convertible notes, net | 618,985 | 616,389 | ||||||
Other liabilities | 159,424 | 202,327 | ||||||
Total Liabilities | 16,435,320 | 13,054,724 | ||||||
Commitments and contingencies | - | - | ||||||
Equity | ||||||||
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 157,015,689 and 146,780,031 shares issued | ||||||||
and outstanding as of September 30, 2021 and December 31, 2020, respectively | 1,570 | 1,468 | ||||||
Additional paid-in capital | 5,039,384 | 4,702,713 | ||||||
Accumulated other comprehensive income | 9,874 | 11,170 | ||||||
Accumulated deficit | (814,278) | (829,284) | ||||||
Total Blackstone Mortgage Trust, Inc. stockholders' equity | 4,236,550 | 3,886,067 | ||||||
Non-controlling interests | 34,002 | 18,164 | ||||||
Total Equity | 4,270,552 | 3,904,231 | ||||||
Total Liabilities and Equity | $ | 20,705,872 | $ | 16,958,955 | ||||
Note: The consolidated balance sheets as of September 30, 2021 and December 31, 2020 include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of each respective VIE, and liabilities of consolidated VIEs for which creditors do not have recourse to Blackstone Mortgage Trust, Inc. As of September 30, 2021 and December 31, 2020, assets of the consolidated VIEs totaled $3.5 billion and $3.6 billion, respectively, and liabilities of the consolidated VIEs totaled $2.8 billion and $2.9 billion, respectively. Refer to Note 16 for additional discussion of the VIEs.
See accompanying notes to consolidated financial statements.
3
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data)
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Income from loans and other investments | ||||||||||||||
Interest and related income | $ | 200,114 | $ | 193,939 | $ | 583,941 | $ | 590,797 | ||||||
Less: Interest and related expenses | 82,690 | 78,978 | 243,413 | 268,070 | ||||||||||
Income from loans and other investments, net | 117,424 | 114,961 | 340,528 | 322,727 | ||||||||||
Other expenses | ||||||||||||||
Management and incentive fees | 19,342 | 18,985 | 60,094 | 58,758 | ||||||||||
General and administrative expenses | 10,841 | 11,242 | 32,108 | 34,320 | ||||||||||
Total other expenses | ||||||||||||||
30,183 | 30,227 | 92,202 | 93,078 | |||||||||||
(Increase) decrease in current expected credit loss reserve | (2,767) | 6,055 | 49,432 | (173,466) | ||||||||||
Income before income taxes | ||||||||||||||
84,474 | 90,789 | 297,758 | 56,183 | |||||||||||
Income tax provision | 70 | 20 | 346 | 192 | ||||||||||
Net income | ||||||||||||||
84,404 | 90,769 | 297,412 | 55,991 | |||||||||||
Net income attributable to non-controlling interests | (647) | (909) | (2,158) | (1,937) | ||||||||||
Net income attributable to Blackstone Mortgage Trust, Inc. | ||||||||||||||
$ | 83,757 | $ | 89,860 | $ | 295,254 | $ | 54,054 | |||||||
Net income per share of common stock basic and diluted | $ | 0.56 | $ | 0.61 | $ | 2.00 | $ | 0.39 | ||||||
Weighted-average shares of common stock outstanding, | ||||||||||||||
basic and diluted | 149,214,819 | 146,484,651 | 147,971,737 | 140,157,620 | ||||||||||
See accompanying notes to consolidated financial statements.
4
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Blackstone Mortgage Trust Inc. published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 11:07:15 UTC.