Blackstone Mortgage Trust, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Blackstone Mortgage Trust, Inc. has filed its 2023 10-K annual report.</b>

AI Summary

BLACKSTONE MORTGAGE TRUST, INC. (BXMT) filed a Annual Report (10-K) with the SEC on February 14, 2024. Filed 10-K for the fiscal year ended December 31, 2023. Company name: Blackstone Mortgage Trust, Inc. Standard Industrial Classification: Real Estate Investment Trusts [6798]. IRS Number: 946181186. Incorporated in Maryland.

Why It Matters

For investors and stakeholders tracking BLACKSTONE MORTGAGE TRUST, INC., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operations for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — BLACKSTONE MORTGAGE TRUST, INC. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains detailed financial information and risk factors, necessitating careful review to identify specific material risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Blackstone Mortgage Trust's performance and outlook for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-14 — Filing Date (Date of submission)
• 946181186 — IRS Number (Company identifier)

Key Players & Entities

• BLACKSTONE MORTGAGE TRUST, INC. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-14 (date) — Filing date
• 345 PARK AVENUE (address) — Business address
• NEW YORK (location) — Business address city
• NY (location) — Business address state
• CAPITAL TRUST INC (company) — Former company name
• 19980512 (date) — Date of name change

FAQ

Industry Context

Blackstone Mortgage Trust, Inc. operates within the Real Estate Investment Trusts (REITs) sector, focusing on originating and investing in commercial real estate debt. REITs are companies that own, operate, or finance income-generating real estate.

Regulatory Implications

As a publicly traded company, Blackstone Mortgage Trust, Inc. is subject to SEC regulations, including the requirement to file annual reports (10-K) detailing its financial condition and operations.

What Investors Should Do

1. Analyze the financial statements and disclosures in the 10-K for detailed revenue, expenses, and asset/liability information.
2. Review the risk factors section to understand potential challenges and uncertainties facing the company.
3. Compare key financial metrics from this 10-K with previous filings to identify trends and changes in performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-14: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Further analysis will be required to compare it with previous filings.

Key Financial Figures

• $0.01 — stered Class A common stock, par value $0.01 per share BXMT New York Stock Exchange
• $1.0 — d total assets under management of over $1.0 trillion as of December 31, 2023. Our
• $336.9 billion — minent global real estate business with $336.9 billion of investor capital under management as
• $84.2 billion — based in London and Australia, managed $84.2 billion of investor capital. 3 Our chief exe
• $1.6 b — ecember 31, 2023, loan fundings totaled $1.6 billion, with loan repayments and sales o
• $3.8 b — lion, with loan repayments and sales of $3.8 billion, for net repayments of $2.2 billi
• $2.2 billion — of $3.8 billion, for net repayments of $2.2 billion. 4 The following table details over
• $23.9 billion — ith an outstanding principal balance of $23.9 billion that are included in our consolidated f
• $1.1 billion — consolidated financial statements, (ii) $1.1 billion of non-consolidated senior interests in
• $100.9 million — inancial statements, and excludes (iii) $100.9 million of junior loan interests that we have s
• $289.4 million — atements. We have retained an aggregate $289.4 million of subordinate mezzanine loans, as of D
• $381.2 million — n cases to an expiration date. Excludes $381.2 million of unfunded loan commitments related to
• $229.9 million — entered into with a notional amount of $229.9 million that effectively converts certain of ou
• $1.0 billion — non-consolidated senior interests, (ii) $1.0 billion of asset-specific debt, (iii) $236.8 mi
• $236.8 million — 0 billion of asset-specific debt, (iii) $236.8 million of senior loan participations sold, (iv

Filing Documents

• bxmt-20231231.htm (10-K) — 4499KB
• exhibit1011.htm (EX-10.11) — 19KB
• exhibit1064.htm (EX-10.64) — 54KB
• exhibit211.htm (EX-21.1) — 118KB
• exhibit231.htm (EX-23.1) — 2KB
• exhibit311.htm (EX-31.1) — 8KB
• exhibit312.htm (EX-31.2) — 8KB
• exhibit321.htm (EX-32.1) — 5KB
• exhibit322.htm (EX-32.2) — 5KB
• exhibit971.htm (EX-97.1) — 34KB
• exhibit991.htm (EX-99.1) — 10KB
• bxmt-20231231_g1.gif (GRAPHIC) — 7KB
• bxmt-20231231_g2.jpg (GRAPHIC) — 92KB
• bxmt-20231231_g3.jpg (GRAPHIC) — 55KB
• bxmt-20231231_g4.jpg (GRAPHIC) — 56KB
• bxmt-20231231_g5.jpg (GRAPHIC) — 65KB
• 0001061630-24-000029.txt (&nbsp;) — 19658KB
• bxmt-20231231.xsd (EX-101.SCH) — 126KB
• bxmt-20231231_cal.xml (EX-101.CAL) — 89KB
• bxmt-20231231_def.xml (EX-101.DEF) — 651KB
• bxmt-20231231_lab.xml (EX-101.LAB) — 1103KB
• bxmt-20231231_pre.xml (EX-101.PRE) — 870KB
• bxmt-20231231_htm.xml (XML) — 3545KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 10 ITEM 1B. UNRESOLVED STAFF COMMENTS 58

C

ITEM 1 C . CYBERSECURITY 59 ITEM 2.

PROPERTIES

PROPERTIES 60 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 60 ITEM 4. MINE SAFETY DISCLOSURES 60 PART II. ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 61

[Reserved]

ITEM 6. [Reserved] 61 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 62 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 93 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 95 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 96 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 96 ITEM 9B. OTHER INFORMATION 97 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 97 PART III. ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 98 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 98 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 98 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 98 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 98 PART IV. ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 99 ITEM 16. FORM 10-K SUMMARY 108

SIGNATURES

SIGNATURES 109 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES F- 1 Forward-Looking Information; Risk Factor Summary This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and portfolio management and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "estimate," "expect," "project," "projections," "plans," "seeks," "anticipates," "will," "should," "could," "may," "designed to," "foreseeable future," "believe," "scheduled" and similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. We assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Our actual results may differ significantly from any results expressed or implied by these forward-looking statements. A summary of the principal risk factors that make investing in our securities risky and might cause our actual results to differ is set forth below. The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. This summary should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth in the section entitled "Risk Factors" in this report. Fluctuations in interest rat

BUSINESS

ITEM 1. BUSINESS References herein to "Blackstone Mortgage Trust," "company," "we," "us," or "our" refer to Blackstone Mortgage Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise. Our Company 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 portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, including borrowing under our credit facilities, issuing CLOs or single-asset securitizations, and corporate financing, depending on our view of the most prudent financing option available for each of our investments. We are not in the business of buying or trading securities, and the only securities we own are the retained interests from our securitization financing transactions, which we have not financed. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone 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, 24th Floor, New York, New York 10154. 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. We are organized as a holding company and conduct our business primarily through our various subsidiaries. We operate our busi