BLACKSTONE MORTGAGE TRUST INC
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
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Schedule IV – Mortgage Loans on Real Estate
As of December 31, 2023
| Type of Loan/Borrower · Description / Location · Interest Payment Rates(2) · Maximum Maturity Date(3) · Periodic Payment Terms(4) · Prior Liens(5) · Face Amount of Loans · Carrying Amount of Loans(6) · Principal Amount of Loans Subject to Delinquent Principal or Interest | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Senior Mortgage Loans(1) | ||||||||||||
| Senior loans in excess of 3% of the carrying amount of total loans | ||||||||||||
| Borrower A | Office / New York | + 4.29% | 2025 | I/O | $— | $1,156,396 | $1,154,771 | $— | ||||
| Borrower B | Mixed-Use / Ireland | + 3.03% | 2024 | I/O | — | 999,907 | 995,570 | — | ||||
| Borrower C | Hospitality / Australia | + 4.75% | 2029 | I/O | — | 901,228 | 894,599 | — | ||||
| Senior loans less than 3% of the carrying amount of total loans | ||||||||||||
| Senior Mortgage Loans | Office / Diversified | -1.30% – 10.50% | 2024 – 2028 | I/O | — | 6,507,693 | 6,455,942 | — | ||||
| Senior Mortgage Loans | Multifamily / Diversified | +1.71% – 5.45%Fixed 1.50% | 2024 – 2029 | I/O & P/I | — | 5,882,506 | 5,859,896 | — | ||||
| Senior Mortgage Loans | Hospitality / Diversified | +2.31% – 6.07%Fixed 7.90% | 2024 – 2027 | I/O & P/I | — | 3,230,471 | 3,205,185 | — | ||||
| Senior Mortgage Loans | Mixed-Use / Diversified | +2.76% – 4.60% | 2024 – 2029 | I/O | — | 1,864,832 | 1,855,982 | 140,000 | ||||
| Senior Mortgage Loans | Industrial / Diversified | +2.71% – 4.60% | 2025 – 2027 | I/O & P/I | — | 1,647,704 | 1,637,876 | — | ||||
| Senior Mortgage Loans | Other / Diversified | +3.25% – 5.04% | 2024 – 2028 | I/O | — | 641,703 | 640,913 | — | ||||
| Senior Mortgage Loans | Retail / Diversified | +2.36% – 3.33% | 2024 – 2027 | I/O & P/I | — | 458,495 | 456,993 | — | ||||
| Senior Mortgage Loans | Life Sciences/Studio / Diversified | +2.87% – 4.50% | 2024 – 2027 | I/O | — | 343,430 | 341,918 | — | ||||
| — | 20,576,834 | 20,454,705 | 140,000 | |||||||||
| Total senior mortgage loans | $— | $23,634,365 | $23,499,645 | $140,000 | ||||||||
| Subordinate Loans(7) | ||||||||||||
| Subordinate loans less than 3% of the carrying amount of total loans | ||||||||||||
| Subordinate loans | Various / Diversified | +3.22% – 4.50% | 2025 – 2028 | I/O | 1,148,233 | 289,354 | 287,367 | — | ||||
| Total subordinate loans | $1,148,233 | $289,354 | $287,367 | $140,000 | ||||||||
| Total loans | $1,148,233 | $23,923,719 | $23,787,012 | $140,000 | ||||||||
| CECL reserve(8) | (576,936) | |||||||||||
| Total loans, net | $23,210,076 | |||||||||||
(1)Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans.
(2)The interest payment rates are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices, as applicable to each loan.
(3)Maximum maturity date assumes all extension options are exercised.
(4)I/O = interest only, P/I = principal and interest.
(5)Represents only third party liens.
(6)The tax basis of the loans included above is $23.5 billion as of December 31, 2023.
(7)We have previously originated a whole loan and sold a senior mortgage interest to a third-party, resulting in these subordinate interests in mortgages and mezzanine loans.
(8)As of December 31, 2023, we had a total loans receivable CECL reserve of $576.9 million, of which $417.7 million is specifically related to 13 of our loans receivable with an aggregate amortized cost basis of $1.9 billion as of December 31, 2023. These CECL reserves reflect certain impaired loans in our portfolio, as well as an additional increase in our CECL reserves due to macroeconomic conditions. Refer to Note 3 for additional information on our CECL reserves.
Notes to Schedule IV
As of December 31, 2023
- Reconciliation of Mortgage Loans on Real Estate:
The following table reconciles mortgage loans on real estate for the years ended:
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Balance at January 1, | $25,017,880 | $22,003,017 | $16,572,715 |
| Additions during period: | |||
| Loan fundings | 1,344,130 | 6,810,218 | 12,550,463 |
| Payment-in-kind interest, net of interest received | 2,865 | — | — |
| Amortization of fees and other items | 78,428 | 80,632 | 68,267 |
| Deductions during period: | |||
| Loan repayments, sales, and cost-recovery proceeds | (2,924,401) | (3,168,155) | (6,733,105) |
| Principal charge-offs | — | — | (14,427) |
| Unrealized gain (loss) on foreign currency translation | 286,102 | (632,902) | (297,894) |
| Deferred fees and other items | (17,992) | (74,930) | (143,002) |
| Balance at December 31, | $23,787,012 | $25,017,880 | $22,003,017 |
| CECL reserve | (576,936) | (326,137) | (124,679) |
| Net balance at December 31, | $23,210,076 | $24,691,743 | $21,878,338 |
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