Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Summary of Class A Common Stock Issuances

The following table details our issuance of class A common stock during the three months ended March 31, 2022 ($ in thousands, except share and per share data):

	Class A Common Stock Offerings
	March 31, 2022
Shares issued(1)	1,675,000
Gross / net issue price per share(2)	$31.55 / $31.23
Net proceeds(3)	$	52,155

(1)Issuance represents shares issued under our at-the-market program.

(2)Represents the gross price per share issued, as well as the net proceeds per share after underwriting or sales discounts and commissions.

(3)Net proceeds represent 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:

	Three Months Ended March 31,
Common Stock Outstanding(1)	2022	2021
Beginning balance	168,543,370	147,086,722
Issuance of class A common stock(2)	1,675,639	515
Issuance of restricted class A common stock, net(3)	427,634	250,536
Issuance of deferred stock units	7,063	11,437
Ending balance	170,653,706	147,349,210

(1)Includes 370,635 and 318,128 deferred stock units held by members of our board of directors as of March 31, 2022 and 2021, respectively.

(2)Includes 639 and 515 shares issued under our dividend reinvestment program during the three months ended March 31, 2022 and 2021, respectively.

(3)Net of 13,273 shares of restricted class A common stock forfeited under our stock-based incentive plans during the three months ended March 31, 2021. No shares of restricted class A common stock were forfeited under our stock-based incentive plan during the three months ended March 31, 2022. See Note 16 for further discussion of our stock-based incentive plans.

Schedule of Dividend Activity

The following table details our dividend activity ($ in thousands, except per share data):

	Three Months Ended March 31,
	2022		2021
Dividends declared per share of common stock	$	0.62	$	0.62
Class A common stock dividends declared	$	105,576	$	91,159
Deferred stock unit dividends declared	225		190
Total dividends declared	$	105,801	$	91,349

Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding

The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):

	Three Months Ended March 31,
	2022		2021
Basic Earnings:
Net income(1)	$	99,687	$	79,902
Weighted-average shares outstanding, basic	169,254,059		147,336,936
Per share amount, basic	$	0.59	$	0.54
Diluted Earnings:
Net income(1)	$	99,687	$	79,902
Add back: Interest expense on Convertible Notes, net(2)(3)	2,400		—
Diluted earnings	$	102,087	$	79,902
Weighted-average shares outstanding, basic	169,254,059		147,336,936
Effect of dilutive securities - Convertible Notes(3)(4)	6,348,846		—
Weighted-average common shares outstanding, diluted	175,602,905		147,336,936
Per share amount, diluted	$	0.58	$	0.54

(1)Represents net income attributable to Blackstone Mortgage Trust.

(2)Represents the interest expense on our convertible notes, net of incentive fees.

(3)For the three months ended March 31, 2021, prior to the adoption of ASU 2020-06, our convertible notes were not assessed for dilution as we had the intent and ability to settle the convertible notes in cash. Refer to Note 2 and Note 11 for further discussion of ASU 2020-06 and our convertible notes, respectively.

(4)For the three months ended March 31, 2022, represents 8.3 million and 6.1 million of weighted-average shares, using the if-converted method, related to our March 2022 and March 2018 Convertible Notes, respectively. Our May 2017 convertible notes are in the final conversion period, as defined in the supplemental indenture, and we have elected to settle the notes in cash. Therefore, the May 2017 convertible notes do not have any impact on our diluted earnings per share.