Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Summary of Class A Common Stock Issuances

The following table details our issuance of class A common stock during the six months ended June 30, 2022 ($ in thousands, except share and per share data):

	Class A Common Stock Offerings
	June 30, 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:

	Six Months Ended June 30,
Common Stock Outstanding(1)	2022	2021
Beginning balance	168,543,370	147,086,722
Issuance of class A common stock(2)(3)	1,678,420	949
Issuance of restricted class A common stock, net(4)	436,831	234,838
Issuance of deferred stock units	27,455	21,374
Ending balance	170,686,076	147,343,883

(1)Includes 391,027 and 328,065 deferred stock units held by members of our board of directors as of June 30, 2022 and 2021, respectively.

(2)Includes 3,420 and 949 shares issued under our dividend reinvestment program during the six months ended June 30, 2022 and 2021, respectively.

(3)Includes 13,197 restricted shares issued to our board of directors during the six months ended June 30, 2022.

(4)Net of 4,000 and 28,971 shares of restricted class A common stock forfeited under our stock-based incentive plans during the six months ended June 30, 2022 and 2021, respectively. 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Dividends declared per share of common stock	$	0.62	$	0.62	$	1.24	$	1.24
Class A common stock dividends declared	$	105,583	$	91,150	$	211,158	$	182,309
Deferred stock unit dividends declared	229		197		455		387
Total dividends declared	$	105,812	$	91,347	$	211,613	$	182,696

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Basic Earnings:
Net income(1)	$	93,250	$	131,595	$	192,937	$	211,497
Weighted-average shares outstanding, basic	170,665,601		147,342,822		169,963,730		147,339,895
Per share amount, basic	$	0.55	$	0.89	$	1.14	$	1.44
Diluted Earnings:
Net income(1)	$	93,250	$	131,595	$	192,937	$	211,497
Add back: Interest expense on Convertible Notes, net(2)(3)	5,913		—		8,313		—
Diluted earnings	$	99,163	$	131,595	$	201,250	$	211,497
Weighted-average shares outstanding, basic	170,665,601		147,342,822		169,963,730		147,339,895
Effect of dilutive securities - Convertible Notes(3)(4)	14,344,204		—		10,368,611		—
Weighted-average common shares outstanding, diluted	185,009,805		147,342,822		180,332,341		147,339,895
Per share amount, diluted	$	0.54	$	0.89	$	1.12	$	1.44

(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 and six months ended June 30, 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 June 30, 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. For the six months ended June 30, 2022, represents 4.3 million and 6.1 million of weighted-average shares, using the in-converted method, related to our March 2022 convertible notes, which were issued on March 29, 2022, and our March 2018 convertible notes, respectively. Our May 2017 convertible notes were elected to be settled in cash and were repaid during the six months ended June 30, 2022. Therefore, the May 2017 convertible notes do not have any impact on our diluted earnings per share.