Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Summary of Class A Common Stock Issuances

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

	Class A Common Stock Offerings
	September 30, 2022
Shares issued(1)	2,303,469
Gross / net issue price per share(2)	$31.23 / $30.92
Net proceeds(3)	$70,651

(1)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:

	Nine Months Ended September 30,
Common Stock Outstanding(1)	2022	2021
Beginning balance	168,543,370	147,086,722
Issuance of class A common stock(2)	2,308,889	10,001,429
Issuance of restricted class A common stock, net(3)(4)	407,581	234,229
Issuance of deferred stock units	35,940	50,009
Ending balance	171,295,780	157,372,389

(1)Includes 399,512 and 356,700 deferred stock units held by members of our board of directors as of September 30, 2022 and 2021, respectively.

(2)Includes 5,420 and 1,429 shares issued under our dividend reinvestment program during the nine months ended September 30, 2022 and 2021, respectively.

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

(4)Net of 33,250 and 29,580 shares of restricted class A common stock forfeited under our stock-based incentive plans during the nine months ended September 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Dividends declared per share of common stock	$	0.62	$	0.62	$	1.86	$	1.86
Class A common stock dividends declared	$	105,956	$	97,350	$	317,114	$	279,659
Deferred stock unit dividends declared	241		202		698		591
Total dividends declared	$	106,197	$	97,552	$	317,812	$	280,250

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Basic Earnings
Net income(1)	$	103,246	$	83,757	$	296,183	$	295,254
Weighted-average shares outstanding, basic	170,971,874		149,214,819		170,303,470		147,971,737
Per share amount, basic	$	0.60	$	0.56	$	1.74	$	2.00
Diluted Earnings
Net income(1)	$	103,246	$	83,757	$	296,183	$	295,254
Add back: Interest expense on Convertible Notes, net(2)(3)	5,905		—		14,218		—
Diluted earnings	$	109,151	$	83,757	$	310,401	$	295,254
Weighted-average shares outstanding, basic	170,971,874		149,214,819		170,303,470		147,971,737
Effect of dilutive securities - Convertible Notes(3)(4)	14,344,204		—		11,708,372		—
Weighted-average common shares outstanding, diluted	185,316,078		149,214,819		182,011,842		147,971,737
Per share amount, diluted	$	0.59	$	0.56	$	1.71	$	2.00

(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 nine months ended September 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 September 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 nine months ended September 30, 2022, represents 5.6 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 nine months ended September 30, 2022. Therefore, the May 2017 convertible notes do not have any impact on our diluted earnings per share.