Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Summary of Class A Common Stock Issuances

The following table details our issuance of class A common stock during the years ended December 31, 2022, 2021 and 2020 ($ in thousands, except per share data):

	Class A Common Stock Offerings
	2022(1)	2021(2)		2020(3)
Shares issued	2,303,469	20,361,408		10,840,696
Gross / net issue price per share(4)	31.23 / 30.92	31.64 / 31.37		27.79 / 27.52
Net proceeds(5)	$70,651	$	638,005	$	297,599

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

(2)Issuance includes 296,901 shares issued under our at-the-market program, with a weighted-average gross share issue price of $33.67.

(3)Includes 840,696 shares issued to our Manager in satisfaction of the management and incentive fees accrued in the first quarter of 2020, with a share issue price of $22.93. The per share price was calculated based on the volume-weighted average price on the NYSE of our class A common stock over the five trading days following our April 29, 2020 first quarter 2020 earnings conference call.

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

(5)Net proceeds represent proceeds received from the underwriters less applicable transaction costs. For the year ended December 31, 2020, includes $19.3 million of net proceeds related to 840,696 shares issued to our Manager in satisfaction of the management and incentives fees accrued in the first quarter of 2020.

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:

	Year Ended December 31,
Common Stock Outstanding(1)	2022	2021	2020
Beginning balance	168,543,370	147,086,722	135,263,728
Issuance of class A common stock(2)	2,311,711	20,363,592	10,842,746
Issuance of restricted class A common stock, net(3)(4)	1,204,476	1,036,175	933,623
Issuance of deferred stock units	47,036	56,881	46,625
Ending balance	172,106,593	168,543,370	147,086,722

(1)Includes 410,608, 363,572 and 306,691 deferred stock units held by members of our board of directors as of December 31, 2022, 2021, and 2020, respectively.

(2)Includes 8,242, 2,184, and 2,050 shares issued under our dividend reinvestment program during the years ended December 31, 2022, 2021, and 2020, respectively.

(3)Includes 13,197 restricted shares issued to our board of directors during the year ended December 31, 2022.

(4)Net of 39,655 shares, 29,580 shares, and 879 shares of restricted class A common stock forfeited under our stock-based incentive plans during the years ended December 31, 2022, 2021, and 2020, 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):

	Year Ended December 31,
	2022			2021			2020
Dividends declared per share of common stock	$	2.48		$	2.48		$	2.48
Percent taxable as ordinary dividends	100.00		%	100.00		%	100.00		%
Percent taxable as capital gain dividends	—		%	—		%	—		%
	100.00		%	100.00		%	100.00		%

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):

	Year Ended December 31,
	2022		2021		2020
Net income(1)	$	248,642	$	419,193	$	137,670
Weighted-average shares outstanding, basic and diluted(2)	170,631,410		151,521,941		141,795,977
Per share amount, basic and diluted(2)	$	1.46	$	2.77	$	0.97

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

(2)For the year ended December 31, 2022, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. Our Convertible Notes could dilute earnings per share in future periods. For the years ended December 31, 2021 and 2020, 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.