Equity (Tables)

3 Months Ended

Mar. 31, 2023

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)	2023	2022
Beginning balance	172,106,593	168,543,370
Issuance of class A common stock(2)	1,377	1,675,639
Issuance of restricted class A common stock	481,724	427,634
Issuance of deferred stock units	10,903	7,063
Ending balance	172,600,597	170,653,706

(1)Includes 316,479 and 370,635 deferred stock units held by members of our board of directors as of March 31, 2023 and 2022, respectively.

(2)Includes 1,377 and 639 shares issued under our dividend reinvestment program during the three months ended March 31, 2023 and 2022, respectively.

Schedule of Dividend Activity

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


	Three Months Ended March 31,
	2023		2022
Dividends declared per share of common stock	$	0.62	$	0.62
Class A common stock dividends declared	$	106,816	$	105,576
Deferred stock unit dividends declared	256		225
Total dividends declared	$	107,072	$	105,801

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,
	2023		2022
Basic Earnings
Net income(1)	$	117,757	$	99,687
Weighted-average shares outstanding, basic	172,598,349		169,254,059
Per share amount, basic	$	0.68	$	0.59

Diluted Earnings
Net income(1)	$	117,757	$	99,687
Add back: Interest expense on Convertible Notes, net(2)(3)	3,556		2,400
Diluted earnings	$	121,313	$	102,087
Weighted-average shares outstanding, basic	172,598,349		169,254,059
Effect of dilutive securities - Convertible Notes(3)	8,271,060		6,348,846
Weighted-average common shares outstanding, diluted	180,869,409		175,602,905
Per share amount, diluted	$	0.67	$	0.58

(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, 2023, represents 8.3 million of weighted average shares, using the if-converted method, related to our March 2022 Convertible Notes. 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 March 2018 Convertible Notes were repaid during the three months ended March 31, 2023. Refer to Note 11 for additional discussion on our Convertible Notes.