Equity (Tables)

6 Months Ended

Jun. 30, 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:


	Six Months Ended June 30,
Common Stock Outstanding(1)	2023	2022
Beginning balance	172,106,593	168,543,370
Issuance of class A common stock(2)	3,613	1,678,420
Issuance of restricted class A common stock, net(3)(4)	505,432	436,831
Issuance of deferred stock units	34,126	27,455
Ending balance	172,649,764	170,686,076

(1)Includes 339,702 and 391,027 deferred stock units held by members of our board of directors as of June 30, 2023 and 2022, respectively.

(2)Includes 3,613 and 3,420 shares issued under our dividend reinvestment program during the six months ended June 30, 2023 and 2022, respectively.

(3)Includes 25,482 and 13,197 restricted shares issued to our board of directors during the six months ended June 30, 2023 and 2022, respectively.

(4)Net of 4,000 shares of restricted class A common stock forfeited under our stock-based incentive plans during the six months ended June 30, 2022. No shares were forfeited during the six months ended June 30, 2023.

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,
	2023		2022		2023		2022
Dividends declared per share of common stock	$	0.62	$	0.62	$	1.24	$	1.24
Class A common stock dividends declared	$	106,832	$	105,583	$	213,648	$	211,158
Deferred stock unit dividends declared	196		229		452		455
Total dividends declared	$	107,028	$	105,812	$	214,100	$	211,613

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,
	2023		2022		2023		2022
Basic Earnings
Net income(1)	$	101,651	$	93,250	$	219,408	$	192,937
Weighted-average shares outstanding, basic	172,615,385		170,665,601		172,606,914		169,963,730
Per share amount, basic	$	0.59	$	0.55	$	1.27	$	1.14

Diluted Earnings
Net income(1)	$	101,651	$	93,250	$	219,408	$	192,937
Add back: Interest expense on Convertible Notes, net(2)(3)	3,556		5,913		7,111		8,313
Diluted earnings	$	105,207	$	99,163	$	226,519	$	201,250
Weighted-average shares outstanding, basic	172,615,385		170,665,601		172,606,914		169,963,730
Effect of dilutive securities - Convertible Notes(3)	8,271,060		14,344,204		8,271,060		10,368,611
Weighted-average common shares outstanding, diluted	180,886,445		185,009,805		180,877,974		180,332,341
Per share amount, diluted	$	0.58	$	0.54	$	1.25	$	1.12

(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, 2023, represents 8.3 million of weighted average shares, using the if-converted method, related to our March 2022 Convertible Notes. For the three and six 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. Our March 2018 Convertible Notes were repaid during the six months ended June 30, 2023. Refer to Note 11 for additional discussion on our Convertible Notes.