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Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Equity EQUITY
Stock and Stock Equivalents
Authorized Capital
As of September 30, 2023, we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and preferred stock. We did not have any shares of preferred stock issued and outstanding as of September 30, 2023 and December 31, 2022.
Class A Common Stock and Deferred Stock Units
Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of the holders of shares of outstanding preferred stock, if any.
We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 16 for additional discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid to holders of shares of class A common stock.
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)
20232022
Beginning balance172,106,593168,543,370
Issuance of class A common stock(2)
5,0792,308,889
Issuance of restricted class A common stock, net(3)(4)
489,955407,581
Issuance of deferred stock units43,65635,940
Ending balance172,645,283171,295,780
(1)Includes 349,232 and 399,512 deferred stock units held by members of our board of directors as of September 30, 2023 and 2022, respectively.
(2)Includes 5,079 and 5,420 shares issued under our dividend reinvestment program during the nine months ended September 30, 2023 and 2022, respectively.
(3)Includes 25,482 and 13,197 restricted shares issued to our board of directors during the nine months ended September 30, 2023 and 2022, respectively.
(4)Net of 15,477 and 33,250 shares of restricted class A common stock forfeited under our stock-based incentive plans during the nine months ended September 30, 2023 and 2022, respectively.
Dividend Reinvestment and Direct Stock Purchase Plan
We have adopted a dividend reinvestment and direct stock purchase plan under which we registered and reserved for issuance, in the aggregate, 10,000,000 shares of class A common stock. Under the dividend reinvestment component of this plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to our approval, to purchase shares of class A common stock directly from us. During the nine months ended September 30, 2023 and 2022, we issued 5,079 shares and 5,420 shares, respectively, of class A common stock under the dividend reinvestment component of the plan. As of September 30, 2023, a total of 9,976,469 shares of class A common stock remained available for issuance under the dividend reinvestment and direct stock purchase plan.
At the Market Stock Offering Program
As of September 30, 2023, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. Sales of class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the nine months ended September 30, 2023, we did not issue any shares of our class A common stock under ATM Agreements. During the nine months ended September 30, 2022, we issued and sold 2,303,469 shares of class A common stock under ATM Agreements, generating net proceeds totaling $70.7 million. As of September 30, 2023, sales of our class A common stock with an aggregate sales price of $480.9 million remained available for issuance under our ATM Agreements.
Dividends
We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors as our board of directors deems relevant.
On September 15, 2023, we declared a dividend of $0.62 per share, or $106.8 million in aggregate, that was paid on October 13, 2023 to stockholders of record as of September 29, 2023. 
The following table details our dividend activity ($ in thousands, except per share data):
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Dividends declared per share of common stock$0.62$0.62 $1.86$1.86
Class A common stock dividends declared$106,824$105,956 $320,471$317,114
Deferred stock unit dividends declared209241662698
Total dividends declared$107,033$106,197 $321,133$317,812
Earnings Per Share
We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted shares have the same rights as our other shares of class A common stock, including participating in any dividends, and therefore have been included in our basic and diluted net income per share calculation. The shares issuable under our Convertible Notes are included in dilutive earnings per share using the if-converted method. 
The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):
 Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Basic Earnings
Net income(1)
$29,524 $103,246 $248,932 $296,183 
Weighted-average shares outstanding, basic172,648,118170,971,874172,620,799170,303,470
Per share amount, basic$0.17 $0.60 $1.44 $1.74 
Diluted Earnings
Net income(1)
$29,524 $103,246 $248,932 $296,183 
Add back: Interest expense on Convertible Notes, net(2)(3)
— 5,905 10,667 14,218 
Diluted earnings$29,524 $109,151 $259,599 $310,401 
Weighted-average shares outstanding, basic172,648,118170,971,874172,620,799170,303,470
Effect of dilutive securities - Convertible Notes(3)
— 14,344,204 8,271,060 11,708,372 
Weighted-average common shares outstanding, diluted172,648,118185,316,078180,891,859182,011,842
Per share amount, diluted$0.17 $0.59 $1.44 $1.71 
(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 September 30, 2023, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. For the nine months ended September 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 nine 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. Our March 2018 convertible notes were repaid during the nine months ended September 30, 2023. Refer to Note 11 for additional discussion on our Convertible Notes.
Other Balance Sheet Items
Accumulated Other Comprehensive Income
As of September 30, 2023, total accumulated other comprehensive income was $10.6 million, primarily representing $281.8 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $271.2 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. As of December 31, 2022, total accumulated other comprehensive income was $10.0 million, primarily representing $259.8 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $249.8 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies.
Non-Controlling Interests
The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint Venture. As of September 30, 2023, our Multifamily Joint Venture’s total equity was $151.0 million, of which $128.3 million was owned by us, and $22.7 million was allocated to non-controlling interests. As of December 31, 2022, our Multifamily Joint Venture’s total equity was $169.4 million, of which $144.0 million was owned by us, and $25.4 million was allocated to non-controlling interests.