Equity (Tables)

9 Months Ended

Sep. 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:


	Nine Months Ended September 30,
Common Stock Outstanding(1)	2023	2022
Beginning balance	172,106,593	168,543,370
Issuance of class A common stock(2)	5,079	2,308,889
Issuance of restricted class A common stock, net(3)(4)	489,955	407,581
Issuance of deferred stock units	43,656	35,940
Ending balance	172,645,283	171,295,780

(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.

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,
	2023		2022		2023		2022
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 declared	209		241		662		698
Total dividends declared	$	107,033	$	106,197	$	321,133	$	317,812

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,
	2023		2022		2023		2022
Basic Earnings
Net income(1)	$	29,524	$	103,246	$	248,932	$	296,183
Weighted-average shares outstanding, basic	172,648,118		170,971,874		172,620,799		170,303,470
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, basic	172,648,118		170,971,874		172,620,799		170,303,470
Effect of dilutive securities - Convertible Notes(3)	—		14,344,204		8,271,060		11,708,372
Weighted-average common shares outstanding, diluted	172,648,118		185,316,078		180,891,859		182,011,842
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.