Equity (Tables)

12 Months Ended

Dec. 31, 2023

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 and 2021.
($ in thousands, except per share data):

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

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

(4)Net proceeds represent proceeds received from the underwriters less applicable transaction costs.

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)	2023	2022	2021
Beginning balance	172,106,593	168,543,370	147,086,722
Issuance of class A common stock(2)	6,587	2,311,711	20,363,592
Issuance of restricted class A common stock, net(3)(4)	1,402,329	1,204,476	1,036,175
Issuance of deferred stock units	53,888	47,036	56,881
Ending balance	173,569,397	172,106,593	168,543,370

(1)Includes 359,464, 410,608, and 363,572 deferred stock units held by members of our board of directors as of December 31, 2023, 2022, and 2021, respectively.

(2)Includes 6,587, 8,242, and 2,184 shares issued under our dividend reinvestment program during the years ended December 31, 2023, 2022, and 2021, respectively.

(3)Includes 25,482 and 13,197 restricted shares issued to our board of directors during the years ended December 31, 2023 and 2022, respectively.

(4)Net of 15,477, 39,655, and 29,580 shares of restricted class A common stock forfeited under our stock-based incentive plans during the years ended December 31, 2023, 2022, and 2021, respectively.

Schedule of Dividend Activity

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

	Year Ended December 31,
	2023			2022			2021
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		%
Class A common stock dividends declared	$	427,862		$	423,568		$	383,929
Deferred stock unit dividends declared	878			945			812
	$	428,740		$	424,513		$	384,741

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,
	2023		2022		2021
Net income(1)	$	246,555	$	248,642	$	419,193
Weighted-average shares outstanding, basic and diluted(2)	172,672,038		170,631,410		151,521,941
Per share amount, basic and diluted(2)	$	1.43	$	1.46	$	2.77

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

(2)For the years ended December 31, 2023 and 2022, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. For the year ended December 31, 2021, prior to the adoption of ASU 2020-06 “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” our convertible notes were not assessed for dilution as we had the intent and ability to settle the convertible notes in cash. Our Convertible Notes could dilute earnings per share in future periods. Refer to Note 11 for further discussion of our convertible notes.