Equity (Tables)

3 Months Ended

Mar. 31, 2024

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)	2024	2023
Beginning balance	173,569,397	172,106,593
Issuance of class A common stock(2)	1,436	1,377
Issuance of restricted class A common stock, net(3)(4)	370,936	481,724
Issuance of deferred stock units	10,709	10,903
Ending balance	173,952,478	172,600,597

(1)Includes 370,173 and 316,479 deferred stock units held by members of our board of directors as of March 31, 2024 and 2023, respectively.

(2)Represents shares issued under our dividend reinvestment program during the three months ended March 31, 2024 and 2023, respectively.

(3)Includes 1,774 restricted shares issued to our board of directors during the three months ended March 31, 2023. No restricted shares were issued to our board of directors during the three months ended March 31, 2024.

(4)Net of 92,167 shares of restricted class A common stock forfeited under our stock-based incentive plans during the three months ended March 31, 2024. There were no forfeitures during the three months ended March 31, 2023.

Schedule of Dividend Activity

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


	Three Months Ended March 31,
	2024		2023
Dividends declared per share of common stock	$	0.62	$	0.62




Class A common stock dividends declared	$	107,678	$	106,816
Deferred stock unit dividends declared	223		256
Total dividends declared	$	107,901	$	107,072

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,
	2024		2023
Basic Earnings
Net (loss) income(1)	$	(123,838)	$	117,757
Weighted-average shares outstanding, basic	174,041,630		172,598,349
Per share amount, basic	$	(0.71)	$	0.68

Diluted Earnings
Net (loss) income(1)	$	(123,838)	$	117,757
Add back: Interest expense on Convertible Notes, net(2)(3)	—		3,556
Diluted earnings	$	(123,838)	$	121,313
Weighted-average shares outstanding, basic	174,041,630		172,598,349
Effect of dilutive securities - Convertible Notes(3)	—		8,271,060
Weighted-average common shares outstanding, diluted	174,041,630		180,869,409
Per share amount, diluted	$	(0.71)	$	0.67

(1)Represents net (loss) 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, 2024, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. 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. Refer to Note 12 for further discussion of our convertible notes.