v3.24.2
Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
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)
20242023
Beginning balance173,569,397172,106,593
Issuance of class A common stock(2)
3,1653,613
Issuance of restricted class A common stock, net(3)(4)
406,400505,432
Issuance of deferred stock units29,64934,126
Ending balance174,008,611172,649,764
(1)Includes 389,113 and 339,702 deferred stock units held by members of our board of directors as of June 30, 2024 and 2023, respectively.
(2)Represents shares issued under our dividend reinvestment program during the six months ended June 30, 2024 and 2023, respectively.
(3)Includes 41,282 and 25,482 shares of restricted class A common stock issued to our board of directors during the six months ended June 30, 2024 and 2023, respectively.
(4)Net of 97,985 shares of restricted class A common stock forfeited under our stock-based incentive plans during the six months June 30, 2024. 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,
 2024202320242023
Dividends declared per share of common stock$0.62 $0.62 $1.24$1.24
Class A common stock dividends declared$107,644 $106,832 $215,322$213,648
Deferred stock unit dividends declared229 196 452452
Total dividends declared$107,873 $107,028 $215,774$214,100
Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding
The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):
 Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Basic Earnings
Net (loss) income(1)
$(61,057)$101,651 $(184,895)$219,408 
Weighted-average shares outstanding, basic173,967,340172,615,385174,004,464172,606,914
Per share amount, basic$(0.35)$0.59 $(1.06)$1.27 
Diluted Earnings
Net (loss) income(1)
$(61,057)$101,651 $(184,895)$219,408 
Add back: Interest expense on Convertible Notes, net(2)(3)
— 3,556 — 7,111 
Diluted earnings$(61,057)$105,207 $(184,895)$226,519 
Weighted-average shares outstanding, basic173,967,340172,615,385174,004,464172,606,914
Effect of dilutive securities - Convertible Notes(3)
— 8,271,060 — 8,271,060 
Weighted-average common shares outstanding, diluted173,967,340180,886,445174,004,464180,877,974
Per share amount, diluted$(0.35)$0.58 $(1.06)$1.25 
(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 and six months ended June 30, 2024, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. 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. Refer to Note 12 for further discussion of our convertible notes.