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Equity (Tables)
 9 Months Ended
Sep. 30, 2025
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:
Nine Months Ended September 30,
Common Stock Outstanding(1)
2025
2024
Beginning balance
173,204,190
173,569,397
Issuance of class A common stock(2)
1,778
4,647
Repurchase of class A common stock
(2,653,583)
(628,884)
Issuance of restricted class A common stock, net(3)(4)
467,180
401,901
Issuance of deferred stock units
32,165
42,338
Ending balance
171,051,730
173,389,399
(1)Includes 331,611 and 401,802 deferred stock units held by members of our board of directors as of September 30,
2025 and 2024, respectively.
(2)Represents shares issued under our dividend reinvestment program during the nine months ended September 30,
2025 and 2024, respectively.
(3)Includes 29,140 and 41,282 shares of restricted class A common stock issued to our board of directors during the
nine months ended September 30, 2025 and 2024, respectively
(4)Net of 43,832 and 102,484 shares of restricted class A common stock forfeited under our stock-based incentive
plans during the nine months ended September 30, 2025 and 2024, 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,
2025
2024
2025
2024
Dividends declared per share of common stock
$0.47
$0.47
$1.41
$1.71
Class A common stock dividends declared
$80,238
$81,306
$241,531
$296,624
Deferred stock unit dividends declared
143
241
483
694
Total dividends declared
$80,381
$81,547
$242,014
$297,318
Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on
the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per
share data):
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Basic and Diluted Earnings
Net income (loss)(1)
$63,397
$(56,384)
$70,009
$(241,279)
Weighted-average shares outstanding, basic and
diluted(2)
171,812,685
173,637,101
171,903,127
173,881,116
Per share amount, basic and diluted
$0.37
$(0.32)
$0.41
$(1.39)
(1)Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc.
(2)For both the three and nine months ended September 30, 2025 and September 30, 2024, our Convertible Notes were
not included in the calculation of diluted earnings per share, as the impact is antidilutive. Refer to Note 13 for further
discussion of our convertible notes.