Equity (Tables)

3 Months Ended

Mar. 31, 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:

	Three Months Ended March 31,
Common Stock Outstanding(1)	2025	2024
Beginning balance	173,204,190	173,569,397
Issuance of class A common stock(2)	1,080	1,436
Repurchase of class A common stock	(1,792,836)	—
Issuance of restricted class A common stock, net(3)	469,464	370,936
Issuance of deferred stock units	10,662	10,709
Ending balance	171,892,560	173,952,478

(1)Includes 310,108 and 370,173,  deferred stock units held by members of our board of directors as of March 31, 2025

and 2024, respectively.

(2)Represents shares issued under our dividend reinvestment program during the three months ended March 31, 2025

and 2024, respectively.

(3)Net of 12,408 and 92,167 shares of restricted class A common stock forfeited under our stock-based incentive plans

during the three months ended March 31, 2025 and 2024, respectively.

Schedule of Dividend Activity

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

	Three Months Ended March 31,
	2025	2024
Dividends declared per share of common stock	$0.47	$0.62
Class A common stock dividends declared	$80,644	$107,678
Deferred stock unit dividends declared	193	223
Total dividends declared	$80,837	$107,901

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,
	2025	2024
Basic Earnings
Net loss(1)	$(357)	$(123,838)
Weighted-average shares outstanding, basic and diluted(2)	172,004,888	174,041,630
Per share amount, basic and diluted	$(0.00)	$(0.71)

(1)Represents net loss attributable to Blackstone Mortgage Trust, Inc.

(2)For both the three months ended March 31, 2025 and March 31, 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.