Equity (Tables)

6 Months Ended

Jun. 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:

	Six Months Ended June 30,
Common Stock Outstanding(1)	2025	2024
Beginning balance	173,204,190	173,569,397
Issuance of class A common stock(2)	1,778	3,165
Repurchase of class A common stock	(1,794,936)	—
Issuance of restricted class A common stock, net(3)(4)	482,004	406,400
Issuance of deferred stock units	24,431	29,649
Ending balance	171,917,467	174,008,611

(1)Includes 323,877 and 389,113 deferred stock units held by members of our board of directors as of June 30, 2025

and 2024, respectively.

(2)Represents shares issued under our dividend reinvestment program during the six months ended June 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 six

months ended June 30, 2025 and 2024, respectively

(4)Net of 29,008 and 97,985 shares of restricted class A common stock forfeited under our stock-based incentive plans

during the six months ended June 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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Dividends declared per share of common stock	$0.47	$0.62	$0.94	$1.24
Class A common stock dividends declared	$80,649	$107,644	$161,293	$215,322
Deferred stock unit dividends declared	147	229	340	452
Total dividends declared	$80,796	$107,873	$161,633	$215,774

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,
	2025	2024	2025	2024
Basic and Diluted Earnings
Net income (loss)(1)	$6,969	$(61,057)	$6,612	$(184,895)
Weighted-average shares outstanding, basic and diluted(2)	171,893,905	173,967,340	171,949,090	174,004,464
Per share amount, basic and diluted	$0.04	$(0.35)	$0.04	$(1.06)

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

(2)For both the three and six months ended June 30, 2025 and June 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.