v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity EQUITY
Stock and Stock Equivalents
Authorized Capital
As of December 31, 2025 we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares
of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our
board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In
addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and
preferred stock. As of both December 31, 2025 and December 31, 2024, we did not have any shares of preferred stock
issued and outstanding.
Share Repurchase Program
In July 2024, our board of directors authorized the repurchase of up to $150.0 million of our class A common stock. In
October 2025, when the amount remaining available for repurchases under the program was $11.6 million, our board of
directors approved an amendment to the program to increase the amount available for repurchases under the program, as
amended, up to $150.0 million. Under the repurchase program, repurchases may be made from time to time in open market
transactions, in privately negotiated transactions, in agreements and arrangements structured in a manner consistent with
Rules 10b-18 and 10b5-1 under the Exchange Act or otherwise. The timing and the actual amounts repurchased will
depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase
program may be changed, suspended or discontinued at any time and does not have a specified expiration date.
During the year ended December 31, 2025, we repurchased 6,010,699 shares of class A common stock at a weighted-
average price per share of $18.20, for a total cost of $109.4 million. During the year ended December 31, 2024, we
repurchased 1,646,034 shares of class A common stock at a weighted-average price per share of $17.74, for a total cost of
$29.2 million. As of December 31, 2025, the amount remaining available for repurchases under the program was
$149.6 million.
Class A Common Stock and Deferred Stock Units
Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and
are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of
the holders of shares of outstanding preferred stock, if any.
We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 18 for further
discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units
to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the
right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid
to holders of shares of class A common stock. Each vested deferred stock unit is settled by delivery of one share of class A
common stock upon the non-employee director’s separation from service.
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:
Year Ended December 31,
Common Stock Outstanding(1)
2025
2024
2023
Beginning balance
173,204,190
173,569,397
172,106,593
Issuance of class A common stock(2)
1,778
5,849
6,587
Repurchase of class A common stock
(6,010,699)
(1,646,034)
—
Issuance of restricted class A common stock, net(3)(4)
1,363,200
1,222,346
1,402,329
Issuance of deferred stock units
40,583
52,632
53,888
Ending balance
168,599,052
173,204,190
173,569,397
(1)Includes 340,029, 412,096 and 359,464 deferred stock units held by members of our board of directors as of
December 31, 2025, 2024, and 2023, respectively.
(2)Represents shares issued under our dividend reinvestment program during the years ended December 31, 2025,
2024, and 2023, respectively.
(3)Includes 33,393, 41,282 and 25,482 shares of restricted class A common stock issued to our board of directors
during the years ended December 31, 2025, 2024, and 2023, respectively
(4)Net of 55,294, 102,484, and 15,477 shares of restricted class A common stock forfeited under our stock-based
incentive plans during the years ended December 31, 2025, 2024, and 2023, respectively.
Dividend Reinvestment and Direct Stock Purchase Plan
We have adopted a dividend reinvestment and direct stock purchase plan under which an aggregate of 10,000,000 shares of
class A common stock are available for sale. Under the dividend reinvestment component of the plan, our class A common
stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common
stock. Such shares may, at our option, be newly issued shares from us, shares purchased by the plan administrator on the
open market, or a combination thereof. The direct stock purchase component of the plan allows stockholders and new
investors, subject to our approval, to purchase shares of class A common stock directly from us. During the years ended
December 31, 2025, 2024 and 2023, we issued 1,778, 5849 and 6,587 shares respectively, of class A common stock under
the dividend reinvestment component of the plan. During the year ended December 31, 2025, 2,209 shares of class A
common stock were purchased on the open market by the plan administrator under the dividend reinvestment component of
the plan. As of December 31, 2025, a total of 9,965,125 shares of class A common stock remained available under the
dividend reinvestment and direct stock purchase plan.
At the Market Stock Offering Program
As of December 31, 2025, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which
we may sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. Sales of
class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that
are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual
sales depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital
needs, and our determination of the appropriate sources of funding to meet such needs. During the years ended
December 31, 2025, 2024 and 2023, we did not issue any shares of our class A common stock under ATM Agreements. As
of December 31, 2025, shares of our class A common stock with an aggregate sales price of $480.9 million remained
available for issuance and sale under our ATM Agreements.
Dividends
We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as
calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal
Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the
discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will
depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors
as our board of directors deems relevant.
On December 15, 2025, we declared a dividend of $0.47 per share, or $79.1 million in aggregate, that was paid on  January
15, 2026 to stockholders of record as of December 31, 2025.
The following table details our dividend activity ($ in thousands, except per share data):
Year Ended December 31,
2025
2024
2023
Dividends declared per share of common stock
$1.88
$2.18
$2.48
Percent taxable as ordinary dividends
100.00%
100.00%
100.00%
Percent taxable as capital gain dividends
—%
—%
—%
100.00%
100.00%
100.00%
Class A common stock dividends declared
$320,613
$377,837
$427,862
Deferred stock unit dividends declared
643
882
878
Total dividends declared
$321,256
$378,719
$428,740
Earnings Per Share
We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested
shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted
shares have the same rights as our other shares of class A common stock, including participating in any dividends, and
therefore have been included in our basic and diluted net income per share calculation. The shares issuable under our
Convertible Notes are included in dilutive earnings per share using the if-converted method when the effect is not
antidilutive.
The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on
the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per
share data):
Year Ended December 31,
2025
2024
2023
Basic and Diluted Earnings
Net income (loss)(1)
$109,569
$(204,088)
$246,555
Weighted-average shares outstanding, basic and diluted(2)
170,961,564
173,782,523
172,672,038
Per share amount, basic and diluted
$0.64
$(1.17)
$1.43
(1)Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc.
(2)For the years ended December 31, 2025, 2024 and 2023, 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.
Other Balance Sheet Items
Accumulated Other Comprehensive Income
As of December 31, 2025, total accumulated other comprehensive income was $12.1 million, representing $86.6 million of
net realized and unrealized gains related to changes in the fair value of derivative instruments, offset by $73.6 million of
cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and
$782,000 of unrealized losses related to the changes in the fair value of derivative instruments held by unconsolidated
entities. As of December 31, 2024, total accumulated other comprehensive income was $8.3 million, primarily representing
$272.1 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by
$263.9 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign
currencies.
Non-Controlling Interests
The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily
Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture’s consolidated equity and results of
operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint
Venture. As of December 31, 2025, our Multifamily Joint Venture’s total equity was $36.5 million, of which $31.0 million
was owned by us, and $5.5 million was allocated to non-controlling interests. As of December 31, 2024, our Multifamily
Joint Venture’s total equity was $45.9 million, of which $39.0 million was owned by us, and $6.9 million was allocated to
non-controlling interests.