Equity (Tables)

12 Months Ended

Dec. 31, 2025

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.

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

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.