Equity (Tables)

6 Months Ended

Jun. 30, 2026

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)	2026	2025
Beginning balance	168,599,052	173,204,190
Issuance of class A common stock(2)	—	1,778
Repurchase of class A common stock	(212,875)	(1,794,936)
Issuance of restricted class A common stock, net(3)(4)	497,443	482,004
Issuance of deferred stock units	29,519	24,431
Ending balance	168,913,139	171,917,467

(1)Includes 369,548 and 323,877 deferred stock units held by members of our board of directors as of June 30, 2026

and 2025, respectively.

(2)Represents shares issued under our dividend reinvestment program during the six months ended June 30, 2025.

(3)Includes 32,985 and 29,140 shares of restricted class A common stock issued to our board of directors during the six

months ended June 30, 2026 and 2025, respectively.

(4)Net of 26,145 and 29,008 shares of restricted class A common stock forfeited under our stock-based incentive plans

during the six months ended June 30, 2026 and 2025, respectively.

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Dividends declared per share of common stock	$0.47	$0.47	$0.94	$0.94
Class A common stock dividends declared	$79,215	$80,649	$158,498	$161,293
Deferred stock unit dividends declared	165	147	324	340
Total dividends declared	$79,380	$80,796	$158,822	$161,633

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,
	2026	2025	2026	2025
Basic and Diluted Earnings
Net (loss) income(1)	$(81,222)	$6,969	$(87,519)	$6,612
Weighted-average shares outstanding, basic and diluted(2)	168,964,515	171,893,905	169,021,130	171,949,090
Per share amount, basic and diluted	$(0.48)	$0.04	$(0.52)	$0.04

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

(2)For both the three and six months ended June 30, 2026 and 2025, our Convertible Notes were not included in the

calculation of diluted earnings per share, as the impact is antidilutive. Refer to Note 12 for further discussion of our

convertible notes.