Some of the primary barriers to widespread adoption of metal additive manufacturing (AM) are persistent defect formation in built components, high material costs, and lack of consistency in powder feedstock. To generate more reliable, complex-shaped metal parts, it is crucial to understand how feedstock properties change with reuse and how that affects build mechanical performance. Powder particles interacting with the energy source, yet not consolidated into an AM part can undergo a range of dynamic thermal interactions, resulting in variable particle behavior if reused. In this work, we present a systematic study of 316L powder properties from the virgin state through thirty powder reuses in the laser powder bed fusion process. Thirteen powder characteristics and the resulting AM build mechanical properties were investigated for both powder states. Results show greater variability in part ductility for the virgin state. The feedstock exhibited minor changes to size distribution, bulk composition, and hardness with reuse, but significant changes to particle morphology, microstructure, magnetic properties, surface composition, and oxide thickness. Additionally, sieved powder, along with resulting fume/condensate and recoil ejecta (spatter) properties were characterized. Formation mechanisms are proposed. It was discovered that spatter leads to formation of single crystal ferrite through large degrees of supercooling and massive solidification. Ferrite content and consequently magnetic susceptibility of the powder also increases with reuse, suggesting potential for magnetic separation as a refining technique for altered feedstock.