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 "markdown": "EARNINGS\n- Q1 Distributable Earnings prior to realized gains and losses<sup>(1)</sup> of $0.49 per share, providing coverage of the $0.47 per\nshare dividend\n- Loan portfolio performance of 98%<sup>(c)(d)</sup> supporting earnings power, and benefiting from loan resolutions and new\nvintage investments\n\n\n<figure type=\"CHART\">\n\n<description>The figure consists of two side-by-side bar charts accompanied by data tables. The left chart is titled 'Distributable Earnings Per Share Prior to Realized Gains and Losses(1)' and displays quarterly data for 6/30/2025, 9/30/2025, 12/31/2025, and 3/31/2026. The bars represent earnings values of $0.45, $0.48, $0.51, and $0.49 respectively, with a horizontal line indicating a '$0.47 dividend'. Below this chart are two rows of data: 'GAAP EPS' with values 0.04, 0.37, 0.24, (0.04), and 'Distributable EPS(1)' with values 0.19, 0.24, (2.07), 0.21. The right chart is titled 'Loan Portfolio Performance(c)(d)' and displays percentages for Q2 2025 (94%), Q3 2025 (96%), Q4 2025 (99%), and Q1 2026 (98%).</description><table><thead><tr><th>Category</th><th>6/30/2025 (Q2 2025)</th><th>9/30/2025 (Q3 2025)</th><th>12/31/2025 (Q4 2025)</th><th>3/31/2026 (Q1 2026)</th></tr></thead><tbody><tr><td>Distributable Earnings Per Share Prior to Realized Gains and Losses</td><td>$0.45</td><td>$0.48</td><td>$0.51</td><td>$0.49</td></tr><tr><td>GAAP EPS</td><td>$0.04</td><td>$0.37</td><td>$0.24</td><td>$(0.04)</td></tr><tr><td>Distributable EPS(1)</td><td>$0.19</td><td>$0.24</td><td>$(2.07)</td><td>$0.21</td></tr><tr><td>Loan Portfolio Performance</td><td>94%</td><td>96%</td><td>99%</td><td>98%</td></tr></tbody></table></figure>\n\n(1) See Appendix for definition and reconciliation to GAAP net (loss) income.\n\n\nBlackstone Mortgage Trust, Inc.\n\n\nBlackstone\n\n\n3\n\n<!-- doc_id=parse-01m3d4hw0s742tbkgge0y377db -->",
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