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 "markdown": "EARNINGS\n\n\n- Q2 Distributable Earnings prior to realized gains and losses<sup>(1)</sup> of $0.48 per share\n- Loan portfolio performance of 97%<sup>(d)(e)</sup> benefiting from loan resolutions and new vintage investments\n\n\n<figure type=\"CHART\">\n\n<description>The figure is a bar chart titled 'Distributable Earnings Per Share Prior to Realized Gains and Losses(1)'. The chart displays four vertical teal bars representing specific fiscal periods: 9/30/2025, 12/31/2025, 3/31/2026, and 6/30/2026. Each bar has a value label on top: $0.48, $0.51, $0.49, and $0.48 respectively. A horizontal orange line crosses the chart at the $0.47 level, labeled 'dividend' on the right side. Below the chart, there are two rows of data corresponding to the fiscal periods: 'GAAP EPS' with values $0.37, $0.24, $(0.04), and $(0.48), and 'Distributable EPS(1)' with values $0.24, $(2.07), $0.21, and $0.31.</description><table><thead><tr><th>Fiscal Period</th><th>9/30/2025</th><th>12/31/2025</th><th>3/31/2026</th><th>6/30/2026</th></tr></thead><tbody><tr><td>Distributable Earnings Per Share</td><td>$0.48</td><td>$0.51</td><td>$0.49</td><td>$0.48</td></tr><tr><td>GAAP EPS</td><td>$0.37</td><td>$0.24</td><td>$(0.04)</td><td>$(0.48)</td></tr><tr><td>Distributable EPS(1)</td><td>$0.24</td><td>$(2.07)</td><td>$0.21</td><td>$0.31</td></tr></tbody></table></figure>\n\n<figure type=\"CHART\">Loan Portfolio Performance(d)(e) \n\n<description>A bar chart illustrating loan portfolio performance across four quarters. The y-axis represents percentage values, and the x-axis represents the time period from Q3 2025 to Q2 2026. Each bar is colored dark teal. Q3 2025 is at 96%, Q4 2025 rises to 99%, Q1 2026 is at 98%, and Q2 2026 is at 97%.</description> <table><thead><tr><th>Quarter</th><th>Performance (%)</th></tr></thead><tbody><tr><td>Q3 2025</td><td>96%</td></tr><tr><td>Q4 2025</td><td>99%</td></tr><tr><td>Q1 2026</td><td>98%</td></tr><tr><td>Q2 2026</td><td>97%</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 | 19\n\n<!-- doc_id=parse-01m0ffh5p6v51mq1afmnr0k89b -->",
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