Blackstone Mortgage Trust, Inc. (NYSE:BXMT) Q1 2024 Earnings Call Transcript

And obviously, there’s other puts and takes in the overall business. But ultimately, the impact of credit is where equity value or book value ultimately ends up. And obviously, that’s how we take it into account. It’s just less impactful when you think about sort of this quarter or that quarter realized losses coming through the DE. It’s about the long-term equity and the long-term earnings power of that equity.

Rick Shane : Got it. And given that, how should we think about the nature of the dividend for 2024, given where we’ve started the year? Should we assume that that will be a return of capital as opposed to a true dividend?

Anthony Marone : I think it’s early in the year to give tax attributes for a dividend. That’s what you’re asking.

Rick Shane : Okay. Fair enough. Thanks, guys.

Katie Keenan : Thanks so much.

Operator: Thank you. That will conclude our question-and-answer session. At this time, I would like to turn the call back over to Mr. Hayes for any additional or closing remarks.

Timothy Hayes : Thank you, Katie, and to everyone joining today’s call. Please reach out with any questions.