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par ($B) | $1.7 | $2.4B Total Capitalization | 36% | | | |\n| WA Spread | 1.81% | | 29% | | | |\n| Corporate Debt, at par ($M) | $201.5 | | 23% | | | |\n| WA Coupon | 6.30% | | | | | |\n| Preferred and Common Equity3 ($M) | $224.0/$330.9 | | 1% | | | |\n| Dividend %: WA Preferred / Common | 8.76% / NA | | 2% | | | |\n| | | | 1% | | | |\n| | | | 8% | | | |\n| | | | | Securitization Notes Payable (Non-Recourse) | | |\n| | | | | Term Reinvestment Financing Facility | | |\n| | | | | Stockholders' equity | | |\n| | | | | Term warehouse financing facilities (limited recourse) | | |\n| | | | | Senior secured financing facility (limited recourse) | | |\n| | | | | Mortgage Payable (limited recourse) | | |\n| | | | | Corporate Debt - TRUPS & 5.75% Notes (no guarantee) | | |", "footnotes": [], "footnote_refs": [ "1", "2", "3" ], "units": "", "header_rows": 2, "page": 6, "bbox": [ 47.2, 70.1, 897.1, 461.7 ], "som_region": [ 0.04919999837875366, 0.1450555306893808, 0.9344358444213867, 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"text": "", "box": [ 0.05545, 0.6113888888888889, 0.2480846041666667, 0.6205555555555556 ], "status": null, "note": null }, { "text": "", "box": [ 0.2480846041666667, 0.6113888888888889, 0.3445781041666667, 0.6205555555555556 ], "status": null, "note": null }, { "text": "", "box": [ 0.3445781041666667, 0.6113888888888889, 0.6237324375, 0.6205555555555556 ], "status": null, "note": null }, { "text": "", "box": [ 0.6237324375, 0.6113888888888889, 0.6845484375, 0.6205555555555556 ], "status": null, "note": null }, { "text": "36%", "box": [ 0.6845484375, 0.6113888888888889, 0.738103125, 0.6205555555555556 ], "status": null, "note": null }, { "text": "Securitization Notes Payable (Non-Recourse)", "box": [ 0.738103125, 0.6113888888888889, 0.8276787083333333, 0.6205555555555556 ], "status": null, "note": null }, { "text": "", "box": [ 0.8276787083333333, 0.6113888888888889, 0.9281860833333333, 0.6205555555555556 ], "status": null, "note": null } ], [ { "text": "Asset Specific Borrowings, at 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0.6463518518518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.2480846041666667, 0.6388425925925927, 0.3445781041666667, 0.6463518518518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.3445781041666667, 0.6388425925925927, 0.6237324375, 0.6463518518518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.6237324375, 0.6388425925925927, 0.6845484375, 0.6463518518518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.6845484375, 0.6388425925925927, 0.738103125, 0.6463518518518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.738103125, 0.6388425925925927, 0.8276787083333333, 0.6463518518518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.8276787083333333, 0.6388425925925927, 0.9281860833333333, 0.6463518518518518 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05545, 0.6463518518518518, 0.2480846041666667, 0.6390462962962964 ], "status": null, "note": null }, { "text": "", "box": [ 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"box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "CECL Reserve \u2013 General ($M)", "box": [ 0.05545, 0.38686111111111104, 0.2480846041666667, 0.4222222222222222 ], "status": "reconciled", "note": null }, { "text": "$19.4", "box": [ 0.2480846041666667, 0.38686111111111104, 0.3445781041666667, 0.4222222222222222 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Per BV Share1 / Basis Points", "box": [ 0.05545, 0.4222222222222222, 0.2480846041666667, 0.4366759259259259 ], "status": "reconciled", "note": null }, { "text": "$2.96/0.88%", "box": [ 0.2480846041666667, 0.4222222222222222, 0.3445781041666667, 0.4366759259259259 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"text": "Number of Investments", "box": [ 0.05545, 0.5119629629629631, 0.2480846041666667, 0.5329444444444443 ], "status": "reconciled", "note": null }, { "text": "5", "box": null, "status": "single_character", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Total Borrowings, at cost ($B)", "box": [ 0.05545, 0.5571481481481482, 0.2480846041666667, 0.5725648148148148 ], "status": "reconciled", "note": null }, { "text": "$1.9", "box": [ 0.2480846041666667, 0.5571481481481482, 0.3445781041666667, 0.5725648148148148 ], "status": "reconciled", "note": null }, { "text": "Capitalization", "box": [ 0.3445781041666667, 0.5329444444444443, 0.6237324375, 0.5571481481481482 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Leverage Ratio", "box": [ 0.05545, 0.5725648148148148, 0.2480846041666667, 0.5976481481481482 ], "status": "reconciled", "note": null }, { "text": "3.4x", "box": [ 0.2480846041666667, 0.5725648148148148, 0.3445781041666667, 0.5976481481481482 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Asset Specific Borrowings, at par ($B)", "box": [ 0.05545, 0.6205555555555556, 0.2480846041666667, 0.6388425925925927 ], "status": "reconciled", "note": null }, { "text": "$1.7", "box": [ 0.2480846041666667, 0.6205555555555556, 0.3445781041666667, 0.6388425925925927 ], "status": "reconciled", "note": null }, { "text": "$2.4B Total Capitalization", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$2.4B' and 'Total Capitalization' printed as a label to the left of the pie chart in the Capitalization section." }, { "text": "36%", "box": null, "status": "label_printed_unlocated", "note": "The image shows '36%' printed in the pie chart legend on the right side, corresponding to 'Securitization Notes Payable (Non-Recourse)'." }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "WA Spread", "box": [ 0.05545, 0.6390462962962964, 0.2480846041666667, 0.6833333333333333 ], "status": "reconciled", "note": null }, { "text": "1.81%", "box": [ 0.2480846041666667, 0.6390462962962964, 0.3445781041666667, 0.6833333333333333 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "29%", "box": [ 0.6845484375, 0.6390462962962964, 0.738103125, 0.6833333333333333 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Corporate Debt, at par ($M)", "box": [ 0.05545, 0.6890185185185185, 0.2480846041666667, 0.6989351851851852 ], "status": "reconciled", "note": null }, { "text": "$201.5", "box": [ 0.2480846041666667, 0.6890185185185185, 0.3445781041666667, 0.6989351851851852 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "23%", "box": [ 0.6845484375, 0.6833333333333333, 0.738103125, 0.6890185185185185 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "WA Coupon", "box": [ 0.05545, 0.7103518518518518, 0.2480846041666667, 0.7195833333333334 ], "status": "reconciled", "note": null }, { "text": "6.30%", "box": [ 0.2480846041666667, 0.7103518518518518, 0.3445781041666667, 0.7195833333333334 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Preferred and Common Equity3 ($M)", "box": [ 0.05545, 0.742462962962963, 0.2480846041666667, 0.7634444444444445 ], "status": "reconciled", "note": null }, { "text": "$224.0/$330.9", "box": [ 0.2480846041666667, 0.742462962962963, 0.3445781041666667, 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null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "1%", "box": [ 0.6845484375, 0.8041481481481482, 0.738103125, 0.8281722222222222 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "8%", "box": null, "status": "header_printed_unlocated", "note": "The image shows '8%' printed in the pie chart legend on the right side, corresponding to 'Corporate Debt - TRUPS & 5.75% 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"box": null, "status": "label_printed_unlocated", "note": "The image shows '$15.9M' printed in the first green box under the Self-Storage column." }, { "text": "$25.0M", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$25.0M' printed in the first green box under the Mixed-Use column." } ], [ { "text": "$1.8B", "box": [ 0.055475000000000003, 0.38658333333333333, 0.2848541666666666, 0.3917685185185184 ], "status": "reconciled", "note": null }, { "text": "$241.4M", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$241.4M' printed in the second green box under the Office column." }, { "text": "$103.3M", "box": [ 0.499288875, 0.38658333333333333, 0.5891274166666667, 0.3917685185185184 ], "status": "reconciled", "note": null }, { "text": "$16.0M", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$16.0M' printed in the second green box under the Self-Storage column." }, { "text": "$47.8M", "box": null, "status": 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2,162,364 |\n| Liabilities | | |\n| Accounts payable and other liabilities | $ 7,631 | $ 7,482 |\n| Management fee payable - related party | 1,037 | \u2014 |\n| Accrued interest payable | 5,068 | 6,814 |\n| Borrowings | 1,864,671 | 1,544,938 |\n| Lease liabilities | 46,096 | 45,942 |\n| Distributions payable | 3,423 | 3,457 |\n| Accrued tax liability | 75 | 8 |\n| Liabilities held for sale | 3,181 | 3,131 |\n| Total Liabilities | 1,931,182 | 1,611,772 |\n| Equity | | |\n| Series C Preferred stock, par value $0.001 | 5 | 5 |\n| Series D Preferred stock, par value $0.001 | 5 | 5 |\n| Common stock, par value $0.001 | 7 | 7 |\n| Additional paid-in capital | 1,142,949 | 1,142,410 |\n| Accumulated other comprehensive loss | (1,277) | (1,603) |\n| Distributions in excess of earnings | (721,051) | (720,028) |\n| Total Stockholders' Equity | 420,638 | 420,796 |\n| Non-controlling interests | 134,285 | 129,796 |\n| Total Equity | 554,923 | 550,592 |\n| Total Liabilities and Equity | $ 2,486,105 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"", "box": [ 0.8685885208333333, 0.07827777777777774, 0.9488965666666667, 0.12990740740740747 ], "status": null, "note": null } ], [ { "text": "(in thousands, except share and per share data)", "box": [ 0.048174999999999996, 0.12990740740740747, 0.3621767916666666, 0.14725925925925923 ], "status": null, "note": null }, { "text": "March 31, 2026", "box": [ 0.3621767916666666, 0.12990740740740747, 0.5807625208333334, 0.14725925925925923 ], "status": null, "note": null }, { "text": "", "box": [ 0.5807625208333334, 0.12990740740740747, 0.7240941166666667, 0.14725925925925923 ], "status": null, "note": null }, { "text": "December 31, 2025", "box": [ 0.7240941166666667, 0.12990740740740747, 0.8685885208333333, 0.14725925925925923 ], "status": null, "note": null }, { "text": "", "box": [ 0.8685885208333333, 0.12990740740740747, 0.9488965666666667, 0.14725925925925923 ], "status": null, "note": null } ], [ { "text": "Assets", "box": [ 0.048174999999999996, 0.14725925925925923, 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0.1668148148148149, 0.7240941166666667, 0.18777407407407412 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.1668148148148149, 0.8685885208333333, 0.18777407407407412 ], "status": null, "note": null }, { "text": "$ 83,768", "box": [ 0.8685885208333333, 0.1668148148148149, 0.9488965666666667, 0.18777407407407412 ], "status": null, "note": null } ], [ { "text": "Restricted cash", "box": [ 0.048174999999999996, 0.18777407407407412, 0.3621767916666666, 0.20872222222222228 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.18777407407407412, 0.5807625208333334, 0.20872222222222228 ], "status": null, "note": null }, { "text": "1,835", "box": [ 0.5807625208333334, 0.18777407407407412, 0.7240941166666667, 0.20872222222222228 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.18777407407407412, 0.8685885208333333, 0.20872222222222228 ], "status": null, "note": null }, { "text": "2,190", "box": [ 0.8685885208333333, 0.18777407407407412, 0.9488965666666667, 0.20872222222222228 ], "status": null, "note": null } ], [ { "text": "Accrued interest receivable", "box": [ 0.048174999999999996, 0.20872222222222228, 0.3621767916666666, 0.22964814814814813 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.20872222222222228, 0.5807625208333334, 0.22964814814814813 ], "status": null, "note": null }, { "text": "30,042", "box": [ 0.5807625208333334, 0.20872222222222228, 0.7240941166666667, 0.22964814814814813 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.20872222222222228, 0.8685885208333333, 0.22964814814814813 ], "status": null, "note": null }, { "text": "27,259", "box": [ 0.8685885208333333, 0.20872222222222228, 0.9488965666666667, 0.22964814814814813 ], "status": null, "note": null } ], [ { "text": "CRE loans", "box": [ 0.048174999999999996, 0.22964814814814813, 0.3621767916666666, 0.2505925925925927 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.22964814814814813, 0.5807625208333334, 0.2505925925925927 ], "status": null, "note": null }, { "text": "2,202,837", "box": [ 0.5807625208333334, 0.22964814814814813, 0.7240941166666667, 0.2505925925925927 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.22964814814814813, 0.8685885208333333, 0.2505925925925927 ], "status": null, "note": null }, { "text": "1,830,367", "box": [ 0.8685885208333333, 0.22964814814814813, 0.9488965666666667, 0.2505925925925927 ], "status": null, "note": null } ], [ { "text": "Less: allowance for credit losses", "box": [ 0.048174999999999996, 0.2505925925925927, 0.3621767916666666, 0.27151851851851855 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.2505925925925927, 0.5807625208333334, 0.27151851851851855 ], "status": null, "note": null }, { "text": "(19,431)", "box": [ 0.5807625208333334, 0.2505925925925927, 0.7240941166666667, 0.27151851851851855 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.2505925925925927, 0.8685885208333333, 0.27151851851851855 ], "status": null, "note": null }, { "text": "(20,398)", "box": [ 0.8685885208333333, 0.2505925925925927, 0.9488965666666667, 0.27151851851851855 ], "status": null, "note": null } ], [ { "text": "CRE loans, net", "box": [ 0.048174999999999996, 0.27151851851851855, 0.3621767916666666, 0.2925000000000001 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.27151851851851855, 0.5807625208333334, 0.2925000000000001 ], "status": null, "note": null }, { "text": "2,183,406", "box": [ 0.5807625208333334, 0.27151851851851855, 0.7240941166666667, 0.2925000000000001 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.27151851851851855, 0.8685885208333333, 0.2925000000000001 ], "status": null, "note": null }, { "text": "1,809,969", "box": [ 0.8685885208333333, 0.27151851851851855, 0.9488965666666667, 0.2925000000000001 ], "status": null, "note": null } ], [ { "text": "Loan receivable \u2013 due from Manager", "box": [ 0.048174999999999996, 0.2925000000000001, 0.3621767916666666, 0.31342592592592594 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.2925000000000001, 0.5807625208333334, 0.31342592592592594 ], "status": null, "note": null }, { "text": "10,300", "box": [ 0.5807625208333334, 0.2925000000000001, 0.7240941166666667, 0.31342592592592594 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.2925000000000001, 0.8685885208333333, 0.31342592592592594 ], "status": null, "note": null }, { "text": "10,375", "box": [ 0.8685885208333333, 0.2925000000000001, 0.9488965666666667, 0.31342592592592594 ], "status": null, "note": null } ], [ { "text": "Investments in unconsolidated entities", "box": [ 0.048174999999999996, 0.31342592592592594, 0.3621767916666666, 0.3343703703703704 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.31342592592592594, 0.5807625208333334, 0.3343703703703704 ], "status": null, "note": null }, { "text": "29,722", "box": [ 0.5807625208333334, 0.31342592592592594, 0.7240941166666667, 0.3343703703703704 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.31342592592592594, 0.8685885208333333, 0.3343703703703704 ], "status": null, "note": null }, { "text": "29,237", "box": [ 0.8685885208333333, 0.31342592592592594, 0.9488965666666667, 0.3343703703703704 ], "status": null, "note": null } ], [ { "text": "Properties held for sale", "box": [ 0.048174999999999996, 0.3343703703703704, 0.3621767916666666, 0.35529629629629633 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.3343703703703704, 0.5807625208333334, 0.35529629629629633 ], "status": null, "note": null }, { "text": "90,851", "box": [ 0.5807625208333334, 0.3343703703703704, 0.7240941166666667, 0.35529629629629633 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.3343703703703704, 0.8685885208333333, 0.35529629629629633 ], "status": null, "note": null }, { "text": "90,825", "box": [ 0.8685885208333333, 0.3343703703703704, 0.9488965666666667, 0.35529629629629633 ], "status": null, "note": null } ], [ { "text": "Investments in real estate", "box": [ 0.048174999999999996, 0.35529629629629633, 0.3621767916666666, 0.3762648148148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.35529629629629633, 0.5807625208333334, 0.3762648148148148 ], "status": null, "note": null }, { "text": "59,382", "box": [ 0.5807625208333334, 0.35529629629629633, 0.7240941166666667, 0.3762648148148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.35529629629629633, 0.8685885208333333, 0.3762648148148148 ], "status": null, "note": null }, { "text": "76,415", "box": [ 0.8685885208333333, 0.35529629629629633, 0.9488965666666667, 0.3762648148148148 ], "status": null, "note": null } ], [ { "text": "Right of use assets", "box": [ 0.048174999999999996, 0.3762648148148148, 0.3621767916666666, 0.3972037037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.3762648148148148, 0.5807625208333334, 0.3972037037037037 ], "status": null, "note": null }, { "text": "19,415", "box": [ 0.5807625208333334, 0.3762648148148148, 0.7240941166666667, 0.3972037037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.3762648148148148, 0.8685885208333333, 0.3972037037037037 ], "status": null, "note": null }, { "text": "19,545", "box": [ 0.8685885208333333, 0.3762648148148148, 0.9488965666666667, 0.3972037037037037 ], "status": null, "note": null } ], [ { "text": "Intangible assets", "box": [ 0.048174999999999996, 0.3972037037037037, 0.3621767916666666, 0.41814814814814816 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.3972037037037037, 0.5807625208333334, 0.41814814814814816 ], "status": null, "note": null }, { "text": "6,000", "box": [ 0.5807625208333334, 0.3972037037037037, 0.7240941166666667, 0.41814814814814816 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.3972037037037037, 0.8685885208333333, 0.41814814814814816 ], "status": null, "note": null }, { "text": "6,221", "box": [ 0.8685885208333333, 0.3972037037037037, 0.9488965666666667, 0.41814814814814816 ], "status": null, "note": null } ], [ { "text": "Other assets", "box": [ 0.048174999999999996, 0.41814814814814816, 0.3621767916666666, 0.4390740740740741 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.41814814814814816, 0.5807625208333334, 0.4390740740740741 ], "status": null, "note": null }, { "text": "7,167", "box": [ 0.5807625208333334, 0.41814814814814816, 0.7240941166666667, 0.4390740740740741 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.41814814814814816, 0.8685885208333333, 0.4390740740740741 ], "status": null, "note": null }, { "text": "6,560", "box": [ 0.8685885208333333, 0.41814814814814816, 0.9488965666666667, 0.4390740740740741 ], "status": null, "note": null } ], [ { "text": "Total Assets", "box": [ 0.048174999999999996, 0.4390740740740741, 0.3621767916666666, 0.46001851851851844 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.4390740740740741, 0.5807625208333334, 0.46001851851851844 ], "status": null, "note": null }, { "text": "$ 2,486,105", "box": [ 0.5807625208333334, 0.4390740740740741, 0.7240941166666667, 0.46001851851851844 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.4390740740740741, 0.8685885208333333, 0.46001851851851844 ], "status": null, "note": null }, { "text": "$ 2,162,364", "box": [ 0.8685885208333333, 0.4390740740740741, 0.9488965666666667, 0.46001851851851844 ], "status": null, "note": null } ], [ { "text": "Liabilities", "box": [ 0.048174999999999996, 0.46001851851851844, 0.3621767916666666, 0.47961111111111115 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.46001851851851844, 0.5807625208333334, 0.47961111111111115 ], "status": null, "note": null }, { "text": "", "box": [ 0.5807625208333334, 0.46001851851851844, 0.7240941166666667, 0.47961111111111115 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.46001851851851844, 0.8685885208333333, 0.47961111111111115 ], "status": null, "note": null }, { "text": "", "box": [ 0.8685885208333333, 0.46001851851851844, 0.9488965666666667, 0.47961111111111115 ], "status": null, "note": null } ], [ { "text": "Accounts payable and other liabilities", "box": [ 0.048174999999999996, 0.47961111111111115, 0.3621767916666666, 0.501925925925926 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.47961111111111115, 0.5807625208333334, 0.501925925925926 ], "status": null, "note": null }, { "text": "$ 7,631", "box": [ 0.5807625208333334, 0.47961111111111115, 0.7240941166666667, 0.501925925925926 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.47961111111111115, 0.8685885208333333, 0.501925925925926 ], "status": null, "note": null }, { "text": "$ 7,482", "box": [ 0.8685885208333333, 0.47961111111111115, 0.9488965666666667, 0.501925925925926 ], "status": null, "note": null } ], [ { "text": "Management fee payable - related party", "box": [ 0.048174999999999996, 0.501925925925926, 0.3621767916666666, 0.5228518518518519 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.501925925925926, 0.5807625208333334, 0.5228518518518519 ], "status": null, "note": null }, { "text": "1,037", "box": [ 0.5807625208333334, 0.501925925925926, 0.7240941166666667, 0.5228518518518519 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.501925925925926, 0.8685885208333333, 0.5228518518518519 ], "status": null, "note": null }, { "text": "\u2014", "box": [ 0.8685885208333333, 0.501925925925926, 0.9488965666666667, 0.5228518518518519 ], "status": null, "note": null } ], [ { "text": "Accrued interest payable", "box": [ 0.048174999999999996, 0.5228518518518519, 0.3621767916666666, 0.5437962962962962 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.5228518518518519, 0.5807625208333334, 0.5437962962962962 ], "status": null, "note": null }, { "text": "5,068", "box": [ 0.5807625208333334, 0.5228518518518519, 0.7240941166666667, 0.5437962962962962 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.5228518518518519, 0.8685885208333333, 0.5437962962962962 ], "status": null, "note": null }, { "text": "6,814", "box": [ 0.8685885208333333, 0.5228518518518519, 0.9488965666666667, 0.5437962962962962 ], "status": null, "note": null } ], [ { "text": "Borrowings", "box": [ 0.048174999999999996, 0.5437962962962962, 0.3621767916666666, 0.5647055555555555 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.5437962962962962, 0.5807625208333334, 0.5647055555555555 ], "status": null, "note": null }, { "text": "1,864,671", "box": [ 0.5807625208333334, 0.5437962962962962, 0.7240941166666667, 0.5647055555555555 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.5437962962962962, 0.8685885208333333, 0.5647055555555555 ], "status": null, "note": null }, { "text": "1,544,938", "box": [ 0.8685885208333333, 0.5437962962962962, 0.9488965666666667, 0.5647055555555555 ], "status": null, "note": null } ], [ { "text": "Lease liabilities", "box": [ 0.048174999999999996, 0.5647055555555555, 0.3621767916666666, 0.5857037037037036 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.5647055555555555, 0.5807625208333334, 0.5857037037037036 ], "status": null, "note": null }, { "text": "46,096", "box": [ 0.5807625208333334, 0.5647055555555555, 0.7240941166666667, 0.5857037037037036 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.5647055555555555, 0.8685885208333333, 0.5857037037037036 ], "status": null, "note": null }, { "text": "45,942", "box": [ 0.8685885208333333, 0.5647055555555555, 0.9488965666666667, 0.5857037037037036 ], "status": null, "note": null } ], [ { "text": "Distributions payable", "box": [ 0.048174999999999996, 0.5857037037037036, 0.3621767916666666, 0.6066296296296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.5857037037037036, 0.5807625208333334, 0.6066296296296296 ], "status": null, "note": null }, { "text": "3,423", "box": [ 0.5807625208333334, 0.5857037037037036, 0.7240941166666667, 0.6066296296296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.5857037037037036, 0.8685885208333333, 0.6066296296296296 ], "status": null, "note": null }, { "text": "3,457", "box": [ 0.8685885208333333, 0.5857037037037036, 0.9488965666666667, 0.6066296296296296 ], "status": null, "note": null } ], [ { "text": "Accrued tax liability", "box": [ 0.048174999999999996, 0.6066296296296296, 0.3621767916666666, 0.6275740740740741 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.6066296296296296, 0.5807625208333334, 0.6275740740740741 ], "status": null, "note": null }, { "text": "75", "box": [ 0.5807625208333334, 0.6066296296296296, 0.7240941166666667, 0.6275740740740741 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.6066296296296296, 0.8685885208333333, 0.6275740740740741 ], "status": null, "note": null }, { "text": "8", "box": [ 0.8685885208333333, 0.6066296296296296, 0.9488965666666667, 0.6275740740740741 ], "status": null, "note": null } ], [ { "text": "Liabilities held for sale", "box": [ 0.048174999999999996, 0.6275740740740741, 0.3621767916666666, 0.6485 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.6275740740740741, 0.5807625208333334, 0.6485 ], "status": null, "note": null }, { "text": "3,181", "box": [ 0.5807625208333334, 0.6275740740740741, 0.7240941166666667, 0.6485 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.6275740740740741, 0.8685885208333333, 0.6485 ], "status": null, "note": null }, { "text": "3,131", "box": [ 0.8685885208333333, 0.6275740740740741, 0.9488965666666667, 0.6485 ], "status": null, "note": null } ], [ { "text": "Total Liabilities", "box": [ 0.048174999999999996, 0.6485, 0.3621767916666666, 0.6694592592592592 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.6485, 0.5807625208333334, 0.6694592592592592 ], "status": null, "note": null }, { "text": "1,931,182", "box": [ 0.5807625208333334, 0.6485, 0.7240941166666667, 0.6694592592592592 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.6485, 0.8685885208333333, 0.6694592592592592 ], "status": null, "note": null }, { "text": "1,611,772", "box": [ 0.8685885208333333, 0.6485, 0.9488965666666667, 0.6694592592592592 ], "status": null, "note": null } ], [ { "text": "Equity", "box": [ 0.048174999999999996, 0.6694592592592592, 0.3621767916666666, 0.6890555555555555 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.6694592592592592, 0.5807625208333334, 0.6890555555555555 ], "status": null, "note": null }, { "text": "", "box": [ 0.5807625208333334, 0.6694592592592592, 0.7240941166666667, 0.6890555555555555 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.6694592592592592, 0.8685885208333333, 0.6890555555555555 ], "status": null, "note": null }, { "text": "", "box": [ 0.8685885208333333, 0.6694592592592592, 0.9488965666666667, 0.6890555555555555 ], "status": null, "note": null } ], [ { "text": "Series C Preferred stock, par value $0.001", "box": [ 0.048174999999999996, 0.6890555555555555, 0.3621767916666666, 0.7113518518518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.6890555555555555, 0.5807625208333334, 0.7113518518518518 ], "status": null, "note": null }, { "text": "5", "box": [ 0.5807625208333334, 0.6890555555555555, 0.7240941166666667, 0.7113518518518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.6890555555555555, 0.8685885208333333, 0.7113518518518518 ], "status": null, "note": null }, { "text": "5", "box": [ 0.8685885208333333, 0.6890555555555555, 0.9488965666666667, 0.7113518518518518 ], "status": null, "note": null } ], [ { "text": "Series D Preferred stock, par value $0.001", "box": [ 0.048174999999999996, 0.7113518518518518, 0.3621767916666666, 0.7322777777777778 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.7113518518518518, 0.5807625208333334, 0.7322777777777778 ], "status": null, "note": null }, { "text": "5", "box": [ 0.5807625208333334, 0.7113518518518518, 0.7240941166666667, 0.7322777777777778 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.7113518518518518, 0.8685885208333333, 0.7322777777777778 ], "status": null, "note": null }, { "text": "5", "box": [ 0.8685885208333333, 0.7113518518518518, 0.9488965666666667, 0.7322777777777778 ], "status": null, "note": null } ], [ { "text": "Common stock, par value $0.001", "box": [ 0.048174999999999996, 0.7322777777777778, 0.3621767916666666, 0.7532037037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.7322777777777778, 0.5807625208333334, 0.7532037037037037 ], "status": null, "note": null }, { "text": "7", "box": [ 0.5807625208333334, 0.7322777777777778, 0.7240941166666667, 0.7532037037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.7322777777777778, 0.8685885208333333, 0.7532037037037037 ], "status": null, "note": null }, { "text": "7", "box": [ 0.8685885208333333, 0.7322777777777778, 0.9488965666666667, 0.7532037037037037 ], "status": null, "note": null } ], [ { "text": "Additional paid-in capital", "box": [ 0.048174999999999996, 0.7532037037037037, 0.3621767916666666, 0.7741851851851852 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.7532037037037037, 0.5807625208333334, 0.7741851851851852 ], "status": null, "note": null }, { "text": "1,142,949", "box": [ 0.5807625208333334, 0.7532037037037037, 0.7240941166666667, 0.7741851851851852 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.7532037037037037, 0.8685885208333333, 0.7741851851851852 ], "status": null, "note": null }, { "text": "1,142,410", "box": [ 0.8685885208333333, 0.7532037037037037, 0.9488965666666667, 0.7741851851851852 ], "status": null, "note": null } ], [ { "text": "Accumulated other comprehensive loss", "box": [ 0.048174999999999996, 0.7741851851851852, 0.3621767916666666, 0.7951296296296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.7741851851851852, 0.5807625208333334, 0.7951296296296296 ], "status": null, "note": null }, { "text": "(1,277)", "box": [ 0.5807625208333334, 0.7741851851851852, 0.7240941166666667, 0.7951296296296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.7741851851851852, 0.8685885208333333, 0.7951296296296296 ], "status": null, "note": null }, { "text": "(1,603)", "box": [ 0.8685885208333333, 0.7741851851851852, 0.9488965666666667, 0.7951296296296296 ], "status": null, "note": null } ], [ { "text": "Distributions in excess of earnings", "box": [ 0.048174999999999996, 0.7951296296296296, 0.3621767916666666, 0.8160555555555555 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.7951296296296296, 0.5807625208333334, 0.8160555555555555 ], "status": null, "note": null }, { "text": "(721,051)", "box": [ 0.5807625208333334, 0.7951296296296296, 0.7240941166666667, 0.8160555555555555 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.7951296296296296, 0.8685885208333333, 0.8160555555555555 ], "status": null, "note": null }, { "text": "(720,028)", "box": [ 0.8685885208333333, 0.7951296296296296, 0.9488965666666667, 0.8160555555555555 ], "status": null, "note": null } ], [ { "text": "Total Stockholders\u2019 Equity", "box": [ 0.048174999999999996, 0.8160555555555555, 0.3621767916666666, 0.8369888888888889 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.8160555555555555, 0.5807625208333334, 0.8369888888888889 ], "status": null, "note": null }, { "text": "420,638", "box": [ 0.5807625208333334, 0.8160555555555555, 0.7240941166666667, 0.8369888888888889 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.8160555555555555, 0.8685885208333333, 0.8369888888888889 ], "status": null, "note": null }, { "text": "420,796", "box": [ 0.8685885208333333, 0.8160555555555555, 0.9488965666666667, 0.8369888888888889 ], "status": null, "note": null } ], [ { "text": "Non-controlling interests", "box": [ 0.048174999999999996, 0.8369888888888889, 0.3621767916666666, 0.85795 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.8369888888888889, 0.5807625208333334, 0.85795 ], "status": null, "note": null }, { "text": "134,285", "box": [ 0.5807625208333334, 0.8369888888888889, 0.7240941166666667, 0.85795 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.8369888888888889, 0.8685885208333333, 0.85795 ], "status": null, "note": null }, { "text": "129,796", "box": [ 0.8685885208333333, 0.8369888888888889, 0.9488965666666667, 0.85795 ], "status": null, "note": null } ], [ { "text": "Total Equity", "box": [ 0.048174999999999996, 0.85795, 0.3621767916666666, 0.8789 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.85795, 0.5807625208333334, 0.8789 ], "status": null, "note": null }, { "text": "554,923", "box": [ 0.5807625208333334, 0.85795, 0.7240941166666667, 0.8789 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.85795, 0.8685885208333333, 0.8789 ], "status": null, "note": null }, { "text": "550,592", "box": [ 0.8685885208333333, 0.85795, 0.9488965666666667, 0.8789 ], "status": null, "note": null } ], [ { "text": "Total Liabilities and Equity", "box": [ 0.048174999999999996, 0.8789, 0.3621767916666666, 0.8981666666666667 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.8789, 0.5807625208333334, 0.8981666666666667 ], "status": null, "note": null }, { "text": "$ 2,486,105", "box": [ 0.5807625208333334, 0.8789, 0.7240941166666667, 0.8981666666666667 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.8789, 0.8685885208333333, 0.8981666666666667 ], "status": null, "note": null }, { "text": "$ 2,162,364", "box": [ 0.8685885208333333, 0.8789, 0.9488965666666667, 0.8981666666666667 ], "status": null, "note": null } ] ], "corrected_grid": [ [ { "text": "CONSOLIDATED BALANCE SHEETS", "box": [ 0.048174999999999996, 0.07827777777777774, 0.3621767916666666, 0.12990740740740747 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "(in thousands, except share and per share data)", "box": [ 0.048174999999999996, 0.12990740740740747, 0.3621767916666666, 0.14725925925925923 ], "status": "reconciled", "note": null }, { "text": "March 31, 2026 (unaudited)", "box": [ 0.3621767916666666, 0.12990740740740747, 0.5807625208333334, 0.1668148148148149 ], "status": "reconciled", "note": null }, { "text": "December 31, 2025", "box": [ 0.7240941166666667, 0.12990740740740747, 0.8685885208333333, 0.14725925925925923 ], "status": "reconciled", "note": null } ], [ { "text": "Assets", "box": [ 0.048174999999999996, 0.14725925925925923, 0.3621767916666666, 0.1668148148148149 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Cash and cash equivalents", "box": [ 0.048174999999999996, 0.1668148148148149, 0.3621767916666666, 0.18777407407407412 ], "status": "reconciled", "note": null }, { "text": "$ 47,985", "box": [ 0.5807625208333334, 0.1668148148148149, 0.7240941166666667, 0.18777407407407412 ], "status": "reconciled", "note": null }, { "text": "$ 83,768", "box": [ 0.8685885208333333, 0.1668148148148149, 0.9488965666666667, 0.18777407407407412 ], "status": "reconciled", "note": null } ], [ { "text": "Restricted cash", "box": [ 0.048174999999999996, 0.18777407407407412, 0.3621767916666666, 0.20872222222222228 ], "status": "reconciled", "note": null }, { "text": "1,835", "box": [ 0.5807625208333334, 0.18777407407407412, 0.7240941166666667, 0.20872222222222228 ], "status": "reconciled", "note": null }, { "text": "2,190", "box": [ 0.8685885208333333, 0.18777407407407412, 0.9488965666666667, 0.20872222222222228 ], "status": "reconciled", "note": null } ], [ { "text": "Accrued interest receivable", "box": [ 0.048174999999999996, 0.20872222222222228, 0.3621767916666666, 0.22964814814814813 ], "status": "reconciled", "note": null }, { "text": "30,042", "box": [ 0.5807625208333334, 0.20872222222222228, 0.7240941166666667, 0.22964814814814813 ], "status": "reconciled", "note": null }, { "text": "27,259", "box": [ 0.8685885208333333, 0.20872222222222228, 0.9488965666666667, 0.22964814814814813 ], "status": "reconciled", "note": null } ], [ { "text": "CRE loans", "box": [ 0.048174999999999996, 0.22964814814814813, 0.3621767916666666, 0.2505925925925927 ], "status": "reconciled", "note": null }, { "text": "2,202,837", "box": [ 0.5807625208333334, 0.22964814814814813, 0.7240941166666667, 0.2505925925925927 ], "status": "reconciled", "note": null }, { "text": "1,830,367", "box": [ 0.8685885208333333, 0.22964814814814813, 0.9488965666666667, 0.2505925925925927 ], "status": "reconciled", "note": null } ], [ { "text": "Less: allowance for credit losses", "box": [ 0.048174999999999996, 0.2505925925925927, 0.3621767916666666, 0.27151851851851855 ], "status": "reconciled", "note": null }, { "text": "(19,431)", "box": [ 0.5807625208333334, 0.2505925925925927, 0.7240941166666667, 0.27151851851851855 ], "status": "reconciled", "note": null }, { "text": "(20,398)", "box": [ 0.8685885208333333, 0.2505925925925927, 0.9488965666666667, 0.27151851851851855 ], "status": "reconciled", "note": null } ], [ { "text": "CRE loans, net", "box": [ 0.048174999999999996, 0.27151851851851855, 0.3621767916666666, 0.2925000000000001 ], "status": "reconciled", "note": null }, { "text": "2,183,406", "box": [ 0.5807625208333334, 0.27151851851851855, 0.7240941166666667, 0.2925000000000001 ], "status": "reconciled", "note": null }, { "text": "1,809,969", "box": [ 0.8685885208333333, 0.27151851851851855, 0.9488965666666667, 0.2925000000000001 ], "status": "reconciled", "note": null } ], [ { "text": "Loan receivable \u2013 due from Manager", "box": [ 0.048174999999999996, 0.2925000000000001, 0.3621767916666666, 0.31342592592592594 ], "status": "reconciled", "note": null }, { "text": "10,300", "box": [ 0.5807625208333334, 0.2925000000000001, 0.7240941166666667, 0.31342592592592594 ], "status": "reconciled", "note": null }, { "text": "10,375", "box": [ 0.8685885208333333, 0.2925000000000001, 0.9488965666666667, 0.31342592592592594 ], "status": "reconciled", "note": null } ], [ { "text": "Investments in unconsolidated entities", "box": [ 0.048174999999999996, 0.31342592592592594, 0.3621767916666666, 0.3343703703703704 ], "status": "reconciled", "note": null }, { "text": "29,722", "box": [ 0.5807625208333334, 0.31342592592592594, 0.7240941166666667, 0.3343703703703704 ], "status": "reconciled", "note": null }, { "text": "29,237", "box": [ 0.8685885208333333, 0.31342592592592594, 0.9488965666666667, 0.3343703703703704 ], "status": "reconciled", "note": null } ], [ { "text": "Properties held for sale", "box": [ 0.048174999999999996, 0.3343703703703704, 0.3621767916666666, 0.35529629629629633 ], "status": "reconciled", "note": null }, { "text": "90,851", "box": [ 0.5807625208333334, 0.3343703703703704, 0.7240941166666667, 0.35529629629629633 ], "status": "reconciled", "note": null }, { "text": "90,825", "box": [ 0.8685885208333333, 0.3343703703703704, 0.9488965666666667, 0.35529629629629633 ], "status": "reconciled", "note": null } ], [ { "text": "Investments in real estate", "box": [ 0.048174999999999996, 0.35529629629629633, 0.3621767916666666, 0.3762648148148148 ], "status": "reconciled", "note": null }, { "text": "59,382", "box": [ 0.5807625208333334, 0.35529629629629633, 0.7240941166666667, 0.3762648148148148 ], "status": "reconciled", "note": null }, { "text": "76,415", "box": [ 0.8685885208333333, 0.35529629629629633, 0.9488965666666667, 0.3762648148148148 ], "status": "reconciled", "note": null } ], [ { "text": "Right of use assets", "box": [ 0.048174999999999996, 0.3762648148148148, 0.3621767916666666, 0.3972037037037037 ], "status": "reconciled", "note": null }, { "text": "19,415", "box": [ 0.5807625208333334, 0.3762648148148148, 0.7240941166666667, 0.3972037037037037 ], "status": "reconciled", "note": null }, { "text": "19,545", "box": [ 0.8685885208333333, 0.3762648148148148, 0.9488965666666667, 0.3972037037037037 ], "status": "reconciled", "note": null } ], [ { "text": "Intangible assets", "box": [ 0.048174999999999996, 0.3972037037037037, 0.3621767916666666, 0.41814814814814816 ], "status": "reconciled", "note": null }, { "text": "6,000", "box": [ 0.5807625208333334, 0.3972037037037037, 0.7240941166666667, 0.41814814814814816 ], "status": "reconciled", "note": null }, { "text": "6,221", "box": [ 0.8685885208333333, 0.3972037037037037, 0.9488965666666667, 0.41814814814814816 ], "status": "reconciled", "note": null } ], [ { "text": "Other assets", "box": [ 0.048174999999999996, 0.41814814814814816, 0.3621767916666666, 0.4390740740740741 ], "status": "reconciled", "note": null }, { "text": "7,167", "box": [ 0.5807625208333334, 0.41814814814814816, 0.7240941166666667, 0.4390740740740741 ], "status": "reconciled", "note": null }, { "text": "6,560", "box": [ 0.8685885208333333, 0.41814814814814816, 0.9488965666666667, 0.4390740740740741 ], "status": "reconciled", "note": null } ], [ { "text": "Total Assets", "box": [ 0.048174999999999996, 0.4390740740740741, 0.3621767916666666, 0.46001851851851844 ], "status": "reconciled", "note": null }, { "text": "$ 2,486,105", "box": [ 0.5807625208333334, 0.4390740740740741, 0.7240941166666667, 0.46001851851851844 ], "status": "reconciled", "note": null }, { "text": "$ 2,162,364", "box": [ 0.8685885208333333, 0.4390740740740741, 0.9488965666666667, 0.46001851851851844 ], "status": "reconciled", "note": null } ], [ { "text": "Liabilities", "box": [ 0.048174999999999996, 0.46001851851851844, 0.3621767916666666, 0.47961111111111115 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Accounts payable and other liabilities", "box": [ 0.048174999999999996, 0.47961111111111115, 0.3621767916666666, 0.501925925925926 ], "status": "reconciled", "note": null }, { "text": "$ 7,631", "box": [ 0.5807625208333334, 0.47961111111111115, 0.7240941166666667, 0.501925925925926 ], "status": "reconciled", "note": null }, { "text": "$ 7,482", "box": [ 0.8685885208333333, 0.47961111111111115, 0.9488965666666667, 0.501925925925926 ], "status": "reconciled", "note": null } ], [ { "text": "Management fee payable - related party", "box": [ 0.048174999999999996, 0.501925925925926, 0.3621767916666666, 0.5228518518518519 ], "status": "reconciled", "note": null }, { "text": "1,037", "box": [ 0.5807625208333334, 0.501925925925926, 0.7240941166666667, 0.5228518518518519 ], "status": "reconciled", "note": null }, { "text": "\u2014", "box": [ 0.8685885208333333, 0.501925925925926, 0.9488965666666667, 0.5228518518518519 ], "status": "reconciled", "note": null } ], [ { "text": "Accrued interest payable", "box": [ 0.048174999999999996, 0.5228518518518519, 0.3621767916666666, 0.5437962962962962 ], "status": "reconciled", "note": null }, { "text": "5,068", "box": [ 0.5807625208333334, 0.5228518518518519, 0.7240941166666667, 0.5437962962962962 ], "status": "reconciled", "note": null }, { "text": "6,814", "box": [ 0.8685885208333333, 0.5228518518518519, 0.9488965666666667, 0.5437962962962962 ], "status": "reconciled", "note": null } ], [ { "text": "Borrowings", "box": [ 0.048174999999999996, 0.5437962962962962, 0.3621767916666666, 0.5647055555555555 ], "status": "reconciled", "note": null }, { "text": "1,864,671", "box": [ 0.5807625208333334, 0.5437962962962962, 0.7240941166666667, 0.5647055555555555 ], "status": "reconciled", "note": null }, { "text": "1,544,938", "box": [ 0.8685885208333333, 0.5437962962962962, 0.9488965666666667, 0.5647055555555555 ], "status": "reconciled", "note": null } ], [ { "text": "Lease liabilities", "box": [ 0.048174999999999996, 0.5647055555555555, 0.3621767916666666, 0.5857037037037036 ], "status": "reconciled", "note": null }, { "text": "46,096", "box": [ 0.5807625208333334, 0.5647055555555555, 0.7240941166666667, 0.5857037037037036 ], "status": "reconciled", "note": null }, { "text": "45,942", "box": [ 0.8685885208333333, 0.5647055555555555, 0.9488965666666667, 0.5857037037037036 ], "status": "reconciled", "note": null } ], [ { "text": "Distributions payable", "box": [ 0.048174999999999996, 0.5857037037037036, 0.3621767916666666, 0.6066296296296296 ], "status": "reconciled", "note": null }, { "text": "3,423", "box": [ 0.5807625208333334, 0.5857037037037036, 0.7240941166666667, 0.6066296296296296 ], "status": "reconciled", "note": null }, { "text": "3,457", "box": [ 0.8685885208333333, 0.5857037037037036, 0.9488965666666667, 0.6066296296296296 ], "status": "reconciled", "note": null } ], [ { "text": "Accrued tax liability", "box": [ 0.048174999999999996, 0.6066296296296296, 0.3621767916666666, 0.6275740740740741 ], "status": "reconciled", "note": null }, { "text": "75", "box": [ 0.5807625208333334, 0.6066296296296296, 0.7240941166666667, 0.6275740740740741 ], "status": "reconciled", "note": null }, { "text": "8", "box": [ 0.8685885208333333, 0.6066296296296296, 0.9488965666666667, 0.6275740740740741 ], "status": "reconciled", "note": null } ], [ { "text": "Liabilities held for sale", "box": [ 0.048174999999999996, 0.6275740740740741, 0.3621767916666666, 0.6485 ], "status": "reconciled", "note": null }, { "text": "3,181", "box": [ 0.5807625208333334, 0.6275740740740741, 0.7240941166666667, 0.6485 ], "status": "reconciled", "note": null }, { "text": "3,131", "box": [ 0.8685885208333333, 0.6275740740740741, 0.9488965666666667, 0.6485 ], "status": "reconciled", "note": null } ], [ { "text": "Total Liabilities", "box": [ 0.048174999999999996, 0.6485, 0.3621767916666666, 0.6694592592592592 ], "status": "reconciled", "note": null }, { "text": "1,931,182", "box": [ 0.5807625208333334, 0.6485, 0.7240941166666667, 0.6694592592592592 ], "status": "reconciled", "note": null }, { "text": "1,611,772", "box": [ 0.8685885208333333, 0.6485, 0.9488965666666667, 0.6694592592592592 ], "status": "reconciled", "note": null } ], [ { "text": "Equity", "box": [ 0.048174999999999996, 0.6694592592592592, 0.3621767916666666, 0.6890555555555555 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Series C Preferred stock, par value $0.001", "box": [ 0.048174999999999996, 0.6890555555555555, 0.3621767916666666, 0.7113518518518518 ], "status": "reconciled", "note": null }, { "text": "5", "box": [ 0.5807625208333334, 0.6890555555555555, 0.7240941166666667, 0.7113518518518518 ], "status": "reconciled", "note": null }, { "text": "5", 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0.7322777777777778, 0.9488965666666667, 0.7532037037037037 ], "status": "reconciled", "note": null } ], [ { "text": "Additional paid-in capital", "box": [ 0.048174999999999996, 0.7532037037037037, 0.3621767916666666, 0.7741851851851852 ], "status": "reconciled", "note": null }, { "text": "1,142,949", "box": [ 0.5807625208333334, 0.7532037037037037, 0.7240941166666667, 0.7741851851851852 ], "status": "reconciled", "note": null }, { "text": "1,142,410", "box": [ 0.8685885208333333, 0.7532037037037037, 0.9488965666666667, 0.7741851851851852 ], "status": "reconciled", "note": null } ], [ { "text": "Accumulated other comprehensive loss", "box": [ 0.048174999999999996, 0.7741851851851852, 0.3621767916666666, 0.7951296296296296 ], "status": "reconciled", "note": null }, { "text": "(1,277)", "box": [ 0.5807625208333334, 0.7741851851851852, 0.7240941166666667, 0.7951296296296296 ], "status": "reconciled", "note": null }, { "text": "(1,603)", "box": [ 0.8685885208333333, 0.7741851851851852, 0.9488965666666667, 0.7951296296296296 ], "status": "reconciled", "note": null } ], [ { "text": "Distributions in excess of earnings", "box": [ 0.048174999999999996, 0.7951296296296296, 0.3621767916666666, 0.8160555555555555 ], "status": "reconciled", "note": null }, { "text": "(721,051)", "box": [ 0.5807625208333334, 0.7951296296296296, 0.7240941166666667, 0.8160555555555555 ], "status": "reconciled", "note": null }, { "text": "(720,028)", "box": [ 0.8685885208333333, 0.7951296296296296, 0.9488965666666667, 0.8160555555555555 ], "status": "reconciled", "note": null } ], [ { "text": "Total Stockholders' Equity", "box": null, "status": "defect", "note": "The image shows the printed text 'Total Stockholders' Equity' at this position in the table." }, { "text": "420,638", "box": [ 0.5807625208333334, 0.8160555555555555, 0.7240941166666667, 0.8369888888888889 ], "status": "reconciled", "note": null }, { "text": "420,796", "box": [ 0.8685885208333333, 0.8160555555555555, 0.9488965666666667, 0.8369888888888889 ], "status": "reconciled", "note": null } ], [ { "text": "Non-controlling interests", "box": [ 0.048174999999999996, 0.8369888888888889, 0.3621767916666666, 0.85795 ], "status": "reconciled", "note": null }, { "text": "134,285", "box": [ 0.5807625208333334, 0.8369888888888889, 0.7240941166666667, 0.85795 ], "status": "reconciled", "note": null }, { "text": "129,796", "box": [ 0.8685885208333333, 0.8369888888888889, 0.9488965666666667, 0.85795 ], "status": "reconciled", "note": null } ], [ { "text": "Total Equity", "box": [ 0.048174999999999996, 0.85795, 0.3621767916666666, 0.8789 ], "status": "reconciled", "note": null }, { "text": "554,923", "box": [ 0.5807625208333334, 0.85795, 0.7240941166666667, 0.8789 ], "status": "reconciled", "note": null }, { "text": "550,592", "box": [ 0.8685885208333333, 0.85795, 0.9488965666666667, 0.8789 ], "status": "reconciled", "note": null } ], [ { "text": "Total Liabilities and Equity", "box": [ 0.048174999999999996, 0.8789, 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"content_fingerprint": "ef267cc5", "title": "CONSOLIDATED STATEMENTS OF OPERATIONS", "subtitle": "", "markdown": "| Item | For the Three Months Ended Mar. 31, 2026 | For the Three Months Ended Mar. 31, 2025 |\n| --- | --- | --- |\n| Revenues | | |\n| Interest income | $ 34,360 | $ 28,726 |\n| Interest expense | 25,114 | 23,123 |\n| Net interest income | 9,246 | 5,603 |\n| Real estate income | 8,547 | 11,366 |\n| Other revenue | 31 | 33 |\n| Total revenues | 17,824 | 17,002 |\n| Operating Expenses | | |\n| General and administrative | 3,036 | 3,159 |\n| Real estate expenses | 9,710 | 13,342 |\n| Management fees - related party | 1,561 | 1,631 |\n| Equity compensation - related party | 540 | 815 |\n| Corporate depreciation and amortization | 19 | 18 |\n| (Reversal of) provision for credit losses, net | (967) | (1,717) |\n| Total operating expenses | 13,899 | 17,248 |\n| Other Income (Expense) | | |\n| Equity in earnings (losses) on unconsolidated subsidiaries | 245 | (492) |\n| Gain on sale of investment in real estate | 3,336 | \u2014 |\n| Other income | 23 | 84 |\n| Total other (expense) income | 3,604 | (408) |\n| Income (Loss) before Taxes | $ 7,529 | $ (654) |\n| Income tax expense | (1) | (76) |\n| Net Income (Loss) | $ 7,528 | $ (730) |\n| Net income allocated to preferred shares | (5,114) | (5,313) |\n| Net (income) loss allocable to non-controlling interest, net of taxes | (3,437) | 184 |\n| Net (Loss) Income Allocable to Common Shares | $ (1,023) | $ (5,859) |\n| Net (Loss) Income per Common Share \u2013 Basic | $ (0.16) | $ (0.80) |\n| Net (Loss) Income per Common Share \u2013 Diluted | $ (0.16) | $ (0.80) |\n| Weighted Average Number of Common Shares Outstanding - Basic | 6,558,864 | 7,362,236 |\n| Weighted Average Number of Common Shares Outstanding - Diluted | 6,558,864 | 7,362,236 |", "footnotes": [], "footnote_refs": [], "units": "(Unaudited, in thousands, except share and per share data)", "header_rows": 1, "page": 16, "bbox": [ 40.2, 80.1, 915.9, 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0.8608791666666666, 0.22331481481481488 ], "status": null, "note": null }, { "text": "", "box": [ 0.8608791666666666, 0.20198148148148146, 0.9498958333333334, 0.22331481481481488 ], "status": null, "note": null } ], [ { "text": "Interest income", "box": [ 0.048174999999999996, 0.22331481481481488, 0.41149010416666665, 0.2446537037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.22331481481481488, 0.5761916666666667, 0.2446537037037037 ], "status": null, "note": null }, { "text": "$ 34,360", "box": [ 0.5761916666666667, 0.22331481481481488, 0.7279281249999999, 0.2446537037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.22331481481481488, 0.8608791666666666, 0.2446537037037037 ], "status": null, "note": null }, { "text": "$ 28,726", "box": [ 0.8608791666666666, 0.22331481481481488, 0.9498958333333334, 0.2446537037037037 ], "status": null, "note": null } ], [ { "text": "Interest expense", "box": [ 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"9,246", "box": [ 0.5761916666666667, 0.26599259259259256, 0.7279281249999999, 0.2874814814814815 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.26599259259259256, 0.8608791666666666, 0.2874814814814815 ], "status": null, "note": null }, { "text": "5,603", "box": [ 0.8608791666666666, 0.26599259259259256, 0.9498958333333334, 0.2874814814814815 ], "status": null, "note": null } ], [ { "text": "Real estate income", "box": [ 0.048174999999999996, 0.2874814814814815, 0.41149010416666665, 0.30886111111111103 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.2874814814814815, 0.5761916666666667, 0.30886111111111103 ], "status": null, "note": null }, { "text": "8,547", "box": [ 0.5761916666666667, 0.2874814814814815, 0.7279281249999999, 0.30886111111111103 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.2874814814814815, 0.8608791666666666, 0.30886111111111103 ], "status": null, "note": null }, { "text": "11,366", "box": [ 0.8608791666666666, 0.2874814814814815, 0.9498958333333334, 0.30886111111111103 ], "status": null, "note": null } ], [ { "text": "Other revenue", "box": [ 0.048174999999999996, 0.30886111111111103, 0.41149010416666665, 0.3302592592592593 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.30886111111111103, 0.5761916666666667, 0.3302592592592593 ], "status": null, "note": null }, { "text": "31", "box": [ 0.5761916666666667, 0.30886111111111103, 0.7279281249999999, 0.3302592592592593 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.30886111111111103, 0.8608791666666666, 0.3302592592592593 ], "status": null, "note": null }, { "text": "33", "box": [ 0.8608791666666666, 0.30886111111111103, 0.9498958333333334, 0.3302592592592593 ], "status": null, "note": null } ], [ { "text": "Total revenues", "box": [ 0.048174999999999996, 0.3302592592592593, 0.41149010416666665, 0.3516296296296296 ], "status": null, 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"note": null }, { "text": "", "box": [ 0.7279281249999999, 0.3516296296296296, 0.8608791666666666, 0.37296481481481486 ], "status": null, "note": null }, { "text": "", "box": [ 0.8608791666666666, 0.3516296296296296, 0.9498958333333334, 0.37296481481481486 ], "status": null, "note": null } ], [ { "text": "General and administrative", "box": [ 0.048174999999999996, 0.37296481481481486, 0.41149010416666665, 0.39438888888888896 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.37296481481481486, 0.5761916666666667, 0.39438888888888896 ], "status": null, "note": null }, { "text": "3,036", "box": [ 0.5761916666666667, 0.37296481481481486, 0.7279281249999999, 0.39438888888888896 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.37296481481481486, 0.8608791666666666, 0.39438888888888896 ], "status": null, "note": null }, { "text": "3,159", "box": [ 0.8608791666666666, 0.37296481481481486, 0.9498958333333334, 0.39438888888888896 ], "status": null, "note": null } ], [ { "text": "Real estate expenses", "box": [ 0.048174999999999996, 0.39438888888888896, 0.41149010416666665, 0.4157685185185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.39438888888888896, 0.5761916666666667, 0.4157685185185185 ], "status": null, "note": null }, { "text": "9,710", "box": [ 0.5761916666666667, 0.39438888888888896, 0.7279281249999999, 0.4157685185185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.39438888888888896, 0.8608791666666666, 0.4157685185185185 ], "status": null, "note": null }, { "text": "13,342", "box": [ 0.8608791666666666, 0.39438888888888896, 0.9498958333333334, 0.4157685185185185 ], "status": null, "note": null } ], [ { "text": "Management fees - related party", "box": [ 0.048174999999999996, 0.4157685185185185, 0.41149010416666665, 0.43716666666666676 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.4157685185185185, 0.5761916666666667, 0.43716666666666676 ], "status": null, "note": null }, { "text": "1,561", "box": [ 0.5761916666666667, 0.4157685185185185, 0.7279281249999999, 0.43716666666666676 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.4157685185185185, 0.8608791666666666, 0.43716666666666676 ], "status": null, "note": null }, { "text": "1,631", "box": [ 0.8608791666666666, 0.4157685185185185, 0.9498958333333334, 0.43716666666666676 ], "status": null, "note": null } ], [ { "text": "Equity compensation - related party", "box": [ 0.048174999999999996, 0.43716666666666676, 0.41149010416666665, 0.4585648148148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.43716666666666676, 0.5761916666666667, 0.4585648148148148 ], "status": null, "note": null }, { "text": "540", "box": [ 0.5761916666666667, 0.43716666666666676, 0.7279281249999999, 0.4585648148148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.43716666666666676, 0.8608791666666666, 0.4585648148148148 ], "status": null, "note": null }, { "text": "815", "box": [ 0.8608791666666666, 0.43716666666666676, 0.9498958333333334, 0.4585648148148148 ], "status": null, "note": null } ], [ { "text": "Corporate depreciation and amortization", "box": [ 0.048174999999999996, 0.4585648148148148, 0.41149010416666665, 0.47983333333333333 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.4585648148148148, 0.5761916666666667, 0.47983333333333333 ], "status": null, "note": null }, { "text": "19", "box": [ 0.5761916666666667, 0.4585648148148148, 0.7279281249999999, 0.47983333333333333 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.4585648148148148, 0.8608791666666666, 0.47983333333333333 ], "status": null, "note": null }, { "text": "18", "box": [ 0.8608791666666666, 0.4585648148148148, 0.9498958333333334, 0.47983333333333333 ], "status": null, "note": null } ], [ { "text": "(Reversal of) provision for credit losses, net", "box": [ 0.048174999999999996, 0.47983333333333333, 0.41149010416666665, 0.5013425925925926 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.47983333333333333, 0.5761916666666667, 0.5013425925925926 ], "status": null, "note": null }, { "text": "(967)", "box": [ 0.5761916666666667, 0.47983333333333333, 0.7279281249999999, 0.5013425925925926 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.47983333333333333, 0.8608791666666666, 0.5013425925925926 ], "status": null, "note": null }, { "text": "(1,717)", "box": [ 0.8608791666666666, 0.47983333333333333, 0.9498958333333334, 0.5013425925925926 ], "status": null, "note": null } ], [ { "text": "Total operating expenses", "box": [ 0.048174999999999996, 0.5013425925925926, 0.41149010416666665, 0.5227222222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.5013425925925926, 0.5761916666666667, 0.5227222222222222 ], "status": null, "note": null }, { "text": "13,899", "box": [ 0.5761916666666667, 0.5013425925925926, 0.7279281249999999, 0.5227222222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.5013425925925926, 0.8608791666666666, 0.5227222222222222 ], "status": null, "note": null }, { "text": "17,248", "box": [ 0.8608791666666666, 0.5013425925925926, 0.9498958333333334, 0.5227222222222222 ], "status": null, "note": null } ], [ { "text": "Other Income (Expense)", "box": [ 0.048174999999999996, 0.5227222222222222, 0.41149010416666665, 0.5439444444444445 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.5227222222222222, 0.5761916666666667, 0.5439444444444445 ], "status": null, "note": null }, { "text": "", "box": [ 0.5761916666666667, 0.5227222222222222, 0.7279281249999999, 0.5439444444444445 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.5227222222222222, 0.8608791666666666, 0.5439444444444445 ], "status": null, "note": null }, { "text": "", "box": [ 0.8608791666666666, 0.5227222222222222, 0.9498958333333334, 0.5439444444444445 ], "status": null, "note": null } ], [ { "text": "Equity in earnings (losses) on unconsolidated subsidiaries", "box": [ 0.048174999999999996, 0.5439444444444445, 0.41149010416666665, 0.5652777777777778 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.5439444444444445, 0.5761916666666667, 0.5652777777777778 ], "status": null, "note": null }, { "text": "245", "box": [ 0.5761916666666667, 0.5439444444444445, 0.7279281249999999, 0.5652777777777778 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.5439444444444445, 0.8608791666666666, 0.5652777777777778 ], "status": null, "note": null }, { "text": "(492)", "box": [ 0.8608791666666666, 0.5439444444444445, 0.9498958333333334, 0.5652777777777778 ], "status": null, "note": null } ], [ { "text": "Gain on sale of investment in real estate", "box": [ 0.048174999999999996, 0.5652777777777778, 0.41149010416666665, 0.5866166666666667 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.5652777777777778, 0.5761916666666667, 0.5866166666666667 ], "status": null, "note": null }, { "text": "3,336", "box": [ 0.5761916666666667, 0.5652777777777778, 0.7279281249999999, 0.5866166666666667 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.5652777777777778, 0.8608791666666666, 0.5866166666666667 ], "status": null, "note": null }, { "text": "\u2014", "box": [ 0.8608791666666666, 0.5652777777777778, 0.9498958333333334, 0.5866166666666667 ], "status": null, "note": null } ], [ { "text": "Other income", "box": [ 0.048174999999999996, 0.5866166666666667, 0.41149010416666665, 0.6079462962962963 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.5866166666666667, 0.5761916666666667, 0.6079462962962963 ], "status": null, "note": null }, { "text": "23", "box": [ 0.5761916666666667, 0.5866166666666667, 0.7279281249999999, 0.6079462962962963 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.5866166666666667, 0.8608791666666666, 0.6079462962962963 ], "status": null, "note": null }, { "text": "84", "box": [ 0.8608791666666666, 0.5866166666666667, 0.9498958333333334, 0.6079462962962963 ], "status": null, "note": null } ], [ { "text": "Total other (expense) income", "box": [ 0.048174999999999996, 0.6079462962962963, 0.41149010416666665, 0.6293148148148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.6079462962962963, 0.5761916666666667, 0.6293148148148148 ], "status": null, "note": null }, { "text": "3,604", "box": [ 0.5761916666666667, 0.6079462962962963, 0.7279281249999999, 0.6293148148148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.6079462962962963, 0.8608791666666666, 0.6293148148148148 ], "status": null, "note": null }, { "text": "(408)", "box": [ 0.8608791666666666, 0.6079462962962963, 0.9498958333333334, 0.6293148148148148 ], "status": null, "note": null } ], [ { "text": "Income (Loss) before Taxes", "box": [ 0.048174999999999996, 0.6293148148148148, 0.41149010416666665, 0.6506481481481482 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.6293148148148148, 0.5761916666666667, 0.6506481481481482 ], "status": null, "note": null }, { "text": "$ 7,529", "box": [ 0.5761916666666667, 0.6293148148148148, 0.7279281249999999, 0.6506481481481482 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.6293148148148148, 0.8608791666666666, 0.6506481481481482 ], "status": null, "note": null }, { "text": "$ (654)", "box": [ 0.8608791666666666, 0.6293148148148148, 0.9498958333333334, 0.6506481481481482 ], "status": null, "note": null } ], [ { "text": "Income tax expense", "box": [ 0.048174999999999996, 0.6506481481481482, 0.41149010416666665, 0.6719814814814815 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.6506481481481482, 0.5761916666666667, 0.6719814814814815 ], "status": null, "note": null }, { "text": "(1)", "box": [ 0.5761916666666667, 0.6506481481481482, 0.7279281249999999, 0.6719814814814815 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.6506481481481482, 0.8608791666666666, 0.6719814814814815 ], "status": null, "note": null }, { "text": "(76)", "box": [ 0.8608791666666666, 0.6506481481481482, 0.9498958333333334, 0.6719814814814815 ], "status": null, "note": null } ], [ { "text": "Net Income (Loss)", "box": [ 0.048174999999999996, 0.6719814814814815, 0.41149010416666665, 0.6933148148148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.6719814814814815, 0.5761916666666667, 0.6933148148148148 ], "status": null, "note": null }, { "text": "$ 7,528", "box": [ 0.5761916666666667, 0.6719814814814815, 0.7279281249999999, 0.6933148148148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.6719814814814815, 0.8608791666666666, 0.6933148148148148 ], "status": null, "note": null }, { "text": "$ (730)", "box": [ 0.8608791666666666, 0.6719814814814815, 0.9498958333333334, 0.6933148148148148 ], "status": null, "note": null } ], [ { "text": "Net income allocated to preferred shares", "box": [ 0.048174999999999996, 0.6933148148148148, 0.41149010416666665, 0.7146481481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.6933148148148148, 0.5761916666666667, 0.7146481481481481 ], "status": null, "note": null }, { "text": "(5,114)", "box": [ 0.5761916666666667, 0.6933148148148148, 0.7279281249999999, 0.7146481481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.6933148148148148, 0.8608791666666666, 0.7146481481481481 ], "status": null, "note": null }, { "text": "(5,313)", "box": [ 0.8608791666666666, 0.6933148148148148, 0.9498958333333334, 0.7146481481481481 ], "status": null, "note": null } ], [ { "text": "Net (income) loss allocable to non-controlling interest, net of taxes", "box": [ 0.048174999999999996, 0.7146481481481481, 0.41149010416666665, 0.7359814814814815 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.7146481481481481, 0.5761916666666667, 0.7359814814814815 ], "status": null, "note": null }, { "text": "(3,437)", "box": [ 0.5761916666666667, 0.7146481481481481, 0.7279281249999999, 0.7359814814814815 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.7146481481481481, 0.8608791666666666, 0.7359814814814815 ], "status": null, "note": null }, { "text": "184", "box": [ 0.8608791666666666, 0.7146481481481481, 0.9498958333333334, 0.7359814814814815 ], "status": null, "note": null } ], [ { "text": "Net (Loss) Income Allocable to Common Shares", "box": [ 0.048174999999999996, 0.7359814814814815, 0.41149010416666665, 0.7573148148148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.7359814814814815, 0.5761916666666667, 0.7573148148148148 ], "status": null, "note": null }, { "text": "$ (1,023)", "box": [ 0.5761916666666667, 0.7359814814814815, 0.7279281249999999, 0.7573148148148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.7359814814814815, 0.8608791666666666, 0.7573148148148148 ], "status": null, "note": null }, { "text": "$ (5,859)", "box": [ 0.8608791666666666, 0.7359814814814815, 0.9498958333333334, 0.7573148148148148 ], "status": null, "note": null } ], [ { "text": "Net (Loss) Income per Common Share \u2013 Basic", "box": [ 0.048174999999999996, 0.7573148148148148, 0.41149010416666665, 0.7786481481481482 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.7573148148148148, 0.5761916666666667, 0.7786481481481482 ], "status": null, "note": null }, { "text": "$ (0.16)", "box": [ 0.5761916666666667, 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presented 1;", "subtitle": "", "markdown": "| (Unaudited, in thousands, except share and per share data) | For the Three Months Ended Mar. 31, 2026 | For the Three Months Ended Mar. 31, 2025 |\n| --- | --- | --- |\n| Net Loss Allocable to Common Shares \u2013 GAAP | $ (1,023) | $ (5,859) |\n| Realized gain on sale of investment in real estate | (3,336) | \u2014 |\n| Net loss allocable to common shares - GAAP, adjusted | $ (4,359) | $ (5,859) |\n| Reconciling Items from Continuing Operations: | | |\n| Non-cash equity compensation expense | 540 | 815 |\n| Non-cash reversal of CRE credit losses 2 | (554) | (1,717) |\n| Realized net gain (loss) on core activities | 3,336 | (700) |\n| Real estate depreciation and amortization | 1,170 | 1,155 |\n| Earnings (Loss) Available for Distribution Allocable to Common Shares 1 | $ 133 | $ (6,306) |\n| Earnings (Loss) Available for Distribution per Common Share \u2013 Diluted 1 | $ 0.02 | $ (0.86) |\n| Weighted Average Number of Common Shares 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Performance criteria and loan covenants have required occasional waivers", "row": 7, "col": 1, "sources": [ "Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers" ], "source_cells": [ "B11" ], "source_boxes": [ [ 0.11831283333333334, 0.6957222222222222, 0.9453749583333333, 0.7190740740740741 ] ], "box": [ 0.11831283333333334, 0.6957222222222222, 0.9453749583333333, 0.7190740740740741 ], "grounded_by": "cell_address" }, { "result": "Occupancy is not stabilized and the property has a large amount of tenancy rollover", "row": 8, "col": 1, "sources": [ "Occupancy is not stabilized and the property has a large amount of tenancy rollover" ], "source_cells": [ "B12" ], "source_boxes": [ [ 0.11831283333333334, 0.7190740740740741, 0.9453749583333333, 0.7587870370370371 ] ], "box": [ 0.11831283333333334, 0.7190740740740741, 0.9453749583333333, 0.7587870370370371 ], "grounded_by": "cell_address" }, { "result": "Rating 5:", "row": 9, "col": 0, "sources": [ "Rating 5:" ], "source_cells": [ "A13" ], "source_boxes": [ [ 0.05555, 0.7587870370370371, 0.11831283333333334, 0.7885925925925926 ] ], "box": [ 0.05555, 0.7587870370370371, 0.11831283333333334, 0.7885925925925926 ], "grounded_by": "cell_address" }, { "result": "Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off the loan at maturity", "row": 9, "col": 1, "sources": [ "Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale", "proceeds would not be sufficient to pay off the loan at maturity" ], "source_cells": [ "B13", "B14" ], "source_boxes": [ [ 0.11831283333333334, 0.7587870370370371, 0.9453749583333333, 0.7885925925925926 ], [ 0.11831283333333334, 0.7885925925925926, 0.9453749583333333, 0.8183907407407407 ] ], "box": [ 0.11831283333333334, 0.7587870370370371, 0.9453749583333333, 0.8183907407407407 ], "grounded_by": "cell_address" }, { "result": "The property has a material vacancy rate and significant rollover of remaining tenants", "row": 10, "col": 1, "sources": [ "The property has a material vacancy rate and significant rollover of remaining tenants" ], "source_cells": [ "B15" ], "source_boxes": [ [ 0.11831283333333334, 0.8183907407407407, 0.9453749583333333, 0.8581000000000001 ] ], "box": [ 0.11831283333333334, 0.8183907407407407, 0.9453749583333333, 0.8581000000000001 ], "grounded_by": "cell_address" }, { "result": "An updated appraisal is required upon designation and updated on an as-needed basis", "row": 11, "col": 1, "sources": [ "An updated appraisal is required upon designation and updated on an as-needed basis" ], "source_cells": [ "B16" ], "source_boxes": [ [ 0.11831283333333334, 0.8581000000000001, 0.9453749583333333, 0.8883444444444445 ] ], "box": [ 0.11831283333333334, 0.8581000000000001, 0.9453749583333333, 0.8883444444444445 ], "grounded_by": "cell_address" } ], "dropped_text": [], "flavor": "stream", "kind": "text_table", "source": "/home/mande/repo/quber/experiments/ade_rag_playground/data/uploads/acr-1q2026-earnings-presentation-final.pdf", "camelot_accuracy": 100.0, "classifier_decision": null, "llm_corrected": true, "extraction_record": null } ]