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    {
      "page": 12,
      "picture_ref": null,
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      "label": "W.A. LTV",
      "series": "",
      "value": "68%",
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      "fragment_ids": [
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    {
      "page": 12,
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      "series": "",
      "value": "3.2-YEAR",
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      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [
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    {
      "page": 12,
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      "label": "Limited Future Funding Commitments",
      "series": "",
      "value": "$134M",
      "status": "value_unreconciled",
      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [
        "p12.c19"
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    {
      "page": 12,
      "picture_ref": "#/pictures/25",
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      "series": "",
      "value": "11%",
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      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [
        "p12.c25"
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    {
      "page": 12,
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      "series": "",
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      "status": "value_unreconciled",
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      "fragment_ids": [
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    {
      "page": 12,
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      "label": "Class A Properties",
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      "value": "89%",
      "status": "value_unreconciled",
      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [
        "p12.c29"
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    {
      "page": 12,
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      "value": "68%",
      "status": "value_unreconciled",
      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [
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    {
      "page": 12,
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      "chart_title": "OFFICE LOAN PORTFOLIO METRICS",
      "label": "Post-COVID Loans",
      "series": "",
      "value": "86%",
      "status": "value_unreconciled",
      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [
        "p12.c31"
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    {
      "page": 13,
      "picture_ref": null,
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      "fragment_ids": [
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    {
      "page": 13,
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      "fragment_ids": [
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    {
      "page": 13,
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      "label": "Square feet",
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      "fragment_ids": [
        "p13.c13",
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    {
      "page": 13,
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      "fragment_ids": [
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      "page": 13,
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      "fragment_ids": [
        "p13.c19",
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    {
      "page": 13,
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      "fragment_ids": [
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    {
      "page": 13,
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    {
      "page": 13,
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      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [
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    {
      "page": 13,
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    {
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    {
      "page": 13,
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      "page": 13,
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    {
      "page": 13,
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    {
      "page": 13,
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    {
      "page": 13,
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    {
      "page": 13,
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    },
    {
      "page": 13,
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    {
      "page": 13,
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    {
      "page": 13,
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    {
      "page": 13,
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    {
      "page": 13,
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    },
    {
      "page": 13,
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    },
    {
      "page": 13,
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    {
      "page": 13,
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    },
    {
      "page": 13,
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    },
    {
      "page": 13,
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    },
    {
      "page": 13,
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      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
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    {
      "page": 14,
      "picture_ref": "#/pictures/29",
      "chart_title": "Embedded Depreciation in Book Equity Value",
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    {
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    },
    {
      "page": 14,
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    {
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      "fragment_ids": [
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    {
      "page": 14,
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      "series": "Excl. REO Assets",
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      "series": "",
      "value": "99%",
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      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [
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    {
      "page": 15,
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      "label": "% AAA-rated",
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    {
      "page": 15,
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      "label": "% Unencumbered IG-rated securities",
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      "value": "~50%",
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      "fragment_ids": [
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      "page": 15,
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      "label": "W.A. duration",
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      "value": "3.0 Years",
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      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [
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    {
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      "fragment_ids": [
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      "page": 15,
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      "page": 15,
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      "fragment_ids": [
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      "page": 15,
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      "fragment_ids": [
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      "page": 15,
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      "series": "",
      "value": "1%",
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      "fragment_ids": [
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      "page": 15,
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      "fragment_ids": [
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      "note": "scan reading only; the local read did not corroborate it",
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    {
      "page": 15,
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    {
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    {
      "page": 16,
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      "chart_title": "Cumulative Change in Book Value Per Share Since 2022",
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    {
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      "chart_title": "Cumulative Change in Book Value Per Share Since 2022",
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    {
      "page": 16,
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    {
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    {
      "page": 17,
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      "chart_title": "Capitalization Summary",
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    {
      "page": 17,
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      "page": 17,
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    {
      "page": 17,
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    {
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    {
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    {
      "page": 17,
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    {
      "page": 17,
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    {
      "page": 17,
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      "value": "7%",
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    {
      "page": 17,
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      "chart_title": "",
      "label": "Unsecured Corporate Bonds & Revolver",
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      "value": "$2,708²",
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    {
      "page": 17,
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      "chart_title": "",
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      "value": "49%",
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      "fragment_ids": [],
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    },
    {
      "page": 17,
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      "fragment_ids": [],
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    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Sep. 2012",
      "series": "Cumulative Unsecured Corporate Bonds Issued ($M)",
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      "fragment_ids": [],
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    {
      "page": 18,
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      "chart_title": "",
      "label": "Jul. 2014",
      "series": "Cumulative Unsecured Corporate Bonds Issued ($M)",
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      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
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    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Mar. 2017",
      "series": "Cumulative Unsecured Corporate Bonds Issued ($M)",
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      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
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    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Sep. 2017",
      "series": "Cumulative Unsecured Corporate Bonds Issued ($M)",
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      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
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    {
      "page": 18,
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      "chart_title": "",
      "label": "Jan. 2020",
      "series": "Cumulative Unsecured Corporate Bonds Issued ($M)",
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      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
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    {
      "page": 18,
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      "chart_title": "",
      "label": "Jun. 2021",
      "series": "Cumulative Unsecured Corporate Bonds Issued ($M)",
      "value": "$2,925",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2024",
      "series": "Cumulative Unsecured Corporate Bonds Issued ($M)",
      "value": "$3,425",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2025",
      "series": "Cumulative Unsecured Corporate Bonds Issued ($M)",
      "value": "$3,925",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Sep. 2012",
      "series": "Unsecured Bonds % of Total Debt",
      "value": "19%",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2014",
      "series": "Unsecured Bonds % of Total Debt",
      "value": "20%",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Mar. 2017",
      "series": "Unsecured Bonds % of Total Debt",
      "value": "17%",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Sep. 2017",
      "series": "Unsecured Bonds % of Total Debt",
      "value": "27%",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jan. 2020",
      "series": "Unsecured Bonds % of Total Debt",
      "value": "33%",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jun. 2021",
      "series": "Unsecured Bonds % of Total Debt",
      "value": "53%",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2024",
      "series": "Unsecured Bonds % of Total Debt",
      "value": "57%",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2025",
      "series": "Unsecured Bonds % of Total Debt",
      "value": "74%",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Sep. 2012",
      "series": "New Issuance Size ($M)",
      "value": "$325",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2014",
      "series": "New Issuance Size ($M)",
      "value": "$300",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Mar. 2017",
      "series": "New Issuance Size ($M)",
      "value": "$500",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Sep. 2017",
      "series": "New Issuance Size ($M)",
      "value": "$400",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jan. 2020",
      "series": "New Issuance Size ($M)",
      "value": "$750",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jun. 2021",
      "series": "New Issuance Size ($M)",
      "value": "$650",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2024",
      "series": "New Issuance Size ($M)",
      "value": "$500",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2025",
      "series": "New Issuance Size ($M)",
      "value": "$500",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Sep. 2012",
      "series": "Total GAAP Leverage Ratio",
      "value": "1.7x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2014",
      "series": "Total GAAP Leverage Ratio",
      "value": "1.6x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Mar. 2017",
      "series": "Total GAAP Leverage Ratio",
      "value": "2.9x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Sep. 2017",
      "series": "Total GAAP Leverage Ratio",
      "value": "2.9x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jan. 2020",
      "series": "Total GAAP Leverage Ratio",
      "value": "3.1x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jun. 2021",
      "series": "Total GAAP Leverage Ratio",
      "value": "2.8x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2024",
      "series": "Total GAAP Leverage Ratio",
      "value": "2.4x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2025",
      "series": "Total GAAP Leverage Ratio",
      "value": "2.1x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Sep. 2012",
      "series": "Adjusted Leverage Ratio",
      "value": "1.7x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2014",
      "series": "Adjusted Leverage Ratio",
      "value": "1.6x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Mar. 2017",
      "series": "Adjusted Leverage Ratio",
      "value": "2.7x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Sep. 2017",
      "series": "Adjusted Leverage Ratio",
      "value": "2.6x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jan. 2020",
      "series": "Adjusted Leverage Ratio",
      "value": "2.7x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jun. 2021",
      "series": "Adjusted Leverage Ratio",
      "value": "2.3x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2024",
      "series": "Adjusted Leverage Ratio",
      "value": "1.5x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 18,
      "picture_ref": "#/pictures/34",
      "chart_title": "",
      "label": "Jul. 2025",
      "series": "Adjusted Leverage Ratio",
      "value": "1.5x",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 19,
      "picture_ref": "#/pictures/35",
      "chart_title": "LADDER 5.50% BONDS DUE 2030",
      "label": "June 2025",
      "series": "Ladder Bonds",
      "value": "167",
      "status": "reconciled",
      "note": null,
      "fragment_ids": [
        "p19.c8"
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    },
    {
      "page": 19,
      "picture_ref": "#/pictures/35",
      "chart_title": "LADDER 5.50% BONDS DUE 2030",
      "label": "May 2026",
      "series": "Ladder Bonds",
      "value": "121",
      "status": "reconciled",
      "note": null,
      "fragment_ids": [
        "p19.c9"
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        "left": 0.354865,
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    },
    {
      "page": 19,
      "picture_ref": "#/pictures/35",
      "chart_title": "LADDER 5.50% BONDS DUE 2030",
      "label": "tightening",
      "series": "Ladder Bonds",
      "value": "~46 bps",
      "status": "value_unreconciled",
      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [],
      "box": null
    },
    {
      "page": 19,
      "picture_ref": "#/pictures/36",
      "chart_title": "EQUITY REITs",
      "label": "June 2025",
      "series": "Equity REITs",
      "value": "125",
      "status": "reconciled",
      "note": null,
      "fragment_ids": [
        "p19.c16"
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        "left": 0.6553641666666666,
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        "bottom": 0.5414467282211789
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    },
    {
      "page": 19,
      "picture_ref": "#/pictures/36",
      "chart_title": "EQUITY REITs",
      "label": "May 2026",
      "series": "Equity REITs",
      "value": "101",
      "status": "reconciled",
      "note": null,
      "fragment_ids": [
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        "left": 0.8384747222222223,
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    },
    {
      "page": 19,
      "picture_ref": "#/pictures/36",
      "chart_title": "EQUITY REITs",
      "label": "tightening",
      "series": "Equity REITs",
      "value": "~24 bps",
      "status": "value_unreconciled",
      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [],
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    {
      "page": 20,
      "picture_ref": "#/pictures/37",
      "chart_title": "UNSECURED AND SECURED DEBT MATURITIES",
      "label": "2026 total",
      "series": "Total",
      "value": "$955",
      "status": "reconciled",
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      "page": 20,
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      "chart_title": "UNSECURED AND SECURED DEBT MATURITIES",
      "label": "2026",
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      "note": "local read only; the scan's reading has no matching value",
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      "page": 20,
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      "chart_title": "UNSECURED AND SECURED DEBT MATURITIES",
      "label": "2027 total",
      "series": "Total",
      "value": "$716",
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      "fragment_ids": [
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      "page": 20,
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      "chart_title": "UNSECURED AND SECURED DEBT MATURITIES",
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      "series": "Unsecured Debt",
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      "page": 20,
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      "series": "Secured Debt",
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      "page": 20,
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      "label": "2028 total",
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      "page": 20,
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      "label": "2030 total",
      "series": "Total",
      "value": "$601",
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      "page": 20,
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    {
      "page": 20,
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      "label": "2031 total",
      "series": "Total",
      "value": "$502",
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        "p20.c28"
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    {
      "page": 20,
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    {
      "page": 20,
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    },
    {
      "page": 20,
      "picture_ref": "#/pictures/37",
      "chart_title": "UNSECURED AND SECURED DEBT MATURITIES",
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        "p20.c34"
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    {
      "page": 20,
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      "chart_title": "",
      "label": "2026",
      "series": "Unsecured Debt",
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      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
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    },
    {
      "page": 20,
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      "chart_title": "",
      "label": "2028",
      "series": "Secured Debt",
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      "fragment_ids": [],
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    },
    {
      "page": 20,
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      "chart_title": "",
      "label": "2032 & Beyond",
      "series": "Unsecured Debt",
      "value": "$0",
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      "fragment_ids": [],
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    },
    {
      "page": 22,
      "picture_ref": "#/pictures/51",
      "chart_title": "'APPLES-TO-APPLES' COVENANT COMPARISON",
      "label": "Total Leverage",
      "series": "Ladder IG Bond Covenant",
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      "page": 22,
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      "label": "Total Leverage",
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      "value": "(≤78% Debt/Assets)",
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      "note": "fragment at the value's position prints '('",
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        "p22.c34",
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      "page": 22,
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        "p22.c62"
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    {
      "page": 22,
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        "p22.c63",
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        "p22.c67"
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    {
      "page": 22,
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        "p22.c44",
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      "page": 22,
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        "p22.c74"
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      "page": 22,
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      "page": 22,
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      "series": "'Look-Through' Ladder Metric",
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        "p22.c69"
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    {
      "page": 22,
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      "label": "Unencumbered Assets/Unsecured Debt",
      "series": "Equity REIT IG Bond Covenant",
      "value": "≥1.50x",
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      "fragment_ids": [
        "p22.c68"
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    {
      "page": 22,
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      "label": "Fixed Charge Coverage Ratio",
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      "note": "fragment at the value's position prints '≥  1.25x'",
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        "p22.c75"
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      "page": 22,
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    {
      "page": 22,
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    {
      "page": 22,
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        "p22.c70"
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      "page": 22,
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      "chart_title": "'APPLES-TO-APPLES' COVENANT COMPARISON",
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    {
      "page": 23,
      "picture_ref": "#/pictures/52",
      "chart_title": "UNENCUMBERED ASSET POOL COMPOSITION",
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    {
      "page": 23,
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      "chart_title": "UNENCUMBERED ASSET POOL COMPOSITION",
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      "value": "$33",
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        "p23.c31",
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      "page": 23,
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        "p23.c33"
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      "page": 23,
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    {
      "page": 23,
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      "chart_title": "UNENCUMBERED ASSET POOL COMPOSITION",
      "label": "Other Assets",
      "series": "",
      "value": "(3%)",
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      "fragment_ids": [
        "p23.c34"
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    {
      "page": 23,
      "picture_ref": "#/pictures/52",
      "chart_title": "UNENCUMBERED ASSET POOL COMPOSITION",
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      "value": "$498",
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    {
      "page": 23,
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      "label": "CRE Equity",
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      "fragment_ids": [
        "p23.c38"
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    {
      "page": 23,
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    {
      "page": 23,
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        "p23.c46"
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      "page": 23,
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      "chart_title": "UNENCUMBERED ASSET POOL COMPOSITION",
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      "page": 23,
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      "fragment_ids": [
        "p23.c44"
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    {
      "page": 23,
      "picture_ref": "#/pictures/52",
      "chart_title": "UNENCUMBERED ASSET POOL COMPOSITION",
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        "p23.c48",
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    {
      "page": 23,
      "picture_ref": "#/pictures/52",
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      "label": "Mezzanine Loans",
      "series": "",
      "value": "(0.1%)",
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      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [
        "p23.c49"
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    {
      "page": 23,
      "picture_ref": null,
      "chart_title": "KEY UNENCUMBERED POOL HIGHLIGHTS",
      "label": "OF TOTAL ASSETS ARE UNENCUMBERED",
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      "value": "73%",
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      "fragment_ids": [
        "p23.c4"
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    {
      "page": 23,
      "picture_ref": null,
      "chart_title": "KEY UNENCUMBERED POOL HIGHLIGHTS",
      "label": "COMPRISED OF CASH, FIRST MORTGAGE LOANS AND IG SECURITIES",
      "series": "",
      "value": "85%",
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      "fragment_ids": [
        "p23.c6"
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    {
      "page": 23,
      "picture_ref": null,
      "chart_title": "KEY UNENCUMBERED POOL HIGHLIGHTS",
      "label": "UNENCUMBERED ASSETS / UNSECURED DEBT",
      "series": "",
      "value": "1.58X",
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      "note": "local read only; the scan's reading has no matching value",
      "fragment_ids": [
        "p23.c10"
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    {
      "page": 23,
      "picture_ref": null,
      "chart_title": "KEY UNENCUMBERED POOL HIGHLIGHTS",
      "label": "CUSHION VS. 1.20X LEVEL",
      "series": "",
      "value": ">$1.0B",
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      "fragment_ids": [
        "p23.c12"
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      "page": 23,
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      "label": "OF IG SECURITIES PORTFOLIO IS UNENCUMBERED",
      "series": "",
      "value": "~50%",
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      "page": 23,
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    {
      "page": 23,
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    {
      "page": 23,
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      "label": "Securities",
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    {
      "page": 23,
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    {
      "page": 23,
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      "label": "Other Assets",
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    {
      "page": 23,
      "picture_ref": "#/pictures/52",
      "chart_title": "",
      "label": "Unrestricted Cash",
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      "fragment_ids": [],
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    {
      "page": 24,
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      "chart_title": "UNENCUMBERED ASSET / UNSECURED DEBT RATIO",
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      "page": 24,
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      "page": 24,
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      "chart_title": "UNENCUMBERED ASSET / UNSECURED DEBT RATIO",
      "label": "2015",
      "series": "% Cash, First Mortgage Loans and Securities",
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        "p24.c13"
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    {
      "page": 24,
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      "chart_title": "UNENCUMBERED ASSET / UNSECURED DEBT RATIO",
      "label": "2016",
      "series": "% Cash, First Mortgage Loans and Securities",
      "value": "55%",
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    {
      "page": 24,
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      "chart_title": "UNENCUMBERED ASSET / UNSECURED DEBT RATIO",
      "label": "2017",
      "series": "% Cash, First Mortgage Loans and Securities",
      "value": "60%",
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    {
      "page": 24,
      "picture_ref": "#/pictures/53",
      "chart_title": "UNENCUMBERED ASSET / UNSECURED DEBT RATIO",
      "label": "2018",
      "series": "% Cash, First Mortgage Loans and Securities",
      "value": "63%",
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    {
      "page": 24,
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      "chart_title": "UNENCUMBERED ASSET / UNSECURED DEBT RATIO",
      "label": "2019",
      "series": "% Cash, First Mortgage Loans and Securities",
      "value": "70%",
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      "page": 24,
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      "chart_title": "UNENCUMBERED ASSET / UNSECURED DEBT RATIO",
      "label": "2020",
      "series": "% Cash, First Mortgage Loans and Securities",
      "value": "81%",
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      "page": 24,
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      "series": "% Cash, First Mortgage Loans and Securities",
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      "series": "% Cash, First Mortgage Loans and Securities",
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    {
      "page": 27,
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      "chart_title": "TIMELINE & KEY \"LADDER FIRSTS\"",
      "label": "2008 - Founded with $611M of equity",
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      "label": "2015 - and $25B of total investments since inception",
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      "label": "2025 - Achieved IG ratings from Moody's",
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      "label": "2025 - and Fitch",
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      "label": "2026 - Upgraded by S&P",
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    },
    {
      "page": 27,
      "picture_ref": "#/pictures/54",
      "chart_title": "",
      "label": "2015",
      "series": "",
      "value": "Over $15B",
      "status": "value_unreconciled",
      "note": "scan reading only; the local read did not corroborate it",
      "fragment_ids": [],
      "box": null
    }
  ],
  "errors": []
}