{ "document": "lft-2026q1-supplemental", "scans": [ { "page": 7, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "bar_chart" ], "table_refs": [], "job_id": "cmsay5bl60055eq01765wk6j7", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "lft-2026q1-supplemental.p7.ade.json", "figures": [ { "page": 7, "text": "\n\n<::Bar chart 1 titled \"Distributable Earnings(1) & Dividends Per Share of Common Stock\" with legend:\n- Distributable Earnings (dark blue)\n- Dividends (gold)\n\nData points:\n- Q2 2025: Distributable Earnings $0.05, Dividends $0.06\n- Q3 2025: Distributable Earnings $0.02, Dividends $0.04\n- Q4 2025: Distributable Earnings $0.00, Dividends $0.04\n- Q1 2026: Distributable Earnings $0.02, Dividends $0.04\n\nBar chart 2 titled \"Book Value Per Share of Common Stock(2)\"\n\nData points:\n- Q2 2025: $3.27\n- Q3 2025: $3.25\n- Q4 2025: $3.03\n- Q1 2026: $2.97\n: bar chart::>", "box": { "bottom": 0.8625048398971558, "left": 0.04924646019935608, "right": 0.9626339673995972, "top": 0.1545208990573883 }, "chunk_id": "3418eea1-5110-46cb-abd2-c0392819dd93", "job_id": "cmsay5bl60055eq01765wk6j7", "picture_ref": "#/pictures/6" } ], "tables": [], "context": [ { "page": 7, "kind": "text", "text": "\n\nEarnings and Book Value Per Share of Common Stock", "box": { "bottom": 0.09310534596443176, "left": 0.043744027614593506, "right": 0.9555631279945374, "top": 0.03137969598174095 }, "chunk_id": "8ac56b65-086a-4a45-9f37-41c09ed387d8" }, { "page": 7, "kind": "marginalia", "text": "\n\nNote:\n(1) See Appendix for definition of Distributable Earnings and for reconciliation of GAAP net income to distributable earnings.\n(2) See Appendix for definition of Book Value Per Share of Common Stock.", "box": { "bottom": 0.961616039276123, "left": 0.19641613960266113, "right": 0.7200847268104553, "top": 0.9294017553329468 }, "chunk_id": "274a23cd-bbcf-4753-9dcd-ab5173ce4b74" }, { "page": 7, "kind": "marginalia", "text": "\n\n7", "box": { "bottom": 0.9801352024078369, "left": 0.977524995803833, "right": 0.9986882209777832, "top": 0.9465351104736328 }, "chunk_id": "1702dad3-8675-4afa-9176-e22c3060f8a4" } ] }, { "page": 8, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "pie_chart" ], "table_refs": [], "job_id": "cmsay5bl30020fm01tbsv793b", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "lft-2026q1-supplemental.p8.ade.json", "figures": [ { "page": 8, "text": "\n\nGeographic Concentration(2)\n<::donut chart\nTotal: $1,108.1\n\nCategories:\n- TX: $241.8, 21.8%\n- FL: $188.9, 17.0%\n- NJ: $133.8, 12.1%\n- GA: $96.4, 8.7%\n- OH: $90.4, 8.2%\n- Other States: $356.7, 32.2%\n: chart::>", "box": { "bottom": 0.8413652181625366, "left": 0.053357839584350586, "right": 0.4969708323478699, "top": 0.3655494749546051 }, "chunk_id": "33d33c41-c174-489a-a7e8-6871a954ca1c", "job_id": "cmsay5bl30020fm01tbsv793b", "picture_ref": "#/pictures/8" }, { "page": 8, "text": "\n\n<::donut chart\nTitle: Property Type(2)\nCenter Value: $1,108.1\nSegments:\n- Seniors Housing & Healthcare: $82.0, 7.4%\n- Multifamily: $1,026.0, 92.6%\n: chart::>", "box": { "bottom": 0.8364102840423584, "left": 0.5067325830459595, "right": 0.9450290203094482, "top": 0.36926981806755066 }, "chunk_id": "67988226-f646-44b3-b452-abfd0edbb016", "job_id": "cmsay5bl30020fm01tbsv793b", "picture_ref": "#/pictures/10" } ], "tables": [], "context": [ { "page": 8, "kind": "text", "text": "\n\nInvestment Portfolio", "box": { "bottom": 0.08969870209693909, "left": 0.04448394477367401, "right": 0.4163564443588257, "top": 0.03191591799259186 }, "chunk_id": "4521fddf-6412-48c4-b257-8ffebc6f820b" }, { "page": 8, "kind": "text", "text": "\n\n* On March 31, 2026, the Company owned a portfolio of floating-rate CRE loans with a carrying value of $1.1 billion. 92.6%(1) of the portfolio was invested in loans collateralized by multifamily assets.\n* The Company anticipates that it will continue to focus on investment opportunities within multifamily credit. The Company does not currently own any hospitality, retail, self-storage, or office loan assets and has limited exposure to seniors housing.", "box": { "bottom": 0.3073892593383789, "left": 0.051737815141677856, "right": 0.9378666877746582, "top": 0.13137082755565643 }, "chunk_id": "e0769363-df9f-49fc-aa2f-07595729787c" }, { "page": 8, "kind": "text", "text": "\n\nNote:\n(1) Based on carrying value.\n(2) $ In millions, based on carrying value.", "box": { "bottom": 0.9619680643081665, "left": 0.19653603434562683, "right": 0.39742663502693176, "top": 0.9302071332931519 }, "chunk_id": "028a2f65-7f01-49b1-9edc-e1bd524aca55" }, { "page": 8, "kind": "marginalia", "text": "\n\n8", "box": { "bottom": 0.9797637462615967, "left": 0.9767838716506958, "right": 0.998846173286438, "top": 0.946562647819519 }, "chunk_id": "511ff1e9-e976-4e31-9a0e-b29f1fa635bd" } ] }, { "page": 9, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "pie_chart" ], "table_refs": [], "job_id": "cmsay5bm70057eq01zrlxb7kq", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "lft-2026q1-supplemental.p9.ade.json", "figures": [ { "page": 9, "text": "\n\nQ1 Fundings by Property Type(1)\n\n<::donut chart::>\n<::chart_title: Q1 Fundings by Property Type(1)::>\n<::chart_data::>\n<::segment::>\n<::label: Multifamily::>\n<::value: $47.9::>\n<::percentage: 100.0%::>\n<::/segment::>\n<::total_value: $47.9::>\n<::/chart_data::>\n<::/donut chart::>", "box": { "bottom": 0.9172568321228027, "left": 0.04737505316734314, "right": 0.48578909039497375, "top": 0.5113643407821655 }, "chunk_id": "cfd08bd3-7093-49f3-a978-fce8160d90c2", "job_id": "cmsay5bm70057eq01zrlxb7kq", "picture_ref": "#/pictures/12" }, { "page": 9, "text": "\n\n<::Portfolio Activity (2)\n\nBar chart showing portfolio changes from Q4 2025 to Q1 2026.\n\n- Q4 2025 Portfolio: $1,114.0\n- Loan Fundings: $47.9\n- Payoffs / Sales: ($46.8)\n- Provision for Loan Losses: $3.1\n- Loans Transferred to REO: ($10.5)\n- Other Activity: $0.3\n- Q1 2026 Portfolio: $1,108.1\n: bar chart::>", "box": { "bottom": 0.5115034580230713, "left": 0.5058205127716064, "right": 0.9475525617599487, "top": 0.11715112626552582 }, "chunk_id": "6e860888-2c73-445f-80c1-1b17fc10e329", "job_id": "cmsay5bm70057eq01zrlxb7kq", "picture_ref": "#/pictures/11" }, { "page": 9, "text": "\n\nQ1 Payoffs by Property Type(1)\n<::donut chart::>\nMultifamily, $46.8, 100.0%\nCenter value: $46.8\n::>", "box": { "bottom": 0.9226891398429871, "left": 0.5039247274398804, "right": 0.9464465379714966, "top": 0.5129672884941101 }, "chunk_id": "557bbd30-e24c-486d-9456-2a6072b1b5c1", "job_id": "cmsay5bm70057eq01zrlxb7kq", "picture_ref": "#/pictures/32" } ], "tables": [], "context": [ { "page": 9, "kind": "text", "text": "\n\nQ1 2026 Loan Activity", "box": { "bottom": 0.09710249304771423, "left": 0.042453691363334656, "right": 0.42890942096710205, "top": 0.02839173749089241 }, "chunk_id": "b331e7b7-3b2b-4c95-8c3b-1b8dcf1e08b9" }, { "page": 9, "kind": "text", "text": "\n\n* The Company funded $47.9 million of loan assets and experienced $46.8 million of loan payoffs during the quarter.", "box": { "bottom": 0.23073703050613403, "left": 0.05335184931755066, "right": 0.46902844309806824, "top": 0.1292921006679535 }, "chunk_id": "f222ac88-38ca-47e7-a479-24d19f7f2c3f" }, { "page": 9, "kind": "text", "text": "\n\nLUMENT", "box": { "bottom": 0.9820575714111328, "left": 0.05383621156215668, "right": 0.1911950558423996, "top": 0.9452428817749023 }, "chunk_id": "615b3c04-edf7-4003-9044-c64f9993e369" }, { "page": 9, "kind": "marginalia", "text": "\n\nNote:\n(1) $ In millions, based on UPB.\n(2) Portfolio balances shown based on carrying value net of allowances. \"Other Activity\" is comprised of changes in capitalized origination fees, extension fees, and purchase\ndiscounts.", "box": { "bottom": 0.9907535314559937, "left": 0.19856563210487366, "right": 0.9052363634109497, "top": 0.9454996585845947 }, "chunk_id": "8ebba911-6243-4683-93f5-777d775ff746" }, { "page": 9, "kind": "marginalia", "text": "\n\n9", "box": { "bottom": 0.980443000793457, "left": 0.9766213893890381, "right": 0.9989749193191528, "top": 0.9459043741226196 }, "chunk_id": "1a90db31-6ef1-485b-bcac-4d9770f32315" } ] }, { "page": 10, "status": "figures", "reason": "", "picture_classes": [ "line_chart", "bar_chart" ], "table_refs": [], "job_id": "cmsay5bki0066fo01uxvn7vyo", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "lft-2026q1-supplemental.p10.ade.json", "figures": [ { "page": 10, "text": "\n\n<::chart: Asset Performance(1)\n\nThis chart displays asset performance over time, combining a bar chart for \"% Performing\" and a line graph for \"Average 1M SOFR\".\n\nDates (X-axis):\n- 6/30/2025\n- 9/30/2025\n- 12/31/2025\n- 3/31/2026\n\n% Performing (Bar Chart Data):\n- 6/30/2025: 88.7%\n- 9/30/2025: 89.7%\n- 12/31/2025: 91.2%\n- 3/31/2026: 91.8%\n\nAverage 1M SOFR (Line Graph Data):\n- 6/30/2025: 4.3%\n- 9/30/2025: 4.1%\n- 12/31/2025: 3.7%\n- 3/31/2026: 3.7%\n\nLegend:\n- Dark Blue Bar: % Performing\n- Gold Line with Diamond Markers: Average 1M SOFR::>\n", "box": { "bottom": 0.8265552520751953, "left": 0.05473829805850983, "right": 0.4979599118232727, "top": 0.36590978503227234 }, "chunk_id": "a5da9f89-5049-40a3-b479-027ad2b1a3fe", "job_id": "cmsay5bki0066fo01uxvn7vyo", "picture_ref": "#/pictures/14" }, { "page": 10, "text": "\n\n<::Weighted Average Risk Rating (2)\n: chart\nThe chart is a combination of a stacked bar chart and a line graph. The x-axis represents dates: 6/30/2025, 9/30/2025, 12/31/2025, and 3/31/2026.\n\nThe stacked bars represent different risk ratings from 1 to 5, as indicated by the legend:\n- 1 (dark teal)\n- 2 (green)\n- 3 (dark grey)\n- 4 (brown)\n- 5 (red)\n\nAn overlaying line graph, labeled \"Weighted Avg Risk Rating\" (gold line with diamond markers), shows the following values at each date:\n- 6/30/2025: 3.5\n- 9/30/2025: 3.6\n- 12/31/2025: 3.2\n- 3/31/2026: 3.1::>", "box": { "bottom": 0.8246992230415344, "left": 0.5054337382316589, "right": 0.9491414427757263, "top": 0.36720746755599976 }, "chunk_id": "5c0166ee-c131-4195-8326-4febd908e633", "job_id": "cmsay5bki0066fo01uxvn7vyo", "picture_ref": "#/pictures/16" } ], "tables": [], "context": [ { "page": 10, "kind": "text", "text": "\n\n# Portfolio Credit\n\n* As of March 31, 2026, 91.8% of the Company's portfolio was performing(1), with 76.7% of the portfolio rated \"3\" (Moderate Risk) or better.\n* Weighted average risk rating(2) of 3.1.\n* During the quarter, management applied a \"5\" risk-rating to seven loans with an aggregate principal value of $107.9 million.", "box": { "bottom": 0.323822021484375, "left": 0.05028310418128967, "right": 0.9408329725265503, "top": 0.02998591959476471 }, "chunk_id": "024c89ff-aa3e-4444-96e0-3461868b688d" }, { "page": 10, "kind": "marginalia", "text": "\n\nNote:\n(1) \"Performing\" defined as loans that are neither in default nor on non-accrual status.\n(2) Weighted average risk rating is weighted based on carrying value of portfolio assets.", "box": { "bottom": 0.9787183403968811, "left": 0.19647811353206635, "right": 0.576258659362793, "top": 0.9428628087043762 }, "chunk_id": "84099343-3e74-4efd-9663-132d904bd960" }, { "page": 10, "kind": "marginalia", "text": "\n\n10", "box": { "bottom": 0.9806274771690369, "left": 0.9768208265304565, "right": 0.9991546869277954, "top": 0.9459652304649353 }, "chunk_id": "0d9c0992-ca57-42e9-bc69-742dae242ee7" } ] }, { "page": 11, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "cmsay5bnh0067fo01f38vhpn2", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "lft-2026q1-supplemental.p11.ade.json", "figures": [ { "page": 11, "text": "\n\n<::Capital Structure Composition(1)\nDonut Chart:\nCenter value: $1,201.7\nSegments:\n- 77.9%: Secured Financing\n- 13.0%: Common Equity\n- 5.0%: Preferred Equity\n- 4.2%: Term Loan\n: chart::>", "box": { "bottom": 0.8287620544433594, "left": 0.05434642732143402, "right": 0.495741605758667, "top": 0.30467185378074646 }, "chunk_id": "baf8f7a6-6aca-47af-9ae8-aa215c793266", "job_id": "cmsay5bnh0067fo01f38vhpn2", "picture_ref": "#/pictures/17" } ], "tables": [ { "page": 11, "cells": [ [ "Capital Structure Detail", "", "", "", "" ], [ "($ in millions)", "", "", "", "" ], [ "Secured Financings(2)", "Maturity Date", "Rate", "Advance Rate", "Amount" ], [ "LMNT 2025-FL3", "July 2043", "S + 1.91%", "88.1%", "$585.0" ], [ "Secured financing agreements", "Various", "Various", "Various", "$350.8" ], [ "Credit Facilities", "", "", "", "" ], [ "Term Loan (3)", "February 2030", "9.75%", "", "$50.0" ], [ "Total Debt", "", "", "", "$985.8" ], [ "Equity", "", "", "", "" ], [ "Preferred Equity (4)", "N/A", "7.875%", "", "$60.0" ], [ "Book Value of Common Equity(5)", "N/A", "", "", "$156.0" ], [ "Total Capitalization(1)", "", "", "", "$1,201.7" ] ], "cell_boxes": [ [ { "bottom": 0.36536844211478736, "left": 0.5100656447597456, "right": 0.9405305890473725, "top": 0.3118211045284258 }, null, null, null, null ], [ { "bottom": 0.4569262470161611, "left": 0.510079521951166, "right": 0.679366881002201, "top": 0.3652316124255999 }, { "bottom": 0.45689472596276687, "left": 0.679184934441734, "right": 0.7647211318504284, "top": 0.365285424666974 }, { "bottom": 0.4568788014348757, "left": 0.7646054448074653, "right": 0.8104126886880147, "top": 0.3653125566606131 }, { "bottom": 0.4568702766575369, "left": 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"right": 0.9405706067014421, "top": 0.6911035640556602 } ] ], "box": { "bottom": 0.7152226835285447, "left": 0.5100656447597456, "right": 0.9405706067014421, "top": 0.3118211045284258 }, "chunk_id": "2024e7fe-f066-4219-ad10-3fee595843fa", "job_id": "cmsay5bnh0067fo01f38vhpn2", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 11, "kind": "text", "text": "\n\nQ1 2026 Capital Structure Overview", "box": { "bottom": 0.09361804276704788, "left": 0.04294377565383911, "right": 0.6690791249275208, "top": 0.03104790300130844 }, "chunk_id": "3b206a1c-d4de-4067-8983-cbd6bb1f20ab" }, { "page": 11, "kind": "text", "text": "\n\nPrimary sources of financing include a CRE CLO (2025-FL3 CLO), secured financing agreements, preferred stock, and a corporate term loan.", "box": { "bottom": 0.20893226563930511, "left": 0.05696821212768555, "right": 0.9721843004226685, "top": 0.13813747465610504 }, "chunk_id": "e1c4fdeb-9c80-43cd-bf00-9f0569fbd70e" }, { "page": 11, "kind": "text", "text": "\n\nNote:\n(1) In millions. LFT total capitalization is a non-GAAP measure which excludes certain Balance Sheet items; Please see Appendix for reconciliation to GAAP.\n(2) Secured financing shown at par value. 2025-FL3 CLO GAAP carrying value of $580.3 includes $4.7 million of unamortized debt issuance costs. Secured financing agreements carrying value of $348.7 million includes $2.1 million of unamortized debt issuance costs.\n(3) Term loan shown at par value. GAAP carrying value of $49.6 million includes $0.4 million of unamortized debt issuance costs.\n(4) Preferred equity shown at $60 million liquidation preference.\n(5) Noncontrolling interest was $99,500 as of 3/31/2026 and is excluded from common equity above.", "box": { "bottom": 1.0, "left": 0.19627955555915833, "right": 0.955945611000061, "top": 0.9275949597358704 }, "chunk_id": "051064dc-e8fa-4d2c-84ea-6f84bdd42c79" }, { "page": 11, "kind": "marginalia", "text": "\n\n77", "box": { "bottom": 0.9808517098426819, "left": 0.9771110415458679, "right": 0.9988370537757874, "top": 0.9458493590354919 }, "chunk_id": "90e41690-1cf2-47f9-adb6-8d146ecaebd4" } ] }, { "page": 12, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "bar_chart" ], "table_refs": [], "job_id": "cmsay5blh0056eq01uvo8if8e", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "lft-2026q1-supplemental.p12.ade.json", "figures": [ { "page": 12, "text": "\n\n<::Floating-Rate Exposure(1)\n\nBar chart showing:\nFloating Rate Assets(2) $1,131\nFloating Rate Liabilities(3) -$936\nNet Exposure $195\n: chart::>", "box": { "bottom": 0.7540332078933716, "left": 0.05560979247093201, "right": 0.49510499835014343, "top": 0.36769258975982666 }, "chunk_id": "65432c59-a7aa-416b-9c0e-18c8ab3c2489", "job_id": "cmsay5blh0056eq01uvo8if8e", "picture_ref": "#/pictures/19" }, { "page": 12, "text": "\n\nNet Interest Income Per Share\nSensitivity to Change in SOFR(4)\n<::bar chart showing Net Interest Income Per Share Sensitivity to Change in SOFR. The x-axis represents changes in basis points (bps) for SOFR, and the y-axis represents the Net Interest Income Per Share in dollars.\n\n- +25 bps: -$0.00\n- 0 bps: $0.00\n- -25 bps: $0.01\n- -50 bps: $0.02\n- -75 bps: $0.04\n- -100 bps: $0.06\n: chart::> ", "box": { "bottom": 0.7875198125839233, "left": 0.5059938430786133, "right": 0.9454859495162964, "top": 0.36582839488983154 }, "chunk_id": "2ae8ca83-21a7-4557-b14a-6743f015bb43", "job_id": "cmsay5blh0056eq01uvo8if8e", "picture_ref": "#/pictures/21" } ], "tables": [], "context": [ { "page": 12, "kind": "text", "text": "\n\nNet Interest Income Sensitivity to Shifts in Term SOFR", "box": { "bottom": 0.08852233737707138, "left": 0.043610602617263794, "right": 0.6495528221130371, "top": 0.045088134706020355 }, "chunk_id": "9105dce1-0a83-4f05-886e-23d984e277c0" }, { "page": 12, "kind": "text", "text": "\n\n* 100% floating-rate loan portfolio.\n* 100% of portfolio is indexed to 30-day term SOFR.", "box": { "bottom": 0.23681798577308655, "left": 0.05011647939682007, "right": 0.5016824007034302, "top": 0.131003737449646 }, "chunk_id": "9c56940c-bb66-4c90-a477-21e6160944bb" }, { "page": 12, "kind": "text", "text": "\n\nNote:\n(1) In millions. Net Exposure represents UPB of floating rate loan portfolio assets net of par value of secured floating rate debt outstanding.\n(2) Figure reflects unpaid principal balance of floating-rate loan portfolio.\n(3) Comprised of secured financing arrangements and outstanding securitization notes related to 2025-FL3, all of which are indexed to one-month SOFR. Figure reflects par value of notes.\n(4) Annualized impact per common share. Assumes starting 30-day term SOFR of 3.66%. Our loan assets feature rate floors which partially mitigate the adverse earnings impact of declines\nin SOFR.", "box": { "bottom": 0.9982513189315796, "left": 0.19852396845817566, "right": 0.9687474966049194, "top": 0.9273867607116699 }, "chunk_id": "3f316c9d-5fe2-4cec-8925-1b920869aad9" }, { "page": 12, "kind": "marginalia", "text": "\n\n12", "box": { "bottom": 0.9811996221542358, "left": 0.9777339100837708, "right": 0.9991764426231384, "top": 0.9455275535583496 }, "chunk_id": "f94c834a-fe3b-4050-a9a9-4342178eb8f3" } ] }, { "page": 16, "status": "figures", "reason": "", "picture_classes": [], "table_refs": [ "#/tables/7" ], "job_id": "cmsay5i5s0068fo01n5f9968d", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "lft-2026q1-supplemental.p16.ade.json", "figures": [ { "page": 16, "text": "\n\n<::LUMENT logo with a grid of golden dots icon: figure::>", "box": { "bottom": 0.9842016100883484, "left": 0.017813391983509064, "right": 0.19165772199630737, "top": 0.9420236945152283 }, "chunk_id": "12d3954a-f20a-4f48-b1d1-1e714b03c957", "job_id": "cmsay5i5s0068fo01n5f9968d", "picture_ref": null } ], "tables": [ { "page": 16, "cells": [ [ "", "March 31, 2026(2)", "December 31, 2025(2)" ], [ "", "(unaudited)", "" ], [ "ASSETS", "", "" ], [ "Cash and cash equivalents", "21,249,107", "23.112.995" ], [ "Restricted cash", "9.372.908", "3,505,087" ], [ "Commercial mortgage loans held-for-investment, at amortized cost", "1.127.604.965", "1,136,706,113" ], [ "Less: Allowance for credit losses", "(19.543.903)", "(22,658,121)" ], [ "Commercial mortgage loans held-for-investment, net of allowance for credit losses", "1,108,061,062", "1,114,047,992" ], [ "Real estate owned, held-for-investment, net", "34.430.492", "26,839,010" ], [ "Real estate owned, held-for-sale", "23,040,000", "24,099,072" ], [ "Mortgage servicing rights, at fair value", "524.001", "554,246" ], [ "Accrued interest receivable", "5,551,847", "5,428,255" ], [ "Investment related receivable", "—", "15,449,323" ], [ "Other assets", "2,588,447", "2,944,179" ], [ "Total assets", "$ 1.204.817.864", "$ 1.215.980.159" ], [ "", "", "" ], [ "LIABILITIES AND EQUITY", "", "" ], [ "LIABILITIES", "", "" ], [ "Securitized debt obligations, net", "580.302.828", "748,433,484" ], [ "Secured financing agreements, net", "348,723.957", "191,943,220" ], [ "Secured term loan, net", "49.635.956", "47,719,278" ], [ "Accrued interest payable", "1,774,654", "1.869.876" ], [ "Dividends payable", "3.098.787", "3.093.470" ], [ "Fees and expenses payable to Manager", "2,988,500", "1,428,500" ], [ "Other liabilities", "2.229.919", "2.405.613" ], [ "Total liabilities", "988,754,601", "996,893,441" ], [ "", "", "" ], [ "COMMITMENTS AND CONTINGENCIES (NOTES 10 & 11)", "", "" ], [ "", "", "" ], [ "EQUITY", "", "" ], [ "Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized; 7.875% Series A Cumulative Redeemable, $60,000,000 aggregate liquidation preference, 2,400,000 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively", "57,254,935", "57.254.935" ], [ "Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 52,439,463 and 52,399,265 shares issued and outstanding, at March 31, 2026 and December 31, 2025, respectively", "524,397", "523.995" ], [ "Additional paid-in capital", "314.941.298", "314,889,201" ], [ "Cumulative distributions to stockholders", "(224,241,239)", "(220,958,702)" ], [ "Accumulated earnings", "67,484,372", "67,277,789" ], [ "Total stockholders' equity", "215.963.763", "218.987.218" ], [ "Noncontrolling interests", "99.500", "99,500" ], [ "Total equity", "216,063,263", "219,086,718" ], [ "", "", "" ], [ "Total liabilities and equity", "1,204,817,864", "1,215,980,159" ] ], "cell_boxes": [ [ { "bottom": 0.15804378276706213, "left": 0.24449751794753544, "right": 0.5912357020272767, "top": 0.1406539000795682 }, { "bottom": 0.15787983852376916, "left": 0.5912330787840094, 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