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See the definitions of 'large accelerated filer,' 'accelerated filer,' 'smaller reporting company,' and ", "box": [ 63.11249225831271, 504.9368562903384, 534.4944703468962, 508.9981079018115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'emerging growth company' in Rule 12b-2 of the Exchange Act.", "box": [ 63.11249225831271, 514.3868552245885, 274.54699197319763, 518.4481068360615 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 523.4428362941173, 64.01192964000116, 525.2467088510361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Large accelerated filer", "box": [ 63.11249225831271, 527.8868537020885, 135.95315964350337, 531.9481053135615 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 154.9652196493653, 527.8868537020885, 156.99021942099031, 531.9481053135615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 159.8167816022169, 527.57835794688, 166.79353842539368, 531.9308478178297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Accelerated filer", "box": [ 431.2089384952099, 527.8868537020885, 490.5403785339414, 531.9481053135615 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 534.0409581480423, 527.8868537020885, 536.0659579196672, 531.9481053135615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2612", "box": [ 538.8925201008938, 527.57835794688, 545.8692769240706, 531.9308478178297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 536.9428347716174, 64.01192964000116, 538.7467073285362 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 154.9652196493653, 536.9428347716174, 155.86465703105375, 538.7467073285362 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 431.2089384952099, 536.9428347716174, 432.1083758768984, 538.7467073285362 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 534.0409581480423, 536.9428347716174, 534.9403955297307, 538.7467073285362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-accelerated filer", "box": [ 63.11249225831271, 541.3868521795886, 131.6895858043398, 545.4481037910616 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 154.9652196493653, 541.3868521795886, 156.99021942099031, 545.4481037910616 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 159.8167816022169, 541.07835642438, 166.79353842539368, 545.4308462953296 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Smaller reporting company", "box": [ 431.2089384952099, 541.3868521795886, 524.9811931397825, 545.4481037910616 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 534.0409581480423, 541.3868521795886, 536.0659579196672, 545.4481037910616 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 538.8925201008938, 541.07835642438, 545.8692769240706, 545.4308462953296 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 549.0928334013674, 64.01192964000116, 550.8967059582862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 154.9652196493653, 549.0928334013674, 155.86465703105375, 550.8967059582862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 159.8167816022169, 549.0928334013674, 160.71621898390532, 550.8967059582862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 431.2089384952099, 549.0928334013674, 432.1083758768984, 550.8967059582862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 436.35581291475677, 549.0928334013674, 437.25525029644524, 550.8967059582862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 534.0409581480423, 549.0928334013674, 534.9403955297307, 550.8967059582862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 538.8925201008938, 549.0928334013674, 539.7919574825822, 550.8967059582862 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Emerging growth company ", "box": [ 63.11249225831271, 553.5368508093386, 156.99021942099031, 557.5981024208116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 159.8167816022169, 553.22835505413, 166.79353842539368, 557.5808449250798 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 431.2089384952099, 553.5368508093386, 433.2339382668349, 557.5981024208116 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 436.35581291475677, 553.5368508093386, 438.3808126863818, 557.5981024208116 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 534.0409581480423, 553.5368508093386, 536.0659579196672, 557.5981024208116 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 538.8925201008938, 553.5368508093386, 540.9175198725188, 557.5981024208116 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 561.9178319549925, 64.01192964000116, 563.7217045119113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying ", "box": [ 85.15545852235574, 566.3618493629637, 540.4112699296126, 570.4231009744367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ", "box": [ 63.11249225831271, 575.8118482972136, 428.3995159120504, 579.8730999086868 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 428.3995145620505, 575.5033525420051, 435.3762713852273, 579.8558424129548 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ", "box": [ 85.15545852235574, 588.6368468508387, 477.8709477527718, 592.6980984623118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 477.87094073277257, 588.3283510956302, 484.84769755594937, 592.6808409665798 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No ", "box": [ 484.8476994459491, 588.6368468508387, 504.8722579876237, 592.6980984623118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2612", "box": [ 504.8788486868804, 588.3283510956302, 511.8556055100572, 592.6808409665798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of July 28, 2026, the registrant had 141,084,206 shares of common stock, $0.01 par value per share, outstanding.", "box": [ 85.15545852235574, 601.4618454044637, 461.7540021104053, 605.5230970159367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "th", "box": [ 184.67575979867635, 328.1089323026734, 190.03539089067485, 331.1311804784092 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 2, 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}, { "text": "- ", "box": [ 540.8858758760875, 488.0618629454639, 546.2542380206555, 492.1231145569368 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 499.61745297309244, 65.36192948775115, 504.12882660432615 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 508.59284272086734, 64.01192964000116, 510.39671527778637 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 535.3924489384672, 65.36192948775115, 539.9038225697013 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 8, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49270001895775, 65.36192948775115, 62.00407365019146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8", "box": [ 303.8554338578564, 704.1426270912098, 308.3543083167333, 708.654000722443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Claros Mortgage Trust, Inc.", "box": [ 256.0042707544047, 83.14269712620762, 356.2051307645982, 87.65407075744133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Notes to Consolidated Financial Statements", "box": [ 227.39059873139132, 93.94269590820795, 384.8290506041124, 98.45406953944166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 285.3667674429673, 104.0676947663328, 326.8407203605985, 108.57906839756652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note", "box": [ 63.11249225831271, 130.3926917974577, 81.09918728252832, 134.90406542869187 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 81.10545897910573, 130.3926917974577, 83.35489620854418, 134.90406542869187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1. Organization", "box": [ 83.36248997456276, 130.3926917974577, 145.5953776333601, 134.90406542869187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Claros Mortgage Trust, Inc. (referred to throughout this report as the 'Company,' 'we,' 'us' and 'our') is a Maryland ", "box": [ 85.15545852235574, 146.59268997045774, 551.3618746777526, 151.1040636016919 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporation formed on April 29, 2015 for the purpose of creating a diversified portfolio of income-producing loans collateralized by ", "box": [ 63.11249225831271, 156.71768882858305, 551.3618746777526, 161.22906245981676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "institutional quality commercial real estate. We commenced operations on August 25, 2015 ('Commencement of Operations') and ", "box": [ 63.11249225831271, 166.8426876867079, 551.3618746777526, 171.3540613179416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generally conduct our business through wholly-owned subsidiaries. Unless the context requires otherwise, any references to the ", "box": [ 63.11249225831271, 177.64268646870823, 551.3618746777526, 182.1540600999415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company refer to the Company and its consolidated subsidiaries. The Company is traded on the New York Stock Exchange, or ", "box": [ 63.11249225831271, 187.7676853268331, 551.3618746777526, 192.27905895806725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NYSE, under the symbol 'CMTG'.", "box": [ 63.11249225831271, 197.89268418495794, 192.0639759035747, 202.4040578161921 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We elected and intend to maintain our qualification to be taxed as a real estate investment trust ('REIT') under the requirements ", "box": [ 85.15545852235574, 219.4926817489586, 551.3618746777526, 224.00405538019186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the Internal Revenue Code of 1986, as amended (the 'Internal Revenue Code'), for U.S. federal income tax purposes. As such, we ", "box": [ 63.11249225831271, 229.61768060708346, 551.3618746777526, 234.1290542383167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generally are not subject to U.S. federal income tax on that portion of our income that we distribute to stockholders. See Note 13 - ", "box": [ 63.11249225831271, 239.7426794652083, 551.3618746777526, 244.25405309644157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income Taxes for further detail.", "box": [ 63.11249225831271, 249.86767832333317, 177.78091305188693, 254.37905195456733 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are externally managed by Claros REIT Management LP (the 'Manager'), our affiliate, through a management agreement ", "box": [ 85.15545852235574, 271.4676758873329, 551.3618746777526, 275.9790495185671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(the 'Management Agreement') pursuant to which our Manager provides a management team and other professionals who are ", "box": [ 63.11249225831271, 281.5926747454587, 551.3618746777526, 286.10404837669194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "responsible for implementing our business strategy, subject to the supervision of our board of directors (the 'Board'). In exchange for ", "box": [ 63.11249225831271, 291.71767360358353, 551.3618746777526, 296.2290472348168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "its services, our Manager is entitled to management fees and, upon the achievement of required performance hurdles, incentive fees. ", "box": [ 63.11249225831271, 302.51767238558296, 551.3618746777526, 307.0290460168171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See Note 11 - Related Party Transactions for further detail.", "box": [ 63.11249225831271, 312.6426712437087, 276.9888659434334, 317.154044874942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note", "box": [ 63.11249225831271, 338.96766827483316, 81.09918728252832, 343.4790419060673 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 81.10545897910573, 338.96766827483316, 83.35489620854418, 343.4790419060673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2. Summary of Significant Accounting Policies", "box": [ 83.36248997456276, 338.96766827483316, 263.5632481052015, 343.4790419060673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basis of Presentation and Principles of Consolidation", "box": [ 63.11249225831271, 360.5676658388338, 255.04369236898646, 365.0790394700671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally ", "box": [ 85.15545852235574, 376.09266408795884, 551.3618746777526, 380.6040377191921 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accepted in the United States of America ('GAAP').", "box": [ 63.11249225831271, 386.2176629460837, 253.4928619032608, 390.72903657731786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "These unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and ", "box": [ 85.15545852235574, 407.81766051008344, 551.3618746777526, 412.3290341413176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-", "box": [ 63.11249225831271, 417.9426593682083, 549.1071006563878, 422.45403299944246 ], "from_ocr": false, "confidence": 1.0 }, { "text": "K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission (the 'SEC'). In the opinion of ", "box": [ 63.11249225831271, 428.06765822633406, 551.3618746777526, 432.5790318575673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of our financial position, ", "box": [ 63.11249225831271, 438.8676570083335, 551.3618746777526, 443.37903063956765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "results of operations and cash flows have been included. Our results of operations for the three and six months ended June 30, 2026 ", "box": [ 63.11249225831271, 448.99265586645924, 551.3618746777526, 453.5040294976925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are not necessarily indicative of the results to be expected for the full year or any other future period.", "box": [ 63.11249225831271, 459.1176547245841, 426.1280881638419, 463.62902835581735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We consolidate all entities that are controlled either through majority ownership or voting rights. We also identify entities for ", "box": [ 85.15545852235574, 480.0426523647093, 551.3618746777526, 484.55402599594254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which control is achieved through means other than through voting rights (a variable interest entity or 'VIE') using the analysis as set ", "box": [ 63.11249225831271, 490.8426511467087, 551.3618746777526, 495.35402477794287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "forth in Accounting Standards Codification ('ASC') 810, ", "box": [ 63.11249225831271, 500.96765000483356, 275.15733572998926, 505.4790236360677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consolidation of Variable Interest Entities,", "box": [ 275.51598730391646, 500.96765000483356, 432.6428263716241, 505.4790236360677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " and determine when and which ", "box": [ 432.64331333344427, 500.96765000483356, 551.3618746777526, 505.4790236360677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "variable interest holder, if any, should consolidate the VIE. We do not have any consolidated variable interest entities as of June 30, ", "box": [ 63.11249225831271, 511.0926488629593, 551.3618746777526, 515.6040224941926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 and December 31, 2025. All significant intercompany transactions and balances have been eliminated in consolidation.", "box": [ 63.11249225831271, 521.8926476449587, 511.86886120918695, 526.4040212761929 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Use of Estimates", "box": [ 63.11249225831271, 542.8176452850839, 124.08447805030873, 547.3290189163181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the ", "box": [ 85.15545852235574, 558.342643534209, 551.3618746777526, 562.8540171654431 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial ", "box": [ 63.11249225831271, 569.1426423162093, 551.3618746777526, 573.6540159474425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those ", "box": [ 63.11249225831271, 579.2676411743341, 551.3618746777526, 583.7790148055683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estimates. Estimates that are particularly susceptible to our judgment include, but are not limited to, the adequacy of our current ", "box": [ 63.11249225831271, 589.392640032459, 551.3618746777526, 593.9040136636931 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected credit loss reserve, the determination of the fair value of real estate assets acquired and liabilities assumed, and the ", "box": [ 63.11249225831271, 600.1926388144593, 551.3618746777526, 604.7040124456935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "impairment of certain assets.", "box": [ 63.11249225831271, 610.3176376725842, 166.55133513833388, 614.8290113038183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current Expected Credit Losses ", "box": [ 63.11249225831271, 631.2426353127094, 180.05918555244835, 635.7540089439435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The current expected credit loss ('CECL') reserve required under ASC 326, ", "box": [ 85.15545852235574, 647.4426334857098, 364.50414682865363, 651.9540071169431 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Instruments - Credit Losses, ", "box": [ 364.71089574471205, 647.4426334857098, 507.9855077396434, 651.9540071169431 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reflects our ", "box": [ 508.19056706339217, 647.4426334857098, 551.3618746777526, 651.9540071169431 ], "from_ocr": false, "confidence": 1.0 }, { "text": "current estimate of potential credit losses related to our loan portfolio. Changes to the CECL reserve are recognized through a ", "box": [ 63.11249225831271, 657.5676323438347, 551.3618746777526, 662.079005975068 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provision for or reversal of current expected credit loss reserve on our consolidated statements of operations. ASC 326 specifies the ", "box": [ 63.11249225831271, 667.6926312019596, 551.3618746777526, 672.2040048331928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reserve should ", "box": [ 63.11249225831271, 677.8176300600844, 117.59004859757943, 682.3290036913186 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 9, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81752801508901, 65.36192948775115, 61.328901646323175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9", "box": [ 303.8554338578564, 712.2424540977163, 308.3543083167333, 716.7538277289495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be based on relevant information about past events, including historical loss experience, current loan portfolio, market conditions and ", "box": [ 63.11249225831271, 88.54252443721452, 551.3618746777526, 93.05389806844778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reasonable and supportable macroeconomic forecasts through each loan within our loan portfolio's expected remaining duration.", "box": [ 63.11249225831271, 98.66752329533938, 526.5882559591664, 103.17889692657354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "General CECL Reserve", "box": [ 63.11249225831271, 119.59252093546456, 148.07259798691527, 124.10389456669782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our loans are typically collateralized by real estate, or in the case of mezzanine loans, by an equity interest in an entity that owns ", "box": [ 85.15545852235574, 135.79251910846415, 551.3724249265628, 140.3038927396983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate. We consider key credit quality indicators in underwriting loans and estimating credit losses, including: the capitalization of ", "box": [ 63.11249225831271, 145.9175179665899, 551.3618746777526, 150.42889159782317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowers and sponsors; the expertise of the borrowers and sponsors in a particular real estate sector and geographic market; collateral ", "box": [ 63.11249225831271, 156.04251682471477, 551.3618746777526, 160.55389045594802 ], "from_ocr": false, "confidence": 1.0 }, { "text": "type; geographic region; use and occupancy of the property; property market value; loan-to-value ('LTV') ratio; loan amount and lien ", "box": [ 63.11249225831271, 166.8425156067142, 551.3618746777526, 171.35388923794835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "position; our risk ratings; and prior experience with the borrower/sponsor. This information is used to assess the financial and ", "box": [ 63.11249225831271, 176.96751446483995, 551.3618746777526, 181.4788880960732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating capability, experience and profitability of the borrower/sponsor. Ultimate repayment of our loans is sensitive to interest rate ", "box": [ 63.11249225831271, 187.0925133229648, 551.3618746777526, 191.60388695419806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "changes, general economic conditions, performance of the collateral asset, financial wherewithal of the borrower/sponsor, LTV ratio, ", "box": [ 63.11249225831271, 197.89251210496423, 551.3618746777526, 202.4038857361984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "existence of a liquid investment sales market for commercial properties, and availability of replacement financing.", "box": [ 63.11249225831271, 208.01751096309, 474.8556340434571, 212.52888459432324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We regularly evaluate, on a loan-by-loan basis, the extent and impact of any credit deterioration associated with the performance ", "box": [ 85.15545852235574, 228.94250860321426, 551.3618746777526, 233.45388223444843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and/or value of the collateral property, the financial and operating capability of the borrower/sponsor, the financial strength of loan ", "box": [ 63.11249225831271, 239.7425073852146, 551.3618746777526, 244.25388101644876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "guarantors, if any, and the overall economic environment, real estate sector, and geographic sub-market in which the borrower ", "box": [ 63.11249225831271, 249.86750624333945, 551.3618746777526, 254.3788798745736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operates. Such analyses are completed and reviewed by asset management personnel and evaluated by senior management on at least a ", "box": [ 63.11249225831271, 259.9925051014652, 551.3618746777526, 264.50387873269847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarterly basis, utilizing various data sources, including, to the extent available, (i) periodic financial data such as property occupancy, ", "box": [ 63.11249225831271, 270.79250388346463, 551.3618746777526, 275.3038775146988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "tenant profile, rental rates, operating expenses, the borrower's exit plan, and capitalization and discount rates, (ii) site inspections, (iii) ", "box": [ 63.11249225831271, 280.9175027415895, 551.3618746777526, 285.42887637282365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sales and financing comparables, (iv) current credit spreads for refinancing and (v) other relevant market data.", "box": [ 63.11249225831271, 291.04250159971525, 459.5884574152553, 295.5538752309485 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We primarily arrive at our general CECL reserve using the Weighted Average Remaining Maturity, or WARM method, which ", "box": [ 85.15545852235574, 311.9674992398395, 551.3618746777526, 316.4788728710737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "is considered an acceptable loss-rate method for estimating CECL reserves by the Financial Accounting Standards Board ('FASB'). ", "box": [ 63.11249225831271, 322.76749802183986, 551.3618746777526, 327.278871653074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The application of the WARM method to estimate a general CECL reserve requires judgment, including the appropriate historical loan ", "box": [ 63.11249225831271, 332.8924968799647, 551.3618746777526, 337.4038705111989 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loss reference data, the expected timing and amount of future loan fundings and repayments, the current credit quality of our portfolio, ", "box": [ 63.11249225831271, 343.0174957380905, 551.3618746777526, 347.52886936932373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and our expectations of performance and market conditions over the relevant time period.", "box": [ 63.11249225831271, 353.8174945200899, 385.6603103427081, 358.32886815132406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The WARM method requires us to reference historical loan loss data from a comparable data set and apply such loss rate to each ", "box": [ 85.15545852235574, 374.7424921602151, 551.3618746777526, 379.25386579144924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our loans over their expected remaining duration, taking into consideration expected economic conditions over the forecasted ", "box": [ 63.11249225831271, 384.86749101833993, 551.3618746777526, 389.3788646495741 ], "from_ocr": false, "confidence": 1.0 }, { "text": "timeframe. Our general CECL reserve reflects our forecast of the current and future macroeconomic conditions that may impact the ", "box": [ 63.11249225831271, 395.66748980034026, 551.3618746777526, 400.1788634315744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance of the commercial real estate assets securing our loans and each borrower's ultimate ability to repay. These estimates ", "box": [ 63.11249225831271, 405.7924886584651, 551.3618746777526, 410.3038622896993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "include unemployment rates, price indices for commercial properties, and market liquidity, all of which may influence the likelihood ", "box": [ 63.11249225831271, 415.91748751659, 551.3618746777526, 420.42886114782414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and magnitude of potential credit losses for our loans during their expected remaining duration. Additionally, further adjustments may ", "box": [ 63.11249225831271, 426.7174862985903, 551.3618746777526, 431.22885992982447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be made based upon loan positions senior to ours, the risk rating of a loan, whether a loan is a construction loan, timing of the loan's ", "box": [ 63.11249225831271, 436.84248515671516, 551.3618746777526, 441.3538587879493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "initial maturity, expected remaining duration of the loan, or the economic conditions specific to the property type of a loan's collateral ", "box": [ 63.11249225831271, 446.96748401484, 551.3618746777526, 451.4788576460742 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property.", "box": [ 63.11249225831271, 457.76748279684034, 95.8435174601051, 462.2788564280745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "To estimate an annual historical loss rate, we obtained historical loss rate data for loans most comparable to our loan portfolio ", "box": [ 85.15545852235574, 478.6924804369655, 551.3618746777526, 483.2038540681988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from a commercial mortgage-backed securities database licensed by a third party, Trepp, LLC, which contains historical loss data ", "box": [ 63.11249225831271, 488.8174792950904, 551.3618746777526, 493.32885292632454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from the 1990s through June 30, 2026. We believe this CMBS data is the most relevant, available, and comparable data set to our ", "box": [ 63.11249225831271, 498.94247815321523, 551.3618746777526, 503.4538517844494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio.", "box": [ 63.11249225831271, 509.74247693521556, 96.84960066164128, 514.2538505664497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "When evaluating the current and future macroeconomic environment, we consider the aforementioned macroeconomic factors. ", "box": [ 85.15545852235574, 530.6674745753407, 551.3618746777526, 535.178848206574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Historical data for each metric is compared to historical commercial real estate credit losses in order to determine the relationship ", "box": [ 63.11249225831271, 540.7924734334656, 551.3618746777526, 545.3038470646998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "between the two variables. We use projections of each macroeconomic factor, obtained from a third party, to approximate the impact ", "box": [ 63.11249225831271, 551.5924722154659, 551.3618746777526, 556.1038458466992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the macroeconomic outlook may have on our loss rate. Selections of these economic forecasts require judgment about future events ", "box": [ 63.11249225831271, 561.7174710735908, 551.3618746777526, 566.228844704824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that, while based on the information available to us as of the balance sheet date, are ultimately subjective and uncertain, and the actual ", "box": [ 63.11249225831271, 571.8424699317156, 551.3618746777526, 576.3538435629498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "economic conditions could vary significantly from the estimates we made. Following a reasonable and supportable forecast period, we ", "box": [ 63.11249225831271, 582.642468713716, 551.3618746777526, 587.1538423449492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "use a straight-line method of reverting to the historical loss rate. Additionally, we assess the obligation to extend credit through our ", "box": [ 63.11249225831271, 592.7674675718408, 551.3618746777526, 597.278841203075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unfunded loan commitments through their expected remaining duration, adjusted for projected fundings from interest reserves, if ", "box": [ 63.11249225831271, 602.8924664299657, 551.3618746777526, 607.4038400611998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "applicable, which is considered in the estimate of the general CECL reserve. For both the funded and unfunded portions of our loans, ", "box": [ 63.11249225831271, 613.692465211966, 551.3618746777526, 618.2038388431993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment.", "box": [ 63.11249225831271, 623.8174640700909, 473.3838093319461, 628.328837701325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We evaluate the credit quality of each of our loans receivable on an individual basis and assign a risk rating at least quarterly. ", "box": [ 85.15545852235574, 644.742461710216, 551.3618746777526, 649.2538353414493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have developed a loan grading system for all of our outstanding loans receivable that are collateralized directly or indirectly by ", "box": [ 63.11249225831271, 655.5424604922164, 551.3618746777526, 660.0538341234496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate. Grading criteria include, but are not limited to, as-is or as-stabilized debt yield, term of loan, property type, property or ", "box": [ 63.11249225831271, 665.6674593503412, 551.3618746777526, 670.1788329815745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral location, loan type, structure, collateral cash flow volatility and other more subjective variables that include, but are not ", "box": [ 63.11249225831271, 675.7924582084661, 551.3618746777526, 680.3038318396993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "limited to, ", "box": [ 63.11249225831271, 685.9174570665909, 102.3603628151497, 690.4288306978251 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 10, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.4925952829617, 65.36192948775115, 62.00396891419496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10", "box": [ 301.60895311120953, 698.7425229642131, 310.6066975402138, 703.2538965954473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as-is ", "box": [ 63.11249225831271, 93.9425911722119, 81.85485056021601, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or ", "box": [ 86.99731960963472, 93.9425911722119, 96.74193803878322, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as-stabilized ", "box": [ 101.88440708820194, 93.9425911722119, 149.1049622283972, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral ", "box": [ 154.24743127781593, 93.9425911722119, 189.96599223768067, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value, ", "box": [ 195.10846128709937, 93.9425911722119, 219.09218326539326, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market ", "box": [ 224.23465231481194, 93.9425911722119, 251.46512230694472, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions, ", "box": [ 256.60758109636464, 93.9425911722119, 298.5955787441761, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "industry ", "box": [ 303.738037533596, 93.9425911722119, 335.4805507268706, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions, ", "box": [ 340.6230095162905, 93.9425911722119, 382.6109865766043, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrower/sponsor ", "box": [ 387.75346595352187, 93.9425911722119, 453.4747313297481, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial ", "box": [ 458.6172107066656, 93.9425911722119, 492.3411560039787, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stability, ", "box": [ 497.48359413840086, 93.9425911722119, 530.974684239475, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and ", "box": [ 536.1172047913878, 93.9425911722119, 551.3618746777526, 98.45396480344516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrower/sponsor exit plan. While evaluating the credit quality of each loan within our portfolio, we assess these quantitative and ", "box": [ 63.11249225831271, 104.06759003033676, 551.3618746777526, 108.57896366157001 ], "from_ocr": false, "confidence": 1.0 }, { "text": "qualitative factors as a whole and with no pre-prescribed weight on their impact to our determination of a loan's risk rating. However, ", "box": [ 63.11249225831271, 114.86758881233618, 551.3618746777526, 119.37896244357034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "based upon the facts and circumstances for each loan and the overall market conditions, we may consider certain previously ", "box": [ 63.11249225831271, 124.99258767046194, 551.3618746777526, 129.5039613016952 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mentioned factors more or less relevant than others. We utilize the grading system to determine each loan's risk of loss and to provide ", "box": [ 63.11249225831271, 135.1175865285868, 551.3618746777526, 139.62896015982096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a determination as to whether an individual loan is impaired and whether a specific CECL reserve is necessary. Based on a 5-point ", "box": [ 63.11249225831271, 145.24258538671165, 551.3618746777526, 149.75395901794582 ], "from_ocr": false, "confidence": 1.0 }, { "text": "scale, the loans are graded '1' through '5,' from less risk to greater risk, which gradings are defined as follows: ", "box": [ 63.11249225831271, 156.04258416871198, 469.127902951918, 160.55395779994615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.", "box": [ 99.37264441897297, 171.567582417837, 106.12095161853883, 176.07895604907117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Very Low Risk ", "box": [ 115.56209571816247, 171.567582417837, 173.29172501066762, 176.07895604907117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.", "box": [ 99.37264441897297, 181.69258127596186, 106.12095161853883, 186.20395490719602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Low Risk ", "box": [ 115.56209571816247, 181.69258127596186, 153.05560097285291, 186.20395490719602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.", "box": [ 99.37264441897297, 192.4925800579622, 106.12095161853883, 197.00395368919635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Medium Risk ", "box": [ 115.56209571816247, 192.4925800579622, 167.05306372925, 197.00395368919635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.", "box": [ 99.37264441897297, 202.61757891608704, 106.12095161853883, 207.1289525473212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss ", "box": [ 115.56209571816247, 202.61757891608704, 402.18917759111923, 207.1289525473212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.", "box": [ 99.37264441897297, 212.7425777742119, 106.12095161853883, 217.25395140544606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal ", "box": [ 115.56209571816247, 212.7425777742119, 551.3618746777526, 217.25395140544606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loss", "box": [ 115.56209571816247, 223.54257655621223, 129.56394983984603, 228.0539501874464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Specific CECL Reserve", "box": [ 63.11249225831271, 243.79257427246193, 147.06649413038144, 248.3039479036961 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In certain circumstances, we may determine that a loan is no longer suited for the WARM method because (i) it has unique risk ", "box": [ 85.15545852235574, 259.31757252158695, 551.3618746777526, 263.8289461528211 ], "from_ocr": false, "confidence": 1.0 }, { "text": "characteristics, (ii) we have deemed the borrower/sponsor to be experiencing financial difficulty and the repayment of the loan's ", "box": [ 63.11249225831271, 268.76757145583724, 551.3618746777526, 273.2789450870714 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal is collateral-dependent, (iii) we anticipate assuming legal title and/or physical possession of the collateral property and the ", "box": [ 63.11249225831271, 278.8925703139621, 551.3618746777526, 283.40394394519626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fair value of the collateral asset is determined to be below the carrying value of our loan, and/or (iv) recovery of our loan may occur at ", "box": [ 63.11249225831271, 289.01756917208695, 551.3618746777526, 293.5289428033211 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an amount below our loan's carrying value. We may instead elect to employ different methods to estimate credit losses that also ", "box": [ 63.11249225831271, 298.46756810633724, 551.3618746777526, 302.9789417375714 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conform to ASC 326 and related guidance. For such loans, we would separately measure the specific reserve for each loan by using ", "box": [ 63.11249225831271, 308.5925669644621, 551.3618746777526, 313.10394059569626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the estimated fair value of the loan's collateral. In certain circumstances, we may recognize a specific reserve based upon anticipated ", "box": [ 63.11249225831271, 318.71756582258695, 551.3618746777526, 323.228939453822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proceeds from the disposition of our loan. If the estimated fair value of the collateral or anticipated proceeds from the disposition of ", "box": [ 63.11249225831271, 328.16756475683724, 551.3618746777526, 332.6789383880714 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our loan is less than the carrying value of the loan, an asset-specific reserve is created as a component of our overall current expected ", "box": [ 63.11249225831271, 338.2925636149621, 551.3618746777526, 342.80393724619626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit loss reserve. Specific reserves are equal to the excess of a loan's carrying value over the estimated fair value of the collateral or ", "box": [ 63.11249225831271, 348.41756247308695, 551.3618746777526, 352.928936104322 ], "from_ocr": false, "confidence": 1.0 }, { "text": "anticipated proceeds from the disposition of our loan. If recovery of our loan is expected from the sale of the collateral, specific ", "box": [ 63.11249225831271, 358.5425613312127, 551.3618746777526, 363.0539349624469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reserves are equal to the excess of a loan's carrying value over the estimated fair value of the collateral less estimated costs to sell.", "box": [ 63.11249225831271, 367.9925602654621, 532.3084516215554, 372.50393389669716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If we have determined that a loan or a portion of a loan is uncollectible, we will write off the amount deemed uncollectible ", "box": [ 85.15545852235574, 388.9175579055873, 551.3618746777526, 393.42893153682144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through an adjustment to our CECL reserve. If we have determined that accrued interest receivable previously recognized under our ", "box": [ 63.11249225831271, 399.0425567637121, 551.3618746777526, 403.5539303949472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "revenue recognition policy is uncollectible, we will either reverse such amount against interest income or reserve for such amount ", "box": [ 63.11249225831271, 408.4925556979624, 551.3618746777526, 413.0039293291966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through an adjustment to our CECL reserve. Significant judgment is required in determining impairment and in estimating the ", "box": [ 63.11249225831271, 418.61755455608727, 551.3618746777526, 423.12892818732143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "resulting credit loss reserve, and actual losses, if any, could materially differ from those estimates.", "box": [ 63.11249225831271, 428.7425534142121, 416.4142117793512, 433.2539270454472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See Note 3 - Loan Portfolio - Current Expected Credit Losses for further detail.", "box": [ 85.15545852235574, 448.99255113046274, 371.0004854835109, 453.5039247616969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate Owned (and Related Debt)", "box": [ 63.11249225831271, 470.5925486944625, 202.77515189493894, 475.10392232569666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "To maximize recovery from certain defaulted loans, we may from time to time assume legal title and/or physical possession of ", "box": [ 85.15545852235574, 486.1175469435875, 551.3618746777526, 490.6289205748217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the collateral property of a defaulted loan through foreclosure, a deed-in-lieu of foreclosure, or an assignment-in-lieu of foreclosure. ", "box": [ 63.11249225831271, 496.91754572558784, 551.3618746777526, 501.428919356822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We account for acquisitions of real estate, including foreclosures, deed-in-lieu of foreclosures, or assignment-in-lieu of foreclosures, ", "box": [ 63.11249225831271, 507.0425445837127, 551.3618746777526, 511.55391821494686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in accordance with ASC 805, ", "box": [ 63.11249225831271, 517.1675434418376, 177.36709240105668, 521.6789170730717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Business Combinations", "box": [ 178.948810694549, 517.1675434418376, 264.7610121151203, 521.6789170730717 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", which first requires that we determine if the real estate investment is the ", "box": [ 264.76871951596956, 517.1675434418376, 551.3724249265628, 521.6789170730717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acquisition of an asset or a business combination. Under this model, we identify and determine the estimated fair value of any assets ", "box": [ 63.11249225831271, 527.9675422238379, 551.3618746777526, 532.478915855072 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acquired and liabilities assumed. This generally results in the allocation of the purchase price to the assets acquired and liabilities ", "box": [ 63.11249225831271, 538.0925410819627, 551.3618746777526, 542.6039147131969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assumed based on the relative estimated fair values of each respective asset and liability. ", "box": [ 63.11249225831271, 548.2175399400876, 384.16228753415214, 552.7289135713227 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In such instances, the asset is classified as real estate owned held-for-investment, net on our consolidated balance sheets. Real ", "box": [ 85.15545852235574, 569.8175375040882, 551.3618746777526, 574.3289111353224 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate owned is initially recorded at estimated fair value, plus acquisition costs in the instance of an asset acquisition, and is ", "box": [ 63.11249225831271, 579.9425363622131, 551.3618746777526, 584.4539099934473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subsequently presented net of accumulated depreciation. Depreciation on real estate assets held-for-investment, except for land, is ", "box": [ 63.11249225831271, 590.067535220338, 551.3618746777526, 594.5789088515721 ], "from_ocr": false, "confidence": 1.0 }, { "text": "computed using a straight-line method over estimated useful lives ranging from 5 to 40 years and is recognized in depreciation and ", "box": [ 63.11249225831271, 600.1925340784628, 551.3618746777526, 604.703907709697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amortization expense on our consolidated statements of operations. If the held-for-sale criteria prescribed by ASC 360, ", "box": [ 63.11249225831271, 610.9925328604631, 513.5304848967927, 615.5039064916973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Property, ", "box": [ 514.8772850592788, 610.9925328604631, 551.3618746777526, 615.5039064916973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Plant, and Equipment", "box": [ 63.11249225831271, 621.117531718588, 142.24715541542682, 625.6289053498222 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", are met, the asset is classified as real estate owned held-for-sale and reflected at the lower of (i) amortized cost ", "box": [ 142.2562333326567, 621.117531718588, 551.3618746777526, 625.6289053498222 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and (ii) estimated fair value less estimated transaction costs on our consolidated balance sheets. Once classified as real estate owned ", "box": [ 63.11249225831271, 631.2425305767129, 551.3618746777526, 635.7539042079479 ], "from_ocr": false, "confidence": 1.0 }, { "text": "held-for-sale, we cease recognition of the related depreciation and amortization. If a real estate owned asset no longer meets the held-", "box": [ 63.11249225831271, 642.0425293587132, 549.1051226366111, 646.5539029899473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for-sale criteria, the asset is reclassified as real estate owned held-for-investment and reflected at the lower of (i) amortized cost prior ", "box": [ 63.11249225831271, 652.167528216838, 551.3618746777526, 656.6789018480722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to classification to held-for-sale with adjustments for depreciation during the held-for-sale period, if applicable, and (ii) estimated fair ", "box": [ 63.11249225831271, 662.2925270749629, 551.3618746777526, 666.803900706198 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value.", "box": [ 63.11249225831271, 673.0925258569632, 84.84678441529233, 677.6038994881974 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 11, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49242358696847, 65.36192948775115, 62.003797218202635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11", "box": [ 301.60895311120953, 588.0423637527201, 310.6066975402138, 592.5537373839543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets acquired and liabilities assumed generally include land, building, building improvements, tenant improvements, ", "box": [ 85.15545852235574, 93.94241947621867, 551.3618746777526, 98.45379310745284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "furniture, fixtures and equipment, mortgages payable, and identified intangible assets and liabilities, which generally consist of above ", "box": [ 63.11249225831271, 104.06741833434353, 551.3618746777526, 108.5787919655777 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or below market lease values, in-place lease values, and other lease-related values. In estimating fair values for allocating the purchase ", "box": [ 63.11249225831271, 114.86741711634386, 551.3618746777526, 119.37879074757802 ], "from_ocr": false, "confidence": 1.0 }, { "text": "price of our real estate owned, we may utilize various methods, including a market approach, which considers recent sales of similar ", "box": [ 63.11249225831271, 124.99241597446871, 551.3618746777526, 129.50378960570288 ], "from_ocr": false, "confidence": 1.0 }, { "text": "properties, adjusted for differences in location and state of the physical asset, or a replacement cost approach, which considers the ", "box": [ 63.11249225831271, 135.11741483259357, 551.3618746777526, 139.62878846382864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "composition of physical assets acquired, adjusted based on industry standard information and the remaining useful life of the acquired ", "box": [ 63.11249225831271, 145.9174136145939, 551.3618746777526, 150.42878724582806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property. In estimating fair values of intangible assets acquired or liabilities assumed, we consider the estimated cost of leasing our ", "box": [ 63.11249225831271, 156.04241247271875, 551.3618746777526, 160.55378610395292 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate owned assuming the property was vacant, the value of the current lease agreements relative to market-rate leases, and the ", "box": [ 63.11249225831271, 166.1674113308436, 551.3618746777526, 170.67878496207868 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estimation of total lease-up time, including lost rents. In-place, above market, and other lease values, net are included within other ", "box": [ 63.11249225831271, 176.96741011284394, 551.3618746777526, 181.4787837440781 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets on our consolidated balance sheets. Below market lease values, net, are included within other liabilities on our consolidated ", "box": [ 63.11249225831271, 187.0924089709688, 551.3618746777526, 191.60378260220295 ], "from_ocr": false, "confidence": 1.0 }, { "text": "balance sheets. Amortization of in-place and other lease values is recognized in depreciation and amortization expense on our ", "box": [ 63.11249225831271, 197.21740782909364, 551.3618746777526, 201.72878146032872 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated statements of operations. Amortization of above and below market lease values is recognized in revenue from real estate ", "box": [ 63.11249225831271, 207.3424066872194, 551.3618746777526, 211.85378031845357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned on our consolidated statements of operations.", "box": [ 63.11249225831271, 218.14240546921883, 252.271484573505, 222.653779100453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate assets held-for-investment are evaluated for indicators of impairment on a quarterly basis. Factors that we may ", "box": [ 85.15545852235574, 239.067403109344, 551.3618746777526, 243.57877674057818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consider in our impairment analysis include, among others: (i) significant underperformance relative to historical or anticipated ", "box": [ 63.11249225831271, 249.19240196746887, 551.3618746777526, 253.70377559870394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating results; (ii) significant negative industry or economic trends; (iii) costs necessary to extend the life or improve the real estate ", "box": [ 63.11249225831271, 259.9924007494692, 551.3618746777526, 264.50377438070336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "asset; (iv) significant increase in competition; and (v) ability to hold and dispose of the real estate asset in the ordinary course of ", "box": [ 63.11249225831271, 270.11739960759405, 551.3618746777526, 274.6287732388282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows expected to be ", "box": [ 63.11249225831271, 280.2423984657189, 551.3618746777526, 284.753772096954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generated by the real estate asset over the estimated remaining holding period is less than the carrying amount of such real estate asset. ", "box": [ 63.11249225831271, 291.04239724771924, 551.3618746777526, 295.5537708789534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash flows include operating cash flows and anticipated capital proceeds generated by the sale of the real estate asset. If the sum of ", "box": [ 63.11249225831271, 301.1673961058441, 551.3618746777526, 305.67876973707826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such estimated undiscounted cash flows is less than the carrying amount of the real estate asset, an impairment charge is recorded ", "box": [ 63.11249225831271, 311.29239496396895, 551.3618746777526, 315.803768595204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equal to the excess of the carrying value of the real estate asset over its estimated fair value. When determining the estimated fair ", "box": [ 63.11249225831271, 322.0923937459693, 551.3618746777526, 326.60376737720344 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value of a real estate asset, we make certain assumptions including consideration of projected operating cash flows, comparable selling ", "box": [ 63.11249225831271, 332.21739260409413, 551.3618746777526, 336.7287662353292 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prices and projected cash flows from the eventual disposition of the real estate asset based upon our estimate of a capitalization rate ", "box": [ 63.11249225831271, 342.342391462219, 551.3618746777526, 346.85376509345406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and discount rate. There were no impairments of our real estate owned held-for-investment assets through June 30, 2026.", "box": [ 63.11249225831271, 353.1423902442193, 498.8908581953177, 357.6537638754535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Debt assumed in a foreclosure, deed-in-lieu of foreclosure, or assignment-in-lieu of foreclosure of real estate is recorded at its ", "box": [ 85.15545852235574, 374.0673878843445, 551.3618746777526, 378.57876151557866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estimated fair value at the time of the acquisition.", "box": [ 63.11249225831271, 384.19238674246935, 241.2571286306797, 388.7037603737035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See Note 5 - Real Estate Owned for further detail.", "box": [ 85.15545852235574, 405.11738438259454, 265.0442842355169, 409.6287580138287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recent Accounting Guidance", "box": [ 63.11249225831271, 432.11738133759445, 169.04682809648793, 436.6287549688286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The FASB issued ASU 2025-11, 'Interim Reporting (Topic 270): Narrow-Scope Improvements' ('ASU 2025-11'). The ", "box": [ 85.15545852235574, 447.64237958671947, 551.3618746777526, 452.15375321795455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "standard clarifies required form and content of interim financial statements and notes and requires entities issuing condensed financial ", "box": [ 63.11249225831271, 457.7673784448443, 551.3618746777526, 462.2787520760794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements to disclose certain events occurring since the end of the most recent fiscal year that have a material impact on the entity. ", "box": [ 63.11249225831271, 468.56737722684466, 551.3618746777526, 473.0787508580788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early ", "box": [ 63.11249225831271, 478.6923760849695, 551.3618746777526, 483.2037497162046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "adoption permitted. The adoption of ASU 2025-11 is not expected to have a material impact on our consolidated financial statements.", "box": [ 63.11249225831271, 488.81737494309436, 544.610062119207, 493.32874857432944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The FASB issued ASU 2024-03, 'Disaggregation of Income Statement Expenses' ('ASU 2024-03'). The standard provides ", "box": [ 85.15545852235574, 510.417372507095, 551.3618746777526, 514.9287461383292 ], "from_ocr": false, "confidence": 1.0 }, { "text": "improvements to disclosure of the nature of expenses included in the statement of operations via tabular disclosure in the footnotes ", "box": [ 63.11249225831271, 520.5423713652199, 551.3618746777526, 525.053744996454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that disaggregates relevant expenses into certain expense categories. Further, the FASB issued ASU 2025-01, 'Clarifying the Effective ", "box": [ 63.11249225831271, 530.6673702233447, 551.3618746777526, 535.1787438545789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date,' which clarifies the effective date of ASU 2024-03. ASU 2024-03 is effective for annual periods beginning after December 15, ", "box": [ 63.11249225831271, 541.4673690053451, 551.3618746777526, 545.9787426365792 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The adoption of ASU 2024-03 ", "box": [ 63.11249225831271, 551.5923678634699, 551.3618746777526, 556.1037414947041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "is not expected to have a material impact on our consolidated financial statements.", "box": [ 63.11249225831271, 561.7173667215948, 359.6863676769921, 566.2287403528298 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 12, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81749983909049, 65.36192948775115, 61.32887347032556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12", "box": [ 301.60895311120953, 689.292428509968, 310.6066975402138, 693.8038021412021 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 3. Loan Portfolio", "box": [ 63.11249225831271, 99.34249504321633, 150.82723099728855, 103.8538686744505 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans Receivable", "box": [ 63.11249225831271, 120.2674926833406, 127.31804977506724, 124.77886631457568 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our loan receivable held-for-investment portfolio as of June 30, 2026 was comprised of the following loans ($ in thousands):", "box": [ 85.15545852235574, 135.79249093246654, 535.6962638581069, 140.3038645637007 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 150.84287999511616, 86.05489590404419, 152.64675255203474 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 142.4355335624356, 179.51077271285703, 144.2344083258125, 183.1185178266951 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 226.1249738741257, 179.51077271285703, 227.92384863750254, 183.1185178266951 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number", "box": [ 234.39372294159446, 163.31077453985745, 259.97496043452963, 166.9185196536955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of", "box": [ 244.19177208659215, 170.73577370248222, 250.18566994555752, 174.34351881632028 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans", "box": [ 237.78981630859056, 178.83577278898247, 256.5866182677922, 182.44351790282053 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 266.3085630923094, 178.83577278898247, 268.10743785568627, 182.44351790282053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan", "box": [ 284.88161124768214, 171.4107736263568, 300.8782179756896, 175.01851874019485 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commitment", "box": [ 271.12848779872894, 178.455742480156, 309.3674967362182, 181.84011882305094 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 317.0706701174713, 178.83577278898247, 318.86954488084814, 182.44351790282053 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 322.48121300728224, 179.51077271285703, 324.2800877706591, 183.1185178266951 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unpaid ", "box": [ 335.675355519276, 163.31077453985745, 360.2765714610553, 166.9185196536955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal ", "box": [ 332.8804305844815, 170.73577370248222, 363.0609461470397, 174.34351881632028 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance", "box": [ 334.8843366084854, 178.83577278898247, 359.2674843365384, 182.44351790282053 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 369.27769547967847, 178.83577278898247, 371.07657024305536, 182.44351790282053 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 372.9163635693175, 179.51077271285703, 374.71523833269447, 183.1185178266951 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying", "box": [ 392.4280801188293, 170.73577370248222, 420.8059980909306, 174.34351881632028 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 394.21050516781133, 178.160772865107, 412.1992295095135, 181.76851797894506 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 436.16596918616693, 178.83577278898247, 437.9648439495439, 182.44351790282053 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 441.00698089020835, 179.51077271285703, 442.8058556535853, 183.1185178266951 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted ", "box": [ 450.5097175685107, 163.31077453985745, 481.8925699954721, 166.9185196536955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average ", "box": [ 452.51362359251465, 170.73577370248222, 479.8886639714682, 174.34351881632028 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Spread", "box": [ 451.49057345789197, 178.160772865107, 473.48109007241976, 181.76851797894506 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 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367.4425394366433, 290.2981342463099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 370.2480078702488, 286.23688263483746, 374.94136334094253, 290.2981342463099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 378.91753814251837, 284.21188286321285, 382.9675376857684, 288.2731344746853 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,790,279", "box": [ 401.9308167971317, 284.21188286321285, 434.33081314313176, 288.2731344746853 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 434.97416907057556, 284.21188286321285, 436.99916884220056, 288.2731344746853 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 439.8151875246162, 286.23688263483746, 441.8401872962412, 290.2981342463099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 483.93275729913427, 286.23688263483746, 485.95775707075927, 290.2981342463099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 488.76322550436475, 286.23688263483746, 490.78822527598976, 290.2981342463099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 493.59369370959524, 286.23688263483746, 498.2870559302882, 290.2981342463099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 541.5925197963938, 286.23688263483746, 543.6175195680188, 290.2981342463099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 295.01188164521227, 65.13749202993772, 299.07313325668565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 304.46188057946256, 72.55721755315749, 308.52313219093503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan commitment represents principal outstanding plus remaining unfunded loan commitments.", "box": [ 79.30194355750221, 304.46188057946256, 391.5355510744867, 308.52313219093503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 313.2368795898374, 72.55721755315749, 317.29813120131075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net of specific CECL reserves of $516.8 million.", "box": [ 79.30194355750221, 313.2368795898374, 238.80099994455145, 317.29813120131075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 322.68687852408766, 72.55721755315749, 326.74813013556013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The weighted average spread is expressed as a spread over the relevant floating benchmark rates. One-month term Secured Overnight Financing ", "box": [ 79.30194355750221, 322.68687852408766, 551.1374372199391, 326.74813013556013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rate ('SOFR') as of June 30, 2026 was 3.65%. Weighted average is based on unpaid principal balance as of June 30, 2026. For loans placed on ", "box": [ 79.30194355750221, 332.13687745833795, 551.1374372199391, 336.1981290698104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "non-accrual, the spread used in calculating the weighted average spread is 0%.", "box": [ 79.30194355750221, 341.5868763925873, 333.6793561743804, 345.6481280040607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 63.11249225831271, 351.0368753268376, 72.55721755315749, 355.0981269383101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including SOFR floors (if ", "box": [ 79.30194355750221, 351.0368753268376, 551.1374372199391, 355.0981269383101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "applicable). Weighted average is based on unpaid principal balance as of June 30, 2026 and includes loans on non-accrual status. For loans ", "box": [ 79.30194355750221, 359.81187433721243, 551.1268937211282, 363.8731259486858 ], "from_ocr": false, "confidence": 1.0 }, { "text": "placed on non-accrual, the interest rate used in calculating the weighted average interest rate is 0%.", "box": [ 79.30194355750221, 369.2618732714627, 400.6941923665955, 373.3231248829352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 63.11249225831271, 378.711872205713, 72.55721755315749, 382.7731238171855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu ", "box": [ 79.30194355750221, 378.711872205713, 551.1374372199391, 382.7731238171855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "participations in senior mortgage loans.", "box": [ 79.30194355750221, 388.1618711399624, 207.2961681125967, 392.22312275143577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our loans receivable held-for-investment portfolio as of December 31, 2025 was comprised of the following loans ($ in ", "box": [ 85.15545852235574, 409.16746010184215, 551.3618746777526, 413.6788337330763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands):", "box": [ 63.11249225831271, 419.292458959967, 104.59962575873193, 423.80383259120117 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 142.4355335624356, 452.88574188223265, 144.2344083258125, 456.4934869960707 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 226.1249738741257, 452.88574188223265, 227.92384863750254, 456.4934869960707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number", "box": [ 234.39372294159446, 437.36074363310763, 259.97496043452963, 440.9684887469457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of", "box": [ 244.19177208659215, 444.7857427957333, 250.18566994555752, 448.3934879095714 ], "from_ocr": false, "confidence": 1.0 }, { 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SOFR as of December 31, 2025 was 3.69%. ", "box": [ 79.30194355750221, 598.7618473889634, 551.1374372199391, 602.8230990004358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average is based on unpaid principal balance as of December 31, 2025. 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448.24794540906623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "220,326 ", "box": [ 343.5222296343229, 444.18669379759376, 377.36714431736834, 448.9229453329417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 381.75464382255586, 444.18669379759376, 385.8046433658059, 448.24794540906623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(29,855) ", "box": [ 408.4382345632395, 444.18669379759376, 440.9331561485341, 448.9229453329417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 445.32065565372164, 444.18669379759376, 449.37065519697165, 448.24794540906623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "190,471 ", "box": [ 470.6542465466553, 444.18669379759376, 504.49916122970075, 448.9229453329417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 526.7425214711437, 444.18669379759376, 530.7925210143937, 448.24794540906623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total sold, six months ended ", "box": [ 63.11249225831271, 453.63669273184405, 158.50501105015545, 457.6979443433165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026 ", "box": [ 63.11249225831271, 462.41169174221886, 110.35985091986014, 466.47294335369133 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 184.18006010458026, 460.38669197059426, 192.77575888517637, 466.47294335369133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "235,000 ", "box": [ 214.05935023486003, 460.38669197059426, 243.05270971505308, 464.4479435820667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 247.74606518574683, 460.38669197059426, 256.3417707163422, 466.47294335369133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "220,000 ", "box": [ 277.62536206602584, 460.38669197059426, 311.4702767490713, 466.47294335369133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 315.8577762542588, 460.38669197059426, 319.9077757975088, 464.4479435820667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "220,326 ", "box": [ 343.5222296343229, 460.38669197059426, 377.36714431736834, 466.47294335369133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 381.75464382255586, 460.38669197059426, 385.8046433658059, 464.4479435820667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(29,855) ", "box": [ 408.4382345632395, 460.38669197059426, 440.9331561485341, 466.47294335369133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 445.32065565372164, 460.38669197059426, 449.37065519697165, 464.4479435820667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "190,471 ", "box": [ 470.6542465466553, 460.38669197059426, 504.49916122970075, 466.47294335369133 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 527.7550213569563, 462.41169174221886, 529.7800211285812, 466.47294335369133 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 470.27438623548187, 64.46249210606271, 472.98188730979655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 477.2616900674684, 72.55721755315749, 481.3229416789418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For loans sold, amounts reflect net sales proceeds.", "box": [ 79.30194355750221, 477.2616900674684, 241.9347409561351, 481.3229416789418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 486.03668907784413, 72.55721755315749, 490.0979406893166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reflects risk rating of the loan receivable prior to the loan sale or reclassification to held-for-sale.", "box": [ 79.30194355750221, 486.03668907784413, 395.0793039148301, 490.0979406893166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 495.4866880120935, 72.55721755315749, 499.5479396235669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, this loan was sold for a gross sales price of $70.7 million. Prior to the sale, this loan was on non-accrual status, in maturity default, ", "box": [ 79.30194355750221, 495.4866880120935, 551.1374372199391, 499.5479396235669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and had a carrying value net of a specific CECL reserve of $87.9 million.", "box": [ 79.30194355750221, 504.9366869463438, 317.0482533699994, 508.99793855781627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 63.11249225831271, 514.3866858805941, 72.55721755315749, 518.4479374920666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In March 2026, this loan was sold for a gross sales price of $197.5 million. Pursuant to the terms of the sale, a reconciliation of the collateral ", "box": [ 79.30194355750221, 514.3866858805941, 551.1374372199391, 518.4479374920666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "asset's working capital was completed in May 2026, resulting in a $6.75 million purchase price adjustment. Such amount is included within the ", "box": [ 79.30194355750221, 523.8366848148444, 551.1268937211282, 527.8979364263168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal charge-off.", "box": [ 79.30194355750221, 532.6116838252192, 145.8659014005663, 536.6729354366917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 63.11249225831271, 542.0616827594695, 72.55721755315749, 546.122934370942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For each loan receivable sold, the financial asset was legally isolated, control of the financial asset was transferred to the transferee, the transfer ", "box": [ 79.30194355750221, 542.0616827594695, 551.1374372199391, 546.122934370942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "imposed no condition that would constrain the transferee from pledging the financial asset received, and we have no continuing involvement ", "box": [ 79.30194355750221, 551.5116816937189, 551.1374372199391, 555.5729333051922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with the transferred financial asset. As such, we have determined each transaction constituted a sale.", "box": [ 79.30194355750221, 560.9616806279691, 404.302549314653, 565.0229322394416 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 570.4116795622194, 65.13749202993772, 574.4729311736919 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the year ended December 31, 2023, we sold a senior loan collateralized by a portfolio of multifamily properties located ", "box": [ 85.15545852235574, 596.142267991223, 551.3618746777526, 600.6536416224571 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in San Francisco, CA. We obtained a true-sale-at-law opinion and determined the transaction constituted a sale. Concurrent with the ", "box": [ 63.11249225831271, 606.9422667732233, 551.3618746777526, 611.4536404044575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sale, our TRS, as defined in Note 13 - Income Taxes, entered into an agreement with the transferee which provides for a share of cash ", "box": [ 63.11249225831271, 617.0672656313482, 551.3618746777526, 621.5786392625823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "flows upon the transferee achieving certain financial metrics. In May 2026, the transferee achieved the necessary financial metrics, ", "box": [ 63.11249225831271, 627.192264489473, 551.3618746777526, 631.7036381207081 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and under the terms of such agreement, our TRS received $1.9 million which is included within recovery of principal charge-offs on ", "box": [ 63.11249225831271, 637.9922632714733, 551.3724249265628, 642.5036369027075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ", "box": [ 63.11249225831271, 648.1172621295982, 77.36427188415354, 652.6286357608324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 522.2073657326085, 127.75877941502586, 527.8269682884642, 130.17522409000958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 468.333934308335, 403.158748356027, 473.95353686419065, 405.5751930310107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 537.2577512852595, 403.158748356027, 542.8773538411151, 405.5751930310107 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (3)", "box": [ 105.95389367675423, 412.20651583044855, 113.63858853819136, 414.9275544101347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 115.87850193247888, 442.5815124048231, 122.20645065942682, 445.30255098451016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 110.36248692956285, 460.13151042557365, 116.69043565651079, 462.8525490052598 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 14, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.492758818954826, 65.36192948775115, 62.00413245018899 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14", "box": [ 301.60895311120953, 683.2176882510812, 310.6066975402138, 687.7290618823172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated statement of operations for the three months ended June 30, 2026. As of June 30, 2026, we have not recognized any ", "box": [ 63.11249225831271, 99.3427540992052, 551.3618746777526, 103.85412773043936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "further value to this interest on our consolidated financial statements. See Note 13 - Income Taxes for further detail of our TRS.", "box": [ 63.11249225831271, 110.14275288120552, 523.1085706015973, 114.65412651243969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Modifications", "box": [ 63.11249225831271, 131.0677505213298, 133.8466603318514, 135.57912415256396 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 141.19274937945556, 65.36192948775115, 145.70412301068973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In June 2026, we agreed to a discounted payoff of a multifamily loan receivable with a then unpaid principal balance of $75.6 ", "box": [ 85.15545852235574, 151.9927481614559, 551.3618746777526, 156.50412179269006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million at a discounted payoff amount of $70.0 million, contingent on the borrower meeting prescribed conditions within a certain ", "box": [ 63.11249225831271, 162.11774701957984, 551.3618746777526, 166.629120650814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "timeframe. Subsequently and prior to quarter end, we received a $0.7 million paydown bringing the remaining discounted payoff ", "box": [ 63.11249225831271, 172.2427458777056, 551.3724249265628, 176.75411950893977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amount to $69.3 million. As of June 30, 2026 and in anticipation of the borrower meeting the prescribed conditions subsequent ", "box": [ 63.11249225831271, 183.04274465970593, 551.3513311789417, 187.5541182909401 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thereto, we reflected this loan as risk rated 5 and have recognized a specific CECL reserve in an amount which reduces the carrying ", "box": [ 63.11249225831271, 193.16774351782988, 551.3618746777526, 197.67911714906404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value net of the specific CECL reserve to the remaining discounted payoff amount plus $0.8 million of reserves held by the loan ", "box": [ 63.11249225831271, 203.29274237595564, 551.3513311789417, 207.8041160071898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "servicer and received by us upon repayment. In July 2026, this loan was repaid in accordance with the terms of the agreement. This ", "box": [ 63.11249225831271, 213.4177412340814, 551.3618746777526, 217.92911486531557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan remained on accrual status through repayment as the borrower continued to perform in accordance with the terms of the ", "box": [ 63.11249225831271, 224.21774001607992, 551.3618746777526, 228.72911364731408 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreement.", "box": [ 63.11249225831271, 234.34273887420568, 102.82909092978757, 238.85411250543984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Concentration of Risk", "box": [ 63.11249225831271, 249.8677371233298, 142.58078068730498, 254.37911075456577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents our loans receivable held-for-investment by loan type, as well as property type and geographic ", "box": [ 85.15545852235574, 266.0677352963303, 551.3618746777526, 270.57910892756445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "location of the properties collateralizing these loans as of June 30, 2026 and December 31, 2025 ($ in thousands):", "box": [ 63.11249225831271, 276.19273415445605, 471.90007826789946, 280.7041077856902 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 286.31773301258, 65.36192948775115, 290.829106643816 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 297.63601844697223, 64.9113670216896, 301.2437635608094 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 207.00349503060374, 297.03714047282665, 209.02849480222875, 301.0983920842991 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 271.22340628802425, 296.96101852309585, 313.00148802138455, 300.5687636369348 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 373.0956637990964, 296.96101852309585, 374.8945385624734, 300.5687636369348 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 378.0210504936222, 297.03714047282665, 380.04605026524723, 301.0983920842991 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 434.0671379228685, 296.96101852309585, 492.21076459805903, 300.5687636369348 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 544.1554067573571, 296.96101852309585, 545.954281520734, 300.5687636369348 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Type", "box": [ 63.11249225831271, 305.81213948320146, 100.69759528954795, 309.87339109467393 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 207.00349503060374, 305.81213948320146, 209.02849480222875, 309.87339109467393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value ", "box": [ 220.58786849858816, 305.7360175334725, 270.5522457974661, 309.34376264730963 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 284.3120800619126, 305.81213948320146, 289.95465417555556, 310.0187625711842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage", "box": [ 317.80895128420957, 306.41101745734704, 351.766188515018, 310.0187625711842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 373.0956637990964, 306.41101745734704, 374.8945385624734, 310.0187625711842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 378.0210504936222, 305.81213948320146, 380.04605026524723, 309.87339109467393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value ", "box": [ 391.6054239616067, 305.7360175334725, 441.56980126048495, 309.34376264730963 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 455.32963552493106, 305.81213948320146, 460.97221638857326, 310.0187625711842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage", "box": [ 488.82650674722805, 306.41101745734704, 522.7837439780366, 310.0187625711842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 544.1554067573571, 306.41101745734704, 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385.2772996752785, 315.26213841745266, 389.32729921852854, 319.32339002892513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,563,790 ", "box": [ 421.12612713232704, 315.26213841745266, 460.97221638857326, 319.32339002892513 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 470.61205905141315, 315.26213841745266, 472.63705882303816, 319.32339002892513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "97%", "box": [ 532.9018957765031, 315.26213841745266, 548.3926132094944, 319.32339002892513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subordinate loans", "box": [ 63.11249225831271, 324.0371374278275, 121.37869682717906, 328.09838903929995 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 207.00349503060374, 324.71213735170204, 209.02849480222875, 328.7733889631745 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 214.25974421226002, 324.0371374278275, 216.28474398388502, 328.09838903929995 ], "from_ocr": false, 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328.09838903929995 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 334.1621362859514, 67.16249180156272, 338.2233878974239 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 207.00349503060374, 336.18713605757694, 209.02849480222875, 340.2483876690494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 214.25974421226002, 334.1621362859514, 218.30974375551003, 338.2233878974239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,839,030 ", "box": [ 250.10856491930934, 334.1621362859514, 289.95465417555556, 340.2483876690494 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 299.59449683839546, 334.1621362859514, 301.61949661002046, 338.2233878974239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100% ", "box": [ 357.8343340202355, 334.1621362859514, 380.04605026524723, 340.2483876690494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 385.2772996752785, 334.1621362859514, 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375.3526947945535, 596.7371066733285, 380.04605026524723, 600.798358284801 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 385.2772996752785, 594.712106901703, 389.32729921852854, 598.7733585131755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,615,401 ", "box": [ 421.12612713232704, 594.712106901703, 460.97221638857326, 600.798358284801 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 538.9768950913782, 596.7371066733285, 541.0018948630031, 600.798358284801 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 546.4440817492454, 596.7371066733285, 548.4690815208704, 600.798358284801 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 79.31249043131275, 604.5998011665906, 80.66249027906277, 607.3073022409062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 610.9121050747035, 72.55721755315749, 614.973356686176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net of specific CECL reserves of $516.8 million at June 30, 2026.", "box": [ 79.30194355750221, 610.9121050747035, 293.9202787283212, 614.973356686176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 620.3621040089529, 72.55721755315749, 624.4233556204254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net of specific CECL reserves of $365.4 million at December 31, 2025.", "box": [ 79.30194355750221, 620.3621040089529, 312.3456706503463, 624.4233556204254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 629.8121029432023, 72.55721755315749, 633.8733545546747 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu ", "box": [ 79.30194355750221, 629.8121029432023, 551.1374372199391, 633.8733545546747 ], "from_ocr": false, "confidence": 1.0 }, { "text": "participations in senior mortgage loans.", "box": [ 79.30194355750221, 639.2621018774535, 207.2961681125967, 643.3233534889259 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 63.11249225831271, 648.7121008117028, 72.55721755315749, 652.7733524231753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, mixed-use consists of 3% office, 3% life science, 2% hospitality, 2% multifamily, and 1% retail. At December 31, 2025, ", "box": [ 79.30194355750221, 648.7121008117028, 551.1421375819091, 652.7733524231753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mixed-use consists of 2% office, 2% life science, 2% hospitality, 1% multifamily, and 1% retail.", "box": [ 79.30194355750221, 657.4870998220777, 392.22110084217195, 661.5483514335501 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 270.55895661295943, 303.934189626385, 276.178559168815, 306.3506343013687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 441.5765120759779, 303.934189626385, 447.19611463183355, 306.3506343013687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 105.41600311241635, 312.98195710080654, 111.74395183936429, 315.7029956804927 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 270.55895661295943, 373.45918178551074, 276.178559168815, 375.87562646049446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 441.5765120759779, 373.45918178551074, 447.19611463183355, 375.87562646049446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 101.58748791918782, 410.18194613880587, 107.91543664613576, 412.9029847184938 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 269.0507502830516, 488.8841687681361, 275.87521987302495, 491.3006134431198 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 441.5765120759779, 488.8841687681361, 447.19611463183355, 491.3006134431198 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 15, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49270822695689, 65.36192948775115, 62.00408185819106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15", "box": [ 301.60895311120953, 575.2176498390836, 310.6066975402138, 579.7290234703178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Income and Accretion", "box": [ 63.11249225831271, 93.9427041162071, 172.28476321235556, 98.45407774744126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes our interest and accretion income from our loan portfolio and interest on cash balances for the ", "box": [ 85.15545852235574, 110.14270228920759, 551.3534694437002, 114.65407592044176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three and six months ended June 30, 2026 and 2025, respectively ($ in thousands):", "box": [ 63.11249225831271, 120.26770114733154, 360.2311374741757, 124.7790747785657 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 130.3927000054573, 87.40489575179419, 134.90407363669146 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 141.03598551597315, 64.9113670216896, 144.6437306298103 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 262.01598882641645, 141.03598551597315, 263.8148635897933, 144.6437306298103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended", "box": [ 300.7757467051767, 140.3609855920986, 366.3432268701907, 143.96873070593574 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 401.02378564942467, 140.3609855920986, 402.82266041280155, 143.96873070593574 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 404.67300398787387, 141.03598551597315, 406.4718787512508, 144.6437306298103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended", "box": [ 448.6956552730967, 140.3609855920986, 505.47956710120246, 143.96873070593574 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 140.3609855920986, 547.2410001256208, 143.96873070593574 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 149.81098452634797, 64.9113670216896, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 262.01598882641645, 149.81098452634797, 263.8148635897933, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 277.003093136204, 149.81098452634797, 318.78117486956427, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.6952746936963, 149.81098452634797, 331.4941494570732, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 333.3444930321456, 149.81098452634797, 335.1433677955224, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 348.3316040919323, 149.81098452634797, 390.1096858252926, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 401.02378564942467, 149.81098452634797, 402.82266041280155, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 404.67300398787387, 149.81098452634797, 406.4718787512508, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 419.66010829766145, 149.81098452634797, 461.4381900310218, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.35228985515374, 149.81098452634797, 474.1511646185307, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 476.001508193603, 149.81098452634797, 477.8003829569799, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 492.73940030594053, 149.81098452634797, 534.517482039301, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 149.81098452634797, 547.2410001256208, 153.41872964018512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Coupon interest", "box": [ 63.11249225831271, 158.66210548645358, 114.63133440813166, 162.72335709792605 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 262.01598882641645, 158.66210548645358, 271.9933314511938, 162.72335709792605 ], "from_ocr": false, "confidence": 1.0 }, { 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264.04098859804145, 171.49835610830087 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 267.9433319079438, 167.4371044968284, 269.9683316795688, 171.49835610830087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,076 ", "box": [ 309.6245772072252, 167.4371044968284, 335.3694928037706, 171.49835610830087 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 339.2718361136729, 167.4371044968284, 341.2968358852979, 171.49835610830087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,908 ", "box": [ 380.9530814129543, 167.4371044968284, 406.6980037594989, 171.49835610830087 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 410.60034706940127, 167.4371044968284, 412.62534684102627, 171.49835610830087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,736 ", "box": [ 452.2815923686826, 167.4371044968284, 478.026507965228, 171.49835610830087 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 483.67963232768113, 167.4371044968284, 485.70463209930614, 171.49835610830087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,705 ", "box": [ 525.3608776269625, 167.4371044968284, 546.2542380206555, 171.49835610830087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest on cash, cash equivalents, and other income", "box": [ 63.11249225831271, 176.88710343107778, 231.57902968902923, 180.94835504255025 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 262.01598882641645, 176.88710343107778, 264.04098859804145, 180.94835504255025 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 267.9433319079438, 176.88710343107778, 269.9683316795688, 180.94835504255025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "779 ", "box": [ 315.6995765221002, 176.88710343107778, 330.51793085091896, 180.94835504255025 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 336.6034804146042, 176.88710343107778, 341.2968358852979, 180.94835504255025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,831 ", "box": [ 380.9530814129543, 176.88710343107778, 406.6980037594989, 180.94835504255025 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 410.60034706940127, 176.88710343107778, 412.62534684102627, 180.94835504255025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,951 ", "box": [ 452.2815923686826, 176.88710343107778, 473.17494601237644, 180.94835504255025 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 481.0112766286124, 176.88710343107778, 485.70463209930614, 180.94835504255025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,595 ", "box": [ 525.3608776269625, 176.88710343107778, 546.2542380206555, 180.94835504255025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total interest and related income ", "box": [ 63.11249225831271, 187.6871022130781, 171.74265649724305, 191.74835382455058 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 262.01598882641645, 187.6871022130781, 264.04098859804145, 191.74835382455058 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 267.9433319079438, 186.33710236532715, 271.9933314511938, 190.39835397680145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "46,251 ", "box": [ 305.57457766397516, 186.33710236532715, 335.3694928037706, 191.74835382455058 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 339.2718361136729, 186.33710236532715, 343.32183565692293, 190.39835397680145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "108,138 ", "box": [ 372.8530823264543, 186.33710236532715, 406.6980037594989, 191.74835382455058 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 410.60034706940127, 186.33710236532715, 414.6503466126513, 190.39835397680145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "105,250 ", "box": [ 444.1815932821826, 186.33710236532715, 478.026507965228, 191.74835382455058 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 483.67963232768113, 186.33710236532715, 487.72963187093114, 190.39835397680145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "226,176 ", "box": [ 517.2608785404625, 186.33710236532715, 546.2542380206555, 190.39835397680145 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 196.89979655409115, 86.50545837010574, 199.60729762840674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 203.21210046220222, 72.55721755315749, 207.2733520736765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three months ended June 30, 2026 and 2025, we recognized $0.0 million and $0.1 million, respectively, of default interest, late fees, pre-", "box": [ 79.30194355750221, 203.21210046220222, 549.1124410933137, 207.2733520736765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payment penalties, and/or accelerated fees following repayments prior to maturity. For the six months ended June 30, 2026 and 2025, we ", "box": [ 79.30194355750221, 212.6620993964534, 551.1374372199391, 216.72335100792588 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recognized $0.5 million and $0.1 million, respectively, of default interest, late fees, pre-payment penalties, and/or accelerated fees following ", "box": [ 79.30194355750221, 222.1120983307028, 551.1585309675603, 226.17334994217526 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repayments prior to maturity.", "box": [ 79.30194355750221, 231.562097264954, 174.2343547262349, 235.62334887642646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Risk Ratings", "box": [ 63.11249225831271, 257.29268569395754, 130.09467176999237, 261.8040593251917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As further described in Note 2 - Summary of Significant Accounting Policies, we evaluate the credit quality of our loan ", "box": [ 85.15545852235574, 273.49268386695803, 551.3618746777526, 278.0040574981922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, we assess the risk factors of each loan and ", "box": [ 63.11249225831271, 283.617682725082, 551.3618746777526, 288.12905635631614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assign a risk rating based on several factors including, but not limited to, as-is or as-stabilized debt yield, term of loan, property type, ", "box": [ 63.11249225831271, 293.74268158320774, 551.3618746777526, 298.2540552144419 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property or collateral location, loan type, structure, collateral cash flow volatility and other more subjective variables that include, but ", "box": [ 63.11249225831271, 304.54268036520807, 551.3618746777526, 309.05405399644224 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are not limited to, as-is or as-stabilized collateral value, market conditions, industry conditions, borrower/sponsor financial stability, ", "box": [ 63.11249225831271, 314.667679223332, 551.3618746777526, 319.1790528545662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and borrower/sponsor exit plan. While evaluating the credit quality of each loan within our portfolio, we assess these quantitative and ", "box": [ 63.11249225831271, 324.7926780814578, 551.3618746777526, 329.30405171269194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "qualitative factors as a whole and with no pre-prescribed weight on their impact to our determination of a loan's risk rating. However, ", "box": [ 63.11249225831271, 335.5926768634581, 551.3618746777526, 340.1040504946923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "based upon the facts and circumstances for each loan and the current market conditions, we may consider certain previously ", "box": [ 63.11249225831271, 345.71767572158205, 551.3618746777526, 350.2290493528162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mentioned factors more or less relevant than others. Loans are rated '1' (less risk) through '5' (greater risk), which ratings are defined ", "box": [ 63.11249225831271, 355.8426745797078, 551.3618746777526, 360.354048210942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in Note 2 - Summary of Significant Accounting Policies.", "box": [ 63.11249225831271, 365.96767343783176, 269.28280936750537, 370.47904706906775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following tables allocate the principal balance and carrying value of our loans receivable held-for-investment based on our ", "box": [ 85.15545852235574, 387.5676710018324, 551.3618746777526, 392.0790446330666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "internal risk ratings as of June 30, 2026 and December 31, 2025 ($ in thousands):", "box": [ 63.11249225831271, 397.6926698599582, 355.979391591178, 402.20404349119235 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 407.81766871808213, 65.36192948775115, 412.3290423493163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 284.8921547464931, 418.460954228598, 326.6702364798534, 422.06869934243696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Risk Rating", "box": [ 89.8699111156702, 434.6609524015985, 126.45517145466548, 438.26869751543745 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.85779452425828, 434.6609524015985, 155.65666928763517, 438.26869751543745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of Loans", "box": [ 179.98240432798258, 434.6609524015985, 233.95207262046605, 438.26869751543745 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.67145863027184, 434.6609524015985, 254.47033339364873, 438.26869751543745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unpaid Principal Balance", "box": [ 263.67184463967266, 434.6609524015985, 342.8327564925105, 438.26869751543745 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 347.8148039002159, 434.6609524015985, 349.6136786635928, 438.26869751543745 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 351.46402223866517, 435.33595232547304, 353.262897002042, 438.943697439312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value ", "box": [ 374.24526966944643, 434.6609524015985, 424.20964696832476, 438.26869751543745 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 446.6073742586084, 434.6609524015985, 448.4062490219853, 438.26869751543745 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 450.2565925970576, 434.9822896736732, 452.08779341053884, 438.6566579075552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "% of Total of Carrying ", "box": [ 467.8171341166186, 427.2359532389728, 540.7652196059449, 430.84369835281177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 494.3952561191968, 434.6609524015985, 512.3839804608989, 438.26869751543745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 106.13319053153354, 444.86207320945323, 110.18319007478355, 448.9233248209257 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.85779452425828, 443.59266468345777, 156.10723175369674, 448.10403831469193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 205.6218511864225, 444.86207320945323, 208.31921406221988, 448.9233248209257 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.67145863027184, 443.59266468345777, 254.92089585971033, 448.10403831469193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 260.53942649293987, 444.86207320945323, 264.5894260361899, 448.9233248209257 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 343.2691046628698, 444.86207320945323, 348.63746005743855, 448.9233248209257 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 351.46402223866517, 443.59266468345777, 353.7134594681036, 448.10403831469193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 359.33199010133313, 444.86207320945323, 363.38198964458314, 448.9233248209257 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 442.06166827126304, 444.86207320945323, 447.430030415831, 448.9233248209257 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 450.2565925970576, 443.59266468345777, 452.50602982649605, 448.10403831469193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0%", "box": [ 497.9917434635929, 444.86207320945323, 508.7891054258903, 448.9233248209257 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2", "box": [ 106.13319053153354, 454.987072067579, 110.18319007478355, 459.04832367905146 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.85779452425828, 453.71766354158353, 156.10723175369674, 458.2290371728177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 204.94685126254748, 454.987072067579, 208.99685080579752, 459.04832367905146 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.67145863027184, 453.71766354158353, 254.92089585971033, 458.2290371728177 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 260.53942649293987, 454.987072067579, 262.5644262645649, 459.04832367905146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "130,000 ", "box": [ 319.64410732724474, 453.71766354158353, 353.7134594681036, 459.04832367905146 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 359.33199010133313, 454.987072067579, 361.35698987295814, 459.04832367905146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "129,852 ", "box": [ 418.436670935638, 453.71766354158353, 452.50602982649605, 459.04832367905146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5%", "box": [ 497.9917434635929, 454.987072067579, 508.7891054258903, 459.04832367905146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3", "box": [ 106.13319053153354, 464.4370710018284, 110.18319007478355, 468.49832261330084 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.85779452425828, 463.8426623997075, 156.10723175369674, 468.35403603094164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13", "box": [ 202.92185149092248, 464.4370710018284, 211.02185057742253, 468.49832261330084 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.67145863027184, 463.8426623997075, 254.92089585971033, 468.35403603094164 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 260.53942649293987, 464.4370710018284, 262.5644262645649, 468.49832261330084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,531,116 ", "box": [ 313.5691080123697, 463.8426623997075, 353.7134594681036, 468.49832261330084 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 359.33199010133313, 464.4370710018284, 361.35698987295814, 468.49832261330084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,531,787 ", "box": [ 412.361671620763, 463.8426623997075, 452.50602982649605, 468.49832261330084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "53%", "box": [ 495.9667436919679, 464.4370710018284, 510.8141051975153, 468.49832261330084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 106.13319053153354, 474.56206985995414, 110.18319007478355, 478.6233214714266 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.85779452425828, 473.96766125783324, 156.10723175369674, 478.4790348890674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 204.94685126254748, 474.56206985995414, 208.99685080579752, 478.6233214714266 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.67145863027184, 473.96766125783324, 254.92089585971033, 478.4790348890674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 260.53942649293987, 474.56206985995414, 262.5644262645649, 478.6233214714266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "78,500 ", "box": [ 323.69410687049475, 473.96766125783324, 353.7134594681036, 478.6233214714266 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 359.33199010133313, 474.56206985995414, 361.35698987295814, 478.6233214714266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "78,500 ", "box": [ 422.486670478888, 473.96766125783324, 452.50602982649605, 478.6233214714266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3%", "box": [ 497.9917434635929, 474.56206985995414, 508.7891054258903, 478.6233214714266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5", "box": [ 106.13319053153354, 485.36206864195447, 110.18319007478355, 489.42332025342694 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.85779452425828, 484.7676600398336, 156.10723175369674, 489.27903367106774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11", "box": [ 202.92185149092248, 484.6870687180781, 211.02185057742253, 488.74832032955237 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.67145863027184, 484.0926601159572, 254.92089585971033, 488.60403374719135 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 260.53942649293987, 484.6870687180781, 262.5644262645649, 488.74832032955237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,617,012 ", "box": [ 313.5691080123697, 484.6870687180781, 353.7134594681036, 489.27903367106774 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 359.33199010133313, 484.6870687180781, 361.35698987295814, 488.74832032955237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,098,891 ", "box": [ 412.361671620763, 484.6870687180781, 452.50602982649605, 489.27903367106774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39%", "box": [ 495.9667436919679, 484.6870687180781, 510.8141051975153, 488.74832032955237 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 496.91765866958303, 65.36192948775115, 501.4290323008172 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.85779452425828, 496.91765866958303, 156.10723175369674, 501.4290323008172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26", "box": [ 202.92185149092248, 495.4870675000784, 211.02185057742253, 499.5483191115509 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.67145863027184, 494.8926588979575, 254.92089585971033, 499.4040325291917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 260.53942649293987, 495.4870675000784, 264.5894260361899, 499.5483191115509 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,356,628 ", "box": [ 313.5691080123697, 495.4870675000784, 353.7134594681036, 501.4290323008172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 359.33199010133313, 495.4870675000784, 363.38198964458314, 499.5483191115509 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,839,030 ", "box": [ 412.361671620763, 495.4870675000784, 452.50602982649605, 501.4290323008172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100%", "box": [ 493.9417439203429, 495.4870675000784, 512.8391049691403, 499.5483191115509 ], "from_ocr": false, "confidence": 1.0 }, { "text": "General CECL reserve", "box": [ 63.11249225831271, 507.6370661298297, 136.87864771912888, 511.69831774130216 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.67145863027184, 507.042657527707, 254.92089585971033, 511.55403115894296 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 343.71207336291275, 507.042657527707, 345.96151059235126, 511.55403115894296 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 348.5636353157644, 507.042657527707, 353.7134594681036, 511.55403115894296 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 359.33199010133313, 506.9620662059533, 361.35698987295814, 511.0233178174258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(48,751) ", "box": [ 419.786670783388, 506.9620662059533, 452.50602982649605, 511.55403115894296 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 502.26322398186477, 507.042657527707, 504.5126612113032, 511.55403115894296 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 517.8426563097073, 65.36192948775115, 522.3540299409415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.85779452425828, 517.8426563097073, 156.10723175369674, 522.3540299409415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 161.9261563643263, 517.8426563097073, 164.17559359376472, 522.3540299409415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.67145863027184, 517.8426563097073, 254.92089585971033, 522.3540299409415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 260.53942649293987, 517.8426563097073, 262.7888637223783, 522.3540299409415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 346.61246028581354, 517.8426563097073, 348.861897515252, 522.3540299409415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 351.46402223866517, 517.8426563097073, 353.7134594681036, 522.3540299409415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 359.33199010133313, 517.0870650640791, 363.38198964458314, 521.1483166755515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,790,279 ", "box": [ 412.361671620763, 517.0870650640791, 452.50602982649605, 522.3540299409415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 502.26322398186477, 517.8426563097073, 504.5126612113032, 522.3540299409415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 526.9747593289667, 64.46249210606271, 529.6822604032823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 533.9620631609541, 72.55721755315749, 538.0233147724266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net of specific CECL reserves of $516.8 million.", "box": [ 79.30194355750221, 533.9620631609541, 238.7904496957413, 538.0233147724266 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 548.8926528079573, 65.36192948775115, 553.4040264391915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 171.74529250694584, 185.40692089643198, 178.07324123389378, 188.12795947611994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 424.21635778381767, 432.8591244945128, 429.8359603396733, 435.2755691694947 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 16, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81766539108321, 65.36192948775115, 61.329039022317374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16", "box": [ 301.60895311120953, 574.5426070032099, 310.6066975402138, 579.0539806344441 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 276.7183309183188, 82.98594915072317, 334.8619575935091, 86.59369426456215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Risk Rating", "box": [ 89.8699111156702, 99.18594732372367, 126.45517145466548, 102.79369243756264 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.85779452425828, 99.18594732372367, 155.65666928763517, 102.79369243756264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of Loans", "box": [ 179.98240432798258, 99.18594732372367, 233.95207262046605, 102.79369243756264 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.67145863027184, 99.18594732372367, 254.47033339364873, 102.79369243756264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unpaid Principal Balance", "box": [ 263.67184463967266, 99.18594732372367, 342.8327564925105, 102.79369243756264 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 347.8148039002159, 99.18594732372367, 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"text": " ", "box": [ 392.8288613236301, 409.0870343320803, 394.8538610952551, 413.14828594355276 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,527 ", "box": [ 421.10503338470596, 409.0870343320803, 446.8499489812514, 413.82328586742733 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cost Recovery/ 7/1/2020", "box": [ 459.68549778368657, 409.76203425595486, 540.6933982977947, 413.82328586742733 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total non-accrual", "box": [ 63.11249225831271, 421.23703296182975, 120.45716398110748, 425.2982845733022 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 221.58981813559052, 421.23703296182975, 223.61481790721552, 425.2982845733022 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 228.4874736076882, 419.21203319020424, 232.5374731509382, 423.2732848016785 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,542,162 ", "box": [ 242.588647267389, 419.21203319020424, 282.5085612653095, 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421.23703296182975, 453.93744818193886, 425.2982845733022 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 428.11130085417426, 85.60433348860761, 429.01154499522636 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 431.1247272267192, 64.46249210606271, 433.83222830103296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 438.1120310587048, 72.55721755315749, 442.1732826701773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts deemed uncollectible have been charged-off as of June 30, 2026.", "box": [ 79.30194355750221, 438.1120310587048, 321.33160713693223, 442.1732826701773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 446.88703006907963, 72.55721755315749, 450.9482816805521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount excludes one risk rated 5 loan with an unpaid principal balance of $74.9 million and a carrying value net of specific CECL reserves of ", "box": [ 79.30194355750221, 446.88703006907963, 551.1374372199391, 450.9482816805521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$70.1 million that remained on accrual status through repayment in July 2026 as the borrower continued to perform in accordance with the terms ", "box": [ 79.30194355750221, 456.3370290033308, 551.1479874687493, 460.3982806148033 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the discounted payoff agreement.", "box": [ 79.30194355750221, 465.7870279375802, 196.03210769293244, 469.8482795490527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, loans receivable classified as non-accrual represented 36.2% of our total loans receivable held-for-", "box": [ 85.15545852235574, 486.79261689946, 549.1139744506125, 491.30399053069414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment, based on carrying value net of specific CECL reserves. During the six months ended June 30, 2026, we (i) recognized ", "box": [ 63.11249225831271, 496.9176157575839, 551.3531397737377, 501.4289893888181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$3.0 million of interest income on a cash basis upon the repayment of a non-accrual loan in January 2026, (ii) received $4.1 million of ", "box": [ 63.11249225831271, 507.0426146157097, 551.3618746777526, 511.55398824694385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cost recovery proceeds for loans on non-accrual status which reduced such loan's unpaid principal balance, and (iii) received $3.9 ", "box": [ 63.11249225831271, 517.84261339771, 551.3618746777526, 522.3539870289442 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million of proceeds for loans on non-accrual status which were applied against past due interest and reduced the related CECL ", "box": [ 63.11249225831271, 527.967612255834, 551.3618746777526, 532.4789858870681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reserves. Further, the above table excludes one loan with an aggregate carrying value of $78.5 million that is in maturity default but ", "box": [ 63.11249225831271, 538.0926111139597, 551.3618746777526, 542.6039847451939 ], "from_ocr": false, "confidence": 1.0 }, { "text": "remains on accrual status as interest is deemed collectible based on the collateral property's value.", "box": [ 63.11249225831271, 548.89260989596, 416.6383324090754, 553.4039835271942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 424.21635778381767, 97.38411941663799, 429.8359603396733, 99.80056409162171 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 100.83865987863899, 408.1568528631851, 108.5233547400761, 410.87789144287126 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 120.46639204006678, 418.95685164518545, 128.1510869015039, 421.6778902248716 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 17, "width": 612.0, "height": 792.0, "cells": [ { 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351.411291244612, 255.86212874845296, 387.9562056231574, 260.5983802838 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 392.8288613236301, 255.86212874845296, 394.8538610952551, 259.92338035992543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "987,407 ", "box": [ 413.00503429820594, 255.86212874845296, 446.8499489812514, 260.5983802838 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 499.17299333037414, 256.5371286723275, 501.19799310199915, 260.5983802838 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Office", "box": [ 85.11327102711356, 265.9871276065769, 105.79832779429861, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 128.46092238846134, 265.9871276065769, 130.48592216008635, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CA", "box": [ 150.9363138537364, 265.9871276065769, 162.1885102047386, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 180.43591652683648, 265.9871276065769, 182.46091629846148, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 201.10778919550842, 265.9871276065769, 205.15778873875843, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 223.6991928976999, 265.9871276065769, 225.7241926693249, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 228.4874736076882, 265.9871276065769, 230.5124733793132, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "93,214 ", "box": [ 252.71364612551403, 265.9871276065769, 282.5085612653095, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 287.38121696578213, 265.9871276065769, 289.40621673740714, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "92,827 ", "box": [ 307.7261399213267, 265.9871276065769, 337.5210550611221, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 342.3937107615948, 265.9871276065769, 344.4187105332198, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 377.7362882757371, 265.9871276065769, 383.10464367030585, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 385.9312058515324, 265.9871276065769, 387.9562056231574, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 392.8288613236301, 265.9871276065769, 394.8538610952551, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "92,827 ", "box": [ 417.05503384145595, 265.9871276065769, 446.8499489812514, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cost Recovery/ 9/1/2023", "box": [ 459.68549778368657, 265.9871276065769, 540.6933982977947, 270.0483792180494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Land ", "box": [ 82.96170876976198, 275.4371265408281, 101.62967541443001, 279.4983781523006 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 128.46092238846134, 275.4371265408281, 130.48592216008635, 279.4983781523006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NY", "box": [ 150.71482612871532, 275.4371265408281, 162.41394640931443, 279.4983781523006 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 180.43591652683648, 275.4371265408281, 182.46091629846148, 279.4983781523006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 201.10778919550842, 275.4371265408281, 205.15778873875843, 279.4983781523006 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 223.6991928976999, 275.4371265408281, 225.7241926693249, 279.4983781523006 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 228.4874736076882, 274.7621266169517, 230.5124733793132, 278.8233782284242 ], "from_ocr": false, "confidence": 1.0 }, { "text": "67,000 ", "box": [ 252.71364612551403, 274.7621266169517, 282.5085612653095, 279.4983781523006 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 287.38121696578213, 274.7621266169517, 289.40621673740714, 278.8233782284242 ], "from_ocr": false, "confidence": 1.0 }, { "text": "67,000 ", "box": [ 307.7261399213267, 274.7621266169517, 337.5210550611221, 279.4983781523006 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 342.3937107615948, 274.7621266169517, 344.4187105332198, 278.8233782284242 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 377.7362882757371, 274.7621266169517, 383.10464367030585, 278.8233782284242 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 385.9312058515324, 275.4371265408281, 387.9562056231574, 279.4983781523006 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 392.8288613236301, 274.7621266169517, 394.8538610952551, 278.8233782284242 ], "from_ocr": false, "confidence": 1.0 }, { "text": "67,000 ", "box": [ 417.05503384145595, 274.7621266169517, 446.8499489812514, 279.4983781523006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash Basis/ 11/1/2021", "box": [ 463.7249470781264, 275.4371265408281, 536.6433987545447, 279.4983781523006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total risk rated 4 loans", "box": [ 63.11249225831271, 285.56212539895205, 137.7962245256466, 289.6233770104245 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 223.6991928976999, 285.56212539895205, 225.7241926693249, 289.6233770104245 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 228.4874736076882, 284.8871254750775, 230.5124733793132, 288.94837708654995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "160,214 ", "box": [ 248.66364658226402, 284.8871254750775, 282.5085612653095, 289.6233770104245 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 287.38121696578213, 284.8871254750775, 289.40621673740714, 288.94837708654995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "159,827 ", "box": [ 303.6761403780767, 284.8871254750775, 337.5210550611221, 289.6233770104245 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 342.3937107615948, 284.8871254750775, 344.4187105332198, 288.94837708654995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 377.7362882757371, 284.8871254750775, 383.10464367030585, 288.94837708654995 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 385.9312058515324, 285.56212539895205, 387.9562056231574, 289.6233770104245 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 392.8288613236301, 284.8871254750775, 394.8538610952551, 288.94837708654995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "159,827 ", "box": [ 413.00503429820594, 284.8871254750775, 446.8499489812514, 289.6233770104245 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 499.17299333037414, 285.56212539895205, 501.19799310199915, 289.6233770104245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total non-accrual", "box": [ 63.11249225831271, 297.03712410482694, 120.45716398110748, 301.0983757162994 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 178.2316232754318, 297.03712410482694, 180.2566230470568, 301.0983757162994 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 185.3191224761193, 297.03712410482694, 187.3441222477443, 301.0983757162994 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 221.58981813559052, 297.03712410482694, 223.61481790721552, 301.0983757162994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 228.4874736076882, 295.0121243332014, 232.5374731509382, 299.0733759446757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,496,691 ", "box": [ 242.588647267389, 295.0121243332014, 282.5085612653095, 301.0983757162994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 287.38121696578213, 295.0121243332014, 291.43121650903214, 299.0733759446757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,494,933 ", "box": [ 297.6011410632017, 295.0121243332014, 337.5210550611221, 301.0983757162994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 342.3937107615948, 295.0121243332014, 346.4437103048448, 299.0733759446757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(347,699) ", "box": [ 351.411291244612, 295.0121243332014, 387.9562056231574, 301.0983757162994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 392.8288613236301, 295.0121243332014, 396.87886086688013, 299.0733759446757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,147,234 ", "box": [ 406.9300349833309, 295.0121243332014, 446.8499489812514, 301.0983757162994 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 451.91244841031386, 297.03712410482694, 453.93744818193886, 301.0983757162994 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 304.89981859809086, 64.46249210606271, 307.6073196724046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 311.2121225062019, 72.55721755315749, 315.2733741176744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, this loan was reclassified to held-for-sale and was subsequently sold in July 2026.", "box": [ 79.30194355750221, 311.2121225062019, 413.59697993644767, 315.2733741176744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 320.6621214404531, 72.55721755315749, 324.7233730519256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In January 2026, we acquired legal title to the collateral property through a mortgage foreclosure. In anticipation of such foreclosure, we ", "box": [ 79.30194355750221, 320.6621214404531, 551.1374372199391, 324.7233730519256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recognized a principal charge-off of $39.1 million as of December 31, 2025.", "box": [ 79.30194355750221, 330.1121203747025, 326.73160652793223, 334.17337198617497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 339.5621193089519, 72.55721755315749, 343.62337092042435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts deemed uncollectible have been charged-off as of December 31, 2025.", "box": [ 79.30194355750221, 339.5621193089519, 339.76754255776825, 343.62337092042435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 63.11249225831271, 348.3371183193267, 72.55721755315749, 352.398369930801 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In May 2026, we acquired legal title to the collateral property through a mortgage foreclosure. ", "box": [ 79.30194355750221, 348.3371183193267, 386.7749557563762, 352.398369930801 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 63.11249225831271, 357.7871172535779, 72.55721755315749, 361.84836886505036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount excludes one risk rated 5 loan with an unpaid principal balance of $71.3 million and a carrying value net of specific CECL reserves of ", "box": [ 79.30194355750221, 357.7871172535779, 551.1374372199391, 361.84836886505036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$53.5 million that remained on accrual status as monthly debt service was satisfied through borrower funded reserves. In February 2026, we ", "box": [ 79.30194355750221, 367.23711618782727, 551.1374372199391, 371.29836779929974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assigned our right, title, and interest in this loan receivable and the collateral property to our financing counterparty in exchange for the full ", "box": [ 79.30194355750221, 376.68711512207665, 551.1374372199391, 380.74836673355094 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extinguishment of amounts due under the related financing. Upon assignment, we recognized a principal charge-off of $17.8 million which ", "box": [ 79.30194355750221, 386.13711405632785, 551.1268937211282, 390.1983656678003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "includes $2.6 million paid to our financing counterparty under the terms of our guarantee. See Note 6 - Debt Obligations - Notes Payable for ", "box": [ 79.30194355750221, 394.91211306670266, 551.1479874687493, 398.97336467817513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "further detail.", "box": [ 79.30194355750221, 404.36211200095204, 123.38128403633166, 408.4233636124245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 63.11249225831271, 413.81211093520324, 72.55721755315749, 417.8733625466757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In January 2026, this loan was repaid in full. During the year ended December 31, 2025, we recognized $3.0 million of interest income on a cash ", "box": [ 79.30194355750221, 413.81211093520324, 551.1374372199391, 417.8733625466757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "basis from this loan, which is included in the $6.0 million of interest income recognized on a cash basis as discussed below for the year ended ", "box": [ 79.30194355750221, 423.2621098694526, 551.1328674704545, 427.3233614809251 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025. Upon repayment in January 2026, we recognized an additional $3.0 million of interest income on a cash basis from this ", "box": [ 79.30194355750221, 432.712108803702, 551.1374372199391, 436.7733604151763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan, which is included in cash basis interest income discussed above for the six months ended June 30, 2026.", "box": [ 79.30194355750221, 441.4871078140768, 434.97416907057556, 445.5483594255511 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of December 31, 2025, loans receivable classified as non-accrual represented 31.1% of our total loans receivable held-for-", "box": [ 85.15545852235574, 467.89269616695674, 549.1060023640116, 472.4040697981909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment, based on carrying value net of specific CECL reserves. During the year ended December 31, 2025, we (i) recognized $6.0 ", "box": [ 63.11249225831271, 478.69269494895707, 551.3618746777526, 483.20406858019123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million of interest income on a cash basis for loans on non-accrual status, (ii) received $13.6 million of cost recovery proceeds for ", "box": [ 63.11249225831271, 488.817693807081, 551.3618746777526, 493.329067438317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans on non-accrual status which reduced such loan's unpaid principal balance, and (iii) received $2.6 million of proceeds for loans ", "box": [ 63.11249225831271, 498.9426926652068, 551.3513311789417, 503.45406629644094 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on non-accrual status which were applied against past due interest and reduced the related CECL reserve. Further, the above table ", "box": [ 63.11249225831271, 509.7426914472071, 551.3618746777526, 514.2540650784413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "excludes three loans with an aggregate carrying value of $453.8 million that are in maturity default but remain on accrual status as the ", "box": [ 63.11249225831271, 519.867690305331, 551.3618746777526, 524.379063936567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrower is current on interest payments and/or interest is deemed collectible based on the collateral property's value.", "box": [ 63.11249225831271, 529.9926891634568, 487.1044685245605, 534.504062794691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 103.65467518605502, 207.68195260830726, 109.98262391300295, 210.4029911879934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)(3)", "box": [ 109.71912762711949, 225.90695055293145, 122.37501528541647, 228.62798913261759 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (4)", "box": [ 111.19568996059606, 235.35694948718083, 118.88038482203316, 238.07798806686878 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (3)", "box": [ 100.83865987863899, 244.80694842143203, 108.5233547400761, 247.52798700111816 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 139.83045235623092, 254.93194727955597, 146.15840108317886, 257.6529858592439 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 101.62967541443001, 273.83194514805655, 107.95762414137795, 276.5529837277427 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 18, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.492580930962504, 65.36192948775115, 62.00395456219667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18", "box": [ 301.60895311120953, 681.1925105914615, 310.6066975402138, 685.7038842226975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current Expected Credit Losses", "box": [ 63.11249225831271, 94.61757674408727, 177.80288885706526, 99.12895037532144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The current expected credit loss reserve required under GAAP reflects our current estimate of potential credit losses related to ", "box": [ 85.15545852235574, 110.81757491708777, 551.3618746777526, 115.32894854832193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our loan commitments. See Note 2 for further detail of our current expected credit loss reserve methodology.", "box": [ 63.11249225831271, 121.61757369908628, 454.8874771454215, 126.12894733032226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table illustrates the changes in the current expected credit loss reserve for our loans receivable held-for-", "box": [ 85.15545852235574, 143.8925711869615, 549.108171746267, 148.40394481819567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment for the six months ended June 30, 2026 and 2025, respectively ($ in thousands):", "box": [ 63.11249225831271, 154.69256996896183, 392.4800788947112, 159.203943600196 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 171.5675680658369, 65.36192948775115, 176.07894169707106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 198.291777263092, 171.5675680658369, 200.54121449253046, 176.07894169707106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 226.38864909438897, 172.76085464210337, 228.18752385776583, 176.36859975594052 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 253.10387708150466, 172.76085464210337, 254.90275184488155, 176.36859975594052 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 258.0503642736508, 172.76085464210337, 259.84923903702764, 176.36859975594052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "General CECL Reserve", "box": [ 307.84215215824315, 172.0858547182288, 380.5770411782938, 175.69359983206596 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 428.4878450520888, 171.5675680658369, 434.3865006199765, 176.07894169707106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 437.17846907197946, 171.5675680658369, 439.4279063014179, 176.07894169707106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 485.74681959454836, 171.5675680658369, 487.9962568239868, 176.07894169707106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 490.5983815473999, 171.5675680658369, 492.8478187768384, 176.07894169707106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 495.6397872288413, 171.5675680658369, 497.8892244582798, 176.07894169707106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 544.2081445014095, 171.5675680658369, 546.4575817308479, 176.07894169707106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 180.9369756783326, 65.13749202993772, 184.99822728980507 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 198.291777263092, 201.8619733184587, 200.316777034717, 205.92322492993117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Specific CECL ", "box": [ 205.8222451638225, 194.65582182115213, 250.44606488124685, 198.04019816404616 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve", "box": [ 215.86286903146316, 202.0808209837778, 238.7232197033233, 205.46519732667184 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 253.156614825557, 202.0808209837778, 254.84411463524452, 205.46519732667184 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 256.7530954199539, 202.75582090765238, 258.4405952296414, 206.1401972505464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans ", "box": [ 276.9398118933407, 180.48082341977715, 296.2616847142626, 183.86519976267118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Receivable", "box": [ 270.20036290340084, 187.90582258240283, 301.3136413195141, 191.29019892529686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Held-for-", "box": [ 272.25699992145786, 194.65582182115213, 299.2471088025731, 198.04019816404616 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment", "box": [ 269.6308317176313, 202.0808209837778, 301.8778987308784, 205.46519732667184 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 311.61793298241895, 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"(43,113) ", "box": [ 229.05700479345774, 227.43584847597776, 258.5519701833308, 231.04359358981674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 261.7945011013953, 227.43584847597776, 263.5933758647722, 231.04359358981674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 307.3148084677158, 227.43584847597776, 312.1617331373403, 231.04359358981674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 317.80895128420957, 227.43584847597776, 322.05470077163335, 231.04359358981674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 365.7761333745769, 227.43584847597776, 370.62305129420224, 231.04359358981674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 376.27026944107143, 227.43584847597776, 380.51601892849527, 231.04359358981674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 424.2374515314388, 227.43584847597776, 429.0843762010634, 231.04359358981674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 434.73159434793257, 227.43584847597776, 438.97734383535635, 231.04359358981674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,540)", "box": [ 466.49877826529985, 227.43584847597776, 488.142976904259, 231.04359358981674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 493.19291250479444, 227.43584847597776, 497.4386619922183, 231.04359358981674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(46,653)", "box": [ 521.3636158277649, 227.43584847597776, 546.6043018111201, 231.04359358981674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total reserve, March 31, 2025", "box": [ 63.11249225831271, 236.21084748635258, 150.22777379114405, 239.81859260019155 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 198.291777263092, 236.21084748635258, 206.9309324712872, 239.81859260019155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "119,265 $", "box": [ 227.86521142786555, 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324.19358308456685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 203.33318294453343, 320.5858379707279, 205.1320577079103, 324.19358308456685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(43,593) ", "box": [ 229.05700479345774, 320.5858379707279, 258.5519701833308, 324.8685830084414 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 261.7945011013953, 320.5858379707279, 263.5933758647722, 324.19358308456685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 307.3148084677158, 320.5858379707279, 312.1617331373403, 324.19358308456685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 317.80895128420957, 320.5858379707279, 322.05470077163335, 324.8685830084414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 365.7761333745769, 320.5858379707279, 370.62305129420224, 324.19358308456685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 376.27026944107143, 320.5858379707279, 380.51601892849527, 324.8685830084414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 424.2374515314388, 320.5858379707279, 429.0843762010634, 324.19358308456685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 434.73159434793257, 320.5858379707279, 438.97734383535635, 324.8685830084414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(390)", "box": [ 471.89877765629984, 320.5858379707279, 488.142976904259, 324.19358308456685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 493.19291250479444, 320.5858379707279, 497.4386619922183, 324.8685830084414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(43,983)", "box": [ 521.3636158277649, 320.5858379707279, 546.6043018111201, 324.19358308456685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total reserve, June 30, 2026", "box": [ 63.11249225831271, 330.0358369049791, 144.6379100840565, 333.64358201881623 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 198.291777263092, 330.0358369049791, 206.9309324712872, 333.64358201881623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "516,803 $", "box": [ 227.86521142786555, 330.0358369049791, 265.3922506281491, 333.64358201881623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "48,751 ", "box": [ 289.92301692912355, 330.0358369049791, 312.1617331373403, 333.64358201881623 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 317.80895128420957, 330.0358369049791, 323.85357553501024, 334.3185819426908 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,834 ", "box": [ 351.9808224303815, 330.0358369049791, 370.62305129420224, 333.64358201881623 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 376.27026944107143, 330.0358369049791, 382.3148936918721, 334.3185819426908 ], "from_ocr": false, "confidence": 1.0 }, { "text": "50,585 ", "box": [ 406.84565999284655, 330.0358369049791, 429.0843762010634, 333.64358201881623 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 434.73159434793257, 330.0358369049791, 440.7762185987332, 334.3185819426908 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36,853 ", "box": [ 465.3069781497084, 330.0358369049791, 487.54569435792524, 333.64358201881623 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 493.19291250479444, 330.0358369049791, 499.2375367555951, 334.3185819426908 ], "from_ocr": false, "confidence": 1.0 }, { "text": "604,241 ", "box": [ 520.1718157121734, 330.0358369049791, 546.0070192647863, 333.64358201881623 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 339.3246531957211, 86.50545837010574, 342.0321542700367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 345.636957103834, 72.55721755315749, 349.69820871530646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CECL reserves for accrued interest receivable are included in other assets on our consolidated balance sheets.", "box": [ 79.30194355750221, 345.636957103834, 434.6577713612583, 349.69820871530646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 355.0869560380834, 72.55721755315749, 359.14820764955584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CECL reserve for unfunded commitments is included in other liabilities on our consolidated balance sheets.", "box": [ 79.30194355750221, 355.0869560380834, 428.6381371601392, 359.14820764955584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table illustrates our specific and general CECL reserves as a percentage of total unpaid principal balance of loans ", "box": [ 85.15545852235574, 381.4925443909633, 551.3618746777526, 386.00391802219747 ], "from_ocr": false, "confidence": 1.0 }, { "text": "receivable held-for-investment as of June 30, 2026, December 31, 2025, June 30, 2025, and December 31, 2024:", "box": [ 63.11249225831271, 391.61754324908725, 468.65026399940626, 396.1289168803214 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 400.7496462683466, 86.50545837010574, 403.4571473426622 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 416.4358271609781, 64.9113670216896, 420.04357227481523 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Specific CECL", "box": [ 276.8343431552352, 407.66082815060327, 322.60370633602366, 411.2685732644404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve", "box": [ 284.12223633332275, 415.7608272371035, 308.49134554795904, 419.36857235094067 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 347.4140226954151, 415.7608272371035, 349.212897458792, 419.36857235094067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "General CECL", "box": [ 373.6124572408136, 407.66082815060327, 420.1793762341558, 411.2685732644404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve", "box": [ 381.30113162370196, 415.7608272371035, 405.6702408383384, 419.36857235094067 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 444.5929179857943, 415.7608272371035, 446.3917927491712, 419.36857235094067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total CECL", "box": [ 476.37065215197174, 407.66082815060327, 514.5510040811323, 411.2685732644404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve", "box": [ 479.8616640082632, 415.7608272371035, 504.2307732228996, 419.36857235094067 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 544.5561879621579, 415.7608272371035, 546.3550627255348, 419.36857235094067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve at December 31, 2024", "box": [ 63.11249225831271, 424.5358262474783, 151.62261840633653, 428.1435713613155 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 254.78083339238123, 424.5358262474783, 256.5797081557581, 428.1435713613155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18.2% ", "box": [ 332.0788681748799, 424.5358262474783, 353.75860344613733, 428.1435713613155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.3% ", "box": [ 432.85425080965524, 424.5358262474783, 450.93749873651655, 428.1435713613155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.0%", "box": [ 532.8069705372086, 424.5358262474783, 548.4407200365129, 428.1435713613155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve at June 30, 2025", "box": [ 63.11249225831271, 432.6358253339786, 135.25004907779868, 436.2435704478157 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 254.78083339238123, 432.6358253339786, 256.5797081557581, 436.2435704478157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.9% ", "box": [ 332.0788681748799, 432.6358253339786, 353.75860344613733, 436.2435704478157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.8% ", "box": [ 432.85425080965524, 432.6358253339786, 450.93749873651655, 436.2435704478157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.4%", "box": [ 532.8069705372086, 432.6358253339786, 548.4407200365129, 436.2435704478157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve at December 31, 2025", "box": [ 63.11249225831271, 440.7358244204788, 151.62261840633653, 444.343569534316 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 254.78083339238123, 440.7358244204788, 256.5797081557581, 444.343569534316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26.0% ", "box": [ 332.0788681748799, 440.7358244204788, 353.75860344613733, 444.343569534316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.9% ", "box": [ 432.85425080965524, 440.7358244204788, 450.93749873651655, 444.343569534316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.9%", "box": [ 529.2104899428117, 440.7358244204788, 548.4407200365129, 444.343569534316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve at June 30, 2026", "box": [ 63.11249225831271, 448.83582350697907, 135.25004907779868, 452.4435686208162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 254.78083339238123, 448.83582350697907, 256.5797081557581, 452.4435686208162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32.0% ", "box": [ 332.0788681748799, 448.83582350697907, 353.75860344613733, 452.4435686208162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.9% ", "box": [ 432.85425080965524, 448.83582350697907, 450.93749873651655, 452.4435686208162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16.9%", "box": [ 529.2104899428117, 448.83582350697907, 548.4407200365129, 452.4435686208162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 456.77463994997015, 64.46249210606271, 459.48214102428756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 463.08694385808485, 72.55721755315749, 467.1481954695573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents specific CECL reserves on loans receivable held-for-investment as a percentage of unpaid principal balance of risk rated 5 loans.", "box": [ 79.30194355750221, 463.08694385808485, 534.5274382881782, 467.1481954695573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 472.53694279233605, 72.55721755315749, 476.5981944038085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents general CECL reserves on loans receivable held-for-investment and related unfunded loan commitments as a percentage of unpaid ", "box": [ 79.30194355750221, 472.53694279233605, 551.1374372199391, 476.5981944038085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance of loans subject to the general CECL reserve.", "box": [ 79.30194355750221, 481.31194180271086, 283.97326155512377, 485.37319341418333 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 490.76194073696024, 72.55721755315749, 494.8231923484327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents total CECL reserves on loans receivable held-for-investment and related unfunded loan commitments as a percentage of total unpaid ", "box": [ 79.30194355750221, 490.76194073696024, 551.1374372199391, 494.8231923484327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance of loans receivable held-for-investment.", "box": [ 79.30194355750221, 500.2119396712096, 266.4206259046711, 504.2731912826839 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026, we recorded a provision for current expected credit losses of $240.2 million, which ", "box": [ 85.15545852235574, 521.2175286330876, 551.3513311789417, 525.7289022643217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consisted of $243.9 million of additional provision for our specific CECL reserves and $23.3 million of additional provision for our ", "box": [ 63.11249225831271, 531.3425274912115, 551.3513311789417, 535.8539011224457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CECL reserves on accrued interest receivable, offset in part by a $27.1 million reversal of our general CECL reserves. The additional ", "box": [ 63.11249225831271, 541.4675263493373, 551.3618746777526, 545.9788999805714 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provision for our specific CECL reserves is primarily attributable to specific reserves determined on loans now classified as risk rated ", "box": [ 63.11249225831271, 552.2675251313376, 551.3618746777526, 556.7788987625718 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5, changes to collateral values, protective advances made on certain loans, and a specific reserve determined on a loan that was sold ", "box": [ 63.11249225831271, 562.3925239894616, 551.3618746777526, 566.9038976206957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and had not previously been classified as held-for-sale. The additional provision for our CECL reserves on accrued interest receivable ", "box": [ 63.11249225831271, 572.5175228475873, 551.3618746777526, 577.0288964788215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "is attributable to reserving against outstanding interest due to us upon loans being placed on non-accrual status during the six months ", "box": [ 63.11249225831271, 583.3175216295876, 551.3618746777526, 587.8288952608218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026, offset in part by a reduction in reserves upon the receipt of past due interest. The reversal of our general CECL ", "box": [ 63.11249225831271, 593.4425204877116, 551.3618746777526, 597.9538941189458 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reserves is primarily attributable to a reduction in the size of our loan portfolio subject to determination of the general CECL reserve, ", "box": [ 63.11249225831271, 603.5675193458374, 551.3618746777526, 608.0788929770715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "seasoning of our loan portfolio, and changes in the historical loss rate of the analogous data set, offset in part by changes in expected ", "box": [ 63.11249225831271, 614.3675181278377, 551.3618746777526, 618.8788917590718 ], "from_ocr": false, "confidence": 1.0 }, { "text": "remaining duration within our loan portfolio. During the six months ended June 30, 2026, we recognized principal and exit fee charge-", "box": [ 63.11249225831271, 624.4925169859616, 549.1091606211555, 629.0038906171958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "offs of $92.6 million, which reduced our specific CECL reserves, and recognized charge-offs of accrued interest receivable of $13.3 ", "box": [ 63.11249225831271, 634.6175158440874, 551.3724249265628, 639.1288894753216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, which reduced reserves on such amounts. As of June 30, 2026, our total current expected credit loss reserve was $604.2 ", "box": [ 63.11249225831271, 645.4175146260877, 551.3618746777526, 649.9288882573219 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million. ", "box": [ 63.11249225831271, 655.5425134842117, 93.61700442620632, 660.0538871154458 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 360.6503527026511, 200.18066997595633, 365.923643195985, 202.44820205800897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 474.0608834124624, 200.18066997595633, 479.33417390579626, 202.44820205800897 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 308.49605833449704, 413.95899933001783, 315.3205279244704, 416.37544400499974 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 405.67495362487625, 413.95899933001783, 412.4994232148496, 416.37544400499974 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (3)", "box": [ 504.2354927594367, 413.95899933001783, 511.05996234941006, 416.37544400499974 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 19, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.4926504829582, 65.36192948775115, 62.00402411419236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19", "box": [ 301.60895311120953, 680.5175802195845, 310.6066975402138, 685.0289538508187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2025, we recorded a provision for current expected credit losses of $230.6 million, which ", "box": [ 85.15545852235574, 93.9426463722084, 551.3513311789417, 98.45402000344257 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consisted of $11.5 million of additional provision for our general CECL reserves, $184.6 million of additional provision for our ", "box": [ 63.11249225831271, 104.74264515420873, 551.3618746777526, 109.2540187854429 ], "from_ocr": false, "confidence": 1.0 }, { "text": "specific CECL reserves, and $34.5 million of additional provision for our CECL reserves on accrued interest receivable. The ", "box": [ 63.11249225831271, 114.86764401233268, 551.3618746777526, 119.37901764356684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "additional provision for our general CECL reserves was primarily attributable to changes in the historical loss rate of the analogous ", "box": [ 63.11249225831271, 124.99264287045844, 551.3618746777526, 129.5040165016926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "data set and changes in risk ratings, non-accrual status, and expected remaining duration within our loan portfolio, offset in part by the ", "box": [ 63.11249225831271, 135.79264165245877, 551.3618746777526, 140.30401528369293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "seasoning of our loan portfolio and a reduction in the size of our loan portfolio subject to determination of the general CECL reserve. ", "box": [ 63.11249225831271, 145.91764051058271, 551.3618746777526, 150.42901414181688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The additional provision for our specific CECL reserves was primarily attributable to specific reserves determined on loans then ", "box": [ 63.11249225831271, 156.04263936870848, 551.3618746777526, 160.55401299994264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "newly classified as risk rated 5, changes to collateral values, and protective advances made. The additional provision for our CECL ", "box": [ 63.11249225831271, 166.16763822683424, 551.3618746777526, 170.6790118580684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reserves on accrued interest receivable was attributable to reserving against interest income previously recognized on loans placed on ", "box": [ 63.11249225831271, 176.96763700883275, 551.3618746777526, 181.47901064006692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "non-accrual status during such period. During the six months ended June 30, 2025, we recognized principal charge-offs of $112.0 ", "box": [ 63.11249225831271, 187.09263586695852, 551.3618746777526, 191.60400949819268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, which reduced our specific CECL reserves. As of June 30, 2025, our total current expected credit loss reserve was $378.5 ", "box": [ 63.11249225831271, 197.21763472508428, 551.3618746777526, 201.72900835631845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million.", "box": [ 63.11249225831271, 208.0176335070828, 91.35997343074928, 212.52900713831878 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Specific CECL Reserves", "box": [ 63.11249225831271, 228.94263114720889, 150.5680590910491, 233.45400477844305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In certain circumstances, we may determine that a borrower is experiencing financial difficulty, and, if the repayment of the ", "box": [ 85.15545852235574, 244.467629396333, 551.3618746777526, 248.97900302756716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan's principal is collateral dependent, the loan is no longer suited for the WARM method. In these instances, there have been ", "box": [ 63.11249225831271, 255.26762817833333, 551.3618746777526, 259.7790018095675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "diminutions in the fair value and performance of the collateral property primarily as a result of reduced tenant and/or capital markets ", "box": [ 63.11249225831271, 265.3926270364591, 551.3618746777526, 269.90400066769325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "demand for such property types in the markets in which these assets and borrowers operate. For such loans, we seek resolutions ", "box": [ 63.11249225831271, 275.51762589458303, 551.3618746777526, 280.0289995258172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through a variety of means including, but not limited to, foreclosures on the collateral asset, sales of our loan receivable, and ", "box": [ 63.11249225831271, 286.31762467658336, 551.3618746777526, 290.8289983078175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "discounted loan payoffs. If we anticipate assuming legal title and/or physical possession of the collateral property and the fair value of ", "box": [ 63.11249225831271, 296.4426235347091, 551.3618746777526, 300.9539971659433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the collateral asset is determined to be below the carrying value of our loan, we may recognize a specific CECL reserve. Furthermore, ", "box": [ 63.11249225831271, 306.5676223928331, 551.3618746777526, 311.07899602406906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in certain circumstances, we may recognize a specific CECL reserve based upon anticipated proceeds from the disposition of our loan. ", "box": [ 63.11249225831271, 317.3676211748334, 551.3618746777526, 321.87899480606757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents a summary of our risk rated 5 loans receivable held-for-investment as of June 30, 2026 ($ in thousands):", "box": [ 63.11249225831271, 327.49262003295917, 543.3711471825504, 332.00399366419333 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 337.6176188910831, 87.40489575179419, 342.1289925223191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Property Type", "box": [ 79.05936545985963, 363.1109027268503, 124.02062789465847, 366.7186478406875 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 143.8488146530489, 363.1109027268503, 145.64768941642578, 366.7186478406875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Location", "box": [ 162.5589687929591, 363.1109027268503, 189.74230680185184, 366.7186478406875 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.54997608175063, 363.1109027268503, 208.3488508451275, 366.7186478406875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unpaid", "box": [ 236.8300541668304, 347.5859044777262, 259.6286528802243, 351.19364959156337 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 234.04567948084602, 355.68590356422646, 262.42711357104326, 359.2936486780636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance", "box": [ 236.03903525603977, 363.1109027268503, 260.42218298409284, 366.7186478406875 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 286.16832985256883, 363.1109027268503, 287.9672046159457, 366.7186478406875 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 292.9605165865611, 363.7859026507267, 294.7593913499379, 367.39364776456387 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value Before ", "box": [ 299.4679343526689, 355.68590356422646, 371.61445743239364, 359.2936486780636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Specific CECL Reserve", "box": [ 298.6769221918775, 363.1109027268503, 370.6142553993746, 366.7186478406875 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 372.57886360738, 363.1109027268503, 374.37773837075696, 366.7186478406875 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 379.37105034137227, 363.7859026507267, 381.16992510474915, 367.39364776456387 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Specific", "box": [ 409.0605034930614, 355.68590356422646, 433.03961530168095, 359.2936486780636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CECL Reserve", "box": [ 397.975735743177, 363.1109027268503, 444.13508794285815, 366.7186478406875 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 458.98940411219047, 363.1109027268503, 460.78827887556736, 366.7186478406875 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 465.78159084618267, 363.7859026507267, 467.58046560955955, 367.39364776456387 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net", "box": [ 502.07338025327493, 355.68590356422646, 512.8595962667733, 359.2936486780636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 483.38431986098584, 363.1109027268503, 531.5498234719176, 366.7186478406875 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4315818634329, 363.1109027268503, 547.2304566268098, 366.7186478406875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Multifamily", "box": [ 81.95975575776004, 371.96202368695776, 121.10711371280757, 376.02327529843024 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 143.74334591494343, 371.96202368695776, 145.76834568656844, 376.02327529843024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CA", "box": [ 170.5218551449224, 371.96202368695776, 181.7740514959246, 376.02327529843024 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 203.40700768620763, 371.96202368695776, 205.43200745783264, 376.02327529843024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 212.15036945015063, 371.96202368695776, 216.20036899340064, 376.02327529843024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "402,341 ", "box": [ 257.99762652959845, 371.96202368695776, 291.8425479626431, 376.02327529843024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 298.56090320496185, 371.96202368695776, 302.61090274821186, 376.02327529843024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "402,223 ", "box": [ 344.40816703440885, 371.96202368695776, 378.2530817174543, 376.02327529843024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 384.97144370977225, 371.96202368695776, 389.02144325302226, 376.02327529843024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(152,223)", "box": [ 428.11870109372006, 371.96202368695776, 460.48442337358546, 376.02327529843024 ], 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214.17536922177564, 385.4732742326796 ], "from_ocr": false, "confidence": 1.0 }, { "text": "170,000 ", "box": [ 257.99762652959845, 381.41202262120714, 291.8425479626431, 385.4732742326796 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 298.56090320496185, 381.41202262120714, 300.58590297658685, 385.4732742326796 ], "from_ocr": false, "confidence": 1.0 }, { "text": "170,000 ", "box": [ 344.40816703440885, 381.41202262120714, 378.2530817174543, 385.4732742326796 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 384.97144370977225, 381.41202262120714, 386.99644348139725, 385.4732742326796 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(81,100)", "box": [ 432.1687006369701, 381.41202262120714, 460.48442337358546, 385.4732742326796 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 468.7136217655147, 381.41202262120714, 473.40697723620843, 385.4732742326796 ], "from_ocr": false, "confidence": 1.0 }, { "text": "88,900 ", "box": [ 521.2792408372804, 381.41202262120714, 546.2225940242243, 385.4732742326796 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Multifamily", "box": [ 81.95975575776004, 390.18702163158196, 121.10711371280757, 394.2482732430544 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 143.74334591494343, 390.18702163158196, 145.76834568656844, 394.2482732430544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "AZ", "box": [ 170.75388636875442, 390.18702163158196, 181.55124833105185, 394.2482732430544 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 203.40700768620763, 390.18702163158196, 205.43200745783264, 394.2482732430544 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 212.15036945015063, 390.18702163158196, 214.17536922177564, 394.2482732430544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "155,000 ", "box": [ 257.99762652959845, 390.18702163158196, 291.8425479626431, 394.2482732430544 ], "from_ocr": false, "confidence": 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"TX", "box": [ 170.75388636875442, 408.41201957620797, 181.55124833105185, 412.47327118768044 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 203.40700768620763, 408.41201957620797, 205.43200745783264, 412.47327118768044 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 212.15036945015063, 408.41201957620797, 214.17536922177564, 412.47327118768044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "126,535 ", "box": [ 257.99762652959845, 408.41201957620797, 291.8425479626431, 412.47327118768044 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 298.56090320496185, 408.41201957620797, 300.58590297658685, 412.47327118768044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "126,535 ", "box": [ 344.40816703440885, 408.41201957620797, 378.2530817174543, 412.47327118768044 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 384.97144370977225, 408.41201957620797, 386.99644348139725, 412.47327118768044 ], "from_ocr": 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428.11870109372006, 514.3870076245821, 460.48442337358546, 518.4482592360564 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 468.7136217655147, 514.3870076245821, 475.43197700783344, 519.7982590838055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,098,891 ", "box": [ 511.1542419791555, 514.3870076245821, 546.2225940242243, 518.4482592360564 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 524.9497018133443, 64.46249210606271, 527.6572028876599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 531.2620057214572, 72.55721755315749, 535.3232573329315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, this loan was repaid in accordance with the terms of the discounted payoff agreement with the borrower.", "box": [ 79.30194355750221, 531.2620057214572, 462.35913157716016, 535.3232573329315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 540.7120046557084, 72.55721755315749, 544.7732562671808 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts deemed uncollectible have been charged-off as of June 30, 2026.", "box": [ 79.30194355750221, 540.7120046557084, 321.33160713693223, 544.7732562671808 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair values of collateral assets used to determine specific CECL reserves are calculated using a discounted cash flow model, a ", "box": [ 85.15545852235574, 561.7175936175845, 551.3618746777526, 566.2289672488187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sales comparison approach, or a market capitalization approach. Estimates of fair values used to determine specific CECL reserves ", "box": [ 63.11249225831271, 571.8425924757103, 551.3618746777526, 576.3539661069444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may include, among others, assumptions of property specific cash flows over estimated holding periods, assumptions of property ", "box": [ 63.11249225831271, 581.9675913338342, 551.3618746777526, 586.4789649650684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "redevelopment costs, assumptions of leasing activities, discount rates, market and terminal capitalization rates, and, with respect to ", "box": [ 63.11249225831271, 592.7675901158345, 551.3618746777526, 597.2789637470687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "land, value per buildable square foot. These assumptions are based upon the nature of the properties, recent and projected property ", "box": [ 63.11249225831271, 602.8925889739603, 551.3618746777526, 607.4039626051945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash flows, recent sales and lease comparables, and anticipated real estate and capital market conditions, among other factors which ", "box": [ 63.11249225831271, 613.0175878320842, 551.3618746777526, 617.5289614633184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we may deem relevant. Estimates of fair values used to determine specific CECL reserves as of June 30, 2026 include discount rates ", "box": [ 63.11249225831271, 623.14258669021, 551.3618746777526, 627.6539603214442 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ranging from 6.0% to 20.0%, market and terminal capitalization rates ranging from 4.72% to 8.75%, and, with respect to the land loan, ", "box": [ 63.11249225831271, 633.9425854722103, 551.3513311789417, 638.4539591034445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value per buildable square foot of $140 based on current entitlements.", "box": [ 63.11249225831271, 644.0675843303343, 314.73321272920936, 648.5789579615684 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 654.19258318846, 65.36192948775115, 658.7039568196942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 118.95818908515858, 416.2568371176858, 125.28613781210652, 418.9778756973719 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 106.91365919351401, 493.2068284394354, 114.59835405495113, 495.92786701912155 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 20, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81760015908367, 65.36192948775115, 61.32897379031965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20", "box": [ 301.60895311120953, 546.867544892335, 310.6066975402138, 551.378918523571 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our primary credit quality indicator is our internal risk rating, which is further discussed above. 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213.4175824980848, 157.95293804554206, 217.92895612931898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 162.40076231080127, 212.2864303156548, 166.22463684580316, 216.12092867831052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,839,030 $", "box": [ 174.5718546881724, 212.2864303156548, 214.4871314028658, 216.12092867831052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 250.8784900824789, 212.2864303156548, 262.74962595992844, 216.12092867831052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 299.14098463954156, 212.2864303156548, 311.0121205169911, 216.12092867831052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "102,040 $", "box": [ 325.0968377122979, 212.2864303156548, 359.27461507405377, 216.12092867831052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 395.66597375366683, 212.2864303156548, 407.53710963111644, 216.12092867831052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,218,269 $", "box": [ 415.88432747348565, 212.2864303156548, 455.79960418817905, 216.12092867831052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "800,330 $", "box": [ 469.88432138348577, 212.2864303156548, 504.0620987452417, 216.12092867831052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "718,391 ", "box": [ 518.6319721358335, 212.2864303156548, 546.0462502772369, 216.12092867831052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal Charge-offs ", "box": [ 63.11249225831271, 226.085867780228, 127.05322850846795, 229.69361289406334 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 205.81169491501234, 226.085867780228, 207.61056967838923, 229.69361289406334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 210.6632568678639, 223.0864290976533, 214.4871314028658, 226.92092746031085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 250.8784900824789, 223.0864290976533, 262.74962595992844, 226.92092746031085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 299.14098463954156, 223.0864290976533, 311.0121205169911, 226.92092746031085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 347.40347919660417, 223.0864290976533, 359.27461507405377, 226.92092746031085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 395.66597375366683, 223.0864290976533, 407.53710963111644, 226.92092746031085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "50,314 $", "box": [ 425.4397951458411, 223.0864290976533, 455.79960418817905, 226.92092746031085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "847 $", "box": [ 483.26830762406945, 223.0864290976533, 504.0620987452417, 226.92092746031085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41,409 ", "box": [ 522.4499404552515, 223.0864290976533, 546.0462502772369, 226.92092746031085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recovery of principal charge-offs ", "box": [ 63.11249225831271, 236.21086663835194, 162.20500122912884, 239.8186117521891 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 205.81169491501234, 236.8858665622265, 207.61056967838923, 240.49361167606367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 210.6632568678639, 233.88642787965364, 214.4871314028658, 237.72092624230936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 250.8784900824789, 233.88642787965364, 262.74962595992844, 237.72092624230936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 299.14098463954156, 233.88642787965364, 311.0121205169911, 237.72092624230936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 347.40347919660417, 233.88642787965364, 359.27461507405377, 237.72092624230936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 395.66597375366683, 233.88642787965364, 407.53710963111644, 237.72092624230936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 443.92846831072944, 233.88642787965364, 455.79960418817905, 237.72092624230936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 492.1909628677921, 233.88642787965364, 504.0620987452417, 237.72092624230936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,949)", "box": [ 523.7261155613273, 233.88642787965364, 546.68107310249, 237.72092624230936 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 244.3108657248522, 64.9113670216896, 247.91861083868935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 252.48698676108324, 72.55721755315749, 256.5482383725557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net of specific CECL reserves of $516.8 million.", "box": [ 79.30194355750221, 252.48698676108324, 238.80099994455145, 256.5482383725557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 261.9369856953326, 72.55721755315749, 265.9982373068069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reflects a loan receivable acquired in connection with a full loan repayment in 2024.", "box": [ 79.30194355750221, 261.9369856953326, 354.59908382009974, 265.9982373068069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 271.3869846295838, 72.55721755315749, 275.4482362410563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal charge-offs pertain to loans receivable previously included in our loan receivable held-for-investment portfolio and were resolved or ", "box": [ 79.30194355750221, 271.3869846295838, 551.1374372199391, 275.4482362410563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reclassified to held-for-sale during the six months ended June 30, 2026. ", "box": [ 79.30194355750221, 280.8369835638332, 313.03121407303223, 284.8982351753057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 63.11249225831271, 289.611982574208, 72.55721755315749, 293.6732341856805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026, we received $1.9 million of proceeds related to a loan receivable originated in 2019 and ", "box": [ 79.30194355750221, 289.611982574208, 551.1585309675603, 293.6732341856805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subsequently sold in 2023. Such amount is included in recovery of principal charge-offs on our consolidated statement of operations.", "box": [ 79.30194355750221, 299.0619815084592, 510.2986270606499, 303.1232331199317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table details overall statistics for our loans receivable held-for-investment:", "box": [ 85.15545852235574, 325.4675698613355, 405.97220802059866, 329.97894349256967 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 335.59256871945945, 87.40489575179419, 340.10394235069543 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 187.39685324179746, 346.2358542299771, 189.19572800517435, 349.8435993438143 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 316.7648074019658, 346.2358542299771, 318.5636821653427, 349.8435993438143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 353.4257407674269, 345.56085430610256, 395.20382250078717, 349.1685994199397 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 429.9011261427021, 345.56085430610256, 431.70000090607897, 349.1685994199397 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 437.4526877910537, 346.2358542299771, 439.25156255443056, 349.8435993438143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 462.7124471923139, 345.56085430610256, 520.8560738675044, 349.1685994199397 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 544.1659570061672, 345.56085430610256, 545.9648317695442, 349.1685994199397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average yield to maturity", "box": [ 63.11249225831271, 355.08697519008456, 177.81765581211806, 359.14822680155703 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 316.65933866386035, 355.08697519008456, 318.68433843548536, 359.14822680155703 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 321.84840057864943, 355.08697519008456, 323.87340035027444, 359.14822680155703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.8% ", "box": [ 416.66479613546613, 355.08697519008456, 444.5612807393623, 359.14822680155703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.2%", "box": [ 530.9085332513102, 355.08697519008456, 548.4242572059255, 359.14822680155703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average term to initial maturity", "box": [ 63.11249225831271, 363.8619742004594, 197.3873791550879, 367.92322581193184 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 316.65933866386035, 363.8619742004594, 318.68433843548536, 367.92322581193184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.4 years", "box": [ 397.54331729194416, 363.8619742004594, 426.7832075343341, 367.92322581193184 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 432.15815713815914, 363.8619742004594, 434.18315690978415, 367.92322581193184 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 437.3472190529482, 363.8619742004594, 439.3722188245732, 367.92322581193184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.5 years", "box": [ 511.7870544077883, 363.8619742004594, 541.0269446501782, 367.92322581193184 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 546.4440817492454, 363.8619742004594, 548.4690815208704, 367.92322581193184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average term to fully extended maturity", "box": [ 63.11249225831271, 373.31197313470875, 225.04919355544968, 377.3732247461812 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 314.13863919813923, 373.31197313470875, 316.16363896976424, 377.3732247461812 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.7 years", "box": [ 397.54331729194416, 373.31197313470875, 426.7832075343341, 377.3732247461812 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 432.15815713815914, 373.31197313470875, 436.8515126088529, 377.3732247461812 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.1 years", "box": [ 511.7870544077883, 373.31197313470875, 541.0269446501782, 377.3732247461812 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 546.4440817492454, 373.31197313470875, 548.4690815208704, 377.3732247461812 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 381.3358502714782, 86.95433328573262, 384.94359538531353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 390.1869712315838, 72.55721755315749, 394.2482228430563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents the weighted average annualized yield to initial maturity of each loan, inclusive of coupon and contractual fees, based on the ", "box": [ 79.30194355750221, 390.1869712315838, 551.1374372199391, 394.2482228430563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "applicable floating benchmark rate/floors (if applicable), in place as of June 30, 2026 and December 31, 2025. For loans placed on non-accrual, ", "box": [ 79.30194355750221, 398.9619702419586, 551.1374372199391, 403.0232218534311 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the annualized yield to initial maturity used in calculating the weighted average annualized yield to initial maturity is 0%.", "box": [ 79.30194355750221, 408.4119691762098, 473.1617656938629, 412.4732207876823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 417.8619681104592, 72.55721755315749, 421.9232197219317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Term to fully extended maturity is determined based on the maximum maturity of each of the corresponding loans, assuming all extension ", "box": [ 79.30194355750221, 417.8619681104592, 551.1374372199391, 421.9232197219317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date.", "box": [ 79.30194355750221, 427.3119670447086, 422.9902880570911, 431.37321865618105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 4. Equity Method Investment", "box": [ 63.11249225831271, 453.7175553975849, 198.07414037260864, 458.22892902882086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, we hold a 51% interest in CMTG/TT Mortgage REIT LLC ('CMTG/TT'). We are ", "box": [ 85.15545852235574, 469.2425536467108, 551.3618746777526, 473.75392727794497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "not deemed to be the primary beneficiary of CMTG/TT in accordance with ASC 810, therefore we do not consolidate this joint ", "box": [ 63.11249225831271, 479.36755250483475, 551.3618746777526, 483.87892613607073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "venture. During its active investment period, CMTG/TT originated loans collateralized by institutional quality commercial real estate. ", "box": [ 63.11249225831271, 490.1675512868351, 551.3618746777526, 494.67892491806924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, the sole remaining loan held by CMTG/TT had a carrying value of $83.2 million and was placed on non-accrual ", "box": [ 63.11249225831271, 500.29255014496084, 551.3513311789417, 504.803923776195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "status effective April 1, 2023. As of June 30, 2026, the carrying value of our 51% equity interest in CMTG/TT approximated $42.1 ", "box": [ 63.11249225831271, 510.4175490030866, 551.3724249265628, 514.9289226343208 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million. ", "box": [ 63.11249225831271, 520.5425478612106, 93.61700442620632, 525.0539214924447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 190.866778100467, 150.70904817076553, 196.48638065632258, 153.12549284574743 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 332.3530868939541, 150.70904817076553, 339.1775564839275, 153.12549284574743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 127.0581881716586, 224.28403987314232, 132.67779072751424, 226.7004845481224 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 162.21091858221143, 234.40903873126626, 167.83052113806707, 236.82548340624817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 177.82029182182086, 352.8067938734366, 184.1482405487688, 355.52783245312276 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 225.0491927454499, 371.03179181806263, 231.37714147239782, 373.75283039774695 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 21, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81755926308688, 65.36192948775115, 61.32893289432104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21", "box": [ 301.60895311120953, 673.0924897609639, 310.6066975402138, 677.603863392198 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following tables present CMTG/TT's consolidated balance sheets as of June 30, 2026 and December 31, 2025 ($ in ", "box": [ 85.15545852235574, 93.94255507621165, 551.3513311789417, 98.45392870744581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands):", "box": [ 63.11249225831271, 104.06755393433559, 104.59962575873193, 108.57892756557158 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 120.11083883585343, 64.9113670216896, 123.71858394969058 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 316.8175451460182, 120.11083883585343, 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87.41248951781277, 561.6369109998359, 212.69353189889395, 565.6981626113084 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 355.7566032545573, 561.7175023215877, 358.0060404839958, 566.2288759528219 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 361.51519635511596, 562.3119109237105, 363.54019612674097, 566.3731625351847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "659,797 ", "box": [ 408.93394100733485, 561.7175023215877, 442.5075934540976, 566.3731625351847 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 446.01674932521775, 562.3119109237105, 448.04174909684275, 566.3731625351847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "736,736 ", "box": [ 493.43549397743664, 562.3119109237105, 522.4288467076304, 566.3731625351847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Less: accumulated depreciation", "box": [ 87.41248951781277, 571.7619098579617, 189.51677690271706, 575.8231614694341 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 355.7566032545573, 571.8425011797135, 358.0060404839958, 576.3538748109477 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 361.51519635511596, 571.7619098579617, 363.54019612674097, 575.8231614694341 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12,449) ", "box": [ 410.28394085508484, 571.7619098579617, 442.5075934540976, 576.3538748109477 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 446.01674932521775, 571.7619098579617, 448.04174909684275, 575.8231614694341 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6,731)", "box": [ 498.8354933684367, 571.7619098579617, 523.1012098118028, 575.8231614694341 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate owned held-for-investment, net", "box": [ 87.41248951781277, 581.8869087160856, 226.63913589613958, 585.9481603275599 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 355.7566032545573, 581.8869087160856, 365.56519589836597, 587.153873592948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "647,348 $", "box": [ 408.93394100733485, 581.8869087160856, 450.06674886846776, 585.9481603275599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "730,005 ", "box": [ 493.43549397743664, 581.8869087160856, 522.4288467076304, 585.9481603275599 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 590.7861763800538, 63.56136722456459, 591.6864205211077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Depreciation expense related to our real estate owned held-for-investment assets for the three months ended June 30, 2026 and ", "box": [ 85.15545852235574, 606.2674972973382, 551.3618746777526, 610.7788709285724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025 was $4.4 million and $0.4 million, respectively. Depreciation expense related to our real estate owned held-for-investment assets ", "box": [ 63.11249225831271, 616.3924961554621, 551.3513311789417, 620.9038697866981 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for the six months ended June 30, 2026 and 2025 was $8.7 million and $0.6 million, respectively. At each reporting period, we assess ", "box": [ 63.11249225831271, 626.5174950135879, 551.3513311789417, 631.0288686448221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "whether there are any indicators of impairment of our real estate owned held-for-investment assets. There were no impairments of our ", "box": [ 63.11249225831271, 636.6424938717137, 551.3513311789417, 641.1538675029478 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate owned held-for-investment assets through June 30, 2026.", "box": [ 63.11249225831271, 647.4424926537122, 307.49674253032265, 651.9538662849482 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 22, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49238931496802, 65.36192948775115, 62.00376294620219 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22", "box": [ 301.60895311120953, 679.8423191277197, 310.6066975402138, 684.3536927589539 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents detail related to changes in our real estate owned held-for-investment, net, during the six months ", "box": [ 85.15545852235574, 88.54238581321806, 551.3513311789417, 93.05375944445223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 ($ in thousands):", "box": [ 63.11249225831271, 98.66738467134383, 199.80956179616598, 103.17875830257799 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 109.46738345334234, 65.36192948775115, 113.97875708457832 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 119.43566903998544, 64.9113670216896, 123.0434141538226 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 319.22223237482285, 134.96066728910955, 321.02110713819974, 138.5684124029467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gross Cost", "box": [ 340.61129246261197, 134.28566736523499, 374.38933293314324, 137.89341247907214 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 392.19604889499726, 134.28566736523499, 393.9949236583742, 137.89341247907214 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 397.3429233145442, 134.96066728910955, 399.14179807792107, 138.5684124029467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accumulated ", "box": [ 413.7433154649442, 126.86066820261112, 456.31640437989546, 130.46841331644646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Depreciation", "box": [ 414.3444838971458, 134.28566736523499, 453.909141052201, 137.89341247907214 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 468.81909050362015, 134.28566736523499, 470.6179652669971, 137.89341247907214 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.4683088420694, 134.96066728910955, 474.2671836054463, 138.5684124029467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate Owned", "box": [ 481.369870338171, 119.43566903998544, 540.12834439109, 123.0434141538226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Held-for-Investment, ", "box": [ 478.27963293668114, 126.86066820261112, 545.0261566254059, 130.46841331644646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net", "box": [ 505.35346138335467, 134.28566736523499, 516.1396773968531, 137.89341247907214 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 134.28566736523499, 547.2515503744308, 137.89341247907214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total, December 31, 2025", "box": [ 63.11249225831271, 143.811788249217, 151.06551099916584, 147.87303986068946 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 319.22223237482285, 143.89237957096884, 328.7144188043151, 148.54803978456403 ], "from_ocr": false, "confidence": 1.0 }, { "text": "736,736 ", "box": [ 364.0253523220261, 144.48678817309155, 393.01870505221996, 148.54803978456403 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 398.61909842062, 144.48678817309155, 405.33745366293874, 148.54803978456403 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6,731) $", "box": [ 446.0483865716498, 144.48678817309155, 481.9604952715616, 148.54803978456403 ], 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"- ", "box": [ 464.27338451627486, 154.61178703121732, 469.64174666084284, 158.6730386426898 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.4683088420694, 154.61178703121732, 474.4933086136944, 158.6730386426898 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 477.9104957283116, 154.61178703121732, 479.9354954999366, 158.6730386426898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "59,118 ", "box": [ 521.3214283325226, 154.61178703121732, 546.2647815194665, 158.6730386426898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capital expenditures", "box": [ 63.11249225831271, 163.38678604159213, 129.91771019416802, 167.4480376530646 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 319.22223237482285, 163.46737736334399, 321.4716696042613, 167.97875099457815 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 324.66441926106506, 164.73678588934126, 326.68941903269007, 168.79803750081373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,747 ", "box": [ 372.1253514085261, 164.73678588934126, 393.01870505221996, 168.79803750081373 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 398.61909842062, 164.73678588934126, 403.31245389131374, 168.79803750081373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 464.27338451627486, 164.73678588934126, 469.64174666084284, 168.79803750081373 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.4683088420694, 164.73678588934126, 474.4933086136944, 168.79803750081373 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 477.9104957283116, 164.73678588934126, 479.9354954999366, 168.79803750081373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,747 ", "box": [ 525.3714278757726, 164.73678588934126, 546.2647815194665, 168.79803750081373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Sale of multifamily property", "box": [ 63.11249225831271, 173.51178489971608, 155.56638646156702, 177.57303651119037 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 319.22223237482285, 173.59237622146793, 321.4716696042613, 178.1037498527021 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 324.66441926106506, 174.86178474746703, 326.68941903269007, 178.9230363589395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(47,502)", "box": [ 365.37535216977614, 174.86178474746703, 393.6910681563923, 178.9230363589395 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 398.61909842062, 174.86178474746703, 403.31245389131374, 178.9230363589395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "883 ", "box": [ 454.8233855820248, 174.86178474746703, 474.4933086136944, 178.9230363589395 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 477.9104957283116, 174.86178474746703, 479.9354954999366, 178.9230363589395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(46,619)", "box": [ 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"from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 477.9104957283116, 184.9867836055928, 479.9354954999366, 189.04803521706526 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(91,167)", "box": [ 518.6214286370226, 184.9867836055928, 546.9371446236389, 189.04803521706526 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Depreciation expense", "box": [ 63.11249225831271, 193.7617826159676, 133.05408816045426, 197.82303422744008 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 319.22223237482285, 193.84237393771764, 321.4716696042613, 198.35374756895362 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 324.66441926106506, 194.43678253984217, 326.68941903269007, 198.49803415131464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 387.6503496576512, 194.43678253984217, 393.01870505221996, 198.49803415131464 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 398.61909842062, 194.43678253984217, 403.31245389131374, 199.1730340751892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8,736) ", "box": [ 446.0483865716498, 194.43678253984217, 474.4933086136944, 199.1730340751892 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 477.9104957283116, 194.43678253984217, 479.9354954999366, 198.49803415131464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8,736)", "box": [ 522.6714281802726, 194.43678253984217, 546.9371446236389, 198.49803415131464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total, June 30, 2026", "box": [ 63.11249225831271, 203.88678147409155, 132.64275724684325, 207.94803308556402 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 319.22223237482285, 203.88678147409155, 328.7144188043151, 209.82874627482852 ], "from_ocr": false, "confidence": 1.0 }, { "text": "659,797 ", "box": [ 364.0253523220261, 203.88678147409155, 393.01870505221996, 207.94803308556402 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 398.61909842062, 203.88678147409155, 405.33745366293874, 209.97303285718954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12,449) $", "box": [ 441.99838702839975, 203.88678147409155, 481.9604952715616, 207.94803308556402 ], "from_ocr": false, "confidence": 1.0 }, { "text": "647,348 ", "box": [ 517.2714287892726, 203.88678147409155, 546.2647815194665, 207.94803308556402 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents additional detail related to the revenues and operating expenses of our real estate owned assets ($ in ", "box": [ 85.15545852235574, 226.24237028371863, 551.3618746777526, 230.7537439149528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands):", "box": [ 63.11249225831271, 236.3673691418444, 104.59962575873193, 240.87874277307856 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 149.67068899647077, 252.4106540433604, 151.46956375984766, 256.01839915719756 ], "from_ocr": false, 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false, "confidence": 1.0 }, { "text": "$", "box": [ 477.82612073782724, 482.66175003446733, 481.87612028107725, 486.7230016459398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,718 ", "box": [ 521.2792408372804, 482.66175003446733, 546.2225940242243, 486.7230016459398 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 492.5494442993531, 86.50545837010574, 495.2569453736687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 498.8617482074678, 72.55721755315749, 502.9229998189403 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Such assets are pledged to certain of our repurchase agreements and, accordingly, excludes any allocation of amortization of deferred financing ", "box": [ 79.30194355750221, 498.8617482074678, 551.1374372199391, 502.9229998189403 ], "from_ocr": false, "confidence": 1.0 }, { "text": "costs related to such repurchase agreement.", "box": [ 79.30194355750221, 508.3117471417172, 219.6399689404901, 512.3729987531915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 517.7617460759684, 72.55721755315749, 521.8229976874409 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three and six months ended June 30, 2026 and 2025, our mixed-use and land real estate owned assets were unlevered.", "box": [ 79.30194355750221, 517.7617460759684, 497.23501103893574, 521.8229976874409 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Sales of Real Estate Owned", "box": [ 63.11249225831271, 544.1673344288447, 163.05856603786566, 548.6787080600789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In May 2026, we sold one of our multifamily real estate owned assets located in Dallas, TX to an unaffiliated purchaser for a ", "box": [ 85.15545852235574, 559.6923326779688, 551.3618746777526, 564.2037063092048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "gross sales price of $48.0 million relative to our carrying value (inclusive of lease intangibles) just prior to the sale of $46.7 million. ", "box": [ 63.11249225831271, 569.8173315360946, 551.3618746777526, 574.3287051673287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The transaction resulted in a gain on sale of $0.3 million and proceeds, net of transaction costs, prorations, and credits of $47.0 ", "box": [ 63.11249225831271, 580.6173303180949, 551.3618746777526, 585.1287039493291 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million. The property previously served as partial collateral for a loan receivable and we foreclosed on the collateral property in July ", "box": [ 63.11249225831271, 590.7423291762188, 551.3618746777526, 595.2537028074548 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025.", "box": [ 63.11249225831271, 600.8673280343446, 83.35740936826076, 605.3787016655788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate Owned Held-For-Sale", "box": [ 63.11249225831271, 627.8673249893454, 185.7945426727178, 632.3786986205796 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, we determined that our mixed-use real estate owned asset met the held-for-sale criteria. As a result, we ", "box": [ 85.15545852235574, 643.3923232384695, 551.3618746777526, 647.9036968697037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reclassified this asset to real estate owned held-for-sale on our consolidated balance sheet and recognized a $27.8 million loss through ", "box": [ 63.11249225831271, 653.5173220965953, 547.6177378500081, 658.0286957278295 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 137.06717141786763, 470.45768547787884, 144.32176406101678, 473.02642718982315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 217.402712607803, 479.90768441213004, 223.3764986328987, 482.47642612407253 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 23, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.817459039089954, 65.36192948775115, 61.32883267032412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "23", "box": [ 301.60895311120953, 686.5923880144674, 310.6066975402138, 691.1037616457015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our valuation adjustment for real estate owned held-for-sale based upon an anticipated sales price, less estimated costs to sell, and the ", "box": [ 63.11249225831271, 88.54245546121638, 551.3618746777526, 93.05382909245054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "carrying value of the asset (including related net lease intangible assets and deferred leasing costs) prior to reclassification. We have ", "box": [ 63.11249225831271, 98.66745431934032, 551.3618746777526, 103.17882795057449 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determined this anticipated sale does not reflect a strategic shift and therefore does not qualify for presentation as a discontinued ", "box": [ 63.11249225831271, 108.79245317746609, 551.3618746777526, 113.30382680870025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operation.", "box": [ 63.11249225831271, 119.59245195946642, 99.34069186320151, 124.10382559070058 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, we determined that one of our multifamily real estate owned assets met the held-for-sale criteria. As a ", "box": [ 85.15545852235574, 135.11745020859053, 551.3618746777526, 139.6288238398247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "result, we reclassified this asset to real estate owned held-for-sale on our consolidated balance sheet and recognized a $1.8 million loss ", "box": [ 63.11249225831271, 145.2424490667163, 551.3618746777526, 149.75382269795045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through our valuation adjustment for real estate owned held-for-sale based upon an anticipated sales price, less estimated costs to sell, ", "box": [ 63.11249225831271, 156.04244784871662, 551.3618746777526, 160.55382147995078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and the carrying value of the asset (including related lease intangible assets) prior to reclassification. We have determined this ", "box": [ 63.11249225831271, 166.16744670684056, 551.3618746777526, 170.67882033807473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "anticipated sale does not reflect a strategic shift and therefore does not qualify for presentation as a discontinued operation. In July ", "box": [ 63.11249225831271, 176.29244556496633, 551.3618746777526, 180.8038191962005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026, we entered into a binding agreement to sell this multifamily real estate owned asset to an unaffiliated purchaser for a gross sales ", "box": [ 63.11249225831271, 186.41744442309027, 551.3618746777526, 190.92881805432444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "price of $22.5 million. ", "box": [ 63.11249225831271, 197.2174432050906, 146.08770163367717, 201.72881683632477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Multifamily Property Foreclosures", "box": [ 63.11249225831271, 223.54244023621504, 188.06152609011883, 228.05381386745103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In January 2026, we acquired legal title to a multifamily property located in Dallas, TX through a mortgage foreclosure. Prior to ", "box": [ 85.15545852235574, 239.06743848534097, 551.3618746777526, 243.57881211657514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such date, the multifamily property represented the collateral for a senior loan with an unpaid principal balance prior to principal ", "box": [ 63.11249225831271, 249.8674372673413, 551.3618746777526, 254.37881089857547 ], "from_ocr": false, "confidence": 1.0 }, { "text": "charge-off of $76.6 million. As of December 31, 2025 and in anticipation of the mortgage foreclosure, we recognized a principal ", "box": [ 63.11249225831271, 259.99243612546525, 551.3618746777526, 264.50380975670123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "charge-off of $39.1 million based upon the multifamily property's $37.4 million estimated fair value as determined by a third-party ", "box": [ 63.11249225831271, 270.117434983591, 551.3724249265628, 274.6288086148252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "appraisal. During the six months ended June 30, 2026, we recognized an additional principal charge-off of $0.8 million upon the ", "box": [ 63.11249225831271, 280.91743376559134, 551.3618746777526, 285.4288073968255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assumption of net working capital. In connection with the mortgage foreclosure, we incurred $0.3 million of transaction costs. As of ", "box": [ 63.11249225831271, 291.0424326237153, 551.3474445968801, 295.55380625495127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026, the multifamily property appears as part of real estate owned held-for-investment, net and related lease intangibles ", "box": [ 63.11249225831271, 301.16743148184105, 551.3618746777526, 305.6788051130752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "appear within other assets on our consolidated balance sheets.", "box": [ 63.11249225831271, 311.9674302638414, 285.73622073692604, 316.47880389507554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In May 2026, we acquired legal title to a multifamily property located in Dallas, TX through a mortgage foreclosure. Prior to ", "box": [ 85.15545852235574, 332.89242790396565, 551.3618746777526, 337.4038015351998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such date, the multifamily property represented the collateral for a senior loan with an unpaid principal balance prior to principal ", "box": [ 63.11249225831271, 343.0174267620914, 551.3618746777526, 347.5288003933256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "charge-off of $25.4 million. Upon foreclosure, we recognized principal and accrued interest receivable charge-offs of $2.7 million and ", "box": [ 63.11249225831271, 353.81742554409175, 551.3724249265628, 358.3287991753259 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$0.4 million, respectively, based upon the multifamily property's $22.4 million estimated fair value as determined by a third-party ", "box": [ 63.11249225831271, 363.9424244022157, 551.3724249265628, 368.45379803344986 ], "from_ocr": false, "confidence": 1.0 }, { "text": "appraisal and the assumption of net working capital. In connection with the mortgage foreclosure, we incurred $0.2 million of ", "box": [ 63.11249225831271, 374.06742326034146, 551.3513311789417, 378.5787968915756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transaction costs. As of June 30, 2026, the multifamily property appears as part of real estate owned held-for-investment, net and ", "box": [ 63.11249225831271, 384.1924221184672, 551.3618746777526, 388.7037957497014 ], "from_ocr": false, "confidence": 1.0 }, { "text": "related lease intangibles appear within other assets on our consolidated balance sheets.", "box": [ 63.11249225831271, 394.99242090046573, 374.4263240721524, 399.5037945317017 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair values of collateral assets used to determine the initial estimated fair value of real estate owned are calculated using a ", "box": [ 85.15545852235574, 415.9174185405918, 551.3618746777526, 420.428792171826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "discounted cash flow model, a sales comparison approach, or a market capitalization approach. Estimates of fair values used to ", "box": [ 63.11249225831271, 426.04241739871577, 551.3618746777526, 430.55379102995175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determine real estate owned upon acquisition may include, among others, assumptions of property specific cash flows over estimated ", "box": [ 63.11249225831271, 436.8424161807161, 551.3618746777526, 441.35378981195026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "holding periods, assumptions of property redevelopment costs, assumptions of leasing activities, discount rates, market and terminal ", "box": [ 63.11249225831271, 446.96741503884186, 551.3618746777526, 451.478788670076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "capitalization rates, and, with respect to land, value per buildable square foot. These assumptions are based upon the nature of the ", "box": [ 63.11249225831271, 457.0924138969658, 551.3618746777526, 461.6037875282018 ], "from_ocr": false, "confidence": 1.0 }, { "text": "properties, recent and projected property cash flows, recent sales and lease comparables, and anticipated real estate and capital market ", "box": [ 63.11249225831271, 467.89241267896614, 551.3618746777526, 472.4037863102003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions, among other factors which we may deem relevant. Estimates of fair values used to determine real estate owned upon ", "box": [ 63.11249225831271, 478.0174115370919, 551.3618746777526, 482.52878516832607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acquisition during the six months ended June 30, 2026 include assumptions of a market capitalization rate ranging from 5.00% to ", "box": [ 63.11249225831271, 488.14241039521585, 551.3505965090245, 492.65378402645183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.75% and a discount rate of 8.00%.", "box": [ 63.11249225831271, 498.9424091772162, 193.81230900140153, 503.45378280845034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In accordance with ASC 805, we allocated the fair value of assets acquired and liabilities assumed, if any, in connection with the ", "box": [ 85.15545852235574, 519.8674068173423, 551.3618746777526, 524.3787804485764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "above mentioned mortgage foreclosure as follows ($ in thousands):", "box": [ 63.11249225831271, 529.9924056754662, 305.4890515503669, 534.5037793067004 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 540.7924044574665, 87.40489575179419, 545.3037780887007 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 111.71248677731285, 556.6975654097259, 113.94960374059573, 561.186418540874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dallas,", "box": [ 359.64839631564956, 550.7606900441097, 380.6375758172864, 554.368435157945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "TX", "box": [ 365.1433209459441, 558.1856892067335, 375.1390123876595, 561.7934343205707 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 394.8116736000129, 550.7606900441097, 396.61054836338985, 554.368435157945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dallas,", "box": [ 410.7901907979911, 550.7606900441097, 431.77937029962794, 554.368435157945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "TX", "box": [ 416.2851086782864, 558.1856892067335, 426.28080012000186, 561.7934343205707 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 445.9534680823545, 550.7606900441097, 447.7523428457314, 554.368435157945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 464.3472160079483, 558.1856892067335, 480.73731809800154, 561.7934343205707 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.337837287339, 558.1856892067335, 499.1367120507159, 561.7934343205707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Land", "box": [ 111.71248677731285, 567.036810166841, 128.35545365035588, 571.0980617783134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 346.83394801083466, 567.036810166841, 350.88394755408467, 571.0980617783134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,549 $", "box": [ 375.2366758076379, 567.036810166841, 402.025735286427, 571.0980617783134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,772 $", "box": [ 426.3784702899794, 567.036810166841, 453.16752976876853, 571.0980617783134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,321 ", "box": [ 477.7522892461538, 567.036810166841, 498.6456496398468, 571.0980617783134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Building", "box": [ 111.71248677731285, 576.4868091010903, 140.06643799961694, 580.5480607125628 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 346.83394801083466, 576.4868091010903, 348.85894778245967, 580.5480607125628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28,632 ", "box": [ 371.18667626438787, 576.4868091010903, 400.000735514802, 580.5480607125628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,040 ", "box": [ 422.3284707467294, 576.4868091010903, 451.1425299971435, 580.5480607125628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "44,672 ", "box": [ 473.7022897029038, 576.4868091010903, 498.6456496398468, 580.5480607125628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Site improvements", "box": [ 111.71248677731285, 585.2618081114651, 172.68000864153055, 589.3230597229376 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 346.83394801083466, 585.2618081114651, 348.85894778245967, 589.3230597229376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,471 ", "box": [ 375.2366758076379, 585.2618081114651, 400.000735514802, 589.3230597229376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,733 ", "box": [ 426.3784702899794, 585.2618081114651, 451.1425299971435, 589.3230597229376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,204 ", "box": [ 477.7522892461538, 585.2618081114651, 498.6456496398468, 589.3230597229376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Furniture, fixtures and equipment", "box": [ 111.71248677731285, 594.7118070457163, 220.58786471858852, 598.7730586571888 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 346.83394801083466, 594.7118070457163, 348.85894778245967, 598.7730586571888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "852 ", "box": [ 381.3116751225129, 594.7118070457163, 400.000735514802, 598.7730586571888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "525 ", "box": [ 432.45346960485443, 594.7118070457163, 451.1425299971435, 598.7730586571888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,377 ", "box": [ 477.7522892461538, 594.7118070457163, 498.6456496398468, 598.7730586571888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In-place lease values", "box": [ 111.71248677731285, 603.4868060560912, 179.17424932912442, 607.5480576675636 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 346.83394801083466, 603.4868060560912, 348.85894778245967, 607.5480576675636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "896 ", "box": [ 381.3116751225129, 603.4868060560912, 400.000735514802, 607.5480576675636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "330 ", "box": [ 432.45346960485443, 603.4868060560912, 451.1425299971435, 607.5480576675636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,226 ", "box": [ 477.7522892461538, 603.4868060560912, 498.6456496398468, 607.5480576675636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 111.71248677731285, 613.6118049142151, 130.16292389651338, 617.6730565256876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 346.83394801083466, 613.6118049142151, 350.88394755408467, 617.6730565256876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "37,400", "box": [ 371.18667626438787, 613.6118049142151, 393.4616737522629, 617.6730565256876 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 394.1050364297059, 613.6118049142151, 396.1300362013309, 617.6730565256876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 397.975735743177, 613.6118049142151, 402.025735286427, 617.6730565256876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,400", "box": [ 422.3284707467294, 613.6118049142151, 444.60346823460446, 617.6730565256876 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 445.2468241620482, 613.6118049142151, 447.2718239336732, 617.6730565256876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 449.1175302255185, 613.6118049142151, 453.16752976876853, 617.6730565256876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "59,800", "box": [ 473.7022897029038, 613.6118049142151, 495.97728719077884, 617.6730565256876 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 496.6206498682218, 613.6118049142151, 498.6456496398468, 617.6730565256876 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 621.7923953224672, 65.36192948775115, 626.3037689537014 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 114.95037703715074, 629.136803163341, 124.39510233199552, 633.1980547748135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Included within other assets on our consolidated balance sheets.", "box": [ 128.9671723313676, 629.136803163341, 336.13414540753485, 633.1980547748135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents additional detail of the assets acquired and liabilities assumed in connection with the above ", "box": [ 95.51248860431281, 650.1423921252172, 551.3618746777526, 654.6537657564513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mentioned mortgage foreclosure ($ in thousands):", "box": [ 63.11249225831271, 660.2673909833429, 242.76848245635392, 664.7787646145771 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 179.18084191838102, 601.8816246633196, 186.86553677981814, 604.6026632430039 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 24, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81728820709759, 65.36192948775115, 61.328661838331755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "24", "box": [ 301.60895311120953, 639.3422225112245, 310.6066975402138, 643.8535961424586 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 83.14228523822385, 87.40489575179419, 87.65365886945801 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets", "box": [ 111.71248677731285, 93.18669277459594, 133.3111675514614, 97.24794438606841 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dallas,", "box": [ 359.6378528168386, 93.11057082486514, 380.6270323184755, 96.71831593870229 ], "from_ocr": false, "confidence": 1.0 }, { "text": "TX", "box": [ 365.13277069713394, 100.53556998749082, 375.12846213884933, 104.14331510132615 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 394.801130101202, 93.11057082486514, 396.6000048645789, 96.71831593870229 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dallas,", "box": [ 410.77964054918095, 93.11057082486514, 431.7688200508178, 96.71831593870229 ], "from_ocr": false, "confidence": 1.0 }, { "text": "TX", "box": [ 416.2745651794755, 100.53556998749082, 426.27025662119087, 104.14331510132615 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 445.9429178335443, 93.11057082486514, 447.74179259692124, 96.71831593870229 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 464.3366657591381, 100.53556998749082, 480.7267678491914, 104.14331510132615 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.337837287339, 100.53556998749082, 499.1367120507159, 104.14331510132615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash", "box": [ 111.71248677731285, 109.38669094759643, 127.91248576031279, 113.4479425590689 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 346.8233977620245, 109.38669094759643, 350.8733973052745, 113.4479425590689 ], "from_ocr": false, "confidence": 1.0 }, { "text": "261 $", "box": [ 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254.27436998748271, 64.46249210606271, 256.9818710617983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 114.95037703715074, 261.261673819472, 124.39510233199552, 265.32292543094445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Included within other assets on our consolidated balance sheets.", "box": [ 129.20975042901017, 261.261673819472, 336.37672350517744, 265.32292543094445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 114.95037703715074, 270.0366728298468, 124.39510233199552, 274.09792444131926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents carrying value of each loan prior to specific CECL reserves and principal charge-offs recognized in ", "box": [ 129.20975042901017, 270.0366728298468, 499.29955581610074, 274.09792444131926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "connection with the mortgage foreclosures. Total amount is net of $0.2 million of unamortized fees.", "box": [ 129.20975042901017, 279.4866717640962, 452.8999039089509, 283.54792337557046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Leases", "box": [ 63.11249225831271, 300.4922607259741, 87.59268603077228, 305.0036343572083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have non-cancelable operating leases for space in our mixed-use and multifamily properties. These leases provide for fixed ", "box": [ 85.15545852235574, 316.01725897509823, 551.3618746777526, 320.5286326063324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rent payments, which we recognize on a straight-line basis, and variable rent payments, including reimbursement of certain operating ", "box": [ 63.11249225831271, 326.81725775709856, 551.3618746777526, 331.3286313883327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expenses and miscellaneous fees, which we recognize when earned. As of June 30, 2026, the future minimum fixed rents under our ", "box": [ 63.11249225831271, 336.9422566152243, 551.3618746777526, 341.4536302464585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "non-cancellable leases for each of the next five years and thereafter are as follows ($ in thousands):", "box": [ 63.11249225831271, 347.06725547334827, 420.36831979203725, 351.57862910458243 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 357.19225433147403, 87.40489575179419, 361.7036279627082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Year", "box": [ 191.04607158024666, 368.51053976586627, 206.22757653854066, 372.1182848797034 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 249.7605214585609, 367.9116617917225, 251.7855212301859, 371.972913403195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 349.8925414158933, 368.51053976586627, 375.0802664327214, 372.1182848797034 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 461.2569786064584, 368.51053976586627, 463.05585336983535, 372.1182848797034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 148.16248266656297, 377.3616607259719, 164.362480839563, 381.42291233744436 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 249.7605214585609, 377.44225204772374, 252.00995868799936, 381.9536256789579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 264.72653202072735, 378.71166057372284, 268.77653156397736, 382.7729121851953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,800 ", "box": [ 442.03003102483103, 378.71166057372284, 462.9233846685248, 382.7729121851953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 148.16248266656297, 387.48665958409765, 164.362480839563, 391.5479111955701 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 249.7605214585609, 387.5672509058495, 252.00995868799936, 392.07862453708367 ], 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411.79790891181983 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 249.7605214585609, 407.8172486220992, 252.00995868799936, 412.3286222533334 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 264.72653202072735, 408.4116572242219, 266.75153179235235, 412.4729088356944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,472 ", "box": [ 442.03003102483103, 408.4116572242219, 462.9233846685248, 412.4729088356944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2030", "box": [ 148.16248266656297, 417.8616561584731, 164.362480839563, 421.9229077699456 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 249.7605214585609, 417.94224748022316, 252.00995868799936, 422.45362111145914 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 264.72653202072735, 418.5366560823477, 266.75153179235235, 422.59790769382016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,522 ", "box": [ 442.03003102483103, 418.5366560823477, 462.9233846685248, 422.59790769382016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Thereafter", "box": [ 148.16248266656297, 427.98665501659707, 181.88347546358395, 432.04790662806954 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 249.7605214585609, 428.0672463383489, 252.00995868799936, 432.5786199695831 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 264.72653202072735, 427.98665501659707, 266.75153179235235, 432.04790662806954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "29,894 ", "box": [ 437.980031481581, 427.98665501659707, 462.9233846685248, 432.04790662806954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 148.16248266656297, 438.11165387472283, 165.25632788875689, 442.1729054861953 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 249.7605214585609, 439.5422450442238, 252.00995868799936, 444.053618675458 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 264.72653202072735, 438.11165387472283, 268.77653156397736, 442.1729054861953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "57,064 ", "box": [ 437.980031481581, 438.11165387472283, 462.9233846685248, 442.1729054861953 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 446.9672442068495, 87.40489575179419, 451.47861783808366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 149.95545121435592, 453.63665212384694, 159.4001765092007, 457.6979037353194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contractual lease payments due for the remaining six months of 2026.", "box": [ 166.14490588854505, 453.63665212384694, 393.56582948051647, 457.6979037353194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lease Intangibles", "box": [ 63.11249225831271, 480.04224047672324, 126.32073450560864, 484.5536141079592 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, our lease intangibles are comprised of the following ($ in thousands):", "box": [ 85.15545852235574, 495.56723872584917, 499.9636814454484, 500.07861235708333 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 506.3672375078495, 65.36192948775115, 510.87861113908366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Intangible", "box": [ 187.63943471443963, 517.0105230183672, 219.22860008731394, 520.6182681322025 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 320.1187132737197, 516.4116450442234, 322.1437130453447, 520.4728966556959 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 352.0335534244347, 517.0105230183672, 393.81163515779497, 520.6182681322025 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 419.0378461178388, 517.0105230183672, 420.8367208812157, 520.6182681322025 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 425.36597040416694, 517.6855229422417, 427.16484516754383, 521.2932680560789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 446.17494905737635, 517.0105230183672, 504.3185757325669, 520.6182681322025 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 521.384709575386, 517.0105230183672, 523.1835843387628, 520.6182681322025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In-place, above market, and other lease values", "box": [ 87.41248951781277, 527.2116438262219, 237.1912849660916, 531.2728954376962 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 320.1187132737197, 525.9422353002246, 322.3681505031582, 530.4536089314588 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 328.4085560888096, 527.2116438262219, 332.4585556320596, 531.2728954376962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,455 ", "box": [ 399.2202668528215, 527.2116438262219, 424.4694827552708, 531.2728954376962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 430.73432579873565, 527.2116438262219, 434.7843253419857, 531.2728954376962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28,383 ", "box": [ 497.4960370194976, 527.2116438262219, 522.4393969564406, 531.2728954376962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Less: accumulated amortization", "box": [ 87.41248951781277, 537.3366426843477, 190.42248883057283, 541.3978942958202 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 320.1187132737197, 536.0672341583486, 322.3681505031582, 540.5786077895846 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 328.4085560888096, 536.6616427604731, 330.4335558604346, 540.7228943719456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6,137) ", "box": [ 396.52026715732154, 536.6616427604731, 424.4694827552708, 541.3978942958202 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 430.73432579873565, 536.6616427604731, 432.75932557036066, 540.7228943719456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8,632)", "box": [ 498.8460368672476, 536.6616427604731, 523.1117600606129, 540.7228943719456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In-place, above market, and other lease values, net", "box": [ 87.41248951781277, 548.136641466348, 251.1368889633372, 552.1978930778205 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 320.1187132737197, 547.5422328642235, 322.3681505031582, 552.0536064954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 328.4085560888096, 546.1116416947225, 332.4585556320596, 550.172893306195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,318 ", "box": [ 399.2202668528215, 546.1116416947225, 424.4694827552708, 552.1978930778205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 430.73432579873565, 546.1116416947225, 434.7843253419857, 550.172893306195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,751 ", "box": [ 497.4960370194976, 546.1116416947225, 522.4393969564406, 550.172893306195 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 87.41248951781277, 558.261640324472, 89.43748928943779, 562.3228919359462 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 320.1187132737197, 557.6672317223492, 322.3681505031582, 562.1786053535834 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 328.4085560888096, 558.261640324472, 330.4335558604346, 562.3228919359462 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 418.08862747488956, 558.261640324472, 420.11362724651457, 562.3228919359462 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 422.4444829836458, 558.261640324472, 424.4694827552708, 562.3228919359462 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 430.73432579873565, 558.261640324472, 432.75932557036066, 562.3228919359462 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 520.4143971848156, 558.261640324472, 522.4393969564406, 562.3228919359462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Below market lease values", "box": [ 87.41248951781277, 568.3866391825977, 174.00496275210514, 572.4478907940702 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 320.1187132737197, 567.792230580475, 322.3681505031582, 572.3036042117092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 328.4085560888096, 568.3866391825977, 332.4585556320596, 572.4478907940702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(403) ", "box": [ 402.59526647219656, 568.3866391825977, 424.4694827552708, 572.4478907940702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 430.73432579873565, 568.3866391825977, 434.7843253419857, 572.4478907940702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,612)", "box": [ 498.8460368672476, 568.3866391825977, 523.1117600606129, 572.4478907940702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Less: accumulated amortization", "box": [ 87.41248951781277, 578.5116380407235, 190.42248883057283, 582.572889652196 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 320.1187132737197, 577.917229438599, 322.3681505031582, 582.4286030698331 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 328.4085560888096, 577.8366381168471, 330.4335558604346, 581.8978897283214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "149 ", "box": [ 405.2952661676965, 577.8366381168471, 424.4694827552708, 582.572889652196 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 430.73432579873565, 577.8366381168471, 432.75932557036066, 581.8978897283214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,016 ", "box": [ 501.5460365627476, 577.8366381168471, 522.4393969564406, 581.8978897283214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Below market lease values, net", "box": [ 87.41248951781277, 589.9866367465984, 187.95056674935077, 594.0478883580708 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 320.1187132737197, 588.7172282205993, 322.3681505031582, 593.2286018518334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 328.4085560888096, 587.9616369749729, 332.4585556320596, 592.0228885864453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(254) ", "box": [ 402.59526647219656, 587.9616369749729, 424.4694827552708, 594.0478883580708 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 430.73432579873565, 587.9616369749729, 434.7843253419857, 592.0228885864453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,596)", "box": [ 498.8460368672476, 587.9616369749729, 523.1117600606129, 592.0228885864453 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 597.8493312398587, 86.50545837010574, 600.5568323141742 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 89.02616121082646, 604.1616351479734, 98.47088650567123, 608.2228867594458 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Included within other assets on our consolidated balance sheets.", "box": [ 108.46404964366441, 604.1616351479734, 315.6310227198316, 608.2228867594458 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 89.02616121082646, 613.6116340822227, 98.47088650567123, 617.6728856936952 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Included within other liabilities on our consolidated balance sheets.", "box": [ 108.46404964366441, 613.6116340822227, 326.8792614112801, 617.6728856936952 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 179.18084191838102, 134.7815065098257, 186.86553677981814, 137.50254508951002 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 249.81325245261402, 223.20649653745022, 257.49794731405115, 225.92753511713636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 164.362480839563, 375.75647933320033, 170.69042956651094, 378.47751791288647 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 251.14215855274296, 546.5314600735765, 258.82685341418005, 549.2524986532608 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 187.95584092875603, 587.7064554299504, 195.64053579019316, 590.4274940096366 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 25, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49236065897094, 65.36192948775115, 62.0037342902051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25", "box": [ 301.60895311120953, 671.7422913852224, 310.6066975402138, 676.2536650164566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of our lease intangibles for the three and six months ended June 30, 2026 and 2025 is as follows ($ in thousands):", "box": [ 85.15545852235574, 93.94235654821932, 543.713514973939, 98.4537301794553 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 104.06735540634509, 87.40489575179419, 108.57872903757925 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 114.86735418834542, 65.36192948775115, 119.37872781957958 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.61013311441076, 114.86735418834542, 201.8595703438492, 119.37872781957958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended", "box": [ 255.89880201629921, 115.38564084073732, 321.4662821813132, 118.99338595457448 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 370.6804263214816, 114.86735418834542, 376.57908188936926, 119.37872781957958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended", "box": [ 435.0163565658177, 115.38564084073732, 491.8002683939235, 118.99338595457448 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4315818634329, 115.38564084073732, 547.2304566268098, 118.99338595457448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Intangible", "box": [ 115.23514263003551, 125.51063969886309, 146.8243080029099, 129.11838481269842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.61013311441076, 124.91176172471933, 201.63513288603576, 128.9730133361918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 224.11052435131083, 125.51063969886309, 265.88860608467115, 129.11838481269842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 283.3206739237212, 125.51063969886309, 285.1195486870981, 129.11838481269842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 290.2077791470087, 126.18563962273765, 292.0066539103856, 129.7933847365748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 311.4702767490713, 125.51063969886309, 353.24835848243157, 129.11838481269842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 370.6804263214816, 125.51063969886309, 376.3546444315558, 129.64801326006636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 398.8300358968309, 125.51063969886309, 440.60811763019126, 129.11838481269842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 458.04018546924124, 125.51063969886309, 459.8390602326181, 129.11838481269842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 464.92729069252874, 126.18563962273765, 466.7261654559057, 129.7933847365748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 486.1897882945913, 125.51063969886309, 527.9678700279517, 129.11838481269842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4315818634329, 125.51063969886309, 547.2304566268098, 129.11838481269842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In-place and other lease values", "box": [ 63.11249225831271, 135.71176050671966, 162.96238627746249, 139.77301211819213 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.61013311441076, 134.44235198072056, 201.8595703438492, 138.95372561195472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 208.5433386069436, 135.71176050671966, 212.5933381501936, 139.77301211819213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,735 ", "box": [ 263.2499696872508, 135.71176050671966, 288.99489203379545, 139.77301211819213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 295.90309100470404, 135.71176050671966, 299.95309054795405, 139.77301211819213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "440 ", "box": [ 356.6847281498855, 134.44235198072056, 376.57908188936926, 139.77301211819213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 383.26285015246367, 135.71176050671966, 387.3128496957137, 139.77301211819213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,781 ", "box": [ 437.9694812327709, 135.71176050671966, 463.71440357931544, 139.77301211819213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 470.6226025502241, 135.71176050671966, 474.6726020934741, 139.77301211819213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "640 ", "box": [ 531.4042396954055, 135.71176050671966, 546.2225940242243, 139.77301211819213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Above market lease values", "box": [ 63.11249225831271, 145.16175944096904, 150.15188942220198, 149.2230110524415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.61013311441076, 144.5673508388445, 201.8595703438492, 149.0787244700805 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 208.5433386069436, 145.16175944096904, 210.5683383785686, 149.2230110524415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(389) ", "box": [ 266.6249693066258, 145.16175944096904, 288.99489203379545, 149.2230110524415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 295.90309100470404, 145.16175944096904, 297.92809077632904, 149.2230110524415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(428) ", "box": [ 353.98472845438545, 144.5673508388445, 376.57908188936926, 149.2230110524415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 383.26285015246367, 145.16175944096904, 385.2878499240887, 149.2230110524415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(779) ", "box": [ 441.34448085214586, 145.16175944096904, 463.71440357931544, 149.2230110524415 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 470.6226025502241, 145.16175944096904, 472.6476023218491, 149.2230110524415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(876)", "box": [ 528.7042399999054, 145.16175944096904, 546.8949571283966, 149.2230110524415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Below market lease values", "box": [ 63.11249225831271, 155.28675829909298, 149.70496549260508, 159.34800991056727 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.61013311441076, 154.69234969697027, 201.8595703438492, 159.20372332820443 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 208.5433386069436, 155.28675829909298, 210.5683383785686, 159.34800991056727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "132 ", "box": [ 269.32496900212584, 155.28675829909298, 288.99489203379545, 159.34800991056727 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 295.90309100470404, 155.28675829909298, 297.92809077632904, 159.34800991056727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "94 ", "box": [ 360.7347276931355, 154.69234969697027, 376.57908188936926, 159.34800991056727 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 383.26285015246367, 155.28675829909298, 385.2878499240887, 159.34800991056727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "264 ", "box": [ 444.0444805476459, 155.28675829909298, 463.71440357931544, 159.34800991056727 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 470.6226025502241, 155.28675829909298, 472.6476023218491, 159.34800991056727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "188 ", "box": [ 531.4042396954055, 155.28675829909298, 546.2225940242243, 159.34800991056727 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 163.82445271622964, 86.50545837010574, 166.53195379054523 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 170.13675662434434, 72.55721755315749, 174.19800823581681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of in-place and other lease values is recognized in depreciation and amortization expense on our consolidated statements of ", "box": [ 79.30194355750221, 170.13675662434434, 551.1374372199391, 174.19800823581681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations.", "box": [ 79.30194355750221, 179.58675555859372, 115.06771146391803, 183.6480071700662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 189.0367544928431, 72.55721755315749, 193.0980061043174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of above and below market lease values, net is recognized in revenue from real estate owned on our consolidated statements of ", "box": [ 79.30194355750221, 189.0367544928431, 551.1374372199391, 193.0980061043174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations.", "box": [ 79.30194355750221, 198.4867534270943, 115.06771146391803, 202.54800503856677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, the estimated amortization of our lease intangibles related to real estate owned held-for-investment is ", "box": [ 85.15545852235574, 218.81734246509586, 551.3513311789417, 223.32871609633003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately as follows ($ in thousands):", "box": [ 63.11249225831271, 229.6173412470962, 216.79893782014173, 234.12871487833036 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 239.74234010522014, 87.40489575179419, 244.2537137364543 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 148.16248266656297, 257.21174680421973, 150.18748243818797, 261.2729984156922 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.03318264003343, 257.21174680421973, 208.05818241165844, 261.2729984156922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In-place and Other", "box": [ 249.47575249067654, 249.71062569186324, 308.24124538616474, 253.3183708057004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lease Values", "box": [ 255.35036457815076, 257.1356248544871, 295.5228370566515, 260.74336996832426 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 342.02457355322525, 257.21174680421973, 346.8444915096456, 261.4183698921988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Below Market", "box": [ 385.9733933467746, 249.71062569186324, 429.7330714665991, 253.3183708057004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lease Values", "box": [ 384.3597250287605, 257.1356248544871, 424.5321975072615, 260.74336996832426 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 461.2569786064584, 257.8106247783635, 463.05585336983535, 261.4183698921988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 ", "box": [ 148.16248266656297, 266.6617457384691, 166.387480611188, 270.7229973499416 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.03318264003343, 266.74233706022096, 208.2826198694719, 271.2537106914551 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 216.6855251886858, 267.3367456623437, 220.7355247319358, 271.39799727381615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "750 ", "box": [ 328.88316878528383, 266.74233706022096, 347.06892896745904, 271.39799727381615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 355.47183428667296, 267.3367456623437, 359.52183382992297, 271.39799727381615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "76 ", "box": [ 452.15502988295606, 267.3367456623437, 462.9233846685248, 271.39799727381615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 148.16248266656297, 276.7867445965949, 164.362480839563, 280.84799620806734 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.03318264003343, 276.8673359183449, 208.2826198694719, 281.3787095495809 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 216.6855251886858, 277.46174452046944, 218.7105249603108, 281.5229961319419 ], "from_ocr": false, "confidence": 1.0 }, { "text": "385 ", "box": [ 328.88316878528383, 276.8673359183449, 347.06892896745904, 281.5229961319419 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 355.47183428667296, 277.46174452046944, 357.49683405829796, 281.5229961319419 ], "from_ocr": false, "confidence": 1.0 }, { "text": "151 ", "box": [ 448.10503033970605, 277.46174452046944, 462.9233846685248, 281.5229961319419 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028", "box": [ 148.16248266656297, 286.9117434547188, 164.362480839563, 290.9729950661913 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.03318264003343, 286.99233477647067, 208.2826198694719, 291.50370840770483 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 216.6855251886858, 287.5867433785934, 218.7105249603108, 291.6479949900677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "183 ", "box": [ 328.88316878528383, 286.99233477647067, 347.06892896745904, 291.6479949900677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 355.47183428667296, 287.5867433785934, 357.49683405829796, 291.6479949900677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27 ", "box": [ 452.15502988295606, 287.5867433785934, 462.9233846685248, 291.6479949900677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2029", "box": [ 148.16248266656297, 297.0367423128446, 164.362480839563, 301.09799392431705 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.03318264003343, 297.11733363459643, 208.2826198694719, 301.6287072658306 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 216.6855251886858, 297.71174223671915, 218.7105249603108, 301.7729938481916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 338.33316771953383, 297.11733363459643, 347.06892896745904, 301.7729938481916 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 355.47183428667296, 297.71174223671915, 357.49683405829796, 301.7729938481916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 457.55502927395605, 297.71174223671915, 462.9233846685248, 301.7729938481916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2030", "box": [ 148.16248266656297, 307.1617411709685, 164.362480839563, 311.2229927824428 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.03318264003343, 307.2423324927204, 208.2826198694719, 311.75370612395454 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 216.6855251886858, 307.8367410948449, 218.7105249603108, 311.8979927063174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 338.33316771953383, 307.2423324927204, 347.06892896745904, 311.8979927063174 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 355.47183428667296, 307.8367410948449, 357.49683405829796, 311.8979927063174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 457.55502927395605, 307.8367410948449, 462.9233846685248, 311.8979927063174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Thereafter", "box": [ 148.16248266656297, 317.2867400290943, 181.88347546358395, 321.34799164056676 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.03318264003343, 317.36733135084614, 208.2826198694719, 321.8787049820803 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 216.6855251886858, 317.2867400290943, 218.7105249603108, 321.34799164056676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 338.33316771953383, 317.2867400290943, 347.06892896745904, 321.8787049820803 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 355.47183428667296, 317.2867400290943, 357.49683405829796, 321.34799164056676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 457.55502927395605, 317.2867400290943, 462.9233846685248, 321.34799164056676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 148.16248266656297, 327.41173888722005, 165.25632788875689, 331.4729904986925 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.03318264003343, 328.1673301328465, 208.2826198694719, 332.67870376408064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 216.6855251886858, 327.41173888722005, 220.7355247319358, 331.4729904986925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,318 ", "box": [ 322.8081694704088, 327.41173888722005, 347.06892896745904, 332.67870376408064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 355.47183428667296, 327.41173888722005, 359.52183382992297, 331.4729904986925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "254 ", "box": [ 448.10503033970605, 327.41173888722005, 462.9233846685248, 331.4729904986925 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 147.35037675815045, 337.29943315210585, 148.70037660590046, 340.00693422642144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 147.35037675815045, 343.61173706021873, 156.79510205299522, 347.672988671693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of in-place and other lease values is recognized in depreciation and ", "box": [ 164.41521858361534, 343.61173706021873, 460.42377895042483, 347.672988671693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amortization expense on our consolidated statements of operations. ", "box": [ 164.41521858361534, 353.0617359944699, 384.1804247989816, 357.1229876059424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 147.35037675815045, 362.5117349287193, 156.79510205299522, 366.5729865401918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of below market lease values is recognized in revenue from real estate ", "box": [ 164.41521858361534, 362.5117349287193, 460.42377895042483, 366.5729865401918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned on our consolidated statements of operations.", "box": [ 164.41521858361534, 371.9617338629687, 334.7010903291516, 376.022985474443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 147.35037675815045, 381.4117327972199, 156.79510205299522, 385.47298440869235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of lease intangibles for the remaining six months of 2026. ", "box": [ 164.41521858361534, 381.4117327972199, 398.8168526083177, 385.47298440869235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The weighted average amortization period for in-place lease values acquired during the six months ended June 30, 2026 was 1.0 ", "box": [ 85.15545852235574, 401.74232183522145, 551.3618746777526, 406.2536954664556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "year.", "box": [ 63.11249225831271, 412.5423206172218, 80.84436939667583, 417.05369424845594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 6. Debt Obligations", "box": [ 63.11249225831271, 438.8673176483462, 159.8381536705883, 443.3786912795804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, we financed certain of our loans receivable using repurchase agreements, a term ", "box": [ 85.15545852235574, 454.3923158974703, 551.3618746777526, 458.9036895287063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "participation facility, and/or notes payable. Further, we have debt related to real estate owned hotel portfolio and a secured term loan. ", "box": [ 63.11249225831271, 465.19231467947066, 551.3618746777526, 469.7036883107048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our financings bear interest at a rate equal to SOFR plus a credit spread.", "box": [ 63.11249225831271, 475.3173135375964, 323.96336466075337, 479.8286871688306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes our financings as of June 30, 2026 and December 31, 2025 ($ in thousands):", "box": [ 85.15545852235574, 496.2423111777207, 478.22820255422755, 500.75368480895486 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 506.04941412085645, 86.50545837010574, 508.75691519517204 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 124.32654785472695, 513.6355959269877, 126.12542261810384, 517.2433410408248 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 187.98747817518807, 513.6355959269877, 189.78635293856496, 517.2433410408248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 257.26989561167034, 512.9605960031131, 299.04797734503063, 516.5683411169503 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 364.8585519780597, 512.9605960031131, 370.53277008813393, 517.0979695643182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 429.6163571748177, 512.9605960031131, 487.75998385000827, 516.5683411169503 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4210316146227, 512.9605960031131, 547.2199063779997, 516.5683411169503 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 124.32654785472695, 537.9355931864884, 126.12542261810384, 541.5433383003256 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 187.98747817518807, 537.9355931864884, 189.78635293856496, 541.5433383003256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capacity", "box": [ 204.20857009580922, 537.2605932626138, 231.78893225535694, 540.868338376451 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 244.53981554734057, 537.2605932626138, 246.33869031071745, 540.868338376451 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 248.1890338857898, 537.9355931864884, 249.98790864916668, 541.5433383003256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings", "box": [ 259.242157639243, 529.8355940999882, 295.21960076584986, 533.4433392138253 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Outstanding", "box": [ 257.14333312594374, 537.2605932626138, 297.3333584009016, 540.868338376451 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 302.8007464768017, 537.2605932626138, 304.5996212401786, 540.868338376451 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 306.44996481525095, 537.9355931864884, 308.24883957862784, 541.5433383003256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted", "box": [ 322.36520077036585, 521.7355950134879, 351.94470811652377, 525.3433401273251 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average", "box": [ 324.36910679436977, 529.1605941761136, 349.93979748099434, 532.7683392899507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Spread ", "box": [ 322.4495757608502, 537.2605932626138, 346.238960519186, 540.868338376451 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 364.8585519780597, 536.6617152884701, 370.53277008813393, 540.868338376451 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capacity", "box": [ 384.7288622371301, 537.2605932626138, 412.30922439667796, 540.868338376451 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 425.06010768866145, 537.2605932626138, 426.85898245203833, 540.868338376451 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 428.70932602711065, 537.9355931864884, 430.5082007904876, 541.5433383003256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings", "box": [ 439.7624497805638, 529.8355940999882, 475.7398929071709, 533.4433392138253 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding", "box": [ 438.56010616616146, 537.2605932626138, 476.95126116649215, 540.868338376451 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 483.32103861812254, 537.2605932626138, 485.1199133814995, 540.868338376451 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 486.9702569565718, 537.9355931864884, 488.7691317199487, 541.5433383003256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted", "box": [ 502.8854929116867, 521.7355950134879, 532.4650002578448, 525.3433401273251 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average", "box": [ 504.88939893569056, 529.1605941761136, 530.4600896223153, 532.7683392899507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Spread", "box": [ 503.86634880106794, 537.2605932626138, 525.8568654155956, 540.868338376451 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4210316146227, 537.2605932626138, 547.2199063779997, 540.868338376451 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repurchase agreements and term", "box": [ 63.11249225831271, 546.1117142227195, 170.39002225979016, 550.1729658341919 ], "from_ocr": false, "confidence": 1.0 }, { "text": " participation facility ", "box": [ 63.11249225831271, 554.8867132330943, 135.08699515118747, 558.9479648445686 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 187.98747817518807, 550.2423050877223, 190.2369154046265, 554.7536787189565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 193.3241963233248, 554.8867132330943, 197.3741958665748, 558.9479648445686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,576,841 $", "box": [ 210.29411965949438, 554.8867132330943, 257.57575157717656, 558.9479648445686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,866,019 ", "box": [ 268.5550505889555, 554.8867132330943, 313.3265265397275, 558.9479648445686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "+ 2.87% $", "box": [ 335.4855117906862, 554.8867132330943, 377.8944880078957, 558.9479648445686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,180,546 $", "box": [ 390.81441180081526, 554.8867132330943, 438.0960437184974, 558.9479648445686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,187,066 ", "box": [ 449.07534273027636, 554.8867132330943, 493.8468186810484, 558.9479648445686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "+ 2.92% ", "box": [ 516.005803932007, 554.8867132330943, 546.2015002766032, 558.9479648445686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Notes payable", "box": [ 63.11249225831271, 564.3367121673455, 109.22078935832097, 568.3979637788179 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 187.98747817518807, 563.7423035652209, 190.2369154046265, 568.2536771964551 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 193.3241963233248, 565.01171209122, 195.3491960949498, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 239.99411630999447, 565.01171209122, 245.36247170456323, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 248.1890338857898, 565.01171209122, 250.2140336574148, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 253.52575203392655, 565.01171209122, 255.55075180555156, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 298.2550472394556, 565.01171209122, 303.6234026340244, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 306.44996481525095, 565.01171209122, 308.47496458687596, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 311.3015267681025, 565.01171209122, 313.3265265397275, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 360.3128527407136, 565.01171209122, 365.68120813528236, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 368.5077703165089, 565.01171209122, 370.53277008813393, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 373.8444884646457, 565.01171209122, 375.8694882362707, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "195,830 ", "box": [ 396.8894111156903, 565.01171209122, 436.0710439468724, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "177,999 ", "box": [ 455.1503420451514, 565.01171209122, 493.8468186810484, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "+ 3.22% ", "box": [ 516.005803932007, 565.01171209122, 546.2015002766032, 569.0729637026925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured term loan", "box": [ 63.11249225831271, 574.4617110254694, 122.03919505268952, 578.5229626369419 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493.8468186810484, 579.1979625608183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "+ 4.50% ", "box": [ 516.005803932007, 575.1367109493458, 546.2015002766032, 579.1979625608183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Debt related to real estate owned", "box": [ 63.11249225831271, 583.9117099597206, 169.48826394148847, 587.9729615711931 ], "from_ocr": false, "confidence": 1.0 }, { "text": " hotel portfolio", "box": [ 63.11249225831271, 592.6867089700954, 113.72957527983006, 596.7479605815679 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 187.98747817518807, 588.0423008247217, 190.2369154046265, 592.5536744559558 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 193.3241963233248, 592.0117090462209, 195.3491960949498, 596.0729606576933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "235,000 ", "box": [ 216.3691189743694, 592.0117090462209, 255.55075180555156, 596.0729606576933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "235,000 ", "box": [ 274.6300499038305, 592.0117090462209, 313.3265265397275, 596.0729606576933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "+ 3.18% ", "box": [ 335.4855117906862, 592.0117090462209, 375.8694882362707, 596.0729606576933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "235,000 ", "box": [ 396.8894111156903, 592.0117090462209, 436.0710439468724, 596.0729606576933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "235,000 ", "box": [ 455.1503420451514, 592.0117090462209, 493.8468186810484, 596.0729606576933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "+ 3.18% ", "box": [ 516.005803932007, 592.0117090462209, 546.2015002766032, 596.0729606576933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total/Weighted Average", "box": [ 63.11249225831271, 602.8117078282194, 143.4005701536009, 606.8729594396937 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 187.98747817518807, 601.4617079804702, 197.3741958665748, 606.7286728573308 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,311,841 $", "box": [ 210.29411965949438, 601.4617079804702, 257.57575157717656, 605.5229595919427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,601,019 ", "box": [ 268.5550505889555, 601.4617079804702, 313.3265265397275, 605.5229595919427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "+ 3.64% $", "box": [ 335.4855117906862, 601.4617079804702, 377.8944880078957, 605.5229595919427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,167,564 $", "box": [ 390.81441180081526, 601.4617079804702, 438.0960437184974, 605.5229595919427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,156,253 ", "box": [ 449.07534273027636, 601.4617079804702, 493.8468186810484, 605.5229595919427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "+ 3.23% ", "box": [ 516.005803932007, 601.4617079804702, 546.2015002766032, 605.5229595919427 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 612.0244021692306, 86.50545837010574, 614.7319032435462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 618.3367060773453, 72.55721755315749, 622.3979576888178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average spread over the applicable benchmark rate is based on unpaid principal balance. SOFR as of June 30, 2026 and December 31, ", "box": [ 79.30194355750221, 618.3367060773453, 551.1374372199391, 622.3979576888178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025 was 3.65% and 3.69%, respectively.", "box": [ 79.30194355750221, 627.7867050115947, 214.9584755134586, 631.8479566230671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 637.2367039458459, 72.55721755315749, 641.2979555573183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The repurchase agreements and term participation facility are partially recourse to us. As of June 30, 2026 and December 31, 2025, the weighted ", "box": [ 79.30194355750221, 637.2367039458459, 551.1374372199391, 641.2979555573183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "average recourse on our repurchase agreements and term participation facility was 29% and 30%, respectively.", "box": [ 79.30194355750221, 646.0117029562207, 438.7077632095091, 650.0729545676932 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 162.9702934965708, 133.43157919007172, 170.65498835800793, 136.15261776975785 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 150.15584519175593, 143.55657804819748, 157.84054005319305, 146.2776166278818 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 149.71287649171296, 153.68157690632142, 157.39757135315008, 156.40261548600756 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 295.52340354752437, 255.33379694740324, 302.3478731374977, 257.7502416223833 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 424.5327639981341, 255.33379694740324, 431.3572335881075, 257.7502416223833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 166.387480611188, 264.381564421823, 172.71542933813595, 267.1026030015073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 346.243323077444, 535.4587653555282, 351.86292563329965, 537.8752100305101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 525.8671275698688, 535.4587653555282, 531.4867301257244, 537.8752100305101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 135.09490939029496, 552.6065319164481, 141.4228581172429, 555.3275704961343 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 26, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.4931508829377, 65.36192948775115, 62.00452451417186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26", "box": [ 301.60895311120953, 658.2430831316888, 310.6066975402138, 662.7544567629229 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repurchase Agreements and Term Participation Facility", "box": [ 63.11249225831271, 99.34314616318807, 265.7461325344889, 103.85451979442223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repurchase Agreements", "box": [ 63.11249225831271, 120.94314372718873, 150.31326572228411, 125.45451735842289 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes our repurchase agreements by lender as of June 30, 2026 ($ in thousands):", "box": [ 85.15545852235574, 136.46814197631284, 470.70318662788225, 140.979515607547 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 146.5931408344386, 87.40489575179419, 151.10451446567276 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lender", "box": [ 63.11249225831271, 172.08642467020582, 85.49651296182293, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.57849586797875, 172.08642467020582, 201.3773706313556, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Initial Maturity", "box": [ 205.96990139717016, 172.08642467020582, 254.53591615000235, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 255.3609080769617, 172.08642467020582, 257.1597828403386, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fully", "box": [ 278.0366867696376, 156.5614264210799, 294.0297939559703, 160.16917153491704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Extended", "box": [ 271.4343437642352, 164.66142550758013, 300.62034147727235, 168.2691706214173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity", "box": [ 269.23005051283053, 172.08642467020582, 297.20391204550026, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 311.1433270359439, 172.08642467020582, 312.9422017993208, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maximum ", "box": [ 325.0019192230026, 164.66142550758013, 358.77891537995765, 168.2691706214173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capacity", "box": [ 327.19566897559633, 172.08642467020582, 354.776031135144, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 366.6620707746628, 172.08642467020582, 368.46094553803977, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 370.3112891131121, 172.76142459408038, 372.11016387648897, 176.36916970791754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings", "box": [ 386.3952682991965, 157.23642634495627, 422.3727114258036, 160.8441714587916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding and ", "box": [ 378.48511294128633, 164.66142550758013, 432.0796883632587, 168.2691706214173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 380.29917523670036, 172.08642467020582, 428.4646788476322, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 434.2886256478896, 172.08642467020582, 436.0875004112665, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 437.9378439863388, 172.76142459408038, 439.73671874971575, 176.36916970791754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Undrawn", "box": [ 451.5327609531342, 164.66142550758013, 480.7222810857743, 168.2691706214173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capacity", "box": [ 452.33432336273574, 172.08642467020582, 479.9146855222836, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 490.15541284735696, 172.08642467020582, 491.95428761073384, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 495.58705623478824, 172.76142459408038, 497.3859309981651, 176.36916970791754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying", "box": [ 507.51556713951715, 156.5614264210799, 535.8934851116185, 160.16917153491704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value of", "box": [ 508.81283599321404, 164.66142550758013, 534.5943273930785, 168.2691706214173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Collateral", "box": [ 503.50775509150935, 172.08642467020582, 534.2783033522678, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 172.08642467020582, 547.2410001256208, 175.69416978404297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JP Morgan Chase Bank, N.A.", "box": [ 63.11249225831271, 181.612545554186, 159.18133181388154, 185.6737971656603 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.57849586797875, 181.0181369520633, 201.8279330974172, 185.52951058329745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7/28/2026", "box": [ 213.82731901102798, 181.612545554186, 246.678193706179, 185.6737971656603 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 255.3609080769617, 181.612545554186, 257.3859078485867, 185.6737971656603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7/28/2030", "box": [ 269.6097379700102, 181.612545554186, 302.46061266516125, 185.6737971656603 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 311.1433270359439, 181.612545554186, 321.21558815001663, 185.6737971656603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,882,487 $", "box": [ 332.4163681368174, 181.612545554186, 380.38355022718474, 185.6737971656603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "649,974 $", "box": [ 406.1179223249192, 181.612545554186, 448.0101051004115, 185.6737971656603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,232,513 ", "box": [ 455.9097169595108, 181.612545554186, 490.9780690045796, 185.6737971656603 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 497.15853705756007, 181.612545554186, 503.8768990498781, 185.6737971656603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,119,793 ", "box": [ 511.1858792255875, 181.612545554186, 546.2542380206555, 185.6737971656603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JP Morgan Chase Bank, N.A.", "box": [ 63.11249225831271, 191.73754441231176, 159.18133181388154, 195.79879602378423 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.57849586797875, 191.14313581018905, 201.8279330974172, 195.65450944142322 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/31/2028", "box": [ 213.82731901102798, 191.73754441231176, 246.678193706179, 195.79879602378423 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 255.3609080769617, 191.73754441231176, 257.3859078485867, 195.79879602378423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/31/2030", "box": [ 269.6097379700102, 191.73754441231176, 302.46061266516125, 195.79879602378423 ], 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490.9780690045796, 195.79879602378423 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.15853705756007, 191.73754441231176, 501.8518992782531, 195.79879602378423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,092,329 ", "box": [ 511.1858792255875, 191.73754441231176, 546.2542380206555, 195.79879602378423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Morgan Stanley Bank, N.A.", "box": [ 63.11249225831271, 201.86254327043753, 154.00017873820053, 205.92379488191 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.57849586797875, 201.268134668313, 201.8279330974172, 205.77950829954716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1/26/2027", "box": [ 213.82731901102798, 201.86254327043753, 246.678193706179, 205.92379488191 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 255.3609080769617, 201.86254327043753, 257.3859078485867, 205.92379488191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1/26/2028", 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"200,000 ", "box": [ 461.9847162743858, 201.86254327043753, 490.9780690045796, 205.92379488191 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.15853705756007, 201.86254327043753, 501.8518992782531, 205.92379488191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "113,809 ", "box": [ 517.2608785404625, 201.86254327043753, 546.2542380206555, 205.92379488191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Wells Fargo Bank, N.A.", "box": [ 63.11249225831271, 211.98754212856147, 141.8501801084505, 216.04879374003394 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.57849586797875, 211.39313352643876, 201.8279330974172, 215.90450715767292 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7/29/2026", "box": [ 213.82731901102798, 211.98754212856147, 246.678193706179, 216.04879374003394 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 255.3609080769617, 211.98754212856147, 257.3859078485867, 216.04879374003394 ], 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439.9628437579638, 216.04879374003394 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 443.9601055571615, 211.3125422046869, 445.9851053287865, 215.37379381615938 ], "from_ocr": false, "confidence": 1.0 }, { "text": "250,000 ", "box": [ 461.9847162743858, 211.3125422046869, 490.9780690045796, 215.37379381615938 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.15853705756007, 211.3125422046869, 501.8518992782531, 216.04879374003394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 540.8858758760875, 211.3125422046869, 546.2542380206555, 215.37379381615938 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 63.11249225831271, 222.7875409105618, 80.20633748050666, 226.84879252203427 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.57849586797875, 222.1931323084391, 201.8279330974172, 226.70450593967325 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 229.23630502323664, 222.7875409105618, 231.26130479486164, 226.84879252203427 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 255.3609080769617, 222.7875409105618, 257.3859078485867, 226.84879252203427 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 285.0187172322196, 222.7875409105618, 287.0437170038446, 226.84879252203427 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 311.1433270359439, 222.7875409105618, 313.1683268075689, 226.84879252203427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 317.1655886067666, 221.43754106281267, 321.21558815001663, 225.49879267428514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,240,733 ", "box": [ 332.4163681368174, 221.43754106281267, 372.3362888847371, 226.84879252203427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 376.33355068393473, 221.43754106281267, 380.38355022718474, 225.49879267428514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,536,906 ", "box": [ 400.0429230100442, 221.43754106281267, 439.9628437579638, 226.84879252203427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 443.9601055571615, 221.43754106281267, 448.0101051004115, 225.49879267428514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,703,827 ", "box": [ 455.9097169595108, 221.43754106281267, 490.9780690045796, 225.49879267428514 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 497.15853705756007, 221.43754106281267, 503.8768990498781, 226.84879252203427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,325,931 ", "box": [ 511.1858792255875, 221.43754106281267, 546.2542380206555, 225.49879267428514 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 231.84352198009037, 64.01192964000116, 233.64739453700895 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 236.05023479482225, 64.46249210606271, 238.75773586913783 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 242.36253870293694, 72.55721755315749, 246.42379031440942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Facility maturity dates may be extended, subject to meeting prescribed conditions.", "box": [ 79.30194355750221, 242.36253870293694, 346.0851165952862, 246.42379031440942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 251.81253763718632, 72.55721755315749, 255.87378924866061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net of specific CECL reserves, if any.", "box": [ 79.30194355750221, 251.81253763718632, 203.00886532610917, 255.87378924866061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 261.2625365714375, 72.55721755315749, 265.3237881829082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, we extended the initial maturity of this repurchase agreement to July 28, 2027.", "box": [ 79.30194355750221, 261.2625365714375, 378.4956631900965, 265.3237881829082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 63.11249225831271, 270.0375355818105, 72.55721755315749, 274.0987871932848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repurchase agreement specifically provides for the ability to finance (i) loans receivable, including those which may be delinquent or in default, ", "box": [ 79.30194355750221, 270.0375355818105, 551.1374372199391, 274.0987871932848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and (ii) real estate owned assets subsequent to assuming legal title and/or physical possession of the collateral property. As of June 30, 2026, (i) ", "box": [ 79.30194355750221, 279.4875345160617, 551.132162635534, 283.548786127536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$199.2 million of borrowings outstanding on this repurchase agreement relate to our multifamily real estate owned assets, and (ii) the carrying ", "box": [ 79.30194355750221, 288.9375334503129, 551.1479874687493, 292.99878506178356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value of collateral for this repurchase agreement includes our multifamily real estate owned assets, related lease intangibles included in other ", "box": [ 79.30194355750221, 298.3875323845605, 551.1374372199391, 302.44878399603476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets, and related below market lease values included in other liabilities on our consolidated balance sheets.", "box": [ 79.30194355750221, 307.83753131881167, 430.86089516946146, 311.89878293028596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 63.11249225831271, 316.6125303291883, 72.55721755315749, 320.67378194065896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, the remaining borrowing outstanding was repaid in full upon the repayment of the associated loan receivable.", "box": [ 79.30194355750221, 316.6125303291883, 478.3415994146927, 320.67378194065896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 63.11249225831271, 326.06252926343586, 72.55721755315749, 330.12378087491015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, this repurchase agreement was terminated upon reaching maturity in accordance with its terms.", "box": [ 79.30194355750221, 326.06252926343586, 432.2135294069144, 330.12378087491015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes our repurchase agreements by lender as of December 31, 2025 ($ in thousands):", "box": [ 85.15545852235574, 351.7931176924394, 491.1740158342273, 356.3044913236736 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 361.2431166266906, 87.40489575179419, 365.7544902579248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lender", "box": [ 63.11249225831271, 386.7364004624578, 85.49651296182293, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.57849586797875, 386.7364004624578, 201.3773706313556, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Initial Maturity", "box": [ 205.96990139717016, 386.7364004624578, 254.53591615000235, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 255.3609080769617, 386.7364004624578, 257.1597828403386, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fully", "box": [ 278.0366867696376, 371.2114022133319, 294.0297939559703, 374.81914732716905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Extended", "box": [ 271.4343437642352, 378.63640137595576, 300.62034147727235, 382.2441464897929 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity", "box": [ 268.62887533062974, 386.7364004624578, 296.6027368632995, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 311.1433270359439, 386.7364004624578, 312.9422017993208, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maximum ", "box": [ 325.0019192230026, 379.3114012998303, 358.77891537995765, 382.9191464136675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capacity", "box": [ 327.19566897559633, 386.7364004624578, 354.776031135144, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 366.6620707746628, 386.7364004624578, 368.46094553803977, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 370.3112891131121, 387.4114003863324, 372.11016387648897, 391.01914550016954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings", "box": [ 386.3952682991965, 371.2114022133319, 422.3727114258036, 374.81914732716905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding and ", "box": [ 378.48511294128633, 379.3114012998303, 432.0796883632587, 382.9191464136675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 380.29917523670036, 386.7364004624578, 428.4646788476322, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 434.2886256478896, 386.7364004624578, 436.0875004112665, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 437.9378439863388, 387.4114003863324, 439.73671874971575, 391.01914550016954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Undrawn", "box": [ 451.5327609531342, 379.3114012998303, 480.7222810857743, 382.9191464136675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capacity", "box": [ 452.33432336273574, 386.7364004624578, 479.9146855222836, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 490.15541284735696, 386.7364004624578, 491.95428761073384, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 495.58705623478824, 387.4114003863324, 497.3859309981651, 391.01914550016954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying ", "box": [ 507.51556713951715, 371.2114022133319, 537.6960827020754, 374.81914732716905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value of ", "box": [ 508.81283599321404, 378.63640137595576, 536.3988138483785, 382.2441464897929 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Collateral ", "box": [ 502.6007239438023, 386.7364004624578, 535.1701443594453, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 386.7364004624578, 547.2410001256208, 390.34414557629134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JP Morgan Chase Bank, N.A.", "box": [ 63.11249225831271, 396.262521346438, 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406.1179223249192, 396.262521346438, 448.0101051004115, 400.32377295790866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,001,812 ", "box": [ 455.9097169595108, 396.262521346438, 490.9780690045796, 400.32377295790866 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 497.15853705756007, 396.262521346438, 503.8768990498781, 400.32377295790866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,479,384 ", "box": [ 511.1858792255875, 396.262521346438, 546.2542380206555, 400.32377295790866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JP Morgan Chase Bank, N.A.", "box": [ 63.11249225831271, 406.38752020456377, 159.18133181388154, 410.4487718160344 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.57849586797875, 405.7931116024374, 201.8279330974172, 410.3044852336716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3/31/2028", "box": [ 213.82731901102798, 406.38752020456377, 246.678193706179, 410.4487718160344 ], "from_ocr": 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711.354522465921 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our term participation facility as of December 31, 2025 is summarized as follows ($ in thousands):", "box": [ 85.15545852235574, 93.94321795618453, 441.97635127263135, 98.45459158741869 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 104.06821681431029, 87.40489575179419, 108.57959044554445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contractual", "box": [ 100.69100364529133, 114.03650240095158, 137.8629996116086, 117.64424751478873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity Date", "box": [ 97.1999884140003, 122.13650148745, 141.35666038953912, 125.74424660128716 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 176.10115476570132, 122.13650148745, 177.9000295290782, 125.74424660128716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 232.8960668604968, 114.03650240095158, 249.28616895054998, 117.64424751478873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commitments", "box": [ 219.31169339251238, 122.13650148745, 262.87461502364573, 125.74424660128716 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 296.77848490597904, 122.13650148745, 298.5773596693559, 125.74424660128716 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 300.42770324442824, 122.81150141132821, 302.22657800780513, 126.41924652516173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings", "box": [ 347.43511644303624, 114.03650240095158, 383.41255956964324, 117.64424751478873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding and Carrying Value", "box": [ 314.54996390175097, 122.13650148745, 416.3056680913985, 125.74424660128716 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 421.10503338470596, 122.13650148745, 422.90390814808285, 125.74424660128716 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 424.7542517231552, 122.81150141132821, 426.5531264865321, 126.41924652516173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 465.665571859267, 114.03650240095158, 513.8310754701988, 117.64424751478873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of Collateral", "box": [ 467.65893438446, 121.46150156357544, 506.22224228636827, 125.0692466774126 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 122.13650148745, 547.2410001256208, 125.74424660128716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12/23/2029", "box": [ 100.82811300482844, 130.98762244755926, 137.72898724322948, 135.0488740590299 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 176.10115476570132, 130.98762244755926, 178.12615453732633, 135.0488740590299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 187.2702907560709, 130.98762244755926, 191.3202902993209, 135.0488740590299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "349,806 ", "box": [ 268.60778158300866, 130.98762244755926, 302.4527030160533, 135.0488740590299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 311.5968392347978, 130.98762244755926, 315.6468387780478, 135.0488740590299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "329,452 ", "box": [ 392.9343300617356, 130.98762244755926, 426.7792514947802, 135.0488740590299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 435.92338771352473, 130.98762244755926, 439.97338725677474, 135.0488740590299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "590,237 ", "box": [ 517.2608785404625, 130.98762244755926, 546.2542380206555, 135.0488740590299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Notes Payable", "box": [ 63.11249225831271, 156.0432109526846, 114.83631905772921, 160.55458458391877 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, none of our loans receivable were financed with notes payable. Our notes payable as of December 31, 2025 ", "box": [ 85.15545852235574, 172.2432091256851, 551.3618746777526, 176.75458275691926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are summarized as follows ($ in thousands):", "box": [ 63.11249225831271, 182.36820798381086, 222.03591379452718, 186.87958161504503 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 197.89320623293315, 87.40489575179419, 202.40457986416732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contractual", "box": [ 89.16327057036357, 208.53649174345264, 126.3352665366808, 212.1442368572898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity Date", "box": [ 85.67225533907254, 215.9614909060765, 129.82892731461135, 219.56923601991366 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.03513836703561, 215.9614909060765, 154.83401313041253, 219.56923601991366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maximum", "box": [ 190.71912186711933, 208.53649174345264, 222.6947786209194, 212.1442368572898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Extension Date", "box": [ 183.42068519022087, 215.9614909060765, 229.9910771760456, 219.56923601991366 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 251.99645870639685, 215.9614909060765, 253.79533346977374, 219.56923601991366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowing Outstanding", "box": [ 266.4878633220883, 215.9614909060765, 339.8551298728902, 219.56923601991366 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 347.37183520017294, 215.9614909060765, 349.1707099635498, 219.56923601991366 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 351.02105353862214, 216.63649082995107, 352.819928301999, 220.24423594378823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying", "box": [ 388.0089433672098, 208.53649174345264, 416.38686133931105, 212.1442368572898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 393.2085487808098, 215.9614909060765, 411.1972731225119, 219.56923601991366 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 446.3964367823975, 215.9614909060765, 448.19531154577436, 219.56923601991366 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 450.0456551208467, 216.63649082995107, 451.84452988422356, 220.24423594378823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 477.14057056514207, 208.53649174345264, 525.3060741760738, 212.1442368572898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of Collateral", "box": [ 481.93940152394055, 215.9614909060765, 520.5027094258487, 219.56923601991366 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 215.9614909060765, 547.2410001256208, 219.56923601991366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9/2/2026 ", "box": [ 89.17381744417412, 224.81261186618212, 120.00232959240272, 228.8738634776564 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.03513836703561, 224.81261186618212, 155.06013813866062, 228.8738634776564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9/2/2027", "box": [ 192.3116964375123, 224.81261186618212, 221.1125715894133, 228.8738634776564 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 251.99645870639685, 224.81261186618212, 254.02145847802186, 228.8738634776564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 260.83473895963516, 224.81261186618212, 264.88473850288517, 228.8738634776564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "121,833 ", "box": [ 319.2011386272018, 224.81261186618212, 353.04605331024715, 228.8738634776564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 359.8593337918605, 224.81261186618212, 363.9093333351105, 228.8738634776564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "121,454 ", "box": [ 418.22573345942703, 224.81261186618212, 452.0706548924717, 228.8738634776564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 458.88393537408496, 224.81261186618212, 462.933934917335, 228.8738634776564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "173,239 ", "box": [ 517.2503350416515, 224.81261186618212, 546.2436877718454, 228.8738634776564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2/2/2026 ", "box": [ 89.17381744417412, 234.26261080043332, 120.00232959240272, 238.3238624119076 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.03513836703561, 234.26261080043332, 155.06013813866062, 238.3238624119076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2/2/2027", "box": [ 192.3116964375123, 234.26261080043332, 221.1125715894133, 238.3238624119076 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 251.99645870639685, 234.26261080043332, 254.02145847802186, 238.3238624119076 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 260.83473895963516, 233.58761087655876, 262.85973873126017, 237.6488624880294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56,166 ", "box": [ 323.2511381704518, 233.58761087655876, 353.04605331024715, 238.3238624119076 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 359.8593337918605, 233.58761087655876, 361.8843335634855, 237.6488624880294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56,068 ", "box": [ 422.27573300267704, 233.58761087655876, 452.0706548924717, 238.3238624119076 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 458.88393537408496, 233.58761087655876, 460.90893514570996, 237.6488624880294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "53,487 ", "box": [ 521.3003345849015, 233.58761087655876, 546.2436877718454, 237.6488624880294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 63.11249225831271, 245.73760950630822, 80.20633748050666, 249.7988611177825 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 251.99645870639685, 245.73760950630822, 254.02145847802186, 249.7988611177825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 260.83473895963516, 243.71260973468452, 264.88473850288517, 247.77386134615517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "177,999 ", "box": [ 319.2011386272018, 243.71260973468452, 353.04605331024715, 249.7988611177825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 359.8593337918605, 243.71260973468452, 363.9093333351105, 247.77386134615517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "177,522 ", "box": [ 418.22573345942703, 243.71260973468452, 452.0706548924717, 249.7988611177825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 458.88393537408496, 243.71260973468452, 462.933934917335, 247.77386134615517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "226,726 ", "box": [ 517.2503350416515, 243.71260973468452, 546.2436877718454, 247.77386134615517 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 254.27530392344488, 64.46249210606271, 256.98280499775865 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 260.5876078315596, 72.55721755315749, 264.64885944303023 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In January 2026, this note payable was repaid in full upon the repayment of the associated loan receivable.", "box": [ 79.30194355750221, 260.5876078315596, 424.5604550600112, 264.64885944303023 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 270.03760676580714, 72.55721755315749, 274.09885837728143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In February 2026, we assigned our right, title, and interest in the loan receivable and collateral property to our financing counterparty in ", "box": [ 79.30194355750221, 270.03760676580714, 551.1374372199391, 274.09885837728143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "exchange for the full extinguishment of amounts due under the related note payable.", "box": [ 79.30194355750221, 278.8126057761838, 352.13506976798584, 282.8738573876544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured Term Loan", "box": [ 63.11249225831271, 305.21819412905825, 134.56280826655416, 309.72956776029605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On August 9, 2019, we entered into a secured term loan which accrued interest at the greater of (i) SOFR plus a 0.10% credit ", "box": [ 85.15545852235574, 321.41819230205874, 551.3618746777526, 325.9295659332929 ], "from_ocr": false, "confidence": 1.0 }, { "text": "spread adjustment and (ii) 0.50%, plus a credit spread of 4.50%. In January 2026, we refinanced our secured term loan with a new ", "box": [ 63.11249225831271, 331.5431911601845, 551.3513311789417, 336.05456479141867 ], "from_ocr": false, "confidence": 1.0 }, { "text": "secured term loan which provides for an aggregate principal amount of $500.0 million, a maturity date of January 30, 2030, and incurs ", "box": [ 63.11249225831271, 341.66819001831027, 551.3513311789417, 346.17956364954443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest at a rate of SOFR plus 6.75%, subject to a SOFR floor of 2.50%. In connection with the repayment of our prior secured term ", "box": [ 63.11249225831271, 351.79318887643603, 551.3618746777526, 356.3045625076702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan, we recognized a loss on extinguishment of debt of $5.9 million, representing unamortized deferred financing costs at the time of ", "box": [ 63.11249225831271, 362.59318765843636, 551.3618746777526, 367.1045612896705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repayment. Our new secured term loan is collateralized by a pledge of equity in certain subsidiaries and their related assets. As ", "box": [ 63.11249225831271, 372.7181865165585, 551.3618746777526, 377.2295601477963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consideration for and in connection with entering into our new secured term loan, we issued detachable warrants exercisable until ", "box": [ 63.11249225831271, 382.84318537468425, 551.3618746777526, 387.3545590059184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "January 2037. In accordance with ASC 470, ", "box": [ 63.11249225831271, 393.6431841566846, 224.75266208951697, 398.15455778791875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Debt", "box": [ 224.83825526923897, 393.6431841566846, 242.3285008334741, 398.15455778791875 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", based on relative fair values at January 30, 2026 and prior to original issue discount ", "box": [ 242.33552229593587, 393.6431841566846, 551.3618746777526, 398.15455778791875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and deferred financing costs, we allocated $486.5 million of value to the secured term loan using a discounted cash flow model, ", "box": [ 63.11249225831271, 403.76818301481035, 551.3618746777526, 408.2795566460445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "incorporating Level 3 assumptions of an implied yield on the value of the warrants. Value allocated to the detachable warrants is ", "box": [ 63.11249225831271, 413.8931818729361, 551.3618746777526, 418.4045555041703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "classified as equity and creates a corresponding discount on our secured term loan in the same amount which is amortized to interest ", "box": [ 63.11249225831271, 424.69318065493644, 551.3618746777526, 429.2045542861706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense using the effective interest method. Furthermore, we incurred $23.2 million of transaction costs which were allocated ", "box": [ 63.11249225831271, 434.81817951305857, 551.3724249265628, 439.32955314429637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proportionately between deferred financing costs and equity issuance costs in the same manner. See Note 9 - Equity - Warrants for ", "box": [ 63.11249225831271, 444.94317837118433, 551.3618746777526, 449.4545520024185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "further detail.", "box": [ 63.11249225831271, 455.74317715318466, 112.07721608430447, 460.2545507844188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our secured term loan as of June 30, 2026 is summarized as follows ($ in thousands):", "box": [ 85.15545852235574, 476.66817479331075, 393.5266915216764, 481.1795484245449 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 492.1931730424367, 87.40489575179419, 496.70454667367085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contractual Maturity Date", "box": [ 66.19217941099241, 502.83645855295254, 149.31971501898343, 506.4442036667897 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.0456886158458, 502.83645855295254, 154.84456337922268, 506.4442036667897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stated Rate", "box": [ 185.4245912142248, 502.16145862907797, 221.1947269055785, 505.7692037429151 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.01755245401796, 502.83645855295254, 253.81642721739482, 506.4442036667897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Rate", "box": [ 285.6198924144204, 502.83645855295254, 325.77830008087454, 506.4442036667897 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.9894162921901, 502.83645855295254, 352.788291055567, 506.4442036667897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowing Outstanding", "box": [ 365.4913644066925, 502.83645855295254, 438.8586309574948, 506.4442036667897 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 446.38588653358727, 502.83645855295254, 448.1847612969642, 506.4442036667897 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 450.0351048720365, 503.5114584768271, 451.8339796354134, 507.11920359066426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 477.14057056514207, 502.83645855295254, 525.3060741760738, 506.4442036667897 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 502.83645855295254, 547.2410001256208, 506.4442036667897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1/30/2030", "box": [ 91.32537970152568, 511.68757951305815, 124.1762543966767, 515.7488311245324 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.0456886158458, 511.68757951305815, 155.0706883874708, 515.7488311245324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "S + 6.75%", "box": [ 189.70662198130682, 511.68757951305815, 223.7519298317523, 515.7488311245324 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.01755245401796, 511.68757951305815, 254.04255222564296, 515.7488311245324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.40%", "box": [ 293.2136415580142, 511.68757951305815, 318.1860019216866, 515.7488311245324 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.9894162921901, 511.68757951305815, 353.01441606381513, 515.7488311245324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 359.82769654542847, 511.68757951305815, 363.8776960886785, 515.7488311245324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "500,000 ", "box": [ 418.2151899606161, 511.68757951305815, 452.06010464366153, 515.7488311245324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 458.8733851252748, 511.68757951305815, 462.9233846685248, 515.7488311245324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "467,693 ", "box": [ 517.2608785404625, 511.68757951305815, 546.2542380206555, 515.7488311245324 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 520.2252739301948, 64.46249210606271, 522.9327750045122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 526.5375778383095, 72.55721755315749, 530.5988294497802 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR at June 30, 2026 was 3.65%.", "box": [ 79.30194355750221, 526.5375778383095, 194.3050589627053, 530.5988294497802 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our prior secured term loan as of December 31, 2025 is summarized as follows ($ in thousands):", "box": [ 85.15545852235574, 546.8681668763093, 433.7298907026489, 551.3795405075434 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 568.4681644403099, 87.40489575179419, 572.9795380715441 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contractual Maturity Date", "box": [ 66.19217941099241, 578.4364500269512, 149.31971501898343, 582.0441951407884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.0456886158458, 578.4364500269512, 154.84456337922268, 582.0441951407884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stated Rate ", "box": [ 185.12927874752947, 578.4364500269512, 222.69828812682962, 582.0441951407884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.01755245401796, 578.4364500269512, 253.81642721739482, 582.0441951407884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Rate", "box": [ 285.6198924144204, 578.4364500269512, 325.77830008087454, 582.0441951407884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.9894162921901, 578.4364500269512, 352.788291055567, 582.0441951407884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowing Outstanding", "box": [ 365.4913644066925, 578.4364500269512, 438.8586309574948, 582.0441951407884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 446.38588653358727, 578.4364500269512, 448.1847612969642, 582.0441951407884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 450.0351048720365, 579.1114499508294, 451.8339796354134, 582.7191950646666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 477.14057056514207, 578.4364500269512, 525.3060741760738, 582.0441951407884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 578.4364500269512, 547.2410001256208, 582.0441951407884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8/9/2026", "box": [ 93.35037947315068, 587.962570910935, 122.1512546250517, 592.0238225224057 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.0456886158458, 587.962570910935, 155.0706883874708, 592.0238225224057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "S + 4.50%", "box": [ 189.70662198130682, 587.962570910935, 223.7519298317523, 592.0238225224057 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.01755245401796, 587.962570910935, 254.04255222564296, 592.0238225224057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.29%", "box": [ 295.2386413296392, 587.962570910935, 316.1610021500616, 592.0238225224057 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.9894162921901, 587.962570910935, 353.01441606381513, 592.0238225224057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 359.82769654542847, 587.962570910935, 363.8776960886785, 592.0238225224057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "556,188 ", "box": [ 418.2151899606161, 587.962570910935, 452.06010464366153, 592.0238225224057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 458.8733851252748, 587.962570910935, 462.9233846685248, 592.0238225224057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "549,447 ", "box": [ 517.2608785404625, 587.962570910935, 546.2542380206555, 592.0238225224057 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 595.8252654041935, 64.46249210606271, 598.5327664785109 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 602.1375693123082, 72.55721755315749, 606.1988209237825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR at December 31, 2025 was 3.69%.", "box": [ 79.30194355750221, 602.1375693123082, 212.7304441347311, 606.1988209237825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Debt Related to Real Estate Owned Hotel Portfolio", "box": [ 63.11249225831271, 627.8681577413117, 247.27175870298797, 632.3795313725459 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On February 8, 2021, we assumed a $300.0 million securitized senior mortgage in connection with a foreclosure on a hotel ", "box": [ 85.15545852235574, 642.7181560665595, 551.3513311789417, 647.2295296977936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio which, subsequent thereto, was modified to provide for, among other things, total principal payments of $25.0 million, an ", "box": [ 63.11249225831271, 652.1681550008107, 551.3618746777526, 656.6795286320448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extension of the contractual maturity date to February 9, 2025, and the designation of a portion of the loan becoming partial recourse ", "box": [ 63.11249225831271, 661.6181539350619, 551.3618746777526, 666.129527566296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to us. Concurrent with each modification, we acquired interest rate caps with notional amounts equal to the borrowing outstanding, ", "box": [ 63.11249225831271, 671.7431527931876, 551.3618746777526, 676.2545264244218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "strike ", "box": [ 63.11249225831271, 681.1931517274352, 85.35880223254809, 685.7045253586693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 506.22884853463046, 119.65967365648976, 511.8484510904861, 122.07611833147166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 120.00232959240272, 222.53243054953782, 126.33027831935065, 225.25346912922032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 120.00232959240272, 232.65742940765995, 126.33027831935065, 235.37846798734608 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 221.1995871795999, 500.3596307219923, 222.40446202684177, 502.7760753969742 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 222.41247429281316, 500.3596307219923, 228.03207684866877, 502.7760753969742 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 222.70778675950848, 576.6346221198692, 228.3273893153641, 579.0510667948474 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 28, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81804987106807, 65.36192948775115, 61.329423502302234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28", "box": [ 301.60895311120953, 694.0179780090693, 310.6066975402138, 698.5293516403035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rates ranging from 3.0% to 5.0%, and maturity dates matching the associated financing. Upon maturity in February 2025, we entered ", "box": [ 63.11249225831271, 87.86804636931629, 551.3724249265628, 92.37942000055045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "into forbearance agreements with our lender through September 9, 2025 and concurrently repaid $5.0 million of the principal balance. ", "box": [ 63.11249225831271, 97.31804530356749, 551.3513311789417, 101.82941893480165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the forbearance period, interest accrued at additional rates ranging from 3.0% to 5.0% per annum. On June 9, 2025, we ", "box": [ 63.11249225831271, 106.76804423781869, 551.3618746777526, 111.27941786905285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "refinanced our debt related to real estate owned hotel portfolio with a non-recourse senior mortgage in the amount of $235.0 million. ", "box": [ 63.11249225831271, 116.21804317206625, 551.3618746777526, 120.72941680330405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Such financing matures on June 9, 2027, and we may extend the maturity to June 9, 2030 pursuant to three one-year extension options, ", "box": [ 63.11249225831271, 125.66804210631744, 551.3618746777526, 130.1794157375516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subject to meeting prescribed conditions.", "box": [ 63.11249225831271, 135.11804104056864, 210.78874507433662, 139.6294146718028 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our debt related to real estate owned hotel portfolio as of June 30, 2026 is summarized as follows ($ in thousands): ", "box": [ 85.15545852235574, 155.36803875681653, 501.9708679979611, 159.8794123880507 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 165.4930376149423, 87.40489575179419, 170.00441124617646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contractual Maturity Date", "box": [ 66.19217941099241, 175.46132320158358, 149.31971501898343, 179.06906831542074 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.0456886158458, 175.46132320158358, 154.84456337922268, 179.06906831542074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stated Rate", "box": [ 185.4245912142248, 175.46132320158358, 221.1947269055785, 179.06906831542074 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.01755245401796, 175.46132320158358, 253.81642721739482, 179.06906831542074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Interest Rate", "box": [ 275.9062182599071, 175.46132320158358, 328.64970372204397, 179.06906831542074 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.9894162921901, 175.46132320158358, 352.788291055567, 179.06906831542074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowing Outstanding", "box": [ 365.4913644066925, 175.46132320158358, 438.8586309574948, 179.06906831542074 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 446.38588653358727, 175.46132320158358, 448.1847612969642, 179.06906831542074 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 450.0351048720365, 176.1363231254618, 451.8339796354134, 179.7440682392953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 477.14057056514207, 175.46132320158358, 525.3060741760738, 179.06906831542074 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 175.46132320158358, 547.2410001256208, 179.06906831542074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6/9/2027", "box": [ 93.35037947315068, 184.31244416169284, 122.1512546250517, 188.3736957731635 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.0456886158458, 184.31244416169284, 155.0706883874708, 188.3736957731635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "S + 3.18%", "box": [ 189.70662198130682, 184.31244416169284, 223.7519298317523, 188.3736957731635 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.01755245401796, 184.31244416169284, 254.04255222564296, 188.3736957731635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.83%", "box": [ 295.2386413296392, 184.31244416169284, 316.1610021500616, 188.3736957731635 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.9894162921901, 184.31244416169284, 353.01441606381513, 188.3736957731635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 359.82769654542847, 184.31244416169284, 363.8776960886785, 188.3736957731635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "235,000 ", "box": [ 418.2151899606161, 184.31244416169284, 452.06010464366153, 188.3736957731635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 458.8733851252748, 184.31244416169284, 462.9233846685248, 188.3736957731635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "232,406 ", "box": [ 517.2608785404625, 184.31244416169284, 546.2542380206555, 188.3736957731635 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 193.1680344938177, 87.40489575179419, 197.67940812505185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 202.53744210631703, 72.55721755315749, 206.59869371778768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR at June 30, 2026 was 3.65%, which was below the 6.79% strike rate provided by our interest rate cap. See Note 7 - Derivatives for ", "box": [ 79.30194355750221, 202.53744210631703, 551.1479874687493, 206.59869371778768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "further detail.", "box": [ 79.30194355750221, 211.98744104056823, 123.38128403633166, 216.04869265203888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our debt related to real estate owned hotel portfolio as of December 31, 2025 is summarized as follows ($ in thousands):", "box": [ 85.15545852235574, 232.31803007856797, 520.1793604105688, 236.82940370980214 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 243.1180288605683, 87.40489575179419, 247.62940249180247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contractual Maturity Date", "box": [ 66.19217941099241, 253.0863144472096, 149.31971501898343, 256.69405956104674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.0456886158458, 253.0863144472096, 154.84456337922268, 256.69405956104674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stated Rate", "box": [ 185.4245912142248, 253.0863144472096, 221.1947269055785, 256.69405956104674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.01755245401796, 253.0863144472096, 253.81642721739482, 256.69405956104674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Interest Rate", "box": [ 275.9062182599071, 253.0863144472096, 328.64970372204397, 256.69405956104674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.9894162921901, 253.0863144472096, 352.788291055567, 256.69405956104674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowing Outstanding", "box": [ 365.4913644066925, 253.0863144472096, 438.8586309574948, 256.69405956104674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 446.38588653358727, 253.0863144472096, 448.1847612969642, 256.69405956104674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 450.0351048720365, 253.76131437108415, 451.8339796354134, 257.3690594849213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 477.14057056514207, 253.0863144472096, 525.3060741760738, 256.69405956104674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 253.0863144472096, 547.2410001256208, 256.69405956104674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6/9/2027", "box": [ 93.35037947315068, 261.9374354073152, 122.1512546250517, 265.9986870187895 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.0456886158458, 261.9374354073152, 155.0706883874708, 265.9986870187895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "S + 3.18%", "box": [ 189.70662198130682, 261.9374354073152, 223.7519298317523, 265.9986870187895 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.01755245401796, 261.9374354073152, 254.04255222564296, 265.9986870187895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.87%", "box": [ 295.2386413296392, 261.9374354073152, 316.1610021500616, 265.9986870187895 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.9894162921901, 261.9374354073152, 353.01441606381513, 265.9986870187895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 359.82769654542847, 261.9374354073152, 363.8776960886785, 265.9986870187895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "235,000 ", "box": [ 418.2151899606161, 261.9374354073152, 452.06010464366153, 265.9986870187895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 458.8733851252748, 261.9374354073152, 462.9233846685248, 265.9986870187895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "230,992 ", "box": [ 517.2608785404625, 261.9374354073152, 546.2542380206555, 265.9986870187895 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 270.47512982445187, 64.46249210606271, 273.1826308987693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 276.78743373256657, 72.55721755315749, 280.84868534404086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR at December 31, 2025 was 3.69%, which was below the 6.79% strike rate provided by our interest rate cap. See Note 7 - Derivatives for ", "box": [ 79.30194355750221, 276.78743373256657, 551.1374372199391, 280.84868534404086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "further detail.", "box": [ 79.30194355750221, 286.23743266681777, 123.38128403633166, 290.2986842782884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Expense and Amortization", "box": [ 63.11249225831271, 312.64302101969224, 188.29001506481865, 317.1543946509264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes our interest and amortization expense on our secured financings, debt related to real estate ", "box": [ 85.15545852235574, 328.16801926881817, 551.3618746777526, 332.67939290005233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned hotel portfolio, and secured term loan for the three and six months ended June 30, 2026 and 2025, respectively ($ in ", "box": [ 63.11249225831271, 338.29301812694393, 551.3618746777526, 342.8043917581781 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands):", "box": [ 63.11249225831271, 349.09301690894426, 104.59962575873193, 353.60439054017843 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 365.1363018104603, 64.9113670216896, 368.74404692429744 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 289.7753606957759, 365.1363018104603, 291.57423545915276, 368.74404692429744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended", "box": [ 323.3777006561783, 364.4613018865857, 388.9451808211925, 368.06904700042287 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 419.53354581193486, 364.4613018865857, 421.3324205753118, 368.06904700042287 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 424.3851077647864, 365.1363018104603, 426.18398252816337, 368.74404692429744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended", "box": [ 457.4284667882295, 364.4613018865857, 514.2123786163353, 368.06904700042287 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 364.4613018865857, 547.2515503744308, 368.06904700042287 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 373.9113008208369, 64.9113670216896, 377.51904593467407 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 289.7753606957759, 373.9113008208369, 291.57423545915276, 377.51904593467407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 300.89176569209235, 373.23630089696235, 342.66984742545264, 376.84404601079586 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.78902231479015, 373.23630089696235, 352.58789707816703, 376.84404601079586 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 354.43824065323935, 373.9113008208369, 356.23711541661623, 377.51904593467407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 368.6132390546144, 373.23630089696235, 410.3913207879748, 376.84404601079586 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 419.53354581193486, 373.23630089696235, 421.3324205753118, 376.84404601079586 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 424.3851077647864, 373.9113008208369, 426.18398252816337, 377.51904593467407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 434.29916914670054, 373.23630089696235, 476.0772508800609, 376.84404601079586 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.19643251939755, 373.23630089696235, 485.9953072827745, 376.84404601079586 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 487.8456508578468, 373.9113008208369, 489.6445256212237, 377.51904593467407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 498.27650568147806, 373.23630089696235, 540.0545874148385, 376.84404601079586 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 373.23630089696235, 547.2515503744308, 376.84404601079586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense on secured financings", "box": [ 63.11249225831271, 383.4374217048171, 188.16414185526423, 387.4986733162914 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 289.7753606957759, 382.1680131788198, 298.68746569068844, 387.4986733162914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27,243 ", "box": [ 326.668325285069, 383.4374217048171, 356.46324042486435, 387.4986733162914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 361.33589612533706, 383.4374217048171, 365.38589566858707, 387.4986733162914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "60,811 $", "box": [ 395.4128487822137, 383.4374217048171, 432.09487589529584, 387.4986733162914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "58,492 ", "box": [ 460.0757287396772, 383.4374217048171, 489.8706506294718, 387.4986733162914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 494.74330632994446, 383.4374217048171, 498.79330587319447, 387.4986733162914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "128,225 ", "box": [ 517.2819722880836, 383.4374217048171, 546.2753317682766, 387.4986733162914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense on secured term loan", "box": [ 63.11249225831271, 393.56242056294286, 185.23738376533754, 397.6236721744135 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 289.7753606957759, 392.29301203694195, 292.02479792521433, 396.80438566817975 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 294.63746614743843, 393.56242056294286, 296.66246591906344, 397.6236721744135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,165 ", "box": [ 326.668325285069, 393.56242056294286, 356.46324042486435, 397.6236721744135 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 361.33589612533706, 393.56242056294286, 363.36089589696206, 397.6236721744135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,175 ", "box": [ 395.4128487822137, 393.56242056294286, 430.06987612367084, 397.6236721744135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25,754 ", "box": [ 460.0757287396772, 393.56242056294286, 489.8706506294718, 397.6236721744135 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 494.74330632994446, 393.56242056294286, 496.76830610156946, 397.6236721744135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32,223 ", "box": [ 521.3319718313336, 393.56242056294286, 546.2753317682766, 397.6236721744135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of deferred financing costs", "box": [ 63.11249225831271, 403.6874194210686, 194.91545707386587, 407.7486710325393 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 289.7753606957759, 402.4180108950677, 292.02479792521433, 406.9293845263019 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 294.63746614743843, 403.6874194210686, 296.66246591906344, 407.7486710325393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,352 ", "box": [ 330.718324828319, 403.6874194210686, 356.46324042486435, 407.7486710325393 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 361.33589612533706, 403.6874194210686, 363.36089589696206, 407.7486710325393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,009 ", "box": [ 399.4628483254637, 403.6874194210686, 430.06987612367084, 407.7486710325393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,839 ", "box": [ 460.0757287396772, 403.6874194210686, 489.8706506294718, 407.7486710325393 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 494.74330632994446, 403.6874194210686, 496.76830610156946, 407.7486710325393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,774 ", "box": [ 521.3319718313336, 403.6874194210686, 546.2753317682766, 407.7486710325393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of discount on secured term loan", "box": [ 63.11249225831271, 413.81241827919075, 214.2716069309221, 417.87366989066504 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 289.7753606957759, 412.5430097531935, 292.02479792521433, 417.05438338442764 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 294.63746614743843, 413.1374183553162, 296.66246591906344, 417.1986699667905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "843 ", "box": [ 336.793324143194, 413.1374183553162, 356.46324042486435, 417.87366989066504 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 361.33589612533706, 413.1374183553162, 363.36089589696206, 417.1986699667905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 414.9878465745888, 413.1374183553162, 420.35620196915755, 417.1986699667905 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 423.1827641503841, 413.81241827919075, 425.2077639220091, 417.87366989066504 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 428.04487635204583, 413.1374183553162, 430.06987612367084, 417.1986699667905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,412 ", "box": [ 464.1257282829272, 413.1374183553162, 489.8706506294718, 417.87366989066504 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 494.74330632994446, 413.1374183553162, 496.76830610156946, 417.1986699667905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 540.9069696237086, 413.1374183553162, 546.2753317682766, 417.1986699667905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest and related expense", "box": [ 63.11249225831271, 423.26241721344195, 153.29222099804235, 427.32366882491624 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 289.7753606957759, 422.66800861131924, 292.02479792521433, 427.1793822425534 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 294.63746614743843, 422.5874172895674, 296.66246591906344, 426.6486689010417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "46,603 ", "box": [ 326.668325285069, 422.5874172895674, 356.46324042486435, 427.32366882491624 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 361.33589612533706, 422.5874172895674, 363.36089589696206, 426.6486689010417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "81,995 ", "box": [ 395.4128487822137, 422.5874172895674, 430.06987612367084, 426.6486689010417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "97,497 ", "box": [ 460.0757287396772, 422.5874172895674, 489.8706506294718, 427.32366882491624 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 494.74330632994446, 422.5874172895674, 496.76830610156946, 426.6486689010417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "171,222 ", "box": [ 517.2819722880836, 422.5874172895674, 546.2753317682766, 426.6486689010417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense on debt related to real estate owned hotel portfolio ", "box": [ 63.11249225831271, 432.71241614769315, 282.8566109360571, 436.7736677591638 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 289.7753606957759, 437.5180069365706, 292.02479792521433, 442.02938056780476 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 294.63746614743843, 438.1124155386933, 296.66246591906344, 442.17366715016396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,758 ", "box": [ 330.718324828319, 438.1124155386933, 356.46324042486435, 442.17366715016396 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 361.33589612533706, 438.1124155386933, 363.36089589696206, 442.17366715016396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,631 ", "box": [ 399.4628483254637, 438.1124155386933, 430.06987612367084, 442.17366715016396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,495 ", "box": [ 464.1257282829272, 438.1124155386933, 489.8706506294718, 442.17366715016396 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 494.74330632994446, 438.1124155386933, 496.76830610156946, 442.17366715016396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,185 ", "box": [ 521.3319718313336, 438.1124155386933, 546.2753317682766, 442.17366715016396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense on multifamily real estate owned properties", "box": [ 63.11249225831271, 448.2374143968191, 258.568478555219, 452.29866600828973 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 289.7753606957759, 447.6430057946927, 292.02479792521433, 452.1543794259269 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 294.63746614743843, 447.5624144729409, 296.66246591906344, 451.62366608441516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,189 ", "box": [ 330.718324828319, 447.5624144729409, 356.46324042486435, 452.29866600828973 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 361.33589612533706, 447.5624144729409, 363.36089589696206, 451.62366608441516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "533 ", "box": [ 405.5378476403387, 447.5624144729409, 430.06987612367084, 451.62366608441516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,628 ", "box": [ 464.1257282829272, 447.5624144729409, 489.8706506294718, 452.29866600828973 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 494.74330632994446, 447.5624144729409, 496.76830610156946, 451.62366608441516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "533 ", "box": [ 531.4569706894587, 447.5624144729409, 546.2753317682766, 451.62366608441516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total interest and related expense", "box": [ 63.11249225831271, 459.712413102694, 171.96414206226441, 463.7736647141646 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 289.7753606957759, 457.68741333106664, 298.68746569068844, 462.810091625568 ], "from_ocr": false, "confidence": 1.0 }, { "text": "55,550 ", "box": [ 326.668325285069, 457.68741333106664, 356.46324042486435, 463.7736647141646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 361.33589612533706, 457.68741333106664, 365.38589566858707, 461.7486649425409 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90,159 $", "box": [ 395.4128487822137, 457.68741333106664, 432.09487589529584, 461.7486649425409 ], "from_ocr": false, "confidence": 1.0 }, { "text": "115,620 ", "box": [ 456.02572919642716, 457.68741333106664, 489.8706506294718, 463.7736647141646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 494.74330632994446, 457.68741333106664, 498.79330587319447, 461.7486649425409 ], "from_ocr": false, "confidence": 1.0 }, { "text": "185,940 ", "box": [ 517.2819722880836, 457.68741333106664, 546.2753317682766, 461.7486649425409 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 468.41129016333434, 64.9113670216896, 472.0190352771715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 475.91241127569083, 72.55721755315749, 479.9736628871651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three months ended June 30, 2026 and 2025, interest expense on debt related to real estate owned hotel portfolio includes $0.7 million ", "box": [ 79.30194355750221, 475.91241127569083, 551.1479874687493, 479.9736628871651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and $0.5 million, respectively, of amortization of deferred financing costs. For the six months ended June 30, 2026 and 2025, interest expense ", "box": [ 79.30194355750221, 485.362410209942, 551.1585309675603, 489.4236618214163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on debt related to real estate owned hotel portfolio includes $1.4 million and $0.9 million, respectively, of amortization of deferred financing ", "box": [ 79.30194355750221, 494.13740922031866, 551.1479874687493, 498.1986608317893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "costs.", "box": [ 79.30194355750221, 503.5874081545662, 97.52694231212718, 507.6486597660405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 513.0374070888174, 72.55721755315749, 517.0986587002917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our multifamily real estate owned assets are pledged to certain of our repurchase agreements. Thus, amount excludes any allocation of ", "box": [ 79.30194355750221, 513.0374070888174, 551.1374372199391, 517.0986587002917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amortization of deferred financing costs related to such repurchase agreement.", "box": [ 79.30194355750221, 522.4874060230686, 332.98854059728916, 526.5486576345393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Covenants", "box": [ 63.11249225831271, 548.8929943759431, 136.82980845541854, 553.4043680071773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our financing agreements generally contain certain financial covenants. As of June 30, 2026, we are in compliance with all ", "box": [ 85.15545852235574, 564.417992625069, 551.3724249265628, 568.9293662563032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial covenants under our financing agreements.", "box": [ 63.11249225831271, 574.5429914831948, 251.48945024920107, 579.054365114429 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Future compliance with our financial covenants is dependent upon the results of our operating activities, our financial condition, ", "box": [ 85.15545852235574, 596.1429890471954, 551.3618746777526, 600.6543626784296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and the overall market conditions in which we and our borrowers operate. The impact of macroeconomic conditions on the ", "box": [ 63.11249225831271, 606.2679879053176, 551.3618746777526, 610.7793615365554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commercial real estate and capital markets, including elevated benchmark interest rates compared to recent historical levels and the ", "box": [ 63.11249225831271, 616.3929867634433, 551.3618746777526, 620.9043603946775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "effects thereof on our and our borrowers' operating performance, may make it more difficult for us to satisfy these financial covenants ", "box": [ 63.11249225831271, 626.5179856215691, 551.3618746777526, 631.0293592528033 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the future. Non-compliance with financial covenants may result in our lenders exercising their rights and remedies as provided for ", "box": [ 63.11249225831271, 637.3179844035694, 551.3618746777526, 641.8293580348036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the respective agreements. As the results of our operating activities, our financial condition, and the overall market conditions in ", "box": [ 63.11249225831271, 647.4429832616952, 551.3618746777526, 651.9543568929294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which we and our borrowers operate evolve, we may continue to work with our counterparties on modifying financial covenants as ", "box": [ 63.11249225831271, 657.567982119821, 551.3618746777526, 662.0793557510551 ], "from_ocr": false, "confidence": 1.0 }, { "text": "needed; however, there is no assurance that our counterparties will agree to such modifications.", "box": [ 63.11249225831271, 668.3679809018213, 406.6564787598068, 672.8793545330554 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 221.1995871795999, 173.65949529450154, 228.02405676957324, 176.0759399694798 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 328.6511375614518, 173.65949529450154, 335.47560715142515, 176.0759399694798 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 221.1995871795999, 251.2844865401239, 228.02405676957324, 253.7009312151058 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 328.6511375614518, 251.2844865401239, 335.47560715142515, 253.7009312151058 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 436.50723414591994, 69.44044098526065, 439.2282727256061 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 258.57770796417816, 446.6322330040457, 266.26240282561525, 449.35327158373184 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 29, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49299843494373, 65.36192948775115, 62.00437206617789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "29", "box": [ 301.60895311120953, 701.4429258116979, 310.6066975402138, 705.9542994429321 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repurchase Agreements and Term Participation Facility", "box": [ 63.11249225831271, 93.94299432419575, 267.7715201250355, 98.45436795542992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As calculated in accordance with our repurchase agreements and our term participation facility and as of June 30, 2026, (i) our ", "box": [ 85.15545852235574, 109.46799257332168, 551.3618746777526, 113.97936620455584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "tangible net worth shall not be less than $1.0 billion plus 75% of the aggregate cash proceeds received by us after January 30, 2026 ", "box": [ 63.11249225831271, 120.26799135531837, 551.3724249265628, 124.77936498655254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from any equity issuances, capital contributions, and/or subscriptions (net of any related costs), (ii) our total debt to equity ratio shall ", "box": [ 63.11249225831271, 130.39299021344414, 551.3618746777526, 134.9043638446783 ], "from_ocr": false, "confidence": 1.0 }, { "text": "not exceed 3.50 to 1.00, and (iii) our cash liquidity shall not be less than the greater of (x) $20.0 million or (y) 5% of total recourse ", "box": [ 63.11249225831271, 140.5179890715699, 551.3618746777526, 145.02936270280406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "indebtedness (which includes our secured term loan). For the quarters ending June 30, 2026 to June 30, 2027, there is no measurement ", "box": [ 63.11249225831271, 151.31798785357023, 551.3724249265628, 155.8293614848044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our ratio of earnings before interest, taxes, depreciation, and amortization to interest charges (our 'Interest Coverage Ratio'). ", "box": [ 63.11249225831271, 161.442986711696, 551.3724249265628, 165.95436034293016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commencing with the quarters ending September 30, 2027 and December 31, 2027, our Interest Coverage Ratio shall not be less than ", "box": [ 63.11249225831271, 171.56798556982176, 551.349720899123, 176.07935920105592 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.10 to 1.00. Subsequent thereto, our Interest Coverage Ratio shall not be less than (i) 1.20 to 1.00 for the quarters ending March 31, ", "box": [ 63.11249225831271, 182.36798435181845, 551.3513311789417, 186.87935798305625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028 and June 30, 2028 and (ii) 1.30 to 1.00 for the quarters ending September 30, 2028 and thereafter. ", "box": [ 63.11249225831271, 192.4929832099442, 437.4345437762249, 197.00435684117838 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured Term Loan", "box": [ 63.11249225831271, 213.4179808500703, 134.08832253756563, 217.92935448130447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As calculated in accordance with our new secured term loan agreement and effective upon its closing, (i) our tangible net worth ", "box": [ 85.15545852235574, 229.6179790230708, 551.3618746777526, 234.12935265430497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shall not be less than $1.0 billion plus 75% of the aggregate cash proceeds received by us after January 30, 2026 from any equity ", "box": [ 63.11249225831271, 239.74297788119657, 551.3513311789417, 244.25435151243073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "issuances, capital contributions, and/or subscriptions (net of any related costs) and (ii) our total debt to equity ratio shall not exceed ", "box": [ 63.11249225831271, 249.8679767393187, 551.3582482406616, 254.3793503705565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.50 to 1.00. For the quarters ending June 30, 2026 to June 30, 2027, there is no measurement of our Interest Coverage Ratio. ", "box": [ 63.11249225831271, 259.99297559744446, 551.3618746777526, 264.5043492286786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commencing with the quarters ending September 30, 2027 and December 31, 2027, our Interest Coverage Ratio shall not be less than ", "box": [ 63.11249225831271, 270.7929743794448, 551.349720899123, 275.30434801067895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.10 to 1.00. Subsequent thereto, our Interest Coverage Ratio shall not be less than (i) 1.20 to 1.00 for the quarters ending March 31, ", "box": [ 63.11249225831271, 280.91797323757055, 551.3513311789417, 285.4293468688047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028 and June 30, 2028 and (ii) 1.30 to 1.00 for the quarters ending September 30, 2028 and thereafter.", "box": [ 63.11249225831271, 291.0429720956963, 435.18103837286986, 295.5543457269305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 7. Derivatives", "box": [ 63.11249225831271, 318.04296905069714, 138.06874692069383, 322.5543426819313 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prior to the June 2025 refinance of our debt related to real estate owned hotel portfolio, we acquired interest rate caps with ", "box": [ 85.15545852235574, 333.56796729981943, 551.3618746777526, 338.0793409310536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maturity dates and notional amounts equal to that of the then maturity dates and outstanding principal balance of our debt related to ", "box": [ 63.11249225831271, 343.6929661579452, 551.3618746777526, 348.20433978917936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate owned hotel portfolio, respectively, and strike rates ranging from 3.0% to 5.0% which effectively limited the maximum ", "box": [ 63.11249225831271, 354.4929649399455, 551.3618746777526, 359.0043385711797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest rate to 7.94% through the then contractual maturity. Concurrent with refinancing our debt related to real estate owned hotel ", "box": [ 63.11249225831271, 364.6179637980713, 551.3618746777526, 369.12933742930545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio in June 2025, we acquired an interest rate cap for a price of $71,000 with a notional amount of $235.0 million, a strike rate of ", "box": [ 63.11249225831271, 374.74296265619705, 551.3618746777526, 379.2543362874312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.79%, and a maturity date of June 2027, which effectively limits the maximum interest rate of our debt related to real estate owned ", "box": [ 63.11249225831271, 385.5429614381974, 551.3513311789417, 390.05433506943154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "hotel portfolio to 9.97%.", "box": [ 63.11249225831271, 395.6679602963195, 151.83575123542485, 400.17933392755367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Changes in the fair value of our interest rate cap are recorded as an unrealized gain or loss on interest rate cap on our ", "box": [ 85.15545852235574, 416.5929579364456, 551.3618746777526, 421.10433156767976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated statements of operations and the fair value is recorded in other assets on our consolidated balance sheets. Proceeds ", "box": [ 63.11249225831271, 427.39295671844593, 551.3618746777526, 431.9043303496801 ], "from_ocr": false, "confidence": 1.0 }, { "text": "received from our counterparty related to the interest rate cap are recorded as proceeds from interest rate cap on our consolidated ", "box": [ 63.11249225831271, 437.5179555765717, 551.3618746777526, 442.02932920780586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements of operations. As of June 30, 2026 and December 31, 2025, the fair value of our interest rate cap was de minimis. During ", "box": [ 63.11249225831271, 447.64295443469746, 551.3618746777526, 452.1543280659316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the three and six months ended June 30, 2026 and 2025, we did not recognize any proceeds from our interest rate caps.", "box": [ 63.11249225831271, 457.7679532928196, 490.8882011178394, 462.27932692405375 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note", "box": [ 63.11249225831271, 484.09295032394584, 81.09918728252832, 488.60432395518 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 81.10545897910573, 484.09295032394584, 83.35489620854418, 488.60432395518 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.", "box": [ 83.36248997456276, 484.09295032394584, 90.11079717412862, 488.60432395518 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 90.11248921331278, 484.09295032394584, 94.61135626406552, 488.60432395518 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair Value Measurements ", "box": [ 94.61600433041632, 484.09295032394584, 196.8181646624078, 488.60432395518 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASC 820, '", "box": [ 85.15545852235574, 499.61794857307177, 127.62326044064625, 504.12932220430594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair Value Measurements and Disclosures", "box": [ 127.62771935742813, 499.61794857307177, 283.5216004268427, 504.12932220430594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "' establishes a framework for measuring fair value as well as disclosures ", "box": [ 283.5316113999321, 499.61794857307177, 551.3724249265628, 504.12932220430594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "about fair value measurements. It emphasizes that fair value is a market-based measurement, not an entity-specific measurement. ", "box": [ 63.11249225831271, 509.74294743119754, 551.3618746777526, 514.2543210624317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Therefore, a fair value measurement should be determined based on the assumptions that market participants would use when pricing ", "box": [ 63.11249225831271, 520.5429462131979, 551.3618746777526, 525.054319844432 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an asset or liability. As a basis for considering market participant assumptions in fair value measurements, the standards establish a ", "box": [ 63.11249225831271, 530.66794507132, 551.3618746777526, 535.1793187025542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources ", "box": [ 63.11249225831271, 540.7929439294458, 551.3618746777526, 545.3043175606799 ], "from_ocr": false, "confidence": 1.0 }, { "text": "independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting ", "box": [ 63.11249225831271, 550.9179427875715, 551.3618746777526, 555.4293164188057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).", "box": [ 63.11249225831271, 561.7179415695718, 524.391498879412, 566.229315200806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to ", "box": [ 85.15545852235574, 582.6429392096979, 551.3618746777526, 587.1543128409321 ], "from_ocr": false, "confidence": 1.0 }, { "text": "access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either ", "box": [ 63.11249225831271, 592.7679380678201, 551.3618746777526, 597.2793116990542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that ", "box": [ 63.11249225831271, 603.5679368498204, 551.3618746777526, 608.0793104810546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are observable for the asset or liability other than quoted prices, such as interest rates, foreign exchange rates, and yield curves that are ", "box": [ 63.11249225831271, 613.6929357079462, 551.3618746777526, 618.2043093391803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability which are typically based on ", "box": [ 63.11249225831271, 623.8179345660719, 551.3618746777526, 628.3293081973061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value ", "box": [ 63.11249225831271, 634.6179333480723, 551.3618746777526, 639.1293069793064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the ", "box": [ 63.11249225831271, 644.742932206198, 551.3618746777526, 649.2543058374322 ], "from_ocr": false, "confidence": 1.0 }, { "text": "entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. ", "box": [ 63.11249225831271, 654.8679310643201, 551.3618746777526, 659.3793046955543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers ", "box": [ 63.11249225831271, 665.6679298463205, 551.3618746777526, 670.1793034775546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "factors specific to the asset or liability.", "box": [ 63.11249225831271, 675.7929287044462, 202.2830310735923, 680.3043023356804 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 30, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.4930665469401, 65.36192948775115, 62.004440178174264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30", "box": [ 301.60895311120953, 687.2679955223175, 310.6066975402138, 691.7793691535517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Instruments Reported at Fair Value", "box": [ 63.11249225831271, 99.34306182718865, 225.77910073834772, 103.85443545842281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The fair value of our interest rate caps are determined by using the market standard methodology of discounting the future ", "box": [ 85.15545852235574, 115.54306000018914, 551.3618746777526, 120.05443363142331 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected cash receipts that would occur if variable interest rates rise above the strike rate of the interest rate caps. The variable interest ", "box": [ 63.11249225831271, 125.66805885831491, 551.3618746777526, 130.17943248954907 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rates used in the calculation of projected receipts on the interest rate caps are based on a third-party expert's expectation of future ", "box": [ 63.11249225831271, 135.79305771644067, 551.3618746777526, 140.30443134767484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest rates derived from observable market interest rate curves and volatilities. Our interest rate caps are classified as Level 2 in the ", "box": [ 63.11249225831271, 146.593056498441, 551.3618746777526, 151.10443012967517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fair value hierarchy. As of June 30, 2026 and December 31, 2025, the fair value of our interest rate cap was de minimis. ", "box": [ 63.11249225831271, 156.71805535656313, 496.8661810736564, 161.22942898780093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Instruments Not Reported at Fair Value ", "box": [ 63.11249225831271, 183.0430523876894, 243.78339711577277, 187.55442601892355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required ", "box": [ 85.15545852235574, 199.24305056068988, 551.3618746777526, 203.75442419192404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to be disclosed at fair value were as follows ($ in thousands):", "box": [ 63.11249225831271, 209.36804941881564, 283.2494849434961, 213.8794230500498 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 151.90662624430672, 224.81245634618972, 153.93162601593173, 228.87370795766037 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 243.37965942818042, 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417.1874346505647, 506.03900480604057, 421.24868626203533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "235,216 ", "box": [ 517.1975972975991, 417.1874346505647, 546.1909567777923, 421.24868626203533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 426.7180249065641, 65.36192948775115, 431.22939853779826 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 437.5986150103199, 65.58636694556459, 442.56011066131396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 9. Equity", "box": [ 63.11249225831271, 459.79302117643965, 120.60045711619722, 464.3043948076738 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Common Stock", "box": [ 63.11249225831271, 480.71801881656575, 119.35276410440927, 485.2293924477999 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our charter provides for the issuance of up to 500,000,000 shares of common stock with a par value of $0.01 per share. As of ", "box": [ 85.15545852235574, 496.2430170656917, 551.3525740563015, 500.75439069692584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026 and December 31, 2025, we had 141,084,206 and 140,218,764 shares of common stock issued and outstanding, ", "box": [ 63.11249225831271, 506.36801592381744, 551.3618746777526, 510.8793895550516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively. The following table provides a summary of the number of shares of common stock outstanding during the six months ", "box": [ 63.11249225831271, 517.1680147058141, 551.3407809301315, 521.6793883370519 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 and 2025, respectively:", "box": [ 63.11249225831271, 527.2930135639399, 223.03323191955172, 531.8043871951741 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 542.737420491314, 65.13749202993772, 546.7986721027883 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 363.4558211362566, 542.737420491314, 365.4808209078816, 546.7986721027883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended", "box": [ 428.097607346099, 543.3362984654595, 484.8815191742047, 546.9440435792967 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 543.3362984654595, 547.2515503744308, 546.9440435792967 ], "from_ocr": false, "confidence": 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556.3940425135443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Beginning balance", "box": [ 63.11249225831271, 561.6374183598127, 123.61727170471752, 565.698669971287 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 363.4558211362566, 561.7180096815646, 365.70525836569504, 566.2293833127987 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 369.38316421778393, 562.9874182075655, 371.40816398940893, 567.0486698190361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "140,218,764 ", "box": [ 410.28394085508484, 562.9874182075655, 453.45229198665373, 567.0486698190361 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 459.30581032650684, 561.7180096815646, 464.23119702103264, 567.0486698190361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "139,362,657 ", "box": [ 503.10697388670854, 562.9874182075655, 546.2753317682766, 567.0486698190361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Issuance of common stock in exchange for fully vested RSUs", "box": [ 63.11249225831271, 571.7624172179385, 262.64220947579264, 575.8236688294128 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 363.4558211362566, 571.8430085396903, 365.70525836569504, 576.3543821709245 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 369.38316421778393, 572.4374171418131, 371.40816398940893, 576.4986687532873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "865,442 ", "box": [ 424.45893925645987, 572.4374171418131, 453.45229198665373, 576.4986687532873 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 459.30581032650684, 571.8430085396903, 464.23119702103264, 576.4986687532873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "459,344 ", "box": [ 517.2819722880836, 572.4374171418131, 546.2753317682766, 576.4986687532873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ending balance", "box": [ 63.11249225831271, 581.8874160760643, 113.26683286201713, 585.9486676875385 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 363.4558211362566, 583.3180072455652, 365.70525836569504, 587.8293808767994 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 369.38316421778393, 581.8874160760643, 371.40816398940893, 585.9486676875385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "141,084,206 ", "box": [ 410.28394085508484, 581.8874160760643, 453.45229198665373, 585.9486676875385 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 459.30581032650684, 581.8874160760643, 464.23119702103264, 587.8293808767994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "139,822,001 ", "box": [ 503.10697388670854, 581.8874160760643, 546.2753317682766, 585.9486676875385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At the Market Stock Offering Program", "box": [ 63.11249225831271, 604.2430048856913, 202.79268349348615, 608.7543785169255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On May 10, 2024, we entered into an equity distribution agreement with certain sales agents, pursuant to which we may sell, ", "box": [ 85.15545852235574, 619.7680031348173, 551.3618746777526, 624.2793767660514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from time to time, up to an aggregate sales price of $150.0 million of our common stock pursuant to a continuous offering program ", "box": [ 63.11249225831271, 630.5680019168176, 551.3618746777526, 635.0793755480518 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(the 'ATM Agreement') under our in-place effective shelf registration. Sales of our common stock made pursuant to the ATM ", "box": [ 63.11249225831271, 640.6930007749397, 551.3618746777526, 645.2043744061739 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement may be made in negotiated transactions or transactions that are deemed to be 'at the market' offerings as defined in Rule ", "box": [ 63.11249225831271, 650.8179996330655, 551.3618746777526, 655.3293732642996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "415 under the ", "box": [ 63.11249225831271, 660.9429984911912, 114.83731453302669, 665.4543721224254 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 31, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81801574306883, 65.36192948775115, 61.32938937430299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31", "box": [ 301.60895311120953, 681.1929453274461, 310.6066975402138, 685.7043189586802 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securities Act of 1933, as amended. The timing and amount of actual sales will depend on a variety of factors, including market ", "box": [ 63.11249225831271, 88.54301216519161, 551.3618746777526, 93.05438579642941 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions, the trading price of our common stock, our capital needs, and our determination of the appropriate sources of funding to ", "box": [ 63.11249225831271, 98.66801102331738, 551.3618746777526, 103.17938465455154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "meet such needs. During the six months ended June 30, 2026, we did not issue any shares of our common stock pursuant to the ATM ", "box": [ 63.11249225831271, 109.4680098053177, 551.3618746777526, 113.97938343655187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement. As of June 30, 2026, the ATM Agreement has not been utilized, and $150.0 million of our common stock remained ", "box": [ 63.11249225831271, 119.59300866344347, 551.3724249265628, 124.10438229467763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "available for issuance pursuant to the ATM Agreement.", "box": [ 63.11249225831271, 129.71800752156923, 263.4966954400506, 134.2293811528034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dividends", "box": [ 63.11249225831271, 150.6430051616917, 100.10076348013901, 155.1543787929295 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Board did not declare any dividends during the six months ended June 30, 2026 and 2025.", "box": [ 85.15545852235574, 166.84300333469218, 426.02532914543076, 171.35437696592635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Warrants", "box": [ 63.11249225831271, 187.76800097481828, 96.08516476800932, 192.27937460605244 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As consideration for and in connection with entering into our new secured term loan in January 2026, we issued detachable ", "box": [ 85.15545852235574, 203.2929992239442, 551.3618746777526, 207.80437285517837 ], "from_ocr": false, "confidence": 1.0 }, { "text": "warrants to purchase up to 7,542,227 shares of our common stock at an exercise price of $4.00 per share, with an expiration date of ", "box": [ 63.11249225831271, 214.09299800594454, 551.3618746777526, 218.6043716371787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "January 2037. In accordance with ASC 470, ", "box": [ 63.11249225831271, 224.2179968640703, 229.7020089863406, 228.72937049530447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Debt", "box": [ 230.60739861860773, 224.2179968640703, 248.09764418284288, 228.72937049530447 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", based on relative fair values at January 30, 2026, we allocated $13.5 million of ", "box": [ 248.10465889530545, 224.2179968640703, 551.3513311789417, 228.72937049530447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value to the warrants using Level 3 inputs within a Black-Scholes model, incorporating terms of the warrants, historical volatility of ", "box": [ 63.11249225831271, 234.34299572219243, 551.3618746777526, 238.8543693534266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our common stock, and current dividend levels. Value allocated to warrants is classified as equity with no subsequent remeasurement ", "box": [ 63.11249225831271, 245.14299450419276, 551.3618746777526, 249.65436813542692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and creates a corresponding discount on our secured term loan in the same amount. Furthermore, we incurred $23.2 million of ", "box": [ 63.11249225831271, 255.26799336231852, 551.3513311789417, 259.7793669935527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transaction costs which were allocated proportionately between deferred financing costs and equity issuance costs in the same manner. ", "box": [ 63.11249225831271, 265.3929922204443, 551.3618746777526, 269.90436585167845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See Note 6 - Debt Obligations - Secured Term Loan for further detail. As of June 30, 2026, none of the warrants have been exercised.", "box": [ 63.11249225831271, 276.1929910024446, 544.3553751979299, 280.7043646336788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 10. Earnings Per Share", "box": [ 63.11249225831271, 302.51798803356724, 174.57371950817742, 307.02936166480504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We calculate basic earnings per share ('EPS') using the two-class method, which defines unvested share-based payment awards ", "box": [ 85.15545852235574, 318.04298628269316, 551.3618746777526, 322.5543599139273 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that contain nonforfeitable rights to dividends as participating securities. Under the two-class method, both distributed and ", "box": [ 63.11249225831271, 328.8429850646935, 551.3618746777526, 333.35435869592766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "undistributed earnings are allocated to common stock and participating securities based on their respective rights. Basic EPS is ", "box": [ 63.11249225831271, 338.96798392281926, 551.3618746777526, 343.4793575540534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "calculated by dividing our net income (loss) less participating securities' share in earnings by the weighted average number of shares ", "box": [ 63.11249225831271, 349.092982780945, 551.3618746777526, 353.6043564121792 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of common stock outstanding during each period.", "box": [ 63.11249225831271, 359.2179816390708, 241.77998201921338, 363.72935527030495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Diluted EPS is calculated under the more dilutive of the treasury stock or the two-class method. Under the treasury stock ", "box": [ 85.15545852235574, 380.8179792030678, 551.3618746777526, 385.329352834302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "method, diluted EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock ", "box": [ 63.11249225831271, 390.94297806119357, 551.3618746777526, 395.45435169242774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding plus the incremental potential shares of common stock assumed issued during the period if they are dilutive.", "box": [ 63.11249225831271, 401.06797691931934, 496.40541039812103, 405.5793505505535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three and six months ended June 30, 2026 and 2025, we had no dilutive securities. As a result, basic and diluted EPS are ", "box": [ 85.15545852235574, 422.66797448332, 551.3618746777526, 427.17934811455416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the same. The calculation of basic and diluted EPS is as follows ($ in thousands, except per share data):", "box": [ 63.11249225831271, 432.79297334144576, 435.9166776285277, 437.3043469726799 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 442.9179721995679, 87.40489575179419, 447.42934583080205 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 453.63737965981636, 65.13749202993772, 457.69863127129065 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 281.46442413306494, 454.23625763396194, 283.2632988964418, 457.8440027477991 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended", "box": [ 317.3448888365455, 453.5612577100874, 382.9123690015597, 457.16900282392453 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 415.20932754961063, 453.5612577100874, 417.0082023129875, 457.16900282392453 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 418.85854588805984, 454.23625763396194, 420.6574206514368, 457.8440027477991 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended", "box": [ 455.540573001142, 453.5612577100874, 512.3244848292477, 457.16900282392453 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4315818634329, 453.5612577100874, 547.2304566268098, 457.16900282392453 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 462.412378670193, 65.13749202993772, 466.4736302816673 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 281.46442413306494, 463.68625656821314, 283.2632988964418, 467.29400168204666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 294.7429348855439, 463.01125664433494, 336.5210166189042, 466.6190017581721 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 346.22222932982294, 463.01125664433494, 348.0211040931998, 466.6190017581721 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.87144766827214, 463.68625656821314, 351.670322431649, 467.29400168204666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 363.44527088744644, 463.01125664433494, 405.2233526208068, 466.6190017581721 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 415.20932754961063, 463.01125664433494, 417.0082023129875, 466.6190017581721 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 418.85854588805984, 463.68625656821314, 420.6574206514368, 467.29400168204666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 430.6288570606302, 463.01125664433494, 472.40693879399055, 466.6190017581721 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 480.59994517500144, 463.01125664433494, 482.3988199383784, 466.6190017581721 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.2491635134507, 463.68625656821314, 486.0480382768276, 467.29400168204666 ], 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472.53737752831876, 493.7413499429429, 476.5986291397894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(260,330)", "box": [ 514.5397850973413, 472.53737752831876, 546.9055073772068, 476.5986291397894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dividends on participating securities", "box": [ 63.11249225831271, 482.6623763864445, 182.10891544815925, 486.7236279979152 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 281.46442413306494, 482.06796778431817, 283.7138613625034, 486.57934141555234 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 286.90661101930715, 482.6623763864445, 288.93161079093215, 486.7236279979152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 341.6765233424776, 482.6623763864445, 347.0448854870456, 486.7236279979152 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.87144766827214, 482.06796778431817, 352.12088489771065, 486.57934141555234 ], "from_ocr": false, "confidence": 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492.1123753206921, 546.2331442730344, 496.17362693216637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basic loss", "box": [ 63.11249225831271, 503.587374026567, 95.73792939888811, 507.64862563804127 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 281.46442413306494, 501.5623742549433, 290.95661056255716, 507.50433905567843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(255,431) $", "box": [ 315.35152631135253, 501.5623742549433, 359.36363409776436, 505.62362586641393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(181,707) $", "box": [ 384.33863128113944, 501.5623742549433, 428.35073231755206, 505.62362586641393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(309,725) $", "box": [ 449.72924890653024, 501.5623742549433, 493.7413499429429, 505.62362586641393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(260,330)", "box": [ 514.5397850973413, 501.5623742549433, 546.9055073772068, 505.62362586641393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average shares of common stock outstanding,", "box": [ 63.11249225831271, 513.0373729608182, 244.18386189748418, 517.0986245722925 ], "from_ocr": false, "confidence": 1.0 }, { "text": " basic and diluted ", "box": [ 63.11249225831271, 521.8123719711912, 124.0721052834224, 525.8736235826655 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 281.46442413306494, 520.5429634451939, 283.7138613625034, 525.054337076428 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 286.90661101930715, 519.7873721995675, 288.93161079093215, 523.8486238110418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "141,419,175 ", "box": [ 303.8765276054775, 519.7873721995675, 357.33863432613936, 523.8486238110418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "140,105,546 ", "box": [ 372.86363257526443, 519.7873721995675, 426.32573254592705, 523.8486238110418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "140,940,493 ", "box": [ 438.25425020065524, 519.7873721995675, 491.7163501713179, 523.8486238110418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "139,792,356 ", "box": [ 503.0647863914664, 519.7873721995675, 546.2331442730344, 523.8486238110418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net loss per share of common stock, basic and diluted", "box": [ 63.11249225831271, 532.6123707531915, 238.1207274612711, 536.6736223646658 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 281.46442413306494, 530.5873709815678, 290.95661056255716, 536.529335782303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.81) $", "box": [ 327.50152494110256, 530.5873709815678, 359.36363409776436, 534.6486225930421 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.30) $", "box": [ 396.4886299108895, 530.5873709815678, 428.35073231755206, 534.6486225930421 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2.20) $", "box": [ 461.87924753628033, 530.5873709815678, 493.7413499429429, 534.6486225930421 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.86)", "box": [ 526.6897837270914, 530.5873709815678, 546.9055073772068, 534.6486225930421 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 541.2306564920837, 64.68692956387616, 544.3882795861609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 548.1373690023174, 72.55721755315749, 552.1986206137917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three and six months ended June 30, 2026 and 2025, our Board did not declare any dividends.", "box": [ 79.30194355750221, 548.1373690023174, 408.4211006351719, 552.1986206137917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 557.5873679365686, 72.55721755315749, 561.6486195480393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts for the three and six months ended June 30, 2026 include 285,054 fully vested RSUs. Amounts for the three and six months ended ", "box": [ 79.30194355750221, 557.5873679365686, 551.1479874687493, 561.6486195480393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025 include 187,142 fully vested RSUs.", "box": [ 79.30194355750221, 567.0373668708198, 241.74884962209956, 571.0986184822905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three months ended June 30, 2026 and 2025, 2,936,210 and 2,817,086 of weighted average unvested RSUs, respectively, ", "box": [ 85.15545852235574, 593.4429552236943, 551.3513311789417, 597.9543288549285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were excluded from the calculation of diluted EPS because the effect was anti-dilutive. For the six months ended June 30, 2026 and ", "box": [ 63.11249225831271, 603.5679540818201, 551.3618746777526, 608.0793277130542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, 2,969,732 and 2,767,324 of weighted average unvested RSUs, respectively, were excluded from the calculation of diluted EPS ", "box": [ 63.11249225831271, 614.3679528638204, 551.3618746777526, 618.8793264950546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "because the effect was anti-dilutive. For the three and six months ended June 30, 2026, 7,542,227 and 6,333,804 of weighted average ", "box": [ 63.11249225831271, 624.4929517219462, 551.3618746777526, 629.0043253531803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "warrants, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive. For the three and six ", "box": [ 63.11249225831271, 634.6179505800683, 551.3618746777526, 639.1293242113024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2025, we had no outstanding warrants.", "box": [ 63.11249225831271, 644.742949438194, 287.03423141553924, 649.2543230694282 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 655.5429482201944, 65.36192948775115, 660.0543218514285 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 182.11287283771307, 480.3821950697966, 189.79756769915016, 483.1032336494827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 124.07342288327382, 519.5321906545469, 130.40137161022176, 522.253229234233 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 32, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.492845218952425, 65.36192948775115, 62.00421885018659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32", "box": [ 301.60895311120953, 708.8677717583305, 310.6066975402138, 713.3791453895647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note", "box": [ 63.11249225831271, 99.34284049920097, 81.09918728252832, 103.85421413043514 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 81.10545897910573, 99.34284049920097, 83.35489620854418, 103.85421413043514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11. Related Party Transactions", "box": [ 83.36248997456276, 99.34284049920097, 204.56833116851786, 103.85421413043514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our activities are managed by our Manager. Pursuant to the terms of the Management Agreement, our Manager is responsible ", "box": [ 85.15545852235574, 114.8678387483269, 551.3618746777526, 119.37921237956107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for originating investment opportunities, providing asset management services and administering our day-to-day operations. Our ", "box": [ 63.11249225831271, 125.66783753032723, 551.3618746777526, 130.1792111615614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Manager is entitled to receive a management fee, an incentive fee and a termination fee as defined below.", "box": [ 63.11249225831271, 135.792836388453, 443.0912103357783, 140.30421001968716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management Fees", "box": [ 63.11249225831271, 156.7178340285791, 128.82500933318212, 161.22920765981326 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Effective October 1, 2015, our Manager earns a base management fee in an amount equal to 1.50% per annum of Stockholders' ", "box": [ 85.15545852235574, 172.91783220157595, 551.3618746777526, 177.4292058328101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equity, as defined in the Management Agreement. Management fees are reduced by our pro rata share of any management fees and ", "box": [ 63.11249225831271, 183.0428310597017, 551.3618746777526, 187.55420469093588 ], "from_ocr": false, "confidence": 1.0 }, { "text": "incentive fees (if incentive fees are not incurred by us) incurred to our Manager by CMTG/TT. During the three months ended June ", "box": [ 63.11249225831271, 193.16782991782748, 551.3724249265628, 197.67920354906164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026 and 2025, we incurred $7.1 million and $8.2 million, respectively, of management fees. During the six months ended June ", "box": [ 63.11249225831271, 203.9678286998278, 551.3513311789417, 208.47920233106197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026 and 2025, we incurred $14.4 million and $16.6 million, respectively, of management fees. Management fees are generally ", "box": [ 63.11249225831271, 214.09282755795357, 551.3513311789417, 218.60420118918773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "paid quarterly, in arrears, and $7.1 million and $7.8 million were accrued and were included in management fee payable - affiliate, on ", "box": [ 63.11249225831271, 224.21782641607933, 551.3618746777526, 228.7292000473135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our consolidated balance sheets at June 30, 2026 and December 31, 2025, respectively. ", "box": [ 63.11249225831271, 235.01782519807603, 378.68355338453154, 239.52919882931383 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Incentive Fees", "box": [ 63.11249225831271, 255.94282283820212, 115.32837883530222, 260.4541964694363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our Manager is entitled to an incentive fee equal to 20% of the excess of our Core Earnings on a rolling four-quarter basis, as ", "box": [ 85.15545852235574, 271.46782108732805, 551.3618746777526, 275.9791947185622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "defined in the Management Agreement, over a 7.00% return on Stockholders' Equity. Incentive fees are reduced by our pro rata share ", "box": [ 63.11249225831271, 282.2678198693284, 551.3618746777526, 286.77919350056254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of any incentive fees incurred to our Manager by CMTG/TT.", "box": [ 63.11249225831271, 292.39281872745414, 282.9859174145992, 296.9041923586883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Termination Fees", "box": [ 63.11249225831271, 313.3178163675766, 126.32952016961787, 317.82918999881076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On January 30, 2026 and in connection with our new secured term loan, we amended our Management Agreement and our by-", "box": [ 85.15545852235574, 328.8428146167025, 549.1094495886226, 333.3541882479367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "laws. Our new secured term loan provides the lenders with the right to appoint two non-voting observers to our Board, each of whom ", "box": [ 63.11249225831271, 339.64281339870286, 551.3618746777526, 344.154187029937 ], "from_ocr": false, "confidence": 1.0 }, { "text": "must qualify as independent under the standards of the New York Stock Exchange and be reasonably satisfactory to us. The new ", "box": [ 63.11249225831271, 349.7678122568286, 551.3618746777526, 354.2791858880628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "secured term loan also provides additional governance rights upon the occurrence and continuance of a material event of default ", "box": [ 63.11249225831271, 359.8928111149544, 551.3618746777526, 364.40418474618855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "('MEOD'), including the right to have the two board observers be automatically appointed to our Board (the 'Designated Directors') ", "box": [ 63.11249225831271, 370.6928098969547, 551.3618746777526, 375.2041835281889 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and to have such Designated Directors, through a restructuring committee, participate in a review of our Manager and have such ", "box": [ 63.11249225831271, 380.81780875507684, 551.3618746777526, 385.329182386311 ], "from_ocr": false, "confidence": 1.0 }, { "text": "restructuring committee make a recommendation to the Board regarding whether or not to terminate our Manager. In such instances ", "box": [ 63.11249225831271, 390.9428076132026, 551.3618746777526, 395.45418124443677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and prior to termination, only fees and expenses incurred subsequent to the MEOD necessary to cover our Manager's operating costs ", "box": [ 63.11249225831271, 401.74280639520293, 551.3618746777526, 406.2541800264371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may be paid by us. Such amendment is only effective until our new secured term loan is repaid in full.", "box": [ 63.11249225831271, 411.8678052533287, 431.1717600225277, 416.37917888456286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If we elect to terminate the Management Agreement aside from instances discussed above, we are required to pay our Manager a ", "box": [ 85.15545852235574, 427.3928035024546, 551.3618746777526, 431.9041771336888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "termination fee equal to three times the sum of the average total annual amount of management fees and the average annual incentive ", "box": [ 63.11249225831271, 438.19280228445496, 551.3618746777526, 442.7041759156891 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fee paid by us over the prior two years.", "box": [ 63.11249225831271, 448.3178011425771, 203.7812023146318, 452.82917477381125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reimbursable Expenses", "box": [ 63.11249225831271, 469.2427987827032, 149.3203352317646, 473.75417241393734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our Manager or its affiliates are entitled to reimbursement for certain documented costs and expenses incurred by them on our ", "box": [ 85.15545852235574, 485.44279695570367, 551.3618746777526, 489.95417058693783 ], "from_ocr": false, "confidence": 1.0 }, { "text": "behalf, as set forth in the Management Agreement, excluding any expenses specifically required to be borne by our Manager under the ", "box": [ 63.11249225831271, 495.56779581382943, 551.3618746777526, 500.0791694450636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management Agreement. For the three months ended June 30, 2026 and 2025, we incurred $1.5 million and $1.3 million, respectively, ", "box": [ 63.11249225831271, 505.6927946719552, 551.3513311789417, 510.20416830318936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of reimbursable expenses incurred on our behalf by our Manager which are included in general and administrative expenses on our ", "box": [ 63.11249225831271, 515.8177935300773, 551.3618746777526, 520.3291671613115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated statements of operations. For the six months ended June 30, 2026 and 2025, we incurred $2.2 million and $2.1 million, ", "box": [ 63.11249225831271, 526.6177923120777, 551.3618746777526, 531.1291659433118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively, of reimbursable expenses incurred on our behalf by our Manager, which are included in general and administrative ", "box": [ 63.11249225831271, 536.7427911702034, 551.3618746777526, 541.2541648014376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expenses on our consolidated statements of operations. As of June 30, 2026 and December 31, 2025, $1.0 million and $1.0 million, ", "box": [ 63.11249225831271, 546.8677900283292, 551.3513311789417, 551.3791636595633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively, of reimbursable expenses incurred on our behalf and due to our Manager are included in other liabilities on our ", "box": [ 63.11249225831271, 557.6677888103295, 551.3618746777526, 562.1791624415637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated balance sheets.", "box": [ 63.11249225831271, 567.7927876684553, 164.79838078852822, 572.3041612996894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note", "box": [ 63.11249225831271, 594.1177846995779, 81.09918728252832, 598.6291583308121 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 81.10545897910573, 594.1177846995779, 83.35489620854418, 598.6291583308121 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12. Stock-Based Compensation", "box": [ 83.36248997456276, 594.1177846995779, 204.34426614279047, 598.6291583308121 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Incentive Award Plan", "box": [ 63.11249225831271, 615.7177822635786, 141.5659221492585, 620.2291558948127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are externally managed and do not currently have any employees. On March 30, 2016, we adopted the 2016 Incentive ", "box": [ 85.15545852235574, 631.2427805127045, 551.3618746777526, 635.7541541439386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Award Plan (the 'Plan') to promote the success and enhance the value of the Company by linking the individual interests of ", "box": [ 63.11249225831271, 641.3677793708302, 551.3618746777526, 645.8791530020644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "employees of our Manager and its affiliates to those of our stockholders. In June 2026, the Plan was amended to increase the number ", "box": [ 63.11249225831271, 652.1677781528306, 551.3618746777526, 656.6791517840647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of shares of common stock reserved for issuance under the Plan by 6.5 million shares. As of June 30, 2026, the maximum remaining ", "box": [ 63.11249225831271, 662.2927770109527, 551.3618746777526, 666.8041506421869 ], "from_ocr": false, "confidence": 1.0 }, { "text": "number of shares that may be issued under the Plan is 7,119,942 shares. Subsequent thereto, we issued 8,744 deferred RSUs and ", "box": [ 63.11249225831271, 672.4177758690785, 551.3605150254059, 676.9291495003126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,111,198 shares remain ", "box": [ 63.11249225831271, 683.2177746510788, 153.3334073165225, 687.729148282313 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 33, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49279280295377, 65.36192948775115, 62.00416643418794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33", "box": [ 301.60895311120953, 651.4927258129537, 310.6066975402138, 656.0040994441879 ], "from_ocr": false, "confidence": 1.0 }, { "text": "available under the Plan. Awards granted under the Plan may be granted with the right to receive dividend equivalents and generally ", "box": [ 63.11249225831271, 88.54278930120199, 551.3618746777526, 93.05416293243616 ], "from_ocr": false, "confidence": 1.0 }, { "text": "vest in equal installments on the specified anniversaries of the grant.", "box": [ 63.11249225831271, 98.66778815932776, 309.22783694009354, 103.17916179056192 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Deferred Compensation Plan", "box": [ 63.11249225831271, 120.26778572332842, 167.55743607549303, 124.77915935456258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On May 24, 2022, we adopted the Deferred Compensation Plan to provide our directors and certain executives with an ", "box": [ 85.15545852235574, 135.79278397245434, 551.3618746777526, 140.3041576036885 ], "from_ocr": false, "confidence": 1.0 }, { "text": "opportunity to defer payment of their stock-based compensation or RSUs and director cash fees, if applicable, pursuant to the terms of ", "box": [ 63.11249225831271, 145.9177828305801, 551.3618746777526, 150.42915646181427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Deferred Compensation Plan.", "box": [ 63.11249225831271, 156.7177816125768, 183.04865424030268, 161.2291552438146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Under our Deferred Compensation Plan, certain of our Board members elected to receive the annual fees and/or time-based ", "box": [ 85.15545852235574, 177.6427792527029, 551.3618746777526, 182.15415288393706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RSUs to which they are entitled under our Non-Employee Director Compensation Program in the form of deferred RSUs. ", "box": [ 63.11249225831271, 187.76777811082866, 551.3618746777526, 192.27915174206282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accordingly, during the three months ended June 30, 2026 and 2025, we issued 32,478 and 14,515, respectively, of deferred RSUs in ", "box": [ 63.11249225831271, 197.89277696895442, 551.3618746777526, 202.4041506001886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "lieu of cash fees to such directors, and recognized an expense of approximately $44,000 and $53,000, respectively. During the six ", "box": [ 63.11249225831271, 208.69277575095475, 551.3724249265628, 213.20414938218892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026 and 2025, we issued 49,670 and 25,603, respectively, of deferred RSUs in lieu of cash fees to such ", "box": [ 63.11249225831271, 218.81777460907688, 551.3513311789417, 223.32914824031468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "directors, and recognized an expense of approximately $97,000 and $106,000, respectively. Such expense is included in general and ", "box": [ 63.11249225831271, 228.94277346720264, 551.3618746777526, 233.4541470984368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "administrative expenses on our consolidated statements of operations.", "box": [ 63.11249225831271, 239.74277224920297, 314.48679259950023, 244.25414588043714 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-Employee Director Compensation Program", "box": [ 63.11249225831271, 260.66776988932907, 237.77758070796673, 265.17914352056323 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our Board awards time-based RSUs to eligible non-employee Board members on an annual basis as part of such Board ", "box": [ 85.15545852235574, 276.192768138455, 551.3618746777526, 280.70414176968916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "members' annual compensation in accordance with the Non-Employee Director Compensation Program. The time-based awards are ", "box": [ 63.11249225831271, 286.9927669204553, 551.3618746777526, 291.5041405516895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generally issued in the second quarter on the date of the annual meeting of our stockholders, in conjunction with the director's election ", "box": [ 63.11249225831271, 297.11776577857745, 551.3618746777526, 301.6291394098116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to our Board, and the awards vest on the earlier of (x) the one-year anniversary of the grant date and (y) the date of the next annual ", "box": [ 63.11249225831271, 307.2427646367032, 551.3618746777526, 311.7541382679374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "meeting of our stockholders following the grant date, subject to the applicable participants' continued service through such vesting ", "box": [ 63.11249225831271, 318.04276341870354, 551.3618746777526, 322.5541370499377 ], "from_ocr": false, "confidence": 1.0 }, { "text": "date. ", "box": [ 63.11249225831271, 328.1677622768293, 82.60606816799535, 332.6791359080635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Eligible non-executive members of our Board were granted the time-based RSUs under the Plan. Each RSU was granted with ", "box": [ 85.15545852235574, 349.0927599169554, 551.3618746777526, 353.60413354818957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the right to receive dividend equivalents. Additionally, certain directors elected to defer their RSUs pursuant to the terms of the ", "box": [ 63.11249225831271, 359.89275869895573, 551.3618746777526, 364.4041323301899 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Deferred Compensation Plan. Such deferred awards will become payable on the earliest to occur of the participant's separation from ", "box": [ 63.11249225831271, 370.01775755707786, 551.3618746777526, 374.529131188312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "service or a change in control. On June 3, 2026, we granted 320,512 RSUs to non-executive board members with a grant date fair ", "box": [ 63.11249225831271, 380.1427564152036, 551.3724249265628, 384.6541300464378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value per share of $2.34. ", "box": [ 63.11249225831271, 390.2677552733294, 154.3248134547139, 394.77912890456355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stock-Based Compensation Expense", "box": [ 63.11249225831271, 411.86775283733004, 195.55675593675693, 416.3791264685642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three months ended June 30, 2026 and 2025, we recognized $1.5 million and $4.8 million, respectively, of stock-based ", "box": [ 85.15545852235574, 427.392751086456, 551.3513311789417, 431.90412471769014 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compensation expense related to the RSUs. For the six months ended June 30, 2026 and 2025, we recognized $3.8 million and $9.8 ", "box": [ 63.11249225831271, 437.5177499445781, 551.3513311789417, 442.02912357581226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, respectively, of stock-based compensation expense related to the RSUs. As of June 30, 2026, total unrecognized ", "box": [ 63.11249225831271, 448.31774872657843, 551.3618746777526, 452.8291223578126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compensation expense was $8.1 million based on the grant date fair value of RSUs granted. This expense is expected to be recognized ", "box": [ 63.11249225831271, 458.4427475847042, 551.3618746777526, 462.95412121593836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "over a remaining period of 1.7 years from June 30, 2026.", "box": [ 63.11249225831271, 468.56774644282996, 268.2638035624267, 473.0791200740641 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certain participants of the Plan are required to settle their tax liabilities through a reduction of their vested RSU delivery. Such ", "box": [ 85.15545852235574, 490.1677440068306, 551.3618746777526, 494.6791176380648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amount will result in a corresponding adjustment to additional paid-in capital and a cash payment to our Manager or its affiliates in ", "box": [ 63.11249225831271, 500.29274286495274, 551.3618746777526, 504.80411649619055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "order to remit the required statutory tax withholding to each respective taxing authority. The following table details the deliveries of ", "box": [ 63.11249225831271, 510.4177417230785, 551.3618746777526, 514.9291153543127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shares of our common stock for vested RSUs and corresponding payments for withholding taxes upon delivery of such vested RSUs ", "box": [ 63.11249225831271, 521.2177405050788, 551.3618746777526, 525.729114136313 ], "from_ocr": false, "confidence": 1.0 }, { "text": "during the three and six months ended June 30, 2026 and 2025, which are reflected as adjustments to additional paid-in capital on our ", "box": [ 63.11249225831271, 531.3427393632046, 551.3618746777526, 535.8541129944388 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated statement of changes in equity ($ in thousands):", "box": [ 63.11249225831271, 541.4677382213304, 283.007895720742, 545.9791118525645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 557.6677363943309, 87.40489575179419, 562.179110025565 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 568.9860218287213, 64.9113670216896, 572.5937669425584 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 231.49333601869367, 567.8733265742085, 233.96721070594555, 572.8348222252062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended", "box": [ 278.5112994661118, 569.6610217525958, 344.07877963112577, 573.268766866433 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 386.63784977183866, 569.6610217525958, 388.4367245352156, 573.268766866433 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.2870681102879, 570.3360216764704, 392.0859428736648, 573.9437667903076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended", "box": [ 441.70307456170445, 569.6610217525958, 498.4869863898102, 573.268766866433 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 569.6610217525958, 547.2410001256208, 573.268766866433 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 579.111020686847, 64.9113670216896, 582.7187658006842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 231.49333601869367, 579.111020686847, 233.29221078207053, 582.7187658006842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 250.70974010151014, 578.4360207629725, 292.48782183487043, 582.0437658768096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 307.2409837260416, 578.4360207629725, 309.03985848941846, 582.0437658768096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 310.8902020644908, 579.111020686847, 312.68907682786767, 582.7187658006842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 330.1066061473073, 578.4360207629725, 371.88468788066757, 582.0437658768096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 386.63784977183866, 578.4360207629725, 388.4367245352156, 582.0437658768096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.2870681102879, 579.111020686847, 392.0859428736648, 582.7187658006842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 409.50347219310436, 578.4360207629725, 451.2815539264647, 582.0437658768096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 466.0347158176358, 578.4360207629725, 467.8335905810127, 582.0437658768096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 469.683934156085, 579.111020686847, 471.48280891946195, 582.7187658006842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 488.9003382389015, 578.4360207629725, 530.6784199722618, 582.0437658768096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 578.4360207629725, 547.2410001256208, 582.0437658768096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Vested RSUs", "box": [ 63.11249225831271, 587.9621416469527, 106.53924659073944, 592.023393258427 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 231.49333601869367, 587.36773304483, 233.74277324813212, 591.8791066760641 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 237.81091005621167, 588.6371415708272, 239.83590982783667, 592.6983931823015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,046,114 ", "box": [ 272.9952810881961, 587.36773304483, 313.13963929392924, 592.6983931823015 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 317.2077761020088, 588.6371415708272, 319.2327758736338, 592.6983931823015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "719,254 ", "box": [ 358.4671464488683, 587.36773304483, 392.5365053397264, 592.6983931823015 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 396.6046421478059, 588.6371415708272, 398.6296419194309, 592.6983931823015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,046,114 ", "box": [ 431.78901317979035, 587.36773304483, 471.93337138552346, 592.6983931823015 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 476.001508193603, 588.6371415708272, 478.026507965228, 592.6983931823015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "719,254 ", "box": [ 517.2608785404625, 588.6371415708272, 546.2542380206555, 592.6983931823015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Shares of common stock delivered", "box": [ 63.11249225831271, 598.0871405050784, 175.1321586249825, 602.1483921165527 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 231.49333601869367, 597.4927319029557, 233.74277324813212, 602.0041055341899 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 237.81091005621167, 598.762140428953, 239.83590982783667, 602.8233920404273 ], "from_ocr": false, "confidence": 1.0 }, { "text": "603,348 ", "box": [ 279.0702804030712, 597.4927319029557, 313.13963929392924, 602.8233920404273 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 317.2077761020088, 598.762140428953, 319.2327758736338, 602.8233920404273 ], "from_ocr": false, "confidence": 1.0 }, { "text": "429,606 ", "box": [ 358.4671464488683, 597.4927319029557, 392.5365053397264, 602.8233920404273 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 396.6046421478059, 598.762140428953, 398.6296419194309, 602.8233920404273 ], "from_ocr": false, "confidence": 1.0 }, { "text": "603,348 ", "box": [ 437.8640124946654, 597.4927319029557, 471.93337138552346, 602.8233920404273 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 476.001508193603, 598.762140428953, 478.026507965228, 602.8233920404273 ], "from_ocr": false, "confidence": 1.0 }, { "text": "429,606 ", "box": [ 517.2608785404625, 598.762140428953, 546.2542380206555, 602.8233920404273 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Payments for withholding taxes upon delivery of", "box": [ 63.11249225831271, 607.5371394393296, 221.48566780733628, 611.5983910508003 ], "from_ocr": false, "confidence": 1.0 }, { "text": " stock-based awards", "box": [ 63.11249225831271, 616.3121384497026, 130.36463574376475, 620.3733900611769 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 231.49333601869367, 611.6677303043289, 233.74277324813212, 616.179103935563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 237.81091005621167, 616.3121384497026, 241.86090959946168, 620.3733900611769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "996 ", "box": [ 293.24527880444623, 615.0427299237053, 313.13963929392924, 620.3733900611769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 317.2077761020088, 616.3121384497026, 321.2577756452588, 620.3733900611769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "662 ", "box": [ 372.6421448502433, 615.0427299237053, 392.5365053397264, 620.3733900611769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 396.6046421478059, 616.3121384497026, 400.65464169105593, 620.3733900611769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "996 ", "box": [ 452.03901089604045, 615.0427299237053, 471.93337138552346, 620.3733900611769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 476.001508193603, 616.3121384497026, 480.051507736853, 620.3733900611769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "662 ", "box": [ 531.4358769418376, 616.3121384497026, 546.2542380206555, 620.3733900611769 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 625.1677287818311, 65.36192948775115, 629.6791024130653 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 34, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.817864543070755, 65.36192948775115, 61.32923817430492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34", "box": [ 301.60895311120953, 701.4427918437032, 310.6066975402138, 705.9541654749373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table details the time-based RSU activity during the six months ended June 30, 2026 and 2025:", "box": [ 85.15545852235574, 99.34285974719751, 480.49723612833094, 103.85423337843167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 121.46114396358826, 64.9113670216896, 125.06888907742541 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 230.61794211741866, 120.34844870907546, 233.09181680467054, 125.30994436007313 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30, 2026", "box": [ 259.50583285950626, 122.13614388746282, 359.86669007603064, 125.74388900129998 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 385.76245587056366, 122.13614388746282, 387.5613306339406, 125.74388900129998 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 389.4116742090129, 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" ", "box": [ 235.46950407027023, 166.08726088907133, 237.49450384189524, 170.14851250054198 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,505,512 ", "box": [ 272.9952810881961, 165.49285228694862, 313.13963929392924, 170.14851250054198 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 317.2077761020088, 166.08726088907133, 319.2327758736338, 170.14851250054198 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.14 ", "box": [ 369.7417579273425, 166.08726088907133, 396.2882359334895, 170.14851250054198 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,486,259 ", "box": [ 431.78901317979035, 165.49285228694862, 471.93337138552346, 170.14851250054198 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 476.001508193603, 166.08726088907133, 478.026507965228, 170.14851250054198 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.51 ", "box": [ 529.4108771702125, 166.08726088907133, 546.2542380206555, 170.14851250054198 ], "from_ocr": 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471.93337138552346, 180.12922477630855 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 476.001508193603, 175.53725982332253, 478.026507965228, 179.59851143479318 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.82 ", "box": [ 529.4108771702125, 175.53725982332253, 546.2542380206555, 179.59851143479318 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Forfeited", "box": [ 63.11249225831271, 185.66225868144465, 92.8032600398536, 189.72351029291895 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 230.61794211741866, 185.7428500031965, 232.86737934685712, 190.25422363443067 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 235.46950407027023, 185.66225868144465, 237.49450384189524, 189.72351029291895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(101,668) ", "box": [ 276.37028070757117, 185.66225868144465, 313.13963929392924, 190.25422363443067 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 317.2077761020088, 185.66225868144465, 319.2327758736338, 189.72351029291895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.82 ", "box": [ 369.7417579273425, 185.66225868144465, 396.2882359334895, 189.72351029291895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(220,512) ", "box": [ 435.1640127991654, 185.66225868144465, 471.93337138552346, 190.25422363443067 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 476.001508193603, 185.66225868144465, 478.026507965228, 189.72351029291895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.03 ", "box": [ 529.4108771702125, 185.66225868144465, 546.2542380206555, 189.72351029291895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unvested, end of period", "box": [ 63.11249225831271, 196.46225746344498, 140.9405121410408, 200.52350907491928 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 230.61794211741866, 195.86784886132227, 232.86737934685712, 200.37922249255644 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 235.46950407027023, 195.78725753957042, 237.49450384189524, 199.8485091510447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,926,607 ", "box": [ 272.9952810881961, 195.78725753957042, 313.13963929392924, 200.37922249255644 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 317.2077761020088, 196.46225746344498, 319.2327758736338, 200.52350907491928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.19 ", "box": [ 369.7417579273425, 195.78725753957042, 396.2882359334895, 200.52350907491928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,179,574 ", "box": [ 431.78901317979035, 195.78725753957042, 471.93337138552346, 200.37922249255644 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 476.001508193603, 196.46225746344498, 478.026507965228, 200.52350907491928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.14 ", "box": [ 529.4108771702125, 196.46225746344498, 546.2542380206555, 200.52350907491928 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 206.6678476433226, 65.36192948775115, 211.17922127455677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note", "box": [ 63.11249225831271, 233.66784459832343, 81.09918728252832, 238.1792182295576 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 81.10545897910573, 233.66784459832343, 83.35489620854418, 238.1792182295576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13. Income Taxes", "box": [ 83.36248997456276, 233.66784459832343, 152.33929540879296, 238.1792182295576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with our ", "box": [ 85.15545852235574, 249.19284284744936, 551.3618746777526, 253.70421647868352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "taxable year ended December 31, 2015 and expect to continue to operate so as to qualify as a REIT. As a result, we will generally not ", "box": [ 63.11249225831271, 259.3178417055715, 551.3618746777526, 263.8292153368093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be subject to federal and state income tax on that portion of our income that we distribute to stockholders if we (i) distribute at least ", "box": [ 63.11249225831271, 270.11784048757545, 551.3491847466836, 274.6292141188096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90% of our taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains, and (ii) ", "box": [ 63.11249225831271, 280.2428393457012, 551.3618746777526, 284.7542129769354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "comply with certain other requirements to qualify as a REIT. Since Commencement of Operations, we have been in compliance with ", "box": [ 63.11249225831271, 290.367838203827, 551.3618746777526, 294.87921183506114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "all REIT requirements and we plan to continue to operate so that we meet the requirements for taxation as a REIT. Therefore, other ", "box": [ 63.11249225831271, 300.4928370619491, 551.3618746777526, 305.00421069318327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "than amounts relating to our taxable REIT subsidiary ('TRS'), as described below, we have not provided for current income tax ", "box": [ 63.11249225831271, 311.29283584394943, 551.3618746777526, 315.8042094751836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense related to our REIT taxable income for the three and six months ended June 30, 2026 and 2025, respectively. Additionally, no ", "box": [ 63.11249225831271, 321.4178347020752, 551.3618746777526, 325.92920833330936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provision has been made for federal or state income taxes in the accompanying financial statements, as we believe we have met the ", "box": [ 63.11249225831271, 331.54283356020096, 551.3618746777526, 336.0542071914351 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prescribed requisite requirements. We may use net operating losses carried forward to offset future net taxable income, and therefore ", "box": [ 63.11249225831271, 342.3428323422013, 551.3618746777526, 346.85420597343546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reduce our dividend requirements, subject to certain limitations as prescribed by the Internal Revenue Code which may change from ", "box": [ 63.11249225831271, 352.46783120032705, 551.3618746777526, 356.9792048315612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "time-to-time.", "box": [ 63.11249225831271, 362.5928300584492, 110.33743516801312, 367.10420368968335 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026 and the year ended December 31, 2025, our Board did not declare any dividends. ", "box": [ 85.15545852235574, 384.19282762244984, 551.3618746777526, 388.704201253684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The timing and amount of any future dividends declared by our Board depend on a variety of factors, including cash generated by ", "box": [ 63.11249225831271, 394.3178264805756, 551.3618746777526, 398.82920011180977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provisions of the ", "box": [ 63.11249225831271, 404.44282533870137, 551.3618746777526, 408.95419896993553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Internal Revenue Code, and such other factors as our Board deems relevant.", "box": [ 63.11249225831271, 415.2428241207017, 336.6955424898464, 419.75419775193586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our TRS holds our real estate owned hotel portfolio and is party to an agreement entered into upon the sale of a loan receivable ", "box": [ 85.15545852235574, 436.16782176082415, 551.3618746777526, 440.67919539206196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as discussed further in Note 3 - Loan Portfolio - Sales of Loans Receivable. A TRS is a corporation that is owned directly or indirectly ", "box": [ 63.11249225831271, 446.2928206189499, 551.3618746777526, 450.8041942501841 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by a REIT and has jointly elected with the REIT to be treated as a TRS for tax purposes. Given the TRS's history of generating ", "box": [ 63.11249225831271, 457.09281940095025, 551.3618746777526, 461.6041930321844 ], "from_ocr": false, "confidence": 1.0 }, { "text": "taxable losses, we are not able to conclude that it is more likely than not that we will realize the future benefit of the TRS's deferred ", "box": [ 63.11249225831271, 467.217818259076, 551.3618746777526, 471.7291918903102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "tax assets and therefore recorded a full valuation allowance. Given the full valuation allowance, we did not record a provision or ", "box": [ 63.11249225831271, 477.3428171172018, 551.3618746777526, 481.85419074843594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "benefit for income taxes for the three and six months ended June 30, 2026 and 2025, and we did not have any deferred tax assets, net ", "box": [ 63.11249225831271, 487.46781597532754, 551.3618746777526, 491.9791896065617 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of valuation allowances or deferred tax liabilities, net of any valuation allowances as of June 30, 2026 and December 31, 2025. As of ", "box": [ 63.11249225831271, 498.26781475732423, 551.3513311789417, 502.77918838856203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026, our gross deferred tax asset and valuation allowance were each $57.3 million. As of June 30, 2025, our gross deferred ", "box": [ 63.11249225831271, 508.39281361545, 551.3829684253737, 512.9041872466842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "tax asset and valuation allowance were each $60.3 million. As of December 31, 2025, our gross deferred tax asset and valuation ", "box": [ 63.11249225831271, 518.5178124735758, 551.3724249265628, 523.0291861048099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "allowance were each $54.8 million.", "box": [ 63.11249225831271, 529.3178112555761, 191.04902806303826, 533.8291848868103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We recognize tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its ", "box": [ 85.15545852235574, 550.2428088957022, 551.3618746777526, 554.7541825269363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "technical merits. Interest and penalties on uncertain tax positions, if applicable, are included as a component of the provision for ", "box": [ 63.11249225831271, 560.367807753828, 551.3618746777526, 564.8791813850621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income taxes in our consolidated statements of operations. As of June 30, 2026 and December 31, 2025, we have not recorded any ", "box": [ 63.11249225831271, 571.1678065358246, 551.3513311789417, 575.6791801670588 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amounts for uncertain tax positions.", "box": [ 63.11249225831271, 581.2928053939504, 192.30558571382647, 585.8041790251846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our tax returns are subject to audit by taxing authorities. As of the date of this filing, tax years 2022 and onward remain open to ", "box": [ 85.15545852235574, 602.2178030340765, 551.3513311789417, 606.7291766653107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "examination by major taxing jurisdictions in which we are subject to taxes.", "box": [ 63.11249225831271, 613.0178018160768, 332.97871730652173, 617.529175447311 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note", "box": [ 63.11249225831271, 639.3427988472031, 81.09918728252832, 643.8541724784372 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 81.10545897910573, 639.3427988472031, 83.35489620854418, 643.8541724784372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14. Commitments and Contingencies", "box": [ 83.36248997456276, 639.3427988472031, 226.57501152915304, 643.8541724784372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We hold a 51% interest in CMTG/TT as a result of committing to invest $124.9 million in CMTG/TT. As of June 30, 2026 and ", "box": [ 85.15545852235574, 654.8677970963254, 551.3618746777526, 659.3791707275595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025, we have contributed $163.1 million to CMTG/TT and have received return of capital distributions of $123.3 ", "box": [ 63.11249225831271, 665.6677958783257, 551.3618746777526, 670.1791695095599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, ", "box": [ 63.11249225831271, 675.7927947364515, 93.61700442620632, 680.3041683676856 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 35, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49269257895867, 65.36192948775115, 62.00406621019283 ], "from_ocr": false, "confidence": 1.0 }, { "text": "35", "box": [ 301.60895311120953, 581.2926335059601, 310.6066975402138, 585.8040071371943 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of which $111.1 million were recallable. As of June 30, 2026 and December 31, 2025, our remaining capital commitment to ", "box": [ 63.11249225831271, 88.54268907720689, 551.3513311789417, 93.05406270844105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CMTG/TT was $72.9 million.", "box": [ 63.11249225831271, 99.34268785920722, 171.8439708639421, 103.85406149044138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, we had aggregate unfunded loan commitments of $175.0 million and $271.9 ", "box": [ 85.15545852235574, 120.26768549933331, 551.3618746777526, 124.77905913056748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, respectively, which amounts will generally be funded to finance construction or leasing related expenditures by our ", "box": [ 63.11249225831271, 130.39268435745907, 551.3618746777526, 134.90405798869324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowers, subject to them achieving certain conditions precedent to such funding. These future commitments will expire over the ", "box": [ 63.11249225831271, 140.51768321558484, 551.3618746777526, 145.029056846819 ], "from_ocr": false, "confidence": 1.0 }, { "text": "remaining term of the loans, none of which exceed five years.", "box": [ 63.11249225831271, 151.31768199758153, 285.48573616267527, 155.82905562881933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "To the extent a financing is expected to reach final maturity, we may seek replacement financings, extension of existing ", "box": [ 85.15545852235574, 172.24267963770762, 551.3618746777526, 176.7540532689418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financings, or other capital solutions as deemed appropriate by management. Our contractual payments due under all financings were ", "box": [ 63.11249225831271, 182.3676784958334, 551.35116607396, 186.87905212706755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as follows as of June 30, 2026 ($ in thousands):", "box": [ 63.11249225831271, 193.16767727783372, 234.55275625290528, 197.67905090906788 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 203.29267613595948, 87.40489575179419, 207.80404976719365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Year", "box": [ 221.39997440700066, 221.3609608090992, 236.58147936529465, 224.96870592293635 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.6425436996432, 221.3609608090992, 331.44141846302006, 224.96870592293635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Initial", "box": [ 357.79214652499326, 213.26096172259713, 376.5854320790209, 216.86870683643428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity", "box": [ 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248.43707971382537, 406.286672305888, 252.4983313253033 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 411.01167177301295, 248.43707971382537, 413.03667154463795, 252.4983313253033 ], "from_ocr": false, "confidence": 1.0 }, { "text": "116,885 ", "box": [ 450.58354231018495, 248.43707971382537, 479.57690179037803, 252.4983313253033 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2029", "box": [ 131.1503752101508, 257.88707864807657, 147.35037338315084, 261.94833025955086 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 327.4909814422916, 257.88707864807657, 329.51598121391663, 261.94833025955086 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 334.24098068104166, 257.88707864807657, 336.26598045266667, 261.94833025955086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "168,460 ", "box": [ 373.81285121821367, 257.88707864807657, 406.286672305888, 261.94833025955086 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 411.01167177301295, 257.88707864807657, 413.03667154463795, 261.94833025955086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "168,460 ", "box": [ 450.58354231018495, 257.88707864807657, 479.57690179037803, 261.94833025955086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2030", "box": [ 131.1503752101508, 266.6620776584532, 147.35037338315084, 270.7233292699275 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 327.4909814422916, 266.6620776584532, 329.51598121391663, 270.7233292699275 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 334.24098068104166, 266.6620776584532, 336.26598045266667, 270.7233292699275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "685,003 ", "box": [ 373.81285121821367, 266.6620776584532, 406.286672305888, 271.39832919380206 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 411.01167177301295, 266.6620776584532, 413.03667154463795, 270.7233292699275 ], "from_ocr": false, 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280.84832812805325 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 286.67477078146476, 64.46249210606271, 289.38227185578216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1) Initial maturity is based on the earlier of the initial maturity date of each individual corresponding ", "box": [ 134.3882654699887, 292.9870746895758, 479.8616640082632, 297.04832630105375 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan receivable or the maximum maturity date under the respective financing agreement, assuming ", "box": [ 145.11443951031453, 302.437073623827, 479.8616640082632, 306.4983252353013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions to extend are met.", "box": [ 145.11443951031453, 311.8870725580782, 238.91306235191334, 315.9483241695525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2) Fully extended maturity is based on the earlier of the fully extended maturity date of each individual ", "box": [ 134.3882654699887, 321.3370714923258, 479.8616640082632, 325.3983231038037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "corresponding loan receivable or the maximum maturity date under the respective financing ", "box": [ 145.11443951031453, 330.787070426577, 479.8616640082632, 334.84832203805126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreement, assuming conditions to extend are met.", "box": [ 145.11443951031453, 339.5620694369536, 309.3174014818677, 343.6233210484279 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3) Financings due for the remaining six months of 2026. Includes financings outstanding of $648.7 ", "box": [ 134.3882654699887, 349.01206837120117, 479.8616640082632, 353.0733199826791 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million related to eight loans in maturity default with aggregate unpaid principal balance of $1.5 ", "box": [ 145.11443951031453, 358.46206730545236, 479.8616640082632, 362.52331891692666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "billion.", "box": [ 145.11443951031453, 367.91206623970356, 168.2964681458966, 371.97331785117785 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the normal course of business, we may enter into contracts that contain a variety of representations and provide for general ", "box": [ 85.15545852235574, 388.91765520158515, 551.3618746777526, 393.4290288328193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "indemnifications. Our maximum exposure under these arrangements is unknown, as this would involve future claims that may be ", "box": [ 63.11249225831271, 399.0426540597073, 551.3618746777526, 403.5540276909451 ], "from_ocr": false, "confidence": 1.0 }, { "text": "made against us that have not yet occurred. However, based on experience, we expect the risk of loss to be remote.", "box": [ 63.11249225831271, 409.16765291783304, 476.358192581502, 413.6790265490672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 15. Segment Reporting", "box": [ 63.11249225831271, 436.16764987283386, 173.31720327091926, 440.679023504068 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have determined that we have two operating segments and two reporting segments, with activities related to investing in ", "box": [ 85.15545852235574, 451.6926481219598, 551.3724249265628, 456.20402175319396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income-producing loans collateralized by institutional quality commercial real estate and activities related to the operations of our real ", "box": [ 63.11249225831271, 461.81764698008556, 551.3618746777526, 466.3290206113197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate owned assets. Our Chief Operating Decision Maker is J. Michael McGillis, our Chief Financial Officer, President, and Director, ", "box": [ 63.11249225831271, 472.6176457620859, 551.3829684253737, 477.12901939332005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "who primarily utilizes Distributable Earnings (Loss) as described below. ", "box": [ 63.11249225831271, 482.742644620208, 326.49198153808163, 487.2540182514422 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss) is a non-GAAP measure used to evaluate our performance excluding the effects of certain ", "box": [ 85.15545852235574, 503.6676422603341, 551.3618746777526, 508.17901589156827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transactions, non-cash items and GAAP adjustments. Distributable Earnings (Loss) is a non-GAAP measure, which we define as net ", "box": [ 63.11249225831271, 513.7926411184599, 551.3618746777526, 518.304014749694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income (loss) in accordance with GAAP, excluding (i) non-cash stock-based compensation expense, (ii) real estate owned held-for-", "box": [ 63.11249225831271, 524.5926399004602, 549.1102730210303, 529.1040135316944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment depreciation and amortization, (iii) any unrealized gains or losses from mark-to-market valuation changes (other than ", "box": [ 63.11249225831271, 534.717638758586, 551.3618746777526, 539.2290123898201 ], "from_ocr": false, "confidence": 1.0 }, { "text": "permanent impairments) that are included in net income (loss) for the applicable period, (iv) one-time events pursuant to changes in ", "box": [ 63.11249225831271, 544.8426376167081, 551.3618746777526, 549.3540112479423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "GAAP and (v) certain non-cash items, which in the judgment of our Manager, should not be included in Distributable Earnings (Loss). ", "box": [ 63.11249225831271, 555.6426363987084, 550.8872687312776, 560.1540100299426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 378.3691007043699, 219.55913290200988, 383.9887032602255, 221.97557757699542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 455.1397917963412, 219.55913290200988, 460.75939435219686, 221.97557757699542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 149.37537652977545, 227.93190045255687, 155.7033252567234, 230.652939032243 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 36, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49276923495563, 65.36192948775115, 62.004142866189795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36", "box": [ 301.60895311120953, 664.3177007985832, 310.6066975402138, 668.8290744298174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table provides a calculation of Distributable Loss for our loan and REO portfolios, as well as a reconciliation to ", "box": [ 85.15545852235574, 93.94276512420765, 551.3618746777526, 98.45413875544182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "net loss, for the three months ended June 30, 2026 and 2025 ($ in thousands):", "box": [ 63.11249225831271, 104.06776398232978, 342.00677834947845, 108.57913761356394 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 113.87486692546372, 86.50545837010574, 116.58236799978113 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 139.8937335990942, 121.46104873159493, 141.69260836247108, 125.06879384543208 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 221.10466194030536, 121.46104873159493, 222.90353670368222, 125.06879384543208 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30, 2026", "box": [ 247.49294021429372, 120.78604880772036, 356.6373657677267, 124.39379392155752 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 380.44683147004804, 120.78604880772036, 382.2457062334249, 124.39379392155752 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 384.09604980849724, 121.46104873159493, 385.8949245718742, 125.06879384543208 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30, 2025", "box": [ 412.46714035886845, 120.78604880772036, 521.6115659123019, 124.39379392155752 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 120.78604880772036, 547.2410001256208, 124.39379392155752 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 139.8937335990942, 137.66104690459542, 141.69260836247108, 141.26879201843258 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 221.10466194030536, 137.66104690459542, 222.90353670368222, 141.26879201843258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan", "box": [ 239.07653491347727, 129.561047818097, 255.07314164148477, 133.16879293193415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Portfolio", "box": [ 233.48669179388742, 136.98604698072086, 260.6594956143987, 140.593792094558 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 270.4640313736649, 133.6110473613444, 272.26290613704174, 137.21879247518154 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 276.09606198849696, 137.66104690459542, 277.89493675187384, 141.26879201843258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "REO", "box": [ 294.26832893906885, 129.561047818097, 309.8609047140653, 133.16879293193415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Portfolio", "box": [ 288.47809184207904, 136.98604698072086, 315.65089566259024, 140.593792094558 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 325.4554314218565, 133.6110473613444, 327.25430618523336, 137.21879247518154 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 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For the three months ended June 30, 2025, amount includes a $2.9 million charge-off of ", "box": [ 79.30194355750221, 450.26213360845213, 551.1479874687493, 454.3233852199264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accrued interest receivable related to the anticipated mortgage foreclosures on multifamily properties in June 2025.", "box": [ 79.30194355750221, 459.7121325426997, 451.98496216713585, 463.773384154174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 468.4871315530763, 72.55721755315749, 472.5483831645506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reflects previously recognized depreciation and amortization on (i) the multifamily real estate owned asset that was sold during the three ", "box": [ 79.30194355750221, 468.4871315530763, 551.1374372199391, 472.5483831645506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026 and (ii) the portion of our mixed-use real estate owned asset that was sold during the three months ended June 30, ", "box": [ 79.30194355750221, 477.9371304873239, 551.1374372199391, 481.9983820988018 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025. Amounts recorded were not previously recognized in Distributable Earnings (Loss).", "box": [ 79.30194355750221, 487.3871294215751, 371.72852448827933, 491.4483810330494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 496.8371283558263, 72.55721755315749, 500.89837996730057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reflects previously recognized depreciation and amortization on (i) our mixed-use real estate owned asset and (ii) one of our multifamily real ", "box": [ 79.30194355750221, 496.8371283558263, 551.1374372199391, 500.89837996730057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate owned assets upon reclassification of the respective assets to held-for-sale during the three months ended June 30, 2026. Amounts ", "box": [ 79.30194355750221, 506.28712729007384, 551.1374372199391, 510.34837890155177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recorded were not previously recognized in Distributable Earnings (Loss).", "box": [ 79.30194355750221, 515.0621263004505, 319.75089353020155, 519.1233779119248 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 539.4427148817085, 87.40489575179419, 543.9540885129427 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 564.417712065082, 87.40489575179419, 568.9290856963162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 589.3927092484555, 87.40489575179419, 593.9040828796933 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 613.6927065079581, 87.40489575179419, 618.2040801391922 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 638.6677036913316, 87.40489575179419, 643.1790773225657 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 123.65154793085195, 241.83420704588207, 130.47601752082537, 244.2506517208676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 165.6175621980177, 281.6592025545069, 171.23716475387334, 284.07564722949246 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 162.41131255961145, 296.7819693438032, 168.73926128655938, 299.503007923493 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 128.14451617414494, 340.38419593163417, 134.96898576411834, 342.8006406066197 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 280.19879927579933, 349.15919494200716, 287.02326886577265, 351.5756396169927 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (3)", "box": [ 78.79569361459596, 364.6841931911331, 85.62016320456935, 367.10063786611863 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 37, "width": 612.0, 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546.6148453099311, 417.34371163530886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of discount on secured term loan", "box": [ 67.60546050160569, 421.8359656079738, 201.88490965536653, 425.4437107218073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 324.2530878074541, 421.8359656079738, 326.051962570831, 425.4437107218073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.1046497603057, 421.8359656079738, 330.90352452368256, 425.4437107218073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.5171490371182, 421.8359656079738, 337.3160238004951, 425.4437107218073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,412) ", "box": [ 359.9964465263972, 421.8359656079738, 385.8949245718742, 425.4437107218073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.50854908530977, 421.8359656079738, 392.3074238486867, 425.4437107218073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", 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"Stock-based compensation expense", "box": [ 67.60546050160569, 429.9359646944722, 169.51225086921397, 433.54370980830936 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 324.2530878074541, 429.9359646944722, 326.051962570831, 433.54370980830936 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.1046497603057, 429.9359646944722, 330.90352452368256, 433.54370980830936 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.5171490371182, 429.9359646944722, 337.3160238004951, 433.54370980830936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,806) ", "box": [ 359.9964465263972, 429.9359646944722, 385.8949245718742, 433.54370980830936 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.50854908530977, 429.9359646944722, 392.3074238486867, 433.54370980830936 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 434.23588790383724, 429.9359646944722, 436.0347626672142, 433.54370980830936 ], 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444.3437085903097 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 324.2530878074541, 440.73596347647253, 326.051962570831, 444.3437085903097 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.1046497603057, 440.73596347647253, 330.90352452368256, 444.3437085903097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 335.5171490371182, 438.71096370484884, 339.114898563872, 442.31870881868235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(309,725) ", "box": [ 352.8034785876042, 438.71096370484884, 385.8949245718742, 444.3437085903097 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.50854908530977, 440.73596347647253, 392.3074238486867, 444.3437085903097 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 434.23588790383724, 440.73596347647253, 436.0347626672142, 444.3437085903097 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 439.0874498566888, 440.73596347647253, 440.88632462006575, 444.3437085903097 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 445.49994913350133, 440.73596347647253, 447.2988238968783, 444.3437085903097 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 489.2272879520288, 440.73596347647253, 491.02616271540575, 444.3437085903097 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 494.07884990488037, 440.73596347647253, 495.8777246682573, 444.3437085903097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 500.4913491816929, 438.71096370484884, 504.08909870844667, 442.31870881868235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(260,330)", "box": [ 517.7776787321789, 438.71096370484884, 546.6148453099311, 442.31870881868235 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 447.99977999558905, 64.46249210606271, 450.70728106990646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 454.3120839037001, 72.55721755315749, 458.37333551517804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the six months ended June 30, 2026, amount includes (i) a $12.9 million charge-off of accrued interest receivable and $0.3 million charge-", "box": [ 79.30194355750221, 454.3120839037001, 549.1240594620035, 458.37333551517804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "off of an exit fee related to the sale of a hospitality loan in March 2026 and (ii) a $0.4 million charge-off of accrued interest receivable related to ", "box": [ 79.30194355750221, 463.7620828379513, 551.1268937211282, 467.8233344494256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the mortgage foreclosure on a multifamily property in May 2026. For the six months ended June 30, 2025, amount includes (i) a $6.5 million ", "box": [ 79.30194355750221, 473.2120817722025, 551.1479874687493, 477.2733333836768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "charge-off of accrued interest receivable related to the discounted payoff of a land loan in March 2025 and the anticipated foreclosures on ", "box": [ 79.30194355750221, 482.66208070645007, 551.1374372199391, 486.723332317928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "multifamily properties in July 2025 and (ii) a $0.5 million charge-off of an exit fee related to the discounted payoff of a land loan in March ", "box": [ 79.30194355750221, 492.11207964070127, 551.1479874687493, 496.17333125217556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025.", "box": [ 79.30194355750221, 500.8870786510779, 97.52694150212726, 504.9483302625522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 510.33707758532546, 72.55721755315749, 514.3983291967998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reflects previously recognized depreciation and amortization on (i) the multifamily real estate owned asset that was sold during the six months ", "box": [ 79.30194355750221, 510.33707758532546, 551.1374372199391, 514.3983291967998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 and (ii) the portion of our mixed-use real estate owned asset that was sold during the six months ended June 30, 2025. ", "box": [ 79.30194355750221, 519.7870765195767, 551.1374372199391, 523.848328131051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts recorded were not previously recognized in Distributable Earnings (Loss).", "box": [ 79.30194355750221, 529.2370754538279, 351.4785267720293, 533.2983270653021 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 538.6870743880754, 72.55721755315749, 542.7483259995497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reflects previously recognized depreciation and amortization on (i) our mixed-use real estate owned asset and (ii) one of our multifamily real ", "box": [ 79.30194355750221, 538.6870743880754, 551.1374372199391, 542.7483259995497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate owned assets upon reclassification of the respective assets to held-for-sale during the six months ended June 30, 2026. Amounts recorded ", "box": [ 79.30194355750221, 547.462073398452, 551.1374372199391, 551.5233250099263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were not previously recognized in Distributable Earnings (Loss).", "box": [ 79.30194355750221, 556.9120723326996, 289.39567148359635, 560.9733239441775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 16. Subsequent Events", "box": [ 63.11249225831271, 581.2926609139577, 171.84977589844416, 585.8040345451918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and note the following ", "box": [ 85.15545852235574, 597.4926590869582, 551.3618746777526, 602.0040327181923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transactions or events that have occurred:", "box": [ 63.11249225831271, 607.6176579450839, 212.2649353864765, 612.1290315763181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.", "box": [ 85.11327102711356, 623.1426561942062, 91.8615782266794, 627.654029825444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, we sold an office loan classified as held-for-sale as of June 30, 2026. See Note 3 - Loan Portfolio - Sales of ", "box": [ 107.15623729115659, 623.1426561942062, 551.3618746777526, 627.654029825444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans Receivable for further detail. A portion of sale proceeds was used to repay the associated financing of $39.1 ", "box": [ 107.15623729115659, 633.9426549762065, 551.3618746777526, 638.4540286074407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million.", "box": [ 107.15623729115659, 644.0676538343323, 135.40157614883475, 648.5790274655665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.", "box": [ 85.11327102711356, 659.5926520834582, 91.8615782266794, 664.1040257146924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, we received the full repayment of a multifamily loan. As of June 30, 2026, the loan had a total commitment ", "box": [ 107.15623729115659, 659.5926520834582, 551.3618746777526, 664.1040257146924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and an unpaid principal balance of $113.5 million and was risk rated 3. A portion of repayment proceeds was used to ", "box": [ 107.15623729115659, 670.3926508654586, 551.3724249265628, 674.9040244966927 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repay the ", "box": [ 107.15623729115659, 680.5176497235843, 142.62876982376787, 685.0290233548185 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 123.65154793085195, 256.00915619925945, 130.47601752082537, 258.425600874245 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 163.81404340141455, 295.8341517078843, 170.63851299138796, 298.25059638286984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 162.41131255961145, 310.9569184971806, 168.73926128655938, 313.67795707686673 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 128.14451617414494, 354.5591450850079, 134.96898576411834, 356.97558975999345 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 280.19879927579933, 362.65914417151, 287.02326886577265, 365.0755888464955 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (3)", "box": [ 78.79569361459596, 378.8591423445105, 85.62016320456935, 381.275587019496 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 38, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49266776295917, 65.36192948775115, 62.004041394196975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "38", "box": [ 301.60895311120953, 244.4676466763376, 310.6066975402138, 248.97902030757177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "associated financing of $50.0 million. ", "box": [ 107.15623729115659, 88.54266426121103, 245.3654281873548, 93.0540378924452 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.", "box": [ 85.11327102711356, 104.74266243421152, 91.8615782266794, 109.25403606544569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, we received the full repayment of a multifamily loan. As of June 30, 2026, the loan had a total commitment ", "box": [ 107.15623729115659, 104.74266243421152, 551.3618746777526, 109.25403606544569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and an unpaid principal balance of $109.6 million and was risk rated 3. A portion of repayment proceeds was used to ", "box": [ 107.15623729115659, 114.86766129233729, 551.3618746777526, 119.37903492357145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repay the associated financing of $74.4 million.", "box": [ 107.15623729115659, 124.99266015045941, 278.5677903278658, 129.50403378169358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.", "box": [ 85.11327102711356, 140.51765839958534, 91.8615782266794, 145.0290320308195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, we received the discounted payoff equal to carrying value of a risk rated 5 multifamily loan receivable with ", "box": [ 107.15623729115659, 140.51765839958534, 551.3618746777526, 145.0290320308195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an unpaid principal balance of $74.9 million and a carrying value net of a specific CECL reserve of $70.1 million. See ", "box": [ 107.15623729115659, 151.31765718158567, 551.3724249265628, 155.82903081281984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note 3 - Loan Portfolio - Loan Modifications for further detail. A portion of repayment proceeds was used to repay the ", "box": [ 107.15623729115659, 161.44265603971144, 551.3618746777526, 165.9540296709456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "associated financing of $42.7 million.", "box": [ 107.15623729115659, 171.5676548978372, 243.0932428361068, 176.07902852907137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.", "box": [ 85.11327102711356, 187.7676530708377, 91.8615782266794, 192.27902670207186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, we entered into a binding agreement to sell a multifamily real estate owned asset to an unaffiliated purchaser ", "box": [ 107.15623729115659, 187.7676530708377, 551.3618746777526, 192.27902670207186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for a gross sales price of $22.5 million. As of June 30, 2026, the multifamily real estate owned asset was classified as ", "box": [ 107.15623729115659, 197.89265192895982, 551.3618746777526, 202.404025560194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "held-for-sale. See Note 5 - Real Estate Owned - Real Estate Owned Held-For-Sale for further detail.", "box": [ 107.15623729115659, 208.01765078708559, 467.6851608821271, 212.52902441831975 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 218.81764956908592, 65.36192948775115, 223.32902320032008 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 39, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.492648370960524, 65.36192948775115, 62.00402200219469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39", "box": [ 301.60895311120953, 695.3675764328364, 310.6066975402138, 699.8789500640705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.", "box": [ 63.11249225831271, 83.14264547820858, 436.56517141427065, 87.65401910944274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following discussion should be read in conjunction with our unaudited consolidated financial statements and notes thereto ", "box": [ 85.15545852235574, 104.06764311833467, 551.3618746777526, 108.57901674956884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "appearing elsewhere in this Quarterly Report on Form 10-Q. References herein to 'Claros Mortgage Trust,' 'Company,' 'we,' 'us' ", "box": [ 63.11249225831271, 114.867641900335, 551.3618746777526, 119.37901553156917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or 'our' refer to Claros Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise. References to our ", "box": [ 63.11249225831271, 124.99264075846077, 551.3618746777526, 129.50401438969493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Manager' refer to Claros REIT Management LP and references to our 'Sponsor' refer to Mack Real Estate Credit Strategies, L.P. ", "box": [ 63.11249225831271, 135.11763961658653, 551.3618746777526, 139.6290132478207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "('MRECS'), the CRE lending and debt investment business affiliated with our Manager and Mack Real Estate Group, LLC ", "box": [ 63.11249225831271, 145.91763839858686, 551.3618746777526, 150.42901202982102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "('MREG'). Although MRECS and MREG are distinct legal entities, for convenience, references to our 'Sponsor' are deemed to ", "box": [ 63.11249225831271, 156.04263725670899, 551.3618746777526, 160.55401088794315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "include references to MRECS and MREG, individually or collectively, as appropriate for the context and unless otherwise indicated. ", "box": [ 63.11249225831271, 166.16763611483475, 551.3618746777526, 170.6790097460689 ], "from_ocr": false, "confidence": 1.0 }, { "text": "References to 'CRE' throughout this Quarterly Report on Form 10-Q means commercial real estate.", "box": [ 63.11249225831271, 176.96763489683508, 424.9111605685842, 181.47900852806924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS", "box": [ 151.8855324966856, 203.29263192796134, 460.3393818222278, 207.8040055591955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We make forward-looking statements herein and will make forward-looking statements in future filings with the SEC, press ", "box": [ 85.15545852235574, 224.2176295680838, 551.3618746777526, 228.7290031993216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "releases or other written or oral communications within the meaning of Section 27A of the Securities Act of 1933, as amended (the ", "box": [ 63.11249225831271, 235.01762835008412, 551.3618746777526, 239.5290019813183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Securities Act'), and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). For these statements, ", "box": [ 63.11249225831271, 245.1426272082099, 551.3618746777526, 249.65400083944405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we claim the protections of the safe harbor for forward-looking statements contained in such Sections. Forward-looking statements are ", "box": [ 63.11249225831271, 255.26762606633565, 551.3618746777526, 259.7789996975698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control. These ", "box": [ 63.11249225831271, 265.3926249244614, 551.3618746777526, 269.9039985556956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, ", "box": [ 63.11249225831271, 276.19262370646175, 551.3618746777526, 280.7039973376959 ], "from_ocr": false, "confidence": 1.0 }, { "text": "results of operations, plans and objectives. When we use the words 'believe,' 'expect,' 'anticipate,' 'estimate,' 'plan,' 'continue,' ", "box": [ 63.11249225831271, 286.3176225645875, 551.3618746777526, 290.8289961958217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'intend,' 'should,' 'may' or similar expressions, we intend to identify forward-looking statements. Statements regarding the ", "box": [ 63.11249225831271, 296.44262142270964, 551.3618746777526, 300.9539950539438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "following subjects, among others, may be forward-looking: our business and investment strategy; changes in interest rates and their ", "box": [ 63.11249225831271, 307.24262020470997, 551.3618746777526, 311.75399383594413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "impact on our borrowers and on the availability and cost of our financing; our projected operating results; defaults by borrowers in ", "box": [ 63.11249225831271, 317.36761906283573, 551.3618746777526, 321.8789926940699 ], "from_ocr": false, "confidence": 1.0 }, { "text": "paying debt service on outstanding loans; anticipated timing, amount, and pace of resolutions of our investments; the timing of cash ", "box": [ 63.11249225831271, 327.4926179209615, 551.3618746777526, 332.00399155219566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "flows, if any, from our investments; our ability to maintain levels of liquidity that meet or exceed our liquidity needs; the state of and ", "box": [ 63.11249225831271, 338.2926167029618, 551.3618746777526, 342.803990334196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "uncertainty surrounding the U.S. and global economy generally or in specific geographic regions; reduced demand for office, ", "box": [ 63.11249225831271, 348.4176155610876, 551.3618746777526, 352.92898919232175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "multifamily or retail space, including as a result of the increase in remote and/or hybrid work trends which allow work from remote ", "box": [ 63.11249225831271, 358.5426144192097, 551.3618746777526, 363.0539880504439 ], "from_ocr": false, "confidence": 1.0 }, { "text": "locations other than the employer's office premises; governmental actions and initiatives and changes to government regulations and ", "box": [ 63.11249225831271, 369.34261320121004, 551.3618746777526, 373.8539868324442 ], "from_ocr": false, "confidence": 1.0 }, { "text": "policies, including changes in monetary policy; the amount of commercial mortgage loans requiring refinancing; our ability to obtain ", "box": [ 63.11249225831271, 379.4676120593358, 551.3618746777526, 383.97898569056997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and maintain financing arrangements on attractive terms, or at all; our ability to maintain compliance with covenants under our ", "box": [ 63.11249225831271, 389.59261091746157, 551.3618746777526, 394.10398454869573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financing arrangements; current and prospective financing costs and advance rates for our existing and target assets; our expected ", "box": [ 63.11249225831271, 400.3926096994619, 551.3618746777526, 404.90398333069606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "leverage; general volatility of the capital markets and the markets in which we may invest and in which our borrowers operate; the ", "box": [ 63.11249225831271, 410.51760855758766, 551.3618746777526, 415.02898218882183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "state of the regional, national, and global banking systems; the return on or impact of current and future investments, including our ", "box": [ 63.11249225831271, 420.6426074157098, 551.3618746777526, 425.15398104694395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan portfolio and real estate owned assets; allocation of investment opportunities to us by our Manager and our Sponsor; changes in ", "box": [ 63.11249225831271, 430.76760627383555, 551.3618746777526, 435.2789799050697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the markets in which we and our borrowers operate and the impacts thereof; changes in the market value of our investments and ", "box": [ 63.11249225831271, 441.5676050558359, 551.3618746777526, 446.07897868707005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral underlying our investments; the effects of hedging instruments on our existing and target assets; rates of default, decreased ", "box": [ 63.11249225831271, 451.69260391396165, 551.3618746777526, 456.2039775451958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recovery rates, and/or increased loss severity rates on our existing and target assets and related impairment charges, including as these ", "box": [ 63.11249225831271, 461.8176027720874, 551.3618746777526, 466.3289764033216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "relate to our real estate owned assets; the degree to which our hedging strategies may or may not protect us from interest rate ", "box": [ 63.11249225831271, 472.61760155408774, 551.3618746777526, 477.1289751853219 ], "from_ocr": false, "confidence": 1.0 }, { "text": "volatility; changes in governmental regulations, tax laws and rates, and similar matters (including the interpretation thereof); our ", "box": [ 63.11249225831271, 482.74260041220987, 551.3618746777526, 487.25397404344403 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ability to maintain our qualification as a real estate investment trust ('REIT'); our ability to maintain our exclusion from registration ", "box": [ 63.11249225831271, 492.86759927033563, 551.3618746777526, 497.3789729015698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "under the Investment Company Act of 1940, as amended (the '1940 Act'); the availability and attractiveness of investment ", "box": [ 63.11249225831271, 503.66759805233596, 551.3618746777526, 508.1789716835701 ], "from_ocr": false, "confidence": 1.0 }, { "text": "opportunities we are able to originate in our target assets; the ability of our Manager to locate suitable investments for us, monitor, ", "box": [ 63.11249225831271, 513.7925969104617, 551.3618746777526, 518.3039705416959 ], "from_ocr": false, "confidence": 1.0 }, { "text": "service and administer our investments and execute our investment strategy; the availability of qualified personnel from our Sponsor ", "box": [ 63.11249225831271, 523.9175957685875, 551.3618746777526, 528.4289693998217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and its affiliates, including our Manager; estimates relating to our ability to pay or resume paying dividends to our stockholders in the ", "box": [ 63.11249225831271, 534.7175945505878, 551.3618746777526, 539.228968181822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "future; our understanding of our competition; impact of increased competition on projected returns; the risk of securities class action ", "box": [ 63.11249225831271, 544.84259340871, 551.3618746777526, 549.3539670399441 ], "from_ocr": false, "confidence": 1.0 }, { "text": "litigation or stockholder activism; geopolitical or economic conditions or uncertainty, which may include military conflicts and ", "box": [ 63.11249225831271, 554.9675922668357, 551.3618746777526, 559.4789658980699 ], "from_ocr": false, "confidence": 1.0 }, { "text": "activities (including the military conflicts between Russia and Ukraine, Israel and Hamas, and elsewhere throughout the Middle East, ", "box": [ 63.11249225831271, 565.767591048836, 551.3618746777526, 570.2789646800702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "North Africa, and South America more broadly), tensions involving Russia, China, and Iran, political instability, social unrest, civil ", "box": [ 63.11249225831271, 575.8925899069618, 551.3618746777526, 580.403963538196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "disturbances, terrorism, natural disasters and pandemics; and market trends in our industry, interest rates, real estate values, the debt ", "box": [ 63.11249225831271, 586.0175887650876, 551.3618746777526, 590.5289623963217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "markets generally, the CRE debt market or the general economy.", "box": [ 63.11249225831271, 596.1425876232133, 296.7197802132246, 600.6539612544475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into ", "box": [ 85.15545852235574, 617.7425851872104, 551.3618746777526, 622.2539588184445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "account all information currently available to us. You should not place undue reliance on these forward-looking statements. These ", "box": [ 63.11249225831271, 627.8675840453361, 551.3618746777526, 632.3789576765703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. See ", "box": [ 63.11249225831271, 637.9925829034619, 551.3618746777526, 642.503956534696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Item 1A. Risk Factors' of this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K. These and other risks, ", "box": [ 63.11249225831271, 648.7925816854622, 551.3618746777526, 653.3039553166964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "uncertainties, and factors, including those described in the annual, quarterly and current reports that we file with the SEC, could cause ", "box": [ 63.11249225831271, 658.917580543588, 551.3618746777526, 663.4289541748221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our actual results to differ materially from those included in any forward-looking statements we make. Factors that could cause or ", "box": [ 63.11249225831271, 669.0425794017101, 532.5989895437892, 673.5539530329479 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 40, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81759699108807, 65.36192948775115, 61.32897062232223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40", "box": [ 301.60895311120953, 713.5925229214663, 310.6066975402138, 718.1038965527005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "contribute to these differences include, but are not limited to, those identified below and those discussed in the section titled 'Risk ", "box": [ 63.11249225831271, 93.94259280421466, 551.3618746777526, 98.45396643544882 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Factors' of this filing. If a change occurs, our business, financial condition, liquidity, results of operations and prospects may vary ", "box": [ 63.11249225831271, 104.06759166234042, 551.3618746777526, 108.57896529357458 ], "from_ocr": false, "confidence": 1.0 }, { "text": "materially from those expressed in our forward-looking statements. Any forward-looking statement speaks only as of the date on ", "box": [ 63.11249225831271, 114.19259052046255, 551.3618746777526, 118.70396415170035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may ", "box": [ 63.11249225831271, 124.99258930246287, 551.3618746777526, 129.50396293369704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, ", "box": [ 63.11249225831271, 135.11758816058864, 551.3618746777526, 139.6289617918228 ], "from_ocr": false, "confidence": 1.0 }, { "text": "whether as a result of new information, future events or otherwise.", "box": [ 63.11249225831271, 145.2425870187144, 302.47513945664787, 149.75396064994857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Introduction", "box": [ 63.11249225831271, 172.24258397371523, 112.10798205999446, 176.7539576049494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are a CRE finance company focused primarily on originating senior and subordinate loans on transitional CRE assets ", "box": [ 85.15545852235574, 187.76758222284116, 551.3618746777526, 192.27895585407532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "located in major U.S. markets, including mortgage loans secured by a first priority or subordinate mortgage on transitional CRE ", "box": [ 63.11249225831271, 197.89258108096328, 551.3618746777526, 202.40395471219745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets, and subordinate loans including mezzanine loans secured by a pledge of equity ownership interests in the direct or indirect ", "box": [ 63.11249225831271, 208.6925798629636, 551.3618746777526, 213.20395349419778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property owner rather than directly in the underlying commercial properties. These loans are subordinate to a mortgage loan but senior ", "box": [ 63.11249225831271, 218.81757872108938, 551.3618746777526, 223.32895235232354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the property owner's equity ownership interests. Transitional CRE assets are properties that require repositioning, renovation, ", "box": [ 63.11249225831271, 228.94257757921514, 551.3618746777526, 233.4539512104493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rehabilitation, leasing, development or redevelopment or other value-added elements in order to maximize value. We believe our ", "box": [ 63.11249225831271, 239.0675764373409, 551.3618746777526, 243.57895006857507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Sponsor's real estate development, ownership and operations experience, and infrastructure differentiates us in lending on these ", "box": [ 63.11249225831271, 249.86757521934123, 551.3618746777526, 254.3789488505754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transitional CRE assets. Our objective is to be a premier provider of debt capital for transitional CRE assets and, in doing so, to ", "box": [ 63.11249225831271, 259.99257407746336, 551.3618746777526, 264.5039477086975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generate attractive risk-adjusted returns for our stockholders over time, primarily through dividends. We strive to create a diversified ", "box": [ 63.11249225831271, 270.1175729355891, 551.3618746777526, 274.6289465668233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment portfolio of CRE loans that we generally intend to hold to maturity. We focus primarily on originating loans ranging from ", "box": [ 63.11249225831271, 280.91757171758945, 551.3618746777526, 285.4289453488236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$50 million to $300 million on transitional CRE assets located in U.S. markets with attractive fundamental characteristics supported ", "box": [ 63.11249225831271, 291.0425705757152, 551.3618746777526, 295.5539442069494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by macroeconomic tailwinds. ", "box": [ 63.11249225831271, 301.167569433841, 171.55840526114756, 305.67894306507515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our loan origination and repayment volume may fluctuate based on market conditions or other conditions inherent in our ", "box": [ 85.15545852235574, 322.767566997838, 551.3618746777526, 327.2789406290758 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio. As such, we may modify our investment strategy from time to time by shifting focus to optimizing outcomes within our ", "box": [ 63.11249225831271, 332.89256585596377, 551.3618746777526, 337.40393948719793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "existing portfolio, which may include actions such as selling a loan or syndicating a portion of a loan, working with our borrowers to ", "box": [ 63.11249225831271, 343.01756471408953, 551.3618746777526, 347.5289383453237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "enhance the value of underlying properties that constitute our collateral, and, in certain circumstances in order to maximize recovery ", "box": [ 63.11249225831271, 353.81756349608986, 551.3618746777526, 358.328937127324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from a defaulted loan, assuming legal title and/or physical possession of the collateral property.", "box": [ 63.11249225831271, 363.9425623542156, 406.6784171348324, 368.4539359854498 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We were organized as a Maryland corporation on April 29, 2015 and commenced operations on August 25, 2015, and our ", "box": [ 85.15545852235574, 384.8675599943417, 551.3618746777526, 389.3789336255759 ], "from_ocr": false, "confidence": 1.0 }, { "text": "common stock is traded on the New York Stock Exchange, or NYSE, under the symbol 'CMTG.' We have elected and believe we ", "box": [ 63.11249225831271, 395.6675587763384, 551.3618746777526, 400.1789324075726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "have qualified to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, ", "box": [ 63.11249225831271, 405.7925576344642, 551.3618746777526, 410.30393126569834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2015. We are externally managed and advised by our Manager, an investment adviser registered with the U.S. Securities and ", "box": [ 63.11249225831271, 415.91755649258994, 551.3618746777526, 420.4289301238241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exchange Commission ('SEC') pursuant to the Investment Advisers Act of 1940, as amended (the 'Advisers Act'). We operate our ", "box": [ 63.11249225831271, 426.0425553507157, 551.3618746777526, 430.55392898194987 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business in a manner that permits us to maintain our exclusion from registration under the 1940 Act.", "box": [ 63.11249225831271, 436.84255413271603, 424.19500279435096, 441.3539277639502 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I. Key Financial Measures and Indicators", "box": [ 63.11249225831271, 463.16755116383865, 222.57630435261842, 467.6789247950728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As a CRE finance company, we believe the key financial measures and indicators for our business are net income (loss) per ", "box": [ 85.15545852235574, 478.6925494129646, 551.3618746777526, 483.20392304419875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "share, Distributable Earnings (Loss) per share, Distributable Earnings (Loss) per share prior to realized gains and losses, which such ", "box": [ 63.11249225831271, 489.4925481949649, 551.3618746777526, 494.0039218261991 ], "from_ocr": false, "confidence": 1.0 }, { "text": "gains and losses include charge-offs of principal, accrued interest receivable, and/or exit fees, dividends declared per share, book value ", "box": [ 63.11249225831271, 499.6175470530907, 551.3618746777526, 504.12892068432484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "per share, adjusted book value per share, Net Debt-to-Equity Ratio and Total Leverage Ratio. During the three months ended June 30, ", "box": [ 63.11249225831271, 509.74254591121644, 551.3618746777526, 514.2539195424506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026, we had net loss per share of $1.81, Diluted Distributable Loss per share of $0.63, Diluted Distributable Loss per share prior to ", "box": [ 63.11249225831271, 520.5425446932168, 551.3618746777526, 525.0539183244509 ], "from_ocr": false, "confidence": 1.0 }, { "text": "realized gains and losses of $0.07, and our Board did not declare any dividends. As of June 30, 2026, our book value per share was ", "box": [ 63.11249225831271, 530.6675435513389, 551.3618746777526, 535.1789171825731 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$8.58, our adjusted book value per share was $9.06, our Net Debt-to-Equity Ratio was 2.0x, and our Total Leverage Ratio was 2.7x. ", "box": [ 63.11249225831271, 540.7925424094647, 551.3618746777526, 545.3039160406988 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We use Net Debt-to-Equity Ratio and Total Leverage Ratio, financial measures which are not prepared in accordance with GAAP, to ", "box": [ 63.11249225831271, 551.592541191465, 551.3618746777526, 556.1039148226992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "evaluate our financial leverage, which in the case of our Total Leverage Ratio, makes certain adjustments that we believe provide a ", "box": [ 63.11249225831271, 561.7175400495908, 551.3618746777526, 566.2289136808249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "more conservative measure of our financial condition.", "box": [ 63.11249225831271, 571.8425389077165, 257.7412950891318, 576.3539125389507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Loss Per Share and Dividends Declared Per Share ", "box": [ 63.11249225831271, 593.4425364717172, 267.80917565619865, 597.9539101029513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table sets forth the calculation of basic and diluted net loss per share and dividends declared per share ($ in ", "box": [ 85.15545852235574, 608.9675347208395, 551.3618746777526, 613.4789083520736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands, except per share data):", "box": [ 63.11249225831271, 619.0925335789652, 184.78405667320928, 623.6039072101994 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 217.04411889824442, 629.7358190894811, 218.84299366162128, 633.3435642033182 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 373.43316376103394, 629.7358190894811, 375.2320385244109, 633.3435642033182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended", "box": [ 429.6585446700599, 629.0608191656065, 495.2260248350743, 632.6685642794437 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 629.0608191656065, 547.2410001256208, 632.6685642794437 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 217.04411889824442, 638.5108180998541, 218.84299366162128, 642.1185632136912 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 373.43316376103394, 638.5108180998541, 375.2320385244109, 642.1185632136912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 397.6382357812395, 638.5108180998541, 439.4163175145998, 642.1185632136912 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 457.6077602680092, 638.5108180998541, 459.4066350313861, 642.1185632136912 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 461.2569786064584, 638.5108180998541, 463.05585336983535, 642.1185632136912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "March 31, 2026", "box": [ 482.4667452144679, 638.5108180998541, 530.2281900280378, 642.1185632136912 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 638.5108180998541, 547.2410001256208, 642.1185632136912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net loss", "box": [ 63.11249225831271, 647.3619390599597, 89.43749009943771, 651.423190671434 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 373.43316376103394, 647.4425303817152, 375.6826009904724, 651.9539040129494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 381.30113162370196, 647.3619390599597, 385.351131166952, 651.423190671434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(255,431) ", "box": [ 426.737063999538, 647.3619390599597, 463.50641583589686, 651.9539040129494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 469.1249464691264, 647.3619390599597, 473.17494601237644, 651.423190671434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(54,294)", "box": [ 518.6108783882124, 647.3619390599597, 546.9266011248279, 651.423190671434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average shares of common stock outstanding, basic and diluted", "box": [ 63.11249225831271, 657.4869379180855, 301.09347537934394, 661.5481895295597 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 373.43316376103394, 657.567529239841, 375.6826009904724, 662.0789028710751 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.30113162370196, 657.4869379180855, 383.32613139532697, 661.5481895295597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "141,419,175 ", "box": [ 415.262065293663, 657.4869379180855, 463.50641583589686, 662.0789028710751 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 469.1249464691264, 657.4869379180855, 471.14994624075143, 661.5481895295597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "140,456,493 ", "box": [ 503.08588013908746, 657.4869379180855, 546.2542380206555, 661.5481895295597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basic and diluted net loss per share of common stock", "box": [ 63.11249225831271, 667.6119367762076, 235.64880376004913, 671.6731883876855 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 373.43316376103394, 667.6925280979667, 375.6826009904724, 672.2039017292009 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 381.30113162370196, 667.6119367762076, 385.351131166952, 671.6731883876855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.81) ", "box": [ 438.88706262928804, 667.6119367762076, 463.50641583589686, 672.2039017292009 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 469.1249464691264, 667.6119367762076, 473.17494601237644, 671.6731883876855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.39)", "box": [ 526.7108774747124, 667.6119367762076, 546.9266011248279, 671.6731883876855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dividends declared per share of common stock", "box": [ 63.11249225831271, 677.7369356343333, 215.61238033971267, 681.7981872458113 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 373.43316376103394, 677.8175269560925, 375.6826009904724, 682.3289005873266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 381.30113162370196, 677.7369356343333, 385.351131166952, 681.7981872458113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 453.0620610306631, 677.7369356343333, 458.43041642523184, 681.7981872458113 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 461.2569786064584, 677.8175269560925, 463.50641583589686, 682.3289005873266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 469.1249464691264, 677.7369356343333, 473.17494601237644, 681.7981872458113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 540.8858758760875, 677.7369356343333, 546.2542380206555, 681.7981872458113 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 687.9425258142146, 65.36192948775115, 692.4538994454488 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 41, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.492424162970565, 65.36192948775115, 62.00379779420473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41", "box": [ 301.60895311120953, 659.5923562594726, 310.6066975402138, 664.1037298907067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026 and the year ended December 31, 2025, our Board did not declare any dividends. ", "box": [ 85.15545852235574, 88.54242066122242, 551.3618746777526, 93.05379429245659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The timing and amount of any future dividends declared by our Board depend on a variety of factors, including cash generated by ", "box": [ 63.11249225831271, 98.66741951934455, 551.3618746777526, 103.17879315057871 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provisions of the ", "box": [ 63.11249225831271, 109.46741830134488, 551.3618746777526, 113.97879193257904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Internal Revenue Code, and such other factors as our Board deems relevant. We may use net operating losses carried forward to offset ", "box": [ 63.11249225831271, 119.59241715947064, 551.3618746777526, 124.1037907907048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "future net taxable income, and therefore reduce our dividend requirements, subject to certain limitations as prescribed by the Internal ", "box": [ 63.11249225831271, 129.7174160175964, 551.3618746777526, 134.22878964883057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Revenue Code which may change from time-to-time.", "box": [ 63.11249225831271, 140.51741479959674, 254.75379024605604, 145.0287884308309 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss)", "box": [ 63.11249225831271, 161.44241243972283, 173.60715461194116, 165.953786070957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss) is a non-GAAP measure used to evaluate our performance excluding the effects of certain ", "box": [ 85.15545852235574, 176.96741068884512, 551.3618746777526, 181.47878432007928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transactions, non-cash items and GAAP adjustments, as determined by our Manager. Distributable Earnings (Loss) is a non-GAAP ", "box": [ 63.11249225831271, 187.09240954697088, 551.3618746777526, 191.60378317820505 ], "from_ocr": false, "confidence": 1.0 }, { "text": "measure, which we define as net income (loss) in accordance with GAAP, excluding (i) non-cash stock-based compensation expense, ", "box": [ 63.11249225831271, 197.89240832897121, 551.3618746777526, 202.40378196020538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(ii) real estate owned held-for-investment depreciation and amortization, (iii) any unrealized gains or losses from mark-to-market ", "box": [ 63.11249225831271, 208.01740718709698, 551.3618746777526, 212.52878081833114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "valuation changes (other than permanent impairments) that are included in net income (loss) for the applicable period, (iv) one-time ", "box": [ 63.11249225831271, 218.14240604522274, 551.3618746777526, 222.6537796764569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "events pursuant to changes in GAAP and (v) certain non-cash items, which in the judgment of our Manager, should not be included in ", "box": [ 63.11249225831271, 228.94240482722307, 551.3618746777526, 233.45377845845724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss). For both the Company's entire portfolio and its real estate owned assets, we present Distributable ", "box": [ 63.11249225831271, 239.0674036853452, 551.3618746777526, 243.57877731657936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Earnings (Loss) prior to realized gains and losses, which such gains and losses include, as applicable, (i) charge-offs and recoveries of ", "box": [ 63.11249225831271, 249.19240254347096, 551.3618746777526, 253.70377617470513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal, accrued interest receivable, and/or exit fees and (ii) gains, losses, and components thereof recognized in connection with real ", "box": [ 63.11249225831271, 259.9924013254713, 551.3618746777526, 264.50377495670546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate owned assets, as we believe this more easily allows our Board, Manager, and investors to compare our operating performance to ", "box": [ 63.11249225831271, 270.11740018359706, 551.3618746777526, 274.6287738148312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our peers, to assess our ability to declare and pay dividends, and to determine our compliance with certain financial covenants. ", "box": [ 63.11249225831271, 280.2423990417228, 551.3618746777526, 284.753772672957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pursuant to the Management Agreement, we use Core Earnings, which is substantially the same as Distributable Earnings (Loss) ", "box": [ 63.11249225831271, 291.04239782372315, 551.3618746777526, 295.5537714549573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "excluding incentive fees, to determine the incentive fees we pay our Manager.", "box": [ 63.11249225831271, 301.1673966818453, 344.17758130603875, 305.67877031307944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We believe that Distributable Earnings (Loss) and Distributable Earnings (Loss) prior to realized gains and losses provide ", "box": [ 85.15545852235574, 322.09239432197137, 551.3618746777526, 326.60376795320553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "meaningful information to consider in addition to our net income (loss) and cash flows from operating activities in accordance with ", "box": [ 63.11249225831271, 332.8923931039717, 551.3618746777526, 337.40376673520586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "GAAP. Distributable Earnings (Loss) and Distributable Earnings (Loss) prior to realized gains and losses do not represent net income ", "box": [ 63.11249225831271, 343.01739196209746, 551.3618746777526, 347.5287655933316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(loss) or cash flows from operating activities in accordance with GAAP and should not be considered as an alternative to GAAP net ", "box": [ 63.11249225831271, 353.1423908202232, 551.3618746777526, 357.6537644514574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income (loss), an indication of our cash flows from operating activities, a measure of our liquidity or an indication of funds available ", "box": [ 63.11249225831271, 363.26738967834535, 551.3618746777526, 367.7787633095795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for our cash needs. In addition, our methodology for calculating these non-GAAP measures may differ from the methodologies ", "box": [ 63.11249225831271, 374.0673884603457, 551.3618746777526, 378.57876209157985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "employed by other companies to calculate the same or similar supplemental performance measures and, accordingly, our reported ", "box": [ 63.11249225831271, 384.19238731847145, 551.3618746777526, 388.7037609497056 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss) and Distributable Earnings (Loss) prior to realized gains and losses may not be comparable to the ", "box": [ 63.11249225831271, 394.3173861765972, 551.3618746777526, 398.8287598078314 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss) and Distributable Earnings (Loss) prior to realized gains and losses reported by other companies. ", "box": [ 63.11249225831271, 405.11738495859754, 522.8853153892759, 409.6287585898317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In order to maintain our status as a REIT, we are required to distribute at least 90% of our REIT taxable income, determined ", "box": [ 85.15545852235574, 426.04238259872363, 551.3618746777526, 430.5537562299578 ], "from_ocr": false, "confidence": 1.0 }, { "text": "without regard to the deduction for dividends paid and excluding net capital gain, as dividends. Distributable Earnings (Loss), ", "box": [ 63.11249225831271, 436.16738145684576, 551.3618746777526, 440.6787550880799 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss) prior to realized gains and losses, and other similar measures, have historically been a useful indicator ", "box": [ 63.11249225831271, 446.9673802388461, 551.3618746777526, 451.47875387008025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "over time of a mortgage REIT's ability to cover its dividends, and to mortgage REITs themselves in determining the amount of any ", "box": [ 63.11249225831271, 457.09237909697185, 551.3618746777526, 461.603752728206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dividends to declare. Distributable Earnings (Loss) and Distributable Earnings (Loss) prior to realized gains and losses are key factors, ", "box": [ 63.11249225831271, 467.2173779550976, 551.3618746777526, 471.7287515863318 ], "from_ocr": false, "confidence": 1.0 }, { "text": "among others, considered by our Board in determining the dividend each quarter and as such we believe Distributable Earnings (Loss) ", "box": [ 63.11249225831271, 478.01737673709795, 551.3618746777526, 482.5287503683321 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and Distributable Earnings (Loss) prior to realized gains and losses are also useful to investors. ", "box": [ 63.11249225831271, 488.1423755952237, 407.44978490783967, 492.6537492264579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "While Distributable Earnings (Loss) excludes the impact of our provision for or reversal of current expected credit loss reserve, ", "box": [ 85.15545852235574, 509.06737323534617, 551.3618746777526, 513.5787468665803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "charge-offs of principal, accrued interest receivable, exit fees, and gains, losses, and components thereof in connection with real estate ", "box": [ 63.11249225831271, 519.8673720173465, 551.3618746777526, 524.3787456485807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned assets are recognized through Distributable Earnings (Loss) when deemed non-recoverable and/or recognized. Non-", "box": [ 63.11249225831271, 529.9923708754723, 549.1117146858674, 534.5037445067064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recoverability is determined (i) upon the resolution of a loan (i.e., when the loan is repaid, fully or partially, when we acquire title in ", "box": [ 63.11249225831271, 540.117369733598, 551.3618746777526, 544.6287433648322 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the case of foreclosure, deed-in-lieu of foreclosure, or assignment-in-lieu of foreclosure, or when the loan is sold or anticipated to be ", "box": [ 63.11249225831271, 550.2423685917238, 551.3618746777526, 554.753742222958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sold for an amount less than its carrying value), or (ii) with respect to any amount due under any loan, when such amount is ", "box": [ 63.11249225831271, 561.0423673737241, 551.3618746777526, 565.5537410049583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determined to be uncollectible.", "box": [ 63.11249225831271, 571.1673662318462, 174.54298154955364, 575.6787398630804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In determining Distributable Earnings (Loss) per share and Distributable Earnings (Loss) per share prior to realized gains and ", "box": [ 85.15545852235574, 592.0923638719723, 551.3618746777526, 596.6037375032065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses, the dilutive effects of unvested RSUs and warrants outstanding are considered. The weighted average diluted shares ", "box": [ 63.11249225831271, 602.8923626539727, 551.3618746777526, 607.4037362852068 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding used for Distributable Earnings (Loss) and Distributable Earnings (Loss) per share prior to realized gains and losses have ", "box": [ 63.11249225831271, 613.0173615120984, 551.3618746777526, 617.5287351433326 ], "from_ocr": false, "confidence": 1.0 }, { "text": "been adjusted from weighted average diluted shares under GAAP to include weighted average unvested RSUs and warrants ", "box": [ 63.11249225831271, 623.1423603702242, 551.3618746777526, 627.6537340014584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding, if the exercise price of the warrants outstanding exceeds the average share price of our common stock during such period.", "box": [ 63.11249225831271, 633.9423591522209, 547.3252224479972, 638.4537327834587 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 42, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.492495250964566, 65.36192948775115, 62.00386888219873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "42", "box": [ 301.60895311120953, 674.442425672718, 310.6066975402138, 678.9537993039521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below summarizes the reconciliation from weighted average diluted shares under GAAP to the weighted average ", "box": [ 85.15545852235574, 93.94249114021659, 551.3618746777526, 98.45386477145075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "diluted shares used for Distributable Loss and Distributable Earnings (Loss) prior to realized losses for the three months ended June ", "box": [ 63.11249225831271, 104.06748999834235, 551.3618746777526, 108.57886362957652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026 and March 31, 2026:", "box": [ 63.11249225831271, 114.86748878033904, 171.8190445053746, 119.37886241157685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 128.88577391023136, 64.9113670216896, 132.49351902406852 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.88199116708313, 128.88577391023136, 351.68086593045996, 132.49351902406852 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended", "box": [ 416.38003391758093, 128.2107739863568, 481.94751408259543, 131.81851910019395 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 128.2107739863568, 547.2515503744308, 131.81851910019395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted Averages", "box": [ 63.11249225831271, 136.9857729967298, 122.86175472148649, 140.59351811056695 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.88199116708313, 136.9857729967298, 351.68086593045996, 140.59351811056695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 379.68745655568864, 136.9857729967298, 421.465538289049, 140.59351811056695 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 448.2737803206748, 136.9857729967298, 450.0726550840517, 140.59351811056695 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 453.12534227352637, 137.66077292060436, 454.92421703690326, 141.2685180344415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "March 31, 2026", "box": [ 476.3073709091085, 136.9857729967298, 524.0688157226783, 140.59351811056695 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 136.9857729967298, 547.2515503744308, 140.59351811056695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Diluted Shares - GAAP", "box": [ 63.11249225831271, 146.51189388070998, 139.82913475637952, 150.57314549218427 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.88199116708313, 146.59248520246547, 352.1314283965216, 151.10385883369963 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 354.7335531199347, 146.51189388070998, 356.7585528915597, 150.57314549218427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "141,419,175 ", "box": [ 405.9280785963294, 146.51189388070998, 449.09643647789744, 150.57314549218427 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 453.87416693907556, 146.51189388070998, 458.79956038360064, 151.10385883369963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "140,456,493 ", "box": [ 503.10697388670854, 146.51189388070998, 546.2753317682766, 150.57314549218427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unvested RSUs", "box": [ 63.11249225831271, 156.63689273883574, 114.63924567723947, 160.69814435031003 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.88199116708313, 156.71748406059123, 352.1314283965216, 161.2288576918254 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 354.7335531199347, 156.63689273883574, 356.7585528915597, 160.69814435031003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,936,210 ", "box": [ 414.0280776828294, 156.63689273883574, 449.09643647789744, 160.69814435031003 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 453.87416693907556, 156.63689273883574, 458.79956038360064, 161.2288576918254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,003,627 ", "box": [ 511.20697297320856, 156.63689273883574, 546.2753317682766, 160.69814435031003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Diluted Shares - Distributable Loss", "box": [ 63.11249225831271, 167.43689152083607, 177.39446244984487, 171.49814313231036 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.88199116708313, 166.842482918717, 352.1314283965216, 171.35385654995116 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 354.7335531199347, 166.0868916730833, 356.7585528915597, 170.14814328456123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "144,355,385 ", "box": [ 405.9280785963294, 166.0868916730833, 449.09643647789744, 170.14814328456123 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 453.87416693907556, 166.0868916730833, 458.79956038360064, 171.35385654995116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "143,460,120 ", "box": [ 503.10697388670854, 166.0868916730833, 546.2753317682766, 170.14814328456123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 182.2868898460838, 72.55721755315749, 186.34814145755809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three months ended June 30, 2026 and three months ended March 31, 2026, amount excludes 7,542,227 and 5,111,954 of weighted ", "box": [ 79.30194355750221, 182.2868898460838, 551.1374372199391, 186.34814145755809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "average warrants, respectively, as the exercise price of $4.00 per share exceeded the average closing share price of our common stock.", "box": [ 79.30194355750221, 191.736888780335, 514.704591593755, 195.79814039180928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table provides a reconciliation of net loss to Distributable Loss and Distributable Earnings (Loss) prior to realized ", "box": [ 85.15545852235574, 218.14247713321674, 551.3618746777526, 222.6538507644509 ], "from_ocr": false, "confidence": 1.0 }, { "text": "gains and losses ($ in thousands, except per share data):", "box": [ 63.11249225831271, 228.2674759913425, 264.00630185869954, 232.77884962257667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.04372613884436, 244.3107608928549, 207.84260090222125, 247.91850600669204 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 353.6050409972058, 244.3107608928549, 355.40391576058266, 247.91850600669204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended", "box": [ 418.1308149701317, 243.63576096898032, 483.69829513514617, 247.24350608281748 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 243.63576096898032, 547.2515503744308, 247.24350608281748 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.04372613884436, 253.08575990323152, 207.84260090222125, 256.6935050170687 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 353.6050409972058, 253.08575990323152, 355.40391576058266, 256.6935050170687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 380.60503795220586, 252.41075997935695, 422.3831196855662, 256.0185050931941 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 446.6179177574193, 252.41075997935695, 448.4167925207962, 256.0185050931941 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 452.4397921008412, 253.08575990323152, 454.23866686421815, 256.6935050170687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "March 31, 2026", "box": [ 476.4550271424561, 252.41075997935695, 524.216471956026, 256.0185050931941 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 252.41075997935695, 547.2515503744308, 256.0185050931941 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net loss", "box": [ 63.11249225831271, 261.9368808633335, 89.43749009943771, 265.9981324748114 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 351.4323849922331, 262.01747218509263, 353.68182222167155, 266.5288458163268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 358.2351152250362, 261.9368808633335, 362.28511476828623, 265.9981324748114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(255,431) ", "box": [ 415.7472214889481, 261.9368808633335, 452.51657332530704, 266.5288458163268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 457.0698730786709, 261.9368808633335, 461.11987262192093, 265.9981324748114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(54,294)", "box": [ 518.6319721358335, 261.9368808633335, 546.947694872449, 265.9981324748114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Adjustments:", "box": [ 63.11249225831271, 272.06187972145926, 106.31380579616415, 276.12313133293355 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 351.4323849922331, 271.4674711193402, 353.68182222167155, 275.97884475057435 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 442.7472184439482, 272.06187972145926, 444.7722182155732, 276.12313133293355 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 447.5987803967998, 271.4674711193402, 452.51657332530704, 276.12313133293355 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 541.5819695475836, 272.06187972145926, 543.6069693192087, 276.12313133293355 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 546.4440817492454, 272.06187972145926, 548.4690815208704, 276.12313133293355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-cash stock-based compensation expense", "box": [ 67.60546050160569, 282.186878579585, 214.03430611768442, 286.2481301910593 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 351.4323849922331, 281.59246997746595, 353.68182222167155, 286.1038436087001 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 358.2351152250362, 282.186878579585, 360.26011499666123, 286.2481301910593 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,489 ", "box": [ 426.5472202709482, 281.59246997746595, 452.51657332530704, 286.2481301910593 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 457.0698730786709, 282.186878579585, 459.0948728502959, 286.2481301910593 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,317 ", "box": [ 525.3819713745836, 282.186878579585, 546.2753317682766, 286.2481301910593 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for current expected credit loss reserve", "box": [ 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1.0 }, { "text": " ", "box": [ 358.2351152250362, 322.68687401208444, 360.26011499666123, 326.74812562355874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "257 ", "box": [ 432.6222195858232, 322.09246540996537, 452.51657332530704, 326.74812562355874 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 457.0698730786709, 322.68687401208444, 459.0948728502959, 326.74812562355874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "258 ", "box": [ 531.4569706894587, 322.68687401208444, 546.2753317682766, 326.74812562355874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization of discount on secured term loan", "box": [ 67.60546050160569, 332.8118728702102, 218.76457517421508, 336.8731244816845 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 351.4323849922331, 332.21746426809113, 353.68182222167155, 336.7288378993253 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 358.2351152250362, 332.8118728702102, 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"$", "box": [ 358.2351152250362, 491.43685498083505, 362.28511476828623, 495.49810659230934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.63) ", "box": [ 427.89722011869816, 491.43685498083505, 452.51657332530704, 496.7038198577029 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 457.0698730786709, 491.43685498083505, 461.11987262192093, 495.49810659230934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.52)", "box": [ 526.7319712223336, 491.43685498083505, 546.947694872449, 495.49810659230934 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 500.3361226448069, 85.60433348860761, 501.236366785859 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 503.3495490173482, 64.46249210606271, 506.0570500916656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 510.3368528493338, 72.55721755315749, 514.3981044608117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three months ended June 30, 2026, amount includes a $0.4 million charge-off of accrued interest receivable related to the mortgage ", "box": [ 79.30194355750221, 510.3368528493338, 551.1374372199391, 514.3981044608117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "foreclosure on a multifamily property in May 2026. For the three months ended March 31, 2026, amount includes a $12.9 million charge-off of ", "box": [ 79.30194355750221, 519.1118518597104, 551.1374372199391, 523.1731034711847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accrued interest receivable and a $0.3 million charge-off of an exit fee related to the sale of a hospitality loan in March 2026.", "box": [ 79.30194355750221, 528.5618507939616, 484.1397448107906, 532.6231024054359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 538.0118497282092, 72.55721755315749, 542.0731013396871 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reflects previously recognized depreciation and amortization on the multifamily real estate owned asset that was sold during the three months ", "box": [ 79.30194355750221, 538.0118497282092, 551.1374372199391, 542.0731013396871 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026. Amounts recorded were not previously recognized in Distributable Earnings (Loss).", "box": [ 79.30194355750221, 547.4618486624604, 422.1162155356671, 551.5231002739347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 556.9118475967116, 72.55721755315749, 560.9730992081859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reflects previously recognized depreciation and amortization on (i) our mixed-use real estate owned asset and (ii) one of our multifamily real ", "box": [ 79.30194355750221, 556.9118475967116, 551.1374372199391, 560.9730992081859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate owned assets upon reclassification of the respective assets to held-for-sale during the three months ended June 30, 2026. Amounts ", "box": [ 79.30194355750221, 565.6868466070846, 551.1374372199391, 569.7480982185625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recorded were not previously recognized in Distributable Earnings (Loss).", "box": [ 79.30194355750221, 575.1368455413358, 319.75089353020155, 579.1980971528101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Book Value Per Share ", "box": [ 63.11249225831271, 601.5424338942175, 148.60840784939748, 606.0538075254517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We believe that presenting book value per share adjusted for accumulated depreciation and amortization on our real estate ", "box": [ 85.15545852235574, 617.0674321433435, 551.3618746777526, 621.5788057745776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned held-for-investment and our general CECL reserve is useful for investors as it enhances the comparability to our peers who ", "box": [ 63.11249225831271, 627.8674309253438, 551.3618746777526, 632.378804556578 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may not hold real estate investments and excludes the impact of our general CECL reserve, which may fluctuate from quarter-to-", "box": [ 63.11249225831271, 637.9924297834659, 549.1046284691669, 642.5038034147001 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarter as the ", "box": [ 63.11249225831271, 648.1174286415917, 113.83536152102472, 652.6288022728259 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 177.39841686939897, 165.15671020418813, 185.0831117308361, 167.87774878387427 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 135.7593590653598, 391.2816847023132, 143.44405392679693, 394.002723282003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 308.94957728335015, 431.78168013481263, 315.2775260102981, 434.5027187145024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 67.60546050160569, 446.631678460064, 73.93340922855363, 449.35271703975013 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 43, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81732535910123, 65.36192948775115, 61.3286989903354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43", "box": [ 301.60895311120953, 577.9172665906008, 310.6066975402138, 582.4286402218386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "composition and size of our loan portfolio varies. Further, we believe that our investors and lenders consider book value excluding ", "box": [ 63.11249225831271, 88.54232178122766, 551.3618746777526, 93.05369541246182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "these items as an important metric related to our overall capitalization.", "box": [ 63.11249225831271, 98.66732063934978, 316.7054674667828, 103.17869427058395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table sets forth the calculation of our book value and our adjusted book value per share, a non-GAAP financial ", "box": [ 85.15545852235574, 119.59231827947588, 551.3618746777526, 124.10369191071004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "measure, as of June 30, 2026 and December 31, 2025 ($ in thousands, except per share data):", "box": [ 63.11249225831271, 130.3923170614762, 398.42320057195906, 134.90369069271037 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 140.51731591960197, 87.40489575179419, 145.02868955083613 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 217.7929435637936, 151.16060143011418, 219.5918183271705, 154.76834654395134 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 377.00855060780975, 151.16060143011418, 378.80742537118664, 154.76834654395134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 398.1339422253348, 150.48560150623962, 439.91202395869516, 154.09334662007677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 458.3671351823686, 150.48560150623962, 460.1660099457455, 154.09334662007677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 462.0163535208178, 151.16060143011418, 463.8152282841947, 154.76834654395134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 477.0351018270366, 150.48560150623962, 535.1787285022272, 154.09334662007677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 150.48560150623962, 547.2515503744308, 154.09334662007677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Equity", "box": [ 63.11249225831271, 160.68672231409437, 103.8300155962805, 164.74797392556866 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 374.9308198421316, 160.0923137119753, 377.18025707157005, 164.60368734320946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 381.53316284753396, 159.33672246634524, 385.58316239078397, 163.39797407781953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,237,982 ", "box": [ 424.12143929452236, 159.33672246634524, 464.26579075025626, 164.60368734320946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 468.61869652622016, 159.33672246634524, 472.6686960694702, 163.39797407781953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,531,895 ", "box": [ 511.20697297320856, 159.33672246634524, 546.2753317682766, 163.39797407781953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of shares of common stock outstanding and RSUs", "box": [ 63.11249225831271, 171.4867210960947, 253.43874265373924, 175.547972707569 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 374.9308198421316, 171.5673124178502, 377.18025707157005, 176.07868604908435 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.53316284753396, 170.81172117222013, 383.55816261915896, 174.87297278369442 ], "from_ocr": false, "confidence": 1.0 }, { "text": "144,295,867 ", "box": [ 416.02144020802234, 170.81172117222013, 464.26579075025626, 176.07868604908435 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 468.61869652622016, 170.81172117222013, 470.64369629784517, 174.87297278369442 ], "from_ocr": false, "confidence": 1.0 }, { "text": "143,285,119 ", "box": [ 503.10697388670854, 170.81172117222013, 546.2753317682766, 174.87297278369442 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Book Value per share ", "box": [ 63.11249225831271, 182.9617198019696, 135.53787674033808, 187.02297141344388 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 374.9308198421316, 182.36731119985052, 377.18025707157005, 186.87868483108468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 381.53316284753396, 181.61171995422046, 385.58316239078397, 185.67297156569475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.58 ", "box": [ 442.34643723914746, 181.61171995422046, 464.26579075025626, 186.87868483108468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 468.61869652622016, 181.61171995422046, 472.6686960694702, 185.67297156569475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.69 ", "box": [ 525.3819713745836, 181.61171995422046, 546.2753317682766, 185.67297156569475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Add back: accumulated depreciation and amortization on real estate owned and", "box": [ 63.11249225831271, 193.08671866009536, 320.4061201413066, 197.14797027156965 ], "from_ocr": false, "confidence": 1.0 }, { "text": " related lease intangibles", "box": [ 63.11249225831271, 201.86171767046835, 144.9786468056289, 205.92296928194628 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 374.9308198421316, 197.21730952510188, 377.18025707157005, 201.72868315633605 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.53316284753396, 201.86171767046835, 383.55816261915896, 205.92296928194628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.13 ", "box": [ 442.34643723914746, 201.86171767046835, 459.18979133959124, 205.92296928194628 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 462.0163535208178, 197.21730952510188, 464.26579075025626, 201.72868315633605 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 468.61869652622016, 201.86171767046835, 470.64369629784517, 205.92296928194628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.10 ", "box": [ 529.4319709178336, 201.86171767046835, 546.2753317682766, 205.92296928194628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Add back: general CECL reserve", "box": [ 63.11249225831271, 211.31171660471955, 170.61941585391966, 215.37296821619384 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 374.9308198421316, 210.71730800260048, 377.18025707157005, 215.22868163383464 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.53316284753396, 210.63671668084498, 383.55816261915896, 214.69796829231927 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.35 ", "box": [ 442.34643723914746, 210.63671668084498, 464.26579075025626, 215.22868163383464 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 468.61869652622016, 210.63671668084498, 470.64369629784517, 214.69796829231927 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.54 ", "box": [ 529.4319709178336, 210.63671668084498, 546.2753317682766, 214.69796829231927 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Adjusted Book Value per share", "box": [ 63.11249225831271, 222.11171538671988, 164.78567663183588, 226.17296699819417 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 374.9308198421316, 221.5173067846008, 377.18025707157005, 226.02868041583497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 381.53316284753396, 220.76171553897075, 385.58316239078397, 224.82296715044504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.06 ", "box": [ 442.34643723914746, 220.76171553897075, 464.26579075025626, 226.02868041583497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 468.61869652622016, 220.76171553897075, 472.6686960694702, 224.82296715044504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.33 ", "box": [ 525.3819713745836, 220.76171553897075, 546.2753317682766, 224.82296715044504 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 235.73598251781368, 63.56136722456459, 236.63622665886942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 238.98671348359494, 72.55721755315749, 243.04796509506923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, amount excludes 7,542,227 warrants outstanding as the exercise price of $4.00 per share exceeded the closing share price ", "box": [ 79.30194355750221, 238.98671348359494, 551.1374372199391, 243.04796509506923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our common stock.", "box": [ 79.30194355750221, 248.43671241784614, 150.39050986029093, 252.49796402932043 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 257.21171142821913, 72.55721755315749, 261.27296303969706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Calculated as (i) total equity divided by (ii) number of shares of common stock outstanding and RSUs at period end. ", "box": [ 79.30194355750221, 257.21171142821913, 458.3486802794498, 261.27296303969706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "II. Our Portfolio", "box": [ 63.11249225831271, 282.9422998572263, 126.83913898511247, 287.4536734884605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below summarizes our loans receivable held-for-investment as of June 30, 2026 ($ in thousands):", "box": [ 85.15545852235574, 303.19229757347784, 471.45185584094895, 307.703671204712 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 312.6422965077254, 87.40489575179419, 317.15367013895957 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 93.06561388026591, 323.9605819421158, 94.8644886436428, 327.568327055953 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 126.64686009304727, 323.9605819421158, 128.44573485642417, 327.568327055953 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 141.06443996706452, 323.9605819421158, 142.8633147304414, 327.568327055953 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 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"of", "box": [ 139.14490893354497, 345.85554912116277, 144.7677109494178, 349.23992546406225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans", "box": [ 133.14373436034418, 352.6055483599157, 150.77678909672727, 355.98992470281155 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 155.53475083513484, 352.6055483599157, 157.22225064482237, 355.98992470281155 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 160.34412529274425, 353.28054828379027, 162.03162510243175, 356.6649246266861 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan ", "box": [ 180.098416564899, 345.85554912116277, 196.79412118199434, 349.23992546406225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commitment", "box": [ 165.84959342184973, 352.6055483599157, 204.08860235933892, 355.98992470281155 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 213.17341283477407, 352.6055483599157, 214.8609126444616, 355.98992470281155 ], "from_ocr": false, 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355.98992470281155 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 500.280411705482, 353.28054828379027, 501.9679115151695, 356.6649246266861 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted ", "box": [ 508.86556698726713, 331.6805507197896, 538.3018951675032, 335.06492706268546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average ", "box": [ 510.7429105255445, 338.4305499585389, 536.4245516292258, 341.81492630143475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Adjusted ", "box": [ 509.60384815400545, 345.85554912116277, 537.5530637519547, 349.23992546406225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LTV", "box": [ 512.5886168173898, 352.6055483599157, 526.4676439521439, 355.98992470281155 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 544.5245507157258, 352.6055483599157, 546.2120505254134, 355.98992470281155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior and ", "box": [ 63.11249225831271, 361.760577679117, 95.88568158347492, 365.36832279295413 ], "from_ocr": false, "confidence": 1.0 }, { "text": " subordinate loans", "box": [ 63.11249225831271, 369.18557684174084, 117.26835833479736, 372.793321955578 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 125.46561022626601, 365.1355772984898, 127.26448498964291, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 130.2749846838754, 365.1355772984898, 132.0738594472523, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26 $", "box": [ 146.45388910925436, 365.1355772984898, 167.51726166627378, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,531,629 $", "box": [ 182.51365404251385, 365.1355772984898, 225.15593041591225, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,356,628 $", "box": [ 230.56521112336554, 365.1355772984898, 273.207487496764, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,839,030 ", "box": [ 278.6167682042173, 365.1355772984898, 314.6507953566294, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 317.6612950508619, 365.1355772984898, 319.4601698142388, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.8% ", "box": [ 346.4226165572237, 365.1355772984898, 364.50586448408507, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.4 years ", "box": [ 374.53003863733085, 365.1355772984898, 402.94922289852815, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.7 years", "box": [ 422.56050197056146, 365.1355772984898, 448.53522409525317, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 451.54331120194433, 365.1355772984898, 455.7890606893681, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "73.3% ", "box": [ 479.1655703367671, 365.1355772984898, 505.6546800656339, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "80.3%", "box": [ 529.0311897130329, 365.1355772984898, 548.2614265567332, 368.74332241232696 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 377.7993932086101, 64.46249210606271, 380.50689428292753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 384.1116971167212, 72.55721755315749, 388.1729487281955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan commitment represents principal outstanding plus remaining unfunded loan commitments.", "box": [ 79.30194355750221, 384.1116971167212, 391.5355510744867, 388.1729487281955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 393.56169605096875, 72.55721755315749, 397.6229476624467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net of specific CECL reserves of $516.8 million.", "box": [ 79.30194355750221, 393.56169605096875, 238.79045172074098, 397.6229476624467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 403.01169498521995, 72.55721755315749, 407.07294659669424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted averages are based on unpaid principal balance.", "box": [ 79.30194355750221, 403.01169498521995, 267.3144761938647, 407.07294659669424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 63.11249225831271, 412.46169391947114, 72.55721755315749, 416.52294553094544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents the weighted average annualized yield to initial maturity of each loan, inclusive of coupon, and fees received, based on the ", "box": [ 79.30194355750221, 412.46169391947114, 551.1374372199391, 416.52294553094544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "applicable floating benchmark rate/floors (if applicable), in place as of June 30, 2026. For loans placed on non-accrual, the annualized yield to ", "box": [ 79.30194355750221, 421.23669292984414, 551.1374372199391, 425.29794454132207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "initial maturity used in calculating the weighted average annualized yield to initial maturity is 0%.", "box": [ 79.30194355750221, 430.68669186409534, 397.58286459248404, 434.7479434755696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 63.11249225831271, 440.13669079834654, 72.55721755315749, 444.1979424098208 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fully extended maturity assumes all extension options are exercised by the borrower upon satisfaction of the applicable conditions.", "box": [ 79.30194355750221, 440.13669079834654, 504.44115808124224, 444.1979424098208 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 63.11249225831271, 449.5866897325941, 72.55721755315749, 453.647941344072 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Origination LTV represents 'loan-to-value' or 'loan-to-cost,' which is calculated as our total loan commitment upon origination, as if fully ", "box": [ 79.30194355750221, 449.5866897325941, 551.1374372199391, 453.647941344072 ], "from_ocr": false, "confidence": 1.0 }, { "text": "funded, plus any financings that are pari passu with or senior to our loan, divided by our estimate of either (1) the value of the underlying real ", "box": [ 79.30194355750221, 459.0366886668453, 551.1374372199391, 463.0979402783196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate, determined in accordance with our underwriting process (typically consistent with, if not less than, the value set forth in a third-party ", "box": [ 79.30194355750221, 467.8116876772219, 551.1374372199391, 471.8729392886962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "appraisal) or (2) the borrower's projected, fully funded cost basis in the asset, in each case as we deem appropriate for the relevant loan and ", "box": [ 79.30194355750221, 477.2616866114695, 551.1374372199391, 481.3229382229474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "other loans with similar characteristics. Underwritten values and projected costs should not be assumed to reflect our judgment of current market ", "box": [ 79.30194355750221, 486.7116855457207, 551.1374372199391, 490.772937157195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "values or project costs, which may have changed materially since the date of origination. Weighted average origination LTV is based on loan ", "box": [ 79.30194355750221, 496.1616844799719, 551.1374372199391, 500.2229360914462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitment, including non-consolidated senior interests and pari passu interests, and excludes risk rated 5 loans.", "box": [ 79.30194355750221, 505.61168341421944, 446.6416527797427, 509.67293502569737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 63.11249225831271, 514.3866824245961, 72.55721755315749, 518.4479340360704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Adjusted LTV represents origination LTV updated only in connection with a partial loan paydown and/or release of collateral, material changes ", "box": [ 79.30194355750221, 514.3866824245961, 551.1374372199391, 518.4479340360704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to expected project costs, the receipt of a new appraisal (typically in connection with financing or refinancing activity) or a change in our loan ", "box": [ 79.30194355750221, 523.8366813588473, 551.1374372199391, 527.8979329703216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitment. Adjusted LTV should not be assumed to reflect our judgment of current market values or project costs, which may have changed ", "box": [ 79.30194355750221, 533.2866802930948, 551.1374372199391, 537.3479319045728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "materially since the date of the most recent determination of LTV. Weighted average adjusted LTV is based on loan commitment, including ", "box": [ 79.30194355750221, 542.736679227346, 551.1374372199391, 546.7979308388203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "non-consolidated senior interests, pari passu interests, and risk rated 5 loans. Loans with specific CECL reserves are reflected as 100% LTV.", "box": [ 79.30194355750221, 552.1866781615972, 535.4647904324657, 556.2479297730715 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 253.44137704344217, 169.88153970332496, 261.1260719048793, 172.6025782830111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 135.53787809033793, 180.68153848532165, 141.86582681728586, 183.40257706501143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 408.7651910263661, 320.8087541872774, 414.38479358222173, 323.2251988622629 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 204.0925578588928, 351.3803972759706, 209.36584835222672, 353.64792935802325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 294.2999661855009, 351.3803972759706, 299.5732566788348, 353.64792935802325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 347.0237917394245, 351.3803972759706, 352.2970822327584, 353.64792935802325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 437.7374500089388, 351.3803972759706, 443.0107405022727, 353.64792935802325 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (6)", "box": [ 476.6026833758038, 351.3803972759706, 483.0065904998792, 353.64792935802325 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (7)", "box": [ 526.4683027520696, 351.3803972759706, 532.872209876145, 353.64792935802325 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 44, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.492402226973354, 65.36192948775115, 62.00377585820752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "44", "box": [ 301.60895311120953, 575.2173438391001, 310.6066975402138, 579.7287174703342 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Portfolio Activity and Overview", "box": [ 63.11249225831271, 93.94239811622174, 185.80332001476629, 98.4537717474559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table details our individual loans receivable held-for-investment based on unpaid principal balances as of June 30, ", "box": [ 85.15545852235574, 109.46739636534767, 551.3618746777526, 113.97876999658183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 ($ in thousands): ", "box": [ 63.11249225831271, 119.59239522347343, 146.08770163367717, 124.1037688547076 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 128.72449824272917, 86.50545837010574, 131.43199931704658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan", "box": [ 70.36874143996899, 141.6300881181087, 84.36952911327586, 144.78771121218233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number", "box": [ 66.17108566337131, 148.38008735686162, 88.56066769353907, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 92.27459834447491, 148.38008735686162, 93.84903565003835, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Type", "box": [ 101.62967541443001, 148.38008735686162, 130.8520352990122, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 136.01248403681294, 148.38008735686162, 137.58692134237637, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Origination", "box": [ 144.23904560903952, 141.6300881181087, 175.7308141022522, 144.78771121218233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date", "box": [ 153.68904454328953, 148.38008735686162, 166.27837679370776, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 179.75037310415055, 148.38008735686162, 181.324810409714, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan", "box": [ 196.70974619150996, 137.5800885748613, 210.71053386481682, 140.7377116689313 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commitment", "box": [ 185.8781034130787, 143.65508788973602, 221.55505580198295, 146.81271098380967 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 224.78552427518585, 148.38008735686162, 226.35996158074929, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 228.3292738755296, 149.0550872807362, 229.90371118109306, 152.21271037480983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unpaid ", "box": [ 242.3144285483148, 134.8800888793594, 263.843551103433, 138.03771197343303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal ", "box": [ 239.8675538242679, 141.6300881181087, 266.2904258274799, 144.78771121218233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance", "box": [ 241.6183348768187, 148.38008735686162, 262.9593064152465, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 273.3644250465649, 148.38008735686162, 274.93886235212835, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 276.90817464690866, 149.0550872807362, 278.48261195247215, 152.21271037480983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying ", "box": [ 288.4569980944579, 141.6300881181087, 314.86932659885895, 144.78771121218233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value ", "box": [ 289.74371669934465, 148.38008735686162, 307.06250454929506, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 321.94332581794396, 148.38008735686162, 323.5177631235074, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 325.4870754182877, 149.0550872807362, 327.0615127238512, 152.21271037480983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Origination", "box": [ 332.4058246380065, 142.60452702905604, 361.6361212460477, 145.53539687431476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LTV", "box": [ 338.0905862468917, 148.38008735686162, 351.0396986347731, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 364.3628522839636, 148.38008735686162, 365.9372895895271, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fully ", "box": [ 384.40191252400274, 134.8800888793594, 399.98259824997245, 138.03771197343303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Extended ", "box": [ 378.622225675823, 141.6300881181087, 405.75173484934203, 144.78771121218233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity", "box": [ 376.6921443934933, 148.38008735686162, 401.1758306985275, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 411.41245297781376, 148.38008735686162, 412.9868902833772, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Property", "box": [ 422.687064456288, 141.6300881181087, 446.8171317337025, 144.78771121218233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Type ", "box": [ 424.66987673267084, 148.38008735686162, 439.8914640516389, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 453.88471718788577, 148.38008735686162, 455.4591544934492, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Construction", "box": [ 459.8331540170342, 145.59949633960423, 490.13432233973555, 148.30699741392164 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 491.8851001522866, 148.38008735686162, 493.4595374578501, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Locatio", "box": [ 498.1077557005093, 143.57449656798053, 515.5048241185065, 146.28199764229794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "n", "box": [ 505.31127388811245, 148.97449595897706, 508.3144959694157, 151.6819970332981 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 517.5350972595367, 148.38008735686162, 519.1095345651001, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Risk", "box": [ 526.816346212818, 137.5800885748613, 539.0674239909532, 140.7377116689313 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rating", "box": [ 523.8421277982437, 143.65508788973602, 542.0373023899822, 146.81271098380967 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.5159568539173, 148.38008735686162, 547.0903941594808, 151.53771045093163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 75.5683502285686, 157.23567768898647, 79.16609975532238, 160.84342280282362 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 93.47694195887725, 157.23567768898647, 95.27581672225413, 160.84342280282362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior", "box": [ 107.43045601023081, 156.8556473801582, 125.05362267272906, 160.24002372305767 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 137.21482765121527, 157.23567768898647, 139.01370241459216, 160.84342280282362 ], "from_ocr": false, "confidence": 1.0 }, { 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413.8230227794411 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 419.211770102218, 72.55721755315749, 423.2730217136923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net of specific CECL reserves of $516.8 million.", "box": [ 79.30194355750221, 419.211770102218, 238.79045172074098, 423.2730217136923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 428.66176903646556, 72.55721755315749, 432.7230206479435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Origination LTV represents 'loan-to-value' or 'loan-to-cost,' which is calculated as our total loan commitment upon origination, as if fully ", "box": [ 79.30194355750221, 428.66176903646556, 551.1374372199391, 432.7230206479435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "funded, plus any financings that are pari passu with or senior to our loan, divided by our estimate of either (1) the value of the underlying real ", "box": [ 79.30194355750221, 438.11176797071676, 551.1374372199391, 442.17301958219105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate, determined in accordance with our underwriting process (typically consistent with, if not less than, the value set forth in a third-party ", "box": [ 79.30194355750221, 447.56176690496795, 551.1374372199391, 451.62301851644224 ], "from_ocr": false, "confidence": 1.0 }, { "text": "appraisal) or (2) the borrower's projected, fully funded cost basis in the asset, in each case as we deem appropriate for the relevant loan and ", "box": [ 79.30194355750221, 456.33676591534095, 551.1374372199391, 460.39801752681524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "other loans with similar characteristics. Underwritten values and projected costs should not be assumed to reflect our judgment of current market ", "box": [ 79.30194355750221, 465.78676484959215, 551.1374372199391, 469.84801646106644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "values or project costs, which may have changed materially since the date of origination. Weighted average origination LTV of 73.3% is based ", "box": [ 79.30194355750221, 475.23676378384334, 551.1374372199391, 479.29801539531763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on loan commitment, including non-consolidated senior interests and pari passu interests, and excludes risk rated 5 loans.", "box": [ 79.30194355750221, 484.6867627180909, 472.7372554067383, 488.7480143295652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 63.11249225831271, 493.46176172846754, 72.55721755315749, 497.5230133399418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fully extended maturity assumes all extension options are exercised by the borrower upon satisfaction of the applicable conditions.", "box": [ 79.30194355750221, 493.46176172846754, 504.44115808124224, 497.5230133399418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 63.11249225831271, 502.9117606627151, 72.55721755315749, 506.973012274193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Classification of property type and construction status reflect the state of collateral as of June 30, 2026.", "box": [ 79.30194355750221, 502.9117606627151, 413.5534724113544, 506.973012274193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 63.11249225831271, 512.3617595969663, 72.55721755315749, 516.4230112084406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percent of total construction loans based on loan commitments as of June 30, 2026. ", "box": [ 79.30194355750221, 512.3617595969663, 351.4983021097991, 516.4230112084406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 63.11249225831271, 521.8117585312175, 72.55721755315749, 525.8730101426918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average risk rating weighted by carrying value net of specific CECL reserves.", "box": [ 79.30194355750221, 521.8117585312175, 364.71617383911683, 525.8730101426918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 63.11249225831271, 531.261757465465, 72.55721755315749, 535.323009076943 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, this loan was repaid in full.", "box": [ 79.30194355750221, 531.261757465465, 212.03435086823487, 535.323009076943 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9)", "box": [ 63.11249225831271, 540.0367564758417, 72.55721755315749, 544.098008087316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, this loan was repaid in accordance with the terms of the discounted payoff agreement with the borrower. See Note 3 - Loan ", "box": [ 79.30194355750221, 540.0367564758417, 551.1374372199391, 544.098008087316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Portfolio - Loan Modifications to our consolidated financial statements for further detail.", "box": [ 79.30194355750221, 549.4867554100929, 367.2236881263249, 553.5480070215672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 201.2554454288561, 147.73161282789806, 206.1745731865877, 149.84684804220888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 307.0722337450728, 147.0566129040235, 311.99136150280447, 149.1718481183343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 351.0421472862433, 147.0566129040235, 355.96127504397487, 149.1718481183343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 401.1819853815833, 147.0566129040235, 406.10111313931486, 149.1718481183343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 439.89956251510057, 147.0566129040235, 444.81869027283216, 149.1718481183343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5,6)", "box": [ 471.51909019912017, 148.1293749603974, 478.4512150022084, 149.9434007140335 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 530.4761148000774, 147.73161282789806, 535.395242557809, 149.84684804220888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 79.05936545985963, 270.18383684064975, 84.67896801571526, 272.6002815156353 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (8)", "box": [ 77.55116250495142, 278.2838359271482, 84.37563209492481, 280.7002806021337 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9)", "box": [ 79.05936545985963, 319.4588312835258, 84.67896801571526, 321.87527595851134 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 45, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49235931497242, 65.36192948775115, 62.00373294620658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "45", "box": [ 301.60895311120953, 685.917288442597, 310.6066975402138, 690.4286620738312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes changes in unpaid principal balance for our loans receivable held-for-investment ($ in ", "box": [ 85.15545852235574, 93.9423552042208, 551.3618746777526, 98.45372883545497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands): ", "box": [ 63.11249225831271, 104.06735406234657, 106.85333105844268, 108.57872769358073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 204.59880780179907, 122.6102478325738, 207.74768244667595, 128.9254940884166 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 351.08433478148544, 128.210638050361, 352.8832095448623, 131.81838316419817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended", "box": [ 367.79058289739174, 120.11063896386258, 433.3580630624062, 123.71838407769974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 379.68745655568864, 127.53563812648645, 421.465538289049, 131.1433832403236 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 448.2737803206748, 127.53563812648645, 450.0726550840517, 131.1433832403236 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 451.922998659124, 128.210638050361, 453.72187342250095, 131.81838316419817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended", "box": [ 471.7933089181944, 120.11063896386258, 528.5772207463001, 123.71838407769974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 479.2921328224936, 127.53563812648645, 521.0702145558539, 131.1433832403236 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 127.53563812648645, 547.2515503744308, 131.1433832403236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unpaid principal balance, beginning of period", "box": [ 63.11249225831271, 137.06175901046663, 212.46413668476455, 141.12301062194092 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 349.88199116708313, 136.46735040834756, 358.7835526631847, 141.12301062194092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,506,048 $", "box": [ 414.0280776828294, 137.06175901046663, 460.82456015522564, 141.12301062194092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,057,357 ", "box": [ 511.20697297320856, 137.06175901046663, 546.2753317682766, 141.12301062194092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Advances on existing loans", "box": [ 63.11249225831271, 147.18675786858876, 151.97122454702142, 151.24800948006668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.88199116708313, 146.59234926647332, 352.1314283965216, 151.10372289770748 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 354.7335531199347, 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458.79956038360064, 171.49800719631457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(71,356)", "box": [ 518.6319721358335, 167.43675558484028, 546.947694872449, 171.49800719631457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Sale of loan receivable", "box": [ 63.11249225831271, 177.56175444296605, 137.10013166415038, 181.62300605444034 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.88199116708313, 176.96734584084697, 352.1314283965216, 181.47871947208114 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 354.7335531199347, 177.56175444296605, 356.7585528915597, 181.62300605444034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 443.72807433332946, 177.56175444296605, 449.09643647789744, 181.62300605444034 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 451.922998659124, 176.96734584084697, 454.17243588856246, 181.47871947208114 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 456.7745606119756, 177.56175444296605, 458.79956038360064, 181.62300605444034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(220,000)", "box": [ 514.5819725925835, 177.56175444296605, 546.947694872449, 181.62300605444034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Transfer to real estate owned, held-for-investment (See Note 5)", "box": [ 63.11249225831271, 187.01175337721725, 268.4561725501067, 191.07300498869154 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.88199116708313, 187.09234469897274, 352.1314283965216, 191.6037183302069 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 354.7335531199347, 187.01175337721725, 356.7585528915597, 191.07300498869154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(25,437) ", "box": [ 421.4530768454544, 187.01175337721725, 458.79956038360064, 191.7480049125661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(62,837)", "box": [ 518.6319721358335, 187.6867533010918, 546.947694872449, 191.7480049125661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Transfer to loans receivable held-for-sale", "box": [ 63.11249225831271, 197.13675223533937, 196.6952431431455, 201.1980038468173 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.88199116708313, 197.2173435570985, 352.1314283965216, 201.72871718833267 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 354.7335531199347, 197.13675223533937, 356.7585528915597, 201.1980038468173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(111,542) ", "box": [ 417.4030773022044, 197.13675223533937, 458.79956038360064, 201.1980038468173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(111,542)", "box": [ 514.5819725925835, 197.13675223533937, 546.947694872449, 201.1980038468173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unpaid principal balance, end of period", "box": [ 63.11249225831271, 208.61175094121427, 191.7632606193636, 212.6730025526922 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 349.88199116708313, 207.9367510173397, 358.7835526631847, 212.528715970333 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,356,628 $", "box": [ 414.0280776828294, 207.9367510173397, 460.82456015522564, 211.998002628814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,356,628 ", "box": [ 511.20697297320856, 207.9367510173397, 546.2753317682766, 211.998002628814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2026, we resolved $25.4 million of unpaid principal balance prior to charge-offs ", "box": [ 85.15545852235574, 229.61733990309585, 551.3618746777526, 234.12871353433002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through a mortgage foreclosure and received $20.9 million of partial loan repayments. During the six months ended June 30, 2026, we ", "box": [ 63.11249225831271, 240.41733868509618, 551.3618746777526, 244.92871231633035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "resolved $634.2 million of unpaid principal balance prior to charge-offs, including $460.3 million of watchlist loans, and received ", "box": [ 63.11249225831271, 250.54233754322195, 551.3618746777526, 255.0537111744561 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$24.8 million of partial loan repayments. Such resolutions included (i) $240.8 million of full loan repayments, (ii) a $220.0 million ", "box": [ 63.11249225831271, 260.6673364013477, 551.3618746777526, 265.1787100325819 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan sale below par, (iii) $102.0 million of mortgage foreclosures prior to charge-offs, and (iv) $71.4 million related to the assignment ", "box": [ 63.11249225831271, 271.46733518334804, 551.3618746777526, 275.9787088145822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our right, title, and interest in a loan receivable and the collateral property to our financing counterparty in exchange for full ", "box": [ 63.11249225831271, 281.5923340414738, 551.3618746777526, 286.10370767270797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extinguishment of amounts due under the related financing.", "box": [ 63.11249225831271, 291.71733289959593, 277.4985355034539, 296.2287065308301 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subsequent to June 30, 2026, we resolved $409.5 million of unpaid principal balance prior to charge-offs, including $186.4 ", "box": [ 85.15545852235574, 312.642330539722, 551.3618746777526, 317.1537041709562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million of watchlist loans. Such resolutions included (i) $223.1 million of full loan repayments, (ii) a $111.5 million loan sale below ", "box": [ 63.11249225831271, 323.44232932172235, 551.3618746777526, 327.9537029529565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "par, and (iii) a $74.9 million discounted loan payoff.", "box": [ 63.11249225831271, 333.5673281798481, 251.77059055249472, 338.0787018110823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate Owned", "box": [ 63.11249225831271, 359.89232521097074, 136.58817230417282, 364.40369884220854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "To maximize recovery from certain defaulted loans, we have assumed legal title and/or physical possession of the collateral ", "box": [ 85.15545852235574, 376.09232338397123, 551.3618746777526, 380.6036970152054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property underlying such loan receivables. As of June 30, 2026, our portfolio includes nine real estate owned assets with a total ", "box": [ 63.11249225831271, 386.217322242097, 551.3618746777526, 390.72869587333116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "carrying value of $723.7 million (including related net lease intangible assets and deferred leasing costs), of which one was acquired ", "box": [ 63.11249225831271, 396.34232110022276, 551.3618746777526, 400.8536947314569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through a mortgage foreclosure during the quarter ended June 30, 2026. Such real estate owned assets are not included in the summary ", "box": [ 63.11249225831271, 407.1423198822231, 551.3618746777526, 411.65369351345726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our loan portfolio table above. The following table details the carrying value of each of our real estate owned assets reflected on our ", "box": [ 63.11249225831271, 417.26731874034886, 551.3618746777526, 421.778692371583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated balance sheet as of June 30, 2026 ($ in thousands):", "box": [ 63.11249225831271, 427.392317598471, 293.7498041442933, 431.9036912297088 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 437.1994205416049, 64.46249210606271, 439.90692161592233 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 444.6474783984777, 65.34960922159559, 449.1363315296294 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 116.62732997302771, 444.6474783984777, 118.8644469363106, 449.1363315296294 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 124.10506350470547, 444.6474783984777, 126.34218046798836, 449.1363315296294 ], "from_ocr": false, 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337.95348026235416, 463.6856002162385, 339.75235502573105, 467.2933453300757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lease Intangibles, ", "box": [ 344.218323305819, 454.9106012058619, 401.5992230507781, 458.51834631969905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net", "box": [ 363.20269616480346, 462.33560036848576, 373.9889121783019, 465.9433454823229 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 403.0593289198606, 463.01060029236396, 404.8582036832375, 466.6183454061975 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 409.1237847359247, 463.6856002162385, 410.9226594993016, 467.2933453300757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Deferred Leasing ", "box": [ 416.5065964033075, 454.9106012058619, 471.66210239924163, 458.51834631969905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Costs, Net", "box": [ 424.1741702885755, 462.33560036848576, 455.3487602852183, 465.9433454823229 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 474.22963339343113, 463.01060029236396, 476.028508156808, 466.6183454061975 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 480.2940892094952, 463.6856002162385, 482.0929639728721, 467.2933453300757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 506.15502379295623, 463.01060029236396, 522.5451258830094, 466.6183454061975 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4315818634329, 463.01060029236396, 547.2304566268098, 466.6183454061975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Hotel Portfolio", "box": [ 63.11249225831271, 471.86172125246594, 111.93396991233445, 475.92297286394023 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 116.62732997302771, 471.86172125246594, 118.65232974465272, 475.92297286394023 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New York, NY", "box": [ 128.39764114559807, 471.86172125246594, 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"- ", "box": [ 398.5136296825145, 565.0117107472179, 403.88198507708324, 569.0729623586922 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 409.0077657490091, 565.6867106710924, 411.0327655206341, 569.7479622825667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 413.9858901875872, 565.0117107472179, 416.0108899592122, 569.0729623586922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 469.683934156085, 565.0117107472179, 475.05228955065377, 569.0729623586922 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 482.487838962089, 565.0117107472179, 487.1811944327827, 569.7479622825667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "75,289 ", "box": [ 521.2792408372804, 565.0117107472179, 546.2225940242243, 569.0729623586922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total real estate owned, June 30, 2026", "box": [ 63.11249225831271, 575.13670960534, 187.72512676477547, 579.1979612168179 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 263.6929383872938, 575.13670960534, 265.7179381589188, 579.1979612168179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 270.9702813165711, 575.13670960534, 275.0202808598212, 579.1979612168179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "722,637 ", "box": [ 303.7183278733189, 575.13670960534, 337.56324255636434, 579.1979612168179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 342.81558571401666, 575.13670960534, 346.8655852572667, 579.1979612168179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,064 ", "box": [ 382.98863143338946, 575.13670960534, 408.7335470299348, 579.1979612168179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 413.9858901875872, 575.13670960534, 418.0358897308372, 579.1979612168179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41 ", "box": [ 464.283934765085, 575.13670960534, 479.90385150350534, 581.2229609884416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 485.1561946611577, 575.13670960534, 489.2061942044077, 579.1979612168179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "723,742 ", "box": [ 517.2292412940304, 575.13670960534, 546.2225940242243, 579.1979612168179 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 585.0244038702294, 64.46249210606271, 587.7319049445468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 591.3367077783405, 72.55721755315749, 595.3979593898184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts included in other assets or other liabilities on our consolidated balance sheets.", "box": [ 79.30194355750221, 591.3367077783405, 362.96011833716085, 595.3979593898184 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 612.3422967402221, 87.40489575179419, 616.8536703714562 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 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546.2647815194665, 112.09796311131868 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Foreclosure of multifamily property including capitalized transaction costs", "box": [ 63.11249225831271, 116.81171051021738, 305.36891085716974, 120.87296212169167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 319.22223237482285, 116.89230183197287, 321.4716696042613, 121.40367546320704 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 324.66441926106506, 117.48671043409195, 326.68941903269007, 121.54796204556624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "59,118 ", "box": [ 368.0753518652761, 117.48671043409195, 393.01870505221996, 121.54796204556624 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 398.61909842062, 117.48671043409195, 403.31245389131374, 121.54796204556624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 464.27338451627486, 117.48671043409195, 469.64174666084284, 121.54796204556624 ], 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393.01870505221996, 131.672960903692 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 398.61909842062, 127.61170929221771, 403.31245389131374, 131.672960903692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 464.27338451627486, 127.61170929221771, 469.64174666084284, 131.672960903692 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.4683088420694, 127.61170929221771, 474.4933086136944, 131.672960903692 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 477.9104957283116, 127.61170929221771, 479.9354954999366, 131.672960903692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,747 ", "box": [ 525.3714278757726, 127.61170929221771, 546.2647815194665, 131.672960903692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Sale of multifamily property", "box": [ 63.11249225831271, 137.06170822646527, 155.56638646156702, 141.1229598379432 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 319.22223237482285, 137.1422995482244, 321.4716696042613, 141.65367317945856 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 324.66441926106506, 137.73670815034347, 326.68941903269007, 141.79795976181776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(47,502)", "box": [ 365.37535216977614, 137.73670815034347, 393.6910681563923, 141.79795976181776 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 398.61909842062, 137.73670815034347, 403.31245389131374, 141.79795976181776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "883 ", "box": [ 454.8233855820248, 137.73670815034347, 474.4933086136944, 141.79795976181776 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 477.9104957283116, 137.73670815034347, 479.9354954999366, 141.79795976181776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(46,619)", "box": [ 518.6214286370226, 137.73670815034347, 546.9371446236389, 141.79795976181776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Transfer to real estate owned held-for-sale", "box": [ 63.11249225831271, 147.18670708459103, 200.51980351182007, 151.24795869606896 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 319.22223237482285, 147.26729840635016, 321.4716696042613, 151.77867203758433 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 324.66441926106506, 147.8617070084656, 326.68941903269007, 151.92295861994353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(93,302)", "box": [ 365.37535216977614, 147.8617070084656, 393.6910681563923, 151.92295861994353 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 398.61909842062, 147.8617070084656, 403.31245389131374, 151.92295861994353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,135 ", "box": [ 448.7483862671498, 147.8617070084656, 474.4933086136944, 151.92295861994353 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 477.9104957283116, 147.8617070084656, 479.9354954999366, 151.92295861994353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(91,167)", "box": [ 518.6214286370226, 147.8617070084656, 546.9371446236389, 151.92295861994353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Depreciation expense", "box": [ 63.11249225831271, 157.3117059427168, 133.05408816045426, 161.3729575541911 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 319.22223237482285, 157.3922972644723, 321.4716696042613, 161.90367089570645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 324.66441926106506, 157.3117059427168, 326.68941903269007, 161.3729575541911 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 387.6503496576512, 157.3117059427168, 393.01870505221996, 161.3729575541911 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 398.61909842062, 157.3117059427168, 403.31245389131374, 162.04795747806565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8,736) ", "box": [ 446.0483865716498, 157.3117059427168, 474.4933086136944, 162.04795747806565 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 477.9104957283116, 157.3117059427168, 479.9354954999366, 161.3729575541911 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8,736)", "box": [ 522.6714281802726, 157.3117059427168, 546.9371446236389, 161.3729575541911 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total, June 30, 2026", "box": [ 63.11249225831271, 167.43670480084256, 132.64275724684325, 171.49795641231685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 319.22223237482285, 167.43670480084256, 328.7144188043151, 172.70366967770678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "659,797 ", "box": [ 364.0253523220261, 167.43670480084256, 393.01870505221996, 171.49795641231685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 398.61909842062, 167.43670480084256, 405.33745366293874, 173.52295618394055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12,449) $", "box": [ 441.99838702839975, 167.43670480084256, 481.9604952715616, 171.49795641231685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "647,348 ", "box": [ 517.2714287892726, 167.43670480084256, 546.2647815194665, 171.49795641231685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair values of collateral assets used to determine the initial estimated fair value of real estate owned are calculated using a ", "box": [ 85.15545852235574, 189.1172936865987, 551.3618746777526, 193.62866731783288 ], "from_ocr": false, "confidence": 1.0 }, { "text": "discounted cash flow model, a sales comparison approach, or a market capitalization approach. Estimates of fair values used to ", "box": [ 63.11249225831271, 199.91729246859904, 551.3618746777526, 204.4286660998332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determine real estate owned upon acquisition may include, among others, assumptions of property specific cash flows over estimated ", "box": [ 63.11249225831271, 210.0422913267248, 551.3618746777526, 214.55366495795897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "holding periods, assumptions of property redevelopment costs, assumptions of leasing activities, discount rates, market and terminal ", "box": [ 63.11249225831271, 220.16729018484693, 551.3618746777526, 224.67866381608474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "capitalization rates, and, with respect to land, value per buildable square foot. These assumptions are based upon the nature of the ", "box": [ 63.11249225831271, 230.96728896684726, 551.3618746777526, 235.47866259808143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "properties, recent and projected property cash flows, recent sales and lease comparables, and anticipated real estate and capital market ", "box": [ 63.11249225831271, 241.09228782497303, 551.3618746777526, 245.6036614562072 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions, among other factors which we may deem relevant. Estimates of fair values used to determine real estate owned upon ", "box": [ 63.11249225831271, 251.2172866830988, 551.3618746777526, 255.72866031433296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acquisition during the six months ended June 30, 2026 include assumptions of a market capitalization rate ranging from 5.00% to ", "box": [ 63.11249225831271, 262.0172854650991, 551.3618746777526, 266.5286590963333 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.75% and a discount rate of 8.00%.", "box": [ 63.11249225831271, 272.1422843232249, 193.7949607608581, 276.65365795445905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See Note 5 - Real Estate Owned to our consolidated financial statements for further detail.", "box": [ 85.15545852235574, 293.06728196334734, 410.21627547084086, 297.5786555945815 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Asset Management", "box": [ 63.11249225831271, 319.3922789944736, 136.32897154859214, 323.90365262570776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our Manager proactively manages our portfolio from each investment's closing to final resolution and our Sponsor has ", "box": [ 85.15545852235574, 335.5922771674741, 551.3618746777526, 340.10365079870826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dedicated asset management employees to perform asset management services. Following the closing of an investment, the asset ", "box": [ 63.11249225831271, 345.71727602559986, 551.3618746777526, 350.228649656834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management team rigorously monitors the investment, with an emphasis on ongoing analyses of both quantitative and qualitative ", "box": [ 63.11249225831271, 355.8422748837256, 551.3618746777526, 360.3536485149598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "matters, including financial, legal, and market conditions. Through the final resolution, the asset management team maintains regular ", "box": [ 63.11249225831271, 366.6422736657223, 551.3618746777526, 371.1536472969601 ], "from_ocr": false, "confidence": 1.0 }, { "text": "contact with borrowers, servicers, property managers, and local market experts while monitoring the performance of the asset, ", "box": [ 63.11249225831271, 376.7672725238481, 551.3618746777526, 381.27864615508224 ], "from_ocr": false, "confidence": 1.0 }, { "text": "anticipating borrower, property and market issues, and enforcing our rights and remedies when appropriate.", "box": [ 63.11249225831271, 386.89227138197384, 450.3886173002931, 391.403645013208 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Some of our borrowers may experience delays in the execution of their business plans, changes in their capital position and ", "box": [ 85.15545852235574, 408.4922689459745, 551.3618746777526, 413.00364257720867 ], "from_ocr": false, "confidence": 1.0 }, { "text": "available liquidity and/or changes in market conditions which may impact the performance of the collateral property, borrower, or ", "box": [ 63.11249225831271, 418.61726780410027, 551.3618746777526, 423.12864143533443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sponsor. As a transitional lender, we may from time to time execute loan modifications with borrowers when and if appropriate, which ", "box": [ 63.11249225831271, 428.74226666222603, 551.3618746777526, 433.2536402934602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may include additional equity contributions from them, repurposing of reserves, pledges of additional collateral or other forms of ", "box": [ 63.11249225831271, 439.5422654442227, 551.3618746777526, 444.0536390754569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit support, additional guarantees, temporary deferrals of interest or principal, partial deferral of coupon interest as payment-in-kind ", "box": [ 63.11249225831271, 449.6672643023485, 551.3618746777526, 454.17863793358265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest, and/or a discounted loan payoff. To the extent warranted by ongoing conditions specific to our borrowers or overall market ", "box": [ 63.11249225831271, 459.79226316047425, 551.3618746777526, 464.3036367917084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions, we may make additional modifications and/or in certain circumstances when and if appropriate, and depending on the ", "box": [ 63.11249225831271, 470.5922619424746, 551.3618746777526, 475.10363557370874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business plans, financial condition, liquidity and results of operations of our borrowers, among other factors, (i) assume legal title ", "box": [ 63.11249225831271, 480.71726080060034, 551.3618746777526, 485.2286344318345 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and/or physical possession of the collateral property or (ii) assign our right, title, and interest in our loan and the collateral property to ", "box": [ 63.11249225831271, 490.8422596587261, 551.3618746777526, 495.35363328996027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our financing counterparty in exchange for the extinguishment of amounts due under the related financing. ", "box": [ 63.11249225831271, 500.96725851684823, 449.3946986773851, 505.4786321480824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our Manager evaluates the credit quality of each of our loans receivable on an individual basis and assigns a risk rating at least ", "box": [ 85.15545852235574, 522.5672560808489, 551.3618746777526, 527.078629712083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarterly. We have developed a loan grading system for all of our outstanding loans receivable that are collateralized directly or ", "box": [ 63.11249225831271, 532.6922549389747, 551.3618746777526, 537.2036285702088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "indirectly by real estate. Grading criteria include, but are not limited to, as-is or as-stabilized debt yield, term of loan, property type, ", "box": [ 63.11249225831271, 542.8172537971004, 551.3618746777526, 547.3286274283346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property or collateral location, loan type, structure, collateral cash flow volatility and other more subjective variables that include, but ", "box": [ 63.11249225831271, 553.6172525791008, 551.3618746777526, 558.1286262103349 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are not limited to, as-is or as-stabilized collateral value, market conditions, industry conditions, borrower/sponsor financial stability, ", "box": [ 63.11249225831271, 563.7422514372229, 551.3618746777526, 568.2536250684607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and borrower/sponsor exit plan. While evaluating the credit quality of each loan within our portfolio, we assess these quantitative and ", "box": [ 63.11249225831271, 573.8672502953486, 551.3618746777526, 578.3786239265828 ], "from_ocr": false, "confidence": 1.0 }, { "text": "qualitative factors as a whole and with no pre-prescribed weight on their impact to our determination of a loan's risk rating. However, ", "box": [ 63.11249225831271, 584.667249077349, 551.3618746777526, 589.1786227085831 ], "from_ocr": false, "confidence": 1.0 }, { "text": "based upon the facts and circumstances for each loan and the overall market conditions, we may consider certain previously ", "box": [ 63.11249225831271, 594.7922479354747, 551.3618746777526, 599.3036215667089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mentioned factors more or less relevant than others. We utilize the grading system to determine each loan's risk of loss and to provide ", "box": [ 63.11249225831271, 604.9172467936005, 551.3618746777526, 609.4286204248347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a determination as to whether an individual loan is impaired and whether a specific CECL reserve is necessary. Based on a 5-point ", "box": [ 63.11249225831271, 615.7172455756008, 551.3618746777526, 620.228619206835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "scale, the loans are graded '1' through '5,' from less risk to greater risk, respectively. The weighted average risk rating of our loans ", "box": [ 63.11249225831271, 625.8422444337266, 551.3618746777526, 630.3536180649608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "receivable held-for-investment portfolio was 3.8 as of June 30, 2026, weighted by carrying value net of specific CECL reserves.", "box": [ 63.11249225831271, 635.9672432918487, 524.3519479338723, 640.4786169230829 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 47, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.817139503105864, 65.36192948775115, 61.32851313434003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47", "box": [ 301.60895311120953, 680.5170691636085, 310.6066975402138, 685.0284427948427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current Expected Credit Losses", "box": [ 63.11249225831271, 99.34213470723262, 180.83436312768225, 103.85350833846678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The current expected credit loss reserve required under GAAP reflects our current estimate of potential credit losses related to ", "box": [ 85.15545852235574, 114.86713295635491, 551.3618746777526, 119.37850658758907 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our loan portfolio, which may fluctuate depending on market conditions and changes in our loan portfolio. See Note 2 to our ", "box": [ 63.11249225831271, 124.99213181448067, 551.3618746777526, 129.50350544571484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated financial statements for further detail of our current expected credit loss reserve methodology. The following table ", "box": [ 63.11249225831271, 135.792130596481, 551.3618746777526, 140.30350422771517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "illustrates the changes in the current expected credit loss reserve for our loans receivable held-for-investment for the six months ended ", "box": [ 63.11249225831271, 145.91712945460677, 551.3618746777526, 150.42850308584093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026 and 2025 ($ in thousands):", "box": [ 63.11249225831271, 156.04212831273253, 211.5619721732551, 160.5535019439667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 166.84212709473286, 87.40489575179419, 171.35350072596702 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 176.96712595285499, 65.36192948775115, 181.47849958408915 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 198.291777263092, 176.96712595285499, 200.54121449253046, 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"50,094 ", "box": [ 406.84565999284655, 309.11039776087273, 429.0843762010634, 312.7181428747099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 434.73159434793257, 309.11039776087273, 440.7762185987332, 313.39314279858445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40,476 ", "box": [ 465.3069781497084, 309.11039776087273, 487.54569435792524, 312.7181428747099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 493.19291250479444, 309.11039776087273, 499.2375367555951, 313.39314279858445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "439,385 ", "box": [ 520.1718157121734, 309.11039776087273, 546.0070192647863, 312.7181428747099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision (reversal)", "box": [ 63.11249225831271, 318.5603966951203, 120.06152032317128, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 198.291777263092, 318.5603966951203, 200.0906520264689, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 203.33318294453343, 318.5603966951203, 205.1320577079103, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "211,581 ", "box": [ 227.86521142786555, 318.5603966951203, 258.5519701833308, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 261.7945011013953, 318.5603966951203, 263.5933758647722, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,133 ", "box": [ 293.51949752352044, 318.5603966951203, 312.1617331373403, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 317.80895128420957, 318.5603966951203, 322.05470077163335, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(642)", "box": [ 354.98667809138783, 318.5603966951203, 371.220333840536, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 376.27026944107143, 318.5603966951203, 380.51601892849527, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "491 ", "box": [ 415.84213997824344, 318.5603966951203, 429.0843762010634, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 434.73159434793257, 318.5603966951203, 438.97734383535635, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,233)", "box": [ 466.5093217641108, 318.5603966951203, 488.142976904259, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 493.19291250479444, 318.5603966951203, 497.4386619922183, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "208,839 ", "box": [ 520.1718157121734, 318.5603966951203, 546.0070192647863, 322.16814180895744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Charge-offs", "box": [ 63.11249225831271, 326.66039578162236, 97.47725256679445, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 198.291777263092, 326.66039578162236, 200.0906520264689, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 203.33318294453343, 326.66039578162236, 205.1320577079103, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(43,593) ", "box": [ 229.06755504226788, 326.66039578162236, 258.5519701833308, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 261.7945011013953, 326.66039578162236, 263.5933758647722, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 307.3148084677158, 326.66039578162236, 312.1617331373403, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 317.80895128420957, 326.66039578162236, 322.05470077163335, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 365.7761333745769, 326.66039578162236, 370.62305129420224, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 376.27026944107143, 326.66039578162236, 380.51601892849527, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 424.2374515314388, 326.66039578162236, 429.0843762010634, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 434.73159434793257, 326.66039578162236, 438.97734383535635, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(390)", "box": [ 471.9093211551108, 326.66039578162236, 488.142976904259, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 493.19291250479444, 326.66039578162236, 497.4386619922183, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(43,983)", "box": [ 521.3741593265758, 326.66039578162236, 546.6043018111201, 330.2681408954595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total reserve, June 30, 2026", "box": [ 63.11249225831271, 335.43539479199535, 144.6379100840565, 339.0431399058325 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 198.291777263092, 335.43539479199535, 206.9309324712872, 339.0431399058325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "516,803 $", "box": [ 227.86521142786555, 335.43539479199535, 265.3922506281491, 339.0431399058325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "48,751 ", "box": [ 289.92301692912355, 335.43539479199535, 312.1617331373403, 339.0431399058325 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 317.80895128420957, 335.43539479199535, 323.85357553501024, 339.71813982970707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,834 ", "box": [ 351.9808224303815, 335.43539479199535, 370.62305129420224, 339.0431399058325 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 376.27026944107143, 335.43539479199535, 382.3148936918721, 339.71813982970707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "50,585 ", "box": [ 406.84565999284655, 335.43539479199535, 429.0843762010634, 339.0431399058325 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 434.73159434793257, 335.43539479199535, 440.7762185987332, 339.71813982970707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36,853 ", "box": [ 465.3069781497084, 335.43539479199535, 487.54569435792524, 339.0431399058325 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 493.19291250479444, 335.43539479199535, 499.2375367555951, 339.71813982970707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "604,241 ", "box": [ 520.1718157121734, 335.43539479199535, 546.0070192647863, 339.0431399058325 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 344.7242110827392, 86.50545837010574, 347.4317121570566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 351.03651499085026, 72.55721755315749, 355.09776660232455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CECL reserves for accrued interest receivable are included in other assets on our consolidated balance sheets. ", "box": [ 79.30194355750221, 351.03651499085026, 436.6827711328833, 355.09776660232455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 360.48651392510146, 72.55721755315749, 364.54776553657575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CECL reserves for unfunded commitments are included in other liabilities on our consolidated balance sheets.", "box": [ 79.30194355750221, 360.48651392510146, 436.27539301882643, 364.54776553657575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table illustrates our specific and general CECL reserves as a percentage of total unpaid principal balance of loans ", "box": [ 85.15545852235574, 386.8921022779832, 547.8708628214612, 391.4034759092174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "receivable held-for-investment as of June 30, 2026, December 31, 2025, June 30, 2025, and December 31, 2024:", "box": [ 63.11249225831271, 397.01710113610534, 468.64333863518743, 401.52847476734314 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 412.54209938523127, 87.40489575179419, 417.05347301646543 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 431.28538398224555, 64.9113670216896, 434.8931290960827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Specific CECL", "box": [ 276.8343431552352, 423.1853848957471, 322.60370633602366, 426.7931300095843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve", "box": [ 284.12223633332275, 430.610384058371, 308.49134554795904, 434.21812917220814 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 347.4140226954151, 430.610384058371, 349.212897458792, 434.21812917220814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "General CECL", "box": [ 373.6124572408136, 423.1853848957471, 420.1793762341558, 426.7931300095843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve", "box": [ 381.30113162370196, 430.610384058371, 405.6702408383384, 434.21812917220814 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 444.5929179857943, 430.610384058371, 446.3917927491712, 434.21812917220814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total CECL", "box": [ 476.37065215197174, 423.1853848957471, 514.5510040811323, 426.7931300095843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve", "box": [ 479.8616640082632, 430.610384058371, 504.2307732228996, 434.21812917220814 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 544.5561879621579, 430.610384058371, 546.3550627255348, 434.21812917220814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve at December 31, 2024", "box": [ 63.11249225831271, 439.3853830687476, 151.62261840633653, 442.99312818258477 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 254.78083339238123, 439.3853830687476, 256.5797081557581, 442.99312818258477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18.2% ", "box": [ 332.0788681748799, 439.3853830687476, 353.75860344613733, 442.99312818258477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.3% ", "box": [ 432.85425080965524, 439.3853830687476, 450.93749873651655, 442.99312818258477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.0%", "box": [ 532.8069705372086, 439.3853830687476, 548.4407200365129, 442.99312818258477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve at June 30, 2025", "box": [ 63.11249225831271, 448.1603820791206, 135.25004907779868, 451.76812719295776 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 254.78083339238123, 448.1603820791206, 256.5797081557581, 451.76812719295776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.9% ", "box": [ 332.0788681748799, 448.1603820791206, 353.75860344613733, 451.76812719295776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.8% ", "box": [ 432.85425080965524, 448.1603820791206, 450.93749873651655, 451.76812719295776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.4%", "box": [ 532.8069705372086, 448.1603820791206, 548.4407200365129, 451.76812719295776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve at December 31, 2025", "box": [ 63.11249225831271, 456.2603811656227, 151.62261840633653, 459.86812627945983 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 254.78083339238123, 456.2603811656227, 256.5797081557581, 459.86812627945983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26.0% ", "box": [ 332.0788681748799, 456.2603811656227, 353.75860344613733, 459.86812627945983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.9% ", "box": [ 432.85425080965524, 456.2603811656227, 450.93749873651655, 459.86812627945983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.9%", "box": [ 529.2104899428117, 456.2603811656227, 548.4407200365129, 459.86812627945983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reserve at June 30, 2026", "box": [ 63.11249225831271, 464.3603802521211, 135.25004907779868, 467.96812536595826 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 254.78083339238123, 464.3603802521211, 256.5797081557581, 467.96812536595826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32.0% ", "box": [ 332.0788681748799, 464.3603802521211, 353.75860344613733, 467.96812536595826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.9% ", "box": [ 432.85425080965524, 464.3603802521211, 450.93749873651655, 467.96812536595826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16.9%", "box": [ 529.2104899428117, 464.3603802521211, 548.4407200365129, 467.96812536595826 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 472.61709261010765, 87.40489575179419, 477.1284662413418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 481.9865002225997, 72.55721755315749, 486.04775183407764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents specific CECL reserves on loans receivable held-for-investment as a percentage of unpaid principal balance of risk rated 5 loans.", "box": [ 79.30194355750221, 481.9865002225997, 534.5274382881782, 486.04775183407764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 491.4364991568509, 72.55721755315749, 495.4977507683252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents general CECL reserves on loans receivable held-for-investment and related unfunded loan commitments as a percentage of unpaid ", "box": [ 79.30194355750221, 491.4364991568509, 551.1374372199391, 495.4977507683252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance of loans subject to the general CECL reserve.", "box": [ 79.30194355750221, 500.8864980911021, 283.97326155512377, 504.9477497025764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 510.3364970253497, 72.55721755315749, 514.3977486368276 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents total CECL reserves on loans receivable held-for-investment and related unfunded loan commitments as a percentage of total unpaid ", "box": [ 79.30194355750221, 510.3364970253497, 551.1374372199391, 514.3977486368276 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance of loans receivable held-for-investment.", "box": [ 79.30194355750221, 519.7864959596009, 266.4206259046711, 523.8477475710752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Specific CECL Reserves", "box": [ 63.11249225831271, 545.517084388608, 150.5680590910491, 550.0284580198422 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In certain circumstances, we may determine that a borrower is experiencing financial difficulty, and, if the repayment of the ", "box": [ 85.15545852235574, 561.7170825616085, 551.3618746777526, 566.2284561928427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan's principal is collateral dependent, the loan is no longer suited for the WARM method. In these instances, there have been ", "box": [ 63.11249225831271, 571.8420814197343, 551.3618746777526, 576.3534550509685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "diminutions in the fair value and performance of the collateral property primarily as a result of reduced tenant and/or capital markets ", "box": [ 63.11249225831271, 581.9670802778564, 551.3618746777526, 586.4784539090906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "demand for such property types in the markets in which these assets and borrowers operate. For such loans, we seek resolutions ", "box": [ 63.11249225831271, 592.7670790598568, 551.3618746777526, 597.2784526910909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through a variety of means including, but not limited to, foreclosures on the collateral asset, sales of our loan receivable, and ", "box": [ 63.11249225831271, 602.8920779179825, 551.3618746777526, 607.4034515492167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "discounted loan payoffs. If we anticipate assuming legal title and/or physical possession of the collateral property and the fair value of ", "box": [ 63.11249225831271, 613.0170767761083, 551.3618746777526, 617.5284504073425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the collateral asset is determined to be below the carrying value of our loan, we may recognize a specific CECL reserve. Furthermore, ", "box": [ 63.11249225831271, 623.8170755581086, 551.3618746777526, 628.3284491893428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in certain circumstances, we may recognize a specific CECL reserve based upon anticipated proceeds from the disposition of our loan. ", "box": [ 63.11249225831271, 633.9420744162344, 551.3618746777526, 638.4534480474686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents a summary of our risk rated 5 loans receivable held-for-investment as of June 30, 2026 ($ in thousands):", "box": [ 63.11249225831271, 644.0670732743565, 543.3667036580516, 648.5784469055907 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 654.1920721324823, 65.36192948775115, 658.7034457637164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 360.6503527026511, 205.58022786297443, 365.923643195985, 207.8477599450307 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 474.0608834124624, 206.255227786849, 479.33417390579626, 208.52275986890527 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 308.49605833449704, 428.8085561512853, 315.3205279244704, 431.22500082627084 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", 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"$", "box": [ 384.97144370977225, 249.7864760096054, 389.02144325302226, 253.84772762107968 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(516,803)", "box": [ 428.11870109372006, 249.7864760096054, 460.48442337358546, 253.84772762107968 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 468.7136217655147, 249.7864760096054, 475.43197700783344, 254.52272754495425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,098,891 ", "box": [ 511.1542419791555, 249.7864760096054, 546.2225940242243, 253.84772762107968 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 259.6741702744948, 64.46249210606271, 262.38167134881223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 265.9864741826059, 72.55721755315749, 270.0477257940802 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2026, this loan was repaid in accordance with the terms of the discounted payoff agreement with the borrower. See Note 3 - Loan ", "box": [ 79.30194355750221, 265.9864741826059, 551.1374372199391, 270.0477257940802 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Portfolio - Loan Modifications to our consolidated financial statements for further detail.", "box": [ 79.30194355750221, 275.4364731168571, 367.2236881263249, 279.4977247283314 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 284.88647205110465, 72.55721755315749, 288.94772366257894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts deemed uncollectible have been charged-off as of June 30, 2026.", "box": [ 79.30194355750221, 284.88647205110465, 321.3210613431216, 288.94772366257894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair values of collateral assets used to determine specific CECL reserves are calculated using a discounted cash flow model, a ", "box": [ 85.15545852235574, 305.89206101298623, 551.3618746777526, 310.4034346442204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sales comparison approach, or a market capitalization approach. Estimates of fair values used to determine specific CECL reserves ", "box": [ 63.11249225831271, 316.017059871112, 551.3618746777526, 320.52843350234616 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may include, among others, assumptions of property specific cash flows over estimated holding periods, assumptions of property ", "box": [ 63.11249225831271, 326.14205872923776, 551.3618746777526, 330.6534323604719 ], "from_ocr": false, "confidence": 1.0 }, { "text": "redevelopment costs, assumptions of leasing activities, discount rates, market and terminal capitalization rates, and, with respect to ", "box": [ 63.11249225831271, 336.9420575112381, 551.3618746777526, 341.45343114247225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "land, value per buildable square foot. These assumptions are based upon the nature of the properties, recent and projected property ", "box": [ 63.11249225831271, 347.0670563693602, 551.3618746777526, 351.578430000598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash flows, recent sales and lease comparables, and anticipated real estate and capital market conditions, among other factors which ", "box": [ 63.11249225831271, 357.192055227486, 551.3618746777526, 361.70342885872014 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we may deem relevant. Estimates of fair values used to determine specific CECL reserves as of June 30, 2026 include discount rates ", "box": [ 63.11249225831271, 367.9920540094863, 551.3618746777526, 372.5034276407205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ranging from 6.0% to 20.0%, market and terminal capitalization rates ranging from 4.72% to 8.75%, and, with respect to the land loan, ", "box": [ 63.11249225831271, 378.1170528676121, 551.3618746777526, 382.62842649884624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value per buildable square foot of $140 based on current entitlements.", "box": [ 63.11249225831271, 388.24205172573784, 314.7196273432416, 392.753425356972 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Historical Originations and Realizations", "box": [ 63.11249225831271, 415.24204868073866, 210.33181680352462, 419.7534223119728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents our loan commitment originations, loan commitment 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449.697604910099, 584.8146626404487 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 452.8616670532631, 579.4052865259255, 456.2366666726381, 582.7896628688213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39,900 ", "box": [ 477.98432046998585, 579.4052865259255, 498.87768086367885, 582.7896628688213 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 502.0417430068429, 581.4302862975492, 503.7292428165304, 584.8146626404487 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 507.3784611549797, 579.4052865259255, 510.75346077435466, 582.7896628688213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "67,448 ", "box": [ 524.9179089269195, 579.4052865259255, 545.8112693206126, 582.7896628688213 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 588.2424199301386, 86.05489590404419, 590.0462924870553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 592.6864373381068, 72.55721755315749, 596.7476889495811 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan commitment upsizes and protective advances subsequent to origination are reflected as increases in loan commitment in the year that the ", "box": [ 79.30194355750221, 592.6864373381068, 551.1374372199391, 596.7476889495811 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan was originated.", "box": [ 79.30194355750221, 602.136436272358, 144.7584800554588, 606.1976878838323 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 611.5864352066055, 72.55721755315749, 615.6476868180798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reflects a loan receivable acquired in connection with a full loan repayment.", "box": [ 79.30194355750221, 611.5864352066055, 328.04864761439916, 615.6476868180798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 621.0364341408567, 72.55721755315749, 625.097685752331 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes loss recognized in connection with the reclassification of our real estate owned hotel portfolio to held-for-sale and loss on partial sales ", "box": [ 79.30194355750221, 621.0364341408567, 551.1374372199391, 625.097685752331 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our mixed-use real estate owned asset, net.", "box": [ 79.30194355750221, 629.8114331512297, 226.6246354127749, 633.8726847627076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 118.95818908515858, 150.9813055788327, 125.28613781210652, 153.70234415852246 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (2)", "box": [ 106.91365919351401, 227.93129690058413, 114.59835405495113, 230.65233548027027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 318.1991822402002, 476.0585004225395, 323.8187847960558, 478.47494509752505 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 100.23748807143782, 491.7801451859814, 106.64139519551327, 494.047677268034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 96.49334786869366, 579.5301352897295, 101.76663836202758, 581.7976673717858 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 49, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49408040290291, 65.36192948775115, 62.005454034137074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "49", "box": [ 301.60895311120953, 679.8440102156528, 310.6066975402138, 684.355383846887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Portfolio Financing", "box": [ 63.11249225831271, 99.34407568315146, 137.84026992442932, 103.85544931438562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our financing arrangements include repurchase agreements, a term participation facility, asset-specific financings, debt related ", "box": [ 85.15545852235574, 115.54407385615195, 551.3618746777526, 120.05544748738612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to real estate owned hotel portfolio, and secured term loan borrowings. ", "box": [ 63.11249225831271, 125.66907271427772, 320.2271384946168, 130.18044634551188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes our secured financings ($ in thousands):", "box": [ 85.15545852235574, 146.59407035440017, 347.77253981422865, 151.10544398563434 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 202.4894330396897, 157.9123557887906, 204.28830780306654, 161.52010090262775 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 344.32379204392447, 157.9123557887906, 346.12266680730136, 161.52010090262775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 426.0726075744739, 157.23735586491603, 467.85068930783433, 160.84510097875318 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 157.23735586491603, 547.2410001256208, 160.84510097875318 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 202.4894330396897, 181.53735312441495, 204.28830780306654, 185.1450982382521 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 344.32379204392447, 181.53735312441495, 346.12266680730136, 185.1450982382521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capacity", "box": [ 364.9007394733019, 180.86235320054038, 392.4811016328498, 184.47009831437754 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.89175351209263, 180.86235320054038, 410.6906282754696, 184.47009831437754 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 412.5409718505419, 181.53735312441495, 414.3398466139188, 185.1450982382521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings", "box": [ 428.38237631398334, 173.43735403791652, 464.3598194405904, 177.04509915175367 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Outstanding", "box": [ 426.2835450506849, 180.86235320054038, 466.4735703256429, 184.47009831437754 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 476.04369568884516, 180.86235320054038, 477.8425704522221, 184.47009831437754 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 479.6929140272944, 181.53735312441495, 481.4917887906713, 185.1450982382521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted", "box": [ 499.26791181966945, 166.01235487529266, 528.8474191658277, 169.62009998912617 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average", "box": [ 501.2718178436734, 173.43735403791652, 526.842508530298, 177.04509915175367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Spread", "box": [ 500.24877445904997, 180.86235320054038, 522.2392910735776, 184.47009831437754 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 180.86235320054038, 547.2410001256208, 184.47009831437754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repurchase agreements and term participation facility", "box": [ 63.11249225831271, 190.38847408452057, 238.3145256094149, 194.44972569599486 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 344.32379204392447, 190.38847408452057, 354.3960531579972, 194.98043903751022 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,576,841 $", "box": [ 374.64605087424724, 190.38847408452057, 422.61323296461455, 194.44972569599486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,866,019 ", "box": [ 441.797999800999, 190.38847408452057, 486.569475751771, 194.44972569599486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "+ 2.87% ", "box": [ 516.0690851748702, 190.38847408452057, 546.2542380206555, 194.44972569599486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured term loan", "box": [ 63.11249225831271, 200.51347294264633, 122.03919505268952, 204.57472455412062 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 344.32379204392447, 199.91906434052726, 346.5732292733629, 204.43043797176142 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.3460536147472, 200.51347294264633, 352.3710533863722, 204.57472455412062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "500,000 ", "box": [ 380.72105018912225, 199.91906434052726, 414.79040907998035, 204.57472455412062 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 418.56323342136454, 200.51347294264633, 420.58823319298955, 204.57472455412062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "500,000 ", "box": [ 447.872999115874, 200.51347294264633, 486.569475751771, 204.57472455412062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "+ 6.75% ", "box": [ 516.0690851748702, 200.51347294264633, 546.2542380206555, 204.57472455412062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Debt related to real estate owned hotel portfolio", "box": [ 63.11249225831271, 210.63847180076846, 218.08034719138078, 214.69972341224639 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 344.32379204392447, 210.04406319865302, 346.5732292733629, 214.55543682988719 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.3460536147472, 210.63847180076846, 352.3710533863722, 214.69972341224639 ], "from_ocr": false, "confidence": 1.0 }, { "text": "235,000 ", "box": [ 380.72105018912225, 210.04406319865302, 414.79040907998035, 214.69972341224639 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 418.56323342136454, 210.63847180076846, 420.58823319298955, 214.69972341224639 ], "from_ocr": false, "confidence": 1.0 }, { "text": "235,000 ", "box": [ 447.872999115874, 210.63847180076846, 486.569475751771, 214.69972341224639 ], "from_ocr": false, "confidence": 1.0 }, { "text": "+ 3.18% ", "box": [ 516.0690851748702, 210.63847180076846, 546.2542380206555, 214.69972341224639 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total/Weighted Average", "box": [ 63.11249225831271, 221.4384705827688, 143.4005701536009, 225.49972219424671 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 344.32379204392447, 220.08847073501965, 354.3960531579972, 225.35543561188751 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,311,841 $", "box": [ 374.64605087424724, 220.08847073501965, 422.61323296461455, 224.14972234649395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,601,019 ", "box": [ 441.797999800999, 220.08847073501965, 486.569475751771, 224.14972234649395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "+ 3.64% ", "box": [ 516.0690851748702, 220.08847073501965, 546.2542380206555, 224.14972234649395 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 230.65116492378365, 64.46249210606271, 233.35866599810106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 236.96346883189472, 72.55721755315749, 241.024720443369 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average spread over the applicable benchmark rate is based on unpaid principal balance. SOFR as of June 30, 2026 was 3.65%.", "box": [ 79.30194355750221, 236.96346883189472, 525.3318827352325, 241.024720443369 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See Note 6 - Debt Obligations to our consolidated financial statements for further detail.", "box": [ 85.15545852235574, 257.9690577937763, 402.98468369890367, 262.48043142501047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repurchase Agreements and Term Participation Facility", "box": [ 63.11249225831271, 284.29405482490256, 273.3072073932329, 288.8054284561367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We finance certain of our loans and multifamily real estate owned properties using repurchase agreements and a term ", "box": [ 85.15545852235574, 300.49405299790305, 551.3618746777526, 305.0054266291372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "participation facility. As of June 30, 2026, aggregate borrowings outstanding under our repurchase agreements and term participation ", "box": [ 63.11249225831271, 310.6190518560252, 551.3618746777526, 315.130425487263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "facility totaled $1.9 billion, with a weighted average spread of SOFR plus 2.87% per annum based on unpaid principal balance. As of ", "box": [ 63.11249225831271, 320.74405071415094, 551.3618746777526, 325.2554243453851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026, the loans receivable securing the outstanding borrowings under these facilities had a weighted average term to initial ", "box": [ 63.11249225831271, 330.8690495722767, 551.3618746777526, 335.3804232035109 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maturity and fully extended maturity of 0.4 years and 0.8 years, respectively, assuming all conditions to extend are met. Further, we ", "box": [ 63.11249225831271, 341.66904835427704, 551.3618746777526, 346.1804219855112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "have a repurchase agreement that specifically provides for the ability to finance (i) loans receivable, including those which may be ", "box": [ 63.11249225831271, 351.7940472124028, 551.3618746777526, 356.30542084363697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "delinquent or in default, and (ii) real estate owned assets subsequent to assuming legal title and/or physical possession of the collateral ", "box": [ 63.11249225831271, 361.91904607052857, 551.3618746777526, 366.43041970176273 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property. As of June 30, 2026, $199.2 million of borrowings outstanding relate to our multifamily real estate owned assets.", "box": [ 63.11249225831271, 372.71904485252526, 505.67108629315845, 377.23041848376306 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Each repurchase agreement contains 'margin maintenance' provisions, which are designed to allow the counterparty to require ", "box": [ 85.15545852235574, 393.64404249265135, 551.3618746777526, 398.1554161238855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the delivery of cash or other assets to de-lever financings on assets that are determined to have experienced a diminution in value. ", "box": [ 63.11249225831271, 403.7690413507771, 551.3618746777526, 408.2804149820113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Since inception through June 30, 2026, we have not received any margin calls under any of our repurchase agreements.", "box": [ 63.11249225831271, 414.56904013277745, 492.609483458717, 419.0804137640116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured Term Loan", "box": [ 63.11249225831271, 440.8940371639037, 137.08903547768654, 445.40541079513787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In January 2026, we refinanced our prior secured term loan with a new secured term loan which provides for an aggregate ", "box": [ 85.15545852235574, 456.419035413026, 551.3618746777526, 460.93040904426016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal amount of $500.0 million and a maturity date of January 30, 2030. Our secured term loan is presented net of any discounts ", "box": [ 63.11249225831271, 467.2190341950263, 551.3618746777526, 471.7304078262605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and transaction costs which are deferred and recognized as interest expense over the life of the loan using the effective interest ", "box": [ 63.11249225831271, 477.3440330531521, 551.3618746777526, 481.85540668438625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "method. As of June 30, 2026, our secured term loan has an unpaid principal balance of $500.0 million and a carrying value of $467.7 ", "box": [ 63.11249225831271, 487.46903191127785, 551.3618746777526, 491.980405542512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million. As consideration for and in connection with entering into our new secured term loan in January 2026, we issued detachable ", "box": [ 63.11249225831271, 498.2690306932782, 551.3618746777526, 502.78040432451235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "warrants to purchase up to 7,542,227 shares of our common stock at an exercise price of $4.00 per share, with an expiration date of ", "box": [ 63.11249225831271, 508.39402955140395, 551.3618746777526, 512.9054031826381 ], "from_ocr": false, "confidence": 1.0 }, { "text": "January 2037. Value allocated to the detachable warrants is classified as equity and created a corresponding discount on our secured ", "box": [ 63.11249225831271, 518.5190284095261, 551.3618746777526, 523.0304020407602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "term loan in the same amount. ", "box": [ 63.11249225831271, 528.6440272676518, 174.31113595070067, 533.155400898886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Debt Related to Real Estate Owned Hotel Portfolio", "box": [ 63.11249225831271, 555.6440242226527, 250.79964688512058, 560.1553978538868 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On February 8, 2021, we assumed a $300.0 million securitized senior mortgage in connection with a foreclosure on a hotel ", "box": [ 85.15545852235574, 571.1690224717786, 551.3618746777526, 575.6803961030128 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio which, subsequent thereto, was modified to provide for, among other things, total principal payments of $25.0 million, an ", "box": [ 63.11249225831271, 581.2940213299044, 551.3618746777526, 585.8053949611385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extension of the contractual maturity date to February 9, 2025, and the designation of a portion of the loan becoming partial recourse ", "box": [ 63.11249225831271, 592.094020111901, 551.3618746777526, 596.6053937431388 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to us. Upon maturity in February 2025, we entered into forbearance agreements with our lender through September 9, 2025 and ", "box": [ 63.11249225831271, 602.2190189700268, 551.3618746777526, 606.730392601261 ], "from_ocr": false, "confidence": 1.0 }, { "text": "concurrently repaid $5.0 million of the principal balance. On June 9, 2025, we refinanced our debt related to real estate owned hotel ", "box": [ 63.11249225831271, 612.3440178281526, 551.3618746777526, 616.8553914593867 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio with a non-recourse senior mortgage in the amount of $235.0 million. Such financing matures on June 9, 2027, and we may ", "box": [ 63.11249225831271, 623.1440166101529, 551.3618746777526, 627.6553902413871 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extend the maturity to June 9, 2030 pursuant to three one-year extension options, subject to meeting prescribed conditions. As of June ", "box": [ 63.11249225831271, 633.2690154682787, 551.3618746777526, 637.7803890995128 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026, our debt related to real estate owned hotel portfolio has an unpaid principal balance of $235.0 million, a carrying value of ", "box": [ 63.11249225831271, 643.3940143264044, 551.3618746777526, 647.9053879576386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$232.4 million and a stated rate of SOFR plus 3.18%. See Derivatives below for further detail of our interest rate cap.", "box": [ 63.11249225831271, 654.1940131084011, 486.39271917483023, 658.7053867396389 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 522.2495532278508, 179.0605252934547, 527.8691557837064, 181.47696996844024 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 50, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49391005090365, 65.36192948775115, 62.005283682137815 ], "from_ocr": false, "confidence": 1.0 }, { "text": "50", "box": [ 301.60895311120953, 692.6688384172812, 310.6066975402138, 697.1802120485154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivatives", "box": [ 63.11249225831271, 99.34390533115584, 104.58646001675206, 103.85527896239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prior to the June 2025 refinance of our debt related to real estate owned hotel portfolio, we acquired interest rate caps with ", "box": [ 85.15545852235574, 114.86890358027813, 551.3618746777526, 119.38027721151593 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maturity dates and notional amounts equal to that of the then maturity dates and outstanding principal balance of our debt related to ", "box": [ 63.11249225831271, 125.66890236227846, 551.3618746777526, 130.18027599351262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate owned hotel portfolio, respectively, and strike rates ranging from 3.0% to 5.0% which effectively limited the maximum ", "box": [ 63.11249225831271, 135.79390122040422, 551.3618746777526, 140.3052748516384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest rate to 7.94% through the then contractual maturity. Concurrent with refinancing our debt related to real estate owned hotel ", "box": [ 63.11249225831271, 145.91890007853, 551.3618746777526, 150.43027370976415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio in June 2025, we acquired an interest rate cap for a price of $71,000 with a notional amount of $235.0 million, a strike rate of ", "box": [ 63.11249225831271, 156.71889886053032, 551.3618746777526, 161.23027249176448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.79%, and a maturity date of June 2027, which effectively limits the maximum interest rate of our debt related to real estate owned ", "box": [ 63.11249225831271, 166.84389771865608, 551.3618746777526, 171.35527134989024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "hotel portfolio to 9.97%.", "box": [ 63.11249225831271, 176.9688965767782, 151.8289294161942, 181.480270208016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Changes in the fair value of our interest rate cap are recorded as an unrealized gain or loss on interest rate cap on our ", "box": [ 85.15545852235574, 198.56889414077887, 551.3618746777526, 203.08026777201303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated statements of operations and the fair value is recorded in other assets on our consolidated balance sheets. Proceeds ", "box": [ 63.11249225831271, 208.69389299890463, 551.3618746777526, 213.2052666301388 ], "from_ocr": false, "confidence": 1.0 }, { "text": "received from our counterparty related to the interest rate cap are recorded as proceeds from interest rate cap on our consolidated ", "box": [ 63.11249225831271, 218.8188918570304, 551.3618746777526, 223.33026548826456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements of operations. As of June 30, 2026 and December 31, 2025, the fair value of our interest rate cap was de minimis. During ", "box": [ 63.11249225831271, 228.94389071515616, 551.3618746777526, 233.45526434639032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the three and six months ended June 30, 2026 and 2025, we did not recognize any proceeds from our interest rate caps.", "box": [ 63.11249225831271, 239.7438894971565, 490.8784777439362, 244.25526312839065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Covenants", "box": [ 63.11249225831271, 266.0688865282791, 140.85855974356494, 270.5802601595133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our financing agreements generally contain certain financial covenants. As of June 30, 2026, we are in compliance with all ", "box": [ 85.15545852235574, 281.59388477740504, 551.3618746777526, 286.1052584086392 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial covenants under our financing agreements.", "box": [ 63.11249225831271, 292.39388355940537, 251.48945024920107, 296.90525719063953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Future compliance with our financial covenants is dependent upon the results of our operating activities, our financial condition, ", "box": [ 85.15545852235574, 313.3188811995278, 551.3618746777526, 317.830254830762 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and the overall market conditions in which we and our borrowers operate. The impact of macroeconomic conditions on the ", "box": [ 63.11249225831271, 323.4438800576536, 551.3618746777526, 327.95525368888775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commercial real estate and capital markets, including elevated benchmark interest rates compared to recent historical levels and the ", "box": [ 63.11249225831271, 334.2438788396539, 551.3618746777526, 338.7552524708881 ], "from_ocr": false, "confidence": 1.0 }, { "text": "effects thereof on our and our borrowers' operating performance, may make it more difficult for us to satisfy these financial covenants ", "box": [ 63.11249225831271, 344.3688776977797, 551.3618746777526, 348.88025132901384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the future. Non-compliance with financial covenants may result in our lenders exercising their rights and remedies as provided for ", "box": [ 63.11249225831271, 354.49387655590544, 551.3618746777526, 359.0052501871396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the respective agreements. As the results of our operating activities, our financial condition, and the overall market conditions in ", "box": [ 63.11249225831271, 365.2938753379058, 551.3618746777526, 369.80524896913994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which we and our borrowers operate evolve, we may continue to work with our counterparties on modifying financial covenants as ", "box": [ 63.11249225831271, 375.41887419603154, 551.3618746777526, 379.9302478272657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "needed; however, there is no assurance that our counterparties will agree to such modifications.", "box": [ 63.11249225831271, 385.5438730541573, 406.6564787598068, 390.05524668539147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repurchase Agreements and Term Participation Facility", "box": [ 63.11249225831271, 407.14387061815796, 267.7715201250355, 411.6552442493921 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As calculated in accordance with our repurchase agreements and our term participation facility and as of June 30, 2026, (i) our ", "box": [ 85.15545852235574, 422.66886886728025, 551.3618746777526, 427.1802424985144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "tangible net worth shall not be less than $1.0 billion plus 75% of the aggregate cash proceeds received by us after January 30, 2026 ", "box": [ 63.11249225831271, 432.793867725406, 551.3618746777526, 437.3052413566402 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from any equity issuances, capital contributions, and/or subscriptions (net of any related costs), (ii) our total debt to equity ratio shall ", "box": [ 63.11249225831271, 442.9188665835318, 551.3618746777526, 447.43024021476594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "not exceed 3.50 to 1.00, and (iii) our cash liquidity shall not be less than the greater of (x) $20.0 million or (y) 5% of total recourse ", "box": [ 63.11249225831271, 453.7188653655321, 551.3618746777526, 458.2302389967663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "indebtedness (which includes our secured term loan). For the quarters ending June 30, 2026 to June 30, 2027, there is no measurement ", "box": [ 63.11249225831271, 463.8438642236579, 551.3618746777526, 468.35523785489204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our ratio of earnings before interest, taxes, depreciation, and amortization to interest charges (our 'Interest Coverage Ratio'). ", "box": [ 63.11249225831271, 473.96886308178364, 551.3618746777526, 478.4802367130178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commencing with the quarters ending September 30, 2027 and December 31, 2027, our Interest Coverage Ratio shall not be less than ", "box": [ 63.11249225831271, 484.76886186378397, 551.3618746777526, 489.28023549501813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.10 to 1.00. Subsequent thereto, our Interest Coverage Ratio shall not be less than (i) 1.20 to 1.00 for the quarters ending March 31, ", "box": [ 63.11249225831271, 494.89386072190246, 551.3618746777526, 499.4052343531366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028 and June 30, 2028 and (ii) 1.30 to 1.00 for the quarters ending September 30, 2028 and thereafter. ", "box": [ 63.11249225831271, 505.0188595800282, 437.424000277414, 509.5302332112624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured Term Loan", "box": [ 63.11249225831271, 526.6188571440289, 134.08832253756563, 531.130230775263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As calculated in accordance with our new secured term loan agreement and effective upon its closing, (i) our tangible net worth ", "box": [ 85.15545852235574, 542.1438553931584, 551.3618746777526, 546.6552290243926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shall not be less than $1.0 billion plus 75% of the aggregate cash proceeds received by us after January 30, 2026 from any equity ", "box": [ 63.11249225831271, 552.2688542512842, 551.3618746777526, 556.7802278825184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "issuances, capital contributions, and/or subscriptions (net of any related costs) and (ii) our total debt to equity ratio shall not exceed ", "box": [ 63.11249225831271, 563.0688530332845, 551.3618746777526, 567.5802266645187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.50 to 1.00. For the quarters ending June 30, 2026 to June 30, 2027, there is no measurement of our Interest Coverage Ratio. ", "box": [ 63.11249225831271, 573.193851891403, 551.3618746777526, 577.7052255226372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commencing with the quarters ending September 30, 2027 and December 31, 2027, our Interest Coverage Ratio shall not be less than ", "box": [ 63.11249225831271, 583.3188507495288, 551.3618746777526, 587.830224380763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.10 to 1.00. Subsequent thereto, our Interest Coverage Ratio shall not be less than (i) 1.20 to 1.00 for the quarters ending March 31, ", "box": [ 63.11249225831271, 594.1188495315291, 551.3618746777526, 598.6302231627633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028 and June 30, 2028 and (ii) 1.30 to 1.00 for the quarters ending September 30, 2028 and thereafter.", "box": [ 63.11249225831271, 604.2438483896549, 435.1741338661489, 608.755222020889 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-Consolidated Senior Interests Sold and Non-Consolidated Senior Interests Held by Third Parties", "box": [ 63.11249225831271, 630.5688454207848, 439.81803010257727, 635.080219052019 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In certain instances, we use structural leverage through the non-recourse syndication of a match-term senior loan interest to a ", "box": [ 85.15545852235574, 646.0938436699071, 551.3618746777526, 650.6052173011412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "third party which qualifies for sale accounting under GAAP, or through the acquisition of a subordinate loan for which a non-recourse ", "box": [ 63.11249225831271, 656.8938424519074, 551.3618746777526, 661.4052160831416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "senior interest is retained by a third party. In such instances, the senior loan is not included on our consolidated balance sheets. ", "box": [ 63.11249225831271, 667.0188413100332, 521.1239908379142, 671.5302149412673 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 51, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.493858786911005, 65.36192948775115, 62.00523241814517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51", "box": [ 301.60895311120953, 485.44381052366225, 310.6066975402138, 489.9551841548964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes our non-consolidated senior interest and related retained subordinate interest as of June 30, ", "box": [ 85.15545852235574, 93.94385467615939, 551.3618746777526, 98.45522830739355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 ($ in thousands):", "box": [ 63.11249225831271, 104.74385345815972, 143.83730255109353, 109.25522708939388 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 145.7621355430456, 64.9113670216896, 149.36988065688638 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 222.71833700831866, 145.7621355430456, 224.51721177169551, 149.36988065688638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan", "box": [ 233.44450429864523, 137.6621364565508, 249.44111102665272, 141.2698815703843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Count", "box": [ 231.85192972825226, 145.08713561917102, 251.04575511855901, 148.69488073301181 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 258.1347392641352, 145.08713561917102, 259.933614027512, 148.69488073301181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan", "box": [ 275.03083110863133, 137.6621364565508, 291.0274378366388, 141.2698815703843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commitment", "box": [ 262.64880125504925, 145.08713561917102, 303.4115295278628, 148.69488073301181 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 306.1335586009345, 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493.4835876882628, 148.69488073301181 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 496.5362748777374, 145.7621355430456, 498.33514964111436, 149.36988065688638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Term to", "box": [ 509.38236717898354, 114.712139044801, 534.3557769650378, 118.31988415863452 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fully", "box": [ 513.8753354222765, 122.13713820742123, 529.8684426086093, 125.74488332126202 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Extended", "box": [ 507.27299241687416, 129.56213737004873, 536.4589901299115, 133.16988248388225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity", "box": [ 507.8847110978859, 137.6621364565508, 535.8585726305558, 141.2698815703843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in years) ", "box": [ 503.6765050724781, 145.08713561917102, 534.4505571130987, 148.69488073301181 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4315818634329, 145.08713561917102, 547.2304566268098, 148.69488073301181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fixed rate non-consolidated senior loans", "box": [ 63.11249225831271, 153.86213462954765, 179.8107641014033, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 221.27341192127412, 153.86213462954765, 223.07228668465098, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 239.6460660992468, 153.86213462954765, 243.24381562600058, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 256.9323956497328, 153.86213462954765, 265.38170712933817, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "830,000 $", "box": [ 280.8948929472954, 153.86213462954765, 318.2320884189891, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "830,000 ", "box": [ 328.88316878528383, 153.86213462954765, 359.56992754074906, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "N/A", "box": [ 373.44370725984487, 153.86213462954765, 385.8355577788268, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 398.5136296825145, 153.86213462954765, 400.3125044458914, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 402.16284802096374, 153.86213462954765, 403.9617227843406, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.47%", "box": [ 416.1058151985067, 153.86213462954765, 434.69181395736285, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 445.1519056727529, 153.86213462954765, 446.95078043612983, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 448.80112401120215, 153.86213462954765, 450.59999877457903, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.5 ", "box": [ 480.84252664764364, 153.86213462954765, 492.2812440738604, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 496.5362748777374, 153.86213462954765, 498.33514964111436, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 500.18549321618667, 153.86213462954765, 501.98436797956356, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.5 ", "box": [ 534.5683018385696, 153.86213462954765, 546.0070192647863, 157.46987974338845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Retained fixed rate subordinate loans", "box": [ 63.11249225831271, 161.96213371604972, 170.20859763931435, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 221.27341192127412, 161.96213371604972, 223.07228668465098, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 239.6460660992468, 161.96213371604972, 243.24381562600058, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 256.9323956497328, 161.96213371604972, 265.38170712933817, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "125,000 $", "box": [ 280.8948929472954, 161.96213371604972, 318.2320884189891, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "125,000 $", "box": [ 328.88316878528383, 161.96213371604972, 366.2203642569775, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "124,969 ", "box": [ 373.2749572788761, 161.96213371604972, 403.9617227843406, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.50%", "box": [ 416.1058151985067, 161.96213371604972, 434.69181395736285, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 445.1519056727529, 161.96213371604972, 446.95078043612983, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 448.80112401120215, 161.96213371604972, 450.59999877457903, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.5 ", "box": [ 480.84252664764364, 161.96213371604972, 492.2812440738604, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 496.5362748777374, 161.96213371604972, 498.33514964111436, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 500.18549321618667, 161.96213371604972, 501.98436797956356, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.5 ", "box": [ 534.5683018385696, 161.96213371604972, 546.0070192647863, 165.56987882988324 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 169.9009501590408, 64.46249210606271, 172.60845123336185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 176.21325406715187, 72.55721755315749, 180.2745056786298 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average is based on unpaid principal balance.", "box": [ 79.30194355750221, 176.21325406715187, 259.67722033517754, 180.2745056786298 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 185.66325300140306, 72.55721755315749, 189.724504612881 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Term to fully extended maturity is determined based on the maximum maturity of each of the corresponding loans, assuming all extension ", "box": [ 79.30194355750221, 185.66325300140306, 551.1374372199391, 189.724504612881 ], "from_ocr": false, "confidence": 1.0 }, { "text": "options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date.", "box": [ 79.30194355750221, 194.4382520117797, 422.9902880570911, 198.49950362325035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Floating and Fixed Rate Portfolio", "box": [ 63.11249225831271, 220.8438403646578, 192.06831937620993, 225.35521399589197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our business model seeks to minimize our exposure to changing interest rates by originating floating rate loans and financing ", "box": [ 85.15545852235574, 237.04383853766194, 551.3618746777526, 241.5552121688961 ], "from_ocr": false, "confidence": 1.0 }, { "text": "them with floating rate liabilities. Further, we seek to match the benchmark rate index in the floating rate loans we originate with the ", "box": [ 63.11249225831271, 247.16883739578043, 551.3618746777526, 251.68021102702187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "benchmark index used in the related floating rate financings. Generally, we use SOFR as the benchmark rate index in both our floating ", "box": [ 63.11249225831271, 257.2938362539062, 551.3618746777526, 261.80520988514036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rate loans and floating rate financings. As of June 30, 2026, 96.2% of our loans receivable held-for-investment based on unpaid ", "box": [ 63.11249225831271, 267.41883511203196, 551.3618746777526, 271.9302087432661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance were floating rate and indexed to SOFR. All of our financing is floating rate and indexed to SOFR, which resulted in ", "box": [ 63.11249225831271, 278.2188338940323, 551.3618746777526, 282.73020752526645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $629.1 million of net floating rate exposure. ", "box": [ 63.11249225831271, 288.34383275215805, 278.51424919890417, 292.8552063833922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table details our net floating rate exposure as of June 30, 2026 ($ in thousands):", "box": [ 85.15545852235574, 309.26883039228414, 424.7409053089067, 313.7802040235183 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 266.57223831257267, 328.01211498930206, 268.37111307594955, 331.6198601031356 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 423.8788578218802, 328.01211498930206, 425.6777325852571, 331.6198601031356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Floating", "box": [ 444.21323052861464, 319.9121159028, 482.3830454264075, 323.5198610166335 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rate Exposure", "box": [ 440.61674993421775, 327.3371150654275, 485.9855604480544, 330.944860179261 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.337837287339, 327.3371150654275, 499.1367120507159, 330.944860179261 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Floating rate loans receivable", "box": [ 111.71248677731285, 336.18823602552584, 207.2988053372992, 340.24948763700377 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 423.8788578218802, 336.26882734728133, 426.1282950513187, 340.7802009785155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 430.6288570606302, 336.8632359494004, 434.6788566038802, 340.92448756087833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,230,101 ", "box": [ 463.57729084477876, 336.8632359494004, 498.6456496398468, 340.92448756087833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Floating rate liabilities secured by loans receivable", "box": [ 111.71248677731285, 346.3132348836516, 276.35446221935507, 350.37448649512953 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 423.8788578218802, 346.3938262054071, 426.1282950513187, 350.90519983664126 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 430.6288570606302, 346.3132348836516, 432.6538568322552, 350.37448649512953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,666,854)", "box": [ 460.87729114927873, 346.3132348836516, 499.3180127440192, 350.37448649512953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net floating rate exposure - loan portfolio", "box": [ 111.71248677731285, 356.43823374177737, 247.11852639651917, 360.4994853532553 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 423.8788578218802, 356.51882506353286, 426.1282950513187, 361.030198694767 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 430.6288570606302, 356.43823374177737, 432.6538568322552, 360.4994853532553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,563,247 ", "box": [ 463.57729084477876, 356.43823374177737, 498.6456496398468, 360.4994853532553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Floating rate liabilities secured by real estate owned assets", "box": [ 111.71248677731285, 366.56323259990313, 301.10138502845194, 370.62448421138106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 423.8788578218802, 366.6438239216586, 426.1282950513187, 371.1551975528928 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 430.6288570606302, 367.2382325237777, 432.6538568322552, 371.2994841352556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(434,165)", "box": [ 466.95229046415375, 367.2382325237777, 499.3180127440192, 371.2994841352556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured term loan", "box": [ 111.71248677731285, 376.6882314580289, 170.63918957168963, 380.74948306949955 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 423.8788578218802, 376.7688227797844, 426.1282950513187, 381.28019641101855 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 430.6288570606302, 376.6882314580289, 432.6538568322552, 380.74948306949955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(500,000)", "box": [ 466.95229046415375, 376.6882314580289, 499.3180127440192, 380.74948306949955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net floating rate exposure", "box": [ 111.71248677731285, 386.81323031615466, 201.4650653052156, 390.8744819276253 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 423.8788578218802, 387.5688215617847, 426.1282950513187, 392.0801951930189 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 430.6288570606302, 386.81323031615466, 434.6788566038802, 390.8744819276253 ], "from_ocr": false, "confidence": 1.0 }, { "text": "629,082", "box": [ 469.6522901596538, 386.81323031615466, 495.97728719077884, 390.8744819276253 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 496.6206498682218, 386.81323031615466, 498.6456496398468, 390.8744819276253 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 396.70092458104045, 86.50545837010574, 399.4084256553615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 108.46404964366441, 403.6882284130261, 117.90877493850917, 407.749480024504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, amount includes $931.1 million of net floating rate exposure related to loans on non-accrual ", "box": [ 122.75506365695546, 403.6882284130261, 499.29955581610074, 407.749480024504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "status and a $39.1 million floating rate liability related to a loan receivable classified as held-for-sale.", "box": [ 122.75506365695546, 412.4632274234027, 450.9157714677169, 416.52447903488064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and aside from our interest rate cap on our debt related to real estate owned hotel portfolio, we do not ", "box": [ 85.15545852235574, 438.8688157762881, 551.3618746777526, 443.38018940752227 ], "from_ocr": false, "confidence": 1.0 }, { "text": "employ interest rate derivatives (interest rate swaps, caps, collars or floors) to hedge our asset or liability portfolio, but we may do so ", "box": [ 63.11249225831271, 448.9938146344066, 551.3618746777526, 453.50518826564075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the future.", "box": [ 63.11249225831271, 459.7938134164069, 109.33571901348445, 464.3051870476411 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 430.68159480468256, 143.28530771208898, 436.3011973605382, 145.70175238707452 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 534.452282851654, 143.28530771208898, 540.0718854075096, 145.70175238707452 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 247.12380300592417, 354.15805242513306, 254.8084978673613, 356.8790910048192 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 52, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49394225890137, 65.36192948775115, 62.005315890135535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "52", "box": [ 301.60895311120953, 690.6438708536516, 310.6066975402138, 695.155244484893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Results of Operations - Three Months Ended June 30, 2026 and March 31, 2026", "box": [ 63.11249225831271, 99.34393753915356, 370.300835355541, 103.85531117038772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As previously disclosed, beginning with our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, and for ", "box": [ 85.15545852235574, 114.86893578827585, 551.3618746777526, 119.38030941951001 ], "from_ocr": false, "confidence": 1.0 }, { "text": "all subsequent reporting periods, we have elected to present results of operations by comparing to the immediately preceding period, ", "box": [ 63.11249225831271, 125.66893457027618, 551.3618746777526, 130.18030820151034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as well as the same year to date period in the prior year. Given the dynamic nature of our business and the sensitivity to the real estate ", "box": [ 63.11249225831271, 135.79393342840194, 551.3618746777526, 140.3053070596361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and capital markets, we believe providing analysis of results of operations by comparing to the immediately preceding period is more ", "box": [ 63.11249225831271, 145.9189322865277, 551.3618746777526, 150.43030591776187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "meaningful to our stockholders in assessing the overall performance of our current business.", "box": [ 63.11249225831271, 156.71893106852804, 395.1896169080143, 161.2303046997622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operating Results", "box": [ 63.11249225831271, 177.64392870865413, 129.8574288717481, 182.1553023398883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table sets forth information regarding our consolidated results of operations for the three 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Such increase was partially offset ", "box": [ 63.11249225831271, 565.7688849367769, 551.3618746777526, 570.280258568011 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by a decrease in net interest income of $8.5 million, which was driven by a decrease in interest income of $12.7 million primarily as a ", "box": [ 63.11249225831271, 576.5688837187772, 551.3618746777526, 581.0802573500114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "result of decreased average loans receivable balances as well as an additional loan on non-accrual status, partially offset by a decrease ", "box": [ 63.11249225831271, 586.693882576903, 551.3618746777526, 591.2052562081371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in interest expense of $4.3 million due to loan realizations in 2026, the proceeds from which were primarily used to reduce financing ", "box": [ 63.11249225831271, 596.8188814350287, 551.3618746777526, 601.3302550662629 ], "from_ocr": false, "confidence": 1.0 }, { "text": "balances.", "box": [ 63.11249225831271, 607.6188802170291, 96.33560522960853, 612.1302538482632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Expenses ", "box": [ 63.11249225831271, 628.5438778571552, 98.84825383623759, 633.0552514883893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Expenses are primarily comprised of base management fees payable to our Manager, general and administrative expenses, ", "box": [ 85.15545852235574, 644.0688761062775, 551.3618746777526, 648.5802497375116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stock-based compensation expense, operating expenses from real estate owned, interest expense from real estate owned, and ", "box": [ 63.11249225831271, 654.8688748882778, 551.3618746777526, 659.380248519512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "depreciation and ", "box": [ 63.11249225831271, 664.9938737464036, 125.07832900306772, 669.5052473776377 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 53, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49377113891387, 65.36192948775115, 62.005144770148036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "53", "box": [ 301.60895311120953, 702.118698439539, 310.6066975402138, 706.6300720707732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amortization on real estate owned and related in-place and other lease intangible values. Operating expenses from real estate owned ", "box": [ 63.11249225831271, 88.54376763716573, 551.3618746777526, 93.0551412683999 ], "from_ocr": false, "confidence": 1.0 }, { "text": "primarily include real estate taxes, utilities, repairs and maintenance, personnel costs of third-party property managers, property ", "box": [ 63.11249225831271, 99.34376641916606, 551.3618746777526, 103.85514005040022 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management fees incurred to third-parties, insurance, marketing, and general and administrative expenses specific to our real estate ", "box": [ 63.11249225831271, 109.46876527729182, 551.3618746777526, 113.98013890852599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned properties. Expenses increased by $2.4 million during the three months ended June 30, 2026, as compared to the three months ", "box": [ 63.11249225831271, 119.59376413541759, 551.3618746777526, 124.10513776665175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended March 31, 2026, primarily due to:", "box": [ 63.11249225831271, 129.71876299353607, 209.04014653766103, 134.23013662477751 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 140.5187617755364, 65.36192948775115, 145.03013540677057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(i)", "box": [ 85.11327102711356, 150.64376063366217, 93.60575910682151, 155.15513426489633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an increase in operating expenses from real estate owned of $2.5 million during the comparative period, due to higher ", "box": [ 107.15623729115659, 150.64376063366217, 551.3618746777526, 155.15513426489633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "variable operating expenses in connection with higher occupancy levels at the hotel portfolio due to seasonality and ", "box": [ 107.15623729115659, 160.76875949178793, 551.3618746777526, 165.2801331230221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating expenses incurred at the multifamily properties foreclosed on in 2026;", "box": [ 107.15623729115659, 171.56875827378826, 395.9976669830053, 176.08013190502243 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(ii)", "box": [ 85.11327102711356, 181.69375713191403, 96.10561538489326, 186.2051307631482 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an increase in general and administrative expenses of $1.5 million primarily as a result of an increase in certain non-", "box": [ 107.15623729115659, 181.69375713191403, 549.105617209055, 186.2051307631482 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recurring charges incurred over the comparative period generally related to legal fees incurred for loan and REO ", "box": [ 107.15623729115659, 191.8187559900398, 551.3618746777526, 196.33012962127395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment related matters;", "box": [ 107.15623729115659, 202.61875477204012, 204.5980586411299, 207.13012840327428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(iii)", "box": [ 85.11327102711356, 212.74375363016588, 98.60547166296499, 217.25512726140005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "partially offset by a decrease in stock-based compensation expense of $0.9 million during the comparative period due to ", "box": [ 107.15623729115659, 212.74375363016588, 551.3618746777526, 217.25512726140005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the vesting period of previously issued restricted stock units ending on April 1, 2026 and the remaining unvested restricted ", "box": [ 107.15623729115659, 222.86875248829165, 551.3618746777526, 227.3801261195258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stock unit grants having a grant date fair value less than that of the grant which vested;", "box": [ 107.15623729115659, 233.66875127029198, 418.98404270565266, 238.18012490152614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(iv)", "box": [ 85.11327102711356, 243.79375012841774, 98.10462907694891, 248.3051237596519 ], "from_ocr": false, "confidence": 1.0 }, { "text": "further offset by a decrease in management fees of $0.3 million as a result of lower stockholders' equity compared to the ", "box": [ 107.15623729115659, 243.79375012841774, 551.3618746777526, 248.3051237596519 ], "from_ocr": false, "confidence": 1.0 }, { "text": "comparative period. ", "box": [ 107.15623729115659, 253.9187489865435, 181.35682862610307, 258.43012261777767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gain on Sale of Real Estate Owned", "box": [ 63.11249225831271, 275.5187465505369, 190.56140391615648, 280.03012018177105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2026, we sold a multifamily property located in Dallas, TX to an unaffiliated purchaser, ", "box": [ 85.15545852235574, 291.04374479966646, 551.3618746777526, 295.5551184309006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which resulted in a gain on sale of $0.3 million. During the three months ended March 31, 2026, there were no sales of our real estate ", "box": [ 63.11249225831271, 301.1687436577922, 551.3618746777526, 305.6801172890264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned assets.", "box": [ 63.11249225831271, 311.293742515918, 112.59128353882909, 315.80511614715215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loss from Equity Method Investment", "box": [ 63.11249225831271, 332.89374007991864, 195.56113880279378, 337.4051137111528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2026 and the three months ended March 31, 2026, we recognized de minimis losses ", "box": [ 85.15545852235574, 348.41873832904093, 551.3618746777526, 352.9301119602751 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from our equity method investment as a result of the net losses recognized by our investee during each respective period.", "box": [ 63.11249225831271, 358.5437371871667, 498.3692713091409, 363.05511081840086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loss on Extinguishment of Debt", "box": [ 63.11249225831271, 380.14373475116736, 178.0796852693134, 384.6551083824015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended March 31, 2026, we recognized a $5.9 million loss on extinguishment of debt in connection with ", "box": [ 85.15545852235574, 395.66873300028965, 551.3618746777526, 400.1801066315238 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the refinancing of our prior secured term loan. There were no such losses recognized during the three months ended June 30, 2026.", "box": [ 63.11249225831271, 405.7937318584154, 534.342597777149, 410.3051054896496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Valuation Adjustment for Real Estate Owned Held-for-Sale", "box": [ 63.11249225831271, 427.3937294224161, 277.02842068356284, 431.90510305365024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 we determined that our mixed-use real estate owned asset and one of our multifamily real estate owned ", "box": [ 85.15545852235574, 442.91872767153836, 551.3618746777526, 447.4301013027725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets met the held-for-sale criteria. As a result, we reclassified these assets to real estate owned held-for-sale and recognized a $29.6 ", "box": [ 63.11249225831271, 453.0437265296641, 551.3618746777526, 457.5551001608983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million loss through our valuation adjustment for real estate owned held-for-sale based upon anticipated sales price, less estimated ", "box": [ 63.11249225831271, 463.84372531166446, 551.3618746777526, 468.3550989428986 ], "from_ocr": false, "confidence": 1.0 }, { "text": "costs to sell, and the carrying values of the assets (including related net lease intangible assets and deferred leasing costs) prior to ", "box": [ 63.11249225831271, 473.9687241697902, 551.3618746777526, 478.4800978010244 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reclassification. No such valuation adjustments were made during the three months ended March 31, 2026.", "box": [ 63.11249225831271, 484.093723027916, 447.6603550879803, 488.60509665915015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for Current Expected Credit Loss Reserve", "box": [ 63.11249225831271, 505.69372059191664, 251.5377801908408, 510.2050942231508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2026, we recorded a provision for current expected credit losses of $208.8 million, ", "box": [ 85.15545852235574, 521.2187188410389, 551.3618746777526, 525.7300924722731 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which consisted of $211.6 million of additional provision for our specific CECL reserves and $0.5 million of additional provision for ", "box": [ 63.11249225831271, 531.3437176991647, 551.3618746777526, 535.8550913303989 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our general CECL reserves, offset in part by a $3.2 million reversal of our CECL reserves on accrued interest receivable. The ", "box": [ 63.11249225831271, 541.4687165572905, 551.3618746777526, 545.9800901885246 ], "from_ocr": false, "confidence": 1.0 }, { "text": "additional provision for our specific CECL reserves is primarily attributable to specific reserves determined on loans now classified as ", "box": [ 63.11249225831271, 552.2687153392908, 551.3618746777526, 556.780088970525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "risk rated 5, changes to collateral values, protective advances made on certain loans, and additional provision for a loan that was ", "box": [ 63.11249225831271, 562.3937141974166, 551.3618746777526, 566.9050878286507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reclassified as held-for-sale. The additional provision for our general CECL reserves is primarily attributable to changes in expected ", "box": [ 63.11249225831271, 572.5187130555423, 551.3618746777526, 577.0300866867765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "remaining duration within our loan portfolio, offset in part by a reduction in the size of our loan portfolio subject to determination of ", "box": [ 63.11249225831271, 583.3187118375427, 551.3618746777526, 587.8300854687768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the general CECL reserve, seasoning of our loan portfolio, and changes in the historical loss rate of the analogous data set. The ", "box": [ 63.11249225831271, 593.4437106956684, 551.3618746777526, 597.9550843269026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reversal of our CECL reserves on accrued interest receivable is attributable to the collection of previously reserved past-due interest on ", "box": [ 63.11249225831271, 603.5687095537942, 551.3618746777526, 608.0800831850283 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans that remain on non-accrual status.", "box": [ 63.11249225831271, 614.3687083357945, 206.0306629834426, 618.8800819670287 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 624.493707193913, 65.36192948775115, 629.0050808251472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended March 31, 2026, we recorded a provision for current expected credit losses of $31.4 million, ", "box": [ 85.15545852235574, 634.6187060520388, 551.3618746777526, 639.1300796832729 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which consisted of $32.4 million of additional provision for our specific CECL reserves and $26.6 million of additional provision for ", "box": [ 63.11249225831271, 645.4187048340391, 551.3618746777526, 649.9300784652733 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our CECL reserves on accrued interest receivable, offset in part by a $27.6 million reversal of our general CECL reserves. The ", "box": [ 63.11249225831271, 655.5437036921649, 551.3618746777526, 660.055077323399 ], "from_ocr": false, "confidence": 1.0 }, { "text": "additional provision for our specific CECL reserves was primarily attributable to protective advances made on certain loans and a ", "box": [ 63.11249225831271, 665.6687025502906, 551.3618746777526, 670.1800761815248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "specific CECL ", "box": [ 63.11249225831271, 676.468701332291, 118.59200160958139, 680.9800749635251 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 54, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49371920291742, 65.36192948775115, 62.00509283415158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "54", "box": [ 301.60895311120953, 673.7686497007962, 310.6066975402138, 678.2800233320304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reserve determined on a loan that was sold and had not previously been classified as held-for-sale. The additional provision for our ", "box": [ 63.11249225831271, 83.14371631016547, 551.3618746777526, 87.65508994139964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CECL reserves on accrued interest receivable was attributable to reserving against outstanding interest due to us upon a loan being ", "box": [ 63.11249225831271, 93.26871516829124, 551.3618746777526, 97.7800887995254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "placed on non-accrual status during such period, offset in part by a reduction in reserves upon the receipt of past due interest. The ", "box": [ 63.11249225831271, 104.06871395029157, 551.3618746777526, 108.58008758152573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reversal of our general CECL reserves was primarily attributable to a reduction in the size of our loan portfolio subject to ", "box": [ 63.11249225831271, 114.19371280841733, 551.3618746777526, 118.7050864396515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determination of the general CECL reserve, seasoning of our loan portfolio, and changes in the historical loss rate of the analogous ", "box": [ 63.11249225831271, 124.3187116665431, 551.3618746777526, 128.83008529777726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "data set, offset in part by changes in risk ratings and expected remaining duration within our loan portfolio. ", "box": [ 63.11249225831271, 135.11871044854342, 450.91344850610386, 139.6300840797776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recovery of Principal Charge-Offs", "box": [ 63.11249225831271, 156.04370808866952, 189.3005056628894, 160.55508171990368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2026, we recorded a recovery of principal charge-offs of $1.9 million related to a loan ", "box": [ 85.15545852235574, 171.5687063377918, 551.3618746777526, 176.08007996902597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sale completed in 2023, where concurrent with the sale, our TRS entered into an agreement with the transferee which provides for a ", "box": [ 63.11249225831271, 181.69370519591757, 551.3618746777526, 186.20507882715174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "share of cash flows upon the transferee achieving certain financial metrics. In May 2026, the transferee achieved the necessary ", "box": [ 63.11249225831271, 192.4937039779179, 551.3618746777526, 197.00507760915207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial metrics, and under the terms of such agreement, our TRS received $1.9 million. There were no such recoveries recognized ", "box": [ 63.11249225831271, 202.61870283604367, 551.3618746777526, 207.13007646727783 ], "from_ocr": false, "confidence": 1.0 }, { "text": "during the three months ended March 31, 2026.", "box": [ 63.11249225831271, 212.74370169416943, 234.28039253000063, 217.2550753254036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Results of Operations - Six Months Ended June 30, 2026 and June 30, 2025", "box": [ 63.11249225831271, 239.74369864916662, 351.83523699555036, 244.25507228040078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table sets forth information regarding our consolidated results of operations for the six months ended June 30, ", "box": [ 85.15545852235574, 255.2686968982889, 551.3618746777526, 259.78007052953035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 and 2025 ($ in thousands, except per share data): ", "box": [ 63.11249225831271, 265.3936957564147, 261.76581358775564, 269.90506938764884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 281.5936939294188, 87.40489575179419, 286.10506756065297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 291.5619795160601, 64.9113670216896, 295.1697246298936 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 309.17105825837206, 291.5619795160601, 310.96993302174894, 295.1697246298936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended", "box": [ 370.522226589323, 291.5619795160601, 427.30613841742877, 295.1697246298936 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 482.6460386942475, 291.5619795160601, 484.44491345762447, 295.1697246298936 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 486.2952570326968, 291.5619795160601, 488.09413179607367, 295.1697246298936 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 494.16322489536475, 291.5619795160601, 495.9620996587417, 295.1697246298936 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 544.2292382490306, 291.5619795160601, 546.0281130124074, 295.1697246298936 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 301.011978450304, 64.9113670216896, 304.6197235641448 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 309.17105825837206, 301.011978450304, 310.96993302174894, 304.6197235641448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 333.74527423694633, 300.33697852642945, 375.5233559703066, 303.94472364027024 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 394.0839426820848, 300.33697852642945, 395.8828174454617, 303.94472364027024 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 400.44370421484496, 301.011978450304, 402.2425789782219, 304.6197235641448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 422.3073769991083, 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Operating expenses from ", "box": [ 63.11249225831271, 187.09365466691816, 551.3618746777526, 191.60502829815232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate owned primarily include real estate taxes, utilities, repairs and maintenance, personnel costs of third-party property ", "box": [ 63.11249225831271, 197.89365344891849, 551.3618746777526, 202.40502708015265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "managers, property management fees incurred to third-parties, insurance, marketing, and general and administrative expenses specific ", "box": [ 63.11249225831271, 208.01865230704425, 551.3618746777526, 212.5300259382784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to our real estate owned properties. 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551.3618746777526, 253.70502129464876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense not being recognized on the hotel portfolio during the six months ended June 30, 2025 while the hotel portfolio ", "box": [ 107.15623729115659, 259.9936464454149, 551.3618746777526, 264.5050200766491 ], "from_ocr": false, "confidence": 1.0 }, { "text": "was classified as held-for-sale;", "box": [ 107.15623729115659, 270.1186453035407, 217.8354357757478, 274.63001893477485 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(ii)", "box": [ 85.11327102711356, 280.24364416166645, 96.10561538489326, 284.7550177929006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an increase in operating expenses from real estate owned of $10.0 million during the comparative period, due to operating ", "box": [ 107.15623729115659, 280.24364416166645, 551.3618746777526, 284.7550177929006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expenses such as real estate taxes, utilities, and repairs and maintenance expenses incurred from the multifamily properties ", "box": [ 107.15623729115659, 291.0436429436668, 551.3618746777526, 295.55501657490095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we foreclosed on in 2025 and 2026;", "box": [ 107.15623729115659, 301.16864180179255, 236.094525874028, 305.6800154330267 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(iii)", "box": [ 85.11327102711356, 311.2936406599183, 98.60547166296499, 315.8050142911525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an increase in interest expense on real estate owned of $3.4 million during the comparative period due to interest expense ", "box": [ 107.15623729115659, 311.2936406599183, 551.3618746777526, 315.8050142911525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recognized on debt related to the multifamily properties we foreclosed on in 2025 and 2026;", "box": [ 107.15623729115659, 321.4186395180441, 438.97415883621164, 325.93001314927824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(iv)", "box": [ 85.11327102711356, 332.2186383000444, 98.10462907694891, 336.73001193127857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "partially offset by a decrease in stock-based compensation of $6.0 million due to the vesting period of previously issued ", "box": [ 107.15623729115659, 332.2186383000444, 551.3618746777526, 336.73001193127857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "restricted stock units ending on July 1, 2025 and April 1, 2026 and the remaining unvested restricted stock unit grants ", "box": [ 107.15623729115659, 342.34363715817017, 551.3618746777526, 346.85501078940433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "having a grant date fair value less than that of the grants which vested;", "box": [ 107.15623729115659, 352.46863601628866, 360.7579661397608, 356.9800096475228 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(v)", "box": [ 85.11327102711356, 363.268634798289, 95.60477279887716, 367.78000842952315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "further offset by a decrease in general and administrative expenses of $1.4 million primarily as a result of a decrease in ", "box": [ 107.15623729115659, 363.268634798289, 551.3618746777526, 367.78000842952315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "non-recurring costs incurred over the comparative period, generally related to legal and professional fees related to loan ", "box": [ 107.15623729115659, 373.39363365641475, 551.3618746777526, 377.9050072876489 ], "from_ocr": false, "confidence": 1.0 }, { "text": "enforcement and financing related matters;", "box": [ 107.15623729115659, 383.5186325145405, 261.5456564612057, 388.0300061457747 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(vi)", "box": [ 85.11327102711356, 394.31863129654084, 98.10462907694891, 398.830004927775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "further offset by a decrease in management fees of $2.2 million as a result of lower stockholders' equity compared to the ", "box": [ 107.15623729115659, 394.31863129654084, 551.3618746777526, 398.830004927775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "comparative period;", "box": [ 107.15623729115659, 404.4436301546666, 179.35782415266772, 408.9550037859008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gain (Loss) on Sales of Real Estate Owned", "box": [ 63.11249225831271, 425.3686277947927, 218.8111230002156, 429.88000142602687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026, we sold a multifamily property located in Dallas, TX to an unaffiliated purchaser, ", "box": [ 85.15545852235574, 441.56862596778956, 551.3618746777526, 446.0799995990237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which resulted in a gain on sale of $0.3 million. During the six months ended June 30, 2025 we sold five floors of primarily office ", "box": [ 63.11249225831271, 451.6936248259153, 551.3618746777526, 456.2049984571495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "space in our mixed-use property to an unaffiliated purchaser which resulted in a loss on sale of $1.6 million.", "box": [ 63.11249225831271, 461.8186236840411, 452.40957949237355, 466.32999731527525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loss from Equity Method Investment", "box": [ 63.11249225831271, 483.41862124804175, 195.56113880279378, 487.9299948792759 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026 and 2025, we recognized de minimis losses from our equity method investment as a ", "box": [ 85.15545852235574, 498.94361949716404, 551.3618746777526, 503.4549931283982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "result of the net losses recognized by our investee during each respective period.", "box": [ 63.11249225831271, 509.0686183552898, 352.6876106487964, 513.579991986524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loss on Extinguishment of Debt", "box": [ 63.11249225831271, 529.9936159954159, 178.0796852693134, 534.5049896266501 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026 and 2025, we recognized losses on extinguishment of debt of $5.9 million and $0.5 ", "box": [ 85.15545852235574, 546.19361416842, 551.3618746777526, 550.7049877996542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, respectively, due to the recognition of unamortized deferred financing costs resulting from the repayment of financing ", "box": [ 63.11249225831271, 556.3186130265458, 551.3618746777526, 560.82998665778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "balances prior to maturity.", "box": [ 63.11249225831271, 566.4436118846643, 158.0588255536003, 570.9549855158984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Valuation Adjustment for Real Estate Owned Held-For-Sale", "box": [ 63.11249225831271, 588.0436094486649, 280.0247421731443, 592.5549830798991 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 we determined that our mixed-use real estate owned asset and one of our multifamily real estate owned ", "box": [ 85.15545852235574, 603.5686076977945, 551.3618746777526, 608.0799813290287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets met the held-for-sale criteria. As a result, we reclassified these assets to real estate owned held-for-sale and recognized a $29.6 ", "box": [ 63.11249225831271, 613.6936065559203, 551.3618746777526, 618.2049801871544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million loss through our valuation adjustment for real estate owned held-for-sale based upon anticipated sales price, less estimated ", "box": [ 63.11249225831271, 624.4936053379206, 551.3618746777526, 629.0049789691548 ], "from_ocr": false, "confidence": 1.0 }, { "text": "costs to sell, and the carrying values of the assets (including related net lease intangible assets and deferred leasing costs) prior to ", "box": [ 63.11249225831271, 634.6186041960464, 551.3618746777526, 639.1299778272805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reclassification. During the six months ended June 30, 2025, we recognized an additional $0.4 million of loss through our valuation ", "box": [ 63.11249225831271, 644.7436030541649, 551.3618746777526, 649.254976685399 ], "from_ocr": false, "confidence": 1.0 }, { "text": "adjustment for real estate owned held-for-sale as a result of capital expenditures incurred at our hotel portfolio then classified as held-", "box": [ 63.11249225831271, 655.5436018361652, 549.1039280217454, 660.0549754673993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for-sale.", "box": [ 63.11249225831271, 665.668600694291, 92.83841023901444, 670.1799743255251 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 56, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.4936181149169, 65.36192948775115, 62.00499174615106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56", "box": [ 301.60895311120953, 698.0685458722946, 310.6066975402138, 702.5799195035288 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for Current Expected Credit Loss Reserve", "box": [ 63.11249225831271, 93.94361400416528, 251.5377801908408, 98.45498763539945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026, we recorded a provision for current expected credit losses of $240.2 million, which ", "box": [ 85.15545852235574, 115.54361156816594, 551.3618746777526, 120.05498519940011 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consisted of $243.9 million of additional provision for our specific CECL reserves and $23.3 million of additional provision for our ", "box": [ 63.11249225831271, 125.6686104262917, 551.3618746777526, 130.17998405752587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CECL reserves on accrued interest receivable, offset in part by a $27.1 million reversal of our general CECL reserves. The additional ", "box": [ 63.11249225831271, 135.79360928441747, 551.3618746777526, 140.30498291565164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provision for our specific CECL reserves is primarily attributable to specific reserves determined on loans now classified as risk rated ", "box": [ 63.11249225831271, 146.5936080664178, 551.3618746777526, 151.10498169765197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5, changes to collateral values, protective advances made on certain loans, and a specific reserve determined on a loan that was sold ", "box": [ 63.11249225831271, 156.71860692454356, 551.3618746777526, 161.22998055577773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and had not been previously classified as held-for-sale. The additional provision for our CECL reserves on accrued interest receivable ", "box": [ 63.11249225831271, 166.84360578266933, 551.3618746777526, 171.3549794139035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "is attributable to reserving against outstanding interest due to us upon loans being placed on non-accrual status during the six months ", "box": [ 63.11249225831271, 176.9686046407951, 551.3618746777526, 181.47997827202926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026, offset in part by a reduction in reserves upon the receipt of past due interest. The reversal of our general CECL ", "box": [ 63.11249225831271, 187.76860342279542, 551.3618746777526, 192.2799770540296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reserves is primarily attributable to a reduction in the size of our loan portfolio subject to determination of the general CECL reserve, ", "box": [ 63.11249225831271, 197.8936022809212, 551.3618746777526, 202.40497591215535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "seasoning of our loan portfolio, and changes in the historical loss rate of the analogous data set, offset in part by changes in expected ", "box": [ 63.11249225831271, 208.01860113904695, 551.3618746777526, 212.52997477028111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "remaining duration within our loan portfolio.", "box": [ 63.11249225831271, 218.81859992104, 225.04098094950092, 223.32997355228144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2025, we recorded a provision for current expected credit losses of $230.6 million, which ", "box": [ 85.15545852235574, 239.7435975611661, 551.3618746777526, 244.25497119240026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consisted of $11.5 million of additional provision for our general CECL reserves, $184.6 million of additional provision for our ", "box": [ 63.11249225831271, 249.86859641929186, 551.3618746777526, 254.37997005052603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "specific CECL reserves, and $34.5 million of additional provision for our CECL reserves on accrued interest receivable. The ", "box": [ 63.11249225831271, 260.6685952012922, 551.3618746777526, 265.17996883252636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "additional provision for our general CECL reserves was primarily attributable to changes in the historical loss rate of the analogous ", "box": [ 63.11249225831271, 270.79359405941796, 551.3618746777526, 275.3049676906521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "data set and changes in risk ratings, non-accrual status, and expected remaining duration within our loan portfolio, offset in part by the ", "box": [ 63.11249225831271, 280.9185929175437, 551.3618746777526, 285.4299665487779 ], "from_ocr": false, "confidence": 1.0 }, { "text": "seasoning of our loan portfolio and a reduction in the size of our loan portfolio subject to determination of the general CECL reserve. ", "box": [ 63.11249225831271, 291.71859169954405, 551.3618746777526, 296.2299653307782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The additional provision for our specific CECL reserves was primarily attributable to specific reserves determined on loans then ", "box": [ 63.11249225831271, 301.8435905576698, 551.3618746777526, 306.354964188904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "newly classified as risk rated 5, changes to collateral values, and protective advances made. The additional provision for our CECL ", "box": [ 63.11249225831271, 311.9685894157956, 551.3618746777526, 316.47996304702974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reserves on accrued interest receivable was attributable to reserving against interest income previously recognized on loans placed on ", "box": [ 63.11249225831271, 322.7685881977959, 551.3618746777526, 327.27996182903007 ], "from_ocr": false, "confidence": 1.0 }, { "text": "non-accrual status during such period.", "box": [ 63.11249225831271, 332.89358705592167, 200.28844646103713, 337.40496068715584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recovery of Principal Charge-Offs", "box": [ 63.11249225831271, 353.8185846960405, 189.3005056628894, 358.32995832728193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026, we recorded a recovery of principal charge-offs of $1.9 million related to a loan ", "box": [ 85.15545852235574, 369.34358294517006, 551.3618746777526, 373.8549565764042 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sale completed in 2023, where concurrent with the sale, our TRS entered into an agreement with the transferee which provides for a ", "box": [ 63.11249225831271, 380.1435817271704, 551.3618746777526, 384.65495535840455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "share of cash flows upon the transferee achieving certain financial metrics. In May 2026, the transferee achieved the necessary ", "box": [ 63.11249225831271, 390.26858058529615, 551.3618746777526, 394.7799542165303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial metrics, and under the terms of such agreement, our TRS received $1.9 million. There were no such recoveries recognized ", "box": [ 63.11249225831271, 400.3935794434219, 551.3618746777526, 404.9049530746561 ], "from_ocr": false, "confidence": 1.0 }, { "text": "during the six months ended June 30, 2025.", "box": [ 63.11249225831271, 411.19357822542224, 219.80844411211493, 415.7049518566564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Valuation Adjustment for Loan Receivable Held-for-Sale", "box": [ 63.11249225831271, 432.11857586554106, 268.27233179605514, 436.6299494967752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2025, we recognized a valuation adjustment of $41.8 million for our loan receivable held-", "box": [ 85.15545852235574, 447.6435741146706, 549.1026511918897, 452.1549477459048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for-sale as a result of a reduction in anticipated proceeds from the sale of such loan. No such adjustments were made during the six ", "box": [ 63.11249225831271, 458.44357289667096, 551.3618746777526, 462.9549465279051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026.", "box": [ 63.11249225831271, 468.5685717547967, 168.07586330390092, 473.0799453860309 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity and Capital Resources", "box": [ 63.11249225831271, 494.89356878591934, 187.8506400489021, 499.4049424171535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capitalization", "box": [ 63.11249225831271, 516.49356634992, 115.11307902108632, 521.0049399811542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have capitalized our business to date primarily through the issuance of shares of our common stock, issuance of warrants, ", "box": [ 85.15545852235574, 532.0185645990423, 551.3618746777526, 536.5299382302765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and borrowings under our secured financings and secured term loan. As of June 30, 2026, we had 141,084,206 shares of our common ", "box": [ 63.11249225831271, 542.143563457168, 551.3618746777526, 546.6549370884022 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stock outstanding, representing $1.2 billion of equity, and, in connection with entering into our new secured term loan in January ", "box": [ 63.11249225831271, 552.9435622391684, 551.3618746777526, 557.4549358704026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026, had 7,542,227 of warrants outstanding with an exercise price of $4.00 per share. Further, we had $2.6 billion of outstanding ", "box": [ 63.11249225831271, 563.0685610972942, 551.3618746777526, 567.5799347285283 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowings under our secured financings, our secured term loan, and our debt related to real estate owned hotel portfolio. As of June ", "box": [ 63.11249225831271, 573.1935599554199, 551.3618746777526, 577.7049335866541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026, our secured financings consisted of four repurchase agreements with capacity of $3.2 billion and a combined outstanding ", "box": [ 63.11249225831271, 583.3185588135457, 551.3618746777526, 587.8299324447798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "balance of $1.5 billion, and a term participation facility with a capacity of $336.1 million and an outstanding balance of $329.1 ", "box": [ 63.11249225831271, 594.118557595546, 551.3618746777526, 598.6299312267802 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million. As of June 30, 2026, our debt related to real estate owned hotel portfolio had an outstanding balance of $235.0 million and ", "box": [ 63.11249225831271, 604.2435564536718, 551.3618746777526, 608.7549300849059 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our secured term loan had an outstanding balance of $500.0 million.", "box": [ 63.11249225831271, 614.3685553117975, 308.4853740813269, 618.8799289430317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Debt-to-Equity Ratio and Total Leverage Ratio", "box": [ 63.11249225831271, 635.9685528757982, 252.0429832448998, 640.4799265070324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Debt-to-Equity Ratio and Total Leverage Ratio are non-GAAP measures that we use to evaluate our financial leverage, ", "box": [ 85.15545852235574, 651.4935511249205, 551.3618746777526, 656.0049247561547 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which in the case of our Total Leverage Ratio, makes certain adjustments that we believe provide a more conservative measure of our ", "box": [ 63.11249225831271, 661.6185499830463, 551.3618746777526, 666.1299236142804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial condition. ", "box": [ 63.11249225831271, 672.4185487650466, 135.3298903469193, 676.9299223962807 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 57, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.493566466924676, 65.36192948775115, 62.00494009815884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "57", "box": [ 301.60895311120953, 685.9184955945457, 310.6066975402138, 690.4298692257798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Debt-to-Equity Ratio is calculated as the ratio of asset-specific debt (i.e., repurchase agreements, term participation facility, ", "box": [ 85.15545852235574, 93.94356235617306, 551.3618746777526, 98.45493598740723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "notes payable, net, and debt related to real estate owned hotel portfolio, net) and secured term loan, less cash and cash equivalents to ", "box": [ 63.11249225831271, 104.06856121429882, 551.3618746777526, 108.57993484553299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "total equity. ", "box": [ 63.11249225831271, 114.86855999629915, 108.35098713954034, 119.37993362753332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Leverage Ratio is similar to Net Debt-to-Equity Ratio; however, it includes non-consolidated senior interests sold and ", "box": [ 85.15545852235574, 135.79355763642525, 551.3618746777526, 140.3049312676594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "non-consolidated senior interests held by third parties. Non-consolidated senior interests sold and non-consolidated senior interests ", "box": [ 63.11249225831271, 145.918556494551, 551.3618746777526, 150.42993012578518 ], "from_ocr": false, "confidence": 1.0 }, { "text": "held by third parties, as applicable, are secured by the same collateral as our loan and are structurally senior in repayment priority ", "box": [ 63.11249225831271, 156.71855527654407, 551.3618746777526, 161.22992890777823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "relative to our loan. We believe the inclusion of non-consolidated senior interests sold and non-consolidated senior interests held by ", "box": [ 63.11249225831271, 166.84355413466983, 551.3618746777526, 171.354927765904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "third parties provides a meaningful measure of our financial leverage.", "box": [ 63.11249225831271, 176.9685529927956, 313.95077671245076, 181.47992662402976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents our Net Debt-to-Equity Ratios and Total Leverage Ratios as of June 30, 2026 and December 31, ", "box": [ 85.15545852235574, 198.56855055679625, 551.3618746777526, 203.07992418803042 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025 ($ in thousands, except ratio data):", "box": [ 63.11249225831271, 208.69354941492202, 207.78801418637377, 213.20492304615618 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 218.81854827304778, 87.40489575179419, 223.32992190428195 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 197.94372705234434, 228.86295580941805, 199.96872682396935, 232.9242074208887 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.443324295444, 228.86295580941805, 337.468324067069, 232.9242074208887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 368.8980080224988, 229.46183378356363, 410.67608975585915, 233.06957889739715 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 438.6128439102138, 228.86295580941805, 444.2870620202881, 233.06957889739715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 467.5429153975444, 229.46183378356363, 525.6865420727349, 233.06957889739715 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4421253622438, 229.46183378356363, 547.2410001256208, 233.06957889739715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Asset-specific debt", "box": [ 63.11249225831271, 238.31295474366925, 124.96595395261613, 242.3742063551399 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.443324295444, 238.39354606542474, 337.6927615248825, 242.9049196966589 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 342.8261359628268, 238.98795466754382, 346.8761355060768, 243.04920627901447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,098,425 ", "box": [ 404.3671412723684, 238.39354606542474, 444.51149947810154, 243.04920627901447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 449.64487391604587, 238.98795466754382, 453.6948734592959, 243.04920627901447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,595,580 ", "box": [ 511.1858792255875, 238.98795466754382, 546.2542380206555, 243.04920627901447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured term loan, net", "box": [ 63.11249225831271, 248.43795360178774, 135.98479904993513, 252.49920521326567 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.443324295444, 248.5185449235505, 337.6927615248825, 253.02991855478467 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 342.8261359628268, 248.43795360178774, 344.8511357344518, 252.49920521326567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "467,693 ", "box": [ 410.44214058724344, 248.43795360178774, 444.51149947810154, 253.02991855478467 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 449.64487391604587, 248.43795360178774, 451.6698736876709, 252.49920521326567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "549,447 ", "box": [ 517.2608785404625, 248.43795360178774, 546.2542380206555, 252.49920521326567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total debt", "box": [ 63.11249225831271, 258.5629524599135, 96.17694124937731, 262.62420407139143 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.443324295444, 258.64354378167627, 337.6927615248825, 263.15491741291044 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 342.8261359628268, 259.23795238378807, 344.8511357344518, 263.299203995266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,566,118 ", "box": [ 404.3671412723684, 258.64354378167627, 444.51149947810154, 263.299203995266 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 449.64487391604587, 259.23795238378807, 451.6698736876709, 263.299203995266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,145,027 ", "box": [ 511.1858792255875, 259.23795238378807, 546.2542380206555, 263.299203995266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Less: cash and cash equivalents", "box": [ 63.11249225831271, 268.68795131803927, 165.6795253010296, 272.7492029295172 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.443324295444, 268.76854263979476, 337.6927615248825, 273.2799162710289 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 342.8261359628268, 268.68795131803927, 344.8511357344518, 272.7492029295172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(90,327) ", "box": [ 411.7921404349934, 268.68795131803927, 444.51149947810154, 273.2799162710289 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 449.64487391604587, 268.68795131803927, 451.6698736876709, 272.7492029295172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(173,186)", "box": [ 514.5608788449624, 268.68795131803927, 546.9266011248279, 272.7492029295172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Debt", "box": [ 63.11249225831271, 278.81295017616503, 92.57782167527806, 282.87420178764296 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.443324295444, 278.8935414979205, 337.6927615248825, 283.4049151291547 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 342.8261359628268, 279.4879501000396, 346.8761355060768, 283.5492017115175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,475,791 ", "box": [ 404.3671412723684, 278.8935414979205, 444.51149947810154, 283.5492017115175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 449.64487391604587, 279.4879501000396, 453.6948734592959, 283.5492017115175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,971,841 ", "box": [ 511.1858792255875, 279.4879501000396, 546.2542380206555, 283.5492017115175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Equity", "box": [ 63.11249225831271, 288.9379490342908, 103.8300155962805, 292.9992006457687 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.443324295444, 289.69354027992085, 337.6927615248825, 294.204913911155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 342.8261359628268, 288.9379490342908, 346.8761355060768, 292.9992006457687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,237,982 ", "box": [ 404.3671412723684, 288.9379490342908, 444.51149947810154, 294.204913911155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 449.64487391604587, 288.9379490342908, 453.6948734592959, 292.9992006457687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,531,895 ", "box": [ 511.1858792255875, 288.9379490342908, 546.2542380206555, 292.9992006457687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Debt-to-Equity Ratio", "box": [ 63.11249225831271, 299.7379478162911, 145.44534364299585, 303.79919942776905 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.443324295444, 301.16853898579575, 337.6927615248825, 305.6799126170299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.0x ", "box": [ 422.5921392169935, 299.7379478162911, 444.51149947810154, 305.6799126170299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.9x ", "box": [ 529.4108771702125, 299.7379478162911, 548.4690815208704, 303.79919942776905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-consolidated senior loans", "box": [ 63.11249225831271, 311.212946522166, 161.64138901644165, 315.27419813364395 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.443324295444, 311.2935378439215, 337.6927615248825, 315.8049114751557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 342.8261359628268, 311.212946522166, 346.8761355060768, 315.27419813364395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "830,000 ", "box": [ 410.44214058724344, 311.212946522166, 444.51149947810154, 315.8049114751557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 449.64487391604587, 311.212946522166, 453.6948734592959, 315.27419813364395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "830,000 ", "box": [ 517.2608785404625, 311.212946522166, 546.2542380206555, 315.27419813364395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Leverage", "box": [ 63.11249225831271, 321.3379453802918, 112.35716489460748, 325.3991969917697 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.443324295444, 322.09353662592184, 337.6927615248825, 326.604910257156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 342.8261359628268, 321.3379453802918, 346.8761355060768, 325.3991969917697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,305,791 ", "box": [ 404.3671412723684, 321.3379453802918, 444.51149947810154, 326.604910257156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 449.64487391604587, 321.3379453802918, 453.6948734592959, 325.3991969917697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,801,841 ", "box": [ 511.1858792255875, 321.3379453802918, 546.2542380206555, 325.3991969917697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Leverage Ratio", "box": [ 63.11249225831271, 332.1379441622921, 131.9308442771312, 336.19919577377004 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.443324295444, 332.2991268057958, 337.9171989826959, 337.2606224567935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.7x ", "box": [ 422.5921392169935, 332.1379441622921, 444.51149947810154, 338.0799089630309 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.5x ", "box": [ 529.4108771702125, 332.1379441622921, 548.4690815208704, 336.19919577377004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Sources of Liquidity", "box": [ 63.11249225831271, 359.89353236292663, 138.09509059465643, 364.4049059941608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our primary sources of liquidity include cash and cash equivalents, interest income from our loans, proceeds from loan ", "box": [ 85.15545852235574, 375.4185306120489, 551.3618746777526, 379.9299042432831 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repayments, available borrowings under our secured financings based on existing collateral, proceeds from the issuance of incremental ", "box": [ 63.11249225831271, 386.21852939404926, 551.3618746777526, 390.7299030252834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "secured term loan or other corporate debt issuances, and proceeds from the issuance of our common stock. As circumstances warrant ", "box": [ 63.11249225831271, 396.343528252175, 551.3618746777526, 400.8549018834092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and to the extent permissible, we and our subsidiaries may also issue common equity, preferred equity, warrants, and/or debt, incur ", "box": [ 63.11249225831271, 406.4685271103008, 551.3618746777526, 410.97990074153495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "other debt, including term loans, or explore sales of certain of our loans receivable or real estate owned assets from time to time, ", "box": [ 63.11249225831271, 416.59352596842655, 551.3618746777526, 421.1048995996607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dependent upon market conditions and available pricing. ", "box": [ 63.11249225831271, 427.3935247504196, 269.5072189646971, 431.90489838166104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Although we generally intend to hold our loans to maturity, sales of loans receivable, which may result in realized losses, ", "box": [ 85.15545852235574, 448.3185223905457, 551.3618746777526, 452.82989602177986 ], "from_ocr": false, "confidence": 1.0 }, { "text": "discounted loan payoffs, and/or sales of real estate owned assets may occur in order to redeploy capital to more accretive ", "box": [ 63.11249225831271, 458.44352124867146, 551.3618746777526, 462.9548948799056 ], "from_ocr": false, "confidence": 1.0 }, { "text": "opportunities, meet operating objectives, adapt to market conditions, and/or manage liquidity needs. Furthermore, we cannot predict ", "box": [ 63.11249225831271, 469.2435200306718, 551.3618746777526, 473.75489366190595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the timing or impact of future asset sales or loan repayments, and, since many of our loans and real estate owned assets are financed, a ", "box": [ 63.11249225831271, 479.36851888879755, 551.3618746777526, 483.8798925200317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portion, or in some cases all, of the net proceeds from the sales or repayments of our loans or our real estate owned assets are expected ", "box": [ 63.11249225831271, 489.4935177469233, 551.3618746777526, 494.0048913781575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to be used to de-lever our secured financings.", "box": [ 63.11249225831271, 500.29351652892365, 226.51280518851192, 504.8048901601578 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table sets forth, as of June 30, 2026 and December 31, 2025, our sources of available liquidity ($ in thousands): ", "box": [ 85.15545852235574, 521.2185141690497, 541.9435197399338, 525.7298878002839 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 531.3435130271755, 87.40489575179419, 535.8548866584097 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 197.81716456661778, 542.0629204874203, 199.84216433824278, 546.124172098891 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.20074282280183, 542.0629204874203, 337.22574259442683, 546.124172098891 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 365.00620821140734, 541.9867985376914, 406.78428994476775, 545.5945436515249 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 433.5925319763935, 541.9867985376914, 439.26675008646777, 546.124172098891 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 463.77768482217874, 541.9867985376914, 521.9213114973693, 545.5945436515249 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 541.9867985376914, 547.2515503744308, 545.5945436515249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash and cash equivalents", "box": [ 63.11249225831271, 551.5129194216643, 148.3641945138143, 555.5741710331422 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 335.20074282280183, 550.9185108195452, 344.1023043189034, 555.5741710331422 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90,327 $", "box": [ 409.47182819667313, 551.5129194216643, 446.14331181094434, 555.5741710331422 ], "from_ocr": false, "confidence": 1.0 }, { "text": "173,186 ", "box": [ 517.2819722880836, 551.5129194216643, 546.2753317682766, 555.5741710331422 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Approved and undrawn credit capacity", "box": [ 63.11249225831271, 561.63791827979, 189.0619433240122, 565.699169891268 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.20074282280183, 561.043509677671, 337.4501800522403, 565.5548833089051 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 340.0523047756534, 560.9629183559155, 342.0773045472784, 565.0241699673934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,797 ", "box": [ 409.47182819667313, 560.9629183559155, 444.11831203931933, 565.0241699673934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,446 ", "box": [ 521.3319718313336, 560.9629183559155, 546.2753317682766, 565.0241699673934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total sources of liquidity", "box": [ 63.11249225831271, 571.7629171379158, 144.77298053882348, 575.8241687493937 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 335.20074282280183, 571.0879172140412, 344.1023043189034, 576.3548820909054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "103,124 $", "box": [ 405.4218286534231, 571.0879172140412, 446.14331181094434, 575.1491688255192 ], "from_ocr": false, "confidence": 1.0 }, { "text": "184,632 ", "box": [ 517.2819722880836, 571.0879172140412, 546.2753317682766, 575.1491688255192 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 581.6506114028089, 64.46249210606271, 584.3581124771226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 587.9629153109199, 72.55721755315749, 592.0241669223906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts based on existing collateral.", "box": [ 79.30194355750221, 587.9629153109199, 201.45056401185093, 592.0241669223906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Under the terms of our loan agreements with certain of our borrowers, we require and have oversight of borrower funds held in ", "box": [ 85.15545852235574, 608.9685042728015, 551.3618746777526, 613.4798779040357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reserve accounts with third-party loan servicers for our benefit which provide additional collateral support for our loans. Upon the ", "box": [ 63.11249225831271, 619.0935031309273, 551.3618746777526, 623.6048767621614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "occurrence of certain events or the borrower meeting prescribed conditions in accordance with the terms of the loan agreement, these ", "box": [ 63.11249225831271, 629.2185019890458, 551.3618746777526, 633.7298756202799 ], "from_ocr": false, "confidence": 1.0 }, { "text": "funds may be transferred by the third-party loan servicers to the borrower or to other third parties, subject to our approval, to satisfy ", "box": [ 63.11249225831271, 639.3435008471715, 551.3618746777526, 643.8548744784057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certain obligations. In instances where the borrower is in monetary default under the terms of the loan agreement, we have the ability ", "box": [ 63.11249225831271, 650.1434996291719, 551.3618746777526, 654.654873260406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to ", "box": [ 63.11249225831271, 660.2684984872976, 72.36505369795431, 664.7798721185318 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 189.06325930386384, 559.3577369631457, 195.39120803081178, 562.0787755428319 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 58, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49351568292332, 65.36192948775115, 62.00488931415748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "58", "box": [ 301.60895311120953, 696.7184435925519, 310.6066975402138, 701.2298172237861 ], "from_ocr": false, "confidence": 1.0 }, { "text": "direct the third-party loan servicers to release such reserve funds to us to satisfy past due amounts. To date, funds held in such reserve ", "box": [ 63.11249225831271, 93.9435115721717, 551.3618746777526, 98.45488520340587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accounts are not and have not been reflected on our consolidated balance sheets.", "box": [ 63.11249225831271, 104.74351035417203, 352.1692481697562, 109.2548839854062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents a summary of our unencumbered loans receivable held-for-investment as of June 30, 2026 ($ in ", "box": [ 85.15545852235574, 125.66850799429812, 551.3618746777526, 130.1798816255323 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands):", "box": [ 63.11249225831271, 135.7935068524239, 104.59962575873193, 140.30488048365805 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 146.59350563442422, 87.40489575179419, 151.10487926565838 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan ", "box": [ 95.67069171147101, 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1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 243.71290335066442, 72.55721755315749, 247.77415496214235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying value reflects amount net of specific CECL reserves of $60.6 million.", "box": [ 79.30194355750221, 243.71290335066442, 335.50396696360474, 247.77415496214235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, we held unencumbered real estate owned assets with a total carrying value of $147.4 million, comprised of ", "box": [ 85.15545852235574, 264.718492312546, 551.3618746777526, 269.22986594378017 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our mixed-use real estate owned asset with a carrying value of $53.1 million which is classified as held-for-sale and our land parcel ", "box": [ 63.11249225831271, 274.84349117067177, 551.3618746777526, 279.35486480190593 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate owned asset with a carrying value of $94.3 million.", "box": [ 63.11249225831271, 285.6434899526721, 286.4874791822008, 290.15486358390626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our ability to finance or sell certain of these unencumbered assets is subject to one or more counterparties' willingness to ", "box": [ 85.15545852235574, 306.5684875927982, 551.3618746777526, 311.07986122403236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "finance or purchase such loans or real estate owned assets.", "box": [ 63.11249225831271, 316.69348645092396, 273.47856967681685, 321.2048600821581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "To facilitate future offerings of equity, debt and other securities, we have in place an effective shelf registration statement (the ", "box": [ 85.15545852235574, 337.61848409105005, 551.3618746777526, 342.1298577222842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Shelf') with the SEC. The securities covered by this Shelf include up to $250,000,000 in the aggregate of: (i) common stock, (ii) ", "box": [ 63.11249225831271, 348.4184828730504, 551.3618746777526, 352.92985650428454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "preferred stock, (iii) debt securities, (iv) depositary shares, (v) warrants, (vi) purchase contracts, and (vii) units, and up to 16,058,983 ", "box": [ 63.11249225831271, 358.54348173117614, 551.3618746777526, 363.0548553624103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shares of common stock offered by the selling securityholders. The specifics of any future offerings, along with the use of proceeds of ", "box": [ 63.11249225831271, 368.6684805893019, 551.3618746777526, 373.1798542205361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any securities offered, will be described in detail in a prospectus supplement, or other offering material, at the time of any offering.", "box": [ 63.11249225831271, 379.46847937130224, 534.5798198178954, 383.9798530025364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On May 10, 2024, we entered into an equity distribution agreement with certain sales agents, pursuant to which we may sell, ", "box": [ 85.15545852235574, 400.39347701142833, 551.3618746777526, 404.9048506426625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from time to time, up to an aggregate sales price of $150.0 million of our common stock pursuant to a continuous offering program ", "box": [ 63.11249225831271, 410.5184758695468, 551.3618746777526, 415.029849500781 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(the 'ATM Agreement') under our in-place effective shelf registration. Sales of our common stock made pursuant to the ATM ", "box": [ 63.11249225831271, 421.31847465154715, 551.3618746777526, 425.8298482827813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement may be made in negotiated transactions or transactions that are deemed to be 'at the market' offerings as defined in Rule ", "box": [ 63.11249225831271, 431.4434735096729, 551.3618746777526, 435.9548471409071 ], "from_ocr": false, "confidence": 1.0 }, { "text": "415 under the Securities Act of 1933, as amended. The timing and amount of actual sales will depend on a variety of factors, including ", "box": [ 63.11249225831271, 441.5684723677987, 551.3618746777526, 446.07984599903284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market conditions, the trading price of our common stock, our capital needs, and our determination of the appropriate sources of ", "box": [ 63.11249225831271, 452.368471149799, 551.3618746777526, 456.87984478103317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "funding to meet such needs. During the six months ended June 30, 2026, we did not issue any shares of our common stock pursuant to ", "box": [ 63.11249225831271, 462.49347000792477, 551.3618746777526, 467.00484363915893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the ATM Agreement. As of June 30, 2026, the ATM Agreement has not been utilized, and $150.0 million of our common stock ", "box": [ 63.11249225831271, 472.61846886605053, 551.3618746777526, 477.1298424972847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "remained available for issuance pursuant to the ATM Agreement.", "box": [ 63.11249225831271, 483.41846764805086, 299.21965721379405, 487.92984127928503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity Needs", "box": [ 63.11249225831271, 509.7434646791735, 121.33858294998473, 514.2548383104076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our primary liquidity needs generally include loan origination and acquisitions, future fundings to our borrowers on our ", "box": [ 85.15545852235574, 525.268462928303, 551.3618746777526, 529.7798365595372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unfunded loan commitments, interest payment and principal repayment obligations on outstanding borrowings under our financings, ", "box": [ 63.11249225831271, 535.3934617864215, 551.3618746777526, 539.904835417663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating expenses, management fees, and dividend payments to our stockholders necessary to satisfy REIT dividend requirements, if ", "box": [ 63.11249225831271, 546.1934605684219, 551.3618746777526, 550.704834199656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any. We currently maintain, and seek to maintain, cash and liquidity to i) comply with minimum liquidity covenants under certain of ", "box": [ 63.11249225831271, 556.3184594265476, 551.3618746777526, 560.8298330577818 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our financing agreements and ii) meet our above mentioned primary liquidity needs. Further, we seek to meet such liquidity needs ", "box": [ 63.11249225831271, 566.4434582846734, 551.3618746777526, 570.9548319159076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through our sources of liquidity discussed above. ", "box": [ 63.11249225831271, 577.2434570666737, 242.04315956203294, 581.7548306979079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026 and the year ended December 31, 2025, we made deleveraging payments to certain ", "box": [ 85.15545852235574, 598.1684547067998, 551.3618746777526, 602.679828338034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our financing counterparties in the amounts of $162.3 million and $579.7 million, respectively, which include $56.2 million and ", "box": [ 63.11249225831271, 608.2934535649256, 551.3618746777526, 612.8048271961597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$150.0 million of deleveraging upon the refinancing of our secured term loan in January 2026 and the modification of our prior ", "box": [ 63.11249225831271, 619.0934523469259, 551.3618746777526, 623.6048259781601 ], "from_ocr": false, "confidence": 1.0 }, { "text": "secured term loan in November 2025, respectively. Such deleveraging payments are generally funded from proceeds generated from ", "box": [ 63.11249225831271, 629.2184512050517, 551.3618746777526, 633.7298248362858 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the resolution of our loans receivable and real estate owned assets. In July 2026, we further deleveraged certain of our financing ", "box": [ 63.11249225831271, 639.3434500631774, 551.3618746777526, 643.8548236944116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "counterparties in the amount of $92.7 million and expect to continue to do so as agreed with our lenders. Our ability to make any ", "box": [ 63.11249225831271, 650.1434488451778, 551.3618746777526, 654.6548224764119 ], "from_ocr": false, "confidence": 1.0 }, { "text": "future deleveraging payments or required principal repayments will depend upon the results of our operating activities, our total ", "box": [ 63.11249225831271, 660.2684477033035, 551.3618746777526, 664.7798213345377 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sources of ", "box": [ 63.11249225831271, 670.393446561422, 102.09669096988603, 674.9048201926635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 301.514027871915, 169.6099616392239, 307.1336304277706, 172.02640631420945 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 59, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81846420704824, 65.36192948775115, 61.3298378382824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "59", "box": [ 301.60895311120953, 683.8933934869274, 310.6066975402138, 688.4047671181615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liquidity, the timing, amount, and pace of resolutions of our loans and real estate owned assets, our financial condition, and the overall ", "box": [ 63.11249225831271, 93.94346002017846, 551.3618746777526, 98.45483365141263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market conditions in which we operate, among other factors.", "box": [ 63.11249225831271, 104.06845887830423, 281.48776689605734, 108.57983250953839 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, we had aggregate unfunded loan commitments of $175.0 million which is comprised of funding for capital ", "box": [ 85.15545852235574, 124.99345651842305, 551.3618746777526, 129.5048301496572 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expenditures and construction, leasing costs, and carry costs. The timing of these fundings will vary depending on the progress of ", "box": [ 63.11249225831271, 135.79345530042337, 551.3618746777526, 140.30482893165754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "capital projects, leasing, and cash flows at the properties securing our loans and equity contributions from our borrowers, if required. ", "box": [ 63.11249225831271, 145.91845415854914, 551.3618746777526, 150.4298277897833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future ", "box": [ 63.11249225831271, 156.0434530166749, 551.3618746777526, 160.55482664790907 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance of the collateral property, but are expected to occur over the remaining loan term. In certain circumstances, conditions to ", "box": [ 63.11249225831271, 166.16845187480067, 551.3618746777526, 170.67982550603483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "funding may not be met by our borrowers and portions of our unfunded loan commitments may never become eligible to be drawn on.", "box": [ 63.11249225831271, 176.968450656801, 547.1231018207918, 181.47982428803516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We may from time to time use capital to retire, redeem, or repurchase our equity or debt securities, term loans or other debt ", "box": [ 85.15545852235574, 197.8934482969271, 551.3618746777526, 202.40482192816125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "instruments through open market purchases, privately negotiated transactions or otherwise. The execution of such retirements, ", "box": [ 63.11249225831271, 208.01844715505285, 551.3618746777526, 212.52982078628702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "redemptions or repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions ", "box": [ 63.11249225831271, 218.81844593705318, 551.3618746777526, 223.32981956828735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and/or other factors deemed relevant.", "box": [ 63.11249225831271, 228.94344479517895, 197.265778239427, 233.4548184264131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contractual Obligations and Commitments", "box": [ 63.11249225831271, 255.26844182630157, 222.85747563840852, 259.77981545753573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our contractual obligations and commitments as of June 30, 2026 were as follows ($ in thousands): ", "box": [ 85.15545852235574, 271.4684399992984, 445.75603058774607, 275.9798136305326 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 281.5934388574242, 87.40489575179419, 286.10481248865835 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 171.60818652240835, 292.23672436794004, 173.40706128578523, 295.84446948178083 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 282.5612990093618, 292.23672436794004, 284.3601737727387, 295.84446948178083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Payment Timing", "box": [ 389.80191191500273, 291.5617244440655, 441.1681421845331, 295.16946955790627 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4315818634329, 291.5617244440655, 547.2304566268098, 295.16946955790627 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 171.60818652240835, 309.11172246481874, 173.40706128578523, 312.71946757865226 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 282.5612990093618, 309.11172246481874, 284.3601737727387, 312.71946757865226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 300.67027796707123, 300.3367234544421, 317.0603800571244, 303.9444685682756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Obligations", "box": [ 291.07262279947355, 308.4367225409442, 326.6600685200635, 312.0444676547777 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 332.17379341417444, 308.4367225409442, 333.9726681775513, 312.0444676547777 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.8230117526237, 309.11172246481874, 337.6218865160006, 312.71946757865226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Less than", "box": [ 347.43511644303624, 300.3367234544421, 376.82488306559287, 303.9444685682756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1 year", "box": [ 352.63472860663546, 308.4367225409442, 371.61423086409974, 312.0444676547777 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 385.43550615743635, 308.4367225409442, 387.23438092081324, 312.0444676547777 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 389.08472449588555, 309.11172246481874, 390.8835992592625, 312.71946757865226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1 to", "box": [ 409.6933159216942, 300.3367234544421, 421.0838250895978, 303.9444685682756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3 years", "box": [ 404.49370375809497, 308.4367225409442, 426.27340679089167, 312.0444676547777 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 438.6972189006982, 308.4367225409442, 440.4960936640751, 312.0444676547777 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 442.34643723914746, 309.11172246481874, 444.14531200252435, 312.71946757865226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3 to", "box": [ 462.9550286649561, 300.3367234544421, 474.34553783285963, 303.9444685682756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5 years", "box": [ 457.7554165013569, 308.4367225409442, 479.5351195341535, 312.0444676547777 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 491.95893164396006, 308.4367225409442, 493.757806407337, 312.0444676547777 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 495.6081499824093, 309.11172246481874, 497.4070247457862, 312.71946757865226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "More than", "box": [ 505.7225985917242, 300.3367234544421, 538.2955332977903, 303.9444685682756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5 years", "box": [ 511.11205448391325, 308.4367225409442, 532.89175751671, 312.0444676547777 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4315818634329, 308.4367225409442, 547.2304566268098, 312.0444676547777 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded loan commitments ", "box": [ 63.11249225831271, 317.2878435010425, 159.62034285437076, 321.34909511252044 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 282.5612990093618, 317.2878435010425, 291.4628605054634, 321.87980845403945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "175,001 $", "box": [ 304.00309009120406, 317.2878435010425, 344.7245732487253, 321.34909511252044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33,934 $", "box": [ 361.3148023777159, 317.2878435010425, 397.98628599198713, 321.34909511252044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "141,067 $", "box": [ 410.5265155777278, 317.2878435010425, 451.24799873524904, 321.34909511252044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 487.41322565661477, 317.2878435010425, 504.5097114785109, 321.34909511252044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 540.8647821284665, 317.2878435010425, 546.2331442730344, 321.34909511252044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded loan commitments for non-accrual, maturity default,", "box": [ 63.11249225831271, 327.4128423591683, 267.3487487749995, 331.4740939706462 ], "from_ocr": false, "confidence": 1.0 }, { "text": " risk rated 5 and/or delinquent loans", "box": [ 63.11249225831271, 335.51284144567035, 185.70803583225847, 339.5740930571483 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 282.5612990093618, 327.4934336809238, 284.81073623880025, 332.00480731215794 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 287.4128609622134, 335.51284144567035, 289.4378607338384, 339.5740930571483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(161,313)", "box": [ 301.30309039570403, 335.51284144567035, 333.6688126755695, 339.5740930571483 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 335.8230117526237, 330.8684333003039, 338.07244898206216, 335.37980693153804 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 340.67457370547527, 335.51284144567035, 342.6995734771003, 339.5740930571483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(25,200)", "box": [ 358.61480268221595, 335.51284144567035, 386.93052541883134, 339.5740930571483 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.26792399966916, 335.51284144567035, 395.9612862203621, 339.5740930571483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(136,113)", "box": [ 407.8265158822278, 335.51284144567035, 440.19223816209325, 339.5740930571483 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 444.529636742931, 335.51284144567035, 449.22299896362404, 339.5740930571483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 487.41322565661477, 335.51284144567035, 492.78158780118275, 339.5740930571483 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 495.6081499824093, 330.8684333003039, 497.8575872118478, 335.37980693153804 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 500.4597119352609, 335.51284144567035, 502.4847117068859, 339.5740930571483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 540.8647821284665, 335.51284144567035, 546.2331442730344, 339.5740930571483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured financings, secured term loan, and debt", "box": [ 63.11249225831271, 344.96284037992154, 218.30578798595607, 349.0240919913922 ], "from_ocr": false, "confidence": 1.0 }, { "text": " related to real estate owned hotel portfolio - principal ", "box": [ 63.11249225831271, 353.0628394664236, 245.9715543758721, 357.12409107789426 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 282.5612990093618, 345.04343170167704, 284.81073623880025, 349.5548053329112 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 287.4128609622134, 353.0628394664236, 289.4378607338384, 357.12409107789426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,601,019 ", "box": [ 297.92809077632904, 353.0628394664236, 342.6995734771003, 357.12409107789426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,278,509 ", "box": [ 351.1898035195909, 353.0628394664236, 395.9612862203621, 357.12409107789426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "402,507 ", "box": [ 410.5265155777278, 353.0628394664236, 449.22299896362404, 357.12409107789426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "920,003 ", "box": [ 463.7882283209897, 353.0628394664236, 502.4847117068859, 357.12409107789426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 540.8647821284665, 353.0628394664236, 546.2331442730344, 357.12409107789426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Secured financings, secured term loan, and debt", "box": [ 63.11249225831271, 362.51283840066753, 218.30578798595607, 366.57409001214546 ], "from_ocr": false, "confidence": 1.0 }, { "text": " related to real estate owned hotel portfolio - interest ", "box": [ 63.11249225831271, 371.28783741104417, 241.02375255387426, 375.3490890225221 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 282.5612990093618, 362.5934297224303, 284.81073623880025, 367.10480335366447 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 287.4128609622134, 370.6128374871696, 289.4378607338384, 374.6740890986475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "404,058 ", "box": [ 304.00309009120406, 370.6128374871696, 342.6995734771003, 374.6740890986475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "143,323 ", "box": [ 357.2648028344659, 370.6128374871696, 395.9612862203621, 374.6740890986475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "203,342 ", "box": [ 410.5265155777278, 370.6128374871696, 449.22299896362404, 374.6740890986475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "57,393 ", "box": [ 467.8382278642397, 370.6128374871696, 502.4847117068859, 374.6740890986475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 540.8647821284665, 370.6128374871696, 546.2331442730344, 374.6740890986475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 63.11249225831271, 380.0628364214208, 80.20633748050666, 384.1240880328987 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 282.5612990093618, 380.0628364214208, 291.4628605054634, 384.65480137441045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,018,765 $", "box": [ 297.92809077632904, 380.0628364214208, 344.7245732487253, 384.1240880328987 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,430,566 $", "box": [ 351.1898035195909, 380.0628364214208, 397.98628599198713, 384.1240880328987 ], "from_ocr": false, "confidence": 1.0 }, { "text": "610,803 $", "box": [ 410.5265155777278, 380.0628364214208, 451.24799873524904, 384.1240880328987 ], "from_ocr": false, "confidence": 1.0 }, { "text": "977,396 $", "box": [ 463.7882283209897, 380.0628364214208, 504.5097114785109, 384.1240880328987 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 540.8647821284665, 380.0628364214208, 546.2331442730344, 384.1240880328987 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 390.62553061018116, 64.46249210606271, 393.3330316845022 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 63.11249225831271, 398.9628342899232, 72.55721755315749, 403.02408590139385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The estimated allocation of our unfunded loan commitments for loans receivable held-for-investment is based on the earlier of our expected ", "box": [ 79.30194355750221, 398.9628342899232, 551.1374372199391, 403.02408590139385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "funding date and the commitment expiration date. As of June 30, 2026, we have $56.5 million of in-place financings to fund our remaining ", "box": [ 79.30194355750221, 407.73783330029255, 551.1374372199391, 411.7990849117705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitments, excluding $12.8 million of approved and undrawn credit capacity based on existing collateral.", "box": [ 79.30194355750221, 417.18783223454375, 432.0039079105551, 421.2490838460217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 63.11249225831271, 426.63783116879495, 72.55721755315749, 430.6990827802729 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The allocation of our secured financings and secured term loan is based on the earlier of the fully extended maturity date (assuming conditions ", "box": [ 79.30194355750221, 426.63783116879495, 551.1374372199391, 430.6990827802729 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to extend are met) of each individual corresponding loan receivable or the maximum maturity date under the respective financing agreement, ", "box": [ 79.30194355750221, 436.08783010304614, 551.1374372199391, 440.1490817145241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and assumes eight loans with an aggregate unpaid principal balance of $1.5 billion that are in maturity default that represent collateral for ", "box": [ 79.30194355750221, 445.53782903729734, 551.1374372199391, 449.599080648768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "aggregate borrowings outstanding of $648.7 million have a contractual obligation to pay in less than one year.", "box": [ 79.30194355750221, 454.312828047674, 436.06181791291294, 458.3740796591446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 63.11249225831271, 463.7628269819179, 72.55721755315749, 467.8240785933958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts include the related future interest payment obligations, which are estimated by assuming the amounts outstanding under our secured ", "box": [ 79.30194355750221, 463.7628269819179, 551.1374372199391, 467.8240785933958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financing agreements and SOFR in effect as of June 30, 2026, will remain constant into the future. Actual amounts borrowed and rates will vary ", "box": [ 79.30194355750221, 473.2128259161691, 551.1374372199391, 477.274077527647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "over time. Our floating rate loans and related liabilities are indexed to SOFR. Totals exclude non-consolidated senior interests.", "box": [ 79.30194355750221, 482.6628248504203, 489.589839726141, 486.7240764618982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In certain circumstances, conditions to funding may not be met by our borrowers and portions of our unfunded loan ", "box": [ 85.15545852235574, 509.0684132033057, 551.3618746777526, 513.5797868345398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitments may not become eligible to be drawn on, or may not be expected to be drawn on. Of the $175.0 million of unfunded ", "box": [ 63.11249225831271, 519.1934120614242, 551.3618746777526, 523.7047856926583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan commitments for our loans receivable held-for-investment as of June 30, 2026, the following table details the portion of unfunded ", "box": [ 63.11249225831271, 529.3184109195499, 551.3618746777526, 533.8297845507841 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan commitments and in-place financings to fund our remaining commitments for loans receivable held-for-investment whereby ", "box": [ 63.11249225831271, 539.4434097776757, 551.3618746777526, 543.9547834089099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions to funding are not currently being met, including loans on non-accrual status, in maturity default, risk rated 5, and/or which ", "box": [ 63.11249225831271, 550.243408559676, 551.3618746777526, 554.7547821909102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are delinquent in accordance with our revenue recognition policy ($ in thousands):", "box": [ 63.11249225831271, 560.3684074178018, 360.1871986241308, 564.879781049036 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 205.9382574007389, 591.9366905684437, 207.73713216411576, 595.5444356822773 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 326.9214502565221, 591.9366905684437, 328.72032501989895, 595.5444356822773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded Loan ", "box": [ 337.16246135156354, 583.8366914819417, 387.5613306339406, 587.4444365957825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commitments", "box": [ 339.6831675672839, 591.2616906445692, 383.2460891984174, 594.8694357584027 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 389.9284744007293, 591.2616906445692, 395.1339860299133, 595.5444356822773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In-place ", "box": [ 414.9351088305364, 575.7366923954396, 441.91991825349936, 579.3444375092804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financing ", "box": [ 412.12964039693094, 583.8366914819417, 444.7253866871048, 587.4444365957825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commitments", "box": [ 405.7382348677395, 591.2616906445692, 449.30115649887324, 594.8694357584027 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 455.63549824043656, 591.2616906445692, 460.8410098696205, 595.5444356822773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Loan ", "box": [ 478.94408936174517, 583.8366914819417, 509.32499215170424, 587.4444365957825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commitment", "box": [ 472.8479962992491, 591.2616906445692, 513.610724572063, 594.8694357584027 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 521.3741593265758, 591.2616906445692, 523.1730340899527, 594.8694357584027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gross total commitment", "box": [ 87.41248951781277, 600.1128116046675, 165.70325181835372, 604.1740632161454 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 326.9214502565221, 600.1934029264303, 329.1708874859606, 604.7047765576644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 334.59957439060025, 600.7878115285494, 338.64957393385026, 604.84906314002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "175,001 ", "box": [ 362.010896049212, 600.1934029264303, 395.5845484959748, 604.84906314002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 401.0132354006145, 600.7878115285494, 405.06323494386453, 604.84906314002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56,474 ", "box": [ 431.76791943216926, 600.1934029264303, 461.291572335682, 604.84906314002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 466.7202592403217, 600.7878115285494, 470.77025878357176, 604.84906314002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "118,527 ", "box": [ 493.4249437286265, 600.7878115285494, 522.4183032088196, 604.84906314002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-accrual, maturity default, risk rated 5 and/or delinquent loans", "box": [ 87.41248951781277, 610.2378104627933, 301.99127522809204, 614.2990620742712 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 326.9214502565221, 610.318401784556, 329.1708874859606, 614.8297754157902 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 334.59957439060025, 610.2378104627933, 336.62457416222526, 614.2990620742712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(161,313) ", "box": [ 359.31089635371205, 610.2378104627933, 395.5845484959748, 614.8297754157902 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 401.0132354006145, 610.2378104627933, 403.0382351722395, 614.2990620742712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(45,522) ", "box": [ 429.0679197366693, 610.2378104627933, 461.291572335682, 614.8297754157902 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 466.7202592403217, 610.2378104627933, 468.7452590119467, 614.2990620742712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(115,791)", "box": [ 490.72494403312646, 610.2378104627933, 523.0906663129919, 614.2990620742712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net loan commitment", "box": [ 87.41248951781277, 620.362809320919, 158.0462214318967, 624.424060932397 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 326.9214502565221, 620.4434006426745, 329.1708874859606, 624.9547742739087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 334.59957439060025, 620.362809320919, 338.64957393385026, 624.424060932397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,688 ", "box": [ 366.06089559246203, 620.362809320919, 395.5845484959748, 625.6297741977905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 401.0132354006145, 620.362809320919, 405.06323494386453, 624.424060932397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,952 ", "box": [ 431.76791943216926, 620.362809320919, 461.291572335682, 625.6297741977905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 466.7202592403217, 620.362809320919, 470.77025878357176, 624.424060932397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,736 ", "box": [ 501.5249428151265, 620.362809320919, 522.4183032088196, 624.424060932397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subject to borrowers meeting future funding conditions provided for in our loan agreements, we expect to fund our $2.7 million ", "box": [ 85.15545852235574, 647.443397597679, 551.3618746777526, 651.9547712289132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of net loan commitments over the remaining maximum term of the related loans.", "box": [ 63.11249225831271, 658.2433963796793, 353.70692904633984, 662.7547700109135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 159.62693787362704, 315.0076621843982, 165.95488660057498, 317.72870076408435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)(3)", "box": [ 245.97419038557496, 351.4576580736466, 258.63007804387195, 354.17869665334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)(3)", "box": [ 241.02770994342808, 369.00765609439986, 253.68359760172504, 371.728694674086 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 60, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.493533490924165, 65.36192948775115, 62.00490712215833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "60", "box": [ 301.60895311120953, 667.6934646739246, 310.6066975402138, 672.2048383051588 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We incur to our Manager, payable in cash, a base management fee and incentive fee (to the extent earned), which are generally ", "box": [ 85.15545852235574, 93.94352938017255, 551.3618746777526, 98.45490301140671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "paid quarterly, in arrears. The tables above do not include the amounts payable to our Manager under the Management Agreement ", "box": [ 63.11249225831271, 104.06852823829831, 551.3618746777526, 108.57990186953248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which are reflected as management fee payable - affiliate on our consolidated balance sheets.", "box": [ 63.11249225831271, 114.86852702029864, 398.366120784775, 119.37990065153281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Maturities", "box": [ 63.11249225831271, 141.19352405142126, 123.35954527706507, 145.70489768265543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the future scheduled repayments of principal for loans receivable held-for-investment as of ", "box": [ 85.15545852235574, 156.71852230054355, 551.3618746777526, 161.229895931785 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026 ($ in thousands): ", "box": [ 63.11249225831271, 167.51852108254388, 178.32949824751867, 172.02989471377805 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 178.2316232754318, 178.16180659305974, 180.03049803880867, 181.76955170690053 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 271.50817525590867, 178.16180659305974, 273.3070500192855, 181.76955170690053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Initial Maturity", "box": [ 310.45777686325874, 177.48680666918517, 359.023791616091, 181.09455178302596 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 394.72729860952853, 177.48680666918517, 399.9328169887117, 181.76955170690053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fully Extended Maturity", "box": [ 422.9823769229833, 177.48680666918517, 499.7330683072105, 181.09455178302596 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 521.384709575386, 177.48680666918517, 523.1835843387628, 181.09455178302596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Year", "box": [ 87.41248951781277, 201.7868039286841, 102.5939944761068, 205.3945490425249 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 271.50817525590867, 201.7868039286841, 273.3070500192855, 205.3945490425249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unpaid", "box": [ 291.6843414804853, 186.2618056795618, 314.48294019387913, 189.86955079339532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 288.88942329568994, 193.6868048421893, 317.2708573858872, 197.29454995602282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance", "box": [ 288.07731063727823, 201.11180400480953, 312.46045836533125, 204.71954911865032 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 331.4144184998151, 201.7868039286841, 336.619930128999, 206.06954896639945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan", "box": [ 358.39332170719405, 193.6868048421893, 374.3899284352016, 197.29454995602282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commitment", "box": [ 343.20582342000654, 201.11180400480953, 383.9685516928203, 204.71954911865032 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 394.72729860952853, 201.7868039286841, 399.9328169887117, 206.06954896639945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unpaid", "box": [ 418.3101084499114, 186.2618056795618, 441.1087071633055, 189.86955079339532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 415.51519026511613, 193.6868048421893, 443.8966243553136, 197.29454995602282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance", "box": [ 414.70307760670437, 201.11180400480953, 439.08622533475756, 204.71954911865032 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 458.04018546924124, 201.7868039286841, 463.2456970984252, 206.06954896639945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan", "box": [ 485.01908867662024, 193.6868048421893, 501.01569540462776, 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424.0476078028489, 211.31292481266428, 470.33784033233894, 215.3741764241422 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,139,654 ", "box": [ 487.3604946625616, 211.31292481266428, 522.4288467076304, 215.3741764241422 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 87.41248951781277, 220.76292374691548, 103.61248769081283, 224.8241753583934 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 271.50817525590867, 220.84351506867097, 273.7576124853471, 225.35488869990513 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 276.3491869599501, 221.43792367079004, 278.3741867315751, 225.49917528226797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "816,531 ", "box": [ 303.4968401482978, 221.43792367079004, 341.68707359128774, 225.49917528226797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "838,255 ", "box": [ 366.8097270080105, 221.43792367079004, 404.99995370100123, 225.49917528226797 ], "from_ocr": false, 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235.62417414039373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "289,345 ", "box": [ 430.122607117724, 231.5629225289158, 468.31284056071394, 235.62417414039373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "289,345 ", "box": [ 493.43549397743664, 231.5629225289158, 522.4288467076304, 235.62417414039373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2029", "box": [ 87.41248951781277, 241.012921463167, 103.61248769081283, 245.07417307463766 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 271.50817525590867, 241.0935127849225, 273.7576124853471, 245.60488641615666 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 276.3491869599501, 241.68792138704157, 278.3741867315751, 245.7491729985195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "224,938 ", "box": [ 303.4968401482978, 241.68792138704157, 341.68707359128774, 245.7491729985195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "224,938 ", "box": [ 366.8097270080105, 241.68792138704157, 404.99995370100123, 245.7491729985195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "224,938 ", "box": [ 430.122607117724, 241.68792138704157, 468.31284056071394, 245.7491729985195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "224,938 ", "box": [ 493.43549397743664, 241.68792138704157, 522.4288467076304, 245.7491729985195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2030", "box": [ 87.41248951781277, 251.13792032129277, 103.61248769081283, 255.19917193276342 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 271.50817525590867, 251.21851164304826, 273.7576124853471, 255.72988527428242 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 276.3491869599501, 251.81292024516733, 278.3741867315751, 255.874171856638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 327.1218374839229, 251.21851164304826, 337.07049259506056, 255.874171856638 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 339.66207381966274, 251.81292024516733, 341.68707359128774, 255.874171856638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 390.43472434363554, 251.21851164304826, 400.38337945477326, 255.874171856638 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 402.9749539293762, 251.81292024516733, 404.99995370100123, 255.874171856638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 453.747604453349, 251.21851164304826, 463.69625956448675, 255.874171856638 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 466.28784078908893, 251.81292024516733, 468.31284056071394, 255.874171856638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 517.0604913130617, 251.81292024516733, 522.4288467076304, 255.874171856638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Thereafter", "box": [ 87.41248951781277, 261.26291917941853, 121.13348231483377, 265.3241707908892 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 271.50817525590867, 261.343510501174, 273.7576124853471, 265.8548841324082 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 276.3491869599501, 261.26291917941853, 278.3741867315751, 265.3241707908892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 327.1218374839229, 261.26291917941853, 337.07049259506056, 265.8548841324082 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 339.66207381966274, 261.26291917941853, 341.68707359128774, 265.3241707908892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 390.43472434363554, 261.26291917941853, 400.38337945477326, 265.8548841324082 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 402.9749539293762, 261.26291917941853, 404.99995370100123, 265.3241707908892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 453.747604453349, 261.26291917941853, 459.115966597917, 265.3241707908892 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 463.6194783400209, 261.26291917941853, 468.31284056071394, 265.99917071476375 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 517.0604913130617, 261.26291917941853, 522.4288467076304, 265.3241707908892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 87.41248951781277, 271.3879180375443, 104.50633474000674, 275.44916964901495 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 271.50817525590867, 271.3879180375443, 280.3991865032001, 276.6548829144085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,563,032 $", "box": [ 297.4218408334228, 271.3879180375443, 343.71207336291275, 275.44916964901495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,645,297 $", "box": [ 360.7347276931355, 271.3879180375443, 407.02495347262624, 275.44916964901495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,563,032 $", "box": [ 424.0476078028489, 271.3879180375443, 470.33784033233894, 275.44916964901495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,645,297 ", "box": [ 487.3604946625616, 271.3879180375443, 522.4288467076304, 275.44916964901495 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 282.3121854731362, 85.60433348860761, 283.21242961419193 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 285.3256118456775, 64.46249210606271, 288.03311291999853 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 89.02616121082646, 291.63791575378855, 98.47088650567123, 295.6991673652665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes $793.6 million in unpaid principal balance and $886.3 million in loan commitments of loans receivable held-for-", "box": [ 104.30858136230893, 291.63791575378855, 523.1921787415436, 295.6991673652665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment that are in maturity default with no available extension options.", "box": [ 104.30858136230893, 301.08791468803975, 347.0237887694247, 305.1491662995177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash Flows", "box": [ 63.11249225831271, 327.49350304092513, 107.35870184910478, 332.0048766721593 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table provides a breakdown of the net change in our cash and cash equivalents and restricted cash for the six ", "box": [ 85.15545852235574, 343.0185012900474, 551.3618746777526, 347.5298749212816 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026 and 2025 ($ in thousands):", "box": [ 63.11249225831271, 353.1435001481732, 264.041465304734, 357.65487377940735 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 363.78678565868904, 64.9113670216896, 367.39453077252256 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 354.74410336874485, 363.78678565868904, 356.54297813212173, 367.39453077252256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended", "box": [ 423.2038578980052, 363.78678565868904, 479.98776972611097, 367.39453077252256 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 363.78678565868904, 547.2515503744308, 367.39453077252256 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 207.69958870209985, 372.5617846690657, 209.49846346547673, 376.1695297828992 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 354.74410336874485, 372.5617846690657, 356.54297813212173, 376.1695297828992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 382.11323753211445, 372.5617846690657, 423.8913192654748, 376.1695297828992 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 448.2737803206748, 372.5617846690657, 450.0726550840517, 376.1695297828992 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 451.922998659124, 372.5617846690657, 453.72187342250095, 376.1695297828992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 479.2921328224936, 372.5617846690657, 521.0702145558539, 376.1695297828992 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.452675611054, 372.5617846690657, 547.2515503744308, 376.1695297828992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net cash flows used in operating activities", "box": [ 63.11249225831271, 382.0879055530386, 200.32600455367628, 386.1491571645165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 354.74410336874485, 381.4934969509195, 363.6456648648464, 386.1491571645165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(18,569) $", "box": [ 421.4530768454544, 382.0879055530386, 460.82456015522564, 386.1491571645165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(41,633)", "box": [ 518.6319721358335, 382.0879055530386, 546.947694872449, 386.1491571645165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net cash flows provided by investing activities", "box": [ 63.11249225831271, 391.5379044872898, 215.18127570833167, 395.5991560987677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 354.74410336874485, 391.61849580904527, 356.9935405981833, 396.12986944027944 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 359.5956653215964, 391.5379044872898, 361.6206650932214, 395.5991560987677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "451,937 ", "box": [ 420.1030769977044, 391.5379044872898, 458.79956038360064, 395.5991560987677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,023,971 ", "box": [ 511.20697297320856, 391.5379044872898, 546.2753317682766, 395.5991560987677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net cash flows used in financing activities", "box": [ 63.11249225831271, 401.66290334541554, 200.32600455367628, 405.72415495689347 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 354.74410336874485, 401.74349466717103, 356.9935405981833, 406.2548682984052 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 359.5956653215964, 401.66290334541554, 361.6206650932214, 405.72415495689347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(521,906) ", "box": [ 417.4030773022044, 401.66290334541554, 458.79956038360064, 405.72415495689347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(887,918)", "box": [ 514.5819725925835, 401.66290334541554, 546.947694872449, 405.72415495689347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net (decrease) increase in cash, cash equivalents, and restricted cash", "box": [ 63.11249225831271, 412.4629021274159, 285.07936975537933, 416.5241537388938 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 354.74410336874485, 411.7879022035413, 363.6456648648464, 416.37986715653096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(88,538) $", "box": [ 421.4530768454544, 411.7879022035413, 460.82456015522564, 415.84915381501924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "94,420 ", "box": [ 521.3319718313336, 411.7879022035413, 546.2753317682766, 415.84915381501924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We experienced a net decrease in cash, cash equivalents, and restricted cash of $88.5 million during the six months ended June ", "box": [ 85.15545852235574, 433.46849108929746, 551.3618746777526, 437.9798647205316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026, compared to a net increase of $94.4 million during the six months ended June 30, 2025. Refer to our consolidated statements ", "box": [ 63.11249225831271, 444.2684898712978, 551.3618746777526, 448.77986350253195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of cash flows for the six months ended June 30, 2026 and 2025 for further detail.", "box": [ 63.11249225831271, 454.39348872942355, 354.2252706678826, 458.9048623606577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026, we received $245.5 million from loan repayments, received $190.5 million of loan ", "box": [ 85.15545852235574, 475.31848636954965, 551.3618746777526, 479.8298600007838 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sale proceeds, received $47.0 million from the sale of real estate owned assets, and received $489.8 million of proceeds from ", "box": [ 63.11249225831271, 486.11848515155, 551.3618746777526, 490.62985878278414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowings under our financing arrangements, net of payments for deferred financing costs, fees, and equity issuance costs. ", "box": [ 63.11249225831271, 496.24348400967574, 551.3618746777526, 500.7548576409099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Additionally, we made $29.7 million of advances on loans and made repayments on financings of $1.0 billion (inclusive of $162.3 ", "box": [ 63.11249225831271, 506.3684828678015, 551.3618746777526, 510.87985649903567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million of deleveraging repayments). ", "box": [ 63.11249225831271, 516.49348172592, 198.7904334399797, 521.0048553571542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income Taxes", "box": [ 63.11249225831271, 543.4934786809245, 116.34326828834524, 548.0048523121586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have elected and believe we have qualified to be taxed as a REIT for U.S. federal income tax purposes, commencing with ", "box": [ 85.15545852235574, 559.0184769300467, 551.3618746777526, 563.5298505612809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our initial taxable year ended December 31, 2015. We generally must distribute annually at least 90% of our REIT taxable income, ", "box": [ 63.11249225831271, 569.1434757881725, 551.3618746777526, 573.6548494194067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determined without regard to the deduction for dividends paid and excluding net capital gain, to maintain our REIT status. To the ", "box": [ 63.11249225831271, 579.9434745701728, 551.3618746777526, 584.454848201407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extent that we satisfy this distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to ", "box": [ 63.11249225831271, 590.0684734282986, 551.3618746777526, 594.5798470595328 ], "from_ocr": false, "confidence": 1.0 }, { "text": "U.S. federal income tax on our undistributed REIT taxable income. In addition, we will be subject to a 4% nondeductible excise tax if ", "box": [ 63.11249225831271, 600.1934722864244, 551.3618746777526, 604.7048459176585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the actual amount that we pay (or are treated as paying) out to our stockholders in a calendar year is less than a minimum amount ", "box": [ 63.11249225831271, 610.9934710684247, 551.3618746777526, 615.5048446996589 ], "from_ocr": false, "confidence": 1.0 }, { "text": "specified under U.S. federal tax laws. Our real estate owned hotel portfolio is held in a TRS. Our TRS is not consolidated for U.S. ", "box": [ 63.11249225831271, 621.1184699265505, 551.3618746777526, 625.6298435577846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "federal income tax purposes and is taxed separately as a corporation. For financial reporting purposes, a provision or benefit for ", "box": [ 63.11249225831271, 631.2434687846762, 551.3618746777526, 635.7548424159104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "current and deferred taxes is established for the portion of earnings or expense recognized by us with respect to our TRS.", "box": [ 63.11249225831271, 642.0434675666766, 498.61522717390295, 646.5548411979107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 312.46168288726267, 199.30997609772749, 318.0812854431183, 201.72642077271303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 383.9694873227707, 199.30997609772749, 389.58908987862634, 201.72642077271303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 439.0874498566888, 199.30997609772749, 444.70705241254444, 201.72642077271303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 510.59525429219684, 199.30997609772749, 516.2148568480525, 201.72642077271303 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 61, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49336400292668, 65.36192948775115, 62.00473763416085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "61", "box": [ 301.60895311120953, 733.8432877256855, 310.6066975402138, 738.3546613569197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue ", "box": [ 85.15545852235574, 93.94335989218234, 551.3618746777526, 98.45473352341651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Code, which relate to organizational structure, diversity of stock ownership and certain restrictions with regard to the nature of our ", "box": [ 63.11249225831271, 104.06835875030811, 551.3618746777526, 108.57973238154227 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes ", "box": [ 63.11249225831271, 114.86835753230844, 551.3618746777526, 119.3797311635426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be ", "box": [ 63.11249225831271, 124.99335639042692, 551.3618746777526, 129.5047300216611 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subject to material penalties as well as federal, state and local income tax on our REIT taxable income at regular corporate rates and ", "box": [ 63.11249225831271, 135.1183552485527, 551.3618746777526, 139.62972887978685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we would not be able to qualify as a REIT for the subsequent four full taxable years. As of June 30, 2026, we were in compliance with ", "box": [ 63.11249225831271, 145.91835403055302, 551.3618746777526, 150.42972766178718 ], "from_ocr": false, "confidence": 1.0 }, { "text": "all REIT requirements.", "box": [ 63.11249225831271, 156.04335288867878, 145.81434799450537, 160.55472651991295 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Off-Balance Sheet Arrangements", "box": [ 63.11249225831271, 182.36834991980868, 190.55262748417798, 186.87972355104284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, we had no off-balance sheet arrangements aside from those discussed in Note 3 - Loan Portfolio, Note 4 - ", "box": [ 85.15545852235574, 197.89334816893097, 551.3618746777526, 202.40472180016513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equity Method Investment, and Note 14 - Commitments and Contingencies to our consolidated financial statements. ", "box": [ 63.11249225831271, 208.6933469509313, 485.1802448915704, 213.20472058216546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Critical Accounting Policies and Estimates", "box": [ 63.11249225831271, 235.01834398205392, 226.55672956121487, 239.52971761328808 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial ", "box": [ 85.15545852235574, 250.5433422311835, 551.3618746777526, 255.05471586241765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires our Manager ", "box": [ 63.11249225831271, 261.3433410131838, 551.3618746777526, 265.854714644418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of ", "box": [ 63.11249225831271, 271.4683398713023, 551.3618746777526, 275.97971350253647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the ", "box": [ 63.11249225831271, 281.59333872942807, 551.3618746777526, 286.10471236066223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reporting periods. We believe that all of the decisions and estimates are reasonable, based upon the information available to us. We ", "box": [ 63.11249225831271, 292.3933375114284, 551.3618746777526, 296.90471114266256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our ", "box": [ 63.11249225831271, 302.51833636955416, 551.3618746777526, 307.0297100007883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial statements. The assumptions within our accounting policies may vary from quarter to quarter as our portfolio changes and ", "box": [ 63.11249225831271, 312.6433352276799, 551.3618746777526, 317.1547088589141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market and economic conditions evolve.", "box": [ 63.11249225831271, 323.44333400968026, 208.7809767007683, 327.9547076409144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See Note 2 to our consolidated financial statements for a description of our significant accounting policies.", "box": [ 85.15545852235574, 344.36833164980635, 469.4484247082701, 348.8797052810405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current Expected Credit Losses", "box": [ 63.11249225831271, 370.0183287570544, 180.83436312768225, 374.52970238828857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The CECL reserve required under ASC 326, ", "box": [ 85.15545852235574, 385.543327006184, 252.8313961328595, 390.05470063741814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Instruments - Credit Losses", "box": [ 253.7155957625164, 385.543327006184, 395.1888722157548, 390.05470063741814 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", reflects our current estimate of potential ", "box": [ 395.19136105719264, 385.543327006184, 551.3618746777526, 390.05470063741814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit losses related to our loan portfolio. Changes to the CECL reserve are recognized through a provision for or reversal of current ", "box": [ 63.11249225831271, 396.3433257881843, 551.3618746777526, 400.85469941941847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected credit loss reserve on our consolidated statements of operations. ASC 326 specifies the reserve should be based on relevant ", "box": [ 63.11249225831271, 406.4683246463028, 551.3618746777526, 410.97969827753695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "information about past events, including historical loss experience, current loan portfolio, market conditions and reasonable and ", "box": [ 63.11249225831271, 416.59332350442855, 551.3618746777526, 421.1046971356627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "supportable macroeconomic forecasts through each loan within our loan portfolio's expected remaining duration.", "box": [ 63.11249225831271, 427.3933222864289, 470.6291804751072, 431.90469591766305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For our loan portfolio, we perform a quantitative assessment of the impact of CECL primarily using the Weighted Average ", "box": [ 85.15545852235574, 448.318319926555, 551.3618746777526, 452.82969355778914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Remaining Maturity, or WARM, method. The application of the WARM method to estimate a general CECL reserve requires ", "box": [ 63.11249225831271, 458.44331878468074, 551.3618746777526, 462.9546924159149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "judgment, including the appropriate historical loan loss reference data, the expected timing and amount of future loan fundings and ", "box": [ 63.11249225831271, 469.24331756668107, 551.3618746777526, 473.75469119791524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repayments, the current credit quality of our portfolio, and our expectations of performance and market conditions over the relevant ", "box": [ 63.11249225831271, 479.36831642480684, 551.3618746777526, 483.879690056041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "time period.", "box": [ 63.11249225831271, 489.4933152829326, 106.5898445681581, 494.00468891416676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The WARM method requires us to reference historical loan loss data from a comparable data set and apply such loss rate to each ", "box": [ 85.15545852235574, 510.4183129230587, 551.3618746777526, 514.9296865542929 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our loans over their expected remaining duration, taking into consideration expected economic conditions over the forecasted ", "box": [ 63.11249225831271, 521.218311705059, 551.3618746777526, 525.7296853362932 ], "from_ocr": false, "confidence": 1.0 }, { "text": "timeframe. Our general CECL reserve reflects our forecast of the current and future macroeconomic conditions that may impact the ", "box": [ 63.11249225831271, 531.3433105631848, 551.3618746777526, 535.854684194419 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance of the commercial real estate assets securing our loans and each borrower's ultimate ability to repay. These estimates ", "box": [ 63.11249225831271, 541.4683094213033, 551.3618746777526, 545.9796830525374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "include unemployment rates, price indices for commercial properties, and market liquidity, all of which may influence the likelihood ", "box": [ 63.11249225831271, 552.2683082033036, 551.3618746777526, 556.7796818345378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and magnitude of potential credit losses for our loans during their expected remaining duration. Additionally, further adjustments may ", "box": [ 63.11249225831271, 562.3933070614294, 551.3618746777526, 566.9046806926635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be made based upon loan positions senior to ours, the risk rating of a loan, whether a loan is a construction loan, timing of the loan's ", "box": [ 63.11249225831271, 572.5183059195551, 551.3618746777526, 577.0296795507893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "initial maturity, expected remaining duration of the loan, or the economic conditions specific to the property type of a loan's collateral ", "box": [ 63.11249225831271, 583.3183047015555, 551.3618746777526, 587.8296783327896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property.", "box": [ 63.11249225831271, 593.4433035596812, 95.8435174601051, 597.9546771909154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "To estimate an annual historical loss rate, we obtained historical loss rate data for loans most comparable to our loan portfolio ", "box": [ 85.15545852235574, 614.3683011998073, 551.3618746777526, 618.8796748310415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from a commercial mortgage-backed securities database licensed by a third party, Trepp, LLC, which contains historical loss data ", "box": [ 63.11249225831271, 625.1682999818076, 551.3618746777526, 629.6796736130418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from the 1990s through June 30, 2026. We believe this CMBS data is the most relevant, available, and comparable data set to our ", "box": [ 63.11249225831271, 635.2932988399334, 551.3618746777526, 639.8046724711676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio.", "box": [ 63.11249225831271, 645.4182976980592, 96.84960066164128, 649.9296713292933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "When evaluating the current and future macroeconomic environment, we consider the aforementioned macroeconomic factors. ", "box": [ 85.15545852235574, 667.0182952620598, 551.3618746777526, 671.529668893294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Historical data for each metric is compared to historical commercial real estate credit losses in order to determine the relationship ", "box": [ 63.11249225831271, 677.1432941201783, 551.3618746777526, 681.6546677514198 ], "from_ocr": false, "confidence": 1.0 }, { "text": "between the two variables. We use projections of each macroeconomic factor, obtained from a third party, to approximate the impact ", "box": [ 63.11249225831271, 687.2682929783041, 551.3618746777526, 691.7796666095383 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the macroeconomic outlook may have on our loss rate. Selections of these economic forecasts require judgment about future events ", "box": [ 63.11249225831271, 697.3932918364299, 551.3618746777526, 701.904665467664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that, ", "box": [ 63.11249225831271, 708.1932906184302, 81.10841208689769, 712.7046642496643 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 62, "width": 612.0, "height": 792.0, "cells": [] }, { "page_no": 63, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49318981093529, 65.36192948775115, 62.004563442169456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "62", "box": [ 301.60895311120953, 708.1931164264388, 310.6066975402138, 712.704490057673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "while based on the information available to us as of the balance sheet date, are ultimately subjective and uncertain, and the actual ", "box": [ 63.11249225831271, 93.94318570018368, 551.3618746777526, 98.45455933141784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "economic conditions could vary significantly from the estimates we made. Following a reasonable and supportable forecast period, we ", "box": [ 63.11249225831271, 104.06818455830944, 551.3618746777526, 108.5795581895436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "use a straight-line method of reverting to the historical loss rate. Additionally, we assess the obligation to extend credit through our ", "box": [ 63.11249225831271, 114.86818334030977, 551.3618746777526, 119.37955697154393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unfunded loan commitments through their expected remaining duration, adjusted for projected fundings from interest reserves, if ", "box": [ 63.11249225831271, 124.99318219843553, 551.3618746777526, 129.5045558296697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "applicable, which is considered in the estimate of the general CECL reserve. For both the funded and unfunded portions of our loans, ", "box": [ 63.11249225831271, 135.1181810565613, 551.3618746777526, 139.62955468779546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. ", "box": [ 63.11249225831271, 145.91817983856163, 475.6353207180258, 150.4295534697958 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We evaluate the credit quality of each of our loans receivable on an individual basis and assign a risk rating at least quarterly. ", "box": [ 85.15545852235574, 166.84317747868772, 551.3618746777526, 171.35455110992189 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have developed a loan grading system for all of our outstanding loans receivable that are collateralized directly or indirectly by ", "box": [ 63.11249225831271, 176.96817633681349, 551.3618746777526, 181.47954996804765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate. Grading criteria include, but are not limited to, as-is or as-stabilized debt yield, term of loan, property type, property or ", "box": [ 63.11249225831271, 187.76817511881382, 551.3618746777526, 192.27954875004798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral location, loan type, structure, collateral cash flow volatility and other more subjective variables that include, but are not ", "box": [ 63.11249225831271, 197.89317397693958, 551.3618746777526, 202.40454760817374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "limited to, as-is or as-stabilized collateral value, market conditions, industry conditions, borrower/sponsor financial stability, and ", "box": [ 63.11249225831271, 208.01817283505807, 551.3618746777526, 212.5295464662995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrower/sponsor exit plan. While evaluating the credit quality of each loan within our portfolio, we assess these quantitative and ", "box": [ 63.11249225831271, 218.8181716170584, 551.3618746777526, 223.32954524829256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "qualitative factors as a whole and with no pre-prescribed weight on their impact to our determination of a loan's risk rating. However, ", "box": [ 63.11249225831271, 228.94317047518416, 551.3618746777526, 233.45454410641833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "based upon the facts and circumstances for each loan and the overall market conditions, we may consider certain previously ", "box": [ 63.11249225831271, 239.06816933330992, 551.3618746777526, 243.5795429645441 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mentioned factors more or less relevant than others. We utilize the grading system to determine each loan's risk of loss and to provide ", "box": [ 63.11249225831271, 249.86816811531025, 551.3618746777526, 254.37954174654442 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a determination as to whether an individual loan is impaired and whether a specific CECL reserve is necessary. ", "box": [ 63.11249225831271, 259.993166973436, 465.62634084681645, 264.5045406046702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In certain circumstances, we may determine that a loan is no longer suited for the WARM method because (i) it has unique risk ", "box": [ 85.15545852235574, 280.9181646135621, 551.3618746777526, 285.4295382447963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "characteristics, (ii) we have deemed the borrower/sponsor to be experiencing financial difficulty and the repayment of the loan's ", "box": [ 63.11249225831271, 291.0431634716879, 551.3618746777526, 295.55453710292204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal is collateral-dependent, (iii) we anticipate assuming legal title and/or physical possession of the collateral property and the ", "box": [ 63.11249225831271, 301.8431622536882, 551.3618746777526, 306.35453588492237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fair value of the collateral property is determined to be below the carrying value of our loan, and/or (iv) recovery of our loan may ", "box": [ 63.11249225831271, 311.96816111181397, 551.3618746777526, 316.47953474304813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "occur at an amount below our loan's carrying value. We may instead elect to employ different methods to estimate credit losses that ", "box": [ 63.11249225831271, 322.09315996993973, 551.3618746777526, 326.6045336011739 ], "from_ocr": false, "confidence": 1.0 }, { "text": "also conform to ASC 326 and related guidance.", "box": [ 63.11249225831271, 332.89315875194006, 234.02557830373797, 337.4045323831742 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For such loans, we would separately measure the specific reserve for each loan by using the estimated fair value of the loan's ", "box": [ 85.15545852235574, 353.8181563920589, 551.3618746777526, 358.32953002329305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral. In certain circumstances, we may recognize a specific reserve based upon anticipated proceeds from the disposition of our ", "box": [ 63.11249225831271, 363.94315525018465, 551.3618746777526, 368.4545288814188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan. If the estimated fair value of the collateral or anticipated proceeds from the disposition of our loan is less than the carrying value ", "box": [ 63.11249225831271, 374.743154032185, 551.3618746777526, 379.25452766341914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the loan, an asset-specific reserve is created as a component of our overall current expected credit loss reserve. Specific reserves are ", "box": [ 63.11249225831271, 384.86815289031074, 551.3618746777526, 389.3795265215449 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equal to the excess of a loan's carrying value over the estimated fair value of the collateral or anticipated proceeds from the disposition ", "box": [ 63.11249225831271, 394.9931517484365, 551.3618746777526, 399.50452537967067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our loan. If recovery of our loan is expected from the sale of the collateral, specific reserves are equal to the excess of a loan's ", "box": [ 63.11249225831271, 405.79315053043683, 551.3618746777526, 410.304524161671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "carrying value over the estimated fair value of the collateral less estimated costs to sell.", "box": [ 63.11249225831271, 415.9181493885626, 377.1677698429781, 420.42952301979676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair values of collateral assets used to determine specific CECL reserves are calculated using a discounted cash flow model, a ", "box": [ 85.15545852235574, 436.8431470286887, 551.3618746777526, 441.35452065992285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sales comparison approach, or a market capitalization approach. Estimates of fair values used to determine specific CECL reserves ", "box": [ 63.11249225831271, 447.643145810689, 551.3618746777526, 452.1545194419232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may include, among others, assumptions of property specific cash flows over estimated holding periods, assumptions of property ", "box": [ 63.11249225831271, 457.7681446688148, 551.3618746777526, 462.27951830004895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "redevelopment costs, assumptions of leasing activities, discount rates, market and terminal capitalization rates, and, with respect to ", "box": [ 63.11249225831271, 467.89314352694055, 551.3618746777526, 472.4045171581747 ], "from_ocr": false, "confidence": 1.0 }, { "text": "land, value per buildable square foot. These assumptions are based upon the nature of the properties, recent and projected property ", "box": [ 63.11249225831271, 478.01814238505904, 551.3618746777526, 482.5295160163005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash flows, recent sales and lease comparables, and anticipated real estate and capital market conditions, among other factors which ", "box": [ 63.11249225831271, 488.81814116705937, 551.3618746777526, 493.32951479829353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we may deem relevant. Estimates of fair values used to determine specific CECL reserves as of June 30, 2026 include discount rates ", "box": [ 63.11249225831271, 498.94314002518513, 551.3618746777526, 503.4545136564193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ranging from 6.0% to 20.0%, market and terminal capitalization rates ranging from 4.72% to 8.75%, and, with respect to the land loan, ", "box": [ 63.11249225831271, 509.0681388833109, 551.3618746777526, 513.5795125145451 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value per buildable square foot of $140 based on current entitlements.", "box": [ 63.11249225831271, 519.8681376653112, 314.7196273432416, 524.3795112965454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Significant judgment is required in determining impairment and in estimating the resulting credit loss reserve, and actual losses, ", "box": [ 85.15545852235574, 540.7931353054373, 551.3618746777526, 545.3045089366715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "if any, could materially differ from those estimates.", "box": [ 63.11249225831271, 550.9181341635631, 248.25584475387996, 555.4295077947972 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate Owned", "box": [ 63.11249225831271, 577.2431311946857, 133.59623463306224, 581.7545048259199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "To maximize recovery from certain defaulted loans, we may from time to time assume legal title and/or physical possession of ", "box": [ 85.15545852235574, 592.0931295199407, 551.3618746777526, 596.6045031511749 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the collateral property of a defaulted loan through foreclosure, a deed-in-lieu of foreclosure, or an assignment-in-lieu of foreclosure.", "box": [ 63.11249225831271, 601.5431284541846, 538.3010123182277, 606.0545020854188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We account for acquisitions of real estate, including foreclosures, deed-in-lieu of foreclosures, or assignment-in-lieu of ", "box": [ 85.15545852235574, 622.4681260943107, 551.3618746777526, 626.9794997255449 ], "from_ocr": false, "confidence": 1.0 }, { "text": "foreclosures, in accordance with ASC 805, ", "box": [ 63.11249225831271, 632.5931249524365, 220.35633561032495, 637.1044985836706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Business Combinations", "box": [ 220.5245872557249, 632.5931249524365, 304.9255778779494, 637.1044985836706 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", which first requires that we determine if the real estate investment ", "box": [ 304.9312149865322, 632.5931249524365, 551.3618746777526, 637.1044985836706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "is the acquisition of an asset or a business combination. Under this model, we identify and determine the estimated fair value of any ", "box": [ 63.11249225831271, 642.7181238105622, 551.3618746777526, 647.2294974417964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets acquired and liabilities assumed. This generally results in the allocation of the purchase price to the assets acquired and ", "box": [ 63.11249225831271, 652.1681227448134, 551.3618746777526, 656.6794963760476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liabilities assumed based on the relative estimated fair values of each respective asset and liability. Debt related to real estate owned ", "box": [ 63.11249225831271, 662.2931216029392, 551.3618746777526, 666.8044952341734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "hotel portfolio is initially recorded at its estimated fair value at the time of foreclosure, deed-in-lieu of foreclosure, or assignment-in-", "box": [ 63.11249225831271, 672.418120461065, 549.1030624018433, 676.9294940922991 ], "from_ocr": false, "confidence": 1.0 }, { "text": "lieu of foreclosure.", "box": [ 63.11249225831271, 681.8681193953162, 131.31603225709335, 686.3794930265503 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 64, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.492537442973116, 65.36192948775115, 62.00391107420728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "63", "box": [ 301.60895311120953, 423.34249618322065, 310.6066975402138, 427.8538698144548 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets acquired and liabilities assumed generally include land, building, building improvements, tenant improvements, ", "box": [ 85.15545852235574, 93.26753340834694, 551.3618746777526, 97.7789070395811 ], "from_ocr": false, "confidence": 1.0 }, { "text": "furniture, fixtures and equipment, mortgages payable, and identified intangible assets and liabilities, which generally consist of above ", "box": [ 63.11249225831271, 103.3925322664727, 551.3618746777526, 107.90390589770686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or below market lease values, in-place lease values, and other lease-related values. In estimating fair values for allocating the purchase ", "box": [ 63.11249225831271, 112.84253120071662, 551.3618746777526, 117.35390483195079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "price of our real estate owned, we may utilize various methods, including a market approach, which considers recent sales of similar ", "box": [ 63.11249225831271, 122.96753005884239, 551.3618746777526, 127.47890369007655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "properties, adjusted for differences in location and state of the physical asset, or a replacement cost approach, which considers the ", "box": [ 63.11249225831271, 133.09252891696815, 551.3618746777526, 137.6039025482023 ], "from_ocr": false, "confidence": 1.0 }, { "text": "composition of physical assets acquired, adjusted based on industry standard information and the remaining useful life of the acquired ", "box": [ 63.11249225831271, 143.2175277750939, 551.3618746777526, 147.72890140632808 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property. In estimating fair values of intangible assets acquired or liabilities assumed, we consider the estimated cost of leasing our ", "box": [ 63.11249225831271, 152.6675267093451, 551.3618746777526, 157.17890034057928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate owned assuming the property was vacant, the value of the current lease agreements relative to market-rate leases, and the ", "box": [ 63.11249225831271, 162.79252556747088, 551.3618746777526, 167.30389919870504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estimation of total lease-up time, including lost rents.", "box": [ 63.11249225831271, 172.91752442559664, 254.77570789858422, 177.4288980568308 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate assets held-for-investment are evaluated for indicators of impairment on a quarterly basis. Factors that we may ", "box": [ 85.15545852235574, 193.16752214184817, 551.3618746777526, 197.67889577308233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consider in our impairment analysis include, among others: (i) significant underperformance relative to historical or anticipated ", "box": [ 63.11249225831271, 203.29252099996665, 551.3618746777526, 207.8038946312081 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating results; (ii) significant negative industry or economic trends; (iii) costs necessary to extend the life or improve the real estate ", "box": [ 63.11249225831271, 213.41751985809242, 551.3618746777526, 217.92889348932658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "asset; (iv) significant increase in competition; and (v) ability to hold and dispose of the real estate asset in the ordinary course of ", "box": [ 63.11249225831271, 222.86751879234362, 551.3618746777526, 227.37889242357778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows expected to be ", "box": [ 63.11249225831271, 232.99251765046938, 551.3618746777526, 237.50389128170355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generated by the real estate asset over the estimated remaining holding period is less than the carrying amount of such real estate asset. ", "box": [ 63.11249225831271, 243.11751650859514, 551.3618746777526, 247.6288901398293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash flows include operating cash flows and anticipated capital proceeds generated by the sale of the real estate asset. If the sum of ", "box": [ 63.11249225831271, 252.56751544284634, 551.3618746777526, 257.0788890740805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such estimated undiscounted cash flows is less than the carrying amount of the real estate asset, an impairment charge is recorded ", "box": [ 63.11249225831271, 262.6925143009721, 551.3618746777526, 267.20388793220627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equal to the excess of the carrying value of the real estate asset over its estimated fair value.", "box": [ 63.11249225831271, 272.81751315909787, 393.3926932656672, 277.32888679033204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair values of collateral assets used to determine the initial estimated fair value of real estate owned are calculated using a ", "box": [ 85.15545852235574, 293.7425107992167, 551.3618746777526, 298.25388443045813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "discounted cash flow model, a sales comparison approach, or a market capitalization approach. Estimates of fair values used to ", "box": [ 63.11249225831271, 304.542509581217, 551.3618746777526, 309.0538832124512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determine real estate owned upon acquisition may include, among others, assumptions of property specific cash flows over estimated ", "box": [ 63.11249225831271, 314.6675084393428, 551.3618746777526, 319.17888207057695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "holding periods, assumptions of property redevelopment costs, assumptions of leasing activities, discount rates, market and terminal ", "box": [ 63.11249225831271, 324.79250729746855, 551.3618746777526, 329.3038809287027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "capitalization rates, and, with respect to land, value per buildable square foot. These assumptions are based upon the nature of the ", "box": [ 63.11249225831271, 335.5925060794689, 551.3618746777526, 340.10387971070304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "properties, recent and projected property cash flows, recent sales and lease comparables, and anticipated real estate and capital market ", "box": [ 63.11249225831271, 345.71750493759464, 551.3618746777526, 350.2288785688288 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions, among other factors which we may deem relevant. Estimates of fair values used to determine real estate owned upon ", "box": [ 63.11249225831271, 355.8425037957204, 551.3618746777526, 360.35387742695457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acquisition during the six months ended June 30, 2026 include assumptions of a market capitalization rate ranging from 5.00% to ", "box": [ 63.11249225831271, 366.64250257772073, 551.3618746777526, 371.1538762089549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.75% and a discount rate of 8.00%.", "box": [ 63.11249225831271, 376.7675014358465, 193.7949607608581, 381.27887506708066 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There were no impairments of our real estate owned held-for-investment assets through June 30, 2026.", "box": [ 85.15545852235574, 397.017499152098, 454.9545484453575, 401.5288727833322 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 65, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49310533094831, 65.36192948775115, 62.004478962182475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "64", "box": [ 301.60895311120953, 694.0180335450714, 310.6066975402138, 698.5294071763055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 3. Quantitative and Qualitative Disclosures About Market Risk. ", "box": [ 63.11249225831271, 93.9431012201967, 330.29939960868944, 98.45447485143086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Rate Risk", "box": [ 63.11249225831271, 114.86809886032279, 129.6026052109549, 119.37947249155695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In early 2022, the U.S. Federal Reserve began a campaign to combat inflation by increasing interest rates, ultimately resulting in ", "box": [ 85.15545852235574, 131.06809703331965, 551.3618746777526, 135.5794706645538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "benchmark interest rates increasing by 5.25% by the end of 2023. Although the U.S. Federal Reserve has reduced benchmark interest ", "box": [ 63.11249225831271, 141.1930958914454, 551.3618746777526, 145.70446952267957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rates between September 2024 and December 2025, such benchmark rates remain elevated relative to recent historical levels. ", "box": [ 63.11249225831271, 151.31809474957117, 551.3618746777526, 155.82946838080534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Additionally, the U.S. Federal Reserve has indicated that further changes in benchmark interest rates are dependent upon changes in ", "box": [ 63.11249225831271, 162.1180935315715, 551.3618746777526, 166.62946716280567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prices and employment markets. The timing, direction, and extent of any future adjustment to benchmark interest rates by the U.S. ", "box": [ 63.11249225831271, 172.24309238969727, 551.3618746777526, 176.75446602093143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Federal Reserve is uncertain. Elevated benchmark interest rates imposed by the U.S. Federal Reserve may continue to increase our ", "box": [ 63.11249225831271, 182.36809124782303, 551.3618746777526, 186.8794648790572 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest expense, negatively impact the ability of our borrowers to service their debt, and reduce the value of the CRE collateral ", "box": [ 63.11249225831271, 193.16809002982336, 551.3618746777526, 197.67946366105753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "underlying our loans. Conversely, in a period of declining interest rates, the interest income on floating rate investments would ", "box": [ 63.11249225831271, 203.29308888794912, 551.3618746777526, 207.8044625191833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decline, while any decline in the interest we are charged on our floating rate debt may not equal or exceed the decrease in interest ", "box": [ 63.11249225831271, 213.4180877460676, 551.3618746777526, 217.92946137730178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income and the interest expense we incur. Exclusive of the impact of non-accrual loans, rising interest rates will generally increase our ", "box": [ 63.11249225831271, 223.54308660419338, 551.3618746777526, 228.05446023542754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "net interest income, while declining interest rates will generally decrease our net interest income.", "box": [ 63.11249225831271, 234.3430853861937, 412.14388132594956, 238.85445901742787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table illustrates as of June 30, 2026 the impact on our net interest income and net interest income per share for the ", "box": [ 85.15545852235574, 255.2680830263198, 551.3618746777526, 259.77945665755396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "twelve-month period following June 30, 2026, assuming a decrease in SOFR of 50 and 100 basis points and an increase in SOFR of ", "box": [ 63.11249225831271, 265.39308188444556, 551.3618746777526, 269.90445551567973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "50 and 100 basis points in the applicable interest rate benchmark (based on SOFR of 3.65% as of June 30, 2026) ($ in thousands, ", "box": [ 63.11249225831271, 276.1930806664459, 551.3618746777526, 280.70445429768006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "except per share data):", "box": [ 63.11249225831271, 286.31807952457166, 144.29423733706147, 290.8294531558058 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 85.15545852235574, 296.4430783826974, 87.40489575179419, 300.9544520139316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Floating", "box": [ 89.06834870606865, 307.76136381708784, 127.23816360386137, 311.36910893092136 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 155.0495946398497, 307.76136381708784, 156.84846940322657, 311.36910893092136 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 158.69881297829892, 307.76136381708784, 160.4976877416758, 311.36910893092136 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 222.6655992642663, 307.76136381708784, 224.46447402764318, 311.36910893092136 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 282.97262371297353, 307.76136381708784, 284.7714984763504, 311.36910893092136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Decrease", "box": [ 335.917930241919, 307.76136381708784, 363.4807440863763, 311.36910893092136 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 412.361671620763, 307.76136381708784, 414.1605463841399, 311.36910893092136 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 417.7405772641419, 307.0863638932133, 419.5394520275188, 310.6941090070468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Increase", "box": [ 469.7472153989483, 307.0863638932133, 495.7219522650056, 310.6941090070468 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4315818634329, 307.0863638932133, 547.2304566268098, 310.6941090070468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rate Exposure", "box": [ 85.47186473667215, 316.5363628274645, 130.84067525050867, 320.144107941298 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 155.0495946398497, 316.5363628274645, 156.84846940322657, 320.144107941298 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 158.69881297829892, 317.21136275133904, 160.4976877416758, 320.81910786517255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Change in", "box": [ 207.8683386830686, 316.5363628274645, 239.25725285016566, 320.144107941298 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 282.97262371297353, 316.5363628274645, 284.7714984763504, 320.144107941298 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100 Basis Points", "box": [ 291.65270423405326, 316.5363628274645, 341.23057813183357, 320.144107941298 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 345.84254187264327, 316.5363628274645, 347.6414166360201, 320.144107941298 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.49176021109247, 317.21136275133904, 351.29063497446936, 320.81910786517255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "50 Basis Points", "box": [ 359.96480252996594, 316.5363628274645, 405.94493587849166, 320.144107941298 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 412.361671620763, 316.5363628274645, 414.1605463841399, 320.144107941298 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 416.0108899592122, 317.21136275133904, 417.80976472258914, 320.81910786517255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "50 Basis Points", "box": [ 426.4839390280849, 316.5363628274645, 472.4640723766106, 320.144107941298 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 478.88080811888193, 316.5363628274645, 480.6796828822588, 320.144107941298 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 482.53002645733113, 317.21136275133904, 484.3289012207081, 320.81910786517255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100 Basis Points", "box": [ 491.21010022841165, 316.5363628274645, 540.7879741261921, 320.144107941298 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 545.4315818634329, 316.5363628274645, 547.2304566268098, 320.144107941298 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 63.11249225831271, 325.3874837875628, 67.16249180156272, 329.44873539904074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "629,082 ", "box": [ 126.8788913168793, 325.3874837875628, 160.94825020773737, 329.97944874055247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest income", "box": [ 164.81599978841612, 326.0624837114374, 228.2435812851938, 330.1237353229153 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 282.97262371297353, 325.4680751093183, 292.93942283893995, 330.1237353229153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,136 $", "box": [ 325.77183763617285, 326.0624837114374, 359.45855258705967, 330.1237353229153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,933 $", "box": [ 392.29097413429184, 326.0624837114374, 425.9776890851786, 330.1237353229153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,558) $", "box": [ 456.11010418691154, 326.0624837114374, 492.49681883329833, 330.1237353229153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9,116)", "box": [ 522.6292406850305, 326.0624837114374, 546.8949571283966, 330.1237353229153 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 336.18748256956314, 65.13749202993772, 340.2487341810411 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 153.84725102544735, 336.18748256956314, 155.87225079707235, 340.2487341810411 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 158.69881297829892, 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"confidence": 1.0 }, { "text": "Risks related to fluctuations in cash flows and asset values associated with movements in interest rates may also contribute to ", "box": [ 85.15545852235574, 356.51807160757016, 551.3618746777526, 361.0294452388043 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the risk of nonperformance on floating rate assets. In the case of a significant increase in interest rates, the cash flows of the collateral ", "box": [ 63.11249225831271, 366.6430704656959, 551.3618746777526, 371.1544440969301 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate assets to our loans may be insufficient to pay debt service due, which may contribute to nonperformance of our loans. We ", "box": [ 63.11249225831271, 376.7680693238217, 551.3618746777526, 381.27944295505586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "seek to manage this risk by, among other things, generally requiring our borrowers to acquire interest rate caps from an unaffiliated ", "box": [ 63.11249225831271, 387.568068105822, 551.3618746777526, 392.0794417370562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "third-party.", "box": [ 63.11249225831271, 397.6930669639478, 103.83954124583124, 402.20444059518195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit Risk", "box": [ 63.11249225831271, 424.0180639950704, 104.85882567400358, 428.52943762630457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our loans and other investments are also subject to credit risk, including the risk of default. In particular, changes in general ", "box": [ 85.15545852235574, 440.21806216807454, 551.3618746777526, 444.7294357993087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "economic conditions, including interest rates, will affect the creditworthiness of borrowers and/or the value of underlying real estate ", "box": [ 63.11249225831271, 450.3430610262003, 551.3618746777526, 454.85443465743447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral relating to our investments. By its nature, our investment strategy emphasizes prudent risk management and capital ", "box": [ 63.11249225831271, 460.4680598843188, 551.3618746777526, 464.97943351555296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "preservation by primarily originating senior loans utilizing underwriting techniques requiring relatively conservative loan-to-value ", "box": [ 63.11249225831271, 471.2680586663191, 551.3618746777526, 475.7794322975533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ratio levels to insulate us from credit losses absent a significant diminution in collateral value. In addition, we seek to manage credit ", "box": [ 63.11249225831271, 481.3930575244449, 551.3618746777526, 485.90443115567905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "risk by performing extensive due diligence on our collateral, borrower and guarantors, as applicable, evaluating, among other things, ", "box": [ 63.11249225831271, 491.51805638257065, 551.3618746777526, 496.0294300138048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "title, environmental and physical condition of collateral, comparable sales and leasing analysis of similar collateral, the quality of and ", "box": [ 63.11249225831271, 502.318055164571, 551.3618746777526, 506.82942879580514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "alternative uses for the real estate collateral being underwritten, submarket trends, our borrower's track record and the reasonableness ", "box": [ 63.11249225831271, 512.4430540226967, 551.3618746777526, 516.9544276539309 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the borrower's projections prior to originating a loan. Subsequent to origination, we also manage credit risk by proactively ", "box": [ 63.11249225831271, 522.5680528808225, 551.3618746777526, 527.0794265120567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "monitoring our investments and, whenever possible, limiting our own leverage to partial recourse or non-recourse, match-funding ", "box": [ 63.11249225831271, 533.3680516628228, 551.3618746777526, 537.879425294057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financing. Notwithstanding these efforts, there can be no assurance that we will be able to avoid losses in all circumstances. The ", "box": [ 63.11249225831271, 543.4930505209486, 551.3618746777526, 548.0044241521828 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance and value of our loans and investments depend upon, among other things, the borrower's ability to improve and operate ", "box": [ 63.11249225831271, 553.6180493790744, 551.3618746777526, 558.1294230103085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the properties that serve as our collateral so that they produce cash flows adequate to pay interest and principal due to us. To monitor ", "box": [ 63.11249225831271, 563.7430482372001, 551.3618746777526, 568.2544218684343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "this risk, our Sponsor's asset management team rigorously monitors the performance of our loan portfolio and our Sponsor's asset ", "box": [ 63.11249225831271, 574.5430470192005, 551.3618746777526, 579.0544206504346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management and origination teams maintain regular contact with borrowers, property managers, co-lenders and local market experts ", "box": [ 63.11249225831271, 584.668045877319, 551.3618746777526, 589.1794195085531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to monitor the performance of the underlying loan collateral, anticipate borrower, property and market issues and, to the extent ", "box": [ 63.11249225831271, 594.7930447354447, 551.3618746777526, 599.3044183666789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "necessary or appropriate, enforce our rights as the lender. ", "box": [ 63.11249225831271, 605.593043517445, 271.7220624649119, 610.1044171486792 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition, we are exposed to the risks generally associated with the CRE market, including variances in occupancy rates, ", "box": [ 85.15545852235574, 626.5180411575711, 551.3618746777526, 631.0294147888053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "capitalization rates, absorption rates and other macroeconomic factors beyond our control, including changes in benchmark interest ", "box": [ 63.11249225831271, 636.6430400156969, 551.3618746777526, 641.1544136469311 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rates, cost increases associated with construction materials and energy prices, employment conditions, and supply chain and labor ", "box": [ 63.11249225831271, 647.4430387976972, 551.3618746777526, 651.9544124289314 ], "from_ocr": false, "confidence": 1.0 }, { "text": "market disruptions. We manage these risks through our underwriting, loan structuring, financing structuring, and asset management ", "box": [ 63.11249225831271, 657.568037655823, 551.3618746777526, 662.0794112870572 ], "from_ocr": false, "confidence": 1.0 }, { "text": "processes. ", "box": [ 63.11249225831271, 667.6930365139488, 102.09669096988603, 672.2044101451829 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 66, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81925404701906, 65.36192948775115, 61.33062767825322 ], "from_ocr": false, "confidence": 1.0 }, { "text": "65", "box": [ 301.60895311120953, 702.7941811953933, 310.6066975402138, 707.3055548266275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the event that we are forced to foreclose, our broader Sponsor platform includes professionals experienced in CRE ", "box": [ 85.15545852235574, 93.94424986014201, 551.3618746777526, 98.45562349137617 ], "from_ocr": false, "confidence": 1.0 }, { "text": "development, ownership, property management, and asset management which enables us to execute the workout of a troubled loan ", "box": [ 63.11249225831271, 104.06924871826777, 551.3618746777526, 108.58062234950194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and protect investors' capital in a way that we believe many non-traditional lenders cannot. ", "box": [ 63.11249225831271, 114.19424757639354, 393.67556771126544, 118.7056212076277 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capital Markets Risk", "box": [ 63.11249225831271, 141.19424453139072, 141.60544211230152, 145.7056181626249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are exposed to risks related to the equity and debt capital markets which impact our related ability to raise capital through ", "box": [ 85.15545852235574, 156.7192427805203, 551.3618746777526, 161.23061641175445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the issuance of our common stock or other debt or equity-related instruments. As a REIT, we are required to distribute a significant ", "box": [ 63.11249225831271, 166.84424163863878, 551.3618746777526, 171.35561526987294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portion of our REIT taxable income annually, which constrains our ability to retain and accumulate operating earnings and therefore ", "box": [ 63.11249225831271, 177.6442404206391, 551.3618746777526, 182.15561405187327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "requires us to utilize debt or equity capital to finance the growth of our business. We seek to mitigate these risks by constantly ", "box": [ 63.11249225831271, 187.76923927876487, 551.3618746777526, 192.28061290999904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "monitoring the debt and equity capital markets, the maturity profile of our in-place loan portfolio and financings, and other potential ", "box": [ 63.11249225831271, 197.89423813689064, 551.3618746777526, 202.4056117681248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liquidity requirements to inform our decisions on the amount, timing, and terms of any capital we may raise.", "box": [ 63.11249225831271, 208.69423691889097, 453.4244690129164, 213.20561055012513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Each of our repurchase agreements contain 'margin maintenance' provisions, which allow the lender to require the delivery of ", "box": [ 85.15545852235574, 229.61923455901706, 551.3618746777526, 234.13060819025122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cash or other assets to reduce the financing amount against loans that have been deemed to have experienced a diminution in value. A ", "box": [ 63.11249225831271, 239.74423341714282, 551.3618746777526, 244.255607048377 ], "from_ocr": false, "confidence": 1.0 }, { "text": "substantial deterioration in the commercial real estate capital markets, among other things, may negatively impact the value of assets ", "box": [ 63.11249225831271, 249.8692322752686, 551.3618746777526, 254.38060590650275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financed with lenders that have margin maintenance provisions in their facilities. Certain of our repurchase agreements permit ", "box": [ 63.11249225831271, 260.6692310572689, 551.3618746777526, 265.1806046885031 ], "from_ocr": false, "confidence": 1.0 }, { "text": "valuation adjustments solely as a result of collateral-specific credit events, while other repurchase agreements contain provisions also ", "box": [ 63.11249225831271, 270.7942299153947, 551.3618746777526, 275.30560354662884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "allowing our lenders to make margin calls upon the occurrence of adverse changes in the capital markets or as a result of interest rate ", "box": [ 63.11249225831271, 280.91922877352044, 551.3618746777526, 285.4306024047546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or spread fluctuations, subject to minimum thresholds, among other factors. As of June 30, 2026, we have not received any margin ", "box": [ 63.11249225831271, 291.7192275555208, 551.3618746777526, 296.23060118675494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "calls under any of our repurchase agreements.", "box": [ 63.11249225831271, 301.84422641363926, 228.24822938529456, 306.3556000448734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financing Risk", "box": [ 63.11249225831271, 328.16922344476916, 120.86846509347187, 332.6805970760033 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We finance and have financed our business through a variety of means, including the syndication of non-consolidated senior ", "box": [ 85.15545852235574, 344.369221617766, 551.3618746777526, 348.8805952490002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interests, notes payable, borrowings under our repurchase and participation facilities, the syndication of senior participations in our ", "box": [ 63.11249225831271, 354.4942204758918, 551.3618746777526, 359.00559410712594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "originated senior loans, and secured term loan. Over time, as market conditions change, we may use other forms of financing in ", "box": [ 63.11249225831271, 364.61921933401754, 551.3618746777526, 369.1305929652517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "addition to these methods of financing. Weakness or volatility in the debt capital markets, the CRE and mortgage markets, changes in ", "box": [ 63.11249225831271, 375.4192181160179, 551.3618746777526, 379.93059174725204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "regulatory requirements, geopolitical volatility, global trade tensions, and fluctuation in interest rates and the resulting market ", "box": [ 63.11249225831271, 385.54421697414364, 551.3618746777526, 390.0555906053778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "disruptions therefrom, among other things, could adversely affect one or more of our lenders or potential lenders and could cause one ", "box": [ 63.11249225831271, 395.6692158322694, 551.3618746777526, 400.18058946350357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or more of our lenders or potential lenders to be unwilling or unable to provide us with financing, increase the costs of or reduce the ", "box": [ 63.11249225831271, 406.46921461426973, 551.3618746777526, 410.9805882455039 ], "from_ocr": false, "confidence": 1.0 }, { "text": "advance rate on existing financing or otherwise offer unattractive terms for that financing. In addition, we may seek to finance our ", "box": [ 63.11249225831271, 416.5942134723955, 551.3618746777526, 421.10558710362966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business through the issuance of our common stock or other equity or equity-related instruments, though there is no assurance that ", "box": [ 63.11249225831271, 426.71921233052126, 551.3618746777526, 431.2305859617554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such financing will be available on a timely basis with attractive terms, or at all. ", "box": [ 63.11249225831271, 436.84421118863975, 353.20720952519736, 441.3555848198739 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Counterparty Risk", "box": [ 63.11249225831271, 463.8442081436442, 131.3599781102623, 468.3555817748784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The nature of our business requires us to hold cash and cash equivalents with various financial institutions, as well as obtain ", "box": [ 85.15545852235574, 479.3692063927665, 551.3618746777526, 483.88058002400066 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financing from various financial institutions. This exposes us to the risk that these financial institutions may not fulfill their obligations ", "box": [ 63.11249225831271, 489.49420525089226, 551.3618746777526, 494.00557888212643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to us under various contractual arrangements. We mitigate this exposure by depositing our cash and cash equivalents and entering into ", "box": [ 63.11249225831271, 500.2942040328926, 551.3618746777526, 504.80557766412676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financing agreements with high credit-quality institutions. ", "box": [ 63.11249225831271, 510.41920289101836, 274.2744059270643, 514.9305765222525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our relationships with our lenders subject us to counterparty risks including the risk that a counterparty is unable to fund ", "box": [ 85.15545852235574, 531.3442005311445, 551.3618746777526, 535.8555741623786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "undrawn credit capacity, particularly if such counterparty enters bankruptcy, among other detrimental effects. We seek to manage this ", "box": [ 63.11249225831271, 542.1441993131448, 551.3618746777526, 546.655572944379 ], "from_ocr": false, "confidence": 1.0 }, { "text": "risk by seeking diverse financing sources across counterparties and financing types and generally obtaining financing from high credit ", "box": [ 63.11249225831271, 552.2691981712705, 551.3618746777526, 556.7805718025047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quality institutions.", "box": [ 63.11249225831271, 562.3941970293963, 132.59890916741335, 566.9055706606305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The nature of our loans and other investments also exposes us to the risks our borrowers face, which may result in our borrowers ", "box": [ 85.15545852235574, 583.994194593397, 551.3618746777526, 588.5055682246311 ], "from_ocr": false, "confidence": 1.0 }, { "text": "being unable to execute their business plans, and, as a result, not making required interest and principal payments on scheduled due ", "box": [ 63.11249225831271, 594.1191934515155, 551.3618746777526, 598.6305670827496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dates, as well as the impact of our borrowers' tenants not making scheduled rent payments when contractually due. Such risks faced ", "box": [ 63.11249225831271, 604.2441923096412, 551.3618746777526, 608.7555659408754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by our borrowers may include those discussed herein and may include the interplay thereof and factors beyond the control of our ", "box": [ 63.11249225831271, 615.0441910916416, 551.3618746777526, 619.5555647228757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowers, including local, regional, national, and global conditions. We manage this risk through a comprehensive credit analysis ", "box": [ 63.11249225831271, 625.1691899497673, 551.3618746777526, 629.6805635810015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prior to making an investment and rigorous monitoring of our borrowers' progress in executing their business plans as well as market ", "box": [ 63.11249225831271, 635.2941888078931, 551.3618746777526, 639.8055624391272 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions that may affect the collateral property, through our asset management process. Each loan is structured with various lender ", "box": [ 63.11249225831271, 645.4191876660188, 551.3618746777526, 649.930561297253 ], "from_ocr": false, "confidence": 1.0 }, { "text": "protections that are designed to discourage and deter fraudulent behavior and other bad acts by borrowers, as well as require borrowers ", "box": [ 63.11249225831271, 656.2191864480192, 551.3618746777526, 660.7305600792533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to adhere to their stated business plans while the loan is outstanding. Such protections may include, without limitation: cash ", "box": [ 63.11249225831271, 666.3441853061449, 551.3618746777526, 670.8555589373791 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management accounts, 'bad ", "box": [ 63.11249225831271, 676.4691841642707, 166.54863682613816, 680.9805577955049 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 67, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.818602063045546, 65.36192948775115, 61.32997569427971 ], "from_ocr": false, "confidence": 1.0 }, { "text": "66", "box": [ 301.60895311120953, 713.5935279934201, 310.6066975402138, 718.1049016246543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "boy' carveout guarantees, completion guarantees, guarantor minimum net worth and liquidity requirements, partial or full recourse to ", "box": [ 63.11249225831271, 93.9435978761685, 551.3618746777526, 98.45497150740266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sponsors and/or guarantors, approval rights over major decisions, and performance tests throughout the loan term. ", "box": [ 63.11249225831271, 104.06859673429426, 475.41383974300396, 108.57997036552842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prepayment Risk", "box": [ 63.11249225831271, 130.39359376541688, 126.34270462109926, 134.90496739665105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prepayment risk is the risk that principal will be repaid prior to initial maturity, which may require us to identify new investment ", "box": [ 85.15545852235574, 146.593591938421, 551.3618746777526, 151.10496556965518 ], "from_ocr": false, "confidence": 1.0 }, { "text": "opportunities to deploy such capital at a similar rate of return in order to avoid an overall reduction in our net interest income. We may ", "box": [ 63.11249225831271, 156.7185907965395, 551.3618746777526, 161.22996442778094 ], "from_ocr": false, "confidence": 1.0 }, { "text": "structure our loans with spread maintenance, minimum multiples and make-whole provisions to protect against early repayment. ", "box": [ 63.11249225831271, 166.84358965466527, 551.3618746777526, 171.35496328589943 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Typically, investments are structured with the equivalent of 12 to 24 months' spread maintenance or a minimum level of income that ", "box": [ 63.11249225831271, 177.6435884366656, 551.3618746777526, 182.15496206789976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an investment is contractually obligated to return. In general, an increase in prepayment rates accelerates the accretion of deferred ", "box": [ 63.11249225831271, 187.76858729479136, 551.3618746777526, 192.27996092602552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income, including origination fees and exit fees, which increases interest income earned on the asset during the period of repayment. ", "box": [ 63.11249225831271, 197.89358615291712, 551.3618746777526, 202.4049597841513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Conversely, if capital that is repaid is not subsequently redeployed into investment opportunities generating a similar return, future ", "box": [ 63.11249225831271, 208.69358493491745, 551.3618746777526, 213.20495856615162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "periods may experience reduced net interest income. ", "box": [ 63.11249225831271, 218.81858379304322, 254.4884706584783, 223.32995742427738 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repayment / Extension Risk", "box": [ 63.11249225831271, 245.14358082416584, 167.84738236029355, 249.6549544554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans are generally expected to be repaid at maturity, unless the borrower repays early or meets contractual conditions to ", "box": [ 85.15545852235574, 261.34357899716997, 551.3618746777526, 265.85495262840413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "qualify for a maturity extension. The granting of these extensions may cause a loan's term to extend beyond the term of its related ", "box": [ 63.11249225831271, 271.46857785529573, 551.3618746777526, 275.9799514865299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "secured financing. Elevated interest rates recently imposed by the U.S. Federal Reserve relative to recent historical levels may lead to ", "box": [ 63.11249225831271, 281.5935767134215, 551.3618746777526, 286.10495034465566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an increase in the number of our borrowers who exercise or request additional extension options, or who may become unwilling or ", "box": [ 63.11249225831271, 291.71857557154, 551.3618746777526, 296.22994920277415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unable to make contractual payments when due. Some of our borrowers may experience delays in the execution of their business ", "box": [ 63.11249225831271, 302.5185743535403, 551.3618746777526, 307.0299479847745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "plans, changes in their capital position and available liquidity, and/or changes in market conditions which may impact the performance ", "box": [ 63.11249225831271, 312.6435732116661, 551.3618746777526, 317.15494684290024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the collateral property, borrower, or sponsor. Accordingly, this may result in the borrower not meeting certain extension conditions ", "box": [ 63.11249225831271, 322.76857206979184, 551.3618746777526, 327.279945701026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such as minimum debt yield, maximum LTV, and/or the ability of the borrower to purchase replacement interest rate caps. Elevated ", "box": [ 63.11249225831271, 333.5685708517922, 551.3618746777526, 338.07994448302634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest rates may also increase the number of our borrowers who may default because, among other things, they may not be able to ", "box": [ 63.11249225831271, 343.69356970991794, 551.3618746777526, 348.2049433411521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "find replacement financing for our loan. Furthermore, there may be certain instances where, for loans which have been modified, we ", "box": [ 63.11249225831271, 353.8185685680437, 551.3618746777526, 358.32994219927787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may not be able to maintain the associated financing on its existing terms. This could have a negative impact on our results of ", "box": [ 63.11249225831271, 364.61856735004403, 551.3618746777526, 369.1299409812782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations, and in some situations, we may be forced to sell assets to maintain adequate liquidity, which could cause us to incur losses.", "box": [ 63.11249225831271, 374.7435662081698, 548.3840298260872, 379.25493983940396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Currency Risk", "box": [ 63.11249225831271, 401.0685632392924, 116.85728499834387, 405.5799368705266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "To date, we have made no loans and hold no assets or liabilities denominated or payable in foreign currencies, although we may ", "box": [ 85.15545852235574, 417.26856141229655, 551.3618746777526, 421.7799350435307 ], "from_ocr": false, "confidence": 1.0 }, { "text": "do so in the future. ", "box": [ 63.11249225831271, 427.3935602704223, 133.08340622527282, 431.9049339016565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We may in the future hold assets denominated or payable in foreign currencies, which would expose us to foreign currency risk. ", "box": [ 85.15545852235574, 448.31855791054113, 551.3618746777526, 452.8299315417753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As a result, a change in foreign currency exchange rates may have a positive or an adverse impact on the valuation of our assets, as ", "box": [ 63.11249225831271, 459.11855669254146, 551.3618746777526, 463.6299303237756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "well as our income and dividends. Any such changes in foreign currency exchange rates may impact the measurement of such assets ", "box": [ 63.11249225831271, 469.2435555506672, 551.3618746777526, 473.7549291819014 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or income for the purposes of our REIT tests and may affect the amounts available for payment of dividends to our stockholders. ", "box": [ 63.11249225831271, 479.368554408793, 529.1290646851197, 483.87992804002715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Although not required, if applicable, we may hedge any currency exposures. However, such currency hedging strategies may ", "box": [ 85.15545852235574, 500.2935520489191, 551.3618746777526, 504.80492568015325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "not eliminate all of our currency risk due to, among other things, uncertainties in the timing and/or amount of payments received on ", "box": [ 63.11249225831271, 511.0935508309194, 551.3618746777526, 515.6049244621536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the related investments and/or unequal, inaccurate or unavailability of hedges to perfectly offset changes in future exchange rates. ", "box": [ 63.11249225831271, 521.2185496890452, 551.3618746777526, 525.7299233202793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Additionally, we may be required under certain circumstances to collateralize our currency hedges for the benefit of the hedge ", "box": [ 63.11249225831271, 531.3435485471709, 551.3618746777526, 535.8549221784051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "counterparty, which could adversely affect our liquidity. ", "box": [ 63.11249225831271, 542.1435473291713, 268.24159410743147, 546.6549209604054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate Risk", "box": [ 63.11249225831271, 568.4685443602939, 124.10202948129766, 572.979917991528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The market values of loans secured directly or indirectly by CRE assets and CRE assets themselves are subject to volatility and ", "box": [ 85.15545852235574, 583.9935426094162, 551.3618746777526, 588.5049162406503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may be adversely affected by a number of factors, including the interest rate environment; persistent inflation; increases in remote ", "box": [ 63.11249225831271, 594.7935413914165, 551.3618746777526, 599.3049150226507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "work trends; natural disasters or pandemics; national, regional, local and foreign economic conditions (which may be adversely ", "box": [ 63.11249225831271, 604.9185402495423, 551.3618746777526, 609.4299138807764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "affected by industry slowdowns, global trade tensions, geopolitical volatility, energy prices, and other factors); changes in government ", "box": [ 63.11249225831271, 615.043539107668, 551.3618746777526, 619.5549127389022 ], "from_ocr": false, "confidence": 1.0 }, { "text": "laws, regulations, and actions (such as tax, real estate, environmental and climate, rent control, zoning laws, bank reserve ", "box": [ 63.11249225831271, 625.8435378896684, 551.3618746777526, 630.3549115209025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "requirements, and changes in monetary policy); supply chain and labor market disruptions; changes in social conditions; changes in ", "box": [ 63.11249225831271, 635.9685367477941, 551.3618746777526, 640.4799103790283 ], "from_ocr": false, "confidence": 1.0 }, { "text": "employment conditions; regional or local real estate conditions; changes or continued weakness in specific industry segments; ", "box": [ 63.11249225831271, 646.0935356059199, 551.3618746777526, 650.6049092371541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "construction quality, age and design; changes to construction costs; demographic factors; changes to building or similar codes; and ", "box": [ 63.11249225831271, 656.8935343879202, 551.3618746777526, 661.4049080191544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "changes in real property tax rates. In addition, decreases in property values reduce the value of the loan collateral and the potential ", "box": [ 63.11249225831271, 667.018533246046, 551.3618746777526, 671.5299068772802 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proceeds available to a borrower to repay the underlying loans, which could also cause us to suffer losses. We may realize losses ", "box": [ 63.11249225831271, 677.1435321041718, 551.3618746777526, 681.6549057354059 ], "from_ocr": false, "confidence": 1.0 }, { "text": "related to foreclosures, ", "box": [ 63.11249225831271, 687.2685309622975, 147.56426396715372, 691.7799045935317 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 68, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81794931107288, 65.36192948775115, 61.32932294231432 ], "from_ocr": false, "confidence": 1.0 }, { "text": "67", "box": [ 301.60895311120953, 145.24293933869922, 310.6066975402138, 149.75431296993338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repayments of our loans at an amount below our carrying value, the sale of our loans, the restructuring of the loans in our investment ", "box": [ 63.11249225831271, 88.5429457331993, 551.3618746777526, 93.05431936443347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio on terms that may be more favorable to borrowers than those underwritten at origination, or the sale of real estate owned ", "box": [ 63.11249225831271, 98.66794459132507, 551.3618746777526, 103.17931822255923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets. We seek to manage these risks through our underwriting, loan structuring, financing structuring and asset management ", "box": [ 63.11249225831271, 109.4679433733254, 551.3618746777526, 113.97931700455956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "processes.", "box": [ 63.11249225831271, 119.59294223145116, 99.84155503671526, 124.10431586268533 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 69, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.49353689891723, 65.36192948775115, 62.00491053015139 ], "from_ocr": false, "confidence": 1.0 }, { "text": "68", "box": [ 301.60895311120953, 292.39351040741894, 310.6066975402138, 296.9048840386531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 4. Controls and Procedures.", "box": [ 63.11249225831271, 99.34353217916942, 190.5736632816489, 103.85490581040358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Disclosure Controls and Procedures", "box": [ 63.11249225831271, 115.54353035216627, 201.3165361802481, 120.05490398340044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to ", "box": [ 85.15545852235574, 131.06852860128856, 551.3618746777526, 135.57990223253 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be disclosed in our reports filed or submitted with the SEC is recorded, processed, summarized and reported within the time periods ", "box": [ 63.11249225831271, 141.19352745941433, 551.3618746777526, 145.7049010906485 ], "from_ocr": false, "confidence": 1.0 }, { "text": "specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our ", "box": [ 63.11249225831271, 151.3185263175401, 551.3724249265628, 155.82989994877425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. ", "box": [ 63.11249225831271, 162.11852509954042, 513.0978164930884, 166.62989873077458 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the ", "box": [ 85.15545852235574, 183.0435227396665, 551.3618746777526, 187.55489637090068 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exchange Act of 1934) during the three months ended June 30, 2026 that have materially affected, or are reasonably likely to ", "box": [ 63.11249225831271, 193.16852159779228, 551.3618746777526, 197.67989522902644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "materially affect, our internal control over financial reporting.", "box": [ 63.11249225831271, 203.9685203797926, 285.7097915199067, 208.47989401102677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, an evaluation was performed under the supervision and with the participation of our management, ", "box": [ 85.15545852235574, 224.8935180199187, 551.3618746777526, 229.40489165115287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure ", "box": [ 63.11249225831271, 235.01851687804447, 551.3618746777526, 239.52989050927863 ], "from_ocr": false, "confidence": 1.0 }, { "text": "controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on that ", "box": [ 63.11249225831271, 245.8185156600448, 551.3618746777526, 250.32988929127896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were ", "box": [ 63.11249225831271, 255.94351451817056, 551.3618746777526, 260.4548881494047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "effective at the reasonable assurance level as of June 30, 2026.", "box": [ 63.11249225831271, 266.06851337628905, 288.46013581472903, 270.5798870075232 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 70, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 56.81791417507338, 65.36192948775115, 61.32928780630755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "69", "box": [ 301.60895311120953, 476.66786682532984, 310.6066975402138, 481.179240456564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PART II-OTHER INFORMATION", "box": [ 233.86637925106712, 83.14291120620328, 378.34998731727916, 87.65428483743744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1. Legal Proceedings.", "box": [ 63.11249225831271, 109.4679082373259, 164.81695125143386, 113.97928186856007 ], "from_ocr": false, "confidence": 1.0 }, { "text": "From time to time, we and our Manager are or may become party to legal proceedings, which arise in the ordinary course of our ", "box": [ 85.15545852235574, 124.99290648644819, 551.3618746777526, 129.50428011768236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respective businesses. Neither we nor our Manager is currently subject to any legal proceedings that we or our Manager consider ", "box": [ 63.11249225831271, 135.79290526844852, 551.3618746777526, 140.30427889968269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reasonably likely to have a material impact on our respective financial conditions. See Note 14 to our consolidated financial ", "box": [ 63.11249225831271, 145.91790412657429, 551.3618746777526, 150.42927775780845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements for information on our commitments and contingencies.", "box": [ 63.11249225831271, 156.04290298470005, 304.49614302622354, 160.5542766159342 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1A. Risk Factors.", "box": [ 63.11249225831271, 183.0428999397045, 149.83592045596137, 187.55427357093868 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For a discussion of our potential risks and uncertainties, see the information under the heading 'Risk Factors' in our Annual ", "box": [ 85.15545852235574, 198.5678981888268, 551.3618746777526, 203.07927182006097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Report on Form 10-K. There have been no material changes to our principal risks that we believe are material to our business, results ", "box": [ 63.11249225831271, 208.69289704695257, 551.3618746777526, 213.20427067818673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of operations, and financial condition from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December ", "box": [ 63.11249225831271, 219.4928958289529, 551.3618746777526, 224.00426946018706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31, 2025, which is accessible on the SEC's website at www.sec.gov. ", "box": [ 63.11249225831271, 229.61789468707866, 312.01112042120116, 234.12926831831282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.", "box": [ 63.11249225831271, 255.94289171820128, 323.5114044892243, 260.45426534943545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "None.", "box": [ 85.15545852235574, 271.4678899673236, 106.89414870883935, 275.97926359855774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 3. Defaults Upon Senior Securities.", "box": [ 63.11249225831271, 298.46788692232803, 216.81577869212109, 302.9792605535622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "None.", "box": [ 85.15545852235574, 313.9928851714503, 106.89414870883935, 318.5042588026845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 4. Mine Safety Disclosures.", "box": [ 63.11249225831271, 340.3178822025802, 186.56365748388845, 344.8292558338144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Not applicable.", "box": [ 85.15545852235574, 356.5178803755771, 140.12163164651736, 361.02925400681124 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 5. Other Information.", "box": [ 63.11249225831271, 382.8428774066997, 166.8271710222257, 387.35425103793386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(a)", "box": [ 85.11327102711356, 398.36787565582927, 95.09953218335708, 402.87924928706343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "None.", "box": [ 107.15623729115659, 398.36787565582927, 128.8949274776402, 402.87924928706343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(b)", "box": [ 85.11327102711356, 414.5678738288261, 95.60477279887716, 419.0792474600603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "None.", "box": [ 107.15623729115659, 414.5678738288261, 128.8949274776402, 419.0792474600603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(c)", "box": [ 85.11327102711356, 430.0928720779484, 95.09953218335708, 434.60424570918985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2026, no director or officer of the Company adopted or terminated a 'Rule 10b5-", "box": [ 107.15623729115659, 430.0928720779484, 549.1123747007932, 434.60424570918985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement,' as each such term is defined in Item 408(a) of ", "box": [ 107.15623729115659, 440.2178709360742, 551.3618746777526, 444.72924456730834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Regulation S-K.", "box": [ 107.15623729115659, 451.0178697180745, 165.63713555893528, 455.5292433493087 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 71, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 63.11249225831271, 57.4928781949493, 65.36192948775115, 62.00425182618346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "70", "box": [ 301.60895311120953, 546.8678230043297, 310.6066975402138, 551.3791966355639 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 6. 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Michael McGillis", "box": [ 315.8155887590166, 216.79281933345192, 398.28898344863126, 221.30419296468608 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 227.59281811545225, 65.36192948775115, 232.1041917466864 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 291.52614174832667, 227.59281811545225, 293.7755789777651, 232.1041917466864 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 296.37770370117823, 227.59281811545225, 298.62714093061675, 232.1041917466864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "J. Michael McGillis", "box": [ 315.8155887590166, 227.59281811545225, 391.0310554071644, 232.1041917466864 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 247.1678159078292, 65.36192948775115, 251.67918953906337 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 291.52614174832667, 247.1678159078292, 293.7755789777651, 251.67918953906337 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 296.37770370117823, 247.1678159078292, 298.62714093061675, 251.67918953906337 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chief Financial Officer, President and Director", "box": [ 315.8155887590166, 237.717816973578, 497.22893569983586, 242.22919060481217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Principal Financial and Accounting Officer)", "box": [ 315.8155887590166, 247.1678159078292, 488.2619489883695, 251.67918953906337 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.11249225831271, 257.292814765955, 65.36192948775115, 261.80418839718914 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 73, "width": 612.0, "height": 792.0, "cells": [] }, { "page_no": 74, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 95.51248860431281, 52.76781536782801, 97.76192583375125, 57.27918899906217 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.51248860431281, 590.7427546962062, 97.76192583375125, 595.2541283274404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exhibit 31.1 ", "box": [ 461.4784663314795, 85.167811713829, 510.22906681661965, 89.67918534506316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER ", "box": [ 185.498415955899, 95.29281057195476, 426.71891998470926, 99.80418420318892 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PURSUANT TO SECTION", "box": [ 154.85975091125985, 106.09280935395509, 261.85290652806214, 110.60418298518925 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 261.8577823442586, 106.09280935395509, 264.1072195736971, 110.60418298518925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "302 OF THE SARBANES-OXLEY ACT OF 2002 ", "box": [ 264.1148133397156, 106.09280935395509, 457.34704153053747, 110.60418298518925 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 304.9839527305845, 116.21780821208085, 307.233389960023, 120.72918184331502 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I, Richard J. Mack, certify that:", "box": [ 101.9882691239886, 126.34280707019934, 214.92126447690163, 130.85418070144078 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 101.9882691239886, 137.14280585219967, 104.23770635342706, 141.65417948343384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.", "box": [ 118.18826729698866, 147.26780471032544, 124.93657449655448, 151.7791783415596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I have reviewed this Quarterly Report on Form 10-Q of Claros Mortgage Trust, Inc. for the quarter ", "box": [ 134.12459699972464, 147.26780471032544, 512.4860978120767, 151.7791783415596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026;", "box": [ 134.12459699972464, 157.3928035684512, 210.59219870262405, 161.90417719968536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.", "box": [ 118.18826729698866, 168.19280235045153, 124.93657449655448, 172.7041759816857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to ", "box": [ 134.12459699972464, 168.19280235045153, 512.4860978120767, 172.7041759816857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "state a material fact necessary to make the statements made, in light of the circumstances under which ", "box": [ 134.12459699972464, 178.3178012085773, 512.4860978120767, 182.82917483981146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such statements were made, not misleading with respect to the period covered by this report;", "box": [ 134.12459699972464, 188.44280006670306, 467.1946715510647, 192.95417369793722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.", "box": [ 118.18826729698866, 199.2427988487034, 124.93657449655448, 203.75417247993755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Based on my knowledge, the financial statements, and other financial information included in this ", "box": [ 134.12459699972464, 199.2427988487034, 512.4860978120767, 203.75417247993755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "report, fairly present in all material respects the financial condition, results of operations and cash flows ", "box": [ 134.12459699972464, 209.36779770682915, 512.4860978120767, 213.87917133806332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the registrant as of, and for, the periods presented in this report;", "box": [ 134.12459699972464, 219.49279656495492, 372.49427115366626, 224.00417019618908 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.", "box": [ 118.18826729698866, 230.29279534695524, 124.93657449655448, 234.8041689781894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure ", "box": [ 134.12459699972464, 230.29279534695524, 512.4860978120767, 234.8041689781894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal ", "box": [ 134.12459699972464, 240.417794205081, 512.4860978120767, 244.92916783631517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the ", "box": [ 134.12459699972464, 250.5427930631995, 512.4860978120767, 255.05416669444094 ], "from_ocr": false, "confidence": 1.0 }, { "text": "registrant and have:", "box": [ 134.12459699972464, 260.66779192132526, 205.07843921195362, 265.1791655525594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(a)", "box": [ 150.58826364298875, 271.4677907033256, 160.57452479923228, 275.97916433455975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Designed such disclosure controls and procedures, or caused such disclosure controls and ", "box": [ 166.49294934929347, 271.4677907033256, 512.4860978120767, 275.97916433455975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "procedures to be designed under our supervision, to ensure that material information relating to ", "box": [ 166.49294934929347, 281.59278956145135, 512.4860978120767, 286.1041631926855 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the registrant, including its consolidated subsidiaries, is made known to us by others within ", "box": [ 166.49294934929347, 291.7177884195771, 512.4860978120767, 296.2291620508113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "those entities, particularly during the period in which this report is being prepared;", "box": [ 166.49294934929347, 302.51778720157745, 463.0887207241245, 307.0291608328116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(b)", "box": [ 150.58826364298875, 312.6427860597032, 161.07976541475236, 317.1541596909374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Designed such internal control over financial reporting, or caused such internal control over ", "box": [ 166.49294934929347, 312.6427860597032, 512.4860978120767, 317.1541596909374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial reporting to be designed under our supervision, to provide reasonable assurance ", "box": [ 166.49294934929347, 322.767784917829, 512.4860978120767, 327.27915854906314 ], "from_ocr": false, "confidence": 1.0 }, { "text": "regarding the reliability of financial reporting and the preparation of financial statements for ", "box": [ 166.49294934929347, 333.5677836998293, 512.4860978120767, 338.07915733106347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "external purposes in accordance with generally accepted accounting principles;", "box": [ 166.49294934929347, 343.69278255795507, 451.2968626089843, 348.20415618918923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(c)", "box": [ 150.58826364298875, 353.81778141608083, 160.57452479923228, 358.329155047315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented ", "box": [ 166.49294934929347, 353.81778141608083, 512.4860978120767, 358.329155047315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in this report our conclusions about the effectiveness of the disclosure controls and procedures, ", "box": [ 166.49294934929347, 364.61778019808116, 512.4860978120767, 369.1291538293153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as of the end of the period covered by this report based on such evaluation; and", "box": [ 166.49294934929347, 374.7427790562069, 451.58237840878826, 379.2541526874411 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(d)", "box": [ 150.58826364298875, 384.8677779143254, 161.07976541475236, 389.3791515455596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Disclosed in this report any change in the registrant's internal control over financial reporting ", "box": [ 166.49294934929347, 384.8677779143254, 512.4860978120767, 389.3791515455596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal ", "box": [ 166.49294934929347, 395.66777669632575, 512.4860978120767, 400.1791503275599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarter in the case of an annual report) that has materially affected, or is reasonably likely to ", "box": [ 166.49294934929347, 405.7927755544515, 512.4860978120767, 410.3041491856857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "materially affect, the registrant's internal control over financial reporting; and", "box": [ 166.49294934929347, 415.9177744125773, 446.3058309688654, 420.42914804381144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.", "box": [ 118.18826729698866, 426.04277327070304, 124.93657449655448, 430.5541469019372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of ", "box": [ 134.12459699972464, 426.04277327070304, 512.4860978120767, 430.5541469019372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "internal control over financial reporting, to the registrant's auditors and the audit committee of the ", "box": [ 134.12459699972464, 436.84277205270337, 512.4860978120767, 441.35414568393753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "registrant's board of directors (or persons performing the equivalent functions):", "box": [ 134.12459699972464, 446.96777091082913, 420.2156821942512, 451.4791445420633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(a)", "box": [ 150.58826364298875, 457.0927697689549, 160.57452479923228, 461.60414340018906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "All significant deficiencies and material weaknesses in the design or operation of internal ", "box": [ 166.49294934929347, 457.0927697689549, 512.4860978120767, 461.60414340018906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "control over financial reporting which are reasonably likely to adversely affect the registrant's ", "box": [ 166.49294934929347, 467.8927685509552, 512.4860978120767, 472.4041421821894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ability to record, process, summarize and report financial information; and", "box": [ 166.49294934929347, 478.017767409081, 434.5841962683056, 482.52914104031515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(b)", "box": [ 150.58826364298875, 488.14276626720675, 161.07976541475236, 492.6541398984409 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Any fraud, whether or not material, that involves management or other employees who have a ", "box": [ 166.49294934929347, 488.14276626720675, 512.4860978120767, 492.6541398984409 ], "from_ocr": false, "confidence": 1.0 }, { "text": "significant role in the registrant's internal control over financial reporting.", "box": [ 166.49294934929347, 498.9427650492071, 432.8355706423865, 503.45413868044125 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 150.58826364298875, 509.06776390732557, 152.83770087242718, 513.5791375385597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date: July 29, 2026", "box": [ 95.51248860431281, 519.8677626893259, 165.9874454500531, 524.3791363205601 ], "from_ocr": false, "confidence": 1.0 }, { "text": " /s/ Richard J. Mack", "box": [ 310.3206708787213, 518.5177628415768, 384.49857598935114, 524.3791363205601 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.51248860431281, 529.3177616235771, 97.76192583375125, 533.8291352548113 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 310.3206708787213, 548.2177594920795, 312.57010810815973, 552.7291331233137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Richard J. Mack", "box": [ 314.5288701541299, 529.3177616235771, 373.74787150679185, 533.8291352548113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chief Executive Officer and Chairman", "box": [ 314.5288701541299, 538.7677605578283, 453.9366902582741, 543.2791341890625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Principal Executive Officer)", "box": [ 314.5288701541299, 548.2177594920795, 419.45267153352745, 552.7291331233137 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 101.9882691239886, 558.3427583502053, 104.23770635342706, 562.8541319814394 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 75, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 95.51248860431281, 52.76717106385331, 97.76192583375125, 57.278544695087476 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.51248860431281, 590.7421103922316, 97.76192583375125, 595.2534840234657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exhibit 31.2 ", "box": [ 461.4784663314795, 85.1671674098543, 510.22906681661965, 89.67854104108847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER ", "box": [ 186.7534973143537, 95.96716619185463, 425.4638453762538, 100.4785398230888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PURSUANT TO SECTION", "box": [ 154.85975091125985, 106.0921650499804, 261.85290652806214, 110.60353868121456 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 261.8577823442586, 106.0921650499804, 264.1072195736971, 110.60353868121456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "302 OF THE SARBANES-OXLEY ACT OF 2002 ", "box": [ 264.1148133397156, 106.0921650499804, 457.34704153053747, 110.60353868121456 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 304.9839527305845, 116.21716390810616, 307.233389960023, 120.72853753934032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I, J. Michael McGillis, certify that:", "box": [ 101.9882691239886, 127.01716269010649, 227.42495415676308, 131.52853632134065 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 101.9882691239886, 137.14216154823225, 104.23770635342706, 141.65353517946642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.", "box": [ 118.18826729698866, 147.26716040635802, 124.93657449655448, 151.77853403759218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I have reviewed this Quarterly Report on Form 10-Q of Claros Mortgage Trust, Inc. for the quarter ", "box": [ 134.12459699972464, 147.26716040635802, 512.4860978120767, 151.77853403759218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026;", "box": [ 134.12459699972464, 158.06715918835835, 210.59219870262405, 162.5785328195925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.", "box": [ 118.18826729698866, 168.1921580464841, 124.93657449655448, 172.70353167771827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to ", "box": [ 134.12459699972464, 168.1921580464841, 512.4860978120767, 172.70353167771827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "state a material fact necessary to make the statements made, in light of the circumstances under which ", "box": [ 134.12459699972464, 178.3171569046026, 512.4860978120767, 182.82853053583676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such statements were made, not misleading with respect to the period covered by this report;", "box": [ 134.12459699972464, 189.11715568660293, 467.1946715510647, 193.6285293178371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.", "box": [ 118.18826729698866, 199.2421545447287, 124.93657449655448, 203.75352817596286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Based on my knowledge, the financial statements, and other financial information included in this ", "box": [ 134.12459699972464, 199.2421545447287, 512.4860978120767, 203.75352817596286 ], "from_ocr": false, "confidence": 1.0 }, { "text": "report, fairly present in all material respects the financial condition, results of operations and cash flows ", "box": [ 134.12459699972464, 209.36715340285446, 512.4860978120767, 213.87852703408862 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the registrant as of, and for, the periods presented in this report;", "box": [ 134.12459699972464, 219.49215226098022, 372.49427115366626, 224.00352589221438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.", "box": [ 118.18826729698866, 230.29215104298055, 124.93657449655448, 234.8035246742147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure ", "box": [ 134.12459699972464, 230.29215104298055, 512.4860978120767, 234.8035246742147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal ", "box": [ 134.12459699972464, 240.4171499011063, 512.4860978120767, 244.92852353234048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the ", "box": [ 134.12459699972464, 250.54214875923208, 512.4860978120767, 255.05352239046624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "registrant and have:", "box": [ 134.12459699972464, 261.3421475412324, 205.07843921195362, 265.85352117246657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(a)", "box": [ 150.58826364298875, 271.46714639935817, 160.57452479923228, 275.97852003059234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Designed such disclosure controls and procedures, or caused such disclosure controls and ", "box": [ 166.49294934929347, 271.46714639935817, 512.4860978120767, 275.97852003059234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "procedures to be designed under our supervision, to ensure that material information relating to ", "box": [ 166.49294934929347, 281.59214525748393, 512.4860978120767, 286.1035188887181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the registrant, including its consolidated subsidiaries, is made known to us by others within ", "box": [ 166.49294934929347, 292.39214403948426, 512.4860978120767, 296.90351767071843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "those entities, particularly during the period in which this report is being prepared;", "box": [ 166.49294934929347, 302.51714289760275, 463.0887207241245, 307.0285165288369 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(b)", "box": [ 150.58826364298875, 312.6421417557285, 161.07976541475236, 317.1535153869627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Designed such internal control over financial reporting, or caused such internal control over ", "box": [ 166.49294934929347, 312.6421417557285, 512.4860978120767, 317.1535153869627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial reporting to be designed under our supervision, to provide reasonable assurance ", "box": [ 166.49294934929347, 323.44214053772885, 512.4860978120767, 327.953514168963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "regarding the reliability of financial reporting and the preparation of financial statements for ", "box": [ 166.49294934929347, 333.5671393958546, 512.4860978120767, 338.0785130270888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "external purposes in accordance with generally accepted accounting principles;", "box": [ 166.49294934929347, 343.6921382539804, 451.2968626089843, 348.20351188521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(c)", "box": [ 150.58826364298875, 354.4921370359807, 160.57452479923228, 359.00351066721487 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented ", "box": [ 166.49294934929347, 354.4921370359807, 512.4860978120767, 359.00351066721487 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in this report our conclusions about the effectiveness of the disclosure controls and procedures, ", "box": [ 166.49294934929347, 364.61713589410647, 512.4860978120767, 369.12850952534063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as of the end of the period covered by this report based on such evaluation; and", "box": [ 166.49294934929347, 374.74213475223223, 451.58237840878826, 379.2535083834664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(d)", "box": [ 150.58826364298875, 384.867133610358, 161.07976541475236, 389.37850724159216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Disclosed in this report any change in the registrant's internal control over financial reporting ", "box": [ 166.49294934929347, 384.867133610358, 512.4860978120767, 389.37850724159216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal ", "box": [ 166.49294934929347, 395.6671323923583, 512.4860978120767, 400.1785060235925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarter in the case of an annual report) that has materially affected, or is reasonably likely to ", "box": [ 166.49294934929347, 405.7921312504841, 512.4860978120767, 410.30350488171825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "materially affect, the registrant's internal control over financial reporting; and", "box": [ 166.49294934929347, 415.91713010860985, 446.3058309688654, 420.428503739844 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.", "box": [ 118.18826729698866, 426.7171288906029, 124.93657449655448, 431.2285025218371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of ", "box": [ 134.12459699972464, 426.7171288906029, 512.4860978120767, 431.2285025218371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "internal control over financial reporting, to the registrant's auditors and the audit committee of the ", "box": [ 134.12459699972464, 436.84212774872867, 512.4860978120767, 441.35350137996284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "registrant's board of directors (or persons performing the equivalent functions):", "box": [ 134.12459699972464, 446.96712660685444, 420.2156821942512, 451.4785002380886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(a)", "box": [ 150.58826364298875, 457.76712538885477, 160.57452479923228, 462.27849902008893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "All significant deficiencies and material weaknesses in the design or operation of internal ", "box": [ 166.49294934929347, 457.76712538885477, 512.4860978120767, 462.27849902008893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "control over financial reporting which are reasonably likely to adversely affect the registrant's ", "box": [ 166.49294934929347, 467.89212424698053, 512.4860978120767, 472.4034978782147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ability to record, process, summarize and report financial information; and", "box": [ 166.49294934929347, 478.0171231051063, 434.5841962683056, 482.52849673634046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(b)", "box": [ 150.58826364298875, 488.8171218871066, 161.07976541475236, 493.3284955183408 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Any fraud, whether or not material, that involves management or other employees who have a ", "box": [ 166.49294934929347, 488.8171218871066, 512.4860978120767, 493.3284955183408 ], "from_ocr": false, "confidence": 1.0 }, { "text": "significant role in the registrant's internal control over financial reporting.", "box": [ 166.49294934929347, 498.9421207452324, 432.8355706423865, 503.45349437646655 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 150.58826364298875, 509.06711960335815, 152.83770087242718, 513.5784932345923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date: July 29, 2026", "box": [ 95.51248860431281, 519.8671183853585, 165.9874454500531, 524.3784920165926 ], "from_ocr": false, "confidence": 1.0 }, { "text": " /s/ J. Michael McGillis", "box": [ 310.3206708787213, 519.1921184614839, 397.00226484374457, 524.3784920165926 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.51248860431281, 529.3171173196097, 97.76192583375125, 533.8284909508438 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 310.3206708787213, 548.2171151881048, 312.57010810815973, 552.728488819339 ], "from_ocr": false, "confidence": 1.0 }, { "text": "J. Michael McGillis", "box": [ 314.5288701541299, 529.3171173196097, 386.2515603611852, 533.8284909508438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chief Financial Officer, President and Director", "box": [ 314.5288701541299, 538.7671162538536, 483.9261950448461, 543.2784898850878 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Principal Financial and Accounting Officer)", "box": [ 314.5288701541299, 548.2171151881048, 476.43102424013483, 552.728488819339 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 101.9882691239886, 558.3421140462306, 104.23770635342706, 562.8534876774647 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 76, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 95.51248860431281, 52.767126711863966, 97.76192583375125, 57.27850034309813 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.51248860431281, 383.51708941061224, 97.76192583375125, 388.0284630418464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exhibit 32.1 ", "box": [ 461.4784663314795, 85.16712305786496, 510.22906681661965, 89.67849668909912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CERTIFICATION ", "box": [ 268.22809412582893, 95.29212191598344, 343.9786983159684, 99.80349554721761 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PURSUANT TO 18 U.S.C. SECTION", "box": [ 157.8656065722661, 105.41712077410921, 303.1035290784082, 109.92849440534337 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 303.1066091923072, 105.41712077410921, 305.35604642174565, 109.92849440534337 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1350, AS ADOPTED PURSUANT TO ", "box": [ 305.36364018776425, 105.41712077410921, 454.3411858695312, 109.92849440534337 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SECTION", "box": [ 188.1034971621037, 116.21711955610954, 228.6065131300168, 120.7284931873437 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 228.61403609341474, 116.21711955610954, 230.86347332285322, 120.7284931873437 ], "from_ocr": false, "confidence": 1.0 }, { "text": "906 OF THE SARBANES-OXLEY ACT OF 2002 ", "box": [ 230.8710670888718, 116.21711955610954, 424.10329527969367, 120.7284931873437 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 304.9839527305845, 126.3421184142353, 307.233389960023, 130.85349204546947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following certification is being furnished solely to accompany the Quarterly Report on Form ", "box": [ 150.58826364298875, 136.46711727236107, 512.4860978120767, 140.97849090359523 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10-Q of Claros Mortgage Trust, Inc. for the quarter ended June 30, 2026, pursuant to 18 U.S.C. \u00a7 1350 and in ", "box": [ 101.9882691239886, 147.2671160543614, 512.4860978120767, 151.77848968559556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accordance with SEC Release No. 33-8238. This certification shall not be deemed 'filed' for purposes of ", "box": [ 101.9882691239886, 157.39211491248716, 512.4860978120767, 161.90348854372132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any ", "box": [ 101.9882691239886, 167.51711377061292, 512.4860978120767, 172.0284874018471 ], "from_ocr": false, "confidence": 1.0 }, { "text": "filing of Claros Mortgage Trust, Inc. under the Securities Act of 1933, as amended, whether made before or after ", "box": [ 101.9882691239886, 177.6421126287387, 512.4860978120767, 182.15348625997285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the date hereof, regardless of any general incorporation language in such filing.", "box": [ 101.9882691239886, 188.44211141073902, 387.556564071353, 192.95348504197318 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 150.58826364298875, 198.56711026886478, 152.83770087242718, 203.07848390009895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certification of Principal Executive Officer ", "box": [ 222.02224333682256, 208.69210912698327, 390.1845491049748, 213.2034827582247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I, Richard J. Mack, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 ", "box": [ 150.58826364298875, 219.4921079089836, 512.4860978120767, 224.00348154021776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Claros Mortgage Trust, Inc. for ", "box": [ 101.9882691239886, 229.61710676710936, 512.4860978120767, 234.12848039834353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the quarter ended June 30, 2026, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of ", "box": [ 101.9882691239886, 239.74210562523513, 512.4860978120767, 244.2534792564693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Securities Exchange Act of 1934, as amended, and that the information contained in such report fairly ", "box": [ 101.9882691239886, 250.54210440723546, 512.4860978120767, 255.05347803846962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "presents, in all material respects, the financial condition and results of operations of Claros Mortgage Trust, Inc.", "box": [ 101.9882691239886, 260.6671032653612, 505.2696041684368, 265.1784768965954 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 150.58826364298875, 270.792102123487, 152.83770087242718, 275.30347575472115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date: July 29, 2026", "box": [ 95.51248860431281, 281.5921009054873, 165.9874454500531, 286.1034745367215 ], "from_ocr": false, "confidence": 1.0 }, { "text": " /s/ Richard J. Mack", "box": [ 310.3206708787213, 280.91710098161275, 384.49857598935114, 286.1034745367215 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.51248860431281, 291.0420998397385, 97.76192583375125, 295.5534734709727 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 310.3206708787213, 309.94209770823363, 312.57010810815973, 314.4534713394751 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Richard J. Mack", "box": [ 314.5288701541299, 291.0420998397385, 373.74787150679185, 295.5534734709727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chief Executive Officer and Chairman", "box": [ 314.5288701541299, 300.4920987739897, 453.9366902582741, 305.0034724052239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Principal Executive Officer)", "box": [ 314.5288701541299, 309.94209770823363, 419.45267153352745, 314.4534713394751 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 150.58826364298875, 320.0670965663594, 152.83770087242718, 324.57847019759356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A signed original of this written statement required by Section 906 has been provided to Claros ", "box": [ 150.58826364298875, 330.19209542448516, 512.4860978120767, 334.7034690557193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage Trust, Inc. and will be retained by Claros Mortgage Trust, Inc. and furnished to the Securities and ", "box": [ 101.9882691239886, 340.9920942064855, 512.4860978120767, 345.50346783771965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exchange Commission or its staff upon request.", "box": [ 101.9882691239886, 351.11709306461125, 274.6675034727315, 355.6284666958454 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 77, "width": 612.0, "height": 792.0, "cells": [ { "text": " ", "box": [ 95.51248860431281, 52.76769709583459, 97.76192583375125, 57.279070727068756 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.51248860431281, 393.64265865270863, 97.76192583375125, 398.1540322839428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exhibit 32.2 ", "box": [ 461.4784663314795, 85.1676934418283, 510.22906681661965, 89.67906707306975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CERTIFICATION ", "box": [ 268.22809412582893, 95.29269229995407, 343.9786983159684, 99.80406593118823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PURSUANT TO 18 U.S.C. SECTION", "box": [ 157.8656065722661, 105.41769115807983, 303.1035290784082, 109.929064789314 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 303.1066091923072, 105.41769115807983, 305.35604642174565, 109.929064789314 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1350, AS ADOPTED PURSUANT TO ", "box": [ 305.36364018776425, 105.41769115807983, 454.3411858695312, 109.929064789314 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SECTION", "box": [ 188.1034971621037, 116.21768994008016, 228.6065131300168, 120.72906357131433 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 228.61403609341474, 116.21768994008016, 230.86347332285322, 120.72906357131433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "906 OF THE SARBANES-OXLEY ACT OF 2002 ", "box": [ 230.8710670888718, 116.21768994008016, 424.10329527969367, 120.72906357131433 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 304.9839527305845, 126.34268879820593, 307.233389960023, 130.8540624294401 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following certification is being furnished solely to accompany the Quarterly Report on Form ", "box": [ 150.58826364298875, 136.4676876563317, 512.4860978120767, 140.97906128756586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10-Q of Claros Mortgage Trust, Inc. for the quarter ended June 30, 2026, pursuant to 18 U.S.C. \u00a7 1350 and in ", "box": [ 101.9882691239886, 147.26768643833202, 512.4860978120767, 151.77906006956619 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accordance with SEC Release No. 33-8238. This certification shall not be deemed 'filed' for purposes of ", "box": [ 101.9882691239886, 157.39268529645778, 512.4860978120767, 161.90405892769195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any ", "box": [ 101.9882691239886, 167.51768415458355, 512.4860978120767, 172.0290577858177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "filing of Claros Mortgage Trust, Inc. under the Securities Act of 1933, as amended, whether made before or after ", "box": [ 101.9882691239886, 177.6426830127093, 512.4860978120767, 182.15405664394348 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the date hereof, regardless of any general incorporation language in such filing.", "box": [ 101.9882691239886, 188.44268179470964, 387.556564071353, 192.9540554259438 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 150.58826364298875, 198.5676806528354, 152.83770087242718, 203.07905428406957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certification of Principal Financial Officer ", "box": [ 222.77106800237178, 208.6926795109539, 389.44626793823653, 213.20405314218806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "I, J. Michael McGillis, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section ", "box": [ 150.58826364298875, 219.49267829295422, 512.4860978120767, 224.0040519241884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Claros Mortgage Trust, Inc. ", "box": [ 101.9882691239886, 229.61767715108, 512.4860978120767, 234.12905078231415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for the quarter ended June 30, 2026, fully complies with the requirements of Section 13(a) or 15(d), as ", "box": [ 101.9882691239886, 239.74267600920575, 512.4860978120767, 244.25404964043992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in such ", "box": [ 101.9882691239886, 250.54267479120608, 512.4860978120767, 255.05404842244025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "report fairly presents, in all material respects, the financial condition and results of operations of Claros ", "box": [ 101.9882691239886, 260.66767364933185, 512.4860978120767, 265.179047280566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage Trust, Inc.", "box": [ 101.9882691239886, 270.7926725074576, 176.44805199220406, 275.3040461386918 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 150.58826364298875, 281.59267128945794, 152.83770087242718, 286.1040449206921 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date: July 29, 2026", "box": [ 95.51248860431281, 291.7176701475837, 165.9874454500531, 296.22904377881787 ], "from_ocr": false, "confidence": 1.0 }, { "text": " /s/ J. Michael McGillis", "box": [ 310.3206708787213, 291.04267022370914, 397.00226484374457, 296.22904377881787 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.51248860431281, 301.1676690818349, 97.76192583375125, 305.67904271306907 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 310.3206708787213, 320.06766695033, 312.57010810815973, 324.5790405815642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "J. Michael McGillis", "box": [ 314.5288701541299, 301.1676690818349, 386.2515603611852, 305.67904271306907 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chief Financial Officer, President and Director", "box": [ 314.5288701541299, 310.6176680160861, 483.9261950448461, 315.12904164732026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Principal Financial and Accounting Officer)", "box": [ 314.5288701541299, 320.06766695033, 476.43102424013483, 324.5790405815642 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 150.58826364298875, 330.1926658084558, 152.83770087242718, 334.70403943968995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A signed original of this written statement required by Section 906 has been provided to Claros ", "box": [ 150.58826364298875, 340.9926645904561, 512.4860978120767, 345.5040382216903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage Trust, Inc. and will be retained by Claros Mortgage Trust, Inc. and furnished to the Securities and ", "box": [ 101.9882691239886, 351.1176634485819, 512.4860978120767, 355.62903707981604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exchange Commission or its staff upon request.", "box": [ 101.9882691239886, 361.24266230670764, 274.6675034727315, 365.7540359379418 ], "from_ocr": false, "confidence": 1.0 } ] } ]