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        "text": "Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934",
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        "text": "Identification No.)",
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        "text": "9 West 57th Street, 42nd Floor,",
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        "text": "Securities registered pursuant to Section 12(b) of the Act:",
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        "text": "Name of Each Exchange on Which Registered",
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        "text": "Common Stock, $0.01 par value",
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        "text": "ARI",
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        "text": "New York Stock Exchange",
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        "text": "Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ",
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        "text": "Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), ",
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        "text": "and (2) has been subject to such filing requirements for the past 90 days.    Yes  ",
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        "text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant ",
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        "text": "to Rule 405 of Regulation S-T (\u00a7232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant ",
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        "text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting ",
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        "text": "company, or an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting ",
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        "text": "company,\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.",
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        "text": "Part I - Financial Information",
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        "text": "Item 1. Financial Statements",
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        "text": "Part II - Other Information",
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        "text": "Item 1. Legal Proceedings",
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        "text": "Item 4. Mine Safety Disclosures",
        "box": [
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      {
        "text": " ",
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      {
        "text": "49",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "Item 5. Other Information",
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      {
        "text": " ",
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      {
        "text": "49",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "Item 6. Exhibits ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "50",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
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  },
  {
    "page_no": 4,
    "width": 612.0,
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    "cells": [
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "See notes to unaudited condensed consolidated financial statements.",
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        "text": "3",
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      {
        "text": "PART I - FINANCIAL INFORMATION",
        "box": [
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      {
        "text": "Item 1. Financial Statements",
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      {
        "text": "Apollo Commercial Real Estate Finance, Inc. and Subsidiaries",
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      {
        "text": "Condensed Consolidated Balance Sheets (Unaudited)",
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      {
        "text": "(in thousands-except share data)",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "June 30, 2026",
        "box": [
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      {
        "text": " ",
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      {
        "text": " ",
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      {
        "text": "December 31, 2025",
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      {
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        "text": "Assets:",
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        "text": "  ",
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "text": "Cash and cash equivalents",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "$",
        "box": [
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      {
        "text": "1,239,480   ",
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      {
        "text": "$",
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        "text": "139,825 ",
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        "text": "Commercial mortgage loans, net",
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "-   ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "8,712,018 ",
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      {
        "text": "Subordinate loans, net",
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "-   ",
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      {
        "text": " ",
        "box": [
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        "text": "62,198 ",
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      {
        "text": "Real estate owned, held for investment, net (net of $43,048 and $34,438 accumulated ",
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      {
        "text": "depreciation in 2026 and 2025, respectively)",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "856,970   ",
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      {
        "text": " ",
        "box": [
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      {
        "text": "842,947 ",
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      {
        "text": "Other assets",
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "text": "39,854   ",
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      {
        "text": " ",
        "box": [
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      {
        "text": "Total Assets",
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        "text": " ",
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      {
        "text": "$",
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        "text": "2,136,304   ",
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      {
        "text": "$",
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      {
        "text": "Liabilities and Stockholders' Equity",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "  ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
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        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "text": "  ",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
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      {
        "text": "Secured debt arrangements, net",
        "box": [
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        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          392.75389363525375,
          305.7132587981632,
          397.50139336244126,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          464.3202931533203,
          305.7132587981632,
          482.2799798675,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          488.29685465429685,
          305.7132587981632,
          493.0443543814843,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,268,550 ",
        "box": [
          531.3867003588865,
          305.7132587981632,
          572.4557611101756,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured term loans, net",
        "box": [
          42.890623212890624,
          317.7132582981635,
          157.58615924208496,
          322.47394784299286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          317.7132582981635,
          386.73701884845684,
          322.47394784299286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.75389363525375,
          317.7132582981635,
          395.1276434988475,
          322.47394784299286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          464.3202931533203,
          317.7132582981635,
          482.2799798675,
          322.47394784299286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.29685465429685,
          317.7132582981635,
          490.67060451789064,
          322.47394784299286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "727,533 ",
        "box": [
          538.4999775624999,
          317.7132582981635,
          572.4557611101756,
          322.47394784299286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured notes, net",
        "box": [
          42.890623212890624,
          329.71325779816334,
          137.8126577159809,
          334.4739473429927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          329.71325779816334,
          386.73701884845684,
          334.4739473429927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.75389363525375,
          329.71325779816334,
          395.1276434988475,
          334.4739473429927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          464.3202931533203,
          329.71325779816334,
          482.2799798675,
          334.4739473429927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.29685465429685,
          329.71325779816334,
          490.67060451789064,
          334.4739473429927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "497,226 ",
        "box": [
          538.4999775624999,
          329.71325779816334,
          572.4557611101756,
          334.4739473429927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt related to real estate owned, held for investment, net",
        "box": [
          42.890623212890624,
          341.7132572981636,
          262.51318729512536,
          346.4739468429925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          341.7132572981636,
          386.73701884845684,
          346.4739468429925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.75389363525375,
          341.7132572981636,
          395.1276434988475,
          346.4739468429925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "371,428   ",
        "box": [
          442.95701654345686,
          341.7132572981636,
          482.2799798675,
          346.4739468429925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.29685465429685,
          341.7132572981636,
          490.67060451789064,
          346.4739468429925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "424,703 ",
        "box": [
          538.4999775624999,
          341.7132572981636,
          572.4557611101756,
          346.4739468429925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable, accrued expenses and other liabilities",
        "box": [
          42.890623212890624,
          353.71325679816346,
          257.23717939260973,
          358.4739463429928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          353.71325679816346,
          386.73701884845684,
          358.4739463429928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.75389363525375,
          353.71325679816346,
          395.1276434988475,
          358.4739463429928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "506,577   ",
        "box": [
          442.95701654345686,
          353.71325679816346,
          482.2799798675,
          358.4739463429928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.29685465429685,
          353.71325679816346,
          490.67060451789064,
          358.4739463429928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,462 ",
        "box": [
          543.2460748647459,
          353.71325679816346,
          572.4557611101756,
          358.4739463429928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Derivative liabilities, net",
        "box": [
          42.890623212890624,
          365.7132562981633,
          137.01989087401284,
          370.47394584299263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          365.7132562981633,
          386.73701884845684,
          370.47394584299263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.75389363525375,
          365.7132562981633,
          395.1276434988475,
          370.47394584299263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          464.3202931533203,
          365.7132562981633,
          482.2799798675,
          370.47394584299263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.29685465429685,
          365.7132562981633,
          490.67060451789064,
          370.47394584299263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,791 ",
        "box": [
          543.2460748647459,
          365.7132562981633,
          572.4557611101756,
          370.47394584299263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payable to related party",
        "box": [
          42.890623212890624,
          377.7132557981636,
          132.79164946701437,
          382.4739453429929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          378.46325576691333,
          386.73701884845684,
          383.2239453117427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.75389363525375,
          377.7132557981636,
          395.1276434988475,
          382.4739453429929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,439   ",
        "box": [
          452.44920364794905,
          377.7132557981636,
          482.2799798675,
          382.4739453429929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.29685465429685,
          377.7132557981636,
          490.67060451789064,
          382.4739453429929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,612 ",
        "box": [
          547.9921646669922,
          377.7132557981636,
          572.4557611101756,
          382.4739453429929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          36.46874848046875,
          390.4632552669136,
          97.37948530334722,
          395.2239448117425
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          391.2132552356634,
          386.73701884845684,
          395.97394478049273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          392.75389363525375,
          390.4632552669136,
          397.50139336244126,
          395.2239448117425
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "881,444   ",
        "box": [
          442.95701654345686,
          390.4632552669136,
          482.2799798675,
          395.2239448117425
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          488.29685465429685,
          390.4632552669136,
          493.0443543814843,
          395.2239448117425
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,044,877 ",
        "box": [
          531.3867003588865,
          390.4632552669136,
          572.4557611101756,
          395.2239448117425
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments and Contingencies (see Note 16)",
        "box": [
          36.46874848046875,
          403.2132547356632,
          216.5767829069659,
          407.97394428049256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          403.2132547356632,
          386.73701884845684,
          407.97394428049256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.4452928564453,
          403.2132547356632,
          473.8190427200391,
          407.97394428049256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          476.8124801328125,
          403.2132547356632,
          482.2799798675,
          407.97394428049256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          566.988261375488,
          403.2132547356632,
          569.3620112390818,
          407.97394428049256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          572.4257611489255,
          403.2132547356632,
          574.7995110125194,
          407.97394428049256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' Equity:",
        "box": [
          36.46874848046875,
          415.2132542356635,
          118.0894529127811,
          419.97394378049285
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          415.2132542356635,
          386.73701884845684,
          419.97394378049285
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          471.4452928564453,
          415.2132542356635,
          473.8190427200391,
          419.97394378049285
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          476.8124801328125,
          415.2132542356635,
          482.2799798675,
          419.97394378049285
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          566.988261375488,
          415.2132542356635,
          569.3620112390818,
          419.97394378049285
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          572.4257611489255,
          415.2132542356635,
          574.7995110125194,
          419.97394378049285
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, ",
        "box": [
          42.890623212890624,
          427.21325373566333,
          329.5261144072447,
          431.9739432804927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2026 and ",
        "box": [
          42.890623212890624,
          438.4632532669134,
          375.68623430890625,
          443.22394281174275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 (see Note 15)",
        "box": [
          42.890623212890624,
          449.71325279816347,
          115.40115082261732,
          454.4739423429928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          449.71325279816347,
          386.73701884845684,
          454.4739423429928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.75389363525375,
          449.71325279816347,
          395.1276434988475,
          454.4739423429928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68   ",
        "box": [
          464.3202931533203,
          449.71325279816347,
          482.2799798675,
          454.4739423429928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.29685465429685,
          449.71325279816347,
          490.67060451789064,
          454.4739423429928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68 ",
        "box": [
          559.863261672363,
          449.71325279816347,
          572.4557611101756,
          454.4739423429928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock, $0.01 par value, 450,000,000 shares authorized, 128,212,093 and ",
        "box": [
          42.890623212890624,
          461.7132522981633,
          355.6872650921966,
          466.47394184299264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "138,943,831 shares issued and outstanding in 2026 and 2025, respectively",
        "box": [
          42.890623212890624,
          472.96325182941337,
          324.5413253024442,
          477.7239413742427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          472.96325182941337,
          386.73701884845684,
          477.7239413742427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.75389363525375,
          472.96325182941337,
          395.1276434988475,
          477.7239413742427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,282   ",
        "box": [
          452.44920364794905,
          472.96325182941337,
          482.2799798675,
          477.7239413742427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.29685465429685,
          472.96325182941337,
          490.67060451789064,
          477.7239413742427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,389 ",
        "box": [
          547.9921646669922,
          472.96325182941337,
          572.4557611101756,
          477.7239413742427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in-capital",
        "box": [
          42.890623212890624,
          484.9632513294132,
          141.2388353982235,
          489.72394087424254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          484.9632513294132,
          386.73701884845684,
          489.72394087424254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.75389363525375,
          484.9632513294132,
          395.1276434988475,
          489.72394087424254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,581,422   ",
        "box": [
          435.8437318398437,
          484.9632513294132,
          482.2799798675,
          489.72394087424254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.29685465429685,
          484.9632513294132,
          490.67060451789064,
          489.72394087424254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,704,316 ",
        "box": [
          531.3867003588865,
          484.9632513294132,
          572.4557611101756,
          489.72394087424254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated deficit",
        "box": [
          42.890623212890624,
          496.9632508294135,
          120.13477520255935,
          501.72394037424283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          497.71325079816324,
          386.73701884845684,
          502.4739403429926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          392.75389363525375,
          496.9632508294135,
          395.1276434988475,
          501.72394037424283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,327,912)  ",
        "box": [
          432.6796694716797,
          496.9632508294135,
          482.2799798675,
          501.72394037424283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          488.29685465429685,
          496.9632508294135,
          490.67060451789064,
          501.72394037424283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(849,683)",
        "box": [
          535.3359151943359,
          496.9632508294135,
          573.2439202208344,
          501.72394037424283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Stockholders' Equity",
        "box": [
          36.46874848046875,
          508.9632503294133,
          137.86296123070971,
          513.7239398742427
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
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          386.73701884845684,
          514.4739398429929
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          395.1276434988475,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,254,860   ",
        "box": [
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          482.2799798675,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          490.67060451789064,
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      {
        "text": "1,856,090 ",
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          572.4557611101756,
          513.7239398742427
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total Liabilities and Stockholders' Equity",
        "box": [
          36.46874848046875,
          521.7132497981634,
          194.81897908254228,
          526.4739393429927
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.3632689848631,
          523.9632497044136,
          386.73701884845684,
          528.7239392492429
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
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          397.50139336244126,
          526.4739393429927
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,136,304   ",
        "box": [
          435.8437318398437,
          521.7132497981634,
          482.2799798675,
          526.4739393429927
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
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          493.0443543814843,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9,900,967 ",
        "box": [
          531.3867003588865,
          521.7132497981634,
          572.4557611101756,
          526.4739393429927
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          42.890623212890624,
          536.3805391739179,
          45.38999809,
          541.3931767852164
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          384.3632689848631,
          535.863427445749,
          387.4180319857565,
          541.3945144216332
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.75389363525375,
          535.863427445749,
          395.80865663614713,
          541.3945144216332
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          474.539042727539,
          535.863427445749,
          482.9609930047996,
          541.3945144216332
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          488.29685465429685,
          535.863427445749,
          491.35161765519024,
          541.3945144216332
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          570.0820112465818,
          535.863427445749,
          573.1367742474752,
          541.3945144216332
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          548.0273208855269,
          35.24999853125,
          551.0356555585367
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          558.7064123267814,
          43.07227342132069,
          562.7150182033583
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Includes carrying value of $8,424,605 pledged as collateral under secured debt arrangements in 2025. ",
        "box": [
          56.22656015722656,
          558.7064123267814,
          383.2682689929881,
          562.7150182033583
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
          33.74999859375,
          566.9564119830316,
          43.07227342132069,
          570.9650178596085
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      {
        "text": "Net of $376,754 CECL Allowance comprised $38,754 General CECL Allowance and $338,000 Specific CECL Allowance in 2025.",
        "box": [
          56.22656015722656,
          566.9564119830316,
          478.19014003791,
          570.9650178596085
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3)",
        "box": [
          33.74999859375,
          575.2064116392817,
          43.07227342132069,
          579.2150175158581
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $5,759 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2025.",
        "box": [
          56.22656015722656,
          575.2064116392817,
          526.5182630242381,
          579.2150175158581
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)(2)",
        "box": [
          166.82811804882812,
          207.2889759544496,
          181.65980345256327,
          210.4778105198193
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          127.54686968554688,
          218.53897548569967,
          134.96271529827536,
          221.72781005106935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          257.2382742817381,
          351.28896995444984,
          264.6541198944666,
          354.4778045198191
        ],
        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 5,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
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          36.249373470859375,
          43.393197535216586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "See notes to unaudited condensed consolidated financial statements.",
        "box": [
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      {
        "text": "4",
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      {
        "text": "Apollo Commercial Real Estate Finance, Inc. and Subsidiaries",
        "box": [
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          81.13055814266818,
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          86.14319575396621
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      {
        "text": "Condensed Consolidated Statement of Operations (Unaudited)",
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          439.4426453703881,
          104.14319500396641
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        "confidence": 1.0
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      {
        "text": "(in thousands-except share and per share data)",
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      {
        "text": " ",
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        "text": " ",
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      {
        "text": "Three Months Ended June 30,",
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          427.50584544725564,
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      {
        "text": "   ",
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      {
        "text": "Six Months Ended June 30,",
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          125.2910103595409,
          559.9262500297385,
          129.80351236905562
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": " ",
        "box": [
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          169.78124292578124,
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        "text": " ",
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      {
        "text": "2026",
        "box": [
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      {
        "text": "   ",
        "box": [
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      {
        "text": "2025",
        "box": [
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      {
        "text": "   ",
        "box": [
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      {
        "text": "2026",
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      {
        "text": "   ",
        "box": [
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      {
        "text": "2025",
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        "text": "Net interest income:",
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      {
        "text": "  ",
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        "text": " ",
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      {
        "text": "  ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "  ",
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      {
        "text": " ",
        "box": [
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      {
        "text": " ",
        "box": [
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      {
        "text": "Interest income from commercial mortgage loans",
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          166.47395434299278
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      {
        "text": "  $",
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      {
        "text": "41,726    $",
        "box": [
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      {
        "text": "166,691    $",
        "box": [
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      {
        "text": "191,715    $",
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        "text": "310,676 ",
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        "text": "Interest income from subordinate loans and other lending assets",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "-     ",
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      {
        "text": "557   ",
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      {
        "text": " ",
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      {
        "text": "-     ",
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      {
        "text": "1,114 ",
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      {
        "text": "Interest expense",
        "box": [
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      {
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        "from_ocr": false,
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      {
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        "box": [
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          313.17842441339843,
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      {
        "text": "(33,585)  ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "(124,178)  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(147,507)  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(229,235)",
        "box": [
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          575.845482612436,
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        "from_ocr": false,
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      {
        "text": "Net interest income",
        "box": [
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          108.10113921090851,
          203.22395281174295
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        "from_ocr": false,
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      {
        "text": "  $",
        "box": [
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      {
        "text": "8,141    $",
        "box": [
          346.124985578125,
          198.4632632669136,
          384.9037338873438,
          203.22395281174295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,070    $",
        "box": [
          409.8632679223631,
          198.4632632669136,
          453.3881060338281,
          203.22395281174295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,208    $",
        "box": [
          479.21482753271465,
          198.4632632669136,
          522.7396656441796,
          203.22395281174295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,555 ",
        "box": [
          545.8476372563474,
          198.4632632669136,
          575.0573235017771,
          203.22395281174295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned operations",
        "box": [
          38.74218588574219,
          210.46326276691343,
          202.99432655272878,
          215.22395231174278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.28904982128904,
          211.21326273566365,
          306.66279968488277,
          215.973952280493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          310.8046745498047,
          210.46326276691343,
          313.17842441339843,
          215.22395231174278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,242   ",
        "box": [
          341.37889577587873,
          210.46326276691343,
          376.0143592952343,
          215.22395231174278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          380.15623416015626,
          210.46326276691343,
          382.52998402375,
          215.22395231174278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,832   ",
        "box": [
          409.8632679223631,
          210.46326276691343,
          444.49873144171875,
          215.22395231174278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          448.6406063066406,
          210.46326276691343,
          451.0143561702344,
          215.22395231174278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,809   ",
        "box": [
          479.21482753271465,
          210.46326276691343,
          513.8502910520702,
          215.22395231174278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          517.9921659169921,
          210.46326276691343,
          520.365915780586,
          215.22395231174278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,163 ",
        "box": [
          545.8476372563474,
          210.46326276691343,
          575.0573235017771,
          215.22395231174278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenue",
        "box": [
          33.74999859375,
          223.21326223566348,
          100.1824575158536,
          227.97395178049283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.28904982128904,
          223.21326223566348,
          315.5521742769922,
          227.97395178049283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,383    $",
        "box": [
          341.37889577587873,
          223.21326223566348,
          384.9037338873438,
          227.97395178049283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70,902    $",
        "box": [
          409.8632679223631,
          223.21326223566348,
          453.3881060338281,
          227.97395178049283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103,017    $",
        "box": [
          474.46873023046874,
          223.21326223566348,
          522.7396656441796,
          227.97395178049283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "136,718 ",
        "box": [
          541.1015399541014,
          223.21326223566348,
          575.0573235017771,
          227.97395178049283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expenses:",
        "box": [
          33.74999859375,
          235.21326173566376,
          111.00339748303344,
          239.97395128049266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.28904982128904,
          235.21326173566376,
          306.66279968488277,
          239.97395128049266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          365.12108228662095,
          235.21326173566376,
          367.4948321502147,
          239.97395128049266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          370.54685956054686,
          235.21326173566376,
          376.0143592952343,
          239.97395128049266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          433.6054544331053,
          235.21326173566376,
          435.9792042966991,
          239.97395128049266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          439.0312317070312,
          235.21326173566376,
          444.49873144171875,
          239.97395128049266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.95701404345687,
          235.21326173566376,
          505.33076390705065,
          239.97395128049266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          508.3827913173828,
          235.21326173566376,
          513.8502910520702,
          239.97395128049266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          569.5898237670896,
          235.21326173566376,
          571.9635736306834,
          239.97395128049266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          575.1562260351561,
          235.21326173566376,
          577.52997589875,
          239.97395128049266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses (includes equity-based ",
        "box": [
          38.74218588574219,
          247.2132612356636,
          268.6588987683787,
          251.9739507804925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "compensation of $3,047 and $6,094 in 2026 and $3,400 and ",
        "box": [
          38.74218588574219,
          258.46326076691366,
          269.02217625324215,
          263.22395031174256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6,830 in 2025, respectively)",
        "box": [
          38.74218588574219,
          269.71326029816373,
          149.77814819024243,
          274.4739498429926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.28904982128904,
          269.71326029816373,
          315.5521742769922,
          274.4739498429926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,810)   $",
        "box": [
          342.9609232099609,
          269.71326029816373,
          384.9037338873438,
          274.4739498429926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,561)   $",
        "box": [
          411.4452953564453,
          269.71326029816373,
          453.3881060338281,
          274.4739498429926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,762)   $",
        "box": [
          476.0507651645506,
          269.71326029816373,
          522.7396656441796,
          274.4739498429926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,213)",
        "box": [
          542.6835748881833,
          269.71326029816373,
          575.845482612436,
          274.4739498429926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees to related party",
        "box": [
          38.74218588574219,
          281.71325979816356,
          165.81183546617328,
          286.47394934299246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.28904982128904,
          281.71325979816356,
          306.66279968488277,
          286.47394934299246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          310.8046745498047,
          281.71325979816356,
          313.17842441339843,
          286.47394934299246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,556)  ",
        "box": [
          342.9609232099609,
          281.71325979816356,
          376.0143592952343,
          286.47394934299246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          380.15623416015626,
          281.71325979816356,
          382.52998402375,
          286.47394934299246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,356)  ",
        "box": [
          411.4452953564453,
          281.71325979816356,
          444.49873144171875,
          286.47394934299246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          448.6406063066406,
          281.71325979816356,
          451.0143561702344,
          286.47394934299246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,674)  ",
        "box": [
          476.0507651645506,
          281.71325979816356,
          513.8502910520702,
          286.47394934299246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          517.9921659169921,
          281.71325979816356,
          520.365915780586,
          286.47394934299246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,920)",
        "box": [
          542.6835748881833,
          281.71325979816356,
          575.845482612436,
          286.47394934299246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expenses related to real estate owned",
        "box": [
          38.74218588574219,
          293.7132592981634,
          219.59666145013878,
          298.47394884299274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.28904982128904,
          293.7132592981634,
          306.66279968488277,
          298.47394884299274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          310.8046745498047,
          293.7132592981634,
          313.17842441339843,
          298.47394884299274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(23,081)  ",
        "box": [
          338.21483340771465,
          293.7132592981634,
          376.0143592952343,
          298.47394884299274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          380.15623416015626,
          293.7132592981634,
          382.52998402375,
          298.47394884299274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,113)  ",
        "box": [
          406.69920555419907,
          293.7132592981634,
          444.49873144171875,
          298.47394884299274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          448.6406063066406,
          293.7132592981634,
          451.0143561702344,
          298.47394884299274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,299)  ",
        "box": [
          476.0507651645506,
          293.7132592981634,
          513.8502910520702,
          298.47394884299274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          517.9921659169921,
          293.7132592981634,
          520.365915780586,
          298.47394884299274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,880)",
        "box": [
          542.6835748881833,
          293.7132592981634,
          575.845482612436,
          298.47394884299274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization on real estate owned",
        "box": [
          38.74218588574219,
          305.7132587981637,
          234.36304115987298,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.28904982128904,
          306.46325876691344,
          306.66279968488277,
          311.22394831174233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          310.8046745498047,
          305.7132587981637,
          313.17842441339843,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,631)  ",
        "box": [
          342.9609232099609,
          305.7132587981637,
          376.0143592952343,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          380.15623416015626,
          305.7132587981637,
          382.52998402375,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,531)  ",
        "box": [
          411.4452953564453,
          305.7132587981637,
          444.49873144171875,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          448.6406063066406,
          305.7132587981637,
          451.0143561702344,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,612)  ",
        "box": [
          480.79685496679684,
          305.7132587981637,
          513.8502910520702,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          517.9921659169921,
          305.7132587981637,
          520.365915780586,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,987)",
        "box": [
          547.4296646904296,
          305.7132587981637,
          575.845482612436,
          310.47394834299257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total operating expenses",
        "box": [
          33.74999859375,
          318.4632582669137,
          128.6674137746835,
          323.2239478117426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.28904982128904,
          318.4632582669137,
          315.5521742769922,
          323.2239478117426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,078)   $",
        "box": [
          338.21483340771465,
          318.4632582669137,
          384.9037338873438,
          323.2239478117426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38,561)   $",
        "box": [
          406.69920555419907,
          318.4632582669137,
          453.3881060338281,
          323.2239478117426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(73,347)   $",
        "box": [
          476.0507651645506,
          318.4632582669137,
          522.7396656441796,
          323.2239478117426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(77,000)",
        "box": [
          542.6835748881833,
          318.4632582669137,
          575.845482612436,
          323.2239478117426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income, net",
        "box": [
          38.74218588574219,
          330.46325776691356,
          107.02913924862753,
          335.22394731174245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.28904982128904,
          330.46325776691356,
          315.5521742769922,
          335.22394731174245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,362    $",
        "box": [
          346.124985578125,
          330.46325776691356,
          384.9037338873438,
          335.22394731174245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,943    $",
        "box": [
          414.60935772460937,
          330.46325776691356,
          453.3881060338281,
          335.22394731174245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,775    $",
        "box": [
          483.9609173349609,
          330.46325776691356,
          522.7396656441796,
          335.22394731174245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,826 ",
        "box": [
          550.5937270585937,
          330.46325776691356,
          575.0573235017771,
          335.22394731174245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss from equity method investment",
        "box": [
          38.74218588574219,
          342.4632572669134,
          178.5104214202407,
          347.22394681174274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.28904982128904,
          342.4632572669134,
          306.66279968488277,
          347.22394681174274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          310.8046745498047,
          342.4632572669134,
          313.17842441339843,
          347.22394681174274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(178)  ",
        "box": [
          350.08592291308594,
          342.4632572669134,
          376.0143592952343,
          347.22394681174274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          380.15623416015626,
          342.4632572669134,
          382.52998402375,
          347.22394681174274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(711)   $",
        "box": [
          418.5702950595703,
          342.4632572669134,
          453.3881060338281,
          347.22394681174274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(452)   $",
        "box": [
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      {
        "text": "(1,400)",
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      {
        "text": "Decrease (Increase) in current expected credit loss allowance, net",
        "box": [
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          354.4632567669137,
          287.32260396139975,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "379,224   ",
        "box": [
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          376.0143592952343,
          359.22394631174257
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          382.52998402375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,113)  ",
        "box": [
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          444.49873144171875,
          359.22394631174257
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          451.0143561702344,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "382,513   ",
        "box": [
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          513.8502910520702,
          359.22394631174257
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          520.365915780586,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(7,121)",
        "box": [
          547.4296646904296,
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          575.845482612436,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Foreign currency translation gain",
        "box": [
          38.74218588574219,
          366.4632562669135,
          165.0375397734356,
          371.2239458117424
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          306.66279968488277,
          371.2239458117424
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          371.2239458117424
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,920   ",
        "box": [
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          376.0143592952343,
          371.2239458117424
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          382.52998402375,
          371.2239458117424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,705   ",
        "box": [
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          444.49873144171875,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          451.0143561702344,
          371.2239458117424
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,772   ",
        "box": [
          483.9609173349609,
          366.4632562669135,
          513.8502910520702,
          371.2239458117424
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          520.365915780586,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114,263 ",
        "box": [
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          575.0573235017771,
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        "from_ocr": false,
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      {
        "text": "Loss on foreign currency forward contracts (includes unrealized ",
        "box": [
          38.74218588574219,
          378.46325576691333,
          284.4674881096875,
          383.2239453117427
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        "from_ocr": false,
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      {
        "text": "gains (losses) of ($17,772) and $26,722 in 2026 and ($73,682) and ",
        "box": [
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          294.5924876878125,
          394.4739448429923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($115,511) in 2025, respectively)",
        "box": [
          38.74218588574219,
          400.9632548294135,
          165.58457835664117,
          405.72394437424236
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          306.66279968488277,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          313.17842441339843,
          405.72394437424236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,026)  ",
        "box": [
          338.21483340771465,
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          376.0143592952343,
          405.72394437424236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          382.52998402375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(82,139)  ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          451.0143561702344,
          405.72394437424236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,214)  ",
        "box": [
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          513.8502910520702,
          405.72394437424236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          520.365915780586,
          405.72394437424236
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        "from_ocr": false,
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      {
        "text": "(121,111)",
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          575.845482612436,
          405.72394437424236
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Gain on interest rate hedging instruments (includes unrealized ",
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          38.74218588574219,
          412.96325432941376,
          277.1081134163281,
          417.72394387424265
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        "from_ocr": false,
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      {
        "text": "(losses) of ($72) and ($246) in 2025)",
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          179.05612782032657,
          428.9739434054927
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          304.28904982128904,
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          306.66279968488277,
          428.9739434054927
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          313.17842441339843,
          428.9739434054927
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          357.99608258349593,
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          382.52998402375,
          428.9739434054927
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "65   ",
        "box": [
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          444.49873144171875,
          428.9739434054927
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          451.0143561702344,
          428.9739434054927
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          495.83201434033185,
          424.2132538606634,
          520.365915780586,
          428.9739434054927
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        "from_ocr": false,
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      {
        "text": "23 ",
        "box": [
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          575.0573235017771,
          428.9739434054927
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        "from_ocr": false,
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      {
        "text": "Decrease in valuation allowance, loans and other lending assets held ",
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          436.21325336066366,
          301.08467491730465,
          440.97394290549255
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        "from_ocr": false,
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      {
        "text": "for sale",
        "box": [
          38.74218588574219,
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          66.94896507558252,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          357.99608258349593,
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          382.52998402375,
          452.2239424367426
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,236)  ",
        "box": [
          411.4452953564453,
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          444.49873144171875,
          452.2239424367426
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          451.0143561702344,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          495.83201434033185,
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          520.365915780586,
          452.2239424367426
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,236)",
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      {
        "text": "Net realized loss on investments",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          306.66279968488277,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(339,087)  ",
        "box": [
          333.46873610546874,
          459.46325239191356,
          376.0143592952343,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          380.15623416015626,
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          382.52998402375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          426.4804547299803,
          459.46325239191356,
          451.0143561702344,
          464.22394193674245
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(339,087)  ",
        "box": [
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          513.8502910520702,
          464.22394193674245
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          517.9921659169921,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          562.4648240639646,
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        "from_ocr": false,
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      {
        "text": "Loss on extinguishment of debt",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.28904982128904,
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          306.66279968488277,
          476.9739414054925
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          310.8046745498047,
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          476.22394143674273
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,714)  ",
        "box": [
          338.21483340771465,
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          376.0143592952343,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          380.15623416015626,
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          382.52998402375,
          476.22394143674273
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          426.4804547299803,
          471.4632518919134,
          451.0143561702344,
          476.22394143674273
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,714)  ",
        "box": [
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          476.22394143674273
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          517.9921659169921,
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          520.365915780586,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.4648240639646,
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          575.0573235017771,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income before taxes",
        "box": [
          33.74999859375,
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          126.28441067397529,
          488.22394093674257
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  $",
        "box": [
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          315.5521742769922,
          488.9739409054923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,806    $",
        "box": [
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          384.9037338873438,
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        "from_ocr": false,
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      },
      {
        "text": "20,855    $",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "52,263    $",
        "box": [
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          522.7396656441796,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,962 ",
        "box": [
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          575.0573235017771,
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        "from_ocr": false,
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      {
        "text": "Income tax provision",
        "box": [
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          496.2132508606637,
          114.43882900671525,
          500.9739404054926
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27)  ",
        "box": [
          354.83202021533185,
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          500.9739404054926
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          382.52998402375,
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        "from_ocr": false,
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      },
      {
        "text": "(116)  ",
        "box": [
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          444.49873144171875,
          500.9739404054926
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(257)  ",
        "box": [
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          500.9739404054926
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          520.365915780586,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(232)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Net income",
        "box": [
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          77.7802367742795,
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        "from_ocr": false,
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      {
        "text": "  $",
        "box": [
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      {
        "text": "25,779    $",
        "box": [
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      {
        "text": "20,739    $",
        "box": [
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      {
        "text": "52,006    $",
        "box": [
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      {
        "text": "46,730 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Preferred dividends",
        "box": [
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          108.36536694560215,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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      {
        "text": "(3,068)  ",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "(3,068)  ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(6,136)  ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "(6,136)",
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        "text": "Net income available to common stockholders",
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      {
        "text": "  $",
        "box": [
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        "text": "22,711    $",
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      {
        "text": "17,671    $",
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        "text": "45,870    $",
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        "text": "40,594 ",
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      {
        "text": " ",
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      {
        "text": "  ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "  ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "  ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": " ",
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      {
        "text": "Basic",
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      {
        "text": "  $",
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      {
        "text": "0.11    $",
        "box": [
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      {
        "text": "0.12    $",
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        "text": "0.27    $",
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        "text": "0.28 ",
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      {
        "text": "Diluted",
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      {
        "text": "  $",
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      {
        "text": "0.11    $",
        "box": [
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      {
        "text": "0.12    $",
        "box": [
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      {
        "text": "0.27    $",
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      {
        "text": "0.28 ",
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      {
        "text": "Basic weighted-average shares of common stock outstanding",
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "131,022,330   ",
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        "text": "138,943,566   ",
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        "text": " ",
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      {
        "text": "135,043,996   ",
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        "text": "  138,792,126 ",
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        "text": "Diluted weighted-average shares of common stock outstanding",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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        "text": " ",
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        "from_ocr": false,
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      {
        "text": "131,597,073   ",
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      {
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      {
        "text": "139,208,860   ",
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      {
        "text": " ",
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      {
        "text": "135,634,057   ",
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        "text": "  139,103,947 ",
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        "text": "  $",
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        "text": "3.75    $",
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  {
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        "text": "(in thousands-except share and per share data)",
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        "text": "Balance at January 1, 2026",
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        "text": " ",
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        "text": "6,770,393    $",
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        "text": "68     ",
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        "text": "1    $",
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        "text": "(849,683)   $",
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        "text": "1,856,090 ",
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      {
        "text": "Equity Incentive Plan",
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        "text": "(2,874,144)",
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          195.89061683789063,
          270.05350652530524
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          232.71092780371094,
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          255.5507743520506,
          270.05350652530524
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          281.074210788574,
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          303.91404983691405,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          340.7343608027344,
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          363.57420735107405,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          391.81639367431626,
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          414.6562327226562,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          448.78123130078126,
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          471.6210778491209,
          270.05350652530524
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,751)    ",
        "box": [
          486.99607720849593,
          265.541004515791,
          528.5859154755859,
          270.05350652530524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,751)",
        "box": [
          544.3007623208006,
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          575.7626712998876,
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        "from_ocr": false,
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      },
      {
        "text": "Balance at March 31, 2026",
        "box": [
          33.74999859375,
          278.291003984541,
          130.96581510309082,
          282.8035059940553
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          188.20311715820313,
          290.29100348454085,
          190.45311706445312,
          294.8035054940551
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          193.64061693164064,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,770,393    $",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68     ",
        "box": [
          281.074210788574,
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          303.91404983691405,
          294.05350552530535
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "136,724,83",
        "box": [
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          349.7343604277344,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9    $",
        "box": [
          345.2343606152344,
          289.5410035157911,
          365.824207257324,
          294.05350552530535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,367    $",
        "box": [
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          289.5410035157911,
          416.90623262890625,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,671,533    $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(861,275)   $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,811,693 ",
        "box": [
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          575.0156010410155,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital increase related to Equity ",
        "box": [
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          165.5221805657422,
          306.72394849924285
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Incentive Plan",
        "box": [
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          91.17529150102935,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
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          304.0377997942578,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,109     ",
        "box": [
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          363.69795730841776,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1     ",
        "box": [
          396.0585809975584,
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          414.77998268000005,
          317.97394803049247
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        "from_ocr": false,
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      {
        "text": "3,047     ",
        "box": [
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          471.7448278064647,
          317.97394803049247
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          505.2421664482422,
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          528.7096654329297,
          317.97394803049247
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        "from_ocr": false,
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      {
        "text": "3,048 ",
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          575.1393509983593,
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        "from_ocr": false,
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      {
        "text": "Repurchase of common stock",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(8,579,855)    ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(86)    ",
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      {
        "text": "(93,158)    ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          505.2421664482422,
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          528.7096654329297,
          329.97394753049275
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(93,244)",
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        "from_ocr": false,
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      {
        "text": "Net Income",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-     ",
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        "from_ocr": false,
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      {
        "text": "-     ",
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "25,779     ",
        "box": [
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      {
        "text": "25,779 ",
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        "from_ocr": false,
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      {
        "text": "Dividends declared on preferred stock - ",
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      {
        "text": "$0.45 per share",
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "-     ",
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        "from_ocr": false,
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      {
        "text": "-     ",
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      {
        "text": "-     ",
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      {
        "text": "-     ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(3,068)    ",
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      {
        "text": "(3,068)",
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        "text": "Dividends declared on common stock ",
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      {
        "text": "and RSUs - $3.75 per share",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "-     ",
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      {
        "text": "-     ",
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      {
        "text": "-     ",
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(489,348)    ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(489,348)",
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        "from_ocr": false,
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      },
      {
        "text": "Balance at June 30, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,770,393    $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68     ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "128,212,0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93    $",
        "box": [
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          411.72394412424273
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,282    $ 2,581,422    $",
        "box": [
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          406.96325457941384,
          474.1185776700584,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,327,91",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2)   $ 1,254,860 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          293.66014776416,
          586.5409911407905,
          316.49998681249997,
          591.0534931503053
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          356.15623516015626,
          586.5409911407905,
          378.9960817084959,
          591.0534931503053
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          391.01951870751935,
          586.5409911407905,
          413.8593577558594,
          591.0534931503053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          452.89451612939433,
          586.5409911407905,
          475.73435517773436,
          591.0534931503053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35,279)    ",
        "box": [
          482.2968549042969,
          586.5409911407905,
          523.8867006713865,
          591.0534931503053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35,279)",
        "box": [
          544.289039821289,
          586.5409911407905,
          575.7509563003757,
          591.0534931503053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at March 31, 2025",
        "box": [
          33.74999859375,
          599.290990609541,
          130.96581510309082,
          603.8034926190549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          218.3203034033203,
          611.2909901095409,
          220.5703033095703,
          615.8034921190556
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          223.75780317675782,
          610.5409901407911,
          226.00780308300781,
          615.0534921503049
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,770,393    $",
        "box": [
          236.0507751645506,
          610.5409901407911,
          288.1406129941406,
          615.0534921503049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68      138,871,188    $",
        "box": [
          293.66014776416,
          610.5409901407911,
          381.24608161474595,
          615.0534921503049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,38",
        "box": [
          384.26951898876933,
          599.290990609541,
          400.01951833251934,
          603.8034926190549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9    $",
        "box": [
          395.51951852001935,
          610.5409901407911,
          416.10935766210935,
          615.0534921503049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,694,177    $",
        "box": [
          425.8945172543944,
          610.5409901407911,
          477.9843550839844,
          615.0534921503049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(835,02",
        "box": [
          482.2968549042969,
          599.290990609541,
          510.0468537480469,
          603.8034926190549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6)   $",
        "box": [
          505.54685393554684,
          610.5409901407911,
          526.1367005776365,
          615.0534921503049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,860,608 ",
        "box": [
          536.0390401650391,
          610.5409901407911,
          575.0038860415036,
          615.0534921503049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital increase related to Equity Incentive ",
        "box": [
          37.14843595214843,
          622.9632455794135,
          203.7721789719922,
          627.7239351242424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Plan",
        "box": [
          37.14843595214843,
          634.2132451106636,
          54.028938373794134,
          638.9739346554925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          218.3203034033203,
          634.2132451106636,
          220.69405326691404,
          638.9739346554925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          223.75780317675782,
          634.2132451106636,
          226.13155304035155,
          638.9739346554925
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          262.54686406054685,
          634.2132451106636,
          286.01436304523435,
          638.9739346554925
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          293.15623778515624,
          634.2132451106636,
          316.62373676984373,
          638.9739346554925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72,643     ",
        "box": [
          339.035145873535,
          634.2132451106636,
          379.1198316658397,
          638.9739346554925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          390.5156087285156,
          634.2132451106636,
          413.98310771320314,
          638.9739346554925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,399     ",
        "box": [
          440.51951664501934,
          634.2132451106636,
          475.8581051350781,
          638.9739346554925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          500.5429516440428,
          634.2132451106636,
          524.0104506287303,
          638.9739346554925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,399 ",
        "box": [
          550.664039555664,
          634.2132451106636,
          575.1276359988475,
          638.9739346554925
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net Income",
        "box": [
          37.14843595214843,
          645.4632446419137,
          81.7025617858493,
          650.2239341867426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          220.69405326691404,
          650.2239341867426
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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          226.13155304035155,
          650.2239341867426
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          262.54686406054685,
          645.4632446419137,
          286.01436304523435,
          650.2239341867426
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          293.15623778515624,
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          316.62373676984373,
          650.2239341867426
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          355.6523326811522,
          645.4632446419137,
          379.1198316658397,
          650.2239341867426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          390.5156087285156,
          645.4632446419137,
          413.98310771320314,
          650.2239341867426
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          452.3906061503906,
          645.4632446419137,
          475.8581051350781,
          650.2239341867426
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20,739     ",
        "box": [
          483.9257648364256,
          645.4632446419137,
          524.0104506287303,
          650.2239341867426
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20,739 ",
        "box": [
          545.9179497534177,
          645.4632446419137,
          575.1276359988475,
          650.2239341867426
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Dividends declared on preferred stock - ",
        "box": [
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          190.06124204328125,
          662.2239336867424
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        "from_ocr": false,
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      {
        "text": "$0.45 per share",
        "box": [
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          95.42776948896562,
          673.4739332179925
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          262.54686406054685,
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          286.01436304523435,
          673.4739332179925
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
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          673.4739332179925
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          452.3906061503906,
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          475.8581051350781,
          673.4739332179925
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3,068)    ",
        "box": [
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          668.7132436731636,
          524.0104506287303,
          673.4739332179925
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3,068)",
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          547.4999771874999,
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        "from_ocr": false,
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      {
        "text": "Dividends declared on common stock and ",
        "box": [
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          685.4739327179923
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "RSUs - $0.25 per share",
        "box": [
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          125.49808073603594,
          696.7239322492424
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          220.69405326691404,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-     ",
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
          293.15623778515624,
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          316.62373676984373,
          695.9739322804926
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
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          379.1198316658397,
          695.9739322804926
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          390.5156087285156,
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          413.98310771320314,
          695.9739322804926
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          452.3906061503906,
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          475.8581051350781,
          695.9739322804926
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35,292)    ",
        "box": [
          480.76170246826155,
          691.2132427356637,
          524.0104506287303,
          695.9739322804926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35,292)",
        "box": [
          542.7538873852536,
          691.2132427356637,
          575.9157951095063,
          695.9739322804926
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at June 30, 2025",
        "box": [
          33.74999859375,
          703.9632422044133,
          128.93630695265364,
          708.7239317492422
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          218.3203034033203,
          715.963241704414,
          220.69405326691404,
          720.7239312492429
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          223.75780317675782,
          715.2132417356634,
          226.13155304035155,
          719.9739312804923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,770,393    $",
        "box": [
          234.07030274707031,
          715.2132417356634,
          288.38811290882813,
          719.9739312804923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68     ",
        "box": [
          293.15623778515624,
          715.2132417356634,
          316.62373676984373,
          719.9739312804923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "138,943,83",
        "box": [
          322.4179590659178,
          703.9632422044133,
          365.1453768106086,
          708.7239317492422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1    $",
        "box": [
          360.3984224833984,
          715.2132417356634,
          381.4935815294334,
          719.9739312804923
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,38",
        "box": [
          383.4023315249022,
          703.9632422044133,
          400.01855563255947,
          708.7239317492422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9    $",
        "box": [
          395.26170603076156,
          715.2132417356634,
          416.3568575767968,
          719.9739312804923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,697,576    $",
        "box": [
          423.91404483691406,
          715.2132417356634,
          478.23185499867185,
          719.9739312804923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(852,64",
        "box": [
          480.76170246826155,
          703.9632422044133,
          510.03696844845865,
          708.7239317492422
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7)   $",
        "box": [
          505.28904144628905,
          715.2132417356634,
          526.384200492324,
          719.9739312804923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,846,386 ",
        "box": [
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          715.2132417356634,
          575.1276359988475,
          719.9739312804923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          727.6305312051682,
          36.249373470859375,
          732.6431688164666
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        "from_ocr": false,
        "confidence": 1.0
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  },
  {
    "page_no": 7,
    "width": 612.0,
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    "cells": [
      {
        "text": "See notes to unaudited condensed consolidated financial statements.",
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      {
        "text": "5",
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        "from_ocr": false,
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  {
    "page_no": 8,
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    "cells": [
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "See notes to unaudited condensed consolidated financial statements.",
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      {
        "text": "6",
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      {
        "text": "Apollo Commercial Real Estate Finance, Inc. and Subsidiaries",
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      {
        "text": "Condensed Consolidated Statement of Cash Flows (Unaudited)",
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      {
        "text": "(in thousands)",
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      {
        "text": " ",
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      {
        "text": "Six Months Ended June 30,",
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        "text": "2026",
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        "text": "   ",
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        "text": "2025",
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        "text": "Net Income",
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      {
        "text": "$",
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        "text": "52,006   ",
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        "text": "Amortization of discount/premium, deferred fees and payment-in-kind interest",
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      {
        "text": " ",
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      {
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      {
        "text": "(13,344)  ",
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      {
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      {
        "text": "(11,794)",
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        "text": "Amortization of deferred financing costs",
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      {
        "text": " ",
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      {
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        "text": "6,886   ",
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      {
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        "text": "Straight-line rent amortization",
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        "text": "(2,207)  ",
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      {
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        "text": " ",
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      {
        "text": " ",
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      {
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        "text": "Increase (decrease) in current expected credit loss allowance, net",
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      {
        "text": "(382,513)  ",
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        "text": "Valuation allowance, loans and other lending assets held for sale",
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      {
        "text": " ",
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      {
        "text": " ",
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      {
        "text": "452   ",
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        "text": " ",
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      {
        "text": "1,400 ",
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      {
        "text": "Realized loss on extinguishment of debt",
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        "from_ocr": false,
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        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "text": "30,714   ",
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      {
        "text": "- ",
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        "text": "Net realized loss on investment",
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        "text": "339,087   ",
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        "text": " ",
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        "text": " ",
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        "text": "-   ",
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        "text": " ",
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        "text": "39,136 ",
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        "text": "Other assets",
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        "text": "77,123   ",
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      {
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      {
        "text": "(13,971)",
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        "text": "Accounts payable, accrued expenses and other liabilities",
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        "text": " ",
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      {
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      {
        "text": "(32,931)  ",
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        "text": "(5,171)  ",
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      {
        "text": "(368)",
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      {
        "text": "$",
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        "text": "New funding of commercial mortgage loans",
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      {
        "text": "67,578   ",
        "box": [
          465.8085780913084,
          468.46325201691343,
          500.4557641101756,
          473.2239415617423
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          506.789041383789,
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          509.1627912473828,
          473.2239415617423
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        "confidence": 1.0
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      {
        "text": "79,207 ",
        "box": [
          545.9765397509765,
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          575.1862259964062,
          473.2239415617423
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Contributions to equity method investment",
        "box": [
          47.953123001953124,
          480.46325151691326,
          210.9395429440273,
          485.22394106174215
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          417.91404508691403,
          480.46325151691326,
          420.2877949505078,
          485.22394106174215
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          426.62107972412093,
          480.46325151691326,
          428.9948295877147,
          485.22394106174215
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1,657)  ",
        "box": [
          467.39060552539064,
          480.46325151691326,
          500.4557641101756,
          485.22394106174215
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          509.1627912473828,
          485.22394106174215
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      {
        "text": "(4,203)",
        "box": [
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          480.46325151691326,
          575.974385107065,
          485.22394106174215
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        "from_ocr": false,
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      {
        "text": "Origination fees, other fees, and cost recovery proceeds received on commercial mortgage loans, ",
        "box": [
          47.953123001953124,
          492.4632510169131,
          418.10810754132814,
          497.223940561742
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and subordinate loans, net",
        "box": [
          47.953123001953124,
          503.71325054816316,
          147.0987482040604,
          508.47394009299205
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.91404508691403,
          503.71325054816316,
          420.2877949505078,
          508.47394009299205
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          426.62107972412093,
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          428.9948295877147,
          508.47394009299205
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,772   ",
        "box": [
          470.55466789355467,
          503.71325054816316,
          500.4557641101756,
          508.47394009299205
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          509.1627912473828,
          508.47394009299205
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        "confidence": 1.0
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      {
        "text": "26,899 ",
        "box": [
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          575.1862259964062,
          508.47394009299205
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase (decrease) in collateral related to derivative contracts, net",
        "box": [
          47.953123001953124,
          515.713250048163,
          299.6908282460569,
          520.4739395929919
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.91404508691403,
          515.713250048163,
          420.2877949505078,
          520.4739395929919
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          426.62107972412093,
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          428.9948295877147,
          520.4739395929919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,440   ",
        "box": [
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          500.4557641101756,
          520.4739395929919
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          509.1627912473828,
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        "confidence": 1.0
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      {
        "text": "(110,560)",
        "box": [
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          575.974385107065,
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      {
        "text": "Capital expenditures on real estate owned assets",
        "box": [
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          527.7132495481628,
          230.93561318850837,
          532.4739390929917
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.91404508691403,
          527.7132495481628,
          420.2877949505078,
          532.4739390929917
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          426.62107972412093,
          527.7132495481628,
          428.9948295877147,
          532.4739390929917
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(22,210)  ",
        "box": [
          462.64451572314437,
          527.7132495481628,
          500.4557641101756,
          532.4739390929917
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          509.1627912473828,
          532.4739390929917
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      {
        "text": "(57,363)",
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      {
        "text": "Net cash provided by (used in) investing activities",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          420.2877949505078,
          545.973938530492
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          431.3685794513084,
          545.2239385617422
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        "confidence": 1.0
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      {
        "text": "8,899,484   ",
        "box": [
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          540.4632490169133,
          500.4557641101756,
          545.2239385617422
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        "from_ocr": false,
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      {
        "text": "$",
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          511.53654111097654,
          545.2239385617422
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      {
        "text": "(1,255,405)",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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  },
  {
    "page_no": 9,
    "width": 612.0,
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    "cells": [
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "See notes to unaudited condensed consolidated financial statements.",
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      {
        "text": "7",
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      {
        "text": "Apollo Commercial Real Estate Finance, Inc. and Subsidiaries",
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      {
        "text": "Condensed Consolidated Statement of Cash Flows (Unaudited) (Continued)",
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      {
        "text": "(in thousands)",
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "Six Months Ended June 30,",
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          546.8364030751488,
          135.80351211905509
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          226.58202555908187,
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          228.83202546533187,
          149.30351155655444
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      {
        "text": "2026",
        "box": [
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          464.999980625,
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      {
        "text": "   ",
        "box": [
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          498.0234167490234,
          148.55351158780468
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      {
        "text": "2025",
        "box": [
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          148.55351158780468
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      {
        "text": " ",
        "box": [
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        "text": "Cash flows from financing activities:",
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          174.56137435978437,
          160.4739545929924
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          487.2538896977537,
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        "from_ocr": false,
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      {
        "text": "  ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "Proceeds from secured debt arrangements",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "594,095   ",
        "box": [
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          498.1471667063672,
          172.47395409299224
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "2,008,388 ",
        "box": [
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          575.1393509983593,
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        "text": "Proceeds related to financing on real estate owned",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          422.3788924008787,
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          184.47395359299207
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "19,435   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "50,927 ",
        "box": [
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          575.1393509983593,
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        "from_ocr": false,
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        "text": "Repayments of secured debt arrangements",
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          191.713263548163,
          208.9548785543724,
          196.4739530929919
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.3788924008787,
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          424.7526422644725,
          196.4739530929919
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(6,929,540)  ",
        "box": [
          448.4882663129881,
          191.713263548163,
          498.1471667063672,
          196.4739530929919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          504.79685396679685,
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          507.17060383039063,
          196.4739530929919
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(934,352)",
        "box": [
          538.0195125825193,
          191.713263548163,
          575.9275101090182,
          196.4739530929919
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Repayments of senior secured term loan principal",
        "box": [
          48.128904244628906,
          203.71326304816284,
          236.91129028687106,
          208.47395259299174
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.3788924008787,
          203.71326304816284,
          424.7526422644725,
          208.47395259299174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(746,250)  ",
        "box": [
          455.60154351660157,
          203.71326304816284,
          498.1471667063672,
          208.47395259299174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          504.79685396679685,
          203.71326304816284,
          507.17060383039063,
          208.47395259299174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,250)",
        "box": [
          542.7656023847655,
          203.71326304816284,
          575.9275101090182,
          208.47395259299174
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Repayments of senior secured notes",
        "box": [
          48.128904244628906,
          215.71326254816267,
          184.7120473394904,
          220.47395209299248
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.3788924008787,
          215.71326254816267,
          424.7526422644725,
          220.47395209299248
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(500,000)  ",
        "box": [
          455.60154351660157,
          215.71326254816267,
          498.1471667063672,
          220.47395209299248
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          562.5468515605468,
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          575.1393509983593,
          220.47395209299248
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Payment of deferred financing costs",
        "box": [
          48.128904244628906,
          227.71326204816341,
          185.23130006785487,
          232.4739515929923
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          422.3788924008787,
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          424.7526422644725,
          232.4739515929923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,456)  ",
        "box": [
          465.09373062109375,
          227.71326204816341,
          498.1471667063672,
          232.4739515929923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          504.79685396679685,
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          507.17060383039063,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(15,499)",
        "box": [
          542.7656023847655,
          227.71326204816341,
          575.9275101090182,
          232.4739515929923
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        "from_ocr": false,
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      {
        "text": "Payment of issuance discount",
        "box": [
          48.128904244628906,
          239.71326154816325,
          160.72886693613884,
          244.47395109299214
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "-   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "(5,625)",
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          575.9275101090182,
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        "from_ocr": false,
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      {
        "text": "Repayments of mortgages on real estate owned",
        "box": [
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          227.42096397412615,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "(73,700)  ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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          575.1393509983593,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Payment of withholding tax on RSU delivery",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "(5,576)  ",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "(4,947)",
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        "text": "Repurchase of common stock",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "(123,528)  ",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "- ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "(70,352)  ",
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      {
        "text": " ",
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      {
        "text": "(70,694)",
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        "text": "Dividends on preferred stock",
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      {
        "text": " ",
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      {
        "text": "(6,136)  ",
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      {
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      {
        "text": "(6,136)",
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        "text": "Net cash provided by (used in) financing activities",
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      {
        "text": "$",
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      {
        "text": "(7,848,008)  ",
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      {
        "text": "$",
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        "text": "1,010,812 ",
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        "text": "1,097,959   ",
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      {
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      {
        "text": "(142,051)",
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        "text": "Cash and cash equivalents beginning of period",
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      {
        "text": "$",
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      {
        "text": "139,825   ",
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      {
        "text": "$",
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      {
        "text": "317,396 ",
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      {
        "text": "1,696   ",
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        "text": "1,239,480   ",
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        "text": "180,783   ",
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        "text": "(4,151)  ",
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      {
        "text": " ",
        "box": [
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        "text": "-   ",
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        "text": " ",
        "box": [
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        "text": "1,274 ",
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      {
        "text": "Restructuring of subordinate loan to commercial mortgage loan",
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        "text": " ",
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        "text": "-   ",
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          498.1471667063672,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "148,034 ",
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      {
        "text": " ",
        "box": [
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          71.54296576904297,
          473.035658808536
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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  },
  {
    "page_no": 10,
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    "cells": [
      {
        "text": " ",
        "box": [
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      {
        "text": "8",
        "box": [
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      {
        "text": "Apollo Commercial Real Estate Finance, Inc. and Subsidiaries",
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      {
        "text": "Notes to Condensed Consolidated Financial Statements (Unaudited)",
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      {
        "text": "Note 1 - Organization",
        "box": [
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        "text": "Apollo Commercial Real Estate Finance, Inc. (together with its consolidated subsidiaries, is referred to throughout this report as ",
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        "confidence": 1.0
      },
      {
        "text": "the \"Company,\" \"ARI,\" \"we,\" \"us\" and \"our\") is a corporation that has elected to be taxed as a real estate investment trust (\"REIT\") for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "U.S. federal income tax purposes.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We were formed in Maryland on June 29, 2009, commenced operations on September 29, 2009 and are externally managed and ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "advised by ACREFI Management, LLC (the \"Manager\"), an indirect subsidiary of Apollo Global Management, Inc. (together with its ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsidiaries, \"Apollo\").",
        "box": [
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          127.7156324097651,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended  December  31,  2009.  To  maintain  our  tax  qualification  as  a  REIT,  we  are  required  to  distribute  at  least  90%  of  our  taxable ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income, excluding net capital gains, to stockholders and meet certain other asset, income, and ownership tests.",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "On April 24, 2026 (the \"Closing Date\"), we sold our commercial real estate loan portfolio (other than loans that were repaid prior ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to closing and the Chicago Hotel Loan (as defined below) which was repaid after closing) (the \"Asset Sale\") to Athene Holding Ltd. ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(\"Athene\"),  a  subsidiary  of  Apollo  Global  Management,  Inc.  (\"AGM,\"  and  together  with  its  subsidiaries,  \"Apollo\"),  for  cash ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consideration of approximately $8.6 billion. A portion of the proceeds from the Asset Sale were used to repay all of our secured credit ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facilities and a private securitization with Barclays Bank plc, as well as approximately $1.4 billion in principal balance of financing ",
        "box": [
          33.74999859375,
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          323.1431858789656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "facilities and other indebtedness and to pay transaction expenses.",
        "box": [
          33.74999859375,
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          293.8799468612518,
          335.1431853789654
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          342.1305472676686,
          36.249373470859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 2 - Summary of Significant Accounting Policies",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Basis of Presentation",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries. ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All  intercompany  amounts  have  been  eliminated.  The  preparation  of  financial  statements  in  conformity  with  accounting  principles ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "generally accepted in the United States of America (\"GAAP\") requires us to make estimates and assumptions that affect the reported ",
        "box": [
          33.74999859375,
          429.1305436426683,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts of revenues and expenses during the reporting periods. Our most significant estimates include current expected credit loss ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          458.1431802539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(\"CECL\")  allowances.  Actual  results  may  differ  from  estimates.  Certain  reclassifications  have  been  made  to  previously  reported ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts to conform to the current period's presentation. ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Q and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (the \"SEC\"). In the opinion ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly our financial position, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "results of operations and cash flows have been included. Our results of operations for the three and six months ended June 30, 2026 are ",
        "box": [
          33.74999859375,
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          580.7493507833593,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not necessarily indicative of the results to be expected for the full year or any other future period.",
        "box": [
          33.74999859375,
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          563.1431758789649
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We currently operate in one reporting segment. Refer to \"Note 19 - Segment Reporting\" for additional information.",
        "box": [
          56.46093514746094,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned, Held for Investment",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate assets that are acquired for investment are assumed at their estimated fair value at acquisition and presented net of ",
        "box": [
          56.24999765625,
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          626.143173253965
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accumulated depreciation and impairments, if applicable. Upon acquisition, we allocate the value of acquired real estate assets based on ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the fair value of the acquired land, building, furniture, fixtures and equipment, and intangible assets, if applicable. Real estate assets are ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depreciated using the straight-line method over the assets' estimated useful lives of up to 40 years for buildings and up to 8 years for ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "furniture,  fixtures  and  equipment.  Renovations  and/or  replacements  that  improve  or  extend  the  life  of  the  real  estate  asset  are ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For real estate projects under development, we capitalize costs incurred to prepare the property for its ",
        "box": [
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        "from_ocr": false,
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    ]
  },
  {
    "page_no": 11,
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    "cells": [
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "9",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intended  use  in  accordance  with  ASC  Topic  970,  \"Real  Estate  -  General.\"  Such  costs  can  include  costs  related  to  acquisition, ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "construction, financing, development, and real estate taxes. The capitalization of such expenses ceases when the real estate project is ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "ready  for  its  intended  use  and  occupied  by  tenants,  or  held  for  available  occupancy,  but  no  later  than  one-year  from  substantial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "completion of major construction activities. If portions of a real estate project are substantially completed and occupied by tenants, or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "as a separate project. We cease capitalization on the portions substantially completed and occupied or held available for occupancy, and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "capitalize only those costs associated with the portions under construction.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue Recognition",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income on our lending assets is accrued based on the actual coupon rate adjusted for accretion of any purchase discounts, ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  amortization  of  any  purchase  premiums  and  the  accretion  of  any  deferred  fees,  in  accordance  with  GAAP.  Loans  that  are ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significantly  past  due  may  be  placed  on  nonaccrual  if  we  determine  it  is  probable  that  we  will  not  collect  all  payments  which  are ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contractually due. When a loan is placed on nonaccrual, interest is only recorded as interest income when it's received. Under certain ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "circumstances,  we  may  apply  cost  recovery  under  which  interest  collected  on  a  loan  reduces  its  amortized  cost.  The  cost  recovery ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method will no longer apply if collection of all principal and interest is reasonably assured. A loan may be placed back on accrual status ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "if we determine it is probable that we will collect all payments which are contractually due.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned operations in our condensed consolidated statement of operations represent revenue associated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with  the  operations  of  hotel  properties  (\"hotel  revenue\")  and  rental  income  from  a  multifamily  property  (\"rental  revenue\").  Hotel ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revenue is recognized when guestrooms are occupied or services have been rendered and are recorded net of any discounts and sales ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and other taxes collected from customers. Hotel revenues consist of room sales, food and beverage sales and other hotel revenues. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental revenue consists of base rent net of concessions, if applicable, recognized on a straight-line basis over the term of the lease. We ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "space and when the leased space is substantially ready for its intended use. The difference between rental revenue earned on a straight-",
        "box": [
          33.74999859375,
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          578.247341436859,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "line basis and cash rent received is recorded as a receivable and presented within \"other assets\" on our condensed consolidated balance ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sheets.",
        "box": [
          33.74999859375,
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          60.681718727844945,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with ASC 610- 20, ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\"Gains and Losses from the Derecognition of Nonfinancial Assets.\" We use the specific identification method to allocate costs.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recent Accounting Pronouncements",
        "box": [
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          184.8350785689511,
          452.1431805039656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  July  2025,  the  Financial  Accounting  Standards  Board  (\"FASB\")  issued  ASU  2025-05  \"Measurement  of  Credit  Losses  for ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts Receivable and Contract Assets\" (\"ASU 2025-05\"). ASU 2025-05 allows entities to prospectively apply a practical expedient ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that assumes current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable when ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimating expected credit losses. ASU 2025-05 is applicable for reporting periods beginning after December 31, 2025. We do not ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expect ASU 2025-05 to materially affect our consolidated financial statements.",
        "box": [
          33.74999859375,
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          350.2329413382102,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In November 2024, the FASB issued ASU 2024-03 \"Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income  Statement  Expenses\"  (\"ASU  2024-03\").  ASU  2024-03  requires  disaggregation  of  certain  expense  captions  in  financial ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statement disclosures for each interim and annual reporting period. The guidance is effective for annual periods starting after December ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15, 2026, and interim periods after December 15, 2027, with early adoption permitted. It is to be adopted on a prospective basis with ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the option to apply retrospectively. We have not early adopted ASU 2024-03 and are currently evaluating its impact. We do not expect ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "it to materially affect our consolidated financial statements.",
        "box": [
          33.74999859375,
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          271.38068032372115,
          602.1431742539653
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In December 2023, the FASB issued ASU 2023-09 \"Improvements to Income Tax Disclosures\" (\"ASU 2023-09\") which intends ",
        "box": [
          56.46093514746094,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and is to be adopted on a prospective basis with the option to apply retrospectively. We have adopted ASU 2023-09, which did not have ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a material impact on our financial condition, results of operations or financial statement disclosure. Refer to \"Note 12 - Income Taxes\" ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for income tax disclosures.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          36.249373470859375,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 12,
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    "cells": [
      {
        "text": " ",
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      {
        "text": "10",
        "box": [
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      {
        "text": "Note 3 - Fair Value Disclosure",
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        "confidence": 1.0
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      {
        "text": "GAAP establishes a hierarchy of valuation techniques based on the observability of the inputs utilized in measuring financial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments at fair value. Market-based or observable inputs are the preferred source of values, followed by valuation models using ",
        "box": [
          33.74999859375,
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          128.14319400396562
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management's  assumptions  in  the  absence  of  market-based  or  observable  inputs.  The  three  levels  of  the  hierarchy  as  noted  in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounting Standards Codification (\"ASC\") Topic 820, \"Fair Value Measurements and Disclosures",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\"",
        "box": [
          433.32420444482403,
          147.1305553926686,
          437.52237323370616,
          152.14319300396528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (\"ASC 820\") are described below:",
        "box": [
          437.53123176953125,
          147.1305553926686,
          577.0127737318875,
          152.14319300396528
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level I - Quoted prices in active markets for identical assets or liabilities.",
        "box": [
          56.46093514746094,
          168.13055451766832,
          356.56612437432716,
          173.1431921289659
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level  II  -  Prices  are  determined  using  other  significant  observable  inputs.  Observable  inputs  are  inputs  that  other  market ",
        "box": [
          56.46093514746094,
          189.13055364266802,
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          194.1431912539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit risk and others.",
        "box": [
          33.74999859375,
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          120.3688346908817,
          218.14319025396526
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level III - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs ",
        "box": [
          56.46093514746094,
          234.1305517676683,
          580.7493507833593,
          239.14318937896587
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          251.1431888789657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may be used.",
        "box": [
          33.74999859375,
          258.13055076766796,
          86.22218398865886,
          263.14318837896553
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "While  we  anticipate  that  our  valuation  methods  are  appropriate  and  consistent  with  valuation  methods  used  by  other  market ",
        "box": [
          56.46093514746094,
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          580.7493507833593,
          284.14318750396524
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result ",
        "box": [
          33.74999859375,
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          296.143187003966
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in a different estimate of fair value at the reporting date. We use inputs that are current as of the measurement date, which may include ",
        "box": [
          33.74999859375,
          303.13054889266823,
          580.7493507833593,
          308.1431865039649
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "periods of market dislocation, during which price transparency may be reduced.",
        "box": [
          33.74999859375,
          315.13054839266806,
          353.00080947288217,
          320.14318600396473
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          327.1305478926679,
          36.249373470859375,
          332.1431855039664
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Forward Currency Contracts",
        "box": [
          33.74999859375,
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          151.49873840796528,
          344.1431850039662
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The fair values of foreign exchange (\"Fx\") forwards are determined by comparing the contracted forward exchange rate to the ",
        "box": [
          56.46093514746094,
          360.13054651766834,
          580.7493507833593,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates, and interest ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate curves for the underlying countries. Our Fx forwards are classified as Level II in the fair value hierarchy. In connection with the ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          389.1431831289665
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Sale, we unwound all forward currency contracts during the three months ended June 30, 2026.",
        "box": [
          33.74999859375,
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          439.64892236254417,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
          413.14318212896615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Hedging Instruments",
        "box": [
          33.74999859375,
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          171.7475473892649,
          425.143181628966
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  fair  values  of  our  interest  rate  caps  are  determined  by  using  the  market  standard  methodology  of  discounting  the  future ",
        "box": [
          56.46093514746094,
          441.1305431426681,
          580.7493507833593,
          446.14318075396477
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected cash receipts that occur when variable interest rates rise above the strike rates of the interest rate caps. The variable interest ",
        "box": [
          33.74999859375,
          453.13054264266793,
          580.7493507833593,
          458.1431802539664
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        "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": [
          33.74999859375,
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          470.14317975396625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rates derived from observable market interest rate curves and volatility. Our interest rate caps are classified as Level II in the ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          482.1431792539661
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value hierarchy and manage our exposure to variable cash flows on certain of our borrowings. As of June 30, 2026, we did not hold ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "any interest rate caps. As of December 31, 2025, we held one interest rate cap related to financing on a full service luxury hotel in ",
        "box": [
          33.74999859375,
          501.1305406426691,
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          506.14317825396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Washington D.C. (\"D.C. Hotel\"). Refer to \"Note 5 - Real Estate Owned\" and \"Note 10 - Derivatives\" for further detail.",
        "box": [
          33.74999859375,
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          512.7213682428587,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
          530.1431772539654
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans and Other Lending Assets Held for Sale",
        "box": [
          33.74999859375,
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          220.08988075214938,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans and other lending assets are classified as held for sale if there is an intent to sell them in the short-term following",
        "box": [
          56.46093514746094,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the reporting date. These loans are recorded at the lower of amortized cost or fair value, less selling costs, unless the fair value option ",
        "box": [
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          575.1431753789657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was elected at the time of origination. If the loan's fair value, less selling costs, is determined to be less than its amortized cost, a fair ",
        "box": [
          33.74999859375,
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          587.1431748789655
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value  adjustment  may  be  recorded  through  a  valuation  allowance.  Changes  in  the  valuation  allowance  are  recorded  within  our ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statement of operations in the period in which the change occurs. ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The fair value of loans held for sale may be estimated using sales of comparable loans as supported by independent market data, ",
        "box": [
          56.46093514746094,
          627.1305353926691,
          580.7493507833593,
          632.1431730039658
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or a contractually negotiated sales price. We consider the inputs used to calculate the fair value of loans held for sale as unobservable ",
        "box": [
          33.74999859375,
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          580.7493507833593,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "inputs. Accordingly, we classify the fair value of loans held for sale within Level III of the fair value hierarchy. ",
        "box": [
          33.74999859375,
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          481.5384174171484,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2025, we held a promissory note classified as held for sale. During the three months ended June 30, 2025, we ",
        "box": [
          56.46093514746094,
          672.1305335176676,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded a fair value adjustment of $1.2 million (representing the difference between the note's amortized cost and the note's ",
        "box": [
          33.74999859375,
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          534.2845127193943,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 13,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          300.99608495849594,
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          310.9935794794336,
          613.3931737852145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair  value  as  of  June  30,  2025),  which  is  included  within  Valuation  allowance,  loans  and  other  lending  assets  held  for  sale  on  our ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condensed consolidated statement of operations.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes the levels in the fair value hierarchy into which our assets and liabilities with recurring fair value ",
        "box": [
          56.46093514746094,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measurements were categorized as of June 30, 2026 and December 31, 2025 ($ in thousands). As previously stated, we did not hold any ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "forward currency contracts or interest rate caps as of June 30, 2026.",
        "box": [
          33.74999859375,
          147.1305553926668,
          304.40947197252166,
          152.14319300396528
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          104.95312062695311,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          180.35155498535156,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value as of June 30, 2026",
        "box": [
          225.5624906015625,
          173.29100835953977,
          335.7905134987279,
          177.8035103690545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.76170671826156,
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          381.01170662451153,
          177.8035103690545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.1757689926756,
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          386.4257688989256,
          177.8035103690545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value as of December 31, 2025",
        "box": [
          414.785142717285,
          173.29100835953977,
          545.4916804311788,
          177.8035103690545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          573.9491985854489,
          173.29100835953977,
          576.199198491699,
          177.8035103690545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          104.95312062695311,
          186.79100779704095,
          107.20312053320313,
          191.30350980655385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          180.35155498535156,
          186.79100779704095,
          182.60155489160155,
          191.30350980655385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level I",
        "box": [
          187.64061718164064,
          186.04100782829119,
          213.374991109375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          218.40233839990216,
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          220.6523383061522,
          190.55350983780409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          223.81640067431624,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level II",
        "box": [
          234.09374024609374,
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          262.8251843389501,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          270.8437387148437,
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          273.09373862109373,
          190.55350983780409
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          276.2578009892578,
          186.04100782829119,
          278.5078008955078,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level III",
        "box": [
          285.035148123535,
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          316.7636623815134,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          323.285146529785,
          186.04100782829119,
          325.535146436035,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          328.69920880419903,
          186.04100782829119,
          330.94920871044906,
          190.55350983780409
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          345.3632706098631,
          186.04100782829119,
          364.35643385848124,
          190.55350983780409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.76170671826156,
          186.04100782829119,
          381.01170662451153,
          190.55350983780409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.1757689926756,
          186.04100782829119,
          386.4257688989256,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level I",
        "box": [
          391.4648311889647,
          186.04100782829119,
          417.19920511669903,
          190.55350983780409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          422.2265449072265,
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          424.47654481347655,
          190.55350983780409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          427.64060718164063,
          186.04100782829119,
          429.8906070878906,
          190.55350983780409
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level II",
        "box": [
          437.9179542534178,
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          466.6493983462742,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          474.67966772167966,
          186.04100782829119,
          476.9296676279297,
          190.55350983780409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Level III  ",
        "box": [
          480.0937299960937,
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          520.3945133168943,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          523.5585756850584,
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          525.8085755913083,
          190.55350983780409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          540.328102486328,
          186.04100782829119,
          559.3212657349463,
          190.55350983780409
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          573.9491985854489,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recurring fair value measurements:  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          213.96092858496093,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  ",
        "box": [
          219.374990859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          266.40233639990214,
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          268.90171127701154,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  ",
        "box": [
          271.81639867431625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          318.84373671484377,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  ",
        "box": [
          324.2577989892578,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          374.3202969033203,
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        "from_ocr": false,
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      {
        "text": "  ",
        "box": [
          379.73435917773435,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          417.78514259228496,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  ",
        "box": [
          423.19920486669906,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          470.22654290722653,
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        "from_ocr": false,
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      {
        "text": "  ",
        "box": [
          475.65232768115214,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  ",
        "box": [
          519.1171658701171,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          569.4023237749021,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency forwards, net",
        "box": [
          36.42187348242187,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  $",
        "box": [
          179.13280503613282,
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          189.54561706476562,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-    $",
        "box": [
          206.46092889746095,
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          233.01046275373028,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          258.90233671240213,
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          285.45186306867186,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          311.34373702734376,
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          337.89327088361307,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-    $",
        "box": [
          366.8202972158203,
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          393.36983107208965,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          410.285142904785,
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          436.8346692610547,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,791)   $",
        "box": [
          441.8906065878906,
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          489.2877920755078,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-    $",
        "box": [
          506.2031039082031,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(26,791)",
        "box": [
          541.0663874555662,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interest rate cap assets",
        "box": [
          36.42187348242187,
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          126.07707404220133,
          228.64318981646466
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
          179.13280503613282,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          184.54686731054687,
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
          206.46092889746095,
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
          258.90233671240213,
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          282.9524881915625,
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
          311.34373702734376,
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
          366.8202972158203,
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
          410.285142904785,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          506.2031039082031,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
          561.9023240874021,
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        "from_ocr": false,
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      {
        "text": "Total financial instruments",
        "box": [
          33.74999859375,
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        "from_ocr": false,
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      {
        "text": "  $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-    $",
        "box": [
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          233.01046275373028,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          258.90233671240213,
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          285.45186306867186,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          311.34373702734376,
          236.38055167391758,
          337.89327088361307,
          241.39318928521425
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          366.8202972158203,
          236.38055167391758,
          393.36983107208965,
          241.39318928521425
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          410.285142904785,
          236.38055167391758,
          436.8346692610547,
          241.39318928521425
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,791)   $",
        "box": [
          441.8906065878906,
          236.38055167391758,
          489.2877920755078,
          241.39318928521425
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          506.2031039082031,
          236.38055167391758,
          532.7526377644725,
          241.39318928521425
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,791)",
        "box": [
          541.0663874555662,
          236.38055167391758,
          575.9542215574057,
          241.39318928521425
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          249.13055114266717,
          36.249373470859375,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-recurring Fair Value Measurements",
        "box": [
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          209.49687784137612,
          266.1431882539655
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned",
        "box": [
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          110.38113818828569,
          287.1431873789643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property acquired through foreclosure or deed-in-lieu of foreclosure is classified as real estate owned and recognized at fair value ",
        "box": [
          56.46093514746094,
          303.13054889266823,
          580.7493507833593,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our condensed consolidated balance sheet upon acquisition in accordance with ASC Topic 805, \"Business Combinations\" (\"ASC ",
        "box": [
          33.74999859375,
          315.13054839266806,
          580.7493507833593,
          320.14318600396473
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "805\"). We are required to record real estate owned, a nonfinancial asset, at fair value on a non-recurring basis in accordance with ASC ",
        "box": [
          33.74999859375,
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          332.14318550396456
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "820. Under ASC 820, we may utilize the income, market, or cost approach (or combination thereof) to determine the fair value of real ",
        "box": [
          33.74999859375,
          339.1305473926677,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate owned. We deem the inputs used in these approaches to be significant unobservable inputs. Therefore, we classify the fair value ",
        "box": [
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          580.7493507833593,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of real estate owned within Level III of the fair value hierarchy. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2023, we acquired legal title of a hotel property in Atlanta, GA (\"Atlanta Hotel\") through a deed-in-lieu of foreclosure. ",
        "box": [
          56.46093514746094,
          384.130545517668,
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          389.14318312896467
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At the time of acquisition, we determined the fair value of the net real estate assets to be $75.0 million, using a combination of market ",
        "box": [
          33.74999859375,
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          580.7376357838474,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and income approaches. We utilized a discount rate and capitalization rate of 10.5% and 9.5%, respectively. During the second quarter ",
        "box": [
          33.74999859375,
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          580.7610732828708,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of 2023, the Atlanta Hotel's assets and liabilities were reclassified to held for sale and the fair value of the net real estate assets, less ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "costs to sell, was in excess of our cost basis. During the first quarter of 2024, we determined that the sale to a third party from whom we ",
        "box": [
          33.74999859375,
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          437.143181128964
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "received an unsolicited offer was no longer probable, and we were not actively marketing the property for sale. Therefore, the Atlanta ",
        "box": [
          33.74999859375,
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          580.7493507833593,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel no longer met the criteria for held for sale and was reclassified to real estate owned, held for investment. No impairments had ",
        "box": [
          33.74999859375,
          456.130542517667,
          580.7376357838474,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "been recorded as of June 30, 2026 or December 31, 2025.",
        "box": [
          33.74999859375,
          468.1305420176668,
          264.452485112396,
          473.1431796289653
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  August  2022,  we  acquired  legal  title  of  the  Brooklyn  Multifamily  Development  through  a  deed-in-lieu  of  foreclosure.  We ",
        "box": [
          56.46093514746094,
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          580.7493507833593,
          494.1431787539641
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined  the  fair  value  of  the  real  estate  assumed  to  be  $270.1  million,  based  on  the  market  value  of  the  land  at  the  time  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition. No impairments had been recorded as of June 30, 2026 or December 31, 2025.",
        "box": [
          33.74999859375,
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          397.4720108199154,
          518.1431777539656
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In May 2021, we acquired legal title to the D.C. Hotel through a deed-in-lieu of foreclosure. We assumed the D.C. Hotel's assets ",
        "box": [
          56.46093514746094,
          534.1305392676677,
          580.7493507833593,
          539.1431768789644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and liabilities, including a $110.0 million mortgage loan which we repaid at par. At the time of acquisition, we determined the fair ",
        "box": [
          33.74999859375,
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          551.1431763789642
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of the real estate assets to be $154.3 million. No impairments had been recorded as of June 30, 2026 or December 31, 2025.",
        "box": [
          33.74999859375,
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          563.143175878964
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to \"Note 5 - Real Estate Owned\" for additional discussion. ",
        "box": [
          56.46093514746094,
          579.130537392668,
          318.9524866915625,
          584.1431750039646
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 14,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
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          36.249373470859375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net",
        "box": [
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          90.1305577676685,
          416.97885563137953,
          95.14319537896517
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed above, on the Closing Date, we sold our commercial real estate loan portfolio (other than loans that were repaid ",
        "box": [
          56.46093514746094,
          111.13055689266912,
          580.7493507833593,
          116.14319450396579
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prior to closing and one commercial mortgage loan secured by a hotel in Chicago, IL with a principal balance of $46 million, which ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repaid after the Closing Date (the \"Chicago Hotel Loan\")) to Athene, a subsidiary of Apollo, for cash consideration of approximately ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          140.14319350396545
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$8.6  billion,  which  is  based  on  99.7%  of  the  total  commitment  amount  of  such  loans  as  of  the  Closing  Date,  subject  to  certain ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustments as provided in the Purchase Agreement. Accordingly, due to the Asset Sale, there were no outstanding loans as of June 30, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026.",
        "box": [
          33.74999859375,
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          56.24435253773521,
          176.14319200396676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loan portfolio was comprised of the following as of June 30, 2026 and December 31, 2025 ($ in thousands):",
        "box": [
          56.46093514746094,
          192.1305535176689,
          505.9818968415074,
          197.14319112896555
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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          209.14319062896539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Type",
        "box": [
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          72.98437195898438,
          222.80350849405477
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
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          377.8124842578125,
          222.80350849405477
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          402.4804557299803,
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          452.72752401635233,
          222.80350849405477
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          472.6874803046875,
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          479.1327925361328,
          222.80350849405477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          493.5585769350584,
          218.29100648454187,
          564.2841600381588,
          222.80350849405477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0312260820311,
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          576.2812259882812,
          222.80350849405477
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage loans, net",
        "box": [
          33.74999859375,
          231.13055189266925,
          164.23480253097057,
          236.1431895039659
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          231.13055189266925,
          378.0618592286719,
          236.1431895039659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.4804564799803,
          231.13055189266925,
          389.479206234199,
          236.1431895039659
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          460.73435580273434,
          231.13055189266925,
          479.3821675069922,
          236.1431895039659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          485.8007647583006,
          231.13055189266925,
          490.7995145125194,
          236.1431895039659
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,712,018 ",
        "box": [
          532.0663878305662,
          231.13055189266925,
          575.2766985113865,
          236.1431895039659
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subordinate loans, net",
        "box": [
          33.74999859375,
          243.13055139266908,
          122.87798512917132,
          248.14318900396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          243.88055136141884,
          378.0618592286719,
          248.8931889727155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.4804564799803,
          243.13055139266908,
          386.97983135708967,
          248.14318900396574
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          460.73435580273434,
          243.13055139266908,
          479.3821675069922,
          248.14318900396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.8007647583006,
          243.13055139266908,
          488.30013963541,
          248.14318900396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62,198 ",
        "box": [
          544.5585748100583,
          243.13055139266908,
          575.2766985113865,
          248.14318900396574
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying value, net",
        "box": [
          33.74999859375,
          256.63055083016843,
          110.6496073386871,
          261.6431884414651
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          256.63055083016843,
          378.0618592286719,
          261.6431884414651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.4804564799803,
          256.63055083016843,
          389.479206234199,
          261.6431884414651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          460.73435580273434,
          256.63055083016843,
          479.3821675069922,
          261.6431884414651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          485.8007647583006,
          256.63055083016843,
          490.7995145125194,
          261.6431884414651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,774,216 ",
        "box": [
          532.0663878305662,
          256.63055083016843,
          575.2766985113865,
          261.6431884414651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          267.5273325730286,
          35.24999853125,
          270.5356672460366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
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          43.07227342132069,
          282.2150298908582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $158.7 million of contiguous financing structured as subordinate loans in 2025.",
        "box": [
          56.22656015722656,
          278.2064240142827,
          339.38154832160154,
          282.2150298908582
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  loan  portfolio  consisted  of  96%  floating  rate  loans,  based  on  amortized  cost,  net  of  Specific  CECL  Allowance,  as  of ",
        "box": [
          56.46093514746094,
          296.38054917391855,
          580.7376357838474,
          301.3931867852152
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025.",
        "box": [
          33.74999859375,
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          114.81363254734848,
          313.39318628521505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity relating to our loan portfolio for the six months ended June 30, 2026 was as follows ($ in thousands):",
        "box": [
          56.46093514746094,
          329.380547798919,
          496.2883164454067,
          334.39318541021566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
          346.3931849102155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          167.75390301025374,
          378.7909997970419,
          170.00390291650373,
          383.3035018065548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.72264730322246,
          378.7909997970419,
          306.9726472094725,
          383.3035018065548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          323.0507715395506,
          366.79100029704205,
          355.5439342256687,
          371.30350230655495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
          324.80858396630845,
          378.0409998282921,
          353.7905164987278,
          382.553501837805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          369.21092211621095,
          378.0409998282921,
          375.65623434765627,
          382.553501837805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred ",
        "box": [
          392.0507686645506,
          355.541000765792,
          426.28123223828123,
          360.0535027753049
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fees/Other ",
        "box": [
          388.28904632128905,
          366.79100029704205,
          430.03123208203124,
          371.30350230655495
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Items",
        "box": [
          398.039045915039,
          378.0409998282921,
          418.0341622919091,
          382.553501837805
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "   ",
        "box": [
          437.99998174999996,
          378.0409998282921,
          444.4452939814453,
          382.553501837805
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Specific CECL ",
        "box": [
          449.4609187724609,
          366.79100029704205,
          506.449201397949,
          371.30350230655495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance",
        "box": [
          457.3359184443359,
          378.0409998282921,
          496.31980364000725,
          382.553501837805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          506.789041383789,
          378.0409998282921,
          513.2343536152343,
          382.553501837805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          528.8085754663084,
          366.79100029704205,
          563.0507615395505,
          371.30350230655495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          534.0585752475583,
          378.0409998282921,
          555.5478322321726,
          382.553501837805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0077885830077,
          378.0409998282921,
          576.2577884892578,
          382.553501837805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          33.74999859375,
          390.8805452364195,
          112.31426265773888,
          395.89318284771616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.72264730322246,
          390.8805452364195,
          316.34248678156246,
          395.89318284771616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,204,060    $",
        "box": [
          327.26952136376934,
          390.8805452364195,
          385.0260814197459,
          395.89318284771616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(53,090)   $",
        "box": [
          405.21092061621096,
          390.8805452364195,
          453.815141053535,
          395.89318284771616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(338,000)   $",
        "box": [
          469.0077929580078,
          390.8805452364195,
          522.604200687324,
          395.89318284771616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,812,970 ",
        "box": [
          532.0195128325194,
          390.8805452364195,
          575.2298235133396,
          395.89318284771616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New loan fundings",
        "box": [
          38.7539046352539,
          403.6305447051691,
          114.83342633568671,
          408.64318231646575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.72264730322246,
          403.6305447051691,
          316.34248678156246,
          408.64318231646575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "299,900    $",
        "box": [
          334.76952105126935,
          403.6305447051691,
          385.0260814197459,
          408.64318231646575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          426.0468572480469,
          403.6305447051691,
          453.815141053535,
          408.64318231646575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          494.83591688183594,
          403.6305447051691,
          522.604200687324,
          408.64318231646575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "299,900 ",
        "box": [
          539.5195125200194,
          403.6305447051691,
          575.2298235133396,
          408.64318231646575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Add-on loan fundings",
        "box": [
          38.7539046352539,
          416.3805441739187,
          126.50040282456266,
          421.39318178521535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.72264730322246,
          416.3805441739187,
          316.34248678156246,
          421.39318178521535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "373,806    $",
        "box": [
          334.76952105126935,
          416.3805441739187,
          385.0260814197459,
          421.39318178521535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          426.0468572480469,
          416.3805441739187,
          453.815141053535,
          421.39318178521535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          494.83591688183594,
          416.3805441739187,
          522.604200687324,
          421.39318178521535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "373,806 ",
        "box": [
          539.5195125200194,
          416.3805441739187,
          575.2298235133396,
          421.39318178521535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan repayments and sale",
        "box": [
          38.7539046352539,
          429.1305436426683,
          142.8537426953219,
          434.14318125396494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.72264730322246,
          429.1305436426683,
          316.34248678156246,
          434.14318125396494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,500,444)   $",
        "box": [
          323.9296740029297,
          429.1305436426683,
          385.0260814197459,
          434.14318125396494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          426.0468572480469,
          429.1305436426683,
          453.815141053535,
          434.14318125396494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          494.83591688183594,
          429.1305436426683,
          522.604200687324,
          434.14318125396494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,500,444)",
        "box": [
          528.6796654716796,
          429.1305436426683,
          576.0596940530111,
          434.14318125396494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net realized loss on investments",
        "box": [
          38.7539046352539,
          441.88054311141786,
          168.13546016476852,
          446.89318072271635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.72264730322246,
          441.88054311141786,
          316.34248678156246,
          446.89318072271635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(387,561)   $",
        "box": [
          331.4296736904297,
          441.88054311141786,
          385.0260814197459,
          446.89318072271635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,474    $",
        "box": [
          408.5507679770506,
          441.88054311141786,
          453.815141053535,
          446.89318072271635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          494.83591688183594,
          441.88054311141786,
          522.604200687324,
          446.89318072271635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(339,087)",
        "box": [
          536.1913876586912,
          441.88054311141786,
          576.0596940530111,
          446.89318072271635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decrease in Specific CECL Allowance",
        "box": [
          38.7539046352539,
          454.6305425801693,
          194.76451840737286,
          459.64318019146594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.72264730322246,
          454.6305425801693,
          316.34248678156246,
          459.64318019146594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          357.2577976142578,
          454.6305425801693,
          385.0260814197459,
          459.64318019146594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          426.0468572480469,
          454.6305425801693,
          453.815141053535,
          459.64318019146594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "338,000    $",
        "box": [
          472.3476403188475,
          454.6305425801693,
          522.604200687324,
          459.64318019146594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "338,000 ",
        "box": [
          539.5195125200194,
          454.6305425801693,
          575.2298235133396,
          459.64318019146594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on foreign currency translation",
        "box": [
          38.7539046352539,
          467.38054204891887,
          208.93570698184521,
          472.39317966021554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.72264730322246,
          467.38054204891887,
          316.34248678156246,
          472.39317966021554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,615    $",
        "box": [
          344.7656106347656,
          467.38054204891887,
          385.0260814197459,
          472.39317966021554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(205)   $",
        "box": [
          417.71483009521467,
          467.38054204891887,
          453.815141053535,
          472.39317966021554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          494.83591688183594,
          467.38054204891887,
          522.604200687324,
          472.39317966021554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,410 ",
        "box": [
          549.5156021035156,
          467.38054204891887,
          575.2298235133396,
          472.39317966021554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred fees and other items",
        "box": [
          38.7539046352539,
          480.13054151766846,
          157.00055382872299,
          485.14317912896513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.72264730322246,
          480.13054151766846,
          316.34248678156246,
          485.14317912896513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          357.2577976142578,
          480.13054151766846,
          385.0260814197459,
          485.14317912896513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,493)   $",
        "box": [
          410.21483040771466,
          480.13054151766846,
          453.815141053535,
          485.14317912896513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          494.83591688183594,
          480.13054151766846,
          522.604200687324,
          485.14317912896513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,493)",
        "box": [
          546.1757622426755,
          480.13054151766846,
          576.0596940530111,
          485.14317912896513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of fees",
        "box": [
          38.7539046352539,
          492.88054098641805,
          121.48213428365716,
          497.89317859771654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.72264730322246,
          492.88054098641805,
          316.34248678156246,
          498.6431785664663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,624    $",
        "box": [
          344.7656106347656,
          492.88054098641805,
          385.0260814197459,
          497.89317859771654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,314    $",
        "box": [
          413.5546702685547,
          492.88054098641805,
          453.815141053535,
          497.89317859771654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          494.83591688183594,
          492.88054098641805,
          522.604200687324,
          497.89317859771654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,938 ",
        "box": [
          544.5116998120114,
          492.88054098641805,
          575.2298235133396,
          497.89317859771654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          33.74999859375,
          506.38054042391923,
          89.56605275558098,
          511.3931780352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.72264730322246,
          506.38054042391923,
          316.34248678156246,
          512.1431780039657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          357.2577976142578,
          506.38054042391923,
          385.0260814197459,
          511.3931780352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          426.0468572480469,
          506.38054042391923,
          453.815141053535,
          511.3931780352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-    $",
        "box": [
          494.83591688183594,
          506.38054042391923,
          522.604200687324,
          511.3931780352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.0077890830078,
          506.38054042391923,
          575.2298235133396,
          511.3931780352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          518.0273221355274,
          35.24999853125,
          521.0356568085372
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          528.7064135767814,
          43.07227342132069,
          532.7150194533588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents fundings subsequent to loan closing.",
        "box": [
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          209.88795921716815,
          532.7150194533588
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
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          43.07227342132069,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A net realized loss on investments of $339.1 million was recorded during the six months ended June 30, 2026. On the Closing Date, we wrote off $335.0 million ",
        "box": [
          56.22656015722656,
          539.2064131392817,
          580.2487257854687,
          543.2150190158591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of previously recorded Specific CECL Allowance on loans that were included in the Asset sale. We recognized an additional net realized loss of $2.6 million ",
        "box": [
          56.22656015722656,
          547.4564127955309,
          580.2487257854687,
          551.4650186721083
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "resulting from the discount on the Asset Sale compared to our loan's cost basis. An additional net realized loss of $1.5 million was recognized upon the discounted ",
        "box": [
          56.22656015722656,
          555.706412451782,
          580.2604482849803,
          559.7150183283593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayment of the Chicago Hotel Loan.",
        "box": [
          56.22656015722656,
          563.9564121080311,
          179.21975122001012,
          567.9650179846085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
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          43.07227342132069,
          577.715017578359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We wrote off $335.0 million of previously recorded Specific CECL Allowance on the Closing Date. Upon the discounted repayment of the Chicago Hotel Loan, ",
        "box": [
          56.22656015722656,
          573.7064117017817,
          580.2487257854687,
          577.715017578359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we wrote off an additional $1.5 million of previously recorded Specific CECL Allowance and reversed the remaining $1.5 million Specific CECL Allowance. See ",
        "box": [
          56.22656015722656,
          581.9564113580309,
          580.2604482849803,
          585.9650172346082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional detail below.",
        "box": [
          56.22656015722656,
          590.2064110142819,
          131.49187068367183,
          594.2150168908593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          33.74999859375,
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          43.07227342132069,
          602.4650165471085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other items primarily consist of purchase discounts or premiums, cost recovery interest, exit fees, and deferred origination expenses.",
        "box": [
          56.22656015722656,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As we sold our commercial real estate loan portfolio to Athene during the three months ended June 30, 2026, and there were no ",
        "box": [
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      {
        "text": "outstanding loans as of June 30, 2026. Accordingly, the following tables present information solely as of December 31, 2025.",
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        "text": " ",
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        "text": " ",
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
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          175.9500009511514,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
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          202.5749998417764,
          455.67355712355493
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
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          481.17355606105593
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 15,
    "width": 612.0,
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    "cells": [
      {
        "text": "12",
        "box": [
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          43.39319753521522
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        "from_ocr": false,
        "confidence": 1.0
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  },
  {
    "page_no": 16,
    "width": 612.0,
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    "cells": [
      {
        "text": " ",
        "box": [
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          36.249373470859375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details overall statistics for our loan portfolio as of December 31, 2025 ($ in thousands):",
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          95.143195378967
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          117.04101070329125,
          243.09373987109376,
          121.55351271280597
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          453.1523286186522,
          121.55351271280597
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          479.78904250878907,
          116.29101073454149,
          550.5146256118895,
          120.8035127440562
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          116.29101073454149,
          574.488261062988,
          120.8035127440562
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      {
        "text": "Number of loans",
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          100.94015068957319,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
          450.90232871240215,
          129.13055614266887,
          453.40170358951156,
          134.14319375396553
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.83591825683595,
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          464.3352931339453,
          134.14319375396553
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      {
        "text": "56 ",
        "box": [
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          571.6907611608005,
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        "confidence": 1.0
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      {
        "text": "Principal balance",
        "box": [
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          102.868373661379,
          146.14319325396536
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          453.40170358951156,
          146.14319325396536
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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          466.8346680110547,
          146.14319325396536
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        "confidence": 1.0
      },
      {
        "text": "9,204,060 ",
        "box": [
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          571.6907611608005,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying value, net",
        "box": [
          33.74999859375,
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          110.6496073386871,
          158.89319272271678
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          450.90232871240215,
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          453.40170358951156,
          158.89319272271678
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
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          466.8346680110547,
          158.89319272271678
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,774,216 ",
        "box": [
          528.4804504799803,
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          571.6907611608005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded loan commitments",
        "box": [
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          150.36623125515308,
          171.64319219146637
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          453.40170358951156,
          171.64319219146637
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
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          171.64319219146637
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,037,765 ",
        "box": [
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          571.6907611608005,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Weighted-average cash coupon",
        "box": [
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          159.2116680036802,
          184.39319166021596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          179.3805540489193,
          453.40170358951156,
          184.39319166021596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          461.83591825683595,
          179.3805540489193,
          464.3352931339453,
          184.39319166021596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.5%",
        "box": [
          555.9726368344724,
          179.3805540489193,
          577.5193814546908,
          184.39319166021596
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Weighted-average remaining fully-extended term",
        "box": [
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          192.1305535176689,
          231.66413723391474,
          197.14319112896555
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          450.90232871240215,
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          453.40170358951156,
          197.14319112896555
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.2 years",
        "box": [
          532.3710753178709,
          192.1305535176689,
          568.4676846842584,
          197.14319112896555
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          575.027323540527,
          192.1305535176689,
          577.5266984176365,
          197.14319112896555
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average expected term",
        "box": [
          33.74999859375,
          204.88055298641848,
          165.860383250738,
          209.89319059771697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          450.90232871240215,
          204.88055298641848,
          453.40170358951156,
          209.89319059771697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.2 years",
        "box": [
          532.3710753178709,
          204.88055298641848,
          568.4676846842584,
          209.89319059771697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          575.027323540527,
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          577.5266984176365,
          209.89319059771697
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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          35.24999853125,
          218.78566940228666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          43.07227342132069,
          230.46503204711007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded  loan  commitments  are  primarily  funded  to  finance  construction  costs,  tenant  improvements,  leasing  commissions,  or  carrying  costs.  These  future ",
        "box": [
          56.22656015722656,
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          580.2487257854687,
          230.46503204711007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments are funded over the term of each loan, subject in certain cases to an expiration date.",
        "box": [
          56.22656015722656,
          234.70642582678192,
          368.35505841437174,
          238.71503170335927
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
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          43.07227342132069,
          246.96503135960847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For  floating  rate  loans,  based  on  applicable  benchmark  rates  as  of  the  specified  dates.  For  loans  placed  on  nonaccrual,  the  interest  rate  used  in  calculating ",
        "box": [
          56.22656015722656,
          242.95642548303294,
          580.2487257854687,
          246.96503135960847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted-average cash coupon is 0%.",
        "box": [
          56.22656015722656,
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          176.78754182135214,
          255.2150310158595
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
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          43.07227342132069,
          263.4650306721087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assumes all extension options are exercised.",
        "box": [
          56.22656015722656,
          259.45642479553135,
          199.21111393703669,
          263.4650306721087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          33.74999859375,
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          43.07227342132069,
          271.7150303283597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expected term represents our estimated timing of repayments as of the specified dates. Excludes risk-rated five loans.",
        "box": [
          56.22656015722656,
          267.70642445178237,
          432.3071124997029,
          271.7150303283597
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
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          91.76766244890865,
          290.89318722271673
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  table  below  presents  information  on  the  property  type  of  the  properties  securing  the  loans  in  our  portfolio  solely  as  of ",
        "box": [
          56.46093514746094,
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          580.7493507833593,
          311.8931863477155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025 ($ in thousands):",
        "box": [
          33.74999859375,
          318.8805482364187,
          182.0135189401907,
          323.89318584771536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
          335.8931853477152
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          214.5703035595703,
          345.79100117204143,
          216.8203034658203,
          350.30350318155615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          398.3554559018553,
          345.79100117204143,
          400.6054558081053,
          350.30350318155615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          456.97264095947247,
          345.04100120329167,
          527.698224062573,
          349.5535032128064
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          33.74999859375,
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          85.48681278804932,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          398.3554559018553,
          369.04100020329133,
          400.6054558081053,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          427.58201718408185,
          357.79100067204126,
          461.82420325732403,
          362.303502681556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
          433.9570169184569,
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          455.4462739030711,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          484.20701482470685,
          369.04100020329133,
          490.65232705615216,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of ",
        "box": [
          527.613263016113,
          357.79100067204126,
          547.1074027838572,
          362.303502681556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio",
        "box": [
          517.8515409228515,
          369.04100020329133,
          549.8525160394776,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Residential",
        "box": [
          33.74999859375,
          381.8805456114187,
          78.72893531871514,
          386.8931832227154
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          398.3554559018553,
          381.8805456114187,
          400.8548307789647,
          386.8931832227154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          407.1562330351562,
          381.8805456114187,
          412.154982789375,
          386.8931832227154
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,315,975   ",
        "box": [
          442.2656065722656,
          381.8805456114187,
          490.90170202701154,
          386.8931832227154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26.3%",
        "box": [
          551.7070120122067,
          381.8805456114187,
          577.5310964542026,
          386.8931832227154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          33.74999859375,
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          59.280691027532534,
          399.6431826914668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          398.3554559018553,
          394.6305450801683,
          400.8548307789647,
          399.6431826914668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          407.1562330351562,
          394.6305450801683,
          409.6556079122656,
          399.6431826914668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,064,821   ",
        "box": [
          442.2656065722656,
          394.6305450801683,
          490.90170202701154,
          399.6431826914668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23.4",
        "box": [
          560.039039165039,
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          577.5346450985554,
          399.6431826914668
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel",
        "box": [
          33.74999859375,
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          55.9612247423698,
          412.3931821602164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          398.3554559018553,
          407.3805445489197,
          400.8548307789647,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          412.3931821602164
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        "from_ocr": false,
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      {
        "text": "1,770,331   ",
        "box": [
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          490.90170202701154,
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      {
        "text": "20.1",
        "box": [
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          577.5346450985554,
          412.3931821602164
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        "from_ocr": false,
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      {
        "text": "Industrial",
        "box": [
          33.74999859375,
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          72.06555602135597,
          425.143181628966
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          420.1305440176693,
          400.8548307789647,
          425.143181628966
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          409.6556079122656,
          425.143181628966
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,026,213   ",
        "box": [
          442.2656065722656,
          420.1305440176693,
          490.90170202701154,
          425.143181628966
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        "from_ocr": false,
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      {
        "text": "11.6",
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          577.5346450985554,
          425.143181628966
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      {
        "text": "Data Centers",
        "box": [
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          85.66078945121328,
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "560,699   ",
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      {
        "text": "6.4",
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      {
        "text": " ",
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      {
        "text": " ",
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      {
        "text": "323,327   ",
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      {
        "text": "3.7",
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      {
        "text": "Mixed Use",
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      {
        "text": " ",
        "box": [
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      {
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      {
        "text": "302,544   ",
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      {
        "text": "3.4",
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      {
        "text": "Other",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "449,060   ",
        "box": [
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          471.1305418926695,
          490.90170202701154,
          476.14317950396617
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        "from_ocr": false,
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      {
        "text": "5.1",
        "box": [
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          476.14317950396617
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      },
      {
        "text": "Total",
        "box": [
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          54.84821818874508,
          489.6431789414655
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          398.3554559018553,
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          400.8548307789647,
          490.3931789102153
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          407.1562330351562,
          484.63054133016885,
          412.154982789375,
          489.6431789414655
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,812,970   ",
        "box": [
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          490.90170202701154,
          489.6431789414655
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      {
        "text": "100.0%",
        "box": [
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          577.5310964542026,
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        "from_ocr": false,
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      {
        "text": "General CECL Allowance",
        "box": [
          33.74999859375,
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          139.24108344584937,
          503.1431783789667
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          503.89317834771646
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38,754)  ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "Total Carrying Value, net",
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          136.4683127629077,
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        "text": " ",
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        "from_ocr": false,
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      {
        "text": "$",
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        "from_ocr": false,
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      {
        "text": "8,774,216   ",
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      {
        "text": " ",
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        "text": " ",
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      {
        "text": "(1)",
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        "text": "Percentage of portfolio calculations are made prior to consideration of General CECL Allowance.",
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      {
        "text": "Includes multifamily (11.4%), senior housing (7.7%), student housing (5.0%), and residential-for-sale (2.2%).",
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        "text": "Other property types include urban predevelopment (2.6%) and pubs (2.5%).",
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        "text": "$5.8 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under ",
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        "text": "accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet.",
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        "text": "(1)",
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  {
    "page_no": 17,
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    "cells": [
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        "text": "13",
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  {
    "page_no": 18,
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        "text": " ",
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        "text": "The table below presents information on the geographic distribution of the properties securing the loans in our portfolio solely as ",
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        "text": "of December 31, 2025 ($ in thousands):",
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        "text": "December 31, 2025",
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        "text": "   ",
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        "text": "% of ",
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      {
        "text": "$",
        "box": [
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      {
        "text": "2,603,388   ",
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          490.90170202701154,
          178.39319191021605
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      {
        "text": "29.5%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "New York City",
        "box": [
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          95.39466581272208,
          191.14319137896564
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          400.8548307789647,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          409.6556079122656,
          191.14319137896564
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,616,025   ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "18.3",
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        "from_ocr": false,
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      {
        "text": "Other Europe",
        "box": [
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          87.8819014358154,
          203.89319084771523
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "1,178,074   ",
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        "from_ocr": false,
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      {
        "text": "13.4",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Southeast",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "973,051   ",
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      {
        "text": "11.0",
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      {
        "text": "West",
        "box": [
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          54.29172631193224,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          229.39318978521624
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        "from_ocr": false,
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      {
        "text": "824,486   ",
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          229.39318978521624
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        "from_ocr": false,
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      {
        "text": "9.4",
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          577.5280876238286,
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        "from_ocr": false,
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      {
        "text": "Midwest",
        "box": [
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          68.74121918487,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          400.8548307789647,
          242.14318925396583
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          409.6556079122656,
          242.14318925396583
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        "from_ocr": false,
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      {
        "text": "754,115   ",
        "box": [
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          490.90170202701154,
          242.14318925396583
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        "from_ocr": false,
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      {
        "text": "8.6",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Other",
        "box": [
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          56.51284457579746,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          409.6556079122656,
          254.89318872271542
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        "from_ocr": false,
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      {
        "text": "863,831   ",
        "box": [
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          249.88055111141693,
          490.90170202701154,
          254.89318872271542
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9.8",
        "box": [
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          577.5280876238286,
          254.89318872271542
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        "from_ocr": false,
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      },
      {
        "text": "Total",
        "box": [
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          54.84821818874508,
          268.3931881602166
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          398.3554559018553,
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          400.8548307789647,
          269.14318812896636
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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          268.3931881602166
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,812,970   ",
        "box": [
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          263.3805505489181,
          490.90170202701154,
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        "from_ocr": false,
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      {
        "text": "100.0%",
        "box": [
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          577.5310964542026,
          268.3931881602166
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "General CECL Allowance",
        "box": [
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          139.24108344584937,
          281.89318759771595
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          400.8548307789647,
          282.6431875664657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          409.6556079122656,
          281.89318759771595
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38,754)  ",
        "box": [
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          490.90170202701154,
          281.89318759771595
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          577.5266984176365,
          282.6431875664657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Carrying Value, net",
        "box": [
          33.74999859375,
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          136.4683127629077,
          295.3931870352153
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          296.14318700396507
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
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          412.154982789375,
          295.3931870352153
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,774,216   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Percentage of portfolio calculations are made prior to consideration of General CECL Allowance.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Europe includes Germany (7.9%), Sweden (3.0%), Italy (2.2%), and the Netherlands (0.3%).",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other includes Southwest (4.2%), Northeast (3.5%), Mid-Atlantic (1.7%) and Other (0.4%).",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
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          43.07227342132069,
          341.4650274221076
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$5.8 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Loan Sales",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All sale transactions are evaluated in accordance with ASC Topic 860, \"Transfers and Servicing\" (\"ASC 860\").",
        "box": [
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          501.71521905144823,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "As discussed above, in April 2026, we sold our commercial real estate loan portfolio (other than loans that were repaid prior to ",
        "box": [
          56.46093514746094,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "closing  and  the  Chicago  Hotel  Loan  which  repaid  after  the  Closing  Date)  to  Athene  for  cash  consideration  of  approximately  $8.6 ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "billion, which is based on 99.7% of the total commitment amount of such loans as of the Closing Date. We evaluated the transaction ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "under ASC 860 and determined the Asset Sale met the criteria for sale accounting. We recorded a net loss of $2.6 million resulting ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from  the  discount  on  the  Asset  Sale  compared  to  our  loan's  cost  basis  within  net  realized  loss  on  investments  in  our  condensed ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statement of operations related to this transaction.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In February 2025, we originated a $114.0 million commercial mortgage loan secured by a multifamily property located in Miami, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FL, which included a $24.0 million contiguous subordinate loan. In March 2025, we sold our interest in the $24.0 million subordinate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan. We evaluated the transaction under ASC 860 and determined the sale met the criteria for sale accounting. We recorded no gain or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss related to this transaction.",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rating",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We assess the risk factors of each loan and assign a risk rating based on a variety of factors, including, without limitation, loan to ",
        "box": [
          56.46093514746094,
          564.880537986417,
          580.7493507833593,
          569.8931755977155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value (\"LTV\") ratio, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing ",
        "box": [
          33.74999859375,
          576.8805374864169,
          580.7493507833593,
          581.8931750977154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  tenant  profile,  loan  structure  and  exit  plan,  and  project  sponsorship.  We  apply  these  various  factors  on  a  case-by-case  basis ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          593.8931745977152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depending  on  the  facts  and  circumstances  for  each  loan,  and  the  different  factors  may  be  given  different  weightings  in  different ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          605.893174097715
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "situations.  This  review  was  performed  quarterly.  Based  on  a  5-point  scale,  our  loans  were  rated  \"1\"  through  \"5,\"  from  less  risk  to ",
        "box": [
          33.74999859375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "greater risk, which ratings are defined as follows:",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1. Very low risk",
        "box": [
          56.24999765625,
          645.8805346114168,
          121.22388833650442,
          650.8931722227153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2. Low risk",
        "box": [
          56.24999765625,
          657.8805341114166,
          102.06855088464351,
          662.8931717227151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3. Moderate/average risk",
        "box": [
          56.24999765625,
          669.8805336114165,
          155.90268914155436,
          674.893171222715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4. High risk/potential for loss: a loan that has a risk of realizing a principal loss",
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        "text": "The following table presents the carrying value of our loan portfolio by year of origination and internal risk rating and gross ",
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        "text": "write-offs by year of origination solely as of December 31, 2025 ($ in thousands):",
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        "text": "Gross write-offs",
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        "text": "6,200   ",
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      {
        "text": "$",
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      {
        "text": "-    $",
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        "from_ocr": false,
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      {
        "text": "-    $",
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        "from_ocr": false,
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      {
        "text": "-    $",
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        "from_ocr": false,
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      {
        "text": "-    $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-    $",
        "box": [
          507.5976388500975,
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        "from_ocr": false,
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      {
        "text": "6,200 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Net of Specific CECL Allowance.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(2)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$5.8 million of the General CECL Allowance for 2025 is excluded from this table because it relates to unfunded commitments and has been recorded as a liability ",
        "box": [
          56.22656015722656,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.",
        "box": [
          56.22656015722656,
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      },
      {
        "text": "CECL",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "In  accordance  with  ASC  Topic  326  \"Financial  Instruments  -  Credit  Losses\"  (\"ASC  326\"),  which  we  refer  to  as  the  \"CECL ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Standard,\" we record allowances for loans and held-to-maturity debt securities that are deducted from the carrying amount of the assets ",
        "box": [
          33.74999859375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to present the net carrying value of the amounts expected to be collected on the assets. We record loan specific allowances as a practical ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
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      {
        "text": "expedient under the CECL Standard (\"Specific CECL Allowance\"), which we apply to assets that are collateral dependent and where ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the borrower or sponsor is experiencing financial difficulty. For the remainder of the portfolio, we record a general allowance (\"General ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Allowance,\" and together with the Specific CECL Allowance, \"CECL Allowances\") on a collective basis by assets with similar ",
        "box": [
          33.74999859375,
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          580.7493507833593,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk  characteristics.  We  have  elected  to  use  the  weighted-average  remaining  maturity  (\"WARM\")  method  in  determining  a  General ",
        "box": [
          33.74999859375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL  Allowance  for  a  majority  of  our  portfolio.  In  the  future,  we  may  use  other  acceptable  methods,  such  as  a  probability-of-",
        "box": [
          33.74999859375,
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          419.8931818477158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "default/loss-given-default  method.  Refer  to  \"Note  2  -  Summary  of  Significant  Accounting  Policies\"  and  \"Note  4  -  Commercial ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage  Loans,  Subordinate  Loans  and  Other  Lending  Assets,  Net\"  to  our  consolidated  financial  statements  of  our  most  recent ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          443.8931808477155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Annual Report on Form 10-K for further detail on our accounting policies related to CECL Allowances.",
        "box": [
          33.74999859375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  a  result  of  the  Asset  Sale,  we  did  not  hold  any  commercial  mortgage  loans  or  subordinate  loans  as  of  June  30,  2026. ",
        "box": [
          56.46093514746094,
          471.88054186141744,
          580.7493507833593,
          476.89317947271593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accordingly, there were no CECL Allowances recorded as of June 30, 2026. In connection with the Asset Sale, we wrote off $335.0 ",
        "box": [
          33.74999859375,
          483.8805413614173,
          580.7493507833593,
          488.89317897271576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million  of  the  Specific  CECL  Allowance  previously  recorded.  Further,  upon  discounted  repayment  of  the  Chicago  Hotel  Loan,  we ",
        "box": [
          33.74999859375,
          495.8805408614171,
          580.7493507833593,
          500.8931784727156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reversed $1.5 million and wrote off $1.5 million of the previously recorded Specific CECL Allowance. The General CECL Allowance ",
        "box": [
          33.74999859375,
          507.88054036141693,
          580.7493507833593,
          512.8931779727154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "previously recorded was reversed in full upon closing of the Asset Sale.",
        "box": [
          33.74999859375,
          519.8805398614168,
          320.82625023848897,
          524.8931774727153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          408.3984204833984,
          135.20439868623907,
          414.642423820806,
          137.88933734429884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          118.11327632861327,
          219.95439515498947,
          124.35727966602087,
          222.63933381304923
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 21,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          300.99608495849594,
          663.8805338614184,
          310.9935794794336,
          668.8931714727169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.46093514746094,
          90.1305577676685,
          58.960310024570305,
          95.143195378967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes changes in CECL Allowances for the six months ended June 30, 2026 ($ in thousands):",
        "box": [
          56.46093514746094,
          111.13055689266912,
          537.6484528970676,
          116.1431945039676
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          123.13055639266895,
          36.249373470859375,
          128.14319400396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          93.16405861816406,
          149.2910093595401,
          95.41405852441406,
          153.80351136905665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          155.55468101855467,
          149.2910093595401,
          157.8046809248047,
          153.80351136905665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific ",
        "box": [
          170.26171540576155,
          138.04100982829004,
          202.0078040830078,
          142.55351183780658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL",
        "box": [
          173.50780527050782,
          149.2910093595401,
          196.50878085213378,
          153.80351136905665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          210.58592872558594,
          149.2910093595401,
          217.01952595751936,
          153.80351136905665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL Allowance",
        "box": [
          255.785149342285,
          148.54100939079035,
          350.75096585537574,
          153.0535114003069
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          387.9023313374022,
          148.54100939079035,
          394.33592106933594,
          153.0535114003069
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total CECL    ",
        "box": [
          399.51560835351563,
          149.2910093595401,
          453.76170359326153,
          153.80351136905665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Allowance as % of ",
        "box": [
          466.06639058056624,
          137.29100985954028,
          561.7968515917968,
          141.80351186905682
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized Cost",
        "box": [
          484.1835773256834,
          148.54100939079035,
          541.4267390705515,
          153.0535114003069
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          572.1913861586912,
          148.54100939079035,
          574.4413860649412,
          153.0535114003069
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          93.16405861816406,
          162.0410088282897,
          95.41405852441406,
          166.55351083780624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Allowance",
        "box": [
          155.55468101855467,
          161.29100885953994,
          200.9838784456714,
          166.55351083780624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          210.58592872558594,
          161.29100885953994,
          217.01952595751936,
          165.80351086905648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Funded",
        "box": [
          230.82421288232405,
          161.29100885953994,
          257.824211757324,
          165.80351086905648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          270.0117112495115,
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          276.4453009814453,
          165.80351086905648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded",
        "box": [
          285.26952311376937,
          161.29100885953994,
          321.26073257413555,
          165.80351086905648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          328.47654881347654,
          161.29100885953994,
          334.91014604541,
          165.80351086905648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          352.72264530322246,
          161.29100885953994,
          371.7158085518406,
          165.80351086905648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          387.9023313374022,
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          394.33592106933594,
          165.80351086905648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance",
        "box": [
          402.15233074365216,
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          441.1362159393235,
          165.80351086905648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
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          453.76170359326153,
          165.80351086905648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General",
        "box": [
          463.7812306757812,
          161.29100885953994,
          492.26218659907465,
          165.80351086905648
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          509.624978765625,
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          511.874978671875,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          515.6367010151365,
          161.29100885953994,
          517.8867009213865,
          165.80351086905648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          535.3710751928709,
          161.29100885953994,
          554.3642384414891,
          165.80351086905648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          572.1913861586912,
          161.29100885953994,
          574.4413860649412,
          165.80351086905648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          33.74999859375,
          173.38055429891938,
          112.31426265773888,
          178.39319191021787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          155.55468101855467,
          173.38055429891938,
          166.36593053058596,
          178.39319191021787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "338,000    $",
        "box": [
          176.15624266015624,
          173.38055429891938,
          225.5807755633006,
          178.39319191021787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,754    $",
        "box": [
          240.57421247607405,
          173.38055429891938,
          285.00655058722657,
          178.39319191021787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,759    $",
        "box": [
          304.0429598315428,
          173.38055429891938,
          343.47139565119124,
          178.39319191021787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44,513    $",
        "box": [
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          173.38055429891938,
          402.89717067511714,
          178.39319191021787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "382,513     ",
        "box": [
          412.8984202958984,
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          459.71810582632816,
          178.39319191021787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.51%   ",
        "box": [
          488.3788896508787,
          173.38055429891938,
          523.843103154453,
          178.39319191021787
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4.18%",
        "box": [
          550.8984145458984,
          173.38055429891938,
          577.4373464581089,
          178.39319191021787
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Changes:",
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          70.95745896752669,
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        "from_ocr": false,
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      {
        "text": " ",
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        "text": " ",
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        "text": "  ",
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        "text": " ",
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        "text": "  ",
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        "from_ocr": false,
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        "text": "  ",
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        "text": " ",
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        "text": "  ",
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        "from_ocr": false,
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        "text": " ",
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        "from_ocr": false,
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      {
        "text": "  ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "  ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "Allowances (Reversals), ",
        "box": [
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          136.2103068058203,
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        "from_ocr": false,
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      {
        "text": "net",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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        "text": " ",
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
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          223.08140068619124,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1,256)    ",
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          282.50717571011717,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2,033)    ",
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          340.9720207740819,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3,289)    ",
        "box": [
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          400.3977957980078,
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        "from_ocr": false,
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      {
        "text": "(3,289)  ",
        "box": [
          419.5546700185547,
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          454.0110785641209,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
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        "from_ocr": false,
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      {
        "text": "  $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "338,000    $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "37,498    $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "3,726    $",
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        "text": "379,224     ",
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        "text": "0.47%   ",
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        "text": "  ",
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        "text": "  ",
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        "text": "Reversals",
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        "text": "(42,688)  ",
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        "text": "(336,536)  ",
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        "text": "  ",
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        "text": " ",
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      {
        "text": "June 30, 2026",
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        "text": "  $",
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      {
        "text": "-    $",
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      {
        "text": "-    $",
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        "text": "-    $",
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      {
        "text": "-    $",
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00%   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.00%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(2)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "During the  three  months  ended  March  31,  2026,  our  General  CECL  Allowance  decreased  by  $3.3  million.  The  decrease  was  primarily  due  to  the  favorable ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "impacts of portfolio seasoning. The decrease was partially offset by the effect of loan originations.",
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        "confidence": 1.0
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      {
        "text": "The following table summarizes changes in CECL Allowances for the six months ended June 30, 2025 ($ in thousands):",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "text": " ",
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        "text": " ",
        "box": [
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        "text": "Specific ",
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      {
        "text": "CECL",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "General CECL Allowance",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total CECL    ",
        "box": [
          401.4843582714844,
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          454.37107856787094,
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        "confidence": 1.0
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      {
        "text": "CECL Allowance as % of ",
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          561.9609140849609,
          368.3035024315559
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortized Cost",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          572.2148236577146,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Allowance",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Funded",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
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        "from_ocr": false,
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        "text": "Unfunded",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "   ",
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        "from_ocr": false,
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      {
        "text": "Total",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "   ",
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        "from_ocr": false,
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        "text": "Allowance",
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        "text": "   ",
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        "from_ocr": false,
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        "text": " ",
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        "text": "Total",
        "box": [
          534.5156027285155,
          387.79099942204084,
          553.5087659771337,
          392.3035014315574
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "December 31, 2024",
        "box": [
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      {
        "text": "  $",
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      {
        "text": "342,500    $",
        "box": [
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      {
        "text": "30,836    $",
        "box": [
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      {
        "text": "5,948    $",
        "box": [
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      {
        "text": "36,784    $",
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        "confidence": 1.0
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      {
        "text": "379,284     ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.52%   ",
        "box": [
          486.949202210449,
          400.6305448301682,
          522.0970132272068,
          405.6431824414667
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        "from_ocr": false,
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      {
        "text": "5.07%",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Changes:",
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        "from_ocr": false,
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        "text": " ",
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        "text": "  ",
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        "text": " ",
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        "text": "  ",
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        "text": " ",
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      {
        "text": "Allowances (Reversals), net",
        "box": [
          36.07031099707031,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "text": " ",
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        "text": "-     ",
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      {
        "text": "3,876     ",
        "box": [
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      {
        "text": "132     ",
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        "text": "4,008     ",
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        "text": "4,008   ",
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      {
        "text": " ",
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        "text": "  ",
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        "from_ocr": false,
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        "text": " ",
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      {
        "text": "March 31, 2025",
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        "text": "  $",
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        "text": "342,500    $",
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        "text": "34,712    $",
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        "text": "6,080    $",
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        "text": "40,792    $",
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        "text": "383,292     ",
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        "text": "0.54%   ",
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        "text": "4.75%",
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        "from_ocr": false,
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        "text": "June 30, 2025",
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      {
        "text": "Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool.",
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          371.6928419252975,
          510.2150203908586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
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          43.07227342132069,
          518.4650200471096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2025, our General CECL Allowance increased by $4.0 million. The increase was primarily due to a more adverse ",
        "box": [
          56.22656015722656,
          514.4564141705323,
          580.2487257854687,
          518.4650200471096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "macroeconomic outlook as well as the effect of loan originations. The increase was partially offset by the favorable impacts of portfolio seasoning.",
        "box": [
          56.22656015722656,
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          526.2208509116299,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
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          43.07227342132069,
          534.965019359608
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2025, our General CECL Allowance increased by $3.1 million. The increase was primarily due to the effect of",
        "box": [
          56.22656015722656,
          530.9564134830325,
          539.34523689328,
          534.965019359608
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan originations as well as extending our expected loan repayment dates. The increase was partially offset by the favorable impacts of portfolio seasoning.",
        "box": [
          56.22656015722656,
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          552.6417788607579,
          543.2150190158591
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pre-payment penalties, accelerated fees, and Paid-In-Kind (\"PIK\") interest",
        "box": [
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          343.90149706985784,
          562.3931759102179
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We recognized $0.7 million and $1.8 million in pre-payment penalties and accelerated fees for the three and six months ended ",
        "box": [
          56.46093514746094,
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          580.7376357838474,
          583.3931750352167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June  30,  2026,  respectively.  We  recognized  $0.4  million  in  pre-payment  penalties  and  accelerated  fees  for  both  the  three  and  six ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2025.",
        "box": [
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          150.3759747155841,
          607.3931740352164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We recognized PIK interest of $0.5 million and $3.8 million for the three and six months ended June 30, 2026, respectively. We ",
        "box": [
          56.46093514746094,
          623.3805355489185,
          580.7376357838474,
          628.393173160217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized PIK interest of $0.3 million for both the three and six months ended June 30, 2025.",
        "box": [
          33.74999859375,
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          412.22201780533186,
          640.3931726602168
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          200.9882766254881,
          158.75747382370537,
          208.01933132682748,
          161.78085017007834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          158.75747382370537,
          499.3005691901087,
          161.78085017007834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          48.21093549121093,
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          56.02031844822172,
          211.92356727980405
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          385.25746438620445,
          212.49589364030405,
          388.28084073257924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          491.70701451220685,
          385.25746438620445,
          498.7380692135462,
          388.28084073257924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          148.51171256201172,
          424.56550458824677,
          156.3210955190225,
          427.9235582798028
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          148.51171256201172,
          465.06550290074665,
          156.3210955190225,
          468.4235565923045
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 22,
    "width": 612.0,
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    "cells": [
      {
        "text": " ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 5 - Real Estate Owned",
        "box": [
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      },
      {
        "text": "Real Estate Owned, Held for Investment",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, assets and liabilities related to real estate owned, held for investment consisted of three properties: the D.C. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel, a full-service luxury hotel in Washington, D.C., the Brooklyn Multifamily Development, a multifamily development property ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "located in downtown Brooklyn, NY, and the Atlanta Hotel, a hotel in Atlanta, GA.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property acquired through foreclosure or deed-in-lieu of foreclosure is classified as real estate owned and recognized at fair value ",
        "box": [
          56.46093514746094,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our condensed consolidated balance sheet upon acquisition in accordance with ASC 805. As real estate owned is a nonfinancial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset, it is recorded at fair value on a non-recurring basis in accordance with ASC 820.",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to \"Note 3 - Fair Value Disclosure\" for full discussion of non-recurring fair value measurements.",
        "box": [
          56.46093514746094,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "D.C. Hotel",
        "box": [
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          248.14318900396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  2021,  we  acquired  legal  title  to  the  D.C.  Hotel,  which  previously  secured  two  subordinate  loans,  through  a  deed-in-lieu  of ",
        "box": [
          56.46093514746094,
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          269.14318812896636
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosure. In accordance with ASC 805, we consolidated the hotel's assets and liabilities at their respective fair values.",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In June 2024, we obtained a $73.7 million mortgage secured by the D.C. Hotel. The mortgage included an interest rate of term ",
        "box": [
          56.46093514746094,
          297.1305491426683,
          580.7324625090623,
          302.1431867539668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "one-month SOFR + 3.00% and initial maturity of July 2026, with an option to extend for one year, contingent upon meeting certain ",
        "box": [
          33.74999859375,
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          314.14318625396663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions. The mortgage agreement contained covenants requiring our unencumbered liquidity be greater than $10.0 million and our ",
        "box": [
          33.74999859375,
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          326.14318575396646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net  worth  be  greater  than  $200.0  million.  Under  these  covenants,  our  General  CECL  Allowance  was  added  back  to  our  net  worth ",
        "box": [
          33.74999859375,
          333.1305476426678,
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          338.1431852539663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculation. As of December 31, 2025, we were in compliance with these covenants. During the three months ended June 30, 2026, we ",
        "box": [
          33.74999859375,
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          350.1431847539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fully repaid the $73.7 million mortgage loan.",
        "box": [
          33.74999859375,
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          213.6726944282207,
          362.14318425396596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To manage our exposure to variable cash flows on our borrowings under this mortgage, we entered into an interest rate cap in ",
        "box": [
          56.46093514746094,
          378.1305457676681,
          580.7493507833593,
          383.14318337896657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2024. In June 2026, we terminated the interest rate cap subsequent to repayment of the mortgage. No gain or loss was recognized ",
        "box": [
          33.74999859375,
          390.1305452676679,
          580.7493507833593,
          395.1431828789664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "upon termination. As of December 31, 2025, the fair value of the interest rate cap was de minimis. Refer to \"Note 10 - Derivatives\" for ",
        "box": [
          33.74999859375,
          402.13054476766774,
          580.7493507833593,
          407.14318237896623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "full detail.",
        "box": [
          33.74999859375,
          414.1305442676676,
          74.83828853798786,
          419.14318187896606
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We recorded revenue from the hotel's operations of $23.6 million and $37.8 million, respectively, and expenses of $15.5 million ",
        "box": [
          56.46093514746094,
          435.1305433926682,
          580.7610732828708,
          440.1431810039667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and $28.0 million, respectively, for three and six months ended June 30, 2026, and revenue from the hotel's operations of $20.1 million ",
        "box": [
          33.74999859375,
          447.130542892668,
          580.7376357838474,
          452.1431805039665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and $38.8 million, respectively, and expenses of $15.4 million and $30.3 million, respectively, for three and six months ended June 30, ",
        "box": [
          33.74999859375,
          459.13054239266785,
          580.7493507833593,
          464.14318000396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025.",
        "box": [
          33.74999859375,
          471.1305418926677,
          56.24435253773521,
          476.14317950396617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Brooklyn Multifamily Development",
        "box": [
          56.24999765625,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In 2022, we acquired legal title of a multifamily development property in downtown Brooklyn, NY, through a deed-in-lieu of ",
        "box": [
          56.46093514746094,
          513.1305401426671,
          580.7493507833593,
          518.1431777539656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosure. The transaction was accounted for as an asset acquisition in accordance with ASC 805, and we recorded the real estate ",
        "box": [
          33.74999859375,
          525.1305396426669,
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          530.1431772539672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumed at a fair value based on the market value of the property as of the date of acquisition.",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Upon taking title, we concurrently contributed the property to a joint venture with a third-party real estate developer. The entity ",
        "box": [
          56.46093514746094,
          558.1305382676674,
          580.7493507833593,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was deemed to be a variable interest entity (\"VIE\"), of which we were determined to be the primary beneficiary. Through our wholly ",
        "box": [
          33.74999859375,
          570.1305377676672,
          580.7376357838474,
          575.1431753789657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned subsidiaries,  we  hold  a  100%  equity  ownership  interest  in  the  joint  venture  and  our  partner  is  only  entitled  to  profit  upon ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          587.1431748789655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "achievement of certain returns under our joint venture agreement. ",
        "box": [
          33.74999859375,
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          298.57358504068344,
          599.1431743789672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additionally, upon taking title, we obtained $164.8 million in construction financing on the property. As of June 30, 2026 and ",
        "box": [
          56.46093514746094,
          615.1305358926675,
          580.7493507833593,
          620.143173503966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December  31,  2025,  the  carrying  value  of  the  construction  financing  included  within  debt  related  to  real  estate  owned,  held  for ",
        "box": [
          33.74999859375,
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          632.1431730039658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment, net on our condensed consolidated balance sheets was $371.4 million, net of $0.1 million in deferred financing costs and ",
        "box": [
          33.74999859375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$351.4 million, net of $0.7 million in deferred financing costs, respectively. ",
        "box": [
          33.74999859375,
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          339.22592334683594,
          656.1431720039654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The construction financing includes a maximum commitment of $388.4 million, an interest rate of SOFR +2.55%, and current ",
        "box": [
          56.46093514746094,
          672.1305335176676,
          580.7493507833593,
          677.1431711289661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maturity of August 2026, with an option to extend for one year, contingent upon meeting certain conditions. The construction financing ",
        "box": [
          33.74999859375,
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          689.1431706289659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "agreement contains covenants requiring our unencumbered liquidity be greater than $50 million and our ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 23,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          33.74999859375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          300.99608495849594,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net  worth  be  greater  than  $600.0  million.  Under  these  covenants,  our  General  CECL  Allowance  is  added  back  to  our  net  worth ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculation. As of both June 30, 2026 and December 31, 2025, we were in compliance with these covenants.",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To manage our exposure to variable cash flows on our borrowings under this construction financing, we entered into an interest ",
        "box": [
          56.46093514746094,
          123.13055639266895,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate cap in September 2023. The interest rate cap was extended by one year in September 2024 and matured on October 1, 2025.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We capitalized construction and financing costs of $8.8 million and $20.1 million during the three and six months ended June 30, ",
        "box": [
          56.46093514746094,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, respectively, and $30.9 million and $53.0 million during the three and six months ended June 30, 2025, respectively.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "From the third quarter of 2025, a component of the property reached substantial completion stage and residential units in this ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "component were held available for occupancy. As such, we accounted for this component as a separate project, ceased capitalizing ",
        "box": [
          33.74999859375,
          201.13055314266967,
          580.7493507833593,
          206.14319075396816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses associated with this project and started recording depreciation for such project. Direct and indirect costs attributable to the ",
        "box": [
          33.74999859375,
          213.1305526426695,
          580.7493507833593,
          218.143190253968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "remainder of the property, which is still undergoing construction, continue to be capitalized.",
        "box": [
          33.74999859375,
          225.13055214266933,
          402.1632063244489,
          230.14318975396782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  accordance with ASC 842, leases at the Brooklyn Multifamily Development are classified as operating leases, accordingly ",
        "box": [
          56.46093514746094,
          246.13055126766812,
          580.7493507833593,
          251.1431888789666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rental  revenue  is  recognized  using  the  straight-line  method  over  the  lease  terms.  We  recorded  rental  income  from  the  property's ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          263.14318837896826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operations of $6.5 million and $10.3 million, respectively, and expenses of $1.9 million and $3.7 million, respectively, for three and six ",
        "box": [
          33.74999859375,
          270.1305502676696,
          580.714198284824,
          275.1431878789681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026. ",
        "box": [
          33.74999859375,
          282.13054976766944,
          152.88608736099607,
          287.1431873789679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Atlanta Hotel",
        "box": [
          56.24999765625,
          303.13054889266823,
          112.0758044292622,
          308.1431865039667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2023, we acquired legal title of the Atlanta Hotel through a deed-in-lieu of foreclosure, and we consolidated the hotel's ",
        "box": [
          56.46093514746094,
          324.13054801766884,
          580.7493507833593,
          329.14318562896733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets and liabilities at their respective fair values in accordance with ASC 805. The hotel was subsequently classified as held for sale ",
        "box": [
          33.74999859375,
          336.1305475176687,
          580.7493507833593,
          341.14318512896716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the second quarter of 2023.",
        "box": [
          33.74999859375,
          348.1305470176685,
          171.45462896230683,
          353.143184628967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2024, the Atlanta Hotel no longer met the criteria to be classified as held for sale under ASC 360. In accordance ",
        "box": [
          56.46093514746094,
          369.1305461426691,
          580.7493507833593,
          374.1431837539676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with ASC 360, the REO Fixed Assets were reclassified to their carrying value before classifying as held for sale in June 2023. On the ",
        "box": [
          33.74999859375,
          381.13054564266895,
          580.7493507833593,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "date  of  reclassification,  March  31,  2024,  we  recorded  $3.6  million  in  depreciation,  representing  the  amount  that  would  have  been ",
        "box": [
          33.74999859375,
          393.1305451426688,
          580.7376357838474,
          398.14318275396727
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recorded had the asset remained as held for investment. All other assets and liabilities were reclassified to the corresponding line items ",
        "box": [
          33.74999859375,
          405.1305446426686,
          580.7493507833593,
          410.1431822539671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our condensed consolidated balance sheet. No realized gain or loss was recorded in connection with this reclassification.",
        "box": [
          33.74999859375,
          417.13054414266844,
          528.1862721984878,
          422.1431817539669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We recorded revenue from the hotel's operations of $6.1 million and $10.8 million, respectively, and expenses of $5.6 million and ",
        "box": [
          56.46093514746094,
          438.13054326766905,
          580.7493507833593,
          443.14318087896754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$9.4 million, respectively, for three and six months ended June 30, 2026 and revenue from the hotel's operations of $7.6 million and ",
        "box": [
          33.74999859375,
          450.1305427676689,
          580.7493507833593,
          455.1431803789674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$15.3 million, respectively, and expenses of $5.7 million and $11.5 million, respectively, for three and six months ended June 30, 2025.",
        "box": [
          33.74999859375,
          462.1305422676687,
          577.1515458082678,
          467.1431798789672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the REO assets and liabilities included on our consolidated balance sheets ($ in thousands):",
        "box": [
          56.24999765625,
          483.13054139266933,
          537.968840658718,
          488.1431790039678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          495.13054089266916,
          36.249373470859375,
          500.14317850396765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          170.49609039599594,
          512.2064142642812,
          172.4948402752147,
          516.2150201408585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.96092458496094,
          512.2064142642812,
          311.95967446417967,
          516.2150201408585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          348.19920799169904,
          509.2909943595405,
          398.4462762780711,
          513.803496369057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          428.51951714501934,
          509.2909943595405,
          430.76951705126936,
          513.803496369057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          432.7148294702147,
          511.45641429553143,
          434.7135793494335,
          515.4650201721088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          472.07810533007813,
          509.2909943595405,
          542.8036884331785,
          513.803496369057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0312260820311,
          509.2909943595405,
          576.2812259882812,
          513.803496369057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          33.74999859375,
          522.1305397676697,
          60.40834922839833,
          527.1431773789682
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.96092458496094,
          521.6134280394999,
          313.0156875858543,
          527.144515015385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          320.07420916357404,
          521.6134280394999,
          323.1289721644674,
          527.144515015385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          427.28904469628907,
          521.6134280394999,
          435.76959247110807,
          527.144515015385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.8281065488281,
          521.6134280394999,
          445.8828695497215,
          527.144515015385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          572.7773236342771,
          521.6134280394999,
          575.8320866351705,
          527.144515015385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Land",
        "box": [
          38.84765463134765,
          534.1305392676695,
          59.38938011294239,
          539.143176878968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.96092458496094,
          534.1305392676695,
          312.46029946207034,
          539.143176878968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          320.07420916357404,
          534.1305392676695,
          325.0729589177928,
          539.143176878968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "296,595   ",
        "box": [
          394.0781085800781,
          534.1305392676695,
          435.2142043473241,
          539.143176878968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.8281065488281,
          534.1305392676695,
          447.8268563030469,
          539.143176878968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "296,595 ",
        "box": [
          539.5663875180662,
          534.1305392676695,
          575.2766985113865,
          539.143176878968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Building",
        "box": [
          38.84765463134765,
          546.8805387364191,
          73.84373666067751,
          551.8931763477176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.96092458496094,
          546.8805387364191,
          312.46029946207034,
          551.8931763477176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          320.07420916357404,
          546.8805387364191,
          322.57358404068344,
          551.8931763477176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "571,210   ",
        "box": [
          394.0781085800781,
          546.8805387364191,
          435.2142043473241,
          551.8931763477176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          442.8281065488281,
          546.8805387364191,
          445.3274814259375,
          551.8931763477176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "550,995 ",
        "box": [
          539.5663875180662,
          546.8805387364191,
          575.2766985113865,
          551.8931763477176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furniture, fixtures, and equipment",
        "box": [
          38.84765463134765,
          559.6305382051687,
          175.72729092711683,
          564.6431758164672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.96092458496094,
          559.6305382051687,
          312.46029946207034,
          564.6431758164672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          320.07420916357404,
          559.6305382051687,
          322.57358404068344,
          564.6431758164672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,213   ",
        "box": [
          399.0702958720703,
          559.6305382051687,
          435.2142043473241,
          564.6431758164672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          442.8281065488281,
          559.6305382051687,
          445.3274814259375,
          564.6431758164672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,795 ",
        "box": [
          544.5585748100583,
          559.6305382051687,
          575.2766985113865,
          564.6431758164672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated Depreciation",
        "box": [
          38.84765463134765,
          572.3805376739183,
          146.27186836783855,
          577.3931752852168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.96092458496094,
          573.1305376426681,
          312.46029946207034,
          578.1431752539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          320.07420916357404,
          572.3805376739183,
          322.57358404068344,
          577.3931752852168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(43,048)  ",
        "box": [
          395.7304560112303,
          572.3805376739183,
          435.2142043473241,
          577.3931752852168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          442.8281065488281,
          572.3805376739183,
          445.3274814259375,
          577.3931752852168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,438)",
        "box": [
          541.2187274492187,
          572.3805376739183,
          576.1065690510579,
          577.3931752852168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total real estate owned, held for investment",
        "box": [
          33.74999859375,
          585.8805371114177,
          209.47731224586593,
          590.893174722718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.96092458496094,
          586.6305370801674,
          312.46029946207034,
          591.6431746914677
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          320.07420916357404,
          585.8805371114177,
          325.0729589177928,
          590.893174722718
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "856,970   ",
        "box": [
          394.0781085800781,
          585.8805371114177,
          435.2142043473241,
          590.893174722718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.8281065488281,
          585.8805371114177,
          447.8268563030469,
          590.893174722718
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "842,947 ",
        "box": [
          539.5663875180662,
          585.8805371114177,
          575.2766985113865,
          590.893174722718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          33.74999859375,
          599.380536548917,
          76.52243080697825,
          604.3931741602173
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.96092458496094,
          598.8634248207491,
          313.0156875858543,
          604.3945117966359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          320.07420916357404,
          598.8634248207491,
          323.1289721644674,
          604.3945117966359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          427.28904469628907,
          598.8634248207491,
          435.76959247110807,
          604.3945117966359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.8281065488281,
          598.8634248207491,
          445.8828695497215,
          604.3945117966359
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          572.7773236342771,
          598.8634248207491,
          575.8320866351705,
          604.3945117966359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Payable",
        "box": [
          38.84765463134765,
          612.1305360176702,
          93.53607207522492,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.96092458496094,
          612.1305360176702,
          312.46029946207034,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          320.07420916357404,
          612.1305360176702,
          322.57358404068344,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "371,534   ",
        "box": [
          394.0781085800781,
          612.1305360176702,
          435.2142043473241,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          442.8281065488281,
          612.1305360176702,
          445.3274814259375,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "425,799 ",
        "box": [
          539.5663875180662,
          612.1305360176702,
          575.2766985113865,
          617.1431736289669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Deferred financing costs",
        "box": [
          38.84765463134765,
          624.8805354864198,
          160.71643887389442,
          629.8931730977165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.96092458496094,
          625.6305354551696,
          312.46029946207034,
          630.6431730664663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          320.07420916357404,
          624.8805354864198,
          322.57358404068344,
          629.8931730977165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(106)  ",
        "box": [
          408.23435799023434,
          624.8805354864198,
          435.2142043473241,
          629.8931730977165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          442.8281065488281,
          624.8805354864198,
          445.3274814259375,
          629.8931730977165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,096)",
        "box": [
          546.2226372407224,
          624.8805354864198,
          576.1065690510579,
          629.8931730977165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total debt related to real estate owned",
        "box": [
          33.74999859375,
          638.3805349239192,
          186.42158571993363,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.96092458496094,
          639.130534892669,
          312.46029946207034,
          644.1431725039656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          320.07420916357404,
          638.3805349239192,
          325.0729589177928,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "371,428   ",
        "box": [
          394.0781085800781,
          638.3805349239192,
          435.2142043473241,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.8281065488281,
          638.3805349239192,
          447.8268563030469,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "424,703 ",
        "box": [
          539.5663875180662,
          638.3805349239192,
          575.2766985113865,
          643.3931725352159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1) The $73.7 million mortgage secured by the D.C. Hotel was repaid during the three months ended June 30, 2026.",
        "box": [
          33.74999859375,
          656.2064082642828,
          404.1193545741929,
          660.2150141408601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          665.3805337989179,
          36.249373470859375,
          670.3931714102182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          93.53905860253906,
          609.815496869498,
          101.34844155954985,
          613.1735505610523
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 24,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          33.74999859375,
          38.380559923916735,
          36.249373470859375,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          300.99608495849594,
          720.1305315176687,
          310.9935794794336,
          725.1431691289654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the real estate owned operations and net income included in our consolidated statements of income ",
        "box": [
          56.24999765625,
          90.1305577676685,
          580.7493507833593,
          95.14319537896517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in thousands):",
        "box": [
          33.74999859375,
          102.13055726766834,
          100.94989321784186,
          107.143194878965
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          33.74999859375,
          124.86344457075029,
          36.804761594643395,
          130.39453154663352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          274.9687385429687,
          125.29101035953863,
          383.19724979344716,
          129.803512369057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          411.5624828515625,
          125.29101035953863,
          418.0077950830078,
          129.803512369057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          449.03904379003905,
          125.29101035953863,
          548.289528014602,
          129.803512369057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0077885830077,
          125.29101035953863,
          576.2577884892578,
          129.803512369057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          139.66405668066406,
          138.04100982828822,
          141.91405658691406,
          142.55351183780658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          273.09373862109373,
          138.04100982828822,
          291.09373787109377,
          142.55351183780658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          317.5781117675781,
          138.04100982828822,
          324.0234239990234,
          142.55351183780658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          361.47654743847653,
          138.04100982828822,
          379.47654668847656,
          142.55351183780658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          411.5624828515625,
          138.04100982828822,
          418.0077950830078,
          142.55351183780658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          450.6679537221678,
          138.04100982828822,
          468.66795297216777,
          142.55351183780658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          495.9726393344725,
          138.04100982828822,
          502.4179515659178,
          142.55351183780658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          532.6874778046874,
          138.04100982828822,
          550.6874770546874,
          142.55351183780658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0077885830077,
          138.04100982828822,
          576.2577884892578,
          142.55351183780658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel Revenue",
        "box": [
          33.74999859375,
          150.13055526766766,
          93.43716080434623,
          155.14319287896797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          248.5546771435547,
          150.13055526766766,
          253.55342689777342,
          155.14319287896797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,697   ",
        "box": [
          288.12889799462874,
          150.13055526766766,
          324.27279896988284,
          155.14319287896797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          331.3359236943359,
          150.13055526766766,
          336.33467344855467,
          155.14319287896797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,832 ",
        "box": [
          382.1132690786131,
          150.13055526766766,
          412.83139277994127,
          155.14319287896797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $",
        "box": [
          422.09764241259745,
          150.13055526766766,
          430.31904453253907,
          155.14319287896797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48,524 ",
        "box": [
          466.52341806152344,
          150.13055526766766,
          497.24154176285157,
          155.14319287896797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          500.1679516596678,
          149.6134435394997,
          503.22271466056117,
          155.14453051538294
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          511.35935369335937,
          150.13055526766766,
          516.3581034475781,
          155.14319287896797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,163 ",
        "box": [
          544.5234148115234,
          150.13055526766766,
          575.2415385128515,
          155.14319287896797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental Income",
        "box": [
          33.74999859375,
          163.63055470516701,
          92.3241542507215,
          168.64319231646732
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          248.5546771435547,
          162.88055473641725,
          251.05405202066407,
          167.89319234771756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,545   ",
        "box": [
          293.1328002861328,
          162.88055473641725,
          324.27279896988284,
          167.89319234771756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.3359236943359,
          162.88055473641725,
          333.8352985714453,
          167.89319234771756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          399.60935834960935,
          162.88055473641725,
          412.83139277994127,
          167.89319234771756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          422.09764241259745,
          162.88055473641725,
          427.81966965542966,
          167.89319234771756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10,285   ",
        "box": [
          466.52341806152344,
          162.88055473641725,
          502.6673265367772,
          167.89319234771756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.35935369335937,
          162.88055473641725,
          513.8587285704688,
          167.89319234771756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.0195115825193,
          162.88055473641725,
          575.2415385128515,
          167.89319234771756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned operations",
        "box": [
          37.71093592871094,
          176.3805541739166,
          210.65576391808912,
          181.3931917852169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          248.5546771435547,
          176.3805541739166,
          251.05405202066407,
          181.3931917852169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,242   ",
        "box": [
          288.12889799462874,
          176.3805541739166,
          324.27279896988284,
          181.3931917852169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.3359236943359,
          176.3805541739166,
          333.8352985714453,
          181.3931917852169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,832 ",
        "box": [
          382.1132690786131,
          176.3805541739166,
          412.83139277994127,
          181.3931917852169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          422.09764241259745,
          176.3805541739166,
          427.81966965542966,
          181.3931917852169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,809   ",
        "box": [
          466.52341806152344,
          176.3805541739166,
          502.6673265367772,
          181.3931917852169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.35935369335937,
          176.3805541739166,
          513.8587285704688,
          181.3931917852169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "54,163 ",
        "box": [
          544.5234148115234,
          176.3805541739166,
          575.2415385128515,
          181.3931917852169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expense",
        "box": [
          33.74999859375,
          189.13055364266984,
          108.42363325490984,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          248.5546771435547,
          189.13055364266984,
          251.05405202066407,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(23,081)  ",
        "box": [
          284.78905063378903,
          189.13055364266984,
          324.27279896988284,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.3359236943359,
          189.13055364266984,
          333.8352985714453,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21,113)",
        "box": [
          378.77342171777343,
          189.13055364266984,
          413.6612633196127,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          422.09764241259745,
          189.13055364266984,
          427.81966965542966,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,299)  ",
        "box": [
          463.1835782006834,
          189.13055364266984,
          502.6673265367772,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.35935369335937,
          189.13055364266984,
          513.8587285704688,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,880)",
        "box": [
          541.1835749506834,
          189.13055364266984,
          576.071409052523,
          194.1431912539665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation expense",
        "box": [
          33.74999859375,
          202.6305530801692,
          120.07598406939522,
          207.64319069146586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          248.5546771435547,
          201.88055311141943,
          251.05405202066407,
          206.8931907227161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,631)  ",
        "box": [
          289.7929604252928,
          201.88055311141943,
          324.27279896988284,
          206.8931907227161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.3359236943359,
          201.88055311141943,
          333.8352985714453,
          206.8931907227161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,531)",
        "box": [
          383.7773315092772,
          201.88055311141943,
          413.6612633196127,
          206.8931907227161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          422.09764241259745,
          201.88055311141943,
          427.81966965542966,
          206.8931907227161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,612)  ",
        "box": [
          468.1874804921875,
          201.88055311141943,
          502.6673265367772,
          206.8931907227161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.35935369335937,
          201.88055311141943,
          513.8587285704688,
          206.8931907227161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,987)",
        "box": [
          546.1874772421875,
          201.88055311141943,
          576.071409052523,
          206.8931907227161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income from real estate owned",
        "box": [
          37.71093592871094,
          216.13055251766855,
          177.8954517501892,
          221.14319012896522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          248.5546771435547,
          215.38055254891879,
          251.05405202066407,
          220.39319016021545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,530   ",
        "box": [
          293.1328002861328,
          215.38055254891879,
          324.27279896988284,
          220.39319016021545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          331.3359236943359,
          215.38055254891879,
          333.8352985714453,
          220.39319016021545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,188 ",
        "box": [
          387.1171713701172,
          215.38055254891879,
          412.83139277994127,
          220.39319016021545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          422.09764241259745,
          215.38055254891879,
          427.81966965542966,
          220.39319016021545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,898   ",
        "box": [
          471.52732785302715,
          215.38055254891879,
          502.6673265367772,
          220.39319016021545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          511.35935369335937,
          215.38055254891879,
          513.8587285704688,
          220.39319016021545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,296 ",
        "box": [
          549.5273246030271,
          215.38055254891879,
          575.2415385128515,
          220.39319016021545
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          228.13055201766838,
          36.249373470859375,
          233.14318962896505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 6 - Other Assets",
        "box": [
          33.74999859375,
          249.130551142669,
          125.92898774837158,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the components of our other assets at the dates indicated ($ in thousands):",
        "box": [
          56.46093514746094,
          270.1305502676696,
          461.25662498006056,
          275.1431878789663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          282.13054976766944,
          36.249373470859375,
          287.1431873789661
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          205.29561640851563,
          303.215029015857
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        "from_ocr": false,
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      {
        "text": " ",
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          377.5612342307812,
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      {
        "text": "June 30, 2026",
        "box": [
          402.4804557299803,
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          452.72752401635233,
          300.8035052440573
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          474.9374802109375,
          300.8035052440573
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          476.8827926298828,
          298.4564231705299,
          478.88154250910156,
          302.46502904710724
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        "confidence": 1.0
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      {
        "text": "December 31, 2025",
        "box": [
          493.5585769350584,
          296.29100323453895,
          564.2841600381588,
          300.8035052440573
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          574.0312260820311,
          296.29100323453895,
          576.2812259882812,
          300.8035052440573
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interest receivable",
        "box": [
          33.74999859375,
          309.13054864266815,
          107.29596667689597,
          314.1431862539648
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          309.13054864266815,
          378.0618592286719,
          314.1431862539648
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          384.4804564799803,
          309.13054864266815,
          389.479206234199,
          314.1431862539648
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          460.73435580273434,
          309.13054864266815,
          479.3821675069922,
          314.1431862539648
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          485.8007647583006,
          309.13054864266815,
          490.7995145125194,
          314.1431862539648
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "70,833 ",
        "box": [
          544.5585748100583,
          309.13054864266815,
          575.2766985113865,
          314.1431862539648
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Collateral deposited under derivative agreements",
        "box": [
          33.74999859375,
          321.88054811141774,
          229.73590217308342,
          326.89318572271804
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          321.88054811141774,
          378.0618592286719,
          326.89318572271804
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.4804564799803,
          321.88054811141774,
          386.97983135708967,
          326.89318572271804
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          460.73435580273434,
          321.88054811141774,
          479.3821675069922,
          326.89318572271804
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.8007647583006,
          321.88054811141774,
          488.30013963541,
          326.89318572271804
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27,440 ",
        "box": [
          544.5585748100583,
          321.88054811141774,
          575.2766985113865,
          326.89318572271804
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan proceeds held by servicer",
        "box": [
          33.74999859375,
          334.63054758016733,
          158.66490919446127,
          339.64318519146764
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          334.63054758016733,
          378.0618592286719,
          339.64318519146764
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.4804564799803,
          334.63054758016733,
          386.97983135708967,
          339.64318519146764
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          460.73435580273434,
          334.63054758016733,
          479.3821675069922,
          339.64318519146764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.8007647583006,
          334.63054758016733,
          488.30013963541,
          339.64318519146764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,151 ",
        "box": [
          549.5624771015624,
          334.63054758016733,
          575.2766985113865,
          339.64318519146764
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity method investment",
        "box": [
          33.74999859375,
          347.3805470489169,
          139.26548917135867,
          352.39318466021723
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          347.3805470489169,
          378.0618592286719,
          352.39318466021723
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.4804564799803,
          347.3805470489169,
          386.97983135708967,
          352.39318466021723
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,970   ",
        "box": [
          443.2382665317381,
          347.3805470489169,
          479.3821675069922,
          352.39318466021723
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.8007647583006,
          347.3805470489169,
          488.30013963541,
          352.39318466021723
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,764 ",
        "box": [
          544.5585748100583,
          347.3805470489169,
          575.2766985113865,
          352.39318466021723
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          33.74999859375,
          360.1305465176665,
          56.51284457579746,
          365.1431841289668
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          360.8805464864163,
          378.0618592286719,
          365.8931840977166
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.4804564799803,
          360.1305465176665,
          386.97983135708967,
          365.1431841289668
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,884   ",
        "box": [
          443.2382665317381,
          360.1305465176665,
          479.3821675069922,
          365.1431841289668
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.8007647583006,
          360.1305465176665,
          488.30013963541,
          365.1431841289668
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        "from_ocr": false,
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      {
        "text": "17,791 ",
        "box": [
          544.5585748100583,
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          575.2766985113865,
          365.1431841289668
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        "from_ocr": false,
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      {
        "text": "Total",
        "box": [
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          54.84821818874508,
          378.6431835664662
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          375.5624843515625,
          375.8805458614188,
          378.0618592286719,
          380.89318347271546
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          384.4804564799803,
          373.6305459551695,
          389.479206234199,
          378.6431835664662
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,854   ",
        "box": [
          443.2382665317381,
          373.6305459551695,
          479.3821675069922,
          378.6431835664662
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          485.8007647583006,
          373.6305459551695,
          490.7995145125194,
          378.6431835664662
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143,979 ",
        "box": [
          539.5663875180662,
          373.6305459551695,
          575.2766985113865,
          378.6431835664662
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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          35.24999853125,
          389.7856622772888
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          397.4564190455312,
          43.07227342132069,
          401.46502492210857
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes loan principal, interest, and other fees held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle.",
        "box": [
          56.22656015722656,
          397.4564190455312,
          559.2782077342399,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          405.70641870178224,
          43.07227342132069,
          409.7150245783596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Relates  to  the  Massachusetts  Healthcare  JV  (as  defined  below)  with  other  Apollo-managed  entities  that  owns  two  hospitals  in  Massachusetts.  Refer  to ",
        "box": [
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          580.2487257854687,
          409.7150245783596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\"Massachusetts Healthcare\" below for additional information.",
        "box": [
          56.22656015722656,
          413.9564183580296,
          254.12979767375802,
          417.965024234607
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
          422.20641801428064,
          43.07227342132069,
          426.215023890858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $12.6 million and $16.1 million of other assets from Real Estate Owned, Held for Investment as of June 30, 2026 and December 31, 2025, respectively. ",
        "box": [
          56.22656015722656,
          422.20641801428064,
          580.2487257854687,
          426.215023890858
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to \"Note 5 - Real Estate Owned\" for additional information.",
        "box": [
          56.22656015722656,
          430.45641767053166,
          268.5703905970664,
          434.465023547109
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Massachusetts Healthcare",
        "box": [
          33.74999859375,
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          142.34088716669086,
          453.64318044146785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  2022,  we  and  other  Apollo-managed  entities  (\"Apollo  Co-Lenders\")  co-originated  a  first  mortgage  loan  (\"Massachusetts ",
        "box": [
          56.24999765625,
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          580.7493507833593,
          474.6431795664648
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Healthcare  Loan\")  secured  by  eight  hospitals  in  Massachusetts.  During  the  third  quarter  of  2024,  we  and  the  Apollo  Co-Lenders, ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          486.6431790664683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through a joint venture (\"Massachusetts Healthcare JV\"), acquired title to one of the eight hospitals (St. Elizabeth's Medical Center) that ",
        "box": [
          33.74999859375,
          493.6305409551678,
          580.7493507833593,
          498.6431785664681
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "previously  secured  the  Massachusetts  Healthcare  Loan.  During  the  same  period,  the  hospital  was  taken  by  eminent  domain  by  the ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          510.64317806646795
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commonwealth  of  Massachusetts  (the  \"Commonwealth\").  Refer  to  \"Note  16  -  Commitments  and  Contingencies\"  for  additional ",
        "box": [
          33.74999859375,
          517.6305399551675,
          580.7493507833593,
          522.6431775664678
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information regarding the Commonwealth's taking of the hospital and the associated lawsuit against the Commonwealth.",
        "box": [
          33.74999859375,
          529.6305394551673,
          516.714532176477,
          534.6431770664676
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additionally in the third quarter of 2024, guarantors made a guaranty payment on the Massachusetts Healthcare Loan, and the ",
        "box": [
          56.46093514746094,
          550.6305385801679,
          580.7493507833593,
          555.6431761914682
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowers transferred the deeds of the remaining seven hospitals into escrow, thereby releasing the borrowers from their obligation ",
        "box": [
          33.74999859375,
          562.6305380801678,
          580.7493507833593,
          567.6431756914681
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the loan agreement. As a result, during the third quarter of 2024, we recorded a $127.5 million realized loss on investments in ",
        "box": [
          33.74999859375,
          574.6305375801676,
          580.7610732828708,
          579.6431751914679
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relation to the Massachusetts Healthcare Loan. During the fourth quarter of 2024, five of the seven hospitals were sold to third parties ",
        "box": [
          33.74999859375,
          586.6305370801674,
          580.7493507833593,
          591.6431746914677
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and the proceeds were allocated among us and other Apollo Co-Lenders based on our pro-rata interests in the Massachusetts Healthcare ",
        "box": [
          33.74999859375,
          598.6305365801672,
          580.7493507833593,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan. During the first quarter of 2025, the Massachusetts Healthcare JV took title of the two unsold hospitals.",
        "box": [
          33.74999859375,
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          472.99654694805963,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  For  the  three  and  six  months  ended  June  30,  2026,  we  contributed  $0.8  million  and  $1.7  million,  respectively,  to  the ",
        "box": [
          56.24999765625,
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          580.7259132843359,
          636.643172816468
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Massachusetts Healthcare JV. Additionally, our allocation of loss from the Massachusetts Healthcare JV for the three and six months ",
        "box": [
          33.74999859375,
          643.6305347051675,
          580.7493507833593,
          648.6431723164678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2026 was $0.2 million and $0.5 million, recorded within loss from equity method investment, net on our condensed ",
        "box": [
          33.74999859375,
          655.6305342051674,
          580.7493507833593,
          660.6431718164677
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statement of operations. For the three and six months ended June 30, 2025, we contributed $0.9 million and $4.2 million, ",
        "box": [
          33.74999859375,
          667.6305337051672,
          580.7610732828708,
          672.6431713164675
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, to the Massachusetts Healthcare JV. Additionally, our allocation of losses from the Massachusetts Healthcare JV for the ",
        "box": [
          33.74999859375,
          679.630533205167,
          580.7373101338608,
          684.6431708164673
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three and six months ended June 30, 2025 was $0.7 million and $1.4 million, respectively, recorded within ",
        "box": [
          33.74999859375,
          691.6305327051668,
          463.0345156881444,
          696.6431703164671
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          158.67186838867187,
          332.3155084319951,
          166.48125134568267,
          335.673562123553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          139.2656191972656,
          345.0655079007447,
          147.0750021542764,
          348.4235615923026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          56.51952889501953,
          357.8155073694943,
          64.32891185203033,
          361.17356106105217
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 25,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          300.99608495849594,
          681.1305331426665,
          310.9935794794336,
          686.1431707539668
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other income, net on our condensed consolidated statement of operations. Refer to \"Note 16 - Commitments and Contingencies\" for ",
        "box": [
          33.74999859375,
          90.1305577676685,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional information.",
        "box": [
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          107.143194878965
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, our equity method investment in the Massachusetts Healthcare JV was $25.0 million ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and $23.8 million, recorded in other assets on our condensed consolidated balance sheet.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Note 7 - Secured Debt Arrangements, Net",
        "box": [
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        "from_ocr": false,
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      {
        "text": "We utilized secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were comprised of secured credit facilities, a private securitization, and a revolving credit facility. During the three months ended June ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,  2026,  all  outstanding  borrowings  were  repaid  in  full  using  proceeds  from  the  Asset  Sale  (as  defined  in  \"Note  4  -  Commercial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage Loans, Subordinate Loans and Other Lending Assets, Net\"). Upon repayment, we recognized a loss of $7.8 million recorded ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "within  loss  on  extinguishment  of  debt  on  our  condensed  consolidated  statement  of  operations  due  to  the  write-off  of  unamortized ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deferred financing costs.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "During the six months ended June 30, 2026, we repaid all of our outstanding secured debt arrangements totaling $6.9 billion. As ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "there were no outstanding borrowings as of June 30, 2026, the following tables present information solely as of December 31, 2025.",
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      {
        "text": "Our borrowings under secured debt arrangements as of December 31, 2025 are detailed in the following table ($ in thousands):",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          139.23046294873046,
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          141.22921282794923,
          318.2150283908559
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "December 31, 2025",
        "box": [
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          317.4650284221061
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          139.23046294873046,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Maximum",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Amount of",
        "box": [
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          318.669532938101,
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        "from_ocr": false,
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      {
        "text": "Borrowings",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          347.66014551416,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          351.7382703442381,
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        "from_ocr": false,
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      {
        "text": "Borrowings",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Outstanding",
        "box": [
          382.874984046875,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          451.9687311679687,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          456.04685599804685,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Maturity",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "JPMorgan Facility - USD",
        "box": [
          33.74999859375,
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          115.69861296604907,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.4296771904297,
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
          256.89842679589844,
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          352.71502695335585
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,000,000   ",
        "box": [
          313.6054594331053,
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          353.73702022345685,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          361.2070199497069,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,905,928   ",
        "box": [
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          458.04560587726564,
          352.71502695335585
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2030",
        "box": [
          499.3476391938475,
          348.70642107678214,
          538.202181824908,
          352.71502695335585
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Morgan Stanley Facility - GBP, EUR",
        "box": [
          33.74999859375,
          357.7064207017793,
          153.6670003312092,
          361.7150265783566
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.4296771904297,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.89842679589844,
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          258.8971766751172,
          361.7150265783566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "587,300   ",
        "box": [
          319.59373668359376,
          357.7064207017793,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          361.2070199497069,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "300,097   ",
        "box": [
          423.9023298374022,
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          458.04560587726564,
          361.7150265783566
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "April 2033",
        "box": [
          504.4687289804687,
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          539.3335753027668,
          361.7150265783566
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Morgan Stanley Facility - USD",
        "box": [
          33.74999859375,
          366.70642032678006,
          134.12065894846378,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.4296771904297,
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          249.42842706964842,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.89842679589844,
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          258.8971766751172,
          370.7150262033574
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "450,000   ",
        "box": [
          319.59373668359376,
          366.70642032678006,
          353.73702022345685,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.2070199497069,
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          363.2057698289256,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "378,435   ",
        "box": [
          423.9023298374022,
          366.70642032678006,
          458.04560587726564,
          370.7150262033574
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2031",
        "box": [
          504.4687289804687,
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          539.3335753027668,
          370.7150262033574
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Atlas Facility - USD",
        "box": [
          33.74999859375,
          375.70641995178084,
          99.70475143245997,
          379.7150258283582
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.4296771904297,
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          249.42842706964842,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.89842679589844,
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          258.8971766751172,
          379.7150258283582
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "800,000   ",
        "box": [
          319.59373668359376,
          375.70641995178084,
          353.73702022345685,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.2070199497069,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "485,340   ",
        "box": [
          423.9023298374022,
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          458.04560587726564,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2027",
        "box": [
          499.3476391938475,
          375.70641995178084,
          538.202181824908,
          379.7150258283582
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Atlas Facility - GBP, EUR",
        "box": [
          33.74999859375,
          384.7064195767816,
          119.25109281520545,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.4296771904297,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          256.89842679589844,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "455,928   ",
        "box": [
          319.59373668359376,
          384.7064195767816,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "455,929   ",
        "box": [
          423.9023298374022,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2028",
        "box": [
          501.35154161035155,
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          542.4390439233721,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Barclays Facility - USD",
        "box": [
          33.74999859375,
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          110.79935172018497,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          247.4296771904297,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.89842679589844,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "600,000   ",
        "box": [
          319.59373668359376,
          393.7064192017788,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.2070199497069,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "461,850   ",
        "box": [
          423.9023298374022,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2030",
        "box": [
          496.2304518237303,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Barclays Facility - GBP",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          256.89842679589844,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "167,830   ",
        "box": [
          319.59373668359376,
          402.70641882677955,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124,550   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "February 2029",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Goldman Sachs Facility - GBP",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          256.89842679589844,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "465,063   ",
        "box": [
          319.59373668359376,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "449,139   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "June 2029",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Goldman Sachs Facility - USD",
        "box": [
          33.74999859375,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": " ",
        "box": [
          256.89842679589844,
          420.7064180767811,
          258.8971766751172,
          424.71502395335847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "300,000   ",
        "box": [
          319.59373668359376,
          420.7064180767811,
          353.73702022345685,
          424.71502395335847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.2070199497069,
          420.7064180767811,
          363.2057698289256,
          424.71502395335847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "146,233   ",
        "box": [
          423.9023298374022,
          420.7064180767811,
          458.04560587726564,
          424.71502395335847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2028",
        "box": [
          492.91404196191405,
          420.7064180767811,
          544.6472271313646,
          424.71502395335847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deutsche Bank Facility - USD",
        "box": [
          33.74999859375,
          429.7064177017819,
          131.4504663097218,
          433.71502357835925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.4296771904297,
          429.7064177017819,
          249.42842706964842,
          433.71502357835925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.89842679589844,
          429.7064177017819,
          258.8971766751172,
          433.71502357835925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200,000   ",
        "box": [
          319.59373668359376,
          429.7064177017819,
          353.73702022345685,
          433.71502357835925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.2070199497069,
          429.7064177017819,
          363.2057698289256,
          433.71502357835925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,800   ",
        "box": [
          427.8984196708984,
          429.7064177017819,
          458.04560587726564,
          433.71502357835925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2028",
        "box": [
          498.01170174951153,
          429.7064177017819,
          536.8662443805722,
          433.71502357835925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Secured Credit Facilities",
        "box": [
          33.74999859375,
          438.70641732677905,
          131.6612799099391,
          442.7150232033564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.4296771904297,
          440.2064172642822,
          249.42842706964842,
          444.2150231408559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.89842679589844,
          439.4564172955288,
          258.8971766751172,
          443.46502317210616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,026,121   ",
        "box": [
          313.6054594331053,
          439.4564172955288,
          353.73702022345685,
          443.46502317210616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.2070199497069,
          439.4564172955288,
          363.2057698289256,
          443.46502317210616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,733,301   ",
        "box": [
          417.91404508691403,
          439.4564172955288,
          458.04560587726564,
          443.46502317210616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          520.8984157958984,
          440.2064172642822,
          522.8971656751172,
          444.2150231408559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Barclays Private Securitization - GBP, EUR, SEK",
        "box": [
          33.74999859375,
          449.20641688927935,
          194.06745302568055,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.4296771904297,
          449.20641688927935,
          249.42842706964842,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.89842679589844,
          449.20641688927935,
          258.8971766751172,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,543,925   ",
        "box": [
          313.6054594331053,
          449.20641688927935,
          353.73702022345685,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.2070199497069,
          449.20641688927935,
          363.2057698289256,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,543,925   ",
        "box": [
          417.91404508691403,
          449.20641688927935,
          458.04560587726564,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2028",
        "box": [
          496.0077918330078,
          449.20641688927935,
          538.8598128475068,
          453.2150227658567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revolving Credit Facility",
        "box": [
          33.74999859375,
          458.20641651428014,
          115.46828248882139,
          462.2150223908575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.4296771904297,
          458.9564164830299,
          249.42842706964842,
          462.96502235960725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.89842679589844,
          458.20641651428014,
          258.8971766751172,
          462.2150223908575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "275,000   ",
        "box": [
          319.59373668359376,
          458.20641651428014,
          353.73702022345685,
          462.2150223908575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.2070199497069,
          458.20641651428014,
          363.2057698289256,
          462.2150223908575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          441.8906065878906,
          458.20641651428014,
          458.04560587726564,
          462.2150223908575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2028",
        "box": [
          496.88670179638655,
          458.9564164830299,
          537.9742041094071,
          462.96502235960725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Secured Debt Arrangements",
        "box": [
          33.74999859375,
          467.9564161080307,
          143.19701547928344,
          471.96502198460803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.4296771904297,
          468.70641607678044,
          249.42842706964842,
          472.7150219533578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.89842679589844,
          467.9564161080307,
          258.8971766751172,
          471.96502198460803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,845,046   ",
        "box": [
          313.6054594331053,
          467.9564161080307,
          353.73702022345685,
          471.96502198460803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.2070199497069,
          467.9564161080307,
          363.2057698289256,
          471.96502198460803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,277,226   ",
        "box": [
          417.91404508691403,
          467.9564161080307,
          458.04560587726564,
          471.96502198460803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          520.8984157958984,
          468.70641607678044,
          522.8971656751172,
          472.7150219533578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: deferred financing costs",
        "box": [
          33.74999859375,
          477.7064157017812,
          129.4321769528184,
          481.7150215783586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.4296771904297,
          478.456415670531,
          249.42842706964842,
          482.46502154710834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          256.89842679589844,
          477.7064157017812,
          258.8971766751172,
          481.7150215783586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A   ",
        "box": [
          331.81639617431625,
          477.7064157017812,
          353.73702022345685,
          481.7150215783586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          361.2070199497069,
          477.7064157017812,
          363.2057698289256,
          481.7150215783586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,676)  ",
        "box": [
          429.22264211572246,
          477.7064157017812,
          458.04560587726564,
          481.7150215783586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          520.8984157958984,
          478.456415670531,
          522.8971656751172,
          482.46502154710834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Secured Debt Arrangements, net",
        "box": [
          33.74999859375,
          487.45641529553177,
          156.9618156480993,
          491.4650211721091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          247.4296771904297,
          488.20641526428153,
          249.42842706964842,
          492.2150211408589
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          256.89842679589844,
          487.45641529553177,
          260.8959265543359,
          491.4650211721091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,845,046   ",
        "box": [
          313.6054594331053,
          487.45641529553177,
          353.73702022345685,
          491.4650211721091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          361.2070199497069,
          487.45641529553177,
          365.20451970814435,
          491.4650211721091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,268,550   ",
        "box": [
          417.91404508691403,
          487.45641529553177,
          458.04560587726564,
          491.4650211721091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          520.8984157958984,
          488.20641526428153,
          522.8971656751172,
          492.2150211408589
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          496.277323041777,
          35.24999853125,
          499.2856577147868
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          506.9564144830292,
          43.07227342132069,
          510.96502035960657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025, British Pound Sterling (\"GBP\"), Euro (\"EUR\"), and Swedish Krona (\"SEK\") borrowings were converted to USD at a rate of 1.35, 1.17 ",
        "box": [
          56.22656015722656,
          506.9564144830292,
          580.2487257854687,
          510.96502035960657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 0.11, respectively.",
        "box": [
          56.22656015722656,
          515.2064141392802,
          128.38608151307972,
          519.2150200158576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          523.4564137955313,
          43.07227342132069,
          527.4650196721086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable.",
        "box": [
          56.22656015722656,
          523.4564137955313,
          426.7675773305169,
          527.4650196721086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
          531.7064134517786,
          43.07227342132069,
          535.715019328356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR.",
        "box": [
          56.22656015722656,
          531.7064134517786,
          418.8039084623364,
          535.715019328356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          33.74999859375,
          539.9564131080297,
          43.07227342132069,
          543.965018984607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The JPMorgan Facility final maturity was extended to March 31, 2030 during the first quarter of 2025.",
        "box": [
          56.22656015722656,
          539.9564131080297,
          384.83681585263196,
          543.965018984607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          33.74999859375,
          548.2064127642807,
          43.07227342132069,
          552.215018640858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Atlas Facility - USD was formerly the Credit Suisse Facility. See \"Atlas Facilities\" below for additional discussion. ",
        "box": [
          56.22656015722656,
          548.2064127642807,
          442.0119761203333,
          552.215018640858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          33.74999859375,
          556.4564124205317,
          43.07227342132069,
          560.465018297109
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Atlas Facility - USD was amended during March 2024 to convert the facility's maturity from a six month \"evergreen\" feature to a two-year initial term, with ",
        "box": [
          56.22656015722656,
          556.4564124205317,
          580.2487257854687,
          560.465018297109
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "an additional one-year extension option.",
        "box": [
          56.22656015722656,
          564.7064120767791,
          184.77482773854862,
          568.7150179533564
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          33.74999859375,
          572.9564117330301,
          43.07227342132069,
          576.9650176096075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assumes financings are extended in line with the underlying loans. ",
        "box": [
          56.22656015722656,
          572.9564117330301,
          272.7079525496681,
          576.9650176096075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          33.74999859375,
          581.2064113892811,
          43.07227342132069,
          585.2150172658585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Barclays Facility final maturity was extended to March 26, 2030 during the third quarter of 2025.",
        "box": [
          56.22656015722656,
          581.2064113892811,
          382.15882988921487,
          585.2150172658585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          33.74999859375,
          589.4564110455321,
          43.07227342132069,
          593.4650169221059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assumes facility enters the two-year amortization period subsequent to the November 2026 maturity, which allows for the refinancing or pay down of assets under ",
        "box": [
          56.22656015722656,
          589.4564110455321,
          580.2487257854687,
          593.4650169221059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the facility.",
        "box": [
          56.22656015722656,
          597.7064107017795,
          92.63342415277384,
          601.7150165783569
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10)",
        "box": [
          33.74999859375,
          605.9564103580306,
          47.069763204758615,
          609.9650162346079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effective March 31, 2025, the capacity on the Deutsche Bank Facility was reduced to $200.0 million from $700.0 million and final maturity was extended to ",
        "box": [
          56.22656015722656,
          605.9564103580306,
          580.2487257854687,
          609.9650162346079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2028 during the first quarter 2025.",
        "box": [
          56.22656015722656,
          614.2064100142816,
          201.21369282859587,
          618.2150158908589
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11)",
        "box": [
          33.74999859375,
          622.456409670529,
          47.069763204758615,
          626.4650155471063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents weighted-average maturity across various financings with the counterparty. See below for additional details.",
        "box": [
          56.22656015722656,
          622.456409670529,
          439.64231731906926,
          626.4650155471063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12)",
        "box": [
          33.74999859375,
          630.70640932678,
          47.069763204758615,
          634.7150152033573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings ",
        "box": [
          56.22656015722656,
          630.70640932678,
          580.2487257854687,
          634.7150152033573
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See \"Revolving Credit Facility\" below for ",
        "box": [
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      {
        "text": "additional discussion. ",
        "box": [
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          127.50996777458445,
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        "confidence": 1.0
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      {
        "text": "(13)",
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      {
        "text": "The Revolving Credit Facility was extended to August 7, 2028 during the third quarter of 2025. See \"Revolving Credit Facility\" below for additional discussion.",
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      {
        "text": "(1)",
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      {
        "text": "(1)",
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      {
        "text": " (2)",
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      {
        "text": "(3)",
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        "from_ocr": false,
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      {
        "text": "(4)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(5)",
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        "from_ocr": false,
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      {
        "text": "(6)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(7)(8)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(9)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(3)(10)",
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        "from_ocr": false,
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      {
        "text": "(10)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(11)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(12)",
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        "from_ocr": false,
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      {
        "text": "(13)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(14)(15)(16)",
        "box": [
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    ]
  },
  {
    "page_no": 26,
    "width": 612.0,
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    "cells": [
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "21",
        "box": [
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      {
        "text": "(14)",
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      {
        "text": "Weighted-average borrowing cost as of December 31, 2025 was applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.05% / GBP: ",
        "box": [
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      {
        "text": "+1.95% / EUR: +2.26% / SEK: +1.50%.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(15)",
        "box": [
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      {
        "text": "Weighted-average advance rate based on cost as of December 31, 2025 was 72.91% (71.0% (USD) / 76.6% (GBP) / 70.8% (EUR) / 80.1% (SEK)).",
        "box": [
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      {
        "text": "(16)",
        "box": [
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      {
        "text": "As of December 31, 2025, approximately 34% of the outstanding balance under these secured borrowings was recourse to us.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Terms of our secured credit facilities were designed to keep each lender's credit exposure generally constant as a percentage of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreased, the amount of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "leverage to us may have been reduced. As of December 31, 2025, the weighted-average haircut under our secured debt arrangements ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was approximately 27.1%. Our secured credit facilities did not contain capital markets-based mark-to-market provisions.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revolving Credit Facility",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  were  party  to  a  revolving  credit  facility  (the  \"Revolving  Credit  Facility\")  administered  by  Bank  of  America,  N.A.  The ",
        "box": [
          56.24999765625,
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          206.14319075396634
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revolving  Credit  Facility  permitted  borrowings  secured  by  qualifying  commercial  mortgage  loans  and  real  property  owned  assets. ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "During the third quarter of 2025, we amended and restated the facility to extend the maturity date from March 2026 to August 2028 and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "increased  the  borrowing  capacity  from  $160.0  million  to  $275.0  million  with  a  syndicate  of  five  lenders.  In  connection  with  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amendment  and  restatement,  we  incurred  $2.7  million  of  deferred  financing  costs,  including  issuance  and  legal  related  costs.  The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revolving Credit Facility was also subject to certain financial covenants, which are discussed below (see \"Debt Covenants\").",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On the Closing Date, we used a portion of the proceeds from the Asset Sale to fully repay all outstanding revolving credit ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans and other obligations under the Amended and Restated Credit Agreement, dated as of August 7, 2025 (as amended, restated, ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "supplemented or otherwise modified from time to time, the \"Revolving Credit Facility Agreement\"), among ACREFI RCF I, LLC, as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrower, the Company, as Parent Guarantor, the lenders party thereto, and Bank of America, N.A., as Administrative Agent. As of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Closing Date, all commitments under the Revolving Credit Facility Agreement were terminated in accordance with the terms of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revolving Credit Facility Agreement, and all outstanding balances were paid in full in conjunction with such termination. During the ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three  months  ended  June  30,  2026,  we  recognized  a  loss  of  $2.1  million  recorded  within  loss  on  extinguishment  of  debt  on  our ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          359.1431843789651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condensed consolidated statement of operations due to the write-off of unamortized deferred financing costs upon repayment.",
        "box": [
          33.74999859375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, we had no outstanding balance on the Revolving Credit Facility. ",
        "box": [
          56.24999765625,
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          499.6790416612891,
          392.14318300396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  and  six  months  ended  June  30,  2026,  we  recorded  $24.0  thousand  and  $160.0  thousand  of  unused  fees, ",
        "box": [
          56.24999765625,
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          580.7493507833593,
          413.14318212896615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively. During the three and six months ended June 30, 2025, we recorded $63.0 thousand and $143.0 thousand of unused fees, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively.",
        "box": [
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          84.54778745842538,
          437.1431811289658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During both the three and six months ended June 30, 2026, we recorded $0.4 million of contractual interest expense. During both ",
        "box": [
          56.24999765625,
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          458.1431802539664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the three and six months ended June 30, 2025, we recorded $0.6 million of contractual interest expense.",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Barclays Private Securitization",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          161.50780577050782,
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          164.0071806476172,
          491.1431788789632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  were  party  to  a  private  securitization  with  Barclays  Bank  plc  (\"Barclays\")  (such  securitization,  the  \"Barclays  Private ",
        "box": [
          56.24999765625,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization\"). Commercial mortgage loans financed under the Barclays Securitization were denominated in GBP, EUR, and SEK. ",
        "box": [
          33.74999859375,
          519.130539892667,
          580.7493507833593,
          524.1431775039637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On the Closing Date, a portion of the proceeds from the Asset Sale were used to fully repay the Barclays Private Securitization.",
        "box": [
          33.74999859375,
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          536.1431770039635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Barclays Private Securitization did not include daily margining provisions and granted us significant discretion to modify ",
        "box": [
          56.24999765625,
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          557.1431761289641
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain  terms  of  the  underlying  collateral  including  waiving  certain  loan-level  covenant  breaches  and  deferring  or  waiving  of  debt ",
        "box": [
          33.74999859375,
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          569.143175628964
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "service payments for up to 18 months. The securitization included loan-to-value based covenants with deleveraging requirements that ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          581.1431751289638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were  based  on  significant  declines  in  the  value  of  the  collateral  as  determined  by  an  annual  third-party  (engaged  by  us)  appraisal ",
        "box": [
          33.74999859375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "process tied to the provisions of the underlying loan agreements. We believe this provided us with both cushion and predictability to ",
        "box": [
          33.74999859375,
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          605.1431741289634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "avoid sudden unexpected outcomes and material repayment requirements.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 27,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As the Barclays Private Securitization was fully repaid as of June 30, 2026, the following tables present information solely as of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "December 31, 2025, except where noted. The table below provides principal balances and the carrying value for commercial mortgage ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "loans pledged to the Barclays Private Securitization as of December 31, 2025 ($ in thousands): ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          189.11717962011718,
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          191.36717952636718,
          141.80351186905682
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          348.9843604589844,
          141.80351186905682
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          428.19139215869126,
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          498.9169752617917,
          141.05351190030706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.3827885673827,
          136.54100989079234,
          576.6327884736328,
          141.05351190030706
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Local Currency",
        "box": [
          33.74999859375,
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          89.97362913109865,
          165.05351090030672
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.73436055273436,
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          348.9843604589844,
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        "from_ocr": false,
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      {
        "text": "Count",
        "box": [
          378.11717174511716,
          159.79100892204224,
          400.1205888083081,
          164.30351093155696
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        "from_ocr": false,
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      {
        "text": " ",
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          426.15232974365216,
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        "from_ocr": false,
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      {
        "text": "Outstanding",
        "box": [
          441.56248160156247,
          148.54100939079217,
          485.5605266883106,
          153.0535114003069
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        "from_ocr": false,
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      {
        "text": "Principal",
        "box": [
          447.3163913618162,
          159.79100892204224,
          479.80955404793445,
          164.30351093155696
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        "from_ocr": false,
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      {
        "text": "   ",
        "box": [
          497.2148267827147,
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          503.30857652880843,
          164.30351093155696
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          512.8593536308593,
          159.79100892204224,
          568.5907966887157,
          164.30351093155696
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.3827885673827,
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          576.6327884736328,
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        "from_ocr": false,
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      {
        "text": "GBP",
        "box": [
          33.74999859375,
          171.88055436141804,
          53.19824571084491,
          176.89319197271834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.73436055273436,
          171.88055436141804,
          349.23373542984376,
          176.89319197271834
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          386.624983890625,
          171.88055436141804,
          391.62373364484375,
          176.89319197271834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          423.9023298374022,
          171.88055436141804,
          426.40170471451154,
          176.89319197271834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          431.51951702001935,
          171.88055436141804,
          436.51826677423816,
          176.89319197271834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,263,872   ",
        "box": [
          455.624981015625,
          171.88055436141804,
          503.5579514996678,
          176.89319197271834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          508.6757638051756,
          171.88055436141804,
          513.6745135593943,
          176.89319197271834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,254,294 ",
        "box": [
          532.7812278007812,
          171.88055436141804,
          575.2766985113865,
          176.89319197271834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EUR",
        "box": [
          33.74999859375,
          183.88055386141787,
          53.74498863012596,
          188.89319147271817
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.73436055273436,
          183.88055386141787,
          349.23373542984376,
          188.89319147271817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          386.624983890625,
          183.88055386141787,
          391.62373364484375,
          188.89319147271817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          423.9023298374022,
          183.88055386141787,
          426.40170471451154,
          188.89319147271817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.51951702001935,
          183.88055386141787,
          434.01889189712875,
          188.89319147271817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "543,263   ",
        "box": [
          463.124980703125,
          183.88055386141787,
          503.5579514996678,
          188.89319147271817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          508.6757638051756,
          183.88055386141787,
          511.17513868228497,
          188.89319147271817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "537,005 ",
        "box": [
          540.2812274882812,
          183.88055386141787,
          575.2766985113865,
          188.89319147271817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SEK",
        "box": [
          33.74999859375,
          195.8805533614177,
          52.63686040770979,
          200.893190972718
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.73436055273436,
          196.6305533301711,
          349.23373542984376,
          201.64319094146776
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          386.624983890625,
          195.8805533614177,
          391.62373364484375,
          200.893190972718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          423.9023298374022,
          195.8805533614177,
          426.40170471451154,
          200.893190972718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.51951702001935,
          195.8805533614177,
          434.01889189712875,
          200.893190972718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "261,595   ",
        "box": [
          463.124980703125,
          195.8805533614177,
          503.5579514996678,
          200.893190972718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          508.6757638051756,
          195.8805533614177,
          511.17513868228497,
          200.893190972718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260,682 ",
        "box": [
          540.2812274882812,
          195.8805533614177,
          575.2766985113865,
          200.893190972718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          33.74999859375,
          208.63055283017093,
          54.84821818874508,
          213.6431904414676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.73436055273436,
          210.8805527364202,
          349.23373542984376,
          215.89319034771688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          386.624983890625,
          208.63055283017093,
          391.62373364484375,
          213.6431904414676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          423.9023298374022,
          208.63055283017093,
          426.40170471451154,
          213.6431904414676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          431.51951702001935,
          208.63055283017093,
          436.51826677423816,
          213.6431904414676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,068,730   ",
        "box": [
          455.624981015625,
          208.63055283017093,
          503.5579514996678,
          213.6431904414676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          508.6757638051756,
          208.63055283017093,
          513.6745135593943,
          213.6431904414676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,051,981 ",
        "box": [
          532.7812278007812,
          208.63055283017093,
          575.2766985113865,
          213.6431904414676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities ",
        "box": [
          56.24999765625,
          231.88055186142083,
          580.7493507833593,
          236.8931894727175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by currency for the assets financed under the Barclays Private Securitization as of December 31, 2025 ($ in thousands):",
        "box": [
          33.74999859375,
          243.88055136142066,
          511.5330402102099,
          248.89318897271733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          203.70702651220685,
          278.291003984541,
          205.95702641845688,
          282.80350599405574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.9257693364256,
          278.291003984541,
          378.1757692426756,
          282.80350599405574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings",
        "box": [
          406.99217054199215,
          266.2910044845412,
          449.49168050117913,
          270.8035064940559
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding",
        "box": [
          402.7265457197266,
          277.54100401579126,
          446.72459080647474,
          282.053506025306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          473.22654278222655,
          277.54100401579126,
          479.3202925283203,
          282.053506025306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully-Extended",
        "box": [
          504.1288889946287,
          266.2910044845412,
          560.119609261682,
          270.8035064940559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          512.8593536308593,
          277.54100401579126,
          544.3549577985425,
          282.053506025306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total/Weighted-Average GBP",
        "box": [
          33.74999859375,
          289.6305494551707,
          155.62368681811802,
          294.64318706646736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.9257693364256,
          289.6305494551707,
          378.425144213535,
          294.64318706646736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.8554564643553,
          289.6305494551707,
          389.854206218574,
          294.64318706646736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "941,015   ",
        "box": [
          439.13670420263657,
          289.6305494551707,
          479.5696674991797,
          294.64318706646736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 2028",
        "box": [
          510.31638873681624,
          289.6305494551707,
          553.9138269577562,
          294.64318706646736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total/Weighted-Average EUR",
        "box": [
          33.74999859375,
          301.6305489551705,
          156.1704297373991,
          306.6431865664672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.9257693364256,
          301.6305489551705,
          378.425144213535,
          306.6431865664672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.8554564643553,
          301.6305489551705,
          387.35483134146466,
          306.6431865664672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "393,634   ",
        "box": [
          439.13670420263657,
          301.6305489551705,
          479.5696674991797,
          306.6431865664672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2028",
        "box": [
          507.79685384179686,
          301.6305489551705,
          548.6166851784704,
          306.6431865664672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total/Weighted-Average SEK",
        "box": [
          33.74999859375,
          313.63054845517036,
          155.06230151498292,
          318.643186066467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.9257693364256,
          314.3805484239201,
          378.425144213535,
          319.3931860352168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.8554564643553,
          313.63054845517036,
          387.35483134146466,
          318.643186066467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "209,276   ",
        "box": [
          439.13670420263657,
          313.63054845517036,
          479.5696674991797,
          318.643186066467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2026",
        "box": [
          511.71091617871093,
          313.63054845517036,
          552.5307475153845,
          318.643186066467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total/Weighted-Average Securitization",
        "box": [
          33.74999859375,
          326.38054792391995,
          191.6985936000583,
          331.3931855352166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.9257693364256,
          328.63054783016923,
          378.425144213535,
          333.64318544146954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.8554564643553,
          326.38054792391995,
          389.854206218574,
          331.3931855352166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,543,925   ",
        "box": [
          431.63670451513656,
          326.38054792391995,
          479.5696674991797,
          331.3931855352166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2028",
        "box": [
          505.32420144482404,
          326.38054792391995,
          558.9093787496081,
          331.3931855352166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          339.5273295730294,
          35.24999853125,
          342.53566424603923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          350.20642101428166,
          43.07227342132069,
          354.215026890859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025, we had \u00a3698.3 million, \u20ac335.1 million, and kr1.9 billion of borrowings outstanding under the Barclays Private Securitization secured ",
        "box": [
          56.22656015722656,
          350.20642101428166,
          580.2487257854687,
          354.215026890859
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by certain of our commercial mortgage loans.",
        "box": [
          56.22656015722656,
          358.4564206705327,
          202.08041094248262,
          362.46502654711
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          366.7064203267837,
          43.07227342132069,
          370.71502620336105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised.",
        "box": [
          56.22656015722656,
          366.7064203267837,
          387.2688913762955,
          370.71502620336105
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
          374.9564199830311,
          43.07227342132069,
          378.96502585960843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The EUR portion of the Barclays Private Securitization has an \"evergreen\" feature such that the facility continues for one year and can be terminated by either ",
        "box": [
          56.22656015722656,
          374.9564199830311,
          580.2487257854687,
          378.96502585960843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice.",
        "box": [
          56.22656015722656,
          383.2064196392821,
          392.7030493748723,
          387.21502551585945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  table  below  provides  the  assets  and  liabilities  of  the  Barclays  Private  Securitization  VIE  included  in  our  condensed ",
        "box": [
          56.46093514746094,
          401.380544798918,
          580.7493507833593,
          406.3931824102183
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets as of December 31, 2025 ($ in thousands):",
        "box": [
          33.74999859375,
          413.3805442989178,
          316.66367882976704,
          418.3931819102181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          242.285149904785,
          437.2909973595415,
          244.53514981103498,
          441.8034993690562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.78514109228496,
          437.2909973595415,
          456.035140998535,
          441.8034993690562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          483.05857737255843,
          436.54099739079174,
          553.7841604756588,
          441.05349940030646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0429485815428,
          436.54099739079174,
          576.2929484877927,
          441.05349940030646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets:",
        "box": [
          33.74999859375,
          449.38054279892094,
          62.63435448932272,
          454.3931804102176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.78514109228496,
          449.38054279892094,
          456.28451596939436,
          454.3931804102176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          569.5781012675781,
          449.38054279892094,
          572.0774761446875,
          454.3931804102176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          575.027323540527,
          449.38054279892094,
          577.5266984176365,
          454.3931804102176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash",
        "box": [
          41.51952952001953,
          461.3805422989208,
          61.514513499395164,
          466.39317991021744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.78514109228496,
          461.3805422989208,
          456.28451596939436,
          466.39317991021744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          464.7656056347656,
          461.3805422989208,
          469.76435538898437,
          466.39317991021744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,325 ",
        "box": [
          549.5859146005859,
          461.3805422989208,
          575.3001360104099,
          466.39317991021744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage loans, net",
        "box": [
          41.51952952001953,
          474.13054176767037,
          172.0043334572401,
          479.14317937896703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.78514109228496,
          474.13054176767037,
          456.28451596939436,
          479.14317937896703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          464.7656056347656,
          474.13054176767037,
          467.264980511875,
          479.14317937896703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,051,981 ",
        "box": [
          532.0898253295896,
          474.13054176767037,
          575.3001360104099,
          479.14317937896703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Assets",
        "box": [
          41.51952952001953,
          486.88054123641996,
          92.88846565006008,
          491.8931788477166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.78514109228496,
          487.6305412051697,
          456.28451596939436,
          492.6431788164664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          464.7656056347656,
          486.88054123641996,
          467.264980511875,
          491.8931788477166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,623 ",
        "box": [
          544.5820123090818,
          486.88054123641996,
          575.3001360104099,
          491.8931788477166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets",
        "box": [
          33.74999859375,
          500.3805406739193,
          83.45431151814986,
          505.3931782852196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.78514109228496,
          502.6305405801686,
          456.28451596939436,
          507.6431781914689
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          464.7656056347656,
          500.3805406739193,
          469.76435538898437,
          505.3931782852196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,076,929 ",
        "box": [
          532.0898253295896,
          500.3805406739193,
          575.3001360104099,
          505.3931782852196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities:",
        "box": [
          33.74999859375,
          515.3805400489182,
          77.06430071307494,
          520.3931776602185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.78514109228496,
          515.3805400489182,
          456.28451596939436,
          520.3931776602185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          569.5781012675781,
          515.3805400489182,
          572.0774761446875,
          520.3931776602185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          575.027323540527,
          515.3805400489182,
          577.5266984176365,
          520.3931776602185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured debt arrangements, net (net of deferred financing costs of $1.1 million)",
        "box": [
          41.51952952001953,
          528.1305395176678,
          359.95512320736856,
          533.1431771289681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.78514109228496,
          528.1305395176678,
          456.28451596939436,
          533.1431771289681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          464.7656056347656,
          528.1305395176678,
          469.76435538898437,
          533.1431771289681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,542,817 ",
        "box": [
          532.0898253295896,
          528.1305395176678,
          575.3001360104099,
          533.1431771289681
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable, accrued expenses and other liabilities",
        "box": [
          41.51952952001953,
          540.880538986421,
          267.2098996116666,
          545.8931765977177
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.78514109228496,
          541.6305389551708,
          456.28451596939436,
          546.6431765664674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          464.7656056347656,
          540.880538986421,
          467.264980511875,
          545.8931765977177
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,348 ",
        "box": [
          549.5859146005859,
          540.880538986421,
          575.3001360104099,
          545.8931765977177
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          33.74999859375,
          554.3805384239204,
          97.88425774190208,
          559.393176035217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          453.78514109228496,
          556.6305383301697,
          456.28451596939436,
          561.6431759414663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          464.7656056347656,
          554.3805384239204,
          469.76435538898437,
          559.393176035217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,551,165 ",
        "box": [
          532.0898253295896,
          554.3805384239204,
          575.3001360104099,
          559.393176035217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          567.5273200730298,
          35.24999853125,
          570.5356547460397
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          578.2064115142821,
          43.07227342132069,
          582.2150173908594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net of the General CECL Allowance of $8.4 million as of December 31, 2025.",
        "box": [
          56.22656015722656,
          578.2064115142821,
          308.4628410848809,
          582.2150173908594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          588.7064110767824,
          43.07227342132069,
          592.7150169533597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes loan principal, interest, and other fees held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle.",
        "box": [
          56.22656015722656,
          588.7064110767824,
          559.2782077342399,
          592.7150169533597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          33.74999859375,
          596.9564107330334,
          43.07227342132069,
          600.9650166096108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $1.0 million as of December 31, 2025.",
        "box": [
          56.22656015722656,
          596.9564107330334,
          527.8307629695506,
          600.9650166096108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.46093514746094,
          615.1305358926693,
          58.960310024570305,
          620.1431735039696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.46093514746094,
          636.1305350176699,
          58.960310024570305,
          641.1431726289666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.46093514746094,
          657.1305341426705,
          58.960310024570305,
          662.1431717539672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.46093514746094,
          678.1305332676675,
          58.960310024570305,
          683.1431708789678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.46093514746094,
          699.1305323926681,
          58.960310024570305,
          704.1431700039684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  table  below  provides  the  net  income  of  the  Barclays  Private  Securitization  VIE  included  in  our  condensed  consolidated ",
        "box": [
          56.46093514746094,
          720.1305315176687,
          580.7493507833593,
          725.143169128969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statement of operations ($ in thousands):",
        "box": [
          33.74999859375,
          732.1305310176685,
          196.74222472649458,
          737.1431686289689
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          744.1305305176684,
          36.249373470859375,
          749.1431681289687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          446.7304538862303,
          275.00746897995487,
          453.76150858756966,
          278.03084532632784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          544.3593523183594,
          275.00746897995487,
          551.3904070196987,
          278.03084532632784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          548.6249771406249,
          298.56550983824854,
          556.4343600976357,
          301.9235635298028
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          172.0078053330078,
          471.81550261949815,
          179.81718829001858,
          475.173556311056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          92.89452737939453,
          484.56550208824774,
          100.70391033640533,
          487.9235557798056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          267.2109263662109,
          538.5654998382452,
          275.02030932322174,
          541.923553529803
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 28,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "22",
        "box": [
          300.99608495849594,
          52.63055933016949,
          310.9935794794336,
          57.64319694146616
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 29,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          33.74999859375,
          38.380559923916735,
          36.249373470859375,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          149.6953062626953,
          84.0410120782908,
          151.9453061689453,
          88.55351408780552
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.6054613081053,
          84.0410120782908,
          270.8554612143553,
          88.55351408780552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three months ended June 30,",
        "box": [
          291.72655034472655,
          83.29101210954104,
          397.4501789095751,
          87.80351411905576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          415.8984201708984,
          83.29101210954104,
          422.34373240234373,
          87.80351411905576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six months ended June 30,",
        "box": [
          453.74998109374997,
          83.29101210954104,
          550.4955826326831,
          87.80351411905576
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          149.6953062626953,
          96.7910115470404,
          151.9453061689453,
          101.30351355655512
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          268.6054613081053,
          96.7910115470404,
          270.8554612143553,
          101.30351355655512
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          297.71483509521465,
          96.04101157829064,
          315.7148343452147,
          100.55351358780536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          340.1484233271484,
          96.04101157829064,
          346.5937355585937,
          100.55351358780536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          373.46483193896466,
          96.04101157829064,
          391.4648311889647,
          100.55351358780536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          415.8984201708984,
          96.04101157829064,
          422.34373240234373,
          100.55351358780536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          449.2031062832031,
          96.04101157829064,
          467.2031055332031,
          100.55351358780536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          491.63670201513656,
          96.04101157829064,
          498.0820142465819,
          100.55351358780536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          524.9531031269531,
          96.04101157829064,
          542.9531023769531,
          100.55351358780536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          567.3866988588865,
          96.04101157829064,
          569.6366987651364,
          100.55351358780536
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          573.3046636123046,
          96.29442954772821,
          575.8051517781176,
          100.82192235919865
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income:",
        "box": [
          33.74999859375,
          108.13055701766643,
          114.81362006518654,
          113.14319462896674
        ],
        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          108.13055701766643,
          271.10483618521465,
          113.14319462896674
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          335.69529851269533,
          108.13055701766643,
          338.1946733898047,
          113.14319462896674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          341.12108328662094,
          108.13055701766643,
          346.84311052945316,
          113.14319462896674
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          411.4452953564453,
          108.13055701766643,
          413.9446702335547,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          416.8710801303709,
          108.13055701766643,
          422.5931073732031,
          113.14319462896674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          487.18357720068343,
          108.13055701766643,
          489.6829520777928,
          113.14319462896674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          492.60935447460935,
          108.13055701766643,
          498.33138921744126,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          562.9335740444334,
          108.13055701766643,
          565.4329489215428,
          113.14319462896674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          568.3593513183592,
          108.13055701766643,
          574.0813860611912,
          113.14319462896674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from commercial mortgage loans",
        "box": [
          38.08593591308593,
          120.88055648641603,
          235.46309783445025,
          125.89319409771633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          268.6054613081053,
          120.88055648641603,
          280.2370232859568,
          125.89319409771633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,372    $",
        "box": [
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      {
        "text": "49,050    $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "42,628    $",
        "box": [
          462.18748074218746,
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          125.89319409771633
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "95,440   ",
        "box": [
          537.9374775859375,
          120.88055648641603,
          574.0813860611912,
          125.89319409771633
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interest expense",
        "box": [
          38.08593591308593,
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          102.76206956580836,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,310)  ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(27,378)  ",
        "box": [
          383.10935903710936,
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          138.64319356646592
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(23,979)  ",
        "box": [
          458.8476408813475,
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          498.33138921744126,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          138.64319356646592
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(52,574)  ",
        "box": [
          534.5976377250975,
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        "from_ocr": false,
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      {
        "text": "Net interest income",
        "box": [
          33.74999859375,
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      {
        "text": "  $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,062    $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "21,672    $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "18,649    $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "42,866   ",
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          152.14319300396528
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        "from_ocr": false,
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      {
        "text": "General and administrative expense",
        "box": [
          38.08593591308593,
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          181.04807692889125,
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      {
        "text": "  $",
        "box": [
          268.6054613081053,
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          165.64319244146463
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(25)   $",
        "box": [
          324.8554589643553,
          160.63055483016797,
          355.9752976301953,
          165.64319244146463
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(163)   $",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "69    $",
        "box": [
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          165.64319244146463
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(163)  ",
        "box": [
          547.1015397041015,
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          574.0813860611912,
          165.64319244146463
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        "from_ocr": false,
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      {
        "text": "Decrease (increase) in current expected credit loss ",
        "box": [
          38.08593591308593,
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          241.53842741714845,
          178.39319191021787
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allowance, net",
        "box": [
          38.08593591308593,
          185.3805537989174,
          95.8204682315679,
          190.3931914102177
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          271.10483618521465,
          190.3931914102177
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          277.73764840884746,
          190.3931914102177
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,083   ",
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          346.84311052945316,
          190.3931914102177
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(293)  ",
        "box": [
          395.6132685161131,
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          190.3931914102177
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,363   ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,053   ",
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          574.0813860611912,
          190.3931914102177
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Foreign currency translation gain",
        "box": [
          38.08593591308593,
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          171.06519460978325,
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,738   ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,437   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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      {
        "text": "2,520   ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "69,070   ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Realized loss on extinguishment of debt",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(968)  ",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "-     ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(968)  ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-   ",
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      {
        "text": "Net realized loss on investments",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          277.73764840884746,
          228.64318981646647
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(870)  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          403.9452956689453,
          223.63055220516617,
          429.2259195968359,
          228.64318981646647
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(870)  ",
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          471.35154286035157,
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          498.33138921744126,
          228.64318981646647
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          502.46482656396466,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
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          574.0813860611912,
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        "from_ocr": false,
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      {
        "text": "Net income",
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          242.14318925396583
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  $",
        "box": [
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          280.2370232859568,
          244.39318916021512
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,020    $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64,653    $",
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        "from_ocr": false,
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      {
        "text": "28,763    $",
        "box": [
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          507.46357631818347,
          242.14318925396583
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "112,826   ",
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          237.13055164266916,
          574.0813860611912,
          242.14318925396583
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The table below summarizes the outstanding balances at December 31, 2025, as well as the maximum and average month-end ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "balances for the year ended December 31, 2025 for our borrowings under secured debt arrangements ($ in thousands).",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          126.22265099072266,
          300.8035052440573
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "As of December 31, 2025",
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          354.13475475438446,
          300.0535052753039
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        "confidence": 1.0
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      {
        "text": "   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "For the year ended December 31, 2025",
        "box": [
          418.18358007568344,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          126.22265099072266,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
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          277.1381721925756,
          335.3035038065573
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Collateral",
        "box": [
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          367.12644960306386,
          335.3035038065573
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Maximum",
        "box": [
          424.41795481591777,
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          461.9164884434789,
          312.80350474405714
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
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      {
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        "text": "Deutsche Bank Facility",
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        "text": "25,800   ",
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      {
        "text": " ",
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        "text": "42,500   ",
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      {
        "text": " ",
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        "text": "27,300   ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "58,425 ",
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      {
        "text": "Barclays Private Securitization",
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      {
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1,543,925   ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "2,060,388   ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1,543,925   ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "1,673,351 ",
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      {
        "text": "Revolving Credit Facility",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-     ",
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          316.77279928238283,
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
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          407.0306080216406,
          501.64317844146717
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        "from_ocr": false,
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      {
        "text": "-     ",
        "box": [
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          496.63054083016686,
          497.28841676089843,
          501.64317844146717
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        "from_ocr": false,
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      {
        "text": "14,273 ",
        "box": [
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          575.264976011875,
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        "from_ocr": false,
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      {
        "text": "Total",
        "box": [
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          54.84821818874508,
          514.3931779102168
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      {
        "text": "  $",
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      {
        "text": "6,277,226    $",
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      {
        "text": "8,462,876   ",
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          514.3931779102168
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "  ",
        "box": [
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          516.643177816466
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(1)",
        "box": [
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      {
        "text": "Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets.",
        "box": [
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      {
        "text": "Debt Covenants",
        "box": [
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      {
        "text": "The guarantees related to our secured debt arrangements contained the following financial covenants: (i) tangible net worth must ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017 (or $1.42 billion plus 75% ",
        "box": [
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      {
        "text": "of the net cash proceeds of any equity issuance after June 30, 2025 with respect to the Revolving Credit Facility); (ii) our ratio of total ",
        "box": [
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        "text": "indebtedness to total assets shall not exceed 83.33% (81.82% for the Revolving Credit Facility) and (iii) our liquidity cannot be less ",
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      {
        "text": "than an amount equal to the greater of 5.0% of total recourse indebtedness or $30.0 million. Under these covenants, our General CECL ",
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      {
        "text": "Allowance  was  added  back  to  our  tangible  net  worth  calculation  and  total  assets  and  total  indebtedness  were  subject  to  certain ",
        "box": [
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      {
        "text": "adjustments. The Revolving Credit Facility contained an additional financial covenant to maintain a minimum interest coverage ratio of ",
        "box": [
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        "text": "not less than 1.3:1. ",
        "box": [
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        "text": "Effective as of June 30, 2025, we amended our financial covenants from a maximum ratio of total indebtedness to tangible net ",
        "box": [
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      {
        "text": "worth of 4.0:1.0 to a ratio of total indebtedness to total assets not to exceed 83.33% (81.82% for our Revolving Credit Facility). We ",
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        "text": "were in compliance with our covenants for the period ended December 31, 2025. As we repaid all of our secured debt arrangements ",
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        "text": "during the three months ended June 30, 2026, compliance with these covenants is no longer required.",
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        "text": "(1)",
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  {
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        "text": "23",
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  {
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    "cells": [
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        "text": " ",
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        "text": "24",
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      {
        "text": "Note 8 - Senior Secured Term Loans, Net ",
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      {
        "text": "In  June  2025, we entered into a $750.0 million senior secured term loan facility (the \"2030 Term Loan\") to refinance and ",
        "box": [
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      {
        "text": "replace our previously outstanding 2026 Term Loan and 2028 Term Loans (each as defined and described below). The 2030 Term Loan ",
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      {
        "text": "was due to mature June 2030 and bore interest at a rate of SOFR plus 3.25%. The 2030 Term Loan was issued at a price of 99.3% and ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "was amortizing with repayments of 0.25% of the total committed principal per quarter. The 2030 Term Loan contained restrictions ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "relating  to  liens,  asset  sales,  indebtedness,  and  investments  in  non-wholly  owned  entities.  The  refinancing  was  accounted  for  as  a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "continuation of the existing loans in accordance with ASC Topic 470 \"Debt.\" ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "On the Closing Date, we repaid in full the 2030 Term Loan and all other obligations under the Term Loan Credit Agreement, ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "dated as of June 13, 2025, among the Company, as Borrower, the lenders party thereto from time to time, and Goldman Sachs Bank ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "USA, as Administrative Agent and Collateral Agent, using proceeds from the Asset Sale. The full repayment of the 2030 Term Loan ",
        "box": [
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      {
        "text": "resulted in principal repayment of $744.4 million. During the three months ended June 30, 2026, we recognized a loss of $17.3 million ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "recorded  within  loss  on  extinguishment  of  debt  on  our  condensed  consolidated  statement  of  operations  due  to  the  write-off  of  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "unamortized original issue discount and deferred financing costs upon repayment.",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Prior to refinancing in June 2025, we held a $471.3 million senior secured term loan (the \"2026 Term Loan\") that bore interest ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "at SOFR plus 2.86% and a $288.0 million senior secured term loan (the \"2028 Term Loan\", collectively with the 2026 Term Loan, the ",
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        "confidence": 1.0
      },
      {
        "text": "\"2026  and  2028  Term  Loans\")  that  bore  interest  at  SOFR  (with  a  floor  of  0.50%)  plus  3.61%.  The  2026  and  2028  Term  Loans ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "contained restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities and were issued at a ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "price of 99.5% and 99.0%, respectively. ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "The following table summarizes the terms of the 2030 Term Loan solely as of December 31, 2025 ($ in thousands):",
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          347.14318487896526
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          388.5409993907888,
          99.44530835644531,
          393.0535014003035
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          388.5409993907888,
          165.8671805888672,
          393.0535014003035
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        "confidence": 1.0
      },
      {
        "text": "Principal ",
        "box": [
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          376.54099989078895,
          216.99608845849593,
          381.0535019003037
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        "confidence": 1.0
      },
      {
        "text": "Amount",
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        "confidence": 1.0
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      {
        "text": "   ",
        "box": [
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          235.0429627065428,
          392.30350143155374
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        "confidence": 1.0
      },
      {
        "text": "Unamortized ",
        "box": [
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          365.2910003595389,
          293.4257727739256,
          369.8035023690536
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issuance ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Discount",
        "box": [
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          280.40770696634496,
          392.30350143155374
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        "confidence": 1.0
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      {
        "text": "   ",
        "box": [
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          304.21873732421875,
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        "confidence": 1.0
      },
      {
        "text": "Deferred ",
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          355.0898327045897,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing ",
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          357.1054576206053,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs",
        "box": [
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          343.34032155415264,
          392.30350143155374
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          366.94920721044906,
          387.790999422039,
          373.3945194418944,
          392.30350143155374
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value    ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate",
        "box": [
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          482.5121907553245,
          392.30350143155374
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          509.22654128222655,
          387.790999422039,
          511.4765411884766,
          392.30350143155374
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity Date",
        "box": [
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          387.790999422039,
          572.113749521926,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030 Term Loan",
        "box": [
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          405.6431824414649
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        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
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          175.35421515607405,
          405.6431824414649
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "746,250    $",
        "box": [
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          244.52998977374997,
          405.6431824414649
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,324)   $",
        "box": [
          269.9882737504881,
          400.6305448301646,
          313.70577189142557,
          405.6431824414649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,393)   $",
        "box": [
          334.16014607666,
          400.6305448301646,
          382.88154650910155,
          405.6431824414649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "727,533   ",
        "box": [
          401.68358076318344,
          400.6305448301646,
          442.8196690304297,
          405.6431824414649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.25% ",
        "box": [
          474.539042727539,
          400.6305448301646,
          511.72591615933595,
          405.6431824414649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/13/2030",
        "box": [
          536.9882626254881,
          400.6305448301646,
          577.5347175485524,
          405.6431824414649
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
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          54.84821818874508,
          417.6431819414647
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          163.61718068261717,
          412.6305443301644,
          175.35421515607405,
          417.6431819414647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "746,250    $",
        "box": [
          194.15624191015624,
          412.6305443301644,
          244.52998977374997,
          417.6431819414647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,324)   $",
        "box": [
          269.9882737504881,
          412.6305443301644,
          313.70577189142557,
          417.6431819414647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,393)   $",
        "box": [
          334.16014607666,
          412.6305443301644,
          382.88154650910155,
          417.6431819414647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "727,533   ",
        "box": [
          401.68358076318344,
          412.6305443301644,
          442.8196690304297,
          417.6431819414647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          506.00388891650374,
          412.6305443301644,
          511.72591615933595,
          417.6431819414647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          575.027323540527,
          412.6305443301644,
          577.5266984176365,
          417.6431819414647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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          35.24999853125,
          426.5356607460344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          58.39452881689453,
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          67.71680364446522,
          438.2150233908578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.",
        "box": [
          83.09765278759765,
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          438.2150233908578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          58.39452881689453,
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          67.71680364446522,
          446.4650230471052
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indexed to one-month SOFR",
        "box": [
          83.09765278759765,
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          175.69972571317896,
          446.4650230471052
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Covenants",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The 2030 Term Loan contained a financial covenant that our recourse indebtedness shall not exceed 83.3% of our total assets ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(subject to certain adjustments). As of December 31, 2025, we were in compliance with this covenant. As we repaid the 2030 Term ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan during the three months ended June 30, 2026, compliance with the covenant is no longer required.",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Note 9 - Senior Secured Notes, Net",
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      },
      {
        "text": "In June 2021, we issued $500.0 million of 4.625% Senior Secured Notes due 2029 (the \"2029 Notes\"), for which we received ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "net proceeds of $495.0 million, after deducting initial purchasers' discounts and commissions. The 2029 Notes had a maturity of June ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15, 2029, unless repurchased or redeemed at an earlier date. The 2029 Notes were secured by a first-priority lien, and rank pari-passu in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "right of payment with all of our existing and future first lien obligations, including indebtedness under the 2030 Term Loan. The 2029 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes were issued at par and contained covenants relating to liens, indebtedness, and investments in non-wholly owned entities.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On the Closing Date, in connection with the closing of the Asset Sale and in accordance with the Indenture, dated as of June ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29, 2021 (as supplemented, amended or otherwise modified to the date hereof, the \"Indenture\"), among the Company, the Guarantors ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(as defined in the Indenture), and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Association), as Trustee and Notes Collateral Agent (the \"Trustee\"), the Trustee delivered a notice of redemption to the holders of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029 Notes, stating that the we would redeem in full the $500.0 million in aggregate principal on June 15, 2026 (the \"Redemption ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date\"), plus accrued and unpaid interest in accordance with the Indenture. ",
        "box": [
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          681.6431709414646
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          280.4179608159178,
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          287.4490155172572,
          388.2808407325756
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          350.37870039518685,
          388.2808407325756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
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          489.55056959635874,
          388.2808407325756
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 32,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On the  Closing  Date,  in  connection  with  the  closing  of  the  Asset  Sale,  the  Company  caused  sufficient  funds  to  fund  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redemption of the outstanding 2029 Notes on the Redemption Date to be irrevocably deposited with the Trustee. After the deposit of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funds,  the  Indenture  was  satisfied  and  discharged  in  accordance  with  its  terms.  As  a  result  of  the  satisfaction  and  discharge  of  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indenture, we were released from our obligations under the Indenture, except for those provisions of the Indenture that, by their terms, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "survive the satisfaction and discharge of the Indenture. We recognized a loss of $3.5 million recorded within loss on extinguishment of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt on our condensed consolidated statement of operations due to the write-off of unamortized deferred financing costs relating to the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029 Notes during the three months ended June 30, 2026.",
        "box": [
          33.74999859375,
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          167.1431923789678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025, the 2029 Notes had a carrying value of $497.2 million, net of deferred financing costs of $2.8 million. ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The 2029 Notes included certain covenants including a requirement that we maintain a ratio of total unencumbered assets to total pari-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "passu indebtedness of at least 1.20:1. As of December 31, 2025, we were in compliance with all covenants. As we repaid the 2029 ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          212.14319050396807
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes during the three months ended June 30, 2026, compliance with these covenants is no longer required.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 10 - Derivatives",
        "box": [
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          245.14318912896852
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We use forward currency contracts to economically hedge interest and principal payments due under our loans denominated in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "currencies other than USD.",
        "box": [
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      {
        "text": "Historically, we have entered into a series of forward contracts to sell an amount of foreign currency (GBP, EUR and SEK) for an ",
        "box": [
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      {
        "text": "agreed upon amount of USD at various dates. These forward contracts were executed to economically fix the USD amounts of foreign ",
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      {
        "text": "denominated cash flows expected to be received by us related to foreign denominated loan investments. In connection with the Asset ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Sale, we unwound all forward currency contracts during the three months ended June 30, 2026.",
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      {
        "text": "The agreements with our derivative counterparties required that we post collateral to secure net liability positions. As of June 30, ",
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      {
        "text": "2026, there was no collateral posted as all forward currency contracts were unwound during the three months ended June 30, 2026 as a ",
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        "from_ocr": false,
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      {
        "text": "result of the Asset Sale. As of December 31, 2025, we were in a net liability position with our derivative counterparties and posted ",
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      {
        "text": "collateral of $27.4 million, included within other assets on our condensed consolidated balance sheet.",
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      {
        "text": "The following table summarizes our non-designated Fx forwards and interest rate cap as of December 31, 2025. As previously ",
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        "from_ocr": false,
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      {
        "text": "stated, we did not hold any forward currency contracts or interest rate caps as of June 30, 2026.",
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      {
        "text": " ",
        "box": [
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      {
        "text": " ",
        "box": [
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      {
        "text": " ",
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      {
        "text": "December 31, 2025",
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      {
        "text": " ",
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      {
        "text": "Type of Derivatives",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "Number of",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Contracts",
        "box": [
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        "from_ocr": false,
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      {
        "text": "   ",
        "box": [
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          209.1328037861328,
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        "from_ocr": false,
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      {
        "text": "Aggregate",
        "box": [
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          271.0473558163596,
          474.80349799405667
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        "from_ocr": false,
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      {
        "text": "Notional Amount",
        "box": [
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      {
        "text": "(in thousands)",
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      {
        "text": "   ",
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        "from_ocr": false,
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      {
        "text": "Notional",
        "box": [
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          346.4370010451243,
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        "from_ocr": false,
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      {
        "text": "Currency",
        "box": [
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          347.4316261936816,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          358.9452975439453,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Maturity",
        "box": [
          419.0976425375975,
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          450.59324670528065,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Weighted-",
        "box": [
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          561.1069102705444,
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        "from_ocr": false,
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      {
        "text": "Average",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Years to ",
        "box": [
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          559.488261687988,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Maturity",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fx contracts - GBP",
        "box": [
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          110.66913321622448,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          144.49546271060547,
          509.8931780977182
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "153     ",
        "box": [
          185.7304647612303,
          504.8805404864179,
          214.81967853042968,
          509.8931780977182
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "577,672   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "GBP",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          359.1946725148047,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "January 2026 - August 2029",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1.46 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Fx contracts - EUR",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "21     ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "254,588   ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "EUR",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "February 2026 - December 2028",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1.55 ",
        "box": [
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      {
        "text": "Fx contracts - SEK",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "10     ",
        "box": [
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          214.81967853042968,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "558,278   ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "SEK",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "February 2026 - May 2026",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "0.40 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Interest rate cap",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "1     ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,700   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "USD",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          512.2031036582031,
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          514.7024785353125,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.67 ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "We have not designated any of our derivative instruments as hedges as defined in ASC Topic 815, \"Derivatives and Hedging\" ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "and, therefore, changes in the fair value of our derivative instruments are recorded directly in earnings. The following table summarizes ",
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        "from_ocr": false,
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      {
        "text": "the amounts recognized on our condensed consolidated statements of operations related to our forward currency contracts for the three ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and six months ended June 30, 2026 and 2025 ($ in thousands):",
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        "text": "Amount of gain (loss)",
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        "text": " recognized in income",
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        "text": "   ",
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      {
        "text": "Amount of gain (loss)",
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      {
        "text": " recognized in income",
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": " ",
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      {
        "text": " ",
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      {
        "text": "Three Months Ended June 30,",
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      {
        "text": "   ",
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      {
        "text": "Six Months Ended June 30,",
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      {
        "text": " ",
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "Location of Gain (Loss) Recognized in Income  ",
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          666.0409878282917,
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        "text": "2026",
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        "text": "   ",
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        "text": "2025",
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      {
        "text": "   ",
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        "text": "2026",
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      {
        "text": "   ",
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        "text": "2025",
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      {
        "text": "Forward currency ",
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        "text": "contracts",
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      {
        "text": " ",
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        "text": "Unrealized gain (loss) on derivative ",
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      {
        "text": "instruments",
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      {
        "text": "  $",
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      {
        "text": "(17,772)   $",
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      {
        "text": "(73,682)   $",
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      {
        "text": "26,722    $",
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      {
        "text": "(115,511)",
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      {
        "text": "Forward currency ",
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          107.59312049820312,
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        "text": "contracts",
        "box": [
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          69.83468693563424,
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        "from_ocr": false,
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      {
        "text": "  Realized loss on derivative instruments",
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "(254)  ",
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      {
        "text": " ",
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      {
        "text": "(8,457)  ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "(27,936)  ",
        "box": [
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          514.0931035607031,
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "(5,600)",
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      {
        "text": "Total",
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          54.84821818874508,
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "text": "  $",
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      {
        "text": "(18,026)   $",
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      {
        "text": "(82,139)   $",
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      {
        "text": "(1,214)   $",
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        "text": "(121,111)",
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      {
        "text": " ",
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  },
  {
    "page_no": 33,
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    "cells": [
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        "text": "25",
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  {
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        "text": "The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our ",
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        "text": "interest rate caps for the three and six months ended June 30, 2026 and 2025 ($ in thousands):",
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      {
        "text": "Amount of gain (loss)",
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        "text": " recognized in income",
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        "text": "   ",
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        "text": "Amount of gain (loss)",
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        "text": " recognized in income",
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      {
        "text": " ",
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        "text": " ",
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        "text": " ",
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      {
        "text": "Three Months Ended June 30,",
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        "text": "   ",
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      {
        "text": "Six Months Ended June ",
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      {
        "text": "30,",
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      {
        "text": " ",
        "box": [
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      {
        "text": " ",
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        "text": "Location of Gain (Loss) recognized in Income",
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        "text": "2026",
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        "text": "   ",
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        "text": "2025",
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      {
        "text": "   ",
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      {
        "text": "2026",
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      {
        "text": "   ",
        "box": [
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      {
        "text": "2025",
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "Interest rate caps",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "Unrealized loss on interest rate hedging ",
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        "from_ocr": false,
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      {
        "text": "instruments",
        "box": [
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      {
        "text": "  $",
        "box": [
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      {
        "text": "-    $",
        "box": [
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      {
        "text": "(72)   $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-    $",
        "box": [
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      {
        "text": "(246)",
        "box": [
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      {
        "text": "Interest rate caps",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "text": "Realized gain on interest rate hedging ",
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      {
        "text": "instruments",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": " ",
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      {
        "text": "-     ",
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      {
        "text": "137   ",
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      {
        "text": " ",
        "box": [
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      {
        "text": "-     ",
        "box": [
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      {
        "text": "269 ",
        "box": [
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      {
        "text": "Total",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "  $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-    $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "65    $",
        "box": [
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          481.7174798909375,
          242.8931892227156
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-    $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "23 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In September 2023, we entered into an interest rate cap with a notional amount of $164.8 million that effectively limited SOFR ",
        "box": [
          56.46093514746094,
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          266.1431882539655
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "from exceeding 4.00% and the maximum all-in coupon on our construction financing to 6.55%. During both the three and six months ",
        "box": [
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          580.7493507833593,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2025, SOFR exceeded the cap rate of 4.00%. As such, we realized a gain from the interest rate cap in the amount of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.1 million and $0.3 million during the three and six months ended June 30, 2025, respectively, which is included in gain (loss) on ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rate hedging instruments in our condensed consolidated statement of operations. ",
        "box": [
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          389.1360812672459,
          314.1431862539648
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  June  2024,  we  entered  into  an  interest  rate  cap  with  an  original  maturity  of  July  1,  2025  and  a  notional  amount  of  $73.7 ",
        "box": [
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          335.1431853789654
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million.  During  August  2025,  we  extended  our  interest  rate  cap  to  September  1,  2026.  We  used  our  interest  rate  cap  to  hedge  our ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "exposure to variable cash flows on our floating rate mortgage related to the D.C. Hotel. The interest rate cap effectively limited SOFR ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "from exceeding 6.00% which resulted in the maximum all-in coupon on mortgage of 9.00%. During the three and six months ended ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026 and 2025, SOFR did not exceed the cap rate of 6.00%, and accordingly, no realized gain was recorded. The interest rate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cap was terminated upon repayment of the mortgage during the three months ended June 30, 2026. No gain or loss was recognized ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "upon termination.",
        "box": [
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          407.1431823789644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  summarizes  the  gross  asset  and  liability  amounts  related  to  our  derivatives  at  December  31,  2025  ($  in ",
        "box": [
          56.46093514746094,
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          428.143181503965
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        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
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          79.84681717213674,
          440.14318100396486
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          448.7652865548371,
          190.7290715911302,
          452.7872092602338
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          453.2150227658567
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      {
        "text": "December 31, 2025",
        "box": [
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          494.34731387719444,
          452.46502279710694
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          576.1471634563671,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
          188.61327714111312,
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          190.61202702033188,
          495.9650209846077
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Gross",
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      {
        "text": "Amount of",
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        "from_ocr": false,
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      {
        "text": "Recognized",
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        "from_ocr": false,
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      {
        "text": "Assets",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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        "text": " ",
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        "text": "Gross",
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      {
        "text": "Amounts",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Offset in our ",
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        "from_ocr": false,
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      {
        "text": " Consolidated",
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      {
        "text": "Balance Sheet",
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        "text": " ",
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      {
        "text": "Net Amounts",
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      {
        "text": "of Assets",
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        "text": "Presented in our",
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        "text": "Consolidated",
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      {
        "text": "Balance Sheet",
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      {
        "text": "Forward currency contracts",
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      {
        "text": "7,464   ",
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        "text": "$",
        "box": [
          431.14451703564436,
          501.88054061141884,
          436.14326678986316,
          506.8931782227155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,255)  ",
        "box": [
          463.88670317138656,
          501.88054061141884,
          503.3704515074803,
          506.8931782227155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          508.47654131347656,
          501.88054061141884,
          513.4752910676953,
          506.8931782227155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,791)",
        "box": [
          541.2187274492187,
          501.88054061141884,
          576.1065690510579,
          506.8931782227155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest rate caps",
        "box": [
          33.74999859375,
          514.6305400801684,
          101.47223201740314,
          519.6431776914651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.20702057470686,
          515.3805400489182,
          348.70639545181626,
          520.3931776602149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          353.8124852578125,
          514.6305400801684,
          356.31186013492186,
          519.6431776914651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          407.39060802539063,
          514.6305400801684,
          426.03841972964847,
          519.6431776914651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          431.14451703564436,
          514.6305400801684,
          433.64389191275376,
          519.6431776914651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          484.7226398032225,
          514.6305400801684,
          503.3704515074803,
          519.6431776914651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          508.47654131347656,
          514.6305400801684,
          510.97591619058596,
          519.6431776914651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.0546640810546,
          514.6305400801684,
          575.2766985113865,
          519.6431776914651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total derivative assets (liabilities)",
        "box": [
          33.74999859375,
          528.1305395176678,
          169.50686951771291,
          533.1431771289645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.20702057470686,
          530.3805394239171,
          348.70639545181626,
          535.3931770352174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          353.8124852578125,
          528.1305395176678,
          358.8112350120312,
          533.1431771289645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,464   ",
        "box": [
          394.89842104589843,
          528.1305395176678,
          426.03841972964847,
          533.1431771289645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          431.14451703564436,
          528.1305395176678,
          436.14326678986316,
          533.1431771289645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,255)  ",
        "box": [
          463.88670317138656,
          528.1305395176678,
          503.3704515074803,
          533.1431771289645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          508.47654131347656,
          528.1305395176678,
          513.4752910676953,
          533.1431771289645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(26,791)",
        "box": [
          541.2187274492187,
          528.1305395176678,
          576.1065690510579,
          533.1431771289645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          542.3805389239169,
          36.249373470859375,
          547.3931765352172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 11 - Accounts Payable, Accrued Expenses and Other Liabilities",
        "box": [
          33.74999859375,
          563.3805380489175,
          327.0014544953517,
          568.3931756602142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details the components of our accounts payable, accrued expense and other liabilities ($ in thousands):",
        "box": [
          56.46093514746094,
          584.3805371739181,
          547.2994831699417,
          589.3931747852148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          596.380536673918,
          36.249373470859375,
          601.3931742852146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          209.26171378076154,
          611.2909901095372,
          211.51171368701156,
          615.8034921190556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          387.74998384375,
          611.2909901095372,
          389.99998375,
          615.8034921190556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          411.5624828515625,
          610.5409901407875,
          461.80955113793453,
          615.0534921503058
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          478.78123005078123,
          610.5409901407875,
          485.22654228222655,
          615.0534921503058
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          496.54685431054685,
          610.5409901407875,
          567.2724374136473,
          615.0534921503058
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0312260820311,
          610.5409901407875,
          576.2812259882812,
          615.0534921503058
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued dividends payable",
        "box": [
          33.74999859375,
          623.3805355489167,
          142.57032978213078,
          628.393173160217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          387.74998384375,
          623.3805355489167,
          390.2493587208594,
          628.393173160217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          396.5507684770506,
          623.3805355489167,
          401.54951823126936,
          628.393173160217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "492,478   ",
        "box": [
          444.3398289858397,
          623.3805355489167,
          485.4759172530859,
          628.393173160217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          491.77732700927714,
          623.3805355489167,
          496.77607676349595,
          628.393173160217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38,668 ",
        "box": [
          544.5585748100583,
          623.3805355489167,
          575.2766985113865,
          628.393173160217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued interest payable",
        "box": [
          33.74999859375,
          636.1305350176663,
          133.11957020091242,
          641.1431726289666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          387.74998384375,
          636.1305350176663,
          390.2493587208594,
          641.1431726289666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.5507684770506,
          636.1305350176663,
          399.05014335416,
          641.1431726289666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          466.8281055488281,
          636.1305350176663,
          485.4759172530859,
          641.1431726289666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.77732700927714,
          636.1305350176663,
          494.27670188638655,
          641.1431726289666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,876 ",
        "box": [
          544.5585748100583,
          636.1305350176663,
          575.2766985113865,
          641.1431726289666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accounts payable and other liabilities",
        "box": [
          33.74999859375,
          648.8805344864159,
          184.776496371392,
          653.8931720977162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          387.74998384375,
          648.8805344864159,
          390.2493587208594,
          653.8931720977162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.5507684770506,
          648.8805344864159,
          399.05014335416,
          653.8931720977162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,099   ",
        "box": [
          449.3320162778318,
          648.8805344864159,
          485.4759172530859,
          653.8931720977162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.77732700927714,
          648.8805344864159,
          494.27670188638655,
          653.8931720977162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,159 ",
        "box": [
          544.5585748100583,
          648.8805344864159,
          575.2766985113865,
          653.8931720977162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL Allowance on unfunded commitments",
        "box": [
          33.74999859375,
          661.6305339551691,
          248.92057122372208,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          387.74998384375,
          662.3805339239188,
          390.2493587208594,
          667.3931715352155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          396.5507684770506,
          661.6305339551691,
          399.05014335416,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          466.8281055488281,
          661.6305339551691,
          485.4759172530859,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.77732700927714,
          661.6305339551691,
          494.27670188638655,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,759 ",
        "box": [
          549.5624771015624,
          661.6305339551691,
          575.2766985113865,
          666.6431715664658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          33.74999859375,
          675.1305333926684,
          54.84821818874508,
          680.1431710039651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          387.74998384375,
          677.3805332989177,
          390.2493587208594,
          682.3931709102144
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          396.5507684770506,
          675.1305333926684,
          401.54951823126936,
          680.1431710039651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "506,577   ",
        "box": [
          444.3398289858397,
          675.1305333926684,
          485.4759172530859,
          680.1431710039651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          491.77732700927714,
          675.1305333926684,
          496.77607676349595,
          680.1431710039651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,462 ",
        "box": [
          544.5585748100583,
          675.1305333926684,
          575.2766985113865,
          680.1431710039651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          688.2773150417779,
          35.24999853125,
          691.2856497147877
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          33.74999859375,
          698.9564064830302,
          43.07227342132069,
          702.9650123596075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $14.0 million and $13.1 million of accounts payable and other liabilities on the balance sheet of the Real Estate Owned, Held for Investment at June 30, ",
        "box": [
          56.22656015722656,
          698.9564064830302,
          580.2604482849803,
          702.9650123596075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and December 31, 2025, respectively.",
        "box": [
          56.22656015722656,
          707.2064061392812,
          195.2063912289001,
          711.2150120158585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          33.74999859375,
          717.7064057017815,
          43.07227342132069,
          721.7150115783588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer  to  \"Note  4 ",
        "box": [
          56.22656015722656,
          717.7064057017815,
          114.36547889727152,
          721.7150115783588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          115.49999518749999,
          716.3805316739163,
          120.49874494171874,
          721.3931692852166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net\" for additional disclosure related to the General CECL ",
        "box": [
          120.5039012290039,
          717.7064057017815,
          580.2604482849803,
          721.7150115783588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance on unfunded commitments as of December 31, 2025.",
        "box": [
          56.22656015722656,
          727.456405295532,
          262.7174890159375,
          731.4650111721094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 12 - Income Taxes",
        "box": [
          33.74999859375,
          745.6305304551679,
          135.37486055479354,
          750.6431680664646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          184.78124230078126,
          646.5654953382436,
          192.59062525779203,
          649.9235490298015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          248.9296771279297,
          659.3154948069932,
          256.7390600849405,
          662.6735484985511
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 35,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "26",
        "box": [
          300.99608495849594,
          54.130559267665376,
          310.9935794794336,
          59.14319687896568
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 36,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          33.74999859375,
          38.38055992392037,
          36.249373470859375,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          300.99608495849594,
          703.6305322051703,
          310.9935794794336,
          708.643169816467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ",
        "box": [
          56.46093514746094,
          90.1305577676685,
          580.7493507833593,
          95.14319537896881
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended December 31, 2009. As a REIT, U.S. federal income tax law generally requires us to distribute annually at least 90% of our ",
        "box": [
          33.74999859375,
          102.13055726766834,
          580.7493507833593,
          107.14319487896864
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that we pay tax at regular ",
        "box": [
          33.74999859375,
          114.13055676766817,
          580.7493507833593,
          119.14319437896847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We are also subject to U.S. federal, ",
        "box": [
          33.74999859375,
          126.130556267668,
          580.7493507833593,
          131.1431938789683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "state, and local income taxes on our domestic taxable REIT subsidiaries (\"TRS\") based on the tax jurisdictions in which they operate. ",
        "box": [
          33.74999859375,
          138.13055576766783,
          569.7102887433202,
          143.14319337896814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three and six months ended June 30, 2026, we recorded an income tax provision of $27 thousand and $0.3 million, ",
        "box": [
          56.46093514746094,
          159.13055489266844,
          580.7493507833593,
          164.14319250396875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively, and during the three and six months ended June 30, 2025, we recorded an income tax provision of $0.1 million and $0.2 ",
        "box": [
          33.74999859375,
          171.13055439266827,
          580.7493507833593,
          176.14319200396858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, respectively, related to activities of our taxable REIT subsidiaries.",
        "box": [
          33.74999859375,
          183.1305538926681,
          331.9244550260637,
          188.1431915039684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There was a de minimis income tax liability related to the operating activities of our TRS entities as of June 30, 2026 and $0.2 ",
        "box": [
          56.46093514746094,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "million income tax liability as of December 31, 2025. As of June 30, 2026 and December 31, 2025, there were no material deferred tax ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "assets or liabilities.",
        "box": [
          33.74999859375,
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          110.10774191842725,
          233.14318962896868
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, we had net operating losses of $5.1 million and capital losses of $25.2 million that may be carried forward ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for use in subsequent periods. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, tax years 2021 through 2025 remain subject to examination by taxing authorities.",
        "box": [
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          466.5617637411754,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Note 13 - Related Party Transactions",
        "box": [
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      {
        "text": "Management Agreement",
        "box": [
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        "confidence": 1.0
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      {
        "text": "In connection with our initial public offering in September 2009, we entered into a management agreement (the \"Management ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Agreement\") with our Manager, which described the services to be provided by the Manager and its compensation for those services. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The Manager is responsible for managing our day-to-day operations, subject to the direction and oversight of our board of directors. Per ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the Management Agreement, the Manager was paid a base management fee equal to 1.5% per annum of our Stockholders' Equity (as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "defined in the Management Agreement), calculated and payable (in cash) quarterly in arrears. The term of the Management Agreement ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was automatically renewed for a successive one-year term in September 2025.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Effective  on  the  Closing  Date,  we  entered  into  an  Amended  and  Restated  Management  Agreement  (the  \"A&R  Management ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement\"), which provides for an initial base management fee of 0.75% per annum of our Stockholders' Equity (as defined in the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A&R Management Agreement) if the annualized return on equity (\"ROE\") for a particular fiscal quarter is less than 7.5%, or 1.5% per ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "annum of our Stockholders' Equity (as defined in the A&R Management Agreement) if the ROE for a particular fiscal quarter equals or ",
        "box": [
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      {
        "text": "exceeds 7.5%. The management fee is payable quarterly in arrears entirely in shares of common stock, par value $0.01 per share, of the ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Company (\"Company Common Stock\"), except for certain circumstances in which the base management fee is required to be paid ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "partially or entirely in cash as provided in the A&R Management Agreement. including following achievement of an ROE of 7.5% or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "more for two consecutive quarters (the \"ROE Milestone\"). The number of shares of Company Common Stock issuable as payment of ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "any installment of the base management fee will be equal to the greatest of: (i) book value per share of a share of Company Common ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Stock as of the end of the fiscal quarter to which such installment relates, (ii) the average of the closing prices for a share of Company ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Common Stock on the New York Stock Exchange for each of the five consecutive full trading days ending on and including the last full ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "trading day of the fiscal quarter to which such installment relates and (iii) the par value per share of Company Common Stock. If the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Company achieves the ROE Milestone, then the base management fee will permanently increase to 1.5% of Stockholders' Equity and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "will be payable entirely in cash.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The term of the A&R Management Agreement will automatically renew on each anniversary. The A&R Management Agreement ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may  be  terminated  upon  expiration  of  the  one-year  extension  term  only  upon  the  affirmative  vote  of  at  least  two-thirds  of  our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent  directors,  based  upon  (i)  unsatisfactory  performance  by  the  Manager  that  is  materially  detrimental  to  ARI  or  (ii)  a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "determination that the management fee payable to the Manager is not fair, subject to the Manager's right to prevent such a termination ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "based  on  unfair  fees  by  accepting  a  mutually  acceptable  reduction  of  management  fees  agreed  to  by  at  least  two-thirds  of  our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent  directors.  The  Manager  must  be  provided  with  written  notice  of  any  such  termination  at  least  180  days  prior  to  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "expiration of the then existing term and will be paid a termination fee equal to three times the sum of incentive ",
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    ]
  },
  {
    "page_no": 37,
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    "cells": [
      {
        "text": " ",
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        "text": "28",
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      {
        "text": "fees paid and the average annual base management fees during the 24-month period immediately preceding the date of termination, ",
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        "text": "calculated as of the end of the most recently completed fiscal quarter prior to the date of termination.",
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      {
        "text": "We incurred approximately $3.6 million and $11.7 million in base management fees under the Management Agreement for the ",
        "box": [
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      {
        "text": "three and six months ended June 30, 2026, as compared to $8.4 million and $16.9 million for the three and six months ended June 30, ",
        "box": [
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      {
        "text": "2025.",
        "box": [
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      {
        "text": "In addition to the base management fee, we are also responsible for reimbursing the Manager for certain expenses paid by the ",
        "box": [
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      {
        "text": "Manager on our behalf or for certain services provided by the Manager to us. For the three and six months ended June 30, 2026, we ",
        "box": [
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      {
        "text": "paid expenses totaling $5.4 million and $7.1 million, respectively, related to reimbursements for certain expenses paid by the Manager ",
        "box": [
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      {
        "text": "on our behalf under the Management Agreement as compared to $2.4 million and $8.1 million respectively, for three and six months ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "ended June 30, 2025. Expenses incurred by the Manager and reimbursed by us are reflected in the respective condensed consolidated ",
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      {
        "text": "statement of operations expense category or our condensed consolidated balance sheets based on the nature of the item.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Included in payable to related party on our condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 is ",
        "box": [
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      {
        "text": "approximately $3.4 million and $8.6 million, respectively, for base management fees incurred but not yet paid under the Management ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Agreement.",
        "box": [
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      {
        "text": "Term Loan ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "In June 2025, we refinanced our existing 2026 and 2028 Term Loans with the 2030 Term Loan (refer to \"Note 8 - Senior Secured ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Term Loans, Net\" for a full discussion). In connection with this refinance, Apollo Global Funding, LLC, an affiliate of the Manager, ",
        "box": [
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      {
        "text": "served as one of several arrangers in both the 2025 refinancing and the original 2028 Term Loan issuance, receiving $1.0 million and ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$0.2 million in arrangement fees, respectively. Additionally, funds managed by an affiliate of the Manager invested $30.0 million in the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028 Term Loan, and $25.0 million in the 2030 Term Loan. The 2030 Term Loan was repaid in full during the three months ended ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior Secured Notes ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  June  2021,  Apollo  Global  Securities,  LLC,  an  affiliate  of  the  Manager,  served  as  one  of  the  eight  initial  purchasers  in  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "issuance of our 2029 Notes and received $0.4 million of initial purchasers' discounts and commissions. The 2029 Notes were redeemed ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "in full during the three months ended June 30, 2026.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Italian Direct Lending Structure",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  fourth  quarter  of  2021,  we  formed  an  Italian  closed-end  alternative  investment  fund,  managed  by  Apollo  Investment ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management  Europe  (Luxembourg)  S.A  R.L,  a  regulated  alternative  investment  fund  manager  (the  \"AIFM\"),  an  affiliate  of  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager. The management fees incurred during the three and six months ended June 30, 2026 and 2025, respectively, were de minimis. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026 and December 31, 2025, the fees payable to the AIFM were de minimis.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Atlas Facilities",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In February 2023, in connection with the acquisition by certain subsidiaries of Atlas, which is a wholly-owned investment of a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fund managed by an affiliate of the Manager, the Credit Suisse Facility was acquired by Atlas. In order to effect the assignment of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Suisse Facility and related agreements, the Company and one of its subsidiaries, similar to the other sellers and guarantors party ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the subject agreements in the transaction, entered into an Omnibus Assignment, Assumption and Amendment Agreement as well as ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "certain related agreements with Credit Suisse AG and Atlas. At the time of acquisition, we had $632.3 million of secured debt on the ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Credit Suisse Facility consisting of four commercial mortgage loans. During the third quarter of 2025, we entered into the Atlas Facility ",
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      {
        "text": "- EUR. ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "The Atlas Facilities were repaid in full during the three months ended June 30, 2026. As of December 31, 2025, we had $941.3 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "million of secured debt on the Atlas Facilities. Refer to \"Note 7 - Secured Debt Arrangements, Net\" for additional discussion.",
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  {
    "page_no": 38,
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      {
        "text": " ",
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      {
        "text": "Massachusetts Healthcare",
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      {
        "text": "In  September 2024, we, along with the Apollo Co-Lenders, formed a joint venture of which we held a 41.2% equity interest. ",
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      {
        "text": "Through  this  joint  venture,  we  and  the  Apollo  Co-Lenders  foreclosed  on  one  of  the  eight  Massachusetts  hospitals  that  previously ",
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        "text": "secured our loan. In accordance with ASC Topic 323, \"Investments - Equity Method and Joint Ventures\" our 41.2% interest in the joint ",
        "box": [
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      {
        "text": "venture was deemed an equity method investment. There was a balance of $25.0 million and $23.8 million in the joint venture as of ",
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      {
        "text": "June 30, 2026 and December 31, 2025, respectively, recorded within Other Assets on our condensed consolidated balance sheet. See ",
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      {
        "text": "\"Massachusetts Healthcare\" within \"Note 6 - Other Assets\" for further discussion.",
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      {
        "text": "The Asset Sale",
        "box": [
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        "confidence": 1.0
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      {
        "text": "On January 27, 2026, we entered into an Asset Purchase and Sale Agreement (the \"Purchase Agreement\") with Athene, and, in ",
        "box": [
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      {
        "text": "connection therewith, entered into a letter agreement with ACREFI Operating, LLC, a subsidiary of the Company (\"Operating LLC\"), ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and the Manager (the \"Management Agreement Side Letter\"), and a letter agreement with Apollo Management Holdings, L.P. (\"Apollo ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Management Holdings\") (the \"Expense Reimbursement Letter Agreement\"). Each of Athene and Apollo Management Holdings is a ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "subsidiary of Apollo. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Under the terms of the Management Agreement Side Letter, each of us, Operating LLC and the Manager agreed to enter into the ",
        "box": [
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      {
        "text": "A&R Management Agreement (as discussed above), effective upon the closing of the Asset Sale. Under the terms of the Expense ",
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        "from_ocr": false,
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      {
        "text": "Reimbursement Letter Agreement, Apollo Management Holdings agreed to reimburse us for up to $10 million of the expenses incurred ",
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      {
        "text": "by us in connection with the Asset Sale.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "On  the  Closing  Date,  pursuant  to  the  terms  and  subject  to  the  conditions  set  forth  in  the  Purchase  Agreement,  we  sold  our ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "commercial real estate loan portfolio (other than loans that were repaid prior to closing and the Chicago Hotel Loan which repaid after ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the Closing Date) to Athene. ",
        "box": [
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      {
        "text": "Note 14 - Share-Based Payments",
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      {
        "text": "In June 2024, we adopted the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan (\"2024 LTIP\") following ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "approval by our board of directors and approval by our stockholders at our 2024 annual meeting of stockholders on June 7, 2024 (the ",
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      {
        "text": "\"2024 Annual Meeting\"). Following the 2024 Annual Meeting, no additional awards have been or will be granted under the Apollo ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan (\"2019 LTIP,\" and together with the 2024 LTIP, the \"LTIPs\" or ",
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      {
        "text": "\"Equity Incentive Plans\"), and all outstanding awards granted under the 2019 LTIP remain in effect in accordance with the terms in the ",
        "box": [
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      {
        "text": "2019 LTIP. ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "The 2024 LTIP provides for grants of restricted common stock, restricted stock units (\"RSUs\") and other equity-based awards up ",
        "box": [
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      {
        "text": "to an aggregate of 7,500,000 shares of our common stock. The LTIPs are administered by the compensation committee of our board of ",
        "box": [
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        "text": "directors (the \"Compensation Committee\") and all grants under the LTIPs must be approved by the Compensation Committee.",
        "box": [
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        "text": "We recognized stock-based compensation expense related to restricted stock and RSU vesting of $3.0 million and $6.1 million ",
        "box": [
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      {
        "text": "during the three and six months ended June 30, 2026, respectively, and $3.4 million and $6.8 million during the three and six months ",
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        "text": "ended June 30, 2025, respectively.",
        "box": [
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      {
        "text": "The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the six months ",
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      {
        "text": "ended June 30, 2026:",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "Type",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "Restricted Stock",
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      {
        "text": "   ",
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        "text": "RSUs",
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      {
        "text": "   ",
        "box": [
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      {
        "text": "Grant Date Fair ",
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      {
        "text": "Value ($ in ",
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      {
        "text": "millions)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "text": "Outstanding at December 31, 2025",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          654.6431720664659
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "71,134     ",
        "box": [
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      {
        "text": "2,280,723   ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "Granted",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "67,109     ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-   ",
        "box": [
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      {
        "text": "$",
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        "confidence": 1.0
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      {
        "text": "0.7 ",
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        "text": "Vested",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "(71,134)    ",
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      {
        "text": "-   ",
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        "text": "N/A  ",
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      {
        "text": "Forfeiture",
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        "text": " ",
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        "text": " ",
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        "text": "-     ",
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        "text": "-   ",
        "box": [
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          503.2298265133397,
          692.1431705039649
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "N/A  ",
        "box": [
          554.7773243842771,
          687.880532861418,
          577.5266984176365,
          692.8931704727147
        ],
        "from_ocr": false,
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      {
        "text": "Outstanding at June 30, 2026",
        "box": [
          33.74999859375,
          702.8805322364169,
          150.65421163524093,
          707.8931698477172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.26561057226564,
          702.8805322364169,
          348.764985449375,
          707.8931698477172
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          700.6305323301676,
          354.1907702233006,
          705.6431699414679
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "67,109     ",
        "box": [
          389.6367062651365,
          700.6305323301676,
          431.20639201431624,
          705.6431699414679
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,280,723   ",
        "box": [
          454.59373105859373,
          700.6305323301676,
          503.2298265133397,
          705.6431699414679
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          569.4960737709958,
          702.8805322364169,
          571.9954486481053,
          707.8931698477172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          575.027323540527,
          702.8805322364169,
          577.5266984176365,
          707.8931698477172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
          719.893169347717
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        "from_ocr": false,
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  },
  {
    "page_no": 39,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "29",
        "box": [
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          38.380559923916735,
          310.9935794794336,
          43.39319753521704
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        "from_ocr": false,
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  {
    "page_no": 40,
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    "cells": [
      {
        "text": " ",
        "box": [
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          36.249373470859375,
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      {
        "text": "30",
        "box": [
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          310.9935794794336,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "Below is a summary of restricted stock and RSU vesting dates as of June 30, 2026: ",
        "box": [
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          93.13055764266755,
          390.8352961964453,
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      {
        "text": " ",
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      {
        "text": "Vesting Year",
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      {
        "text": " ",
        "box": [
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      {
        "text": "Restricted Stock",
        "box": [
          355.07811020507813,
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          414.3163890768163,
          123.80351261905525
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "   ",
        "box": [
          419.40233002490214,
          119.29101060954054,
          425.8593572558594,
          123.80351261905525
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      {
        "text": "RSUs",
        "box": [
          451.28904369628907,
          119.29101060954054,
          472.2992967608618,
          123.80351261905525
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          496.4999793125,
          119.29101060954054,
          502.95701404345687,
          123.80351261905525
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Awards",
        "box": [
          514.4882635629881,
          119.29101060954054,
          563.7245896814743,
          123.80351261905525
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0429485815428,
          119.29101060954054,
          576.2929484877927,
          123.80351261905525
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          33.74999859375,
          132.1305560176661,
          53.74498264812563,
          137.1431936289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.51170806201156,
          132.1305560176661,
          349.0110829391209,
          137.1431936289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          351.94920783544904,
          132.1305560176661,
          354.44858271255845,
          137.1431936289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          407.44920552294906,
          132.1305560176661,
          431.54623200015624,
          137.1431936289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,107,507     ",
        "box": [
          454.55857856005844,
          132.1305560176661,
          508.6438887877537,
          137.1431936289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,107,507 ",
        "box": [
          532.0898253295896,
          132.1305560176661,
          575.3001360104099,
          137.1431936289664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          33.74999859375,
          144.13055551766593,
          53.74498264812563,
          149.14319312896623
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.51170806201156,
          144.13055551766593,
          349.0110829391209,
          149.14319312896623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          351.94920783544904,
          144.13055551766593,
          354.44858271255845,
          149.14319312896623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,109     ",
        "box": [
          389.9531087519531,
          144.13055551766593,
          431.54623200015624,
          149.14319312896623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "759,504     ",
        "box": [
          462.05857824755844,
          144.13055551766593,
          508.6438887877537,
          149.14319312896623
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "826,613 ",
        "box": [
          539.5898250170897,
          144.13055551766593,
          575.3001360104099,
          149.14319312896623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          33.74999859375,
          156.88055498641552,
          53.74498264812563,
          161.89319259771582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.51170806201156,
          157.63055495516528,
          349.0110829391209,
          162.6431925664656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          351.94920783544904,
          156.88055498641552,
          354.44858271255845,
          161.89319259771582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          407.44920552294906,
          156.88055498641552,
          431.54623200015624,
          161.89319259771582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,712     ",
        "box": [
          462.05857824755844,
          156.88055498641552,
          508.6438887877537,
          161.89319259771582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "413,712 ",
        "box": [
          539.5898250170897,
          156.88055498641552,
          575.3001360104099,
          161.89319259771582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          33.74999859375,
          170.38055442391487,
          54.84821818874508,
          175.39319203521518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          346.51170806201156,
          172.6305543301678,
          349.0110829391209,
          177.64319194146447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          351.94920783544904,
          170.38055442391487,
          354.44858271255845,
          175.39319203521518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,109     ",
        "box": [
          389.9531087519531,
          170.38055442391487,
          431.54623200015624,
          175.39319203521518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,280,723     ",
        "box": [
          454.55857856005844,
          170.38055442391487,
          508.6438887877537,
          175.39319203521518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,347,832 ",
        "box": [
          532.0898253295896,
          170.38055442391487,
          575.3001360104099,
          175.39319203521518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of June 30, 2026, we had unrecognized compensation expense of approximately $0.5 million and $17.1 million related to the ",
        "box": [
          56.24999765625,
          193.63055345516477,
          580.7259132843359,
          198.64319106646508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vesting of restricted stock awards and RSUs, respectively, presented in the table above. ",
        "box": [
          33.74999859375,
          205.6305529551646,
          385.23373392984377,
          210.6431905664649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The unrecognized compensation expense related to the vesting of restricted stock awards and RSUs are expected to be recognized ",
        "box": [
          56.46093514746094,
          226.63055208016522,
          580.7493507833593,
          231.64318969146552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over a weighted-average period of 1.4 years.",
        "box": [
          33.74999859375,
          238.63055158016505,
          211.97488334896283,
          243.64318919146535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RSU Deliveries",
        "box": [
          33.74999859375,
          259.63055070516566,
          96.78104731286916,
          264.64318831646597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026 and 2025, we delivered 655,152 and 698,061 shares of common stock for 1,177,215 ",
        "box": [
          56.46093514746094,
          280.6305498301663,
          580.7376357838474,
          285.6431874414666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  1,246,704  vested  RSUs,  respectively.  We  allow  RSU  participants  to  settle  their  tax  liabilities  with  a  reduction  of  their  share ",
        "box": [
          33.74999859375,
          292.6305493301661,
          580.7493507833593,
          297.6431869414664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "delivery from the originally granted and vested RSUs. The amount, when agreed to by the participant, results in a cash payment to the ",
        "box": [
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          580.7493507833593,
          309.64318644146624
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager  related  to  this  tax  liability  and  a  corresponding  adjustment  to  additional  paid  in  capital  on  our  condensed  consolidated ",
        "box": [
          33.74999859375,
          316.63054833016577,
          580.7493507833593,
          321.6431859414661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statement of changes in stockholders' equity. The adjustment was $5.6 million and $4.9 million for the six months ended June 30, 2026 ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          333.6431854414659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 2025, respectively. The adjustment is a reduction of capital related to our equity incentive plan and is presented net of increases of ",
        "box": [
          33.74999859375,
          340.6305473301654,
          580.7493507833593,
          345.64318494146573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capital related to our equity incentive plan in our condensed consolidated statement of changes in stockholders' equity. ",
        "box": [
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          352.63054683016526,
          510.29622871890626,
          357.64318444146556
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 15 - Stockholders' Equity",
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our authorized capital stock consists of 450,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of ",
        "box": [
          56.46093514746094,
          394.6305450801665,
          580.7376357838474,
          399.64318269146315
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preferred stock, $0.01 par value per share. As of June 30, 2026, 128,212,093 shares of common stock were issued and outstanding and ",
        "box": [
          33.74999859375,
          406.6305445801663,
          580.7418888836701,
          411.6431821914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,770,393  shares  of  our  7.25%  Series  B-1  Cumulative  Redeemable  Perpetual  Preferred  Stock  (\"Series  B-1  Preferred  Stock\")  were ",
        "box": [
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          580.7493507833593,
          423.64318169146645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issued and outstanding. The Series B-1 Preferred Stock, with a par value $0.01 per share, have a liquidation preference of $25.00 per ",
        "box": [
          33.74999859375,
          430.630543580166,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "share.",
        "box": [
          33.74999859375,
          442.6305430801658,
          57.34271054197029,
          447.6431806914661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.46093514746094,
          463.6305422051664,
          58.960310024570305,
          468.6431798164631
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends. ",
        "box": [
          56.46093514746094,
          484.63054133016703,
          101.99637615640083,
          489.6431789414637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our dividend activity:",
        "box": [
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          298.0151542317888,
          489.6431789414637
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          167.4257780239256,
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          169.67577793017563,
          516.0534962753045
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          306.3163972368162,
          516.0534962753045
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
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          510.79099429704,
          425.2675605405175,
          515.3034963065547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          433.6757669301756,
          510.79099429704,
          440.1210791616209,
          515.3034963065547
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
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          510.79099429704,
          554.5825002523948,
          515.3034963065547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          567.4804488549802,
          510.79099429704,
          569.7304487612303,
          515.3034963065547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          573.4804486049802,
          510.79099429704,
          575.7304485112302,
          515.3034963065547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends declared per share of:",
        "box": [
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          150.70165409076418,
          528.0534957753043
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.06639733056625,
          523.5409937657896,
          306.3163972368162,
          528.0534957753043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          328.69920880419903,
          523.5409937657896,
          346.69920805419906,
          528.0534957753043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          366.77342221777343,
          523.5409937657896,
          373.21873444921874,
          528.0534957753043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          395.60154601660156,
          523.5409937657896,
          413.60154526660153,
          528.0534957753043
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      {
        "text": "   ",
        "box": [
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      {
        "text": "2026",
        "box": [
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          480.5038899790037,
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        "confidence": 1.0
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      {
        "text": "   ",
        "box": [
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      {
        "text": "2025",
        "box": [
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      },
      {
        "text": "Common Stock",
        "box": [
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          96.2391939775334,
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        "from_ocr": false,
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      },
      {
        "text": "  $",
        "box": [
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          315.5807718133006,
          541.3931767852155
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.75    $",
        "box": [
          347.33202052783184,
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          382.48310902570313,
          541.3931767852155
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.25    $",
        "box": [
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          449.3854537381053,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.00    $",
        "box": [
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          516.2877909505078,
          541.3931767852155
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50 ",
        "box": [
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          568.7493512833593,
          541.3931767852155
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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      },
      {
        "text": "Series B-1 Preferred Stock",
        "box": [
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          140.63716390261789,
          554.1431762539651
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
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          315.5807718133006,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.45    $",
        "box": [
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          382.48310902570313,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.45    $",
        "box": [
          414.2343577402344,
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          449.3854537381053,
          554.1431762539651
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.90    $",
        "box": [
          481.13670245263654,
          549.1305386426648,
          516.2877909505078,
          554.1431762539651
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.90 ",
        "box": [
          548.039039665039,
          549.1305386426648,
          568.7493512833593,
          554.1431762539651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          575.027323540527,
          549.1305386426648,
          577.5266984176365,
          554.1431762539651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common Stock Repurchases. ",
        "box": [
          56.46093514746094,
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          175.6170281388735,
          578.1431752539647
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In April 2026, our board of directors approved a stock repurchase program for up to an aggregate of ",
        "box": [
          175.78124267578124,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$150.0  million  of  our  common  stock.  This  $150.0  million  program  replaced  the  previous  program  authorized  in  March  2020,  as ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "amended in February 2021, which was terminated. During the three and six months ended June 30, 2026, we repurchased 8,579,855 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and 11,453,999 shares, respectively, of our common stock at a weighted-average price of $10.85 and $10.76 per share, respectively. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  three  and  six  months  ended  June  30,  2025,  there  was  no  common  stock  repurchase  activity.  As  of  June  30,  2026,  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "approximate dollar value of shares that may yet be purchased under our stock repurchase program was $99.2 million.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Note 16 - Commitments and Contingencies",
        "box": [
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      {
        "text": "Legal Proceedings",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business.",
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 41,
    "width": 612.0,
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    "cells": [
      {
        "text": " ",
        "box": [
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      {
        "text": "31",
        "box": [
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      },
      {
        "text": "AmBase Corporation:",
        "box": [
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      },
      {
        "text": " On June 28, 2018, AmBase Corporation, 111 West 57th Street Manager Funding LLC and 111 West 57th ",
        "box": [
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      {
        "text": "Investment LLC (together, \"Plaintiffs\") commenced a now-dismissed action captioned AmBase Corporation et al v. ACREFI Mortgage ",
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        "confidence": 1.0
      },
      {
        "text": "Lending, LLC et al (No 653251/2018) in New York Supreme Court (the \"Apollo Action\"), Plaintiffs amended the complaint in 2021. ",
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      },
      {
        "text": "The complaint named as defendants (i)  a  wholly-owned  subsidiary  of  the  Company  (the  \"Subsidiary\"),  (ii)  the  Company,  and  (iii) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain funds managed by Apollo, who were co-lenders on a mezzanine loan against the development of a residential condominium ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "building in Manhattan, NY. Plaintiffs alleged that the defendants tortiously interfered with the Plaintiffs' joint venture agreement with ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the developers of the project, and that the defendants aided and abetted breaches of fiduciary duty by the developers of the project. The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Plaintiffs  alleged  the  loss  of  a  $70.0  million  investment  plus  punitive  damages.  The  defendants'  motion  to  dismiss  was  granted  on ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "October 23, 2019 and the Court entered judgment dismissing the complaint in its entirety on November 8, 2019. Plaintiffs appealed, the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "parties fully briefed the appeal, and then Plaintiffs dropped the appeal, and the case remains dismissed. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In a separate action that pre-existed the Apollo Action, captioned 111 West 57th Investment LLC v. 111W57 Mezz Investor LLC ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(No. 655031/2017) also in New York Supreme Court (the \"April 2021 Action\"), Plaintiffs amended the complaint in 2021 to name ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apollo Global Management, Inc., the Subsidiary, the Company, and certain funds managed by Apollo as defendants. The April 2021 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Action concerns overlapping claims and the same condominium development project that the Apollo Action concerned. The defendants ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "filed a motion to dismiss, which was granted in part and denied in part on December 15, 2022. The Court dismissed the claim against ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apollo Global Management, Inc. and the Company. Apollo appealed the decision with respect to the remaining claim. On October 5, ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023, the Appellate Division, First Department granted Apollo's appeal, thereby dismissing the remaining claim against the Apollo ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entities  who  were  co-lenders  on  the  mezzanine  loan,  including  the  Subsidiary.  Plaintiffs  filed  a  motion  for  leave  with  the  Court  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Appeals on November 3, 2023 which the Court denied on April 23, 2024. On July 12, 2024, Plaintiffs filed new motions for leave to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "appeal to the Court of Appeals. On February 18, 2025, the Court of Appeals granted Plaintiffs' motion for leave to appeal and briefing ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "was completed and argument was heard on April 14, 2026. On May 26, 2026, the Court of Appeals modified the Appellate Division ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dismissal  to  the  extent  of  reinstating  a  single  claim  against  the  Subsidiary  and  certain  funds  managed  by  Apollo  for  breach  of  an ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "implied  covenant  in  the  operative  pledge  agreement.  The  Court  of  Appeals  has  remitted  the  case  to  the  trial  court  for  further ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "proceedings on that cause of action. No reasonable estimate of possible loss, if any, can be made at this time. The Company believes ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the claim is without merit.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 17 - Fair Value of Financial Instruments",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 ($ in thousands):",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          453.13054264266975,
          36.249373470859375,
          458.1431802539664
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          169.124992953125,
          468.04099607829266,
          171.374992859375,
          472.5534980878074
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.30467461230467,
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          311.5546745185547,
          472.5534980878074
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          350.26170790576157,
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          400.50877619213355,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          438.6327942236328,
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          440.8827941298828,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          444.65623147265626,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          475.35935519335936,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0077885830077,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          169.124992953125,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          309.30467461230467,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          370.95701954345685,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          376.9804567924803,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estimated",
        "box": [
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        "text": "Fair Value",
        "box": [
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        "text": " ",
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        "text": " ",
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        "text": "Carrying",
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        "text": "Value",
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
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          514.5702910595703,
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        "from_ocr": false,
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      {
        "text": "Estimated",
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          562.5497850204247,
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      {
        "text": "Fair Value",
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          495.8034971190573
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          576.2577884892578,
          495.8034971190573
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      {
        "text": "Cash and cash equivalents",
        "box": [
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          138.97259667988789,
          508.39317816021867
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      {
        "text": "  $",
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          319.09639666681625,
          508.39317816021867
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      {
        "text": "1,239,480    $",
        "box": [
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          503.38054054891836,
          386.77217134699214,
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      {
        "text": "1,239,480    $",
        "box": [
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          503.38054054891836,
          454.44795352716784,
          508.39317816021867
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "139,825    $",
        "box": [
          471.8554528393553,
          503.38054054891836,
          522.1120132078319,
          508.39317816021867
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "139,825 ",
        "box": [
          539.5195125200194,
          503.38054054891836,
          575.2298235133396,
          508.39317816021867
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commercial mortgage loans, net",
        "box": [
          33.74999859375,
          516.130540017668,
          164.23480253097057,
          521.1431776289683
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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          309.97592456558596,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          316.5970217897069,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-     ",
        "box": [
          359.0038950415037,
          516.130540017668,
          384.2727964698828,
          521.1431776289683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          426.67966972167966,
          516.130540017668,
          451.94857865005844,
          521.1431776289683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,712,018   ",
        "box": [
          464.3554531518553,
          516.130540017668,
          512.9915411066015,
          521.1431776289683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          519.6126383307225,
          521.1431776289683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,650,253 ",
        "box": [
          532.0195128325194,
          516.130540017668,
          575.2298235133396,
          521.1431776289683
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Subordinate loans, net",
        "box": [
          33.74999859375,
          528.8805394864175,
          122.87798512917132,
          533.8931770977179
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          309.97592456558596,
          533.8931770977179
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          316.5970217897069,
          533.8931770977179
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          359.0038950415037,
          528.8805394864175,
          384.2727964698828,
          533.8931770977179
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          426.67966972167966,
          528.8805394864175,
          451.94857865005844,
          533.8931770977179
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62,198   ",
        "box": [
          476.8476401313475,
          528.8805394864175,
          512.9915411066015,
          533.8931770977179
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          519.6126383307225,
          533.8931770977179
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "62,198 ",
        "box": [
          544.5116998120114,
          528.8805394864175,
          575.2298235133396,
          533.8931770977179
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured debt arrangements, net",
        "box": [
          33.74999859375,
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          159.22140921486198,
          546.6431765664674
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          309.97592456558596,
          546.6431765664674
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          316.5970217897069,
          546.6431765664674
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          359.0038950415037,
          541.6305389551708,
          384.2727964698828,
          546.6431765664674
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          426.67966972167966,
          541.6305389551708,
          451.94857865005844,
          546.6431765664674
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,268,550)  ",
        "box": [
          461.0156057910156,
          541.6305389551708,
          512.9915411066015,
          546.6431765664674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          517.1132634536131,
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          519.6126383307225,
          546.6431765664674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,268,550)",
        "box": [
          528.6796654716796,
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          576.0596940530111,
          546.6431765664674
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured term loans, net",
        "box": [
          33.74999859375,
          554.3805384239204,
          154.51554168593975,
          559.393176035217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          307.47654968847655,
          554.3805384239204,
          309.97592456558596,
          559.393176035217
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          314.0976469125975,
          554.3805384239204,
          316.5970217897069,
          559.393176035217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          359.0038950415037,
          554.3805384239204,
          384.2727964698828,
          559.393176035217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          426.67966972167966,
          554.3805384239204,
          451.94857865005844,
          559.393176035217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(727,533)  ",
        "box": [
          468.5156054785156,
          554.3805384239204,
          512.9915411066015,
          559.393176035217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          517.1132634536131,
          554.3805384239204,
          519.6126383307225,
          559.393176035217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(750,914)",
        "box": [
          536.1796651591796,
          554.3805384239204,
          576.0596940530111,
          559.393176035217
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior secured notes, net",
        "box": [
          33.74999859375,
          567.13053789267,
          133.69558102843817,
          572.1431755039666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          567.13053789267,
          309.97592456558596,
          572.1431755039666
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          314.0976469125975,
          567.13053789267,
          316.5970217897069,
          572.1431755039666
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          359.0038950415037,
          567.13053789267,
          384.2727964698828,
          572.1431755039666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          426.67966972167966,
          567.13053789267,
          451.94857865005844,
          572.1431755039666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(497,226)  ",
        "box": [
          468.5156054785156,
          567.13053789267,
          512.9915411066015,
          572.1431755039666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          517.1132634536131,
          567.13053789267,
          519.6126383307225,
          572.1431755039666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(485,625)",
        "box": [
          536.1796651591796,
          567.13053789267,
          576.0596940530111,
          572.1431755039666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt related to real estate owned, held for investment, net",
        "box": [
          33.74999859375,
          579.8805373614196,
          264.99558600760435,
          584.8931749727162
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          307.47654968847655,
          579.8805373614196,
          309.97592456558596,
          584.8931749727162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          314.0976469125975,
          579.8805373614196,
          316.5970217897069,
          584.8931749727162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(371,428)  ",
        "box": [
          333.1757711176756,
          579.8805373614196,
          377.65170674576154,
          584.8931749727162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          381.77342159277345,
          579.8805373614196,
          384.2727964698828,
          584.8931749727162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(371,428)  ",
        "box": [
          400.85154579785154,
          579.8805373614196,
          445.3274814259375,
          584.8931749727162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          449.44920377294903,
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          451.94857865005844,
          584.8931749727162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(424,703)  ",
        "box": [
          468.5156054785156,
          579.8805373614196,
          512.9915411066015,
          584.8931749727162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          519.6126383307225,
          584.8931749727162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(424,703)",
        "box": [
          536.1796651591796,
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          576.0596940530111,
          584.8931749727162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To  determine  estimated  fair  values  of  the  financial  instruments  listed  above,  market  rates  of  interest,  which  include  credit ",
        "box": [
          56.24999765625,
          600.8805364864202,
          580.7493507833593,
          605.8931740977168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumptions, are used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount we ",
        "box": [
          33.74999859375,
          612.88053598642,
          580.7493507833593,
          617.8931735977167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could ",
        "box": [
          33.74999859375,
          624.8805354864198,
          580.7493507833593,
          629.8931730977165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "have a material effect on the estimated fair value amounts. ",
        "box": [
          33.74999859375,
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          269.97983623208967,
          641.8931725977163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As discussed above, in April 2026, we sold our commercial real estate loan portfolio (other than loans that were repaid prior to ",
        "box": [
          56.46093514746094,
          657.8805341114203,
          580.7493507833593,
          662.8931717227169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "closing  and  the  Chicago  Hotel  Loan  which  repaid  after  the  Closing  Date)  to  Athene  for  cash  consideration  of  approximately  $8.6 ",
        "box": [
          33.74999859375,
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          674.8931712227168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "billion, which is based on 99.7% of the total commitment amount of such loans as of the Closing Date. A portion of the proceeds from ",
        "box": [
          33.74999859375,
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          580.7610732828708,
          686.8931707227166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Asset Sale were used to repay our secured debt arrangements, senior secured term loan, and senior secured notes.",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 42,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Estimates  of  fair  value  for  cash  and  cash  equivalents,  Senior  Secured  Notes,  net,  and  Term  Loans,  net  are  measured  using ",
        "box": [
          56.24999765625,
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          95.14319537896517
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "observable Level I inputs as defined in \"Note 3 - Fair Value Disclosure.\" Estimates of fair value for all other financial instruments in ",
        "box": [
          33.74999859375,
          102.13055726766834,
          580.7493507833593,
          107.14319487896864
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  table  above  are  measured  using  significant  estimates,  or  unobservable  Level  III  inputs  as  defined  in  \"Note  3  -  Fair  Value ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Disclosure.\"",
        "box": [
          33.74999859375,
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          131.1431938789683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 18 - Net Income (Loss) per Share ",
        "box": [
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          200.90952661001936,
          152.14319300396528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASC Topic 260, \"Earnings Per Share\" requires the use of the two-class method of computing both basic and diluted earnings ",
        "box": [
          56.46093514746094,
          168.13055451766922,
          580.7493507833593,
          173.1431921289659
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(loss) per share for all periods presented for each class of common stock and participating securities. Under the two-class method, all ",
        "box": [
          33.74999859375,
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          580.7493507833593,
          185.14319162896572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earnings (distributed and undistributed) are allocated to common shares and participating securities according to their respective rights ",
        "box": [
          33.74999859375,
          192.1305535176689,
          580.7493507833593,
          197.14319112896555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  receive  dividends. The unvested RSUs granted under our Equity Incentive Plans to certain employees of the Manager qualify as ",
        "box": [
          33.74999859375,
          204.13055301766872,
          580.7493507833593,
          209.14319062896539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participating securities as RSUs have non-forfeitable rights to participate in dividends. Therefore, unvested RSUs are included in the ",
        "box": [
          33.74999859375,
          216.13055251766855,
          580.7493507833593,
          221.14319012896522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculation of basic earnings per share. ",
        "box": [
          33.74999859375,
          228.13055201766838,
          191.6985894938084,
          233.14318962896868
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three and six months ended June 30, 2026 and 2025, dilutive earnings per share was calculated under the more dilutive ",
        "box": [
          56.46093514746094,
          249.130551142669,
          580.7493507833593,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "computation of the treasury stock method and the if converted method. Under the treasury stock method, the denominator includes the ",
        "box": [
          33.74999859375,
          261.1305506426688,
          580.7493507833593,
          266.1431882539655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted-average outstanding common shares plus the incremental shares related to participating securities. The incremental shares are ",
        "box": [
          33.74999859375,
          273.13055014266865,
          580.7493507833593,
          278.1431877539653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determined  by  subtracting  the  average  unrecognized  compensation  cost  for  the  period  divided  by  the  average  stock  price  from  the ",
        "box": [
          33.74999859375,
          285.1305496426685,
          580.7493507833593,
          290.14318725396515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unvested RSUs.",
        "box": [
          33.74999859375,
          297.1305491426683,
          97.62555723851827,
          302.1431867539686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below presents the computation of basic and diluted net income per share of common stock for the three and six months ",
        "box": [
          56.46093514746094,
          318.1305482676689,
          580.7493507833593,
          323.1431858789656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2026 and 2025 ($ in thousands except per share data):",
        "box": [
          33.74999859375,
          330.13054776766876,
          311.65866263830935,
          335.1431853789654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          311.66014701416,
          330.79100179704255,
          313.91014692041,
          335.3035038065573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          342.1305472676686,
          36.249373470859375,
          347.14318487896526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          167.8828055048828,
          357.0410007032915,
          170.1328054111328,
          361.5535027128062
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.9804597924803,
          357.0410007032915,
          307.2304596987303,
          361.5535027128062
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended June 30,",
        "box": [
          318.1054592456053,
          356.29100073454174,
          426.33397049608374,
          360.80350274405646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          434.89451687939436,
          356.29100073454174,
          441.3398291108397,
          360.80350274405646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Six Months Ended June 30,",
        "box": [
          456.4921684794922,
          356.29100073454174,
          555.7426527040551,
          360.80350274405646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          568.5702888095702,
          356.29100073454174,
          575.0156010410155,
          360.80350274405646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          369.1305461426673,
          36.249373470859375,
          374.1431837539676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.9804597924803,
          369.7910001720411,
          307.2304596987303,
          374.3035021815558
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          329.6952987626953,
          369.04100020329133,
          347.69529801269533,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          367.8398321733397,
          369.04100020329133,
          374.285144404785,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          396.74998346875,
          369.04100020329133,
          414.74998271875,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          434.89451687939436,
          369.04100020329133,
          441.3398291108397,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          463.8046681748047,
          369.04100020329133,
          481.8046674248047,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          501.94920158544903,
          369.04100020329133,
          508.39451381689435,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          530.6484153896484,
          369.04100020329133,
          548.6484146396483,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   ",
        "box": [
          568.5702888095702,
          369.04100020329133,
          575.0156010410155,
          373.55350221280605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income",
        "box": [
          33.74999859375,
          381.13054564266713,
          80.11043640962643,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          304.9804597924803,
          381.13054564266713,
          316.5065492747265,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,779    $",
        "box": [
          338.39061090039064,
          381.13054564266713,
          383.56123398078125,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,739    $",
        "box": [
          405.4452956064453,
          381.13054564266713,
          450.615918686836,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52,006    $",
        "box": [
          472.4999803125,
          381.13054564266713,
          517.6706033928906,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,730   ",
        "box": [
          539.1210750366209,
          381.13054564266713,
          575.264976011875,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Preferred dividends",
        "box": [
          33.74999859375,
          393.8805451114167,
          135.91669248221723,
          398.89318272271703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.9804597924803,
          393.8805451114167,
          307.4798346695897,
          398.89318272271703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          311.50779952050783,
          393.8805451114167,
          314.0071743976172,
          398.89318272271703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,068)  ",
        "box": [
          340.0546733310547,
          393.8805451114167,
          374.5345193756444,
          398.89318272271703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.5624842265625,
          393.8805451114167,
          381.0618591036719,
          398.89318272271703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,068)  ",
        "box": [
          407.10935803710936,
          393.8805451114167,
          441.58920408169905,
          398.89318272271703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.6171689326172,
          393.8805451114167,
          448.1165438097266,
          398.89318272271703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,136)  ",
        "box": [
          474.16404274316403,
          393.8805451114167,
          508.6438887877537,
          398.89318272271703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          512.6718536386718,
          393.8805451114167,
          515.1712285157812,
          398.89318272271703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,136)  ",
        "box": [
          540.7851374672849,
          393.8805451114167,
          575.264976011875,
          398.89318272271703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Earnings attributable to participating securities",
        "box": [
          33.74999859375,
          406.63054458016995,
          244.46849895922514,
          411.6431821914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.9804597924803,
          406.63054458016995,
          307.4798346695897,
          411.6431821914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          311.50779952050783,
          406.63054458016995,
          314.0071743976172,
          411.6431821914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          355.88670767138655,
          406.63054458016995,
          381.0618591036719,
          411.6431821914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          422.9413923774412,
          406.63054458016995,
          448.1165438097266,
          411.6431821914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-     ",
        "box": [
          489.9960770834959,
          406.63054458016995,
          515.1712285157812,
          411.6431821914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          556.6171643076171,
          406.63054458016995,
          575.264976011875,
          411.6431821914666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: Dividends on participating securities",
        "box": [
          33.74999859375,
          419.38054404891955,
          204.22472253604923,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.9804597924803,
          420.1305440176693,
          307.4798346695897,
          425.143181628966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          311.50779952050783,
          419.38054404891955,
          314.0071743976172,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,553)  ",
        "box": [
          340.0546733310547,
          419.38054404891955,
          374.5345193756444,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.5624842265625,
          419.38054404891955,
          381.0618591036719,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(556)  ",
        "box": [
          414.60935772460937,
          419.38054404891955,
          441.58920408169905,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          445.6171689326172,
          419.38054404891955,
          448.1165438097266,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,123)  ",
        "box": [
          474.16404274316403,
          419.38054404891955,
          508.6438887877537,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          512.6718536386718,
          419.38054404891955,
          515.1712285157812,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,117)  ",
        "box": [
          540.7851374672849,
          419.38054404891955,
          575.264976011875,
          424.3931816602162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to common stockholders, basic and diluted   $",
        "box": [
          33.74999859375,
          432.8805434864189,
          316.5065492747265,
          437.89318109771557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,158    $",
        "box": [
          338.39061090039064,
          432.8805434864189,
          383.56123398078125,
          437.89318109771557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,115    $",
        "box": [
          405.4452956064453,
          432.8805434864189,
          450.615918686836,
          437.89318109771557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,747    $",
        "box": [
          472.4999803125,
          432.8805434864189,
          517.6706033928906,
          437.89318109771557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,477   ",
        "box": [
          539.1210750366209,
          432.8805434864189,
          575.264976011875,
          437.89318109771557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          446.38054292391826,
          36.249373470859375,
          451.39318053521856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.9804597924803,
          446.38054292391826,
          307.4798346695897,
          451.39318053521856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          363.38670735888655,
          446.38054292391826,
          365.88608223599596,
          451.39318053521856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          368.81248463281247,
          446.38054292391826,
          374.5345193756444,
          451.39318053521856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.4413920649412,
          446.38054292391826,
          432.94076694205063,
          451.39318053521856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          435.8671693388672,
          446.38054292391826,
          441.58920408169905,
          451.39318053521856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          497.4960767709959,
          446.38054292391826,
          499.9954516481053,
          451.39318053521856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          502.9218540449219,
          446.38054292391826,
          508.6438887877537,
          451.39318053521856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          564.1171639951172,
          446.38054292391826,
          566.6165388722266,
          451.39318053521856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          569.5429487690427,
          446.38054292391826,
          575.264976011875,
          451.39318053521856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Shares:",
        "box": [
          33.74999859375,
          459.13054239266785,
          114.83314679578476,
          464.14318000396815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          304.9804597924803,
          459.13054239266785,
          307.4798346695897,
          464.14318000396815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          363.38670735888655,
          459.13054239266785,
          365.88608223599596,
          464.14318000396815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          368.81248463281247,
          459.13054239266785,
          374.5345193756444,
          464.14318000396815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.4413920649412,
          459.13054239266785,
          432.94076694205063,
          464.14318000396815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          435.8671693388672,
          459.13054239266785,
          441.58920408169905,
          464.14318000396815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          497.4960767709959,
          459.13054239266785,
          499.9954516481053,
          464.14318000396815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
          502.9218540449219,
          459.13054239266785,
          508.6438887877537,
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        "text": "Earnings Per Share Attributable to Common Stockholders",
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        "text": "  $",
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        "text": "0.11    $",
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        "text": "0.12    $",
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        "text": "0.27    $",
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        "text": "0.28   ",
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        "text": "Diluted",
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        "from_ocr": false,
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      {
        "text": "  $",
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        "from_ocr": false,
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      {
        "text": "0.11    $",
        "box": [
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        "text": "0.12    $",
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        "text": "0.27    $",
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        "text": "0.28   ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "text": "For the three and six months ended June 30, 2026, 574,742 and 590,061 incremental shares, respectively, were included in the ",
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        "text": "calculation of diluted net income per share because the effect was dilutive. For the three and six months ended June 30, 2025, 265,295 ",
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        "text": "and 311,821 incremental shares, respectively, were included in the calculation of diluted net income per share because the effect was ",
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        "text": "dilutive.",
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        "text": "Note 19 - Segment Reporting",
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        "text": "We currently operate as one segment, which is also our sole reportable segment. Our chief operating decision maker (\"CODM\") is ",
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        "text": "our senior management team, comprised of our chief executive officer, our chief financial officer, and the chief investment officer of ",
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        "text": "the Manager. The accounting policies of our single reportable segment are consistent with those outlined in our summary of significant ",
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        "text": "accounting policies (refer to \"Note 2 - Summary of Significant Accounting Policies\" to our consolidated financial statements of our ",
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        "text": "most recent Annual Report on Form 10-K). We generate our revenue primarily from originating, acquiring, investing in, and managing ",
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        "text": "performing ",
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        "text": "commercial  mortgage  loans, ",
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        "text": "subordinate ",
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        "text": "financings, ",
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        "text": "and ",
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        "text": "other ",
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        "text": "commercial  real ",
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        "text": "estate-related ",
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        "text": "debt ",
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        "text": "investments. ",
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        "text": "Additionally, we may find it necessary or desirable to foreclose on certain of the loans we originate or acquire, and if we cannot sell the ",
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        "text": "related property, we would operate the property as real estate owned. The ",
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        "text": "32",
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        "text": " ",
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        "text": "33",
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        "text": "CODM evaluates the performance of any real estate owned assets with that of our commercial mortgage loans, subordinate financings, ",
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        "text": "and other commercial real estate-related debt investments. Additionally, we seek to enhance our returns on equity by utilizing leverage, ",
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        "text": "and generally finance our mortgage loans with leverage obtained through a variety of sources, including secured credit facilities, a ",
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        "text": "revolving credit facility, private securitizations, and corporate-level debt. The CODM evaluates performance and allocates resources ",
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        "text": "based on consolidated net income (loss), which is also reported as consolidated net income (loss) on our consolidated statement of ",
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        "text": "operations. Our consolidated net income (loss) is primarily derived through the difference between the interest income earned on our ",
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        "text": "loans and the cost at which we are able to finance them. Accordingly, interest expense, as reported on our consolidated statement of ",
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        "text": "operations, is our most significant segment expense. Additionally, the measure of segment assets is reflected on the balance sheet as ",
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        "text": "total  consolidated  assets.  The  CODM  uses  consolidated  net  income  (loss)  to  make  key  operating  decisions,  such  as  identifying ",
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        "text": "attractive investment opportunities, evaluating underwriting standards, determining the appropriate level of leverage to enhance returns ",
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        "text": "on equity and deciding on the sources of financing.",
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      {
        "text": " ",
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      {
        "text": " ",
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      {
        "text": " ",
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      {
        "text": "Note 20 - Subsequent Events",
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        "text": "Subsequent to the quarter ended June 30, 2026, the following events took place:",
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      {
        "text": "Special Meeting Proxy and Plan:",
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      {
        "text": " On July 14, 2026, we filed a preliminary proxy statement (the \"Special Meeting Proxy\") with ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "the SEC related to a Special Meeting of Stockholders (the \"Special Meeting\"), for the following purposes: (i) to consider and vote on a ",
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        "from_ocr": false,
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      {
        "text": "proposal  to  approve  the  dissolution  of  the  Company,  the  liquidation  of  its  assets  and  the  winding  up  of  its  business  and  affairs  in ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "accordance with the Plan of Complete Liquidation and Dissolution (the \"Plan\") (the \"Dissolution Proposal\"); (ii) to consider and vote ",
        "box": [
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      {
        "text": "on a proposal to approve, subject to approval of the Dissolution Proposal, on an advisory, non-binding basis, compensation that may ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "become payable by the Company to its named executive officers in connection with the Plan (the \"Executive Compensation Proposal\"); ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and (iii) to consider and vote on a proposal to approve one or more adjournments of the Special Meeting, if necessary or appropriate, ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "from time to time, to a later date or dates, even if a quorum is present, to solicit additional proxies if there are not sufficient votes at the ",
        "box": [
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      {
        "text": "time  of  the  Special  Meeting  to  approve  the  Dissolution  Proposal  (the  \"Adjournment  Proposal\").  If  the  Plan  is  approved  by  our ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "stockholders, we will adopt the liquidation basis of accounting which requires our assets to be recognized at the estimated amounts ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "expected to be collected and liabilities to be recognized at the estimated amounts at which they are expected to be settled.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Redemption of 7.25% Series B-1 Cumulative Redeemable Perpetual Preferred Stock: ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "On July 15, 2026 (the \"Redemption Date\"), ",
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      {
        "text": "we completed the redemption of all our outstanding shares of our 7.25% Series B-1 Cumulative Redeemable Perpetual Preferred Stock, ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$0.01 par value per share (the \"Series B-1 Preferred Stock\"), pursuant to Section (5)(a) of the Articles Supplementary setting forth the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "terms of such shares. In connection with such redemption, we entered into a Redemption Agent Agreement dated July 14, 2026 with ",
        "box": [
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      },
      {
        "text": "Equiniti  Trust  Company,  LLC  (\"Equiniti\"),  pursuant  to  which  Equiniti  acted  as  redemption  agent  to  facilitate  the  payment  of  the ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Redemption Price (as defined below) to holders of record of the Series B-1 Preferred Stock. We deposited the aggregate Redemption ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Price into a segregated payment fund maintained by Equiniti for the benefit of the shareholders.",
        "box": [
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      {
        "text": "Each share of Series B-1 Preferred Stock was redeemed at a price of $25.00 per share, plus an amount equal to all accrued and ",
        "box": [
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      {
        "text": "unpaid dividends (whether or not earned or declared) to, but not including, the Redemption Date (collectively, the \"Redemption Price\"). ",
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      {
        "text": "As of the Redemption Date, dividends on the Series B-1 Preferred Stock ceased to accrue, and all rights of holders with respect to such ",
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        "text": "shares terminated, except for the right to receive the Redemption Price without interest.",
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      {
        "text": "Following such redemption, no shares of Series B-1 Preferred Stock remain issued and outstanding.",
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  {
    "page_no": 45,
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    "cells": [
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        "text": " ",
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        "text": "34",
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      {
        "text": "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations",
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      {
        "text": "FORWARD-LOOKING INFORMATION",
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        "text": "We make forward-looking  statements  herein  and  will  make  forward-looking  statements  in  future  filings  with  the  SEC,  press ",
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      {
        "text": "releases or other written or oral communications within the meaning of Section 27A of the Securities Act of 1933, as amended (the ",
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        "text": "\"Securities Act\"), and Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"). For these statements, we ",
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      {
        "text": "claim the protections of the safe harbor for forward-looking statements contained in such Sections. Forward-looking statements are ",
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        "text": "subject  to  substantial  risks  and  uncertainties,  many  of  which  are  difficult  to  predict  and  are  generally  beyond  our  control.  These ",
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        "text": "forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, ",
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      {
        "text": "results  of  operations,  plans  and  objectives.  When we use the words \"believe,\" \"expect,\" \"anticipate,\" \"estimate,\" \"plan,\" \"continue,\" ",
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      {
        "text": "\"intend,\" \"should,\" \"may\" or similar expressions, it intends to identify forward-looking statements. Statements regarding the following ",
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        "text": "subjects, among others, may be forward-looking: higher interest rates and inflation; market trends in our industry, real estate values, the ",
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      {
        "text": "debt securities markets or the general economy; the demand for commercial real estate loans; our business and investment strategy; our ",
        "box": [
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      {
        "text": "operating results; actions and initiatives of the U.S. government and governments outside of the United States, changes to government ",
        "box": [
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      {
        "text": "policies  and  the  execution  and  impact  of  these  actions,  initiatives  and  policies;  the  state  of  the  economy  generally  or  in  specific ",
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        "text": "geographic regions; the impact of a shutdown of the U.S. federal government; economic trends and economic recoveries; our ability to ",
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      {
        "text": "obtain  and  maintain  financing  arrangements,  including  secured  debt  arrangements  and  securitizations;  the  timing  and  amount  of ",
        "box": [
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      {
        "text": "expected future fundings of unfunded commitments; the availability of debt financing from traditional lenders; the volume of short-",
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        "from_ocr": false,
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      {
        "text": "term  loan  extensions;  the  demand  for  new  capital  to  replace  maturing  loans;  expected  leverage;  general  volatility  of  the  securities ",
        "box": [
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      {
        "text": "markets in which we participate; changes in the value of our assets; the scope of our target assets; interest rate mismatches between our ",
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        "text": "target assets and any borrowings used to fund such assets; changes in interest rates and the market value of our target assets; changes in ",
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      {
        "text": "prepayment rates on our target assets; effects of hedging instruments on our target assets; rates of default or decreased recovery rates on ",
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      {
        "text": "our target assets; the degree to which hedging strategies may or may not protect us from interest rate volatility; impact of and changes ",
        "box": [
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        "from_ocr": false,
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        "text": "in governmental regulations, tax law and rates, accounting, legal or regulatory issues or guidance and similar matters; our continued ",
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        "text": "maintenance of our qualification as a REIT for U.S. federal income tax purposes; our continued exclusion from registration under the ",
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        "text": "Investment Company Act of 1940, as amended (the \"1940 Act\"); the availability of opportunities to acquire commercial mortgage-",
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        "text": "related,  real  estate-related  and  other  securities;  the  availability  of  qualified  personnel;  estimates  relating  to  our  ability  to  make ",
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        "text": "distributions to our stockholders in the future; our present and potential future competition; unexpected costs or unexpected liabilities, ",
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        "text": "including  those  related  to  litigation;  and  risks  associated  with  the  exact  amount  or  timing  of  our  sales  of  assets  and  liquidating ",
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        "text": "distributions; unexpected costs or unexpected liabilities that may arise from the transactions contemplated by the Plan and with our ",
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        "text": "ability to realize the results of the Plan. ",
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        "text": "The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into ",
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        "text": "account  all  information  currently  available  to  us.  Forward-looking  statements  are  not  predictions  of  future  events.  These  beliefs, ",
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        "text": "assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. See Item 1A. ",
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        "text": "\"Risk Factors\" and Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our most ",
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        "text": "recent Annual Report on Form 10-K and \"Risk Factors\" in the Special Meeting Proxy. These and other risks, uncertainties and factors, ",
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        "text": "including those described in the annual, quarterly and current reports that we file with the SEC, could cause our actual results to differ ",
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        "text": "materially from those included in any forward-looking statements we make. All forward-looking statements speak only as of the date ",
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        "text": "they are made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect us. ",
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        "text": "Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a ",
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        "text": "result of new information, future events or otherwise.",
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      {
        "text": "Overview",
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        "text": "We are a Maryland corporation and have elected  to  be  taxed  as  a  REIT  for  U.S.  federal  income  tax  purposes.  We  primarily ",
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      {
        "text": "originate, acquire, invest in and manage performing commercial first mortgage loans, subordinate financings, and other commercial ",
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        "text": "real estate-related debt investments. These asset classes are referred to as our target assets.",
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        "text": "We are externally managed and advised by the Manager, an indirect subsidiary of Apollo, a global, high-growth alternative asset ",
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        "text": "manager with assets under management of approximately $1.05 trillion as of June 30, 2026.",
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        "text": " ",
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        "text": "35",
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        "text": "The Manager is led by an experienced team of senior real estate professionals who have significant expertise in underwriting and ",
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        "text": "structuring  commercial  real  estate  financing  transactions.  We  benefit  from  Apollo's  global  infrastructure  and  operating  platform, ",
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        "text": "through which we are able to source, evaluate and manage potential investments in our target assets.",
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        "text": "As previously disclosed, following the Asset Sale, our management team, in consultation with our board of directors, evaluated a ",
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        "text": "range of commercial real estate-related strategies designed to reposition ARI. In assessing potential new asset strategies, we leveraged ",
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        "text": "Apollo's  broader  investment  platform  and  origination  capabilities.  We  also  considered  strategic  M&A  opportunities  and  explored ",
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        "text": "available strategic alternatives, including dissolution. On June 15, 2026, we announced that, following an extensive review of potential ",
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        "text": "strategic alternatives for ARI, our board of directors determined that our dissolution, the liquidation of our assets and the winding up of ",
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        "text": "our business and affairs are advisable and in our best interests and the best interests of the ARI stockholders.",
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        "text": "On July 14, 2026, we filed the Special Meeting Proxy with the SEC related to the Special Meeting, for the following purposes: (i) ",
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        "text": "to  consider  and  vote  on  the  Dissolution  Proposal;  (ii)  to  consider  and  vote  on  the  Executive  Compensation  Proposal;  and  (iii)  to ",
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        "text": "consider and vote on the Adjournment Proposal. If the Plan is approved by our Stockholders, we will adopt the liquidation basis of ",
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        "text": "accounting which requires our assets to be recognized at the estimated amounts expected to be collected and liabilities to be recognized ",
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        "text": "at the estimated amounts at which they are expected to be settled.",
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        "text": "The Asset Sale",
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        "text": "On the Closing Date, pursuant to the terms and subject to the conditions set forth in the Purchase Agreement, the Company sold ",
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        "text": "its  commercial real estate loan portfolio (other than loans that were repaid prior to closing and the Chicago Hotel Loan which was ",
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        "text": "repaid after the Closing Date) to Athene for cash consideration of approximately $8.6 billion, which is based on 99.7% of the total ",
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        "text": "commitment amount of such loans as of the Closing Date, subject to certain adjustments as provided in the Purchase Agreement. A ",
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        "text": "portion of the proceeds from the Asset Sale were used to repay all secured credit facilities and other indebtedness and to pay transaction ",
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        "text": "expenses. ",
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        "text": "Current Market Conditions ",
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        "text": "Certain  external  events  such  as  public  health  issues,  natural  disasters,  political  and  economic  instability  abroad,  concerns ",
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        "text": "regarding the stability of the sovereign debt of certain European countries, and other geopolitical issues, have adversely impacted the ",
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        "text": "global economy and have contributed to significant volatility in financial markets. Due to various uncertainties caused by such external ",
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        "text": "events and recent macroeconomic trends, including inflation and higher interest rates, further business risks could arise. Some of the ",
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        "text": "factors that impacted us to date and may continue to affect us are outlined in Item 1A. \"Risk Factors\" in our most recent Annual Report ",
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        "text": "on Form 10-K.",
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        "text": " ",
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        "text": "Results of Operations",
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        "text": "Net Income Available to Common Stockholders",
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        "text": "For the three months ended June 30, 2026 and 2025, our net income available to common stockholders was $22.7 million, or ",
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        "text": "$0.11 per diluted share of common stock, and $17.7 million, or $0.12 per diluted share of common stock, respectively.",
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        "text": "For the six months ended June 30, 2026 and 2025, our net income available to common stockholders was $45.9 million, or $0.27 ",
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        "text": "per diluted share of common stock, and $40.6 million, or $0.28 per diluted share of common stock, respectively.",
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        "text": "Operating Results",
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        "text": "The following table sets forth information regarding our condensed consolidated results of operations and certain key operating ",
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        "text": "metrics compared to the most recently reported period ($ in thousands): ",
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        "text": " ",
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        "text": "Three Months Ended",
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        "text": " ",
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        "text": " ",
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        "text": "June 30, 2026",
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      {
        "text": " ",
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        "text": " ",
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      {
        "text": "March 31, 2026",
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      {
        "text": " ",
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        "text": "Change",
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        "text": "Interest income from commercial mortgage loans",
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      {
        "text": "$",
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      {
        "text": "41,726   ",
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      {
        "text": "$",
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      {
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      {
        "text": "(108,263)",
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      {
        "text": " ",
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      {
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      {
        "text": "-   ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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      {
        "text": "-   ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "- ",
        "box": [
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      {
        "text": "Interest expense",
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        "text": " ",
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": "(33,585)  ",
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        "text": " ",
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      {
        "text": "(113,922)  ",
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        "from_ocr": false,
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      {
        "text": " ",
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        "text": "80,337 ",
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      {
        "text": "Net interest income",
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        "text": " ",
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        "text": " ",
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      {
        "text": "8,141   ",
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      {
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      {
        "text": "(27,926)",
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        "text": "Revenue from real estate owned operations",
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      {
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      {
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        "text": "13,675 ",
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      {
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      {
        "text": "(23,081)  ",
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      {
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      {
        "text": "(4,863)",
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      {
        "text": "Depreciation and amortization on real estate owned",
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      {
        "text": "(4,631)  ",
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      {
        "text": "(3,981)  ",
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      {
        "text": "(650)",
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      {
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      {
        "text": "8,530   ",
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      {
        "text": " ",
        "box": [
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      {
        "text": "368   ",
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      {
        "text": " ",
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      {
        "text": "8,162 ",
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      {
        "text": "Operating expenses:",
        "box": [
          33.74999859375,
          411.13054439266125,
          115.09188317859227,
          416.1431820039652
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          300.0702999970703,
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          302.5696748741797,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          386.3788939008787,
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          388.8782687779881,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  ",
        "box": [
          391.8046711748047,
          411.13054439266125,
          397.52670591763655,
          416.1431820039652
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          478.7226400532225,
          411.13054439266125,
          481.22201493033185,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  ",
        "box": [
          484.1484173271484,
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          489.87045206998033,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          569.5429487690427,
          411.13054439266125,
          572.0423236461521,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          575.027323540527,
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          577.5266984176365,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "General and administrative expenses",
        "box": [
          38.660154639160154,
          423.8805438614145,
          185.51292366570755,
          428.89318147271115
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          300.0702999970703,
          423.8805438614145,
          302.5696748741797,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          310.28904957128907,
          423.8805438614145,
          312.7884244483985,
          428.89318147271115
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,810)  ",
        "box": [
          363.0585823725584,
          423.8805438614145,
          397.52670591763655,
          428.89318147271115
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          402.6327957236328,
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          405.1321706007422,
          428.89318147271115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,952)  ",
        "box": [
          455.40232852490215,
          423.8805438614145,
          489.87045206998033,
          428.89318147271115
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          494.9765418759765,
          423.8805438614145,
          497.4759167530859,
          428.89318147271115
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "142 ",
        "box": [
          557.0507617895505,
          423.8805438614145,
          575.264976011875,
          428.89318147271115
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees to related party",
        "box": [
          38.660154639160154,
          436.6305433301677,
          172.45466742688856,
          441.6431809414644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          300.0702999970703,
          437.3805432989175,
          302.5696748741797,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          310.28904957128907,
          436.6305433301677,
          312.7884244483985,
          441.6431809414644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,556)  ",
        "box": [
          363.0585823725584,
          436.6305433301677,
          397.52670591763655,
          441.6431809414644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          402.6327957236328,
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          405.1321706007422,
          441.6431809414644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,118)  ",
        "box": [
          455.40232852490215,
          436.6305433301677,
          489.87045206998033,
          441.6431809414644
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          497.4759167530859,
          441.6431809414644
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,562 ",
        "box": [
          549.5507621020505,
          436.6305433301677,
          575.264976011875,
          441.6431809414644
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        "from_ocr": false,
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      {
        "text": "Total operating expenses",
        "box": [
          33.74999859375,
          450.1305427676634,
          133.69071372496637,
          455.1431803789601
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          300.0702999970703,
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          302.5696748741797,
          455.1431803789601
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          310.28904957128907,
          450.1305427676634,
          312.7884244483985,
          455.1431803789601
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9,366)  ",
        "box": [
          363.0585823725584,
          450.1305427676634,
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          455.1431803789601
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          405.1321706007422,
          455.1431803789601
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(14,070)  ",
        "box": [
          450.39841873339844,
          450.1305427676634,
          489.87045206998033,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          494.9765418759765,
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          455.1431803789601
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,704 ",
        "box": [
          549.5507621020505,
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          575.264976011875,
          455.1431803789601
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income, net",
        "box": [
          38.660154639160154,
          462.88054223641666,
          110.56104156737732,
          467.8931798477133
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          302.5696748741797,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          312.7884244483985,
          467.8931798477133
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,362   ",
        "box": [
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          397.52670591763655,
          467.8931798477133
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,413   ",
        "box": [
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          462.88054223641666,
          489.87045206998033,
          467.8931798477133
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "6,949 ",
        "box": [
          549.5507621020505,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss from equity method investment",
        "box": [
          38.660154639160154,
          475.6305417051626,
          185.82532838136527,
          480.64317931646656
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          300.0702999970703,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          310.28904957128907,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(178)  ",
        "box": [
          370.5585820600584,
          475.6305417051626,
          397.52670591763655,
          480.64317931646656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          405.1321706007422,
          480.64317931646656
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(274)  ",
        "box": [
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          475.6305417051626,
          489.87045206998033,
          480.64317931646656
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          475.6305417051626,
          497.4759167530859,
          480.64317931646656
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "96 ",
        "box": [
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          575.264976011875,
          480.64317931646656
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net realized loss on investments",
        "box": [
          38.660154639160154,
          488.38054117391584,
          168.04171016867477,
          493.3931787852125
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          302.5696748741797,
          493.3931787852125
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          312.7884244483985,
          493.3931787852125
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(339,087)  ",
        "box": [
          353.06248528906247,
          488.38054117391584,
          397.52670591763655,
          493.3931787852125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          471.2226403657225,
          488.38054117391584,
          489.87045206998033,
          493.3931787852125
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          493.3931787852125
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(339,087)",
        "box": [
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          488.38054117391584,
          576.0948465515464,
          493.3931787852125
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on extinguishment of debt",
        "box": [
          38.660154639160154,
          501.1305406426618,
          164.72710461045799,
          506.14317825396574
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          312.7884244483985,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,714)  ",
        "box": [
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          501.1305406426618,
          397.52670591763655,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-   ",
        "box": [
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          489.87045206998033,
          506.14317825396574
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          497.4759167530859,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,714)",
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          576.0948465515464,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Decrease in Specific CECL Allowance",
        "box": [
          38.660154639160154,
          513.880540111415,
          194.67076841127908,
          518.8931777227117
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "338,000   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "338,000 ",
        "box": [
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          575.264976011875,
          518.8931777227117
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decrease in General CECL Allowance, net",
        "box": [
          38.660154639160154,
          526.630539580161,
          210.76536759219698,
          531.6431771914649
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          531.6431771914649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,224   ",
        "box": [
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          526.630539580161,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,289   ",
        "box": [
          458.7304533862303,
          526.630539580161,
          489.87045206998033,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,935 ",
        "box": [
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          575.264976011875,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain (loss) on foreign currency forward contracts",
        "box": [
          38.660154639160154,
          539.3805390489142,
          236.867150575948,
          544.3931766602109
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        "from_ocr": false,
        "confidence": 1.0
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      {
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        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,026)  ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,812   ",
        "box": [
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          489.87045206998033,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,838)",
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      {
        "text": "Foreign currency translation gain (loss)",
        "box": [
          38.660154639160154,
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          196.35486807404624,
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          312.7884244483985,
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        "from_ocr": false,
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      {
        "text": "18,920   ",
        "box": [
          361.3827974423828,
          552.1305385176674,
          397.52670591763655,
          557.1431761289641
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          405.1321706007422,
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      {
        "text": "(17,148)  ",
        "box": [
          450.39841873339844,
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          489.87045206998033,
          557.1431761289641
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          497.4759167530859,
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        "from_ocr": false,
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      {
        "text": "36,068 ",
        "box": [
          544.5468523105468,
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          575.264976011875,
          557.1431761289641
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net income before taxes",
        "box": [
          33.74999859375,
          564.1305380176636,
          131.18158522951336,
          569.1431756289603
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          300.0702999970703,
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
          310.28904957128907,
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          315.2877993255078,
          569.1431756289603
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "25,806   ",
        "box": [
          361.3827974423828,
          564.1305380176636,
          397.52670591763655,
          569.1431756289603
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          407.63154547785155,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "26,457   ",
        "box": [
          453.72654359472654,
          564.1305380176636,
          489.87045206998033,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          494.9765418759765,
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          499.97529163019533,
          569.1431756289603
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(651)",
        "box": [
          553.7226369282224,
          564.1305380176636,
          576.0948465515464,
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        "from_ocr": false,
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      {
        "text": "Income tax provision",
        "box": [
          38.660154639160154,
          577.6305374551666,
          123.61927393669671,
          582.6431750664633
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          300.0702999970703,
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          302.5696748741797,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          310.28904957128907,
          577.6305374551666,
          312.7884244483985,
          582.6431750664633
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27)  ",
        "box": [
          375.5507693520506,
          577.6305374551666,
          397.52670591763655,
          582.6431750664633
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          402.6327957236328,
          577.6305374551666,
          405.1321706007422,
          582.6431750664633
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(230)  ",
        "box": [
          462.90232821240215,
          577.6305374551666,
          489.87045206998033,
          582.6431750664633
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          494.9765418759765,
          577.6305374551666,
          497.4759167530859,
          582.6431750664633
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        "from_ocr": false,
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      {
        "text": "203 ",
        "box": [
          557.0507617895505,
          577.6305374551666,
          575.264976011875,
          582.6431750664633
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income",
        "box": [
          33.74999859375,
          591.1305368926623,
          80.11043640962643,
          596.1431745039663
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          300.0702999970703,
          593.3805367989116,
          302.5696748741797,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          310.28904957128907,
          591.1305368926623,
          315.2877993255078,
          596.1431745039663
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,779   ",
        "box": [
          361.3827974423828,
          591.1305368926623,
          397.52670591763655,
          596.1431745039663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          402.6327957236328,
          591.1305368926623,
          407.63154547785155,
          596.1431745039663
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,227   ",
        "box": [
          453.72654359472654,
          591.1305368926623,
          489.87045206998033,
          596.1431745039663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          494.9765418759765,
          591.1305368926623,
          499.97529163019533,
          596.1431745039663
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(448)",
        "box": [
          553.7226369282224,
          591.1305368926623,
          576.0948465515464,
          596.1431745039663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          604.2773185417682,
          35.24999853125,
          607.2856532147853
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          614.3805359239122,
          36.249373470859375,
          619.3931735352162
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest Income",
        "box": [
          33.74999859375,
          626.3805354239157,
          115.94615484147141,
          631.3931730352124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income decreased by $27.9 million during the three months ended June 30, 2026 compared to the three months ended ",
        "box": [
          56.24999765625,
          647.3805345489163,
          580.7493507833593,
          652.393172160213
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026. The net decrease was attributable to the sale of our commercial real estate loan portfolio on April 24, 2026, resulting ",
        "box": [
          33.74999859375,
          659.3805340489125,
          580.7493507833593,
          664.3931716602165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in two fewer months of interest income recorded during the three months ended June 30, 2026 compared to the three months ended ",
        "box": [
          33.74999859375,
          671.380533548916,
          580.7493507833593,
          676.3931711602127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026. Refer to \"Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net\" for additional ",
        "box": [
          33.74999859375,
          683.3805330489122,
          580.7493507833593,
          688.3931706602161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "detail.",
        "box": [
          33.74999859375,
          695.3805325489157,
          58.455705620595495,
          700.3931701602123
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operations Related to Real Estate Owned",
        "box": [
          33.74999859375,
          716.3805316739163,
          203.98551946310306,
          721.3931692852129
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 48,
    "width": 612.0,
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    "cells": [
      {
        "text": "36",
        "box": [
          300.99608495849594,
          78.8805582364148,
          310.9935794794336,
          83.89319584771874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended June 30, 2026, we recorded net income related to real estate owned of $8.5 million compared to net ",
        "box": [
          56.24999765625,
          38.38055992392037,
          580.7493507833593,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income of $0.4 million for the three months ended March 31, 2026. The increase in net income was primarily due to the ",
        "box": [
          33.74999859375,
          50.380559423916566,
          516.0032634811131,
          55.393197035213234
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        "from_ocr": false,
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    ]
  },
  {
    "page_no": 49,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          33.74999859375,
          38.38055992392037,
          36.249373470859375,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37",
        "box": [
          300.99608495849594,
          703.6305322051703,
          310.9935794794336,
          708.643169816467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "seasonality of hotel operations, which led to $6.4 million higher net income from operations, prior to depreciation, for the D.C. Hotel ",
        "box": [
          33.74999859375,
          90.1305577676685,
          580.7493507833593,
          95.14319537896517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the three months ended June 30, 2026 as compared to the three months ended March 31, 2026. Further, net income attributable ",
        "box": [
          33.74999859375,
          102.13055726767197,
          580.7493507833593,
          107.14319487896864
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the Brooklyn Multifamily Development increased $2.7 million during the three months ended June 30, 2026 as compared to the three ",
        "box": [
          33.74999859375,
          114.13055676766817,
          580.7493507833593,
          119.14319437897211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2026 as the lease-up of the property continues to ramp up. Refer to \"Note 5 - Real Estate Owned\" for further ",
        "box": [
          33.74999859375,
          126.13055626767164,
          580.7493507833593,
          131.1431938789683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discussion of operations related to real estate owned. ",
        "box": [
          33.74999859375,
          138.13055576766783,
          247.24546217935531,
          143.14319337897177
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating Expenses",
        "box": [
          33.74999859375,
          159.13055489266844,
          116.79066337913514,
          164.1431925039651
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses remained relatively consistent for the three months ended June 30, 2026 compared to the ",
        "box": [
          56.24999765625,
          180.13055401766906,
          580.7493507833593,
          185.14319162896572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026. ",
        "box": [
          33.74999859375,
          192.13055351767252,
          183.13217985074218,
          197.1431911289692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees expense decreased by $4.6 million for the three months ended June 30, 2026 compared to the three months ",
        "box": [
          56.24999765625,
          213.13055264267314,
          580.7493507833593,
          218.1431902539698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended March 31, 2026. The decrease was primarily due to a reduction in the base management fee rate under the A&R Management ",
        "box": [
          33.74999859375,
          225.13055214266933,
          580.7493507833593,
          230.143189753966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement entered into in connection with the Asset Sale and write-offs of previously recorded Specific CECL Allowances during the ",
        "box": [
          33.74999859375,
          237.1305516426728,
          580.7493507833593,
          242.14318925396947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended June 30, 2026. Refer to \"Note 13 - Related Party Transactions\" for additional information. ",
        "box": [
          33.74999859375,
          249.130551142669,
          479.47591750308595,
          254.14318875396566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income, net",
        "box": [
          33.74999859375,
          270.1305502676696,
          109.00941725702833,
          275.1431878789663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income increased by $6.9 million for the three months ended June 30, 2026 compared to the three months ended March 31, ",
        "box": [
          56.24999765625,
          291.1305493926702,
          580.7493507833593,
          296.1431870039669
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026. The increase was primarily due to an increase in bank interest earned on our cash balance, which was significantly higher during ",
        "box": [
          33.74999859375,
          303.1305488926737,
          580.7493507833593,
          308.14318650397036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the three months ended June 30, 2026 due to cash received from the Asset Sale.",
        "box": [
          33.74999859375,
          315.1305483926699,
          352.4687279200524,
          320.14318600396655
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Realized Loss on Investments",
        "box": [
          33.74999859375,
          336.1305475176705,
          172.050209126654,
          341.14318512896716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, we recorded a net realized loss on investments of $339.1 million. The net realized ",
        "box": [
          56.24999765625,
          357.1305466426711,
          580.7493507833593,
          362.1431842539678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss consisted of the following: i) a $335.0 million write-off of a previously recorded Specific CECL Allowance relating to loans that ",
        "box": [
          33.74999859375,
          369.1305461426673,
          580.7493507833593,
          374.14318375397124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were included in the Asset Sale; ii) a $2.6 million net realized loss resulting from the discount on the Asset Sale compared to our loan's ",
        "box": [
          33.74999859375,
          381.13054564267077,
          580.7493507833593,
          386.14318325396744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost basis; and iii) a $1.5 million write-off of a previously recorded Specific CECL Allowance upon the discounted repayment of the ",
        "box": [
          33.74999859375,
          393.13054514266696,
          580.7493507833593,
          398.1431827539709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chicago  Hotel  Loan.  Refer  to  \"Note  4  -  Commercial  Mortgage  Loans,  Subordinate  Loans  and  Other  Lending  Assets,  Net\"  for ",
        "box": [
          33.74999859375,
          405.13054464267043,
          580.7493507833593,
          410.1431822539671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional detail.",
        "box": [
          33.74999859375,
          417.1305441426666,
          100.93525700061411,
          422.14318175397057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on Extinguishment of Debt",
        "box": [
          33.74999859375,
          438.13054326766724,
          167.07584403759384,
          443.1431808789712
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, we recorded a loss on extinguishment of debt of $30.7 million relating to the ",
        "box": [
          56.24999765625,
          459.13054239266785,
          580.7493507833593,
          464.1431800039718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayment of debt in connection with the Asset Sale. The loss represented unamortized fees and deferred financing costs associated ",
        "box": [
          33.74999859375,
          471.1305418926713,
          580.7493507833593,
          476.143179503968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with  our  secured  debt  arrangements,  senior  secured  term  loan,  and  senior  secured  notes.  Refer  to  \"Note  7  -  Secured  Debt ",
        "box": [
          33.74999859375,
          483.1305413926675,
          580.7493507833593,
          488.14317900397145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arrangements, Net\", \"Note 8 - Senior Secured Term Loans, Net\", and \"Note 9 - Senior Secured Notes, Net\" for additional detail.",
        "box": [
          33.74999859375,
          495.130540892671,
          552.2231670719505,
          500.14317850396765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decrease in Specific CECL Allowance",
        "box": [
          33.74999859375,
          516.1305400176716,
          192.02563829649284,
          521.1431776289683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, we wrote off $335.0 million of our Specific CECL Allowance in connection with ",
        "box": [
          56.24999765625,
          537.1305391426722,
          580.7493507833593,
          542.1431767539689
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Asset Sale. The remaining $3.0 million of Specific CECL Allowance related to the Chicago Hotel Loan, which repaid at a discount ",
        "box": [
          33.74999859375,
          549.1305386426684,
          580.7493507833593,
          554.1431762539651
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the three months ended June 30, 2026. Upon repayment, we reversed $1.5 million of the Specific CECL Allowance and wrote ",
        "box": [
          33.74999859375,
          561.1305381426719,
          580.7493507833593,
          566.1431757539685
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "off the remaining $1.5 million. Comparatively, during the three months ended March 31, 2026, there was no change to our Specific ",
        "box": [
          33.74999859375,
          573.1305376426681,
          580.7493507833593,
          578.143175253972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Allowance.",
        "box": [
          33.74999859375,
          585.1305371426715,
          107.60352314776969,
          590.1431747539682
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decrease in General CECL Allowance, net",
        "box": [
          33.74999859375,
          606.1305362676721,
          210.36576273384716,
          611.1431738789688
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, we reversed our previously recorded $41.2 million General CECL Allowance as a ",
        "box": [
          56.24999765625,
          627.1305353926728,
          580.7493507833593,
          632.1431730039694
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "result of the Asset Sale. Comparatively, during the three months ended March 31, 2026, our General CECL Allowance decreased by ",
        "box": [
          33.74999859375,
          639.130534892669,
          580.7493507833593,
          644.1431725039656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.3 million. The decrease was primarily due to the favorable impacts of portfolio seasoning, and partially offset by the effect of loan ",
        "box": [
          33.74999859375,
          651.1305343926724,
          580.7493507833593,
          656.1431720039691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originations.  Refer  to  \"Note  4  -  Commercial  Mortgage  Loans,  Subordinate  Loans  and  Other  Lending  Assets,  Net\"  for  additional ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information related to our General CECL Allowance.",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 50,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency translation gain and loss on derivative instruments",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency gains and losses on derivative instruments are evaluated on a combined basis and the net impact for the three ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026 and the three months ended March 31, 2026 were a net gain of $0.9 million and a net loss of $0.3 million, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively. The net loss for the three months ended March 31, 2026 compared to the net gain for the three months ended June 30, ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 was predominantly due to higher forward point estimates for the three months ended March 31, 2026.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth information regarding our condensed consolidated results of operations and certain key operating ",
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          56.46093514746094,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "metrics for the six months ended June 30, 2026 and 2025 ($ in thousands): ",
        "box": [
          33.74999859375,
          180.13055401766906,
          334.46811104507816,
          185.14319162896572
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
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          36.249373470859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          169.01952795751936,
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          171.26952786376935,
          211.55350896280288
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          310.5585845600584,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Six months ended",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          483.70310484570314,
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          485.9531047519531,
          210.80350899405312
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          491.1913895336912,
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          493.44138943994125,
          210.80350899405312
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          533.6367002651365,
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          535.8867001713866,
          211.55350896280288
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0312260820311,
          207.04100695328816,
          576.2812259882812,
          211.55350896280288
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          169.01952795751936,
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          171.26952786376935,
          224.3035084315561
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          310.5585845600584,
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          312.80858446630845,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          329.00389629150374,
          219.04100645329163,
          379.2509645778758,
          223.55350846280635
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          395.63670601513655,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          400.874983296875,
          219.04100645329163,
          403.124983203125,
          223.55350846280635
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025",
        "box": [
          419.3202950283203,
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          469.56736331469233,
          223.55350846280635
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          485.9531047519531,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income:",
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          236.1431895039641
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          307.2656121972656,
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          236.1431895039641
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          479.24998003125,
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        "from_ocr": false,
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      {
        "text": "  ",
        "box": [
          484.6757648051756,
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          490.39779204800783,
          236.1431895039641
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          569.5546637685546,
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          572.054038645664,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          575.027323540527,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income from commercial mortgage loans",
        "box": [
          38.80077963330078,
          243.88055136141338,
          236.1779415546651,
          248.89318897271733
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          307.2656121972656,
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          309.76498707437503,
          248.89318897271733
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
          316.8281117988281,
          243.88055136141338,
          321.82686155304685,
          248.89318897271733
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "191,715   ",
        "box": [
          358.9452975439453,
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          400.0813933111912,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          407.14451803564435,
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          412.14326778986316,
          248.89318897271733
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "310,676   ",
        "box": [
          449.26170378076154,
          243.88055136141338,
          490.39779204800783,
          248.89318897271733
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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      {
        "text": "(118,961)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Interest income from subordinate loans and other lending assets",
        "box": [
          38.80077963330078,
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          293.66834128423153,
          261.6431884414633
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
          307.2656121972656,
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          309.76498707437503,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
          316.8281117988281,
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          319.3274866759375,
          261.6431884414633
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-   ",
        "box": [
          381.43358160693344,
          256.6305508301666,
          400.0813933111912,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          407.14451803564435,
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          409.64389291275376,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,114   ",
        "box": [
          459.2577933642578,
          256.6305508301666,
          490.39779204800783,
          261.6431884414633
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          499.9602916495703,
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        "from_ocr": false,
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      {
        "text": "(1,114)",
        "box": [
          546.2343522402343,
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          576.1065690510579,
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        "from_ocr": false,
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      {
        "text": "Interest expense",
        "box": [
          38.80077963330078,
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          103.4769132860232,
          274.3931879102165
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          307.2656121972656,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
          316.8281117988281,
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          319.3274866759375,
          274.3931879102165
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(147,507)  ",
        "box": [
          355.6171726826172,
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          400.0813933111912,
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          409.64389291275376,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(229,235)  ",
        "box": [
          445.93357891943344,
          269.38055029891257,
          490.39779204800783,
          274.3931879102165
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          499.9602916495703,
          274.3931879102165
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81,728 ",
        "box": [
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          575.2766985113865,
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        "from_ocr": false,
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      {
        "text": "Net interest income",
        "box": [
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          112.03599497939476,
          287.8931873477122
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "44,208   ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          409.64389291275376,
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        "from_ocr": false,
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      {
        "text": "82,555   ",
        "box": [
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          490.39779204800783,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          499.9602916495703,
          287.8931873477122
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        "from_ocr": false,
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      {
        "text": "(38,347)",
        "box": [
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      {
        "text": "Operations related to real estate owned:",
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "  ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "  ",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Revenue from real estate owned operations",
        "box": [
          38.80077963330078,
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        "from_ocr": false,
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "58,809   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          407.14451803564435,
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          409.64389291275376,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "54,163   ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "4,646 ",
        "box": [
          549.5624771015624,
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        "from_ocr": false,
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      {
        "text": "Operating expenses related to real estate owned",
        "box": [
          38.80077963330078,
          321.130548142668,
          229.22657273639243,
          326.14318575396464
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          307.2656121972656,
          321.130548142668,
          309.76498707437503,
          326.14318575396464
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          316.8281117988281,
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          319.3274866759375,
          326.14318575396464
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,299)  ",
        "box": [
          360.6093599746094,
          321.130548142668,
          400.0813933111912,
          326.14318575396464
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          407.14451803564435,
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          409.64389291275376,
          326.14318575396464
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,880)  ",
        "box": [
          450.9257662114256,
          321.130548142668,
          490.39779204800783,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          497.4609167724609,
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          499.9602916495703,
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        "from_ocr": false,
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      {
        "text": "581 ",
        "box": [
          557.0624767890624,
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        "from_ocr": false,
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      {
        "text": "Depreciation and amortization on real estate owned",
        "box": [
          38.80077963330078,
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          244.77443516356487,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          307.2656121972656,
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          339.64318519146764
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          316.8281117988281,
          333.88054761141393,
          319.3274866759375,
          338.8931852227179
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,612)  ",
        "box": [
          365.6132697661131,
          333.88054761141393,
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          338.8931852227179
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          407.14451803564435,
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          409.64389291275376,
          338.8931852227179
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(4,987)  ",
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          455.9296685029297,
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          490.39779204800783,
          338.8931852227179
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          497.4609167724609,
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          499.9602916495703,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3,625)",
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          546.2343522402343,
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          576.1065690510579,
          338.8931852227179
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        "from_ocr": false,
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      {
        "text": "Net income related to real estate owned",
        "box": [
          33.74999859375,
          347.3805470489169,
          191.97197001366763,
          352.3931846602136
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          316.8281117988281,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8,898   ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7,296   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "1,602 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Operating expenses:",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
          388.9335812944334,
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        "from_ocr": false,
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      {
        "text": "  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "General and administrative expenses",
        "box": [
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          185.65354865984816,
          377.8931835977128
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          377.8931835977128
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          319.3274866759375,
          377.8931835977128
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(11,762)  ",
        "box": [
          360.6093599746094,
          372.8805459864161,
          400.0813933111912,
          377.8931835977128
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(13,213)  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,451 ",
        "box": [
          549.5624771015624,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees to related party",
        "box": [
          38.80077963330078,
          385.63054545516206,
          172.5952924210292,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(11,674)  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          409.64389291275376,
          390.643183066466
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(16,920)  ",
        "box": [
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          385.63054545516206,
          490.39779204800783,
          390.643183066466
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5,246 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total operating expenses",
        "box": [
          33.74999859375,
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          404.1431825039617
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          309.76498707437503,
          404.1431825039617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          319.3274866759375,
          404.1431825039617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(23,436)  ",
        "box": [
          360.6093599746094,
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          400.0813933111912,
          404.1431825039617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          404.1431825039617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,133)  ",
        "box": [
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          399.13054489266506,
          490.39779204800783,
          404.1431825039617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6,697 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other income, net",
        "box": [
          38.80077963330078,
          411.8805443614183,
          110.70166656151795,
          416.89318197271496
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          416.89318197271496
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          319.3274866759375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,775   ",
        "box": [
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          411.8805443614183,
          400.0813933111912,
          416.89318197271496
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          416.89318197271496
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,826   ",
        "box": [
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          411.8805443614183,
          490.39779204800783,
          416.89318197271496
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "5,949 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loss from equity method investment",
        "box": [
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          424.63054383016424,
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          429.6431814414609
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          319.3274866759375,
          429.6431814414609
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(452)  ",
        "box": [
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          424.63054383016424,
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          429.6431814414609
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          429.6431814414609
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,400)  ",
        "box": [
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          424.63054383016424,
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          429.6431814414609
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "948 ",
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          429.6431814414609
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net realized loss on investments",
        "box": [
          38.80077963330078,
          437.3805432989175,
          168.1823351628154,
          442.39318091021414
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          319.3274866759375,
          442.39318091021414
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(339,087)  ",
        "box": [
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          437.3805432989175,
          400.0813933111912,
          442.39318091021414
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-   ",
        "box": [
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          442.39318091021414
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          499.9602916495703,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(339,087)",
        "box": [
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          576.1065690510579,
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        "text": "Loss on extinguishment of debt",
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        "text": "(30,714)  ",
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        "text": "-   ",
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        "text": "(30,714)",
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      {
        "text": "Valuation allowance, loans and other lending assets held for sale",
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        "text": "-   ",
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      {
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      {
        "text": "(1,236)  ",
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        "text": "1,236 ",
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      {
        "text": "Decrease in Specific CECL Allowance",
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      {
        "text": "338,000   ",
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        "from_ocr": false,
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      {
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        "text": "338,000 ",
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      {
        "text": "Decrease (increase) in General CECL Allowance, net",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "44,513   ",
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        "from_ocr": false,
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        "text": "(7,121)  ",
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        "text": "Loss on foreign currency forward contracts",
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        "text": "(1,214)  ",
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      {
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      {
        "text": "(121,111)  ",
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        "text": "119,897 ",
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        "from_ocr": false,
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      {
        "text": "Foreign currency translation gain",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
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        "text": "1,772   ",
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      {
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        "from_ocr": false,
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      {
        "text": "114,263   ",
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        "from_ocr": false,
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      {
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      {
        "text": "(112,491)",
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        "from_ocr": false,
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      {
        "text": "Gain on interest rate hedging instruments",
        "box": [
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        "text": "-   ",
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "text": "23   ",
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      {
        "text": "(23)",
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      {
        "text": "Net income before taxes",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
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      {
        "text": "52,263   ",
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        "from_ocr": false,
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      {
        "text": "$",
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      {
        "text": "46,962   ",
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      {
        "text": "$",
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      {
        "text": "5,301 ",
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        "from_ocr": false,
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      {
        "text": "Income tax provision",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
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      {
        "text": "(257)  ",
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      {
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      {
        "text": "(232)  ",
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      {
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      {
        "text": "(25)",
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      {
        "text": "Net income",
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      {
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      {
        "text": "52,006   ",
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      {
        "text": "$",
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      {
        "text": "46,730   ",
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      {
        "text": "$",
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      {
        "text": "5,276 ",
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        "from_ocr": false,
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      {
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      {
        "text": "Net Interest Income",
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      {
        "text": "Net interest income decreased by $38.3 million during the six months ended June 30, 2026 compared to the six months ended ",
        "box": [
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      {
        "text": "June 30, 2025. The net decrease was attributable to the sale of our commercial real estate loan portfolio on April 24, 2026, resulting in ",
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      {
        "text": "two fewer months of interest income recorded during the six months ended June 30, 2026 compared to the six months ended June 30, ",
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      {
        "text": "2025. Refer to \"Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net\" for additional detail.",
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      },
      {
        "text": "Operations Related to Real Estate Owned",
        "box": [
          33.74999859375,
          670.6305335801662,
          203.98551946310306,
          675.6431711914629
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the six months ended June 30, 2026, we recorded net income related to real estate owned of $8.9 million compared to net ",
        "box": [
          56.24999765625,
          691.6305327051668,
          580.7493507833593,
          696.6431703164635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income of $7.3 million for the six months ended June 30, 2025. The increase was primarily due to operating income attributable to our ",
        "box": [
          33.74999859375,
          703.630532205163,
          580.7493507833593,
          708.643169816467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Brooklyn Multifamily Development as the lease-up of the property continues to ramp up. There was no such activity during the six ",
        "box": [
          33.74999859375,
          715.6305317051665,
          580.7493507833593,
          720.6431693164632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2025 as the property was still under construction with no revenue streams generated ",
        "box": [
          33.74999859375,
          727.6305312051627,
          466.3157655514256,
          732.6431688164666
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 51,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "38",
        "box": [
          300.99608495849594,
          38.38055992392037,
          310.9935794794336,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 52,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          33.74999859375,
          38.3805599239131,
          36.249373470859375,
          43.393197535209765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          300.99608495849594,
          697.6305324551649,
          310.9935794794336,
          702.6431700664616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and all expenses being capitalized. Refer to \"Note 5 - Real Estate Owned\" for full discussion of operations related to real estate owned.",
        "box": [
          33.74999859375,
          90.13055776766123,
          575.488821377548,
          95.14319537896517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating Expenses",
        "box": [
          33.74999859375,
          111.13055689266184,
          116.79066337913514,
          116.14319450396579
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General  and  administrative  expenses  decreased  by  $1.5  million  for  the  six  months  ended  June  30,  2026  compared  to  the  six ",
        "box": [
          56.24999765625,
          132.13055601766246,
          580.7493507833593,
          137.14319362895912
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2025 primarily due to a decrease in amortization of RSUs as well as a decrease in legal expenses.",
        "box": [
          33.74999859375,
          144.13055551766593,
          517.0953003356111,
          149.1431931289626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees expense decreased by $5.2 million for the six months ended June 30, 2026 compared to the six months ended ",
        "box": [
          56.24999765625,
          165.13055464266654,
          580.7493507833593,
          170.1431922539632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025. The decrease was primarily due to a reduction in the base management fee rate under the A&R Management Agreement ",
        "box": [
          33.74999859375,
          177.13055414266273,
          580.7493507833593,
          182.1431917539594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entered into in connection with the Asset Sale and write-offs of previously recorded Specific CECL Allowances during the six months ",
        "box": [
          33.74999859375,
          189.1305536426662,
          580.7493507833593,
          194.14319125396287
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended June 30, 2026 in connection with the Asset Sale. Refer to \"Note 13 - Related Party Transactions\" for additional information.",
        "box": [
          33.74999859375,
          201.1305531426624,
          558.6033853811078,
          206.14319075396634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income, net",
        "box": [
          33.74999859375,
          222.130552267663,
          109.00941725702833,
          227.14318987895967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income increased by $5.9 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. ",
        "box": [
          56.24999765625,
          243.13055139266362,
          580.7493507833593,
          248.1431890039603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The increase was primarily due to an increase in bank interest earned on our cash balance, which was significantly higher during the six ",
        "box": [
          33.74999859375,
          255.1305508926671,
          580.7493507833593,
          260.14318850396376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended June 30, 2026 due to cash received from the Asset Sale.",
        "box": [
          33.74999859375,
          267.1305503926633,
          315.2759347947522,
          272.14318800395995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss from Equity Method Investments",
        "box": [
          33.74999859375,
          288.1305495176639,
          190.94681863929523,
          293.14318712896056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We recognized a loss from equity method investments of $0.5 million during the six months ended June 30, 2026 compared to a ",
        "box": [
          56.24999765625,
          309.1305486426645,
          580.7493507833593,
          314.1431862539612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss of $1.4 million during the six months ended June 30, 2025. The decrease in the loss is primarily due to greater legal costs incurred ",
        "box": [
          33.74999859375,
          321.1305481426607,
          580.7493507833593,
          326.14318575396464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by the joint venture in 2025 compared to 2026. ",
        "box": [
          33.74999859375,
          333.13054764266417,
          224.2298381383397,
          338.14318525396084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Realized Loss on Investments",
        "box": [
          33.74999859375,
          354.1305467676648,
          172.050209126654,
          359.14318437896145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we recorded a net realized loss on investments of $339.1 million. The net realized ",
        "box": [
          56.24999765625,
          375.1305458926654,
          580.7493507833593,
          380.14318350396206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss consisted of the following: i) a $335.0 million write-off of a previously recorded Specific CECL Allowance relating to loans that ",
        "box": [
          33.74999859375,
          387.1305453926616,
          580.7493507833593,
          392.14318300396553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "were included in the Asset Sale; ii) a $2.6 million net realized loss resulting from the discount on the Asset Sale compared to our loan's ",
        "box": [
          33.74999859375,
          399.13054489266506,
          580.7493507833593,
          404.1431825039617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cost basis; and iii) a $1.5 million write-off of a previously recorded Specific CECL Allowance upon the discounted repayment of the ",
        "box": [
          33.74999859375,
          411.13054439266125,
          580.7493507833593,
          416.1431820039652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chicago  Hotel  Loan.  Refer  to  \"Note  4  -  Commercial  Mortgage  Loans,  Subordinate  Loans  and  Other  Lending  Assets,  Net\"  for ",
        "box": [
          33.74999859375,
          423.1305438926647,
          580.7493507833593,
          428.1431815039614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional detail.",
        "box": [
          33.74999859375,
          435.1305433926609,
          100.93525700061411,
          440.14318100396486
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on Extinguishment of Debt",
        "box": [
          33.74999859375,
          456.1305425176615,
          167.07584403759384,
          461.14318012896547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During  the  six  months  ended  June  30,  2026,  we  recorded  a  loss  on  extinguishment  of  debt  of  $30.7  million  relating  to  the ",
        "box": [
          56.24999765625,
          477.13054164266214,
          580.7493507833593,
          482.1431792539661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayment of debt in connection with the Asset Sale. The loss represented unamortized fees and deferred financing costs associated ",
        "box": [
          33.74999859375,
          489.1305411426656,
          580.7493507833593,
          494.1431787539623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with  our  secured  debt  arrangements,  senior  secured  term  loan,  and  senior  secured  notes.  Refer  to  \"Note  7  -  Secured  Debt ",
        "box": [
          33.74999859375,
          501.1305406426618,
          580.7493507833593,
          506.14317825396574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arrangements, Net\", \"Note 8 - Senior Secured Term Loans, Net\", and \"Note 9 - Senior Secured Notes, Net\" for additional detail.",
        "box": [
          33.74999859375,
          513.1305401426653,
          552.2231670719505,
          518.1431777539619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation Allowance, Loans and Other Lending Assets Held for Sale",
        "box": [
          33.74999859375,
          534.1305392676659,
          318.1608792658576,
          539.1431768789625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2025, we recorded a fair value adjustment of $1.2 million on a promissory note classified as ",
        "box": [
          56.24999765625,
          555.1305383926665,
          580.7493507833593,
          560.1431760039632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held  for  sale  (representing  the  difference  between  the  note's  amortized  cost  and  the  note's  fair  value  as  of  June  30,  2025).  The ",
        "box": [
          33.74999859375,
          567.1305378926627,
          580.7493507833593,
          572.1431755039594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "promissory note was subsequently sold in July 2025 at a price of 97.0%, upon which we reversed the valuation allowance and recorded ",
        "box": [
          33.74999859375,
          579.1305373926662,
          580.7493507833593,
          584.1431750039628
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "an equivalent realized loss. ",
        "box": [
          33.74999859375,
          591.1305368926623,
          144.5189002096289,
          596.1431745039663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decrease in Specific CECL Allowance",
        "box": [
          33.74999859375,
          612.130536017663,
          192.02563829649284,
          617.1431736289596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we wrote off $335.0 million of our Specific CECL Allowance in connection with the ",
        "box": [
          56.24999765625,
          633.1305351426636,
          580.7493507833593,
          638.1431727539602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Sale. The remaining $3.0 million of Specific CECL Allowance related to the Chicago Hotel Loan, which repaid at a discount ",
        "box": [
          33.74999859375,
          645.130534642667,
          580.7493507833593,
          650.1431722539637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the six months ended June 30, 2026. Upon repayment, we reversed $1.5 million of the Specific CECL Allowance and wrote off ",
        "box": [
          33.74999859375,
          657.1305341426632,
          580.7493507833593,
          662.1431717539599
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the remaining $1.5 million. There was no change to our Specific CECL Allowance during the six months ",
        "box": [
          33.74999859375,
          669.1305336426667,
          457.175140932285,
          674.1431712539634
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 53,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
          33.74999859375,
          38.38055992392037,
          36.249373470859375,
          43.39319753521704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40",
        "box": [
          300.99608495849594,
          623.3805355489167,
          310.9935794794336,
          628.3931731602133
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended  June  30,  2025.  Refer  to  \"Note  4  -  Commercial  Mortgage  Loans,  Subordinate  Loans  and  Other  Lending  Assets,  Net\"  for ",
        "box": [
          33.74999859375,
          90.1305577676685,
          580.7493507833593,
          95.14319537896517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "additional detail. ",
        "box": [
          33.74999859375,
          102.1305572676647,
          103.44468317105469,
          107.14319487896864
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decrease (increase) in General CECL Allowance, net",
        "box": [
          33.74999859375,
          123.13055639266531,
          253.9534341176941,
          128.14319400396198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the six months ended June 30, 2026, we recorded a net decrease in our General CECL Allowance of $44.5 million. The ",
        "box": [
          56.24999765625,
          144.13055551766593,
          580.7493507833593,
          149.1431931289626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decrease  was  driven  by  the  sale  of  our  commercial  real  estate  loan  portfolio,  resulting  in  a  full  reversal  of  our  General  CECL ",
        "box": [
          33.74999859375,
          156.1305550176694,
          580.7493507833593,
          161.14319262896606
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance. Comparatively, during the six months ended June 30, 2025, we recorded a net increase in our General CECL Allowance of ",
        "box": [
          33.74999859375,
          168.1305545176656,
          580.7493507833593,
          173.14319212896226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$7.1 million, primarily driven by the effect of loan originations. The increase was partially offset by the favorable impacts of portfolio ",
        "box": [
          33.74999859375,
          180.13055401766906,
          580.7493507833593,
          185.14319162896572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "seasoning.",
        "box": [
          33.74999859375,
          192.13055351766525,
          75.67795302800182,
          197.1431911289692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to \"Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net\" for additional detail.",
        "box": [
          56.24999765625,
          213.13055264266586,
          544.1693192575276,
          218.14319025396253
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency translation gain and loss on derivative instruments",
        "box": [
          33.74999859375,
          234.13055176766647,
          317.6141639614889,
          239.14318937896314
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency gains and losses on derivative instruments are evaluated on a combined basis and the net impact for the six ",
        "box": [
          56.24999765625,
          255.1305508926671,
          580.7493507833593,
          260.14318850396376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months  ended  June  30,  2026  and  six  months  ended  June  30,  2025  was  a  net  gain  of  $0.6  million  and  a  net  loss  of  $6.8  million, ",
        "box": [
          33.74999859375,
          267.13055039267056,
          580.7493507833593,
          272.1431880039672
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively. The net gain for the six months ended June 30, 2026 compared to the net loss for the six months ended June 30, 2025 was ",
        "box": [
          33.74999859375,
          279.13054989266675,
          580.7493507833593,
          284.1431875039634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "predominantly due to higher forward point estimates for the six months ended June 30, 2025.",
        "box": [
          33.74999859375,
          291.1305493926702,
          406.3614026995242,
          296.1431870039669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subsequent Events",
        "box": [
          33.74999859375,
          312.8805484864206,
          114.58903749586955,
          317.89318609771726
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer  to  \"Note  20  -  Subsequent  Events\"  to  the  accompanying  condensed  consolidated  financial  statements  for  disclosure ",
        "box": [
          56.24999765625,
          333.88054761141393,
          580.7493507833593,
          338.8931852227179
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "regarding significant transactions that occurred subsequent to June 30, 2026.",
        "box": [
          33.74999859375,
          345.8805471114174,
          339.9815987903496,
          350.89318472271407
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-GAAP Financial Measures",
        "box": [
          33.74999859375,
          366.880546236418,
          169.26284061779435,
          371.8931838477147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings",
        "box": [
          33.74999859375,
          387.8805453614186,
          128.47715201719808,
          392.8931829727153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings, a non-GAAP financial measure, is defined as net income available to common stockholders, computed in ",
        "box": [
          56.24999765625,
          408.88054448641924,
          580.7493507833593,
          413.8931820977159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final ",
        "box": [
          33.74999859375,
          420.88054398641543,
          580.7493507833593,
          425.8931815977121
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized ",
        "box": [
          33.74999859375,
          432.8805434864189,
          580.7493507833593,
          437.89318109771557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains or losses or other non-cash items (including depreciation and amortization related to real estate owned) included in net income ",
        "box": [
          33.74999859375,
          444.8805429864151,
          580.7493507833593,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "available  to  common  stockholders,  (iii)  unrealized  income  from  unconsolidated  joint  ventures,  (iv)  foreign  currency  gains  (losses), ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on our foreign currency ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "hedges, and (v) provision for current expected credit losses. Distributable Earnings may also be adjusted to exclude certain other non-",
        "box": [
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        "from_ocr": false,
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      {
        "text": "cash items, as determined by the Manager and approved by a majority of our independent directors.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "A significant limitation associated with Distributable Earnings as a measure of our financial performance over any period is that it ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "excludes unrealized gains (losses) from investments. In addition, our presentation of Distributable Earnings may not be comparable to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "similarly-titled  measures  of  other  companies,  that  use  different  calculations.  As  a  result,  Distributable  Earnings  should  not  be ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "considered as a substitute for our GAAP net income as a measure of our financial performance or any measure of our liquidity under ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "GAAP. Distributable Earnings are reduced for realized losses and increased for realized gains.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "For the three months ended June 30, 2026 and March 31, 2026, our Distributable Earnings were ($349.1) million, or $(2.62) per ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "share, and $30.7 million, or $0.22 per share, respectively.",
        "box": [
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    ]
  },
  {
    "page_no": 54,
    "width": 612.0,
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    "cells": [
      {
        "text": " ",
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      {
        "text": "41",
        "box": [
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        "from_ocr": false,
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      {
        "text": "The  table  below  summarizes  the  reconciliation  from  weighted-average  diluted  shares  under  GAAP  to  the  weighted-average ",
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      {
        "text": "diluted shares used for Distributable Earnings:",
        "box": [
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "Three Months Ended",
        "box": [
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          576.2812259882812,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          200.34374165234374,
          141.04100970329455,
          202.59374155859376,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          397.65233093115216,
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          447.8993992175242,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          469.8632654223631,
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          472.1132653286131,
          145.55351171280927
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2026",
        "box": [
          498.3046667373047,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-Averages",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares",
        "box": [
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          434.7714700545213,
          156.8035112440557
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          469.8632654223631,
          152.29100923454098,
          472.1132653286131,
          156.8035112440557
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          476.44920264794905,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares",
        "box": [
          514.9335760444334,
          152.29100923454098,
          538.9277157146774,
          156.8035112440557
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0312260820311,
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        "confidence": 1.0
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      {
        "text": "Diluted shares - GAAP",
        "box": [
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          126.76862377041235,
          170.14319225397048
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          369.9140470869141,
          165.13055464266654,
          372.4134219640234,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.6367067651365,
          165.13055464266654,
          380.1360816422459,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131,597,073   ",
        "box": [
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          165.13055464266654,
          476.5696676241797,
          170.14319225397048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.7929524252928,
          165.13055464266654,
          484.29232730240216,
          170.14319225397048
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "139,709,831 ",
        "box": [
          522.0820132465818,
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          575.2884135108984,
          170.14319225397048
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unvested RSUs, net",
        "box": [
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          114.55977875076326,
          182.89319172271644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          369.9140470869141,
          178.63055408016953,
          372.4134219640234,
          183.6431916914662
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.6367067651365,
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          380.1360816422459,
          182.89319172271644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,705,981   ",
        "box": [
          427.92185716992185,
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          476.5696676241797,
          182.89319172271644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          481.7929524252928,
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          484.29232730240216,
          182.89319172271644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,060,564 ",
        "box": [
          532.0781028300781,
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          575.2884135108984,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted shares - Distributable Earnings",
        "box": [
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          196.39319116021943
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          369.9140470869141,
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          372.4134219640234,
          198.64319106646872
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          377.6367067651365,
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          380.1360816422459,
          196.39319116021943
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,303,053   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "141,770,395 ",
        "box": [
          522.0820132465818,
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          575.2884135108984,
          196.39319116021943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unvested RSUs are net of incremental shares assumed repurchased under the treasury stock method, if dilutive. For the three months ended June 30, 2026 and ",
        "box": [
          56.22656015722656,
          215.20642663928447,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026, there were 574,742 and 599,484 incremental shares included, respectively.",
        "box": [
          56.22656015722656,
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          227.46503217211284
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As a REIT, U.S. federal income tax law generally requires us to distribute annually at least 90% of our REIT taxable income, ",
        "box": [
          56.24999765625,
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          246.64318906646804
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "without regard to the deduction for dividends paid and excluding net capital gains, and that we pay tax at regular corporate rates to the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extent that we annually distribute less than 100% of our net taxable income. Given these requirements and our belief that dividends are ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generally one of the principal reasons stockholders invest in a REIT, we generally intend over time to pay dividends to our stockholders ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in an amount equal to our net taxable income, if and to the extent authorized by our board of directors. Distributable Earnings is a key ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "factor considered by the board of directors in setting the dividend and as such we believe Distributable Earnings is useful to investors. ",
        "box": [
          33.74999859375,
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          306.64318656647083
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings Prior to Realized Loss on Investments and Realized Loss on Extinguishment of Debt",
        "box": [
          33.74999859375,
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          478.1499808261707,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We believe it is useful to our investors to present Distributable Earnings prior to realized loss on investments and realized loss on ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extinguishment of debt to reflect  our  operating  results  because  (i)  our  operating  results  are  primarily  comprised  of  earning  interest ",
        "box": [
          33.74999859375,
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          360.64318431646825
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income on our investments net of borrowing and administrative costs, which comprise our ongoing operations and (ii) it has been a ",
        "box": [
          33.74999859375,
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          372.6431838164717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "useful factor related to our dividend per share because it is one of the considerations when a dividend is determined. We believe that ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  investors  use  Distributable  Earnings  and  Distributable  Earnings  prior  to  realized  loss  on  investments  and  realized  loss  on ",
        "box": [
          33.74999859375,
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          396.6431828164714
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extinguishment of debt, or a comparable supplemental performance measure, to evaluate and compare the performance of our company ",
        "box": [
          33.74999859375,
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          408.6431823164676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and our peers.",
        "box": [
          33.74999859375,
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          90.10302410195717,
          420.64318181647104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended June 30, 2026, we recorded a net realized loss on investments of $339.1 million in connection with ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Asset Sale. The net realized loss consisted of the following: i) a $335.0 million write-off of a previously recorded Specific CECL ",
        "box": [
          33.74999859375,
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          580.7493507833593,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance relating to loans that were included in the Asset Sale; ii) a $2.6 million net realized loss resulting from the discount on the ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Sale compared to our loan's cost basis; and iii) a $1.5 million write-off of a previously recorded Specific CECL Allowance upon ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the discounted repayment of the Chicago Hotel Loan. Refer to \"Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lending Assets, Net\" for additional detail.",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We also recorded a realized loss on extinguishment of debt of $30.7 million during the three months ended June 30, 2026, relating ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  the  repayment  of  debt  in  connection  with  the  Asset  Sale.  The  loss  represented  unamortized  fees  and  deferred  financing  costs ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "associated with our secured debt arrangements, senior secured term loan, and senior secured notes. Refer to \"Note 7 - Secured Debt ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arrangements, Net\", \"Note 8 - Senior Secured Term Loans, Net\", and \"Note 9 - Senior Secured Notes, Net\" for additional detail.",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, there were no realized losses on investments or realized losses on extinguishment ",
        "box": [
          56.24999765625,
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          580.7493507833593,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of debt.",
        "box": [
          33.74999859375,
          586.630537080171,
          64.28919390253347,
          591.6431746914677
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.24999765625,
          607.6305362051717,
          58.74937253335938,
          612.6431738164683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.24999765625,
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          58.74937253335938,
          633.643172941469
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.24999765625,
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          58.74937253335938,
          654.6431720664696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.24999765625,
          670.6305335801662,
          58.74937253335938,
          675.6431711914702
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          114.5624952265625,
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          122.37187818357327,
          178.92356865480542
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        "from_ocr": false,
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    ]
  },
  {
    "page_no": 55,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table below summarizes the reconciliation from net income available to common stockholders to Distributable Earnings and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable Earnings prior to realized loss on investments and realized loss on extinguishment of debt ($ in thousands):",
        "box": [
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      },
      {
        "text": "Three Months Ended",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          228.08202549658188,
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          230.33202540283187,
          134.30351218155556
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          428.8710796303709,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          435.38670435888656,
          129.04101020329108,
          485.6337726452586,
          133.5535122128058
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          492.15232699365214,
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          494.40232689990216,
          133.5535122128058
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          497.5781042675781,
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          499.82810417382814,
          133.5535122128058
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          508.28904132128906,
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          565.5278085463402,
          133.5535122128058
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income available to common stockholders",
        "box": [
          33.74999859375,
          141.13055564266688,
          219.48460582522065,
          146.14319325396355
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,711    $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,159 ",
        "box": [
          544.5468523105468,
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          575.264976011875,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments:",
        "box": [
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          87.07157504610515,
          158.89319272271678
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          575.027323540527,
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          577.5266984176365,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity-based compensation expense",
        "box": [
          40.992185791992185,
          166.63055458016606,
          186.46835347804637,
          171.64319219146273
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.3906072753906,
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          427.8899821525,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.8163920493162,
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          433.3157669264256,
          171.64319219146273
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,047     ",
        "box": [
          467.70701551220685,
          166.63055458016606,
          504.2727914698828,
          171.64319219146273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,047 ",
        "box": [
          549.5507621020505,
          166.63055458016606,
          575.264976011875,
          171.64319219146273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss (gain) on foreign currency forwards",
        "box": [
          40.992185791992185,
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          205.61386370316833,
          184.39319166021596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.3906072753906,
          179.38055404891202,
          427.8899821525,
          184.39319166021596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.8163920493162,
          179.38055404891202,
          433.3157669264256,
          184.39319166021596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,026     ",
        "box": [
          462.7031057207031,
          179.38055404891202,
          504.2727914698828,
          184.39319166021596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16,812)",
        "box": [
          541.2187274492187,
          179.38055404891202,
          576.0948465515464,
          184.39319166021596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreign currency loss (gain), net",
        "box": [
          40.992185791992185,
          192.13055351766525,
          171.1986922658085,
          197.14319112896192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.3906072753906,
          192.13055351766525,
          427.8899821525,
          197.14319112896192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.8163920493162,
          192.13055351766525,
          433.3157669264256,
          197.14319112896192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18,920)    ",
        "box": [
          459.374980859375,
          192.13055351766525,
          504.2727914698828,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,148 ",
        "box": [
          544.5468523105468,
          192.13055351766525,
          575.264976011875,
          197.14319112896192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized losses relating to interest income on foreign currency hedges, net",
        "box": [
          40.992185791992185,
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          338.31490330263284,
          209.89319059771515
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          204.88055298641848,
          427.8899821525,
          209.89319059771515
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.8163920493162,
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          433.3157669264256,
          209.89319059771515
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(493)    ",
        "box": [
          471.8788903383787,
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          504.2727914698828,
          209.89319059771515
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(416)",
        "box": [
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          209.89319059771515
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized gains relating to forward points on foreign currency hedges, net",
        "box": [
          40.992185791992185,
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          332.76451915889885,
          222.6431900664611
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          427.8899821525,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.8163920493162,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,073     ",
        "box": [
          467.70701551220685,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,864 ",
        "box": [
          549.5507621020505,
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          575.264976011875,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization on real estate owned",
        "box": [
          40.992185791992185,
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          246.96584132225624,
          235.39318953521433
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.3906072753906,
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          427.8899821525,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.8163920493162,
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          235.39318953521433
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,631     ",
        "box": [
          467.70701551220685,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,981 ",
        "box": [
          549.5507621020505,
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          575.264976011875,
          235.39318953521433
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decrease in current expected credit loss allowance, net",
        "box": [
          40.992185791992185,
          243.13055139266362,
          260.27302137937784,
          248.14318900396756
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.3906072753906,
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          427.8899821525,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.8163920493162,
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          433.3157669264256,
          248.14318900396756
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(379,224)    ",
        "box": [
          454.3827935673828,
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          504.2727914698828,
          248.14318900396756
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3,289)",
        "box": [
          546.2226372407224,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net realized loss on investments",
        "box": [
          40.992185791992185,
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          170.3737413215068,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.3906072753906,
          255.88055086141685,
          427.8899821525,
          260.8931884727135
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.8163920493162,
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          433.3157669264256,
          260.8931884727135
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "339,087     ",
        "box": [
          457.7109184287109,
          255.88055086141685,
          504.2727914698828,
          260.8931884727135
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.0429490815427,
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          575.264976011875,
          260.8931884727135
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loss on extinguishment of debt",
        "box": [
          40.992185791992185,
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          167.05913576329002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.3906072753906,
          268.6305503301628,
          427.8899821525,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.8163920493162,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,714     ",
        "box": [
          462.7031057207031,
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          504.2727914698828,
          273.64318794146675
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.0429490815427,
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          575.264976011875,
          273.64318794146675
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total adjustments:",
        "box": [
          33.74999859375,
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          107.88664900381036,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.8163920493162,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,059)    ",
        "box": [
          464.3788906508787,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7,523 ",
        "box": [
          549.5507621020505,
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          575.264976011875,
          287.14318737896247
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings prior to net realized loss on investments and loss on extinguishment of ",
        "box": [
          33.74999859375,
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          300.64318681646546
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt",
        "box": [
          33.74999859375,
          307.630548705165,
          50.96247997565084,
          312.64318631646165
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.3906072753906,
          295.6305492051688,
          427.8899821525,
          300.64318681646546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          430.8163920493162,
          305.3805487989157,
          435.815141803535,
          310.39318641021237
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20,652    $",
        "box": [
          462.7031057207031,
          305.3805487989157,
          506.7721663469922,
          310.39318641021237
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,682 ",
        "box": [
          544.5468523105468,
          305.3805487989157,
          575.264976011875,
          310.39318641021237
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net realized loss on investments",
        "box": [
          40.992185791992185,
          320.3805481739182,
          170.3737413215068,
          325.3931857852149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          425.3906072753906,
          320.3805481739182,
          435.815141803535,
          325.3931857852149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(339,087)   $",
        "box": [
          454.3827935673828,
          320.3805481739182,
          506.7721663469922,
          325.3931857852149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.0429490815427,
          320.3805481739182,
          575.264976011875,
          325.3931857852149
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on extinguishment of debt",
        "box": [
          40.992185791992185,
          333.13054764266417,
          167.05913576329002,
          338.14318525396084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.3906072753906,
          333.13054764266417,
          427.8899821525,
          338.14318525396084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.8163920493162,
          333.13054764266417,
          433.3157669264256,
          338.14318525396084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(30,714)   ",
        "box": [
          459.374980859375,
          333.13054764266417,
          504.2727914698828,
          338.14318525396084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          562.0429490815427,
          333.13054764266417,
          575.264976011875,
          338.14318525396084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings",
        "box": [
          33.74999859375,
          346.63054708016716,
          123.9861015043252,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          425.3906072753906,
          346.63054708016716,
          435.815141803535,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(349,149)   $",
        "box": [
          454.3827935673828,
          346.63054708016716,
          506.7721663469922,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30,682 ",
        "box": [
          544.5468523105468,
          346.63054708016716,
          575.264976011875,
          351.64318469146383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted Distributable Earnings per share prior to net realized loss on investments and loss on ",
        "box": [
          33.74999859375,
          361.6305464551624,
          407.19467051480467,
          366.64318406646635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extinguishment of debt",
        "box": [
          33.74999859375,
          373.63054595516587,
          125.93386660184294,
          378.64318356646254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          425.3906072753906,
          373.63054595516587,
          435.815141803535,
          378.64318356646254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.15    $",
        "box": [
          472.7109178037109,
          373.63054595516587,
          506.7721663469922,
          378.64318356646254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.22 ",
        "box": [
          554.5546643935546,
          373.63054595516587,
          575.264976011875,
          378.64318356646254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted Distributable Earnings per share of common stock",
        "box": [
          33.74999859375,
          386.3805454239118,
          267.24600720224925,
          391.39318303521577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          425.3906072753906,
          386.3805454239118,
          435.815141803535,
          391.39318303521577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2.62)   $",
        "box": [
          469.3710779428709,
          386.3805454239118,
          506.7721663469922,
          391.39318303521577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.22 ",
        "box": [
          554.5546643935546,
          386.3805454239118,
          575.264976011875,
          391.39318303521577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted-average diluted shares - Distributable Earnings",
        "box": [
          33.74999859375,
          399.13054489266506,
          263.33097057328877,
          404.1431825039617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          425.3906072753906,
          399.13054489266506,
          427.8899821525,
          404.1431825039617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          430.8163920493162,
          399.13054489266506,
          433.3157669264256,
          404.1431825039617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "133,303,053     ",
        "box": [
          440.2148291577147,
          399.13054489266506,
          504.2727914698828,
          404.1431825039617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "141,770,395 ",
        "box": [
          522.0585757475584,
          399.13054489266506,
          575.264976011875,
          404.1431825039617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          411.1305443926685,
          36.249373470859375,
          416.1431820039652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value Per Share ",
        "box": [
          33.74999859375,
          423.1305438926647,
          130.94858827505857,
          428.1431815039614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table calculates our book value per share ($ in thousands, except per share data):",
        "box": [
          56.24999765625,
          444.13054301766533,
          437.1259345105061,
          449.143180628962
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          33.74999859375,
          456.1305425176688,
          36.249373470859375,
          461.14318012896547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          203.1679640346678,
          471.0409959532917,
          205.41796394091782,
          475.55349796280643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          378.5390467275391,
          471.0409959532917,
          380.78904663378904,
          475.55349796280643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          402.4804557299803,
          470.29099598454195,
          452.72752401635233,
          474.80349799405667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          472.6874803046875,
          470.29099598454195,
          474.9374802109375,
          474.80349799405667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          479.85935500585936,
          470.29099598454195,
          482.1093549121094,
          474.80349799405667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          493.5585769350584,
          470.29099598454195,
          564.2841600381588,
          474.80349799405667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          574.0312260820311,
          470.29099598454195,
          576.2812259882812,
          474.80349799405667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' Equity",
        "box": [
          33.74999859375,
          483.1305413926675,
          116.91268166613804,
          488.1431790039642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          483.1305413926675,
          378.0618592286719,
          488.1431790039642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.4804564799803,
          483.1305413926675,
          389.479206234199,
          488.1431790039642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,254,860   ",
        "box": [
          430.74607955224593,
          483.1305413926675,
          479.3821675069922,
          488.1431790039642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          485.8007647583006,
          483.1305413926675,
          490.7995145125194,
          488.1431790039642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,856,090 ",
        "box": [
          532.0663878305662,
          483.1305413926675,
          575.2766985113865,
          488.1431790039642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Series B-1 Preferred Stock (Liquidation Preference)",
        "box": [
          40.066404580566406,
          495.88054086141346,
          247.9926106474735,
          500.8931784727174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          496.6305408301632,
          378.0618592286719,
          501.64317844146717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.4804564799803,
          495.88054086141346,
          386.97983135708967,
          500.8931784727174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(169,260)  ",
        "box": [
          434.9179543784178,
          495.88054086141346,
          479.3821675069922,
          500.8931784727174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.8007647583006,
          495.88054086141346,
          488.30013963541,
          500.8931784727174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(169,260)",
        "box": [
          536.238262656738,
          495.88054086141346,
          576.1065690510579,
          500.8931784727174
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common Stockholders' Equity",
        "box": [
          33.74999859375,
          508.6305403301667,
          156.62927478627998,
          513.6431779414634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          509.38054029891646,
          378.0618592286719,
          514.3931779102131
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.4804564799803,
          508.6305403301667,
          389.479206234199,
          513.6431779414634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,085,600   ",
        "box": [
          430.74607955224593,
          508.6305403301667,
          479.3821675069922,
          513.6431779414634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          485.8007647583006,
          508.6305403301667,
          490.7995145125194,
          513.6431779414634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,686,830 ",
        "box": [
          532.0663878305662,
          508.6305403301667,
          575.2766985113865,
          513.6431779414634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common Stock",
        "box": [
          33.74999859375,
          522.1305397676624,
          96.2391939775334,
          527.1431773789664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          522.8805397364122,
          378.0618592286719,
          527.8931773477161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.4804564799803,
          522.1305397676624,
          386.97983135708967,
          527.1431773789664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "128,212,093   ",
        "box": [
          420.74998246875,
          522.1305397676624,
          479.3821675069922,
          527.1431773789664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          485.8007647583006,
          522.1305397676624,
          488.30013963541,
          527.1431773789664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "138,943,831 ",
        "box": [
          522.0702907470703,
          522.1305397676624,
          575.2766985113865,
          527.1431773789664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value per share",
        "box": [
          33.74999859375,
          535.6305392051654,
          118.42109983834871,
          540.6431768164621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          375.5624843515625,
          535.6305392051654,
          378.0618592286719,
          540.6431768164621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.4804564799803,
          535.6305392051654,
          389.479206234199,
          540.6431768164621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.47   ",
        "box": [
          453.2460786147459,
          535.6305392051654,
          479.3821675069922,
          540.6431768164621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          485.8007647583006,
          535.6305392051654,
          490.7995145125194,
          540.6431768164621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.14 ",
        "box": [
          549.5624771015624,
          535.6305392051654,
          575.2766985113865,
          540.6431768164621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          56.24999765625,
          556.630538330166,
          58.74937253335938,
          561.6431759414627
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Investment Guidelines",
        "box": [
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        ],
        "from_ocr": false,
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      {
        "text": "Our current investment guidelines, approved by our board of directors, are comprised of the following:",
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          603.6431741914639
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.",
        "box": [
          56.285153904785155,
          619.6305357051679,
          63.78327354861349,
          624.6431733164645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "no investment will be made that would cause us to fail to qualify as a REIT for U.S. federal income tax purposes;",
        "box": [
          83.85937150585937,
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          537.2414543890258,
          624.6431733164645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.",
        "box": [
          56.285153904785155,
          637.6305349551621,
          63.78327354861349,
          642.6431725664661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "no investment will be made that would cause us to register as an investment company under the 1940 Act;",
        "box": [
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          508.6500860803329,
          642.6431725664661
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.",
        "box": [
          56.285153904785155,
          655.6305342051637,
          63.78327354861349,
          660.6431718164604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investments will be predominantly in our target assets;",
        "box": [
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          660.6431718164604
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.",
        "box": [
          56.285153904785155,
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          63.78327354861349,
          678.643171066462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "no more than 20% of our net equity (on a consolidated basis) will be invested in any single investment at the time of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment; in determining compliance with the investment guidelines, the amount of the investment is the net equity in the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment  (gross  investment  less  amount  of  third-party  financing)  plus  the  amount  of  any  recourse  on  the  financing ",
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        "text": "secured by the investment; and",
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        "text": "5.",
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        "text": "until appropriate investments can be identified, the Manager may invest the proceeds of any offering in interest bearing, ",
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      {
        "text": "short-term investments, including money market accounts and/or funds, that are consistent with our intention to qualify as ",
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    "page_no": 56,
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        "text": "42",
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        "text": "a REIT.",
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        "text": " ",
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        "text": "43",
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        "text": "The board of directors must approve any change in or waiver to these investment guidelines.",
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        "text": "Investment Activity",
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        "text": "During the six months ended June 30, 2026, we committed $299.9 million of capital to a new loan (fully funded at closing), and ",
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        "text": "provided $373.8 million of add-on fundings. During the six months ended June 30, 2026, we received $9.5 billion in loan repayments. ",
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      {
        "text": "Loan Portfolio Overview",
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        "text": "On the Closing Date, we sold our commercial real estate loan portfolio (other than loans that were repaid prior to closing and the ",
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      {
        "text": "Chicago Hotel Loan which was repaid after the Closing Date). Accordingly, there were no outstanding loans as of June 30, 2026.",
        "box": [
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      {
        "text": "Leverage Policies",
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        "text": "We use leverage for the sole purpose of financing our portfolio and not for the purpose of speculating on changes in interest rates. ",
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        "text": "Our charter and bylaws do not limit the amount of indebtedness we can incur; however, we are subject to and carefully monitor the ",
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        "text": "limits placed on us by our credit providers and those that assign ratings on our company. At June 30, 2026, our debt-to-equity ratio was ",
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        "text": "0.7 and our only outstanding debt was the construction financing on the Brooklyn Multifamily property.",
        "box": [
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      {
        "text": "Debt-to-Equity Ratio",
        "box": [
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      {
        "text": "The following table presents our debt-to-equity ratio: ",
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      {
        "text": " ",
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      {
        "text": " ",
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      {
        "text": " ",
        "box": [
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      {
        "text": "June 30, 2026",
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      {
        "text": " ",
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      {
        "text": "December 31, 2025",
        "box": [
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      {
        "text": "Debt to Equity Ratio ",
        "box": [
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.7",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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      {
        "text": "4.1",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Represents total debt less cash and net loan proceeds held by servicer (recorded with Other Assets, see \"Note 6 ",
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  Other Assets\" for more information) to total ",
        "box": [
          430.6406070566406,
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          580.2487257854687,
          384.9650256096065
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stockholders' equity.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contractual Obligations, Liquidity, and Capital Resources",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Liquidity is a measure of our ability to meet potential cash requirements, including ongoing commitments to fund and maintain ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  assets  and  operations,  repay  borrowings,  make  distributions  to  our  stockholders  and  other  general  business  needs.  We  utilize ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "various sources of cash in order to meet our liquidity needs in the next twelve months, which is considered the short-term, and the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "longer term.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our current debt obligations consist of $371.5 million of debt related to real estate owned, held for investment. Refer to \"Note 5 - ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real  Estate  Owned\"  of  our  condensed  consolidated  financial  statements  for  additional  disclosure  regarding  our  debt  related  to  real ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "estate owned. During the three months ended June 30, 2026 all corporate debt and secured debt arrangements were fully repaid using ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "proceeds from the Asset Sale. Refer to \"Note 7 - Secured Debt Arrangements, Net\", \"Note 8 - Senior Secured Term Loans, Net\", and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\"Note 9 - Senior Secured Notes, Net\" for additional detail.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our primary sources of liquidity as of June 30, 2026 were represented with $1.2 billion of cash on hand, and cash flows from ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "operations.  Additionally,  we  held  $21.7  million  of  additional  capacity  on  our  construction  financing  secured  by  our  Brooklyn ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Multifamily Development property which is available to fund remaining construction costs.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To maintain our qualification as a REIT under the Internal Revenue Code, we must distribute annually at least 90% of our REIT ",
        "box": [
          56.24999765625,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "taxable  income,  determined  without  regard  to  the  deduction  for  dividends  paid  and  excluding  net  capital  gain.  These  distribution ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "requirements limit our ability to retain earnings and replenish or increase capital for operations. ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "On June 15, 2026, our board of directors determined that our dissolution, the liquidation of our assets and the winding up of our ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "business and affairs are advisable and in our best interests and the best interest of the ARI stockholders. On July 14, 2026, we filed the ",
        "box": [
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      {
        "text": "Special Meeting Proxy with the SEC. The vote on the matters set forth in the Special Meeting Proxy will materially impact our long-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "term capital needs and our plan to meet those needs.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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    ]
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  {
    "page_no": 58,
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    "cells": [
      {
        "text": " ",
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      {
        "text": "44",
        "box": [
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      {
        "text": "Dividends ",
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      {
        "text": "U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of our REIT taxable income, without ",
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      {
        "text": "regard to the deduction for dividends paid and excluding net capital gains, and that we pay tax at regular corporate rates to the extent ",
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      {
        "text": "that we annually distribute less than 100% of our net taxable income. Any distributions we make are at the discretion of our board of ",
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      {
        "text": "directors and depend upon, among other things, our actual results of operations. These results and our ability to pay distributions are ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "affected  by  various  factors,  including  the  net  interest  and  other  income  from  our  portfolio,  our  operating  expenses  and  any  other ",
        "box": [
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      {
        "text": "expenditures. ",
        "box": [
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      {
        "text": "On June 15, 2026, our board of directors declared a dividend of $3.75 per share of common stock, payable July 15, 2026 to ",
        "box": [
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      {
        "text": "stockholders of record as of June 30, 2026, a distribution that will be classified predominately as a return of capital rather than as a ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "distribution  of  current  or  accumulated  earnings  and  profits.  This  larger  distribution  reflects  the  board's  determination,  following  its ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "review of strategic alternatives, that returning of capital is in the best interests of the Company and our stockholders.",
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      {
        "text": "If our stockholders approve the Plan described in our Special Meeting Proxy, any distributions made following such approval are ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected to be treated as liquidating distributions for U.S. federal income tax purposes, rather than as ordinary dividends. Liquidating ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "distributions would generally be applied first against and reduce a stockholder's adjusted tax basis in its shares, with any amount in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "excess of basis treated as gain from the sale or exchange of such shares. Stockholders should refer to the Special Meeting Proxy, and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "any  definitive  proxy  statement  subsequently  filed  with  the  SEC,  for  a  more  complete  description  of  the  proposed  Plan  and  its  tax ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "consequences, and should consult their own tax advisors regarding the treatment of any distributions received in connection therewith.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "As of June 30, 2026 and December 31, 2025, we had 6,770,393 shares of our Series B-1 Preferred Stock outstanding. The Series ",
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      {
        "text": "B-1 Preferred Stock pay cumulative cash dividends, which are payable quarterly in equal amounts in arrears on the 15th day of each ",
        "box": [
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      {
        "text": "January, April, July and October: at a rate of 7.25% per annum of the $25.00 per share liquidation preference. On July 15, 2026, we ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "redeemed the shares at a redemption price of $25.00, plus the accrued unpaid dividends of $3.1 million.",
        "box": [
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      {
        "text": "The following table details our dividend activity:",
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        "confidence": 1.0
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      {
        "text": " ",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "Three Months Ended June 30,",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
          444.5507664770506,
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      {
        "text": "Six Months Ended June 30,",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Dividends declared per share of:",
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        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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      {
        "text": "2026",
        "box": [
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      {
        "text": "   ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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          430.55349983780616
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "2026",
        "box": [
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      {
        "text": "   ",
        "box": [
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      {
        "text": "2025",
        "box": [
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      {
        "text": " ",
        "box": [
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      {
        "text": "Common Stock",
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      {
        "text": "  $",
        "box": [
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        "confidence": 1.0
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      {
        "text": "3.75    $",
        "box": [
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      {
        "text": "0.25    $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "4.00    $",
        "box": [
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          522.1471657063672,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Series B-1 Preferred Stock",
        "box": [
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          140.63716390261789,
          455.89318034771713
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  $",
        "box": [
          307.4999871875,
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          319.1198341658397,
          455.89318034771713
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.45    $",
        "box": [
          351.53904785253906,
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          386.7956088460156,
          455.89318034771713
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.45    $",
        "box": [
          419.21483003271464,
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          454.47139102619127,
          455.89318034771713
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.90    $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.90 ",
        "box": [
          554.5663868930661,
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          575.2766985113865,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchases of Equity Securities",
        "box": [
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          476.89317947271775
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        "from_ocr": false,
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      {
        "text": "During the three and six months ended June 30, 2026 we repurchased 8,579,855 and 11,453,999 shares, respectively, of our ",
        "box": [
          70.04296583154297,
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          497.89317859771836
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock at a weighted-average price of $10.85 and $10.76 per share, respectively. During the three and six months ended June ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30, 2025, there was no common stock repurchase activity. Please refer to \"Item 2. Unregistered Sales of Equity Securities and Use of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds\" for further detail.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          58.960310024570305,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Critical Accounting Policies and Use of Estimates",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our financial statements are prepared in accordance with GAAP, which requires the use of estimates and assumptions that involve ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the exercise of judgment and use of assumptions as to future uncertainties. The most critical accounting policies involve decisions and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "assessments that affect our reported assets and liabilities, as well as reported revenues and expenses. We believe that all of the decisions ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and assessments upon which these financial statements are based are reasonable based upon information currently available to us. The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accounting  policies  and  estimates  that  we  consider  to  be  most  critical  to  an  investor's  understanding  of  our  financial  results  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "condition and require complex management judgment are discussed below. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "There have been no material changes to our Critical Accounting Policies described in our most recent Annual Report on Form 10-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "K  under  \"Item  7.  Management's  Discussion  and  Analysis  of  Financial  Condition  and  Results  of  Operations  -  Critical  Accounting ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Policies and Use of Estimates.\" ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 59,
    "width": 612.0,
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    "cells": [
      {
        "text": " ",
        "box": [
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      {
        "text": "45",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For  a  complete  listing  and  description  of  our  significant  accounting  policies,  refer  to  \"Note  2  -  Summary  of  Significant ",
        "box": [
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      {
        "text": "Accounting Policies\" to our consolidated financial statements of our most recent Annual Report on Form 10-K. ",
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      {
        "text": "Real Estate Owned (and Related Debt)",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  order  to  maximize  recovery  against  a  defaulted  loan,  we  may  assume  legal  title  or  physical  possession  of  the  underlying ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "collateral through foreclosure or deed-in-lieu of foreclosure. Foreclosed properties are classified as real estate owned and recognized at ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "fair value on our condensed consolidated balance sheets in accordance with the acquisition method under ASC 805. Real estate assets ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "acquired may include land, building, FF&E, and intangible assets. In accordance ASC 820, we may utilize the income, market, or cost ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "approach (or combination thereof) to determine fair value.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "When determining the fair value of a real estate asset under the income approach, we make certain assumptions including, but not ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "limited  to,  consideration  of  projected  operating  cash  flows,  comparable  selling  prices  and  projected  cash  flows  from  the  eventual ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "disposition of the real estate asset based upon our estimate of a capitalization rate and discount rate. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "When determining the fair value of real estate assets under the market or sales comparison approach, we compare the property to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "similar properties in the marketplace. Although we exercise significant judgment to identify similar properties, and may also consult ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "independent third-party valuation experts to assist, our assessment of fair value is subject to uncertainty and sensitive to our selection of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comparable properties. ",
        "box": [
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          127.85483840396483,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "When determining the fair value of real estate assets under the cost approach, we measure fair value as the replacement cost of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these  assets.  This  approach  also  requires  significant  judgment,  and  our  estimate  of  replacement  cost  could  vary  from  actual ",
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        "confidence": 1.0
      },
      {
        "text": "replacements costs. ",
        "box": [
          33.74999859375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At  times  we  may  classify  real  estate  assets  as  held  for  sale  in  the  period  in  which  they  meet  the  criteria  under  ASC  360  as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "discussed in \"Note 2 - Summary of Significant Accounting Policies\" to our consolidated financial statements of our most recent Annual ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Report on Form 10-K. Once a real estate asset is classified as held for sale, depreciation is no longer recorded, and the asset is reported ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "at the lower of its carrying value or fair value less cost to sell. The fair value of real estate assets classified as held for sale is determined ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "using the appropriate methodologies noted in the preceding paragraph and the real estate asset's fair value is subject to uncertainty, as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the actual sales price of the real estate asset could differ from those assumed in our valuations.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Once real estate assets have been recorded at fair value, they are evaluated for impairment on a quarterly basis. A real estate asset ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "is  considered  impaired  when the sum of estimated future undiscounted cash flows to be generated by the real estate asset over the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "estimated remaining holding period is less than the carrying value of such real estate asset. An impairment charge is recorded equal to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset for the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "purpose of assessing impairment, we make certain assumptions including, but not limited to: consideration of projected operating cash ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "flows, intended holding period of the real estate, comparable selling prices and projected cash flows from the eventual disposition of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the real estate based upon our estimate of a capitalization rate and discount rate. While we exercise significant judgment in generating ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our assumptions, the asset's fair value is subject to uncertainty, as actual operating cash flows and disposition proceeds could differ ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from  those  assumed  in  our  valuations.  Additionally,  the  output  is  sensitive  to  the  assumptions  used  in  calculating  any  potential ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Please refer to \"Note 3 - Fair Value Disclosure\" and \"Note 5 - Real Estate Owned\" for more information regarding real estate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "owned and our valuation methodology as well as \"Note 2 - Summary of Significant Accounting Policies\" to our consolidated financial ",
        "box": [
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      {
        "text": "statements of our most recent Annual Report on Form 10-K.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Current Expected Credit Losses",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We measure and record potential expected credit losses related to our loan portfolio in accordance with the CECL Standard. The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the macroeconomic environment. We have adopted the WARM method to determine a General CECL Allowance for the majority of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans  in  our  portfolio,  applied  on  a  collective  basis  by  assets  with  similar  risk  characteristics.  If  we  determine  that  a  borrower  or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sponsor is experiencing financial difficulty,  we  will  record  loan-specific  allowances  (our  Specific  CECL  Allowance)  in  accordance ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "with a practical expedient prescribed by the CECL Standard. ",
        "box": [
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    ]
  },
  {
    "page_no": 60,
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    "cells": [
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        "text": " ",
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        "text": "46",
        "box": [
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      {
        "text": "On the Closing Date the Company sold its commercial real estate loan portfolio (other than loans that were repaid prior to closing ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "and  the  Chicago  Hotel  Loan  which  repaid  after  the  Closing  Date).  Accordingly,  there  were  no  outstanding  loans  and  no  CECL ",
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      {
        "text": "allowance as of June 30, 2026. Refer to \"Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net\" for ",
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        "from_ocr": false,
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      {
        "text": "further discussion regarding our General CECL Allowance. Refer to \"Note 2 - Summary of Significant Accounting Policies\" to our ",
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      {
        "text": "consolidated  financial  statements  of  our  most  recent  Annual  Report  on  Form  10-K  for  the  complete  listing  and  description  of  our ",
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        "text": "significant accounting policies.",
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  {
    "page_no": 61,
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    "cells": [
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        "text": " ",
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      {
        "text": "Item 3. Quantitative and Qualitative Disclosures About Market Risk",
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      {
        "text": "We seek to manage our risks related to the credit quality of our assets, interest rates, liquidity, prepayment speeds, and market ",
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      {
        "text": "value,  while,  at  the  same  time,  seeking  to  provide  an  opportunity  to  stockholders  to  realize  attractive  risk-adjusted  returns  through ",
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        "text": "ownership of our capital stock. While risks are inherent in any business enterprise, we seek to quantify and justify risks in light of ",
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        "text": "available returns and to maintain capital levels consistent with the risks we undertake.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "On the Closing Date, the Company sold its commercial real estate loan portfolio (other than loans that were repaid prior to closing ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  the  Chicago  Hotel  Loan  which  repaid  after  the  Closing  Date).  Accordingly,  there  were  no  outstanding  loans  subject  to  the ",
        "box": [
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        "text": "following identified risk as of June 30, 2026. However, if our stockholders do not approve the Plan described in the Special Meeting ",
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        "confidence": 1.0
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      {
        "text": "Proxy, and if the Company continues to operate in line with its current investment strategy, the Company will continue to undertake the ",
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        "text": "below risks related to the Company's target assets. ",
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      {
        "text": "Credit Risk",
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      {
        "text": "One of our strategic focuses is acquiring assets that we believe to be of high credit quality. We believe this strategy will generally ",
        "box": [
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        "text": "keep our credit losses and financing costs low. However, we are subject to varying degrees of credit risk in connection with our other ",
        "box": [
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      {
        "text": "target  assets.  We  seek  to  mitigate  this  risk  by  seeking  to  acquire  high  quality  assets,  at  appropriate  prices  given  anticipated  and ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "unanticipated losses, and by deploying a value-driven approach to underwriting and diligence, consistent with the Manager's historical ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "investment strategy, with a focus on current cash flows and potential risks to cash flow. The Manager seeks to enhance its due diligence ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "and underwriting efforts by accessing the Manager's knowledge base and industry contacts. Nevertheless, unanticipated credit losses ",
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        "text": "could occur, which could adversely impact our operating results.",
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      {
        "text": "Interest Rate Risk",
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        "from_ocr": false,
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      },
      {
        "text": "Interest  rates  are  highly  sensitive  to  many  factors,  including  fiscal  and  monetary  policies,  and  domestic  and  international ",
        "box": [
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      {
        "text": "economic and political considerations, as well as other factors beyond our control. We are subject to interest rate risk in connection ",
        "box": [
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        "text": "with our target assets and our related financing obligations.",
        "box": [
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        "text": "To the extent consistent with maintaining our REIT qualification, we seek to manage risk exposure to protect our portfolio of ",
        "box": [
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      {
        "text": "financial assets against the effects of major interest rate changes. We generally seek to manage this risk by:",
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      {
        "text": "\u2022",
        "box": [
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      {
        "text": "attempting to structure our financing agreements to have a range of different maturities, terms, amortization, and interest ",
        "box": [
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      {
        "text": "rate adjustment periods;",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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      {
        "text": "using hedging instruments and interest rate swaps, when we deem appropriate; and",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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      {
        "text": "to the extent available and appropriate, using securitization financing to better match the maturity of our financing with the ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "duration of our assets.",
        "box": [
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      },
      {
        "text": "Prepayment Risk",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Prepayment risk is the risk that principal will be repaid at a different rate than anticipated, causing the return on an asset to be less ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "than expected. In certain cases, we adapt to prepayment risk by stating prepayment penalties in loan agreements.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Market Risk",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Commercial mortgage assets are subject to volatility and may be affected adversely by a number of factors, including, but not ",
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        "text": "limited  to,  national,  regional  and  local  economic  conditions  (which  may  be  adversely  affected  by  industry  slowdowns  and  other ",
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        "text": "factors); local real estate conditions; changes or continued weakness in specific industry segments; construction quality, age and design; ",
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        "text": "demographic factors; retroactive changes to building or similar codes; pandemics; natural disasters and other acts of god. In addition, ",
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        "text": "decreases in property values reduce the value of the collateral and the potential proceeds available to a borrower to repay the underlying ",
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      {
        "text": "loans or loans, as the case may be, which could also cause us to suffer losses.",
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      {
        "text": " ",
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      {
        "text": " ",
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  {
    "page_no": 62,
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        "text": "47",
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  {
    "page_no": 63,
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    "cells": [
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        "text": " ",
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        "text": "48",
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      {
        "text": "Inflation Risk",
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        "text": "Virtually all of our assets and liabilities have been interest rate sensitive in nature. As a result, interest rates and other factors have ",
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        "text": "influenced our performance far more so than does inflation. Changes in interest rates do not necessarily correlate with inflation rates or ",
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        "text": "changes in inflation rates. Our financial statements are prepared in accordance with GAAP and distributions are determined by our ",
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        "text": "board of directors consistent with our obligation to distribute to our stockholders at least 90% of our REIT taxable income, excluding ",
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        "text": "net capital gains and determined without regard to the dividends paid deduction, on an annual basis in order to maintain our REIT ",
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      {
        "text": "qualification.  In  each  case,  our  activities  and  balance  sheets  are  measured  with  reference  to  historical  cost  and/or  fair  market  value ",
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        "text": "without considering inflation.",
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        "text": "Currency Risk",
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        "text": "Some of our loans and secured debt arrangements were denominated in a foreign currency and were subject to risks related to ",
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        "text": "fluctuations in currency rates. We sought to mitigate this exposure through foreign currency forward contracts, which matched the net ",
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        "text": "principal and interest of our foreign currency loans and secured debt arrangements.",
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      {
        "text": "Item 4. Controls and Procedures.",
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        "text": "Evaluation of Disclosure Controls and Procedures",
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        "text": "Our Chief Executive Officer and Chief Financial Officer, based on their evaluation of our disclosure controls and procedures (as ",
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        "text": "defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) required by paragraph (b) of Rule 13a-15 or Rule 15d-15, have ",
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        "text": "concluded  that  as  of  the  end  of  the  period  covered  by  this  report,  our  disclosure  controls  and  procedures  were  effective  to  give ",
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      {
        "text": "reasonable assurances to the timely collection, evaluation and disclosure of information relating to our company that would potentially ",
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        "text": "be subject to disclosure under the Exchange Act, and the rules and regulations promulgated thereunder.",
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        "text": "During the period ended June 30, 2026, there was no change in our internal control over financial reporting that has materially ",
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        "text": "affected, or is reasonably likely to materially affect, our internal control over financial reporting.",
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        "text": "Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not ",
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        "text": "absolute, assurance that it will detect or uncover failures within our company to disclose material information otherwise required to be ",
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        "text": "set forth in our periodic reports.",
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  {
    "page_no": 64,
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    "cells": [
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        "text": " ",
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      {
        "text": "49",
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      {
        "text": "PART II - OTHER INFORMATION",
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      {
        "text": "Item 1. Legal Proceedings",
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        "text": "From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. Refer to ",
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        "text": "\"Note 16 - Commitments and Contingencies\" for further detail regarding legal proceedings.",
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      {
        "text": "Item 1A. Risk Factors",
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        "text": "For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors ",
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        "text": "discussed in \"Item 1A. Risk Factors\" in our most recent Annual Report on Form 10-K and in \"Risk Factors\" in the Special Meeting ",
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        "text": "Proxy.",
        "box": [
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      {
        "text": "Item 2. Unregistered Sales of Equity Securities and Use of Proceeds",
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        "text": "The following table sets forth the Company's repurchases of common stock during the three months ended June 30, 2026 ($ in ",
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      {
        "text": "thousands, except per share data): ",
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      {
        "text": " ",
        "box": [
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      {
        "text": "Period",
        "box": [
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      {
        "text": " ",
        "box": [
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      {
        "text": "Total Number ",
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      {
        "text": "of Shares ",
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      {
        "text": "Purchased",
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      {
        "text": "   ",
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        "from_ocr": false,
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      {
        "text": "Average ",
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      {
        "text": "Price Paid ",
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      {
        "text": "per Share",
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        "from_ocr": false,
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      {
        "text": "   ",
        "box": [
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      {
        "text": "Total Number of Shares of ",
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      {
        "text": "Common Stock Purchased as Part ",
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      {
        "text": "of Publicly Announced Plans or ",
        "box": [
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      {
        "text": "Programs",
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        "from_ocr": false,
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      {
        "text": "   ",
        "box": [
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      {
        "text": "Approximate Dollar Value of ",
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      {
        "text": "Shares that May Yet Be ",
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      {
        "text": "Purchased Under the Plans or ",
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        "from_ocr": false,
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      },
      {
        "text": "Programs",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "April 1, 2026 - April 30, ",
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      {
        "text": "2026",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          149.74218126074217,
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          152.24155613785155,
          338.8931852227179
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          155.16796603466778,
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          157.66734091177716,
          338.8931852227179
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        "from_ocr": false,
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      },
      {
        "text": "3,942,246    $",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "10.72     ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "3,942,246    $",
        "box": [
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          439.7643566389844,
          338.8931852227179
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150,000,000 ",
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      {
        "text": "May 1, 2026 - May 31, 2026   ",
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        "text": "4,049,433     ",
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        "text": "10.95     ",
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        "text": "4,049,433     ",
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        "text": "105,649,064 ",
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      {
        "text": "June 1, 2026 - June 30, 2026   ",
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        "text": "588,176     ",
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        "text": "10.99     ",
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        "text": "588,176     ",
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        "text": "99,185,213 ",
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          575.2063860143162,
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        "text": "Total",
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        "text": " ",
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      {
        "text": " ",
        "box": [
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          157.66734091177716,
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        "text": "8,579,855    $",
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        "text": "10.85     ",
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        "text": "8,579,855    $",
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        "text": "99,185,213 ",
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      {
        "text": " ",
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      {
        "text": "(1) On March 16, 2020, the Company announced that the board of directors approved a stock repurchase program to authorize the Company to repurchase up ",
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        "text": "to an aggregate of $150.0 million of the Company's common stock. On February 9, 2021, the Company's board of directors authorized the Company to repurchase up to ",
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        "text": "an additional $150.0 million of common stock under this repurchase program. On April 27, 2026, our board of directors approved a stock repurchase program for up to ",
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        "text": "an aggregate of $150.0 million of our common stock. The shares of the Company's common stock may be repurchased from time to time in open market transactions, in ",
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      {
        "text": "privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, with the size, price and timing of ",
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        "text": "these repurchases depending on legal requirements, prevailing stock prices, market and economic conditions and other factors.",
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      {
        "text": " ",
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        "text": "The Company is not obligated under the ",
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      {
        "text": "terms of the program to repurchase any shares of the Company's common stock. This repurchase program has no expiration date and may be suspended or terminated by ",
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      {
        "text": "us at any time without prior notice. This $150.0 million program replaced the previous program authorized in March 2020, as amended in February 2021, which was ",
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        "text": "terminated.",
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      {
        "text": "Item 3. Defaults Upon Senior Securities",
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      {
        "text": "None.",
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      {
        "text": " ",
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      {
        "text": "Item 4. Mine Safety Disclosures",
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      {
        "text": "Not Applicable.",
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      {
        "text": "Item 5. Other Information",
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      {
        "text": "Not Applicable.",
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      {
        "text": " ",
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      {
        "text": "(1)",
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  {
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        "text": " ",
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        "text": "50",
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      {
        "text": "Item 6. Exhibits and Financial Statement Schedules.",
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        "text": " ",
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      {
        "text": "3.1",
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      {
        "text": " ",
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      {
        "text": "Articles of Amendment and Restatement of Apollo Commercial Real Estate Finance, Inc., incorporated by reference ",
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      {
        "text": "to Exhibit 3.1 of the Registrant's Form S-11, as amended (Registration No. 333-160533).",
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        "text": " ",
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      {
        "text": " ",
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      {
        "text": "3.2",
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        "text": " ",
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      {
        "text": "Amended and Restated Bylaws of Apollo Commercial Real Estate Finance, Inc., incorporated by reference to Exhibit ",
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        "text": "3.2 of the Registrant's Form 10-Q filed on April 29, 2024 (File No.: 001-34452). ",
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        "text": " ",
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        "text": "3.3",
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        "text": " ",
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      {
        "text": "Articles Supplementary designating Apollo Commercial Real Estate Finance, Inc.'s 7.25% Series B-1 Cumulative ",
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      {
        "text": "Redeemable Perpetual Preferred Stock, liquidation preference $25.00 per share, par value $0.01 per share, ",
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        "text": "incorporated by reference to Exhibit 3.1 of the Registrant's Form 8-K filed on July 20, 2021 (File No.: 001-34452).",
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      {
        "text": " ",
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        "text": "4.1",
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      {
        "text": "Specimen Stock Certificate of Apollo Commercial Real Estate Finance, Inc., incorporated by reference to Exhibit 4.1 ",
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      {
        "text": "of the Registrant's Form S-11, as amended (Registration No. 333-160533). ",
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        "text": "4.2",
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      {
        "text": "  ",
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      {
        "text": "Indenture, dated as of March 17, 2014, between the Registrant and Wells Fargo Bank, National Association, as ",
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        "text": "Trustee, incorporated by reference to Exhibit 4.1 of the Registrant's Form 8-K filed on March 21, 2014 (File No.: 001-",
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      {
        "text": "34452). ",
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        "text": " ",
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        "text": "4.3",
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      {
        "text": " ",
        "box": [
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      {
        "text": "Third Supplemental Indenture, dated as of October 5, 2018 between the Registrant and Wells Fargo Bank, National ",
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      {
        "text": "Association, as Trustee (including the form of 5.375% Convertible Senior Note due 2023), incorporated by reference ",
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      {
        "text": "to Exhibit 4.2 of the Registrant's Form 8-K filed on October 5, 2018 (File No.: 001-34452).",
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